APPROVED Resolution No. 23-164 (Large File) — Emeryville City Council, December 19, 2023

RESOLUTION NO. 23-164
Resolution Of The City Council Of The City Of Emeryville Accepting The Annual Comprehensive Financial Report, Associated Compliance Audit Report And Auditor Correspondence For The Fiscal Year Ended June 30, 2023 WHEREAS, conformance with sound governmental accounting standards and practices requires completion of an annual independent financial audit of the City of Emeryville; and
WHEREAS, an independent certified public accounting firm, Maze & Associates, has been engaged as the City’s auditor; and
WHEREAS, a financial audit for the fiscal year ended June 30, 2023 has resulted in the preparation of an Annual Comprehensive Financial Report, associated compliance audit report and auditor communication documents; and
WHEREAS, the City received an unmodified opinion from the auditor, recognizing that the City is in compliance with governmental accounting standards and that there is no material misstatement included in the City’s financial statements; now, therefore, be it RESOLVED, that the City Council of the City of Emeryville hereby accepts the Annual Comprehensive Financial Report, associated compliance audit report and auditor correspondence for the fiscal year ended June 30, 2023.

ADOPTED, by the City Council of the City of Emeryville at a regular meeting held Tuesday, December 19, 2023, by the following vote:

AYES: 5
Mayor Welch, Vice Mayor Mourra and Council Members Bauters, Kaur and Priforce
NOES: 0
ABSTAIN: 0
ABSENT: 0
MAYOR
ATTEST: APPROVED AS TO FORM:

CITY CLERK CITY ATTORNEY
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Annual Comprehensive Financial Report
YEAR ENDED JUNE 30, 2023
“Your Way” by Jeppe Hein
on display at Huchiun Park, Emeryville, California
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CITY OF EMERYVILLE, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2023
Prepared by:

FINANCE DEPARTMENT
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CITY OF EMERYVILLE, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2023

TABLE OF CONTENTS
Page
INTRODUCTORY SECTION:

Letter of Transmittal ..................................................................................................................................................... vii GFOA Award ............................................................................................................................................................. xv List of City Officials .................................................................................................................................................... xvi Organizational Chart of City Departments ................................................................................................................ xvii Map of Emeryville .................................................................................................................................................... xviii BASIC FINANCIAL SECTION:

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

Government-wide Financial Statements:

Statement of Net Position ........................................................................................................................... 21 Statement of Activities ................................................................................................................................ 22 Fund Financial Statements:

Governmental Funds:

Balance Sheet .......................................................................................................................................... 26 Reconciliation of Governmental Fund Balances to the
Net Position of Governmental Activities ........................................................................................... 29 Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds ........... 30 Reconciliation of the Net Change in Fund Balances – Total Governmental Funds With the Statement of Activities ........................................................................................................ 32 Statement of Net Position – Proprietary Funds .......................................................................................... 34 Statement of Revenues, Expenses and Changes in Net Position – Proprietary Funds ............................... 35 Statement of Cash Flows – Proprietary Funds............................................................................................ 36 i
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CITY OF EMERYVILLE, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2023

TABLE OF CONTENTS
Page
BASIC FINANCIAL SECTION (Continued):

Fiduciary Funds:

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

Budgetary Comparison Schedule – General Fund .......................................................................................... 101 Budgetary Comparison Schedule – Other Grants Special Revenue Fund ...................................................... 102 Budgetary Comparison Schedule – Housing Assets Special Revenue Fund .................................................. 103 Budgetary Comparison Schedule – Property Based Improvement District Special Revenue Fund ............... 104 Budgetary Comparison Schedule – Affordable Housing Special Revenue Fund ........................................... 105 Budgetary Comparison Schedule – Measure C Housing Bond Special Revenue Fund ................................. 106 Schedules of the City’s Proportionate Share of the Total Pension Liability:

Miscellaneous Plan ................................................................................................................................ 108 Safety Plan ............................................................................................................................................. 110 Schedules of Changes in Total Pension Liability and Related Ratios:

Emeryville Police Officers’ Association Retirement Enhancement Plan ............................................. 112 Schedules of Plan Contributions:

Miscellaneous Plan ................................................................................................................................ 114 Safety Plan ............................................................................................................................................. 116 Emeryville Police Officers’ Association Retirement Enhancement Plan ............................................. 118 Schedule of Changes in the Net OPEB Liability and Related Ratios ............................................................. 120 Schedule of OPEB Plan Contributions ............................................................................................................ 122 Notes to Required Supplementary Information ............................................................................................... 124

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CITY OF EMERYVILLE, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2023

TABLE OF CONTENTS
Page
COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES:

Supplemental Information:

Non-major Governmental Funds:

Combining Balance Sheets ........................................................................................................................ 128 Combining Statements of Revenues, Expenditures, and Changes in Fund Balances ................................................................................................................................... 138 Budgetary Comparison Schedules – Nonmajor Special Revenue Funds:

Housing Community Development ........................................................................................................... 148 Cal-HOME Loan Program ......................................................................................................................... 149 Police Impound .......................................................................................................................................... 150 Catellus Contingent .................................................................................................................................... 151 Special Gas Tax Street Improvement ......................................................................................................... 152 General Plan Maintenance ......................................................................................................................... 153 Child Development .................................................................................................................................... 154 Measure B .................................................................................................................................................. 155 Measure BB ................................................................................................................................................ 156 Transportation Impact Fee ......................................................................................................................... 157 Park/Rec Impact Fee .................................................................................................................................. 158 Affordable Housing Impact Fee ................................................................................................................. 159 Supplemental Law Enforcement ................................................................................................................ 160 Emergency Medical Services ..................................................................................................................... 161 Recycling/Source Reduction ...................................................................................................................... 162 Measure D .................................................................................................................................................. 163 Emeryville Public Art ................................................................................................................................ 164 Information Technology ............................................................................................................................. 165 PEG Program Fund .................................................................................................................................... 166 Urban Forestry Fee ..................................................................................................................................... 167 Opioid Settlement ....................................................................................................................................... 168 Environmental Program ............................................................................................................................. 169 Road Maintenance and Rehabilitation ....................................................................................................... 170 Measure B-VRF ......................................................................................................................................... 171 Measure F ................................................................................................................................................... 172 Parking Program ........................................................................................................................................ 173

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CITY OF EMERYVILLE, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2023

TABLE OF CONTENTS
Page
COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES (Continued):

Budgetary Comparison Schedules – Capital Projects Funds:

General Capital Improvements .................................................................................................................. 174 1999 Revenue Bond ................................................................................................................................... 175 Marina Improvement .................................................................................................................................. 176 Emeryville Center of Community Life ...................................................................................................... 177 Implementation Plan 2010-14 .................................................................................................................... 178 Pedestrian Path Improvement .................................................................................................................... 179 Major Maintenance .................................................................................................................................... 180 Vehicle Replacement ................................................................................................................................. 181 RDA Bond .................................................................................................................................................. 182 Developer Contributions ............................................................................................................................ 183 1999 Bay/SM.............................................................................................................................................. 184 Budgetary Comparison Schedule – Debt Service Fund:

1998 Lease Revenue Series A Bond .......................................................................................................... 185 Internal Service Funds:

Combining Statement of Net Position ....................................................................................................... 188 Combining Statements of Revenues, Expenses and Changes in Fund Net Position ................................ 190 Combining Statements of Cash Flows ...................................................................................................... 192 Custodial Funds:

Combining Statement of Fiduciary Net Position ...................................................................................... 196 Combining Statement of Changes in Fiduciary Net Position ................................................................... 197 Private-Purpose Trust Funds:

Combining Statement of Net Position ....................................................................................................... 200 Combining Statement of Changes in Fiduciary Net Position ................................................................... 201

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CITY OF EMERYVILLE, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2023

TABLE OF CONTENTS
Page
STATISTICAL SECTION:

Net Position by Component – Last Ten Fiscal Years ...................................................................................... 204 Changes in Net Position – Last Ten Fiscal Years ............................................................................................ 206 Fund Balances, Governmental Funds – Last Ten Fiscal Years ....................................................................... 210 Changes in Fund Balances, Governmental Funds – Last Ten Fiscal Years .................................................... 212 Assessed Value and Estimated Actual Value of Taxable Property – Last Ten Fiscal Years .......................... 215 Assessed Value of Property by Use Code, Citywide - Last Ten Fiscal Years ................................................ 216 Direct and Overlapping Property Tax Rates – Last Ten Fiscal Years ............................................................ 218 Principal Property Tax Payers – Current Year and Nine Years Ago .............................................................. 219 Property Tax Levies and Collections – Last Ten Fiscal Years ........................................................................ 220 Ratios of Outstanding Debt by Type – Last Ten Fiscal Years ........................................................................ 221 Ratios of General Bonded Debt Outstanding – Last Ten Fiscal Years ........................................................... 222 Statement of Direct and Over Lapping Bonded Debt ...................................................................................... 223 Legal Debt Margin Information – Last Ten Fiscal Years ............................................................................... 224

Pledged-Revenue Coverage – Last Ten Fiscal Years ...................................................................................... 226 Demographic and Economic Statistics – Last Ten Fiscal Years ..................................................................... 227 Principal Employers – Current Year and Nine Years Ago .............................................................................. 228 Full-Time-Equivalent City Government Employees by Function/Program – Last Ten Fiscal Years ............ 229 Operating Indicators by Function/Program – Last Ten Fiscal Years .............................................................. 230 Capital Asset Statistics by Function/Program – Last Ten Fiscal Years .......................................................... 232 v
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DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C I N C O R P O R A T E D 1 8 9 6
1333 Park Avenue
Emeryville, California 94608-3517
Tel: (510) 596-4300 | Fax: (510) 596-4389
December 4, 2023
Honorable Mayor, Members of the City Council and Residents of Emeryville, California:

We are pleased to submit the Annual Comprehensive Financial Report for the City of Emeryville (City) for the Fiscal Year (FY) ended June 30, 2023. Responsibility for both the accuracy of data, as well as the completeness and fairness of the presentation, including all disclosures, rests with the management and staff of the City. To the best of our knowledge and belief, the enclosed information is accurate in all material respects, presented in conformance with Generally Accepted Accounting Principles (GAAP) and reported in a manner that presents fairly the financial position and operating results of the City and its component units and fiduciary funds as of June 30, 2023. All disclosures reasonably necessary to enable the reader to gain an appropriate understanding of the City’s financial affairs have been included.

The goal of an independent audit is to provide reasonable assurance that the financial statements presented here for FY 2023 are free of material misstatement. The City’s independent auditors, Maze & Associates, have issued an unmodified opinion on the City of Emeryville’s financial statements for the year ended June 30, 2023. The independent auditors’ report is located at the front of the financial section of this report.

The management’s discussion and analysis (MD&A) has been prepared by management as a narrative introduction, overview, and analysis to accompany the basic financial statements. This narrative can be found immediately following the independent auditor’s report. This transmittal letter should be read in conjunction with the MD&A, which it is designed to complement.

The Profile of the City of Emeryville
The City of Emeryville was incorporated in 1896. Emeryville is a full-service, charter city providing police, fire (provided by a contract with the Alameda County Fire Department), public works, development services (economic development, housing, planning, and building), community services (child development, youth services, and adult services), and general administrative services (city manager, city clerk, city attorney, finance, human resources, and information technology). The City has operated under the Council-Manager form of government since 1984, with five City Council members elected at-large for staggered four-year terms. Annually, the City Council members select a Mayor and Vice-Mayor. The City Manager, appointed by the Council, serves as chief administrative officer of the organization. The vii
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C City Manager is responsible for administration of City affairs, day-to-day operations, and implementation of Council policies. The City Council also appoints a City Attorney.

The City of Emeryville is in Alameda County in the San Francisco Bay Area. It is bordered by the City of Berkeley to the north and the City of Oakland to the east and south. According to the California Department of Finance, the City has an estimated population of 12,610 in FY 2023. Emeryville has evolved from an industrial town to a modern mixed-use urban center through several development projects which added several thousand units of housing and over a million square feet of commercial space.

The financial statements included in this Annual Comprehensive Financial Report present the City of Emeryville (the primary government), as well as the Community Development Commission of Emeryville (the Commission), the Management of Emeryville Services Authority (MESA), and the Emeryville Public Financing Authority (Authority) as its component units. The Emeryville Redevelopment Agency was also a component unit until 2012. However, due to the dissolution of redevelopment agencies in California, the activities of the former redevelopment agency are now reported as a private purpose trust fund in the financial statements, known as the Emeryville Successor Agency. The Emeryville Successor Agency is not a component unit of the City of Emeryville.

Redevelopment Dissolution
In June 2011, the Governor signed legislation, AB1x26, to dissolve and wind down the affairs of local redevelopment agencies in California. In June 2012, the Governor signed additional legislation, AB1484, which also created requirements related to the redevelopment dissolution process. In September 2015, SB 107 clarified and further amended the dissolution process.

These legislative actions negatively impacted the City’s redevelopment and economic development activities that historically strengthened the City’s and Redevelopment Agency’s revenues and supported the high level of service provided to its residents.

The elimination of the Emeryville Redevelopment Agency effective February 1, 2012 had a significant impact to the City’s budget and opportunities to provide services and improvements to the community. Instead of receiving an estimated $37 million in annual redevelopment property tax increment revenues, the City now receives 20% of the residual property taxes that is distributed to all the various taxing entities, after approved obligations such as bond payments and projects that were in progress prior to the dissolution act have been funded.

During Fiscal Year 2023, the City received $6.5 million in residual property tax revenue. As a local policy, City Council has directed residual property tax increment revenue received by the City to be allocated in support of General Fund activities (50%), capital projects (22.5%), affordable housing (20%), economic development (5%) and public art (2.5%). This residual property tax increment revenue will grow as the Successor Agency continues to pay down the debts and other contract obligations of the former redevelopment agency.
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DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Economic Condition and Outlook
The City of Emeryville, along with the rest of the nation, continues to recover from the negative economic impacts of the lengthy COVID-19 pandemic. As we continue to emerge from the deepest COVID impacts, some sectors of the economy have rebounded well, and others continue to lag.

The City’s primary revenue streams (sales tax, hotel tax, business license tax and cardroom tax), were significantly negatively affected by the pandemic. All have begun to rebound, with sales tax and business license tax nearly back to pre-pandemic levels, while hotel tax and cardroom tax remain significantly lower. The pandemic brought about transformational changes in our ways of living and working. The longterm economic impacts of these changes are unknown.

After two years of high unemployment, as the economy wrestled with the impacts of the pandemic, the unemployment rate of the United States, State of California, Alameda County and City of Emeryville declined to 3.6%, 4.6%, 4.2% and 3.7% respectively in June 2023.

The sector with the highest employment growth rate in the last year in the United States was leisure and hospitality. The hiring in this sector closed much of the unemployment gap created by mass layoffs during the pandemic. Beacon Economics projects that the East Bay (defined as Alameda and Contra Costa Counties) economy will continue expanding, but labor shortages will hinder job growth in the near term.

While the pandemic has had a negative impact on the labor market, the Bay Area residential real estate market saw a rise in activity and prices through the first half of Calendar Year 2022. However, rising interest rates in the second half of 2022 have tempered prices. Data from the California Association of Realtors indicates that the median home price of single-family homes in Alameda County declined by 4.8% from $1.32 million in July 2022 to $1.26 million in July 2023. The rate of home price appreciation is expected to moderate in the coming years.

The commercial real estate market in the San Francisco Bay Area was negatively impacted by the pandemic as many businesses were forced to close and allow employees to work remotely. The technology sector has experienced significant layoffs which has negatively impacted commercial real estate. Fortunately, Emeryville does not have a high concentration of technology companies. The local economy has a well-balanced composition of retail, service and life science sectors that have supported continued real estate development and interest in leasing activity.

Major Initiatives and Accomplishments
The City is committed to providing innovative and responsive services to the community to create and sustain a vibrant, healthy, and livable city. The City continued to develop vital services and programs that are consistent with its strategic goals, mission, and values. Significant activities and accomplishments for FY 2023 include the following:
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DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C The Community Development Department is comprised of three divisions:

Planning, Building, and Economic Development and Housing (“EDH”). The Planning Division accomplished a major milestone in FY 2023 with the submittal and certification of the 2023-2031 Housing Element of the General Plan. The California Department of Housing and Community Development (“HCD”) certified the City’s Housing Element on February 3, 2023, making Emeryville one of the first four jurisdictions in the Bay Area region to meet this requirement. Additionally, on April 5, 2023 California Governor Gavin Newsom announced that Emeryville was among 11 new jurisdictions that had been designated as Prohousing communities, bringing the total number of designations statewide to 22 communities. Emeryville’s score of 59 was the second highest in the State, after the City of Sacramento, and the highest in the Bay Area. These two accomplishments are indicative of the City’s strong support for increasing housing development and addressing the ongoing housing crisis in the region.

The Building Division continued providing excellent customer service while meeting extraordinary demands for service, as the division issued 738 permits for construction of buildings totaling over $381 million in valuation. The division completed over 2,900 building inspections related to these permits, and collected over $12 million in permit fees. The Building Division continues to meet the strong demand for development in Emeryville, which reflects the desirability of the City for businesses and residents alike.

The Economic Development and Housing Division completed the financing for the Nellie Hannon Gateway Project at 3600 San Pablo Avenue, which will deliver 90 units of affordable housing and 3,600 square feet for the Emeryville Citizen’s Assistance Project, a food security nonprofit organization. This project is deeply affordable and includes permanent supportive housing units for formerly homeless households. Finally, EDH supported the issuance of $50 million in Measure C General Obligation Bonds for affordable housing. Standard & Poor’s assigned a AAA rating to the bonds, which is the top rating for government agencies, reflecting confidence in the City of Emeryville’s financial stability and management.

The Police Department is continuing to promote and implement changes to ensure police accountability, transparency, and legitimacy. The Department implemented several new projects and directives to ensure community trust building is a paramount goal. The department was an early adopter of the Racial Identity Profiling Act reporting mandate and has been reporting racial information on all detentions and traffic stops.

A new Computer Automated Dispatch & Records Management System was implemented which will allow more accurate and efficient record keeping and reporting, as well as a community portal that will provide up to date crime information.

Ensuring community safety is an ongoing directive, and although we have experienced slight increases in non-violent crimes, we are still below the average in our immediate area. The Police Department continues to expand and develop community partnerships by regularly holding outreach events, such as Coffee with the Cops, School supply drives, and National Night Out. The Department was awarded several grants that will help increase community safety. Those grants include two traffic safety grants, an Alcoholic Beverage Control grant, and an opioid settlement grant for Automated External Defibrillators.
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DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C The Community Services Department’s strong and motivated staff were instrumental in bringing quality events and programming for the entire community in Fiscal Year 2023. With the Harvest Festival, a Car-Free Holiday Parade, and a reimagined Healthy Family Festival, attendees were brought together as a community and given resources and activities to stay healthy and happy. Adult and Senior Services saw the return of many people who had stayed away during the pandemic.

The Community Services Department offered many special events, including Boomer Dance Parties, classes for drivers’ safety, tango, Zumba, and many interesting and entertaining field trips.

Youth Services provided free afterschool care to over 190 Anna Yates students K-8 in the school year and 98 during summer school, with 765 campers during the 7-week summer program. The Emeryville Child Development Center continues to prioritize active and creative learning for the children enrolled. The Aquatics program continued to offer lap swim hours and open recreation swim for the public, as well as the addition of Adult Swim Lessons over the summer.

The Public Works Department successfully designed and constructed a Hydraulic Separator Unit to collect over 90% of the trash from Emeryville’s storm drain system.

A Citywide Tree study was commenced which will lead to many more trees being planted in Emeryville. The 40th Street Multimodal Project will provide safe, reliable, and equitable multimodal access to good paying jobs, commercial services, recreational amenities along the bay shoreline, and local connections to regional transportation hubs. The 40th street project design contract was awarded and design was commenced for the project. For the Point Emery Project, tons of angular boulders were installed along the shoreline to prevent soil erosion. The Marina Lighting project contract was awarded and construction commenced. The 40th street bridge and Lumec Pole Painting project was awarded and construction commenced resulting in all of Emeryville’s green/blue light poles being freshly repainted. Finally, the Carpet in the Civic Center was replaced after more than 20 years.

Financial Information
Internal Controls – Emeryville management is responsible for establishing and maintaining an internal control system designed to ensure that its assets are protected from loss, theft or misuse and to ensure that adequate accounting data is compiled to allow for the preparation of financial statements in conformity with Generally Accepted Accounting Principles (GAAP). The internal control system is designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that the cost of control should not exceed benefits likely to be derived from its implementation. The valuation of costs and benefits requires estimates and judgments by management. Emeryville’s management believes its internal controls are adequate.

Budgetary Controls – The City adopts an operating budget for all governmental funds except those dedicated to capital projects and certain special revenue funds.

These fiscal year budgets are controlled at the departmental (General Fund) or fund level (all other funds) by the City Manager, who may authorize transfers from one object or purpose to another within the same department or fund. When deemed xi
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C necessary, the City Council may amend the adopted budget by resolution. All operating budget appropriations lapse at year’s end.

The Capital Improvement Program (CIP) sets priorities for building the City’s infrastructure such as parks, sewer/storm drain improvements, pedestrian/bicycle network, traffic/street improvements, affordable housing, and community facilities.

Historically, most CIP projects were funded through redevelopment revenue and bond financing with some funds also coming from the City’s General Fund or state/regional/federal grants. Following the dissolution of redevelopment in 2012, the City began identifying other funding sources for capital projects, including state grants and resources from the County’s sales tax measures that support transportation projects (Measures B and BB).

Since FY 1994, the City has had a long-term budget philosophy guided by the following principles:

1. Current-year expenditures should be supported by current-year revenues. Onetime revenues should not be used for ongoing costs but should instead be used for necessary one-time expenditures or to strengthen fund reserves.

2. Fund balances should be maintained in all major operating funds to provide for unforeseen circumstances. The appropriate level of fund balance depends on the particular fund.

3. Capital improvement projects, including related maintenance costs, should be identified and prioritized. The funding of many of these projects will require current and planned resources, such as special revenues, grants, and surplus general funds. The City will adhere to prudent spending of discretionary funds to allow the City to provide the necessary resources for capital improvements, including onetime expenditures and adequate replacement reserves.

4. Unfunded liabilities should be identified and funded with surplus funds when they are available. Liabilities that are currently accruing should be funded currently.

5. A strategy should be formulated and implemented, when necessary, to address potential impacts of the State budget and other State actions that may affect City and Agency revenues.

6. Capital improvement projects, including related maintenance costs, should be identified with community input. The funding of many of these projects will require current, planned resources, such as special revenues, grants, and surplus general funds. The City will adhere to prudent spending of discretionary funds to allow the City to provide the necessary resources for capital improvements, including onetime expenditures and adequate replacement reserves.

These principles have helped insulate the City from the short-term impact of regular economic cycles and downturns and mitigated the impact of rising pension costs. The City continues to focus on prudent spending to ensure long-term fiscal sustainability. xii
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Long Range Financial Planning
The City uses a five-year financial forecasting model as a key budget planning tool to ensure accountability of the service provided and to plan for future challenges. The long-range financial planning enables the City to foresee potential budget challenges, giving the City sufficient time to analyze the long-term fiscal impact, and to take appropriate action.

The City has implemented a multi-pronged approach to ensure sustainability and prudent management of the City’s finances.

1. Maintain a strong General Fund reserve, including an Economic Uncertainty Reserve, and an unassigned fund balance. As of June 30, 2023, the General Fund reserve of $46.7 million represents 88% of the $53.0 million budgeted operating expenditures.

2. Establish Section 115 Pension Trust Program to pre-fund pension unfunded liability. Assets in the Trust Program can be transferred to CalPERS at the City’s discretion, which could reduce large fluctuations in employer contributions to CalPERS. As of June 30, 2023, the Section 115 Pension Trust Fund has a balance of $13.6 million.

3. Passed voter-approved taxes or assessments (Measure C – Affordable Housing Bond, Measure F – Sales & Use Tax, and Measure O – Real Property Transfer Tax), and annually update the Master Fee Schedule of City departments to ensure cost recovery of services provided.

4. Promote economic development and diversify the economic base to ensure business vitality and long-term fiscal sustainability. The City’s economic development work supports business growth, development, entrepreneurship, and innovation. Emeryville is home to both small and large businesses and prides itself on supporting a business-friendly culture. From retail stores to technology firms, businesses in Emeryville benefit from a small and personal city government, an active and engaged residential community, and a thriving local business community. Additionally, the City develops marketing programs that highlight the City as a center of Art and Innovation.

Awards
The Government Finance Officers Association of the United States and Canada (GFOA) awarded the Certificate of Achievement for Excellence in Financial Reporting to the City of Emeryville for its Annual Comprehensive Financial Report for the fiscal year ended June 30, 2022. This was the 28th consecutive year that the City of Emeryville has achieved this prestigious award. To be awarded a Certificate of Achievement, the governmental entity must publish an easily readable and efficiently organized Annual Comprehensive Financial Report the contents of which conform to program standards. This report must satisfy both generally accepted accounting principles in the United States of America, as well as all applicable legal requirements. xiii
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C A Certificate of Achievement is valid for a period of one year only. We believe that our current Annual Comprehensive Financial Report continues to meet the Certificate of Achievement program’s requirements and we are submitting it to GFOA to determine its eligibility for another certificate.

Acknowledgments
Preparation of this Financial Report was accomplished by the dedicated efforts and professionalism of the Finance Department staff who are commended for their continued high level of performance. Appreciation is also extended to all departments within the City who have provided assistance and support.

Recognition is due to the Mayor and Members of the City Council, who have provided the City of Emeryville with leadership and vision and have supported the staff in responsible fiscal management of the City’s resources.

Respectfully Submitted,

Paul Buddenhagen Lawence Chiu
City Manager Finance Director
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DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Emeryville
California
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2022
Executive Director/CEO
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DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE
List of City Officials
(as of June 30,2023)
City Council
Mayor.......................................................................................................................John Bauters Vice-Mayor...........................................................................................................Courtney Welch Councilmember.............................................................................................. Kalimah A. Priforce Councilmember....................................................................................................... David Mourra Councilmember.................................................................................................... Sukhdeep Kaur Appointed Officials and Department Heads
City Manager/Executive Director.....................................................................Paul Buddenhagen Assistant City Manager/ Assistant Executive Director .......................................... Pedro Jimenez City Attorney/General Counsel............................................................................... John Kennedy City Clerk ............................................................................................................April Richardson Community Development Director..................................................................... Chadrick Smalley Community Services Director ......................................................................... Rebecca Sermeno Finance Director.................................................................................................... Lawrence Chiu Fire Division Chief for Emeryville, Alameda County Fire Department .......................Randall West Human Resources Director...............................................................................Lilybell Nakamura Police Chief.........................................................................................................Jeffrey Jennings Public Works Director......................................................................................... Mohamed Alaoui xvi
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C ➢ CITY GOVERNMENT ORGANIZATION
Building
Division
City Attorney/General
Counsel
City Manager/
Executive Director
City Council*
Residents of Emeryville
Fire
(Almeda County Fire
Department)
Human Resources
Department
Community
Services
Department
Information
Technology
Community
Development
Department
Public Works
Department
Finance
Department
Planning Division
Engineering Division
Environmental
Services Division
Operations and
Maintenance
Division
Child Development
Center
Youth and Adult
Services Divisions Economic
Development
and Housing
Division
Police
Department
City Clerk
Division
*The Emeryville City Council also acts as the governing members of several other separate legal entities that together are responsible for the City’s administration, finance, and operations. The Community Development Commission of Emeryville oversees the City’s economic development efforts, the Management of Emeryville Services Authority acts as the employer of the City’s non-public safety staff, and the Public Financing Authority is responsible for issuing bonds to finance capital projects. xvii
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DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C INDEPENDENT AUDITOR’S REPORT
To the Honorable Members of the City Council
City of Emeryville, California
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the (City), California, as of and for the year ended June 30, 2023, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the Table of Contents.

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City as of June 30, 2023, and the respective changes in financial position and, where applicable, cash flows thereof for the year 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 standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirement relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. 1 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

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

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis and other Required Supplementary Information as listed in the Table of Contents be presented to supplement the basic financial statements. Such information is the responsibility of management 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.

2 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C We have applied certain limited procedures to the Required Supplementary Information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

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

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

In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.

The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control over financial reporting and compliance.

Pleasant Hill, California
December 5, 2023
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DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C The City of Emeryville
Management’s Discussion and Analysis
The Management’s Discussion and Analysis (MD&A) provides an overview of the City of Emeryville’s activities and financial performance for the fiscal year ended June 30, 2023. We encourage readers to consider the information presented here in conjunction with additional information we have furnished in our letter of transmittal, which can be found in an earlier section of this report.

FINANCIAL HIGHLIGHTS
The comparisons in the discussion and analysis below are between Fiscal Years 2022-23 and 2021-22. All increases and decreases are expressed relative to Fiscal Year 2021-22 results.

Highlights of Fiscal Year 2022-23 include the following:
• At the end of the current fiscal year, the unassigned General Fund Balance together with the Economic Uncertainty Fund Balance made up $46.7 million of the total $67.2 million General Fund Balance, or 87.9% of total General Fund budgeted expenditures of $53.1 million for Fiscal Year 2022-23. The economic uncertainty fund balance was $24.5 million, or 46.2% of total General Fund budgeted expenditures for Fiscal Year 2022-23. • The assets and deferred outflows of resources of the City of Emeryville exceeded its liabilities and deferred inflows of resources at June 30, 2023 by $307.2 million (net position), an increase of $29.5 million over the prior year’s net position of $277.7 million. • The governmental activities total net position at June 30, 2023, was $290.9 million, an increase of $28.8 million over the prior fiscal year’s net position of $262.1 million.

Business-type activities total net position increased by approximately $0.8 million to $16.3 million.
• Of the City’s $307.2 million in net position, $128.4 million represents net investment in capital assets, $110.2 million represents resources restricted for debt service payments, community development, public safety, public works, capital projects, small business incentives, community services, environmental programs and pension payments, and the remaining $68.6 million represents the accumulated unrestricted surplus at the close of Fiscal Year 2022-23.

OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis is intended to serve as an introduction to the City’s basic financial statements. The City’s basic financial statements are comprised of three components:
1) Government-wide Financial Statements, 2) Fund Financial Statements, and 3) Notes to the Basic Financial Statements. This report also contains other supplementary information in addition to the basic financial statements themselves.

For certain entities and funds, the City acts solely as a depository agent. For example, the City has several assessment districts for which the City provides fiduciary statements showing the cash balances and activities of these districts. These statements are presented as fiduciary funds in the accompanying financial statements and their balances are excluded from, the City’s financial statements.
5 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Government-Wide Financial Statements
The Government-Wide Financial Statements are designed to provide readers with a broad overview of the City’s finances, in a manner like private-sector businesses.

The statement of net position presents all the City’s assets, deferred outflow of resources, deferred inflow of resources, and liabilities; with total assets plus deferred outflow of resources less deferred inflow of resources and less total liabilities reported as net position. Over time, increases and decreases in net position may serve as a useful indicator of whether the financial position of the City is improving or deteriorating.

The statement of activities presents information on how the City’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will result in actual cash flows in future fiscal periods such as revenues pertaining to uncollected taxes.

Both government-wide financial statements distinguish functions of the City that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to cover all or a portion of their cost through user fees and charges (business-type activities). The governmental activities of the City include City Council, City Manager, City Clerk, City Attorney, Finance, Human Resources, Community Development (Planning & Building and Economic Development & Housing), non-departmental operations, Property-Based Improvement District, Police, Fire, Public Works, Community Services, Child Development, Youth and Adult Services, and Information Technology services. These services are supported by general City revenues such as taxes and by specific program revenues such as fees. The City’s only enterprise activity, the Sewer Fund, is reported under Businesstype Activities.

The government-wide financial statements include not only the City itself (known as the primary government), but also a legally separate Community Development Commission, Management of Emeryville Services Authority, and a public financing authority for which the City is financially accountable.

Fund Financial Statements
Fund financial statements are designed to report groupings of related accounts, which are 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 finance-related legal compliance. All the funds of the City can be divided into three categories:
governmental funds, proprietary funds, and fiduciary funds.

Governmental Funds account for essentially the same functions as the government-wide activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental funds financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources at the end of the fiscal year.

Such information may be useful in determining what financial resources are available in the near future to finance the City’s programs.

6 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements.

By doing so, readers may better understand the long-term impact of the government’s near-term financing decisions. Both the governmental funds balance sheet and the governmental funds statement of revenues, expenditures and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.

The City of Emeryville maintains forty-five (45) individual governmental funds, which are distinguished between major and non-major funds. 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 General Fund, five (5) special revenue funds and two (2) capital project funds. These eight (8) funds are considered as major funds. Data from the other thirty-seven (37) governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these non-major governmental funds is provided in the Combining and Individual Funds Statements and Schedules section of this report.

The City of Emeryville has deviated from the normal biennial budget for its General Fund for the past two fiscal years because of the pandemic, to issue two one-year budgets for Fiscal Years 2021-22 and 2022-23. A budgetary comparison statement has been provided for the General Fund to demonstrate compliance with this budget.

The basic governmental fund financial statements can be found in the table of contents under the heading Basic Financial Statements.

Proprietary Funds are generally used to account for services for which the City charges customers – either outside customers, or internal units or departments of the City. Proprietary funds provide the same type of information as shown in the government-wide financial statements, only in more detail. Proprietary funds are used to present the same functions as business-type activities in the government-wide financial statements. The City uses proprietary funds to report the Sewer System and Internal Service funds, including the Management of Emeryville Services Authority (MESA). MESA is a joint powers authority that was created in 1998 and employs all the City’s miscellaneous staff. The City pays MESA to provide cost-effective management, administrative, special and general personnel services to the City of Emeryville and/or CDCE, through a jointpowers agreement, which includes providing payroll services for employees of the City of Emeryville.

Fiduciary Funds are used to account for resources held by the City as a trustee or agent for individuals, other governmental units and/or other funds. The private-purpose trust fund was created to account for the dissolution of the former Emeryville Redevelopment Agency and represents the accounts of the Emeryville Successor Agency. Since the resources of these funds are not available to support the City’s own programs, they are not reflected in the governmentwide financial statements. The accounting used for fiduciary funds is much like that used for proprietary funds. The custodial funds account for the receipt of special assessments and the payment of principal, interest and bond administration costs on Assessment District Bonds. These funds are separate and unrelated to the City of Emeryville funds. With the last bond issuance matured and paid off in September 2021, the surplus balances of these bond issuances were transferred to a capital fund for future capital improvements in the respective districts per Council approval in February 2023.

7 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Notes to the Basic Financial Statements
The Notes to the Basic Financial Statements provide additional information that is essential to a full understanding of the data provided in the Government-wide and Fund financial statements.

Other Information
The combining statements referred to earlier in connection with non-major governmental funds, internal service funds, agency funds, and the private-purpose trust funds are presented immediately following the basic financial statements. Combining and individual fund statements and schedules can be found in the table of contents under combining and individual fund statements and schedules.

FINANCIAL ANALYSIS

GOVERNMENT-WIDE FINANCIAL STATEMENTS
Analysis of Net position: As noted earlier, net position may serve over time as a useful indicator of a government's financial position. At the close of Fiscal Year 2022-23, the City of Emeryville’s assets exceeded liabilities by $307.2 million, an increase of $29.5 million over the prior fiscal year net position of total of $277.7 million.

A significant portion of the City of Emeryville’s net position is $68.6 million in unrestricted net position. Net investment in capital assets totaled $128.4 million. Net position of $110.2 million is restricted for various programs including community development, public safety, public works, capital projects, debt service, small business incentive, community services, environmental programs and pension payments. The City of Emeryville uses these assets to provide services to citizens; consequently, these assets are not available for future spending.

The following is a condensed summary of the City of Emeryville’s net position for governmental and business type activities:
8 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C 2023 2022 2023 2022 2023 2022
Cash and Investments 262.8 $ $ 193.8 $ 8.6 $ 8.0 $ 271.4 $ 201.8 Other Assets 33.2 25.0 0.2 0.2 33.4 25.2
Capital Assets 124.5 112.6 7.8 7.9 132.3 120.5
Total Assets 420.5 331.4 16.6 16.0 437.1 347.4
Deferred Outflows of
Resources 26.3 13.7 0.1 0.1 26.5 17.3
Long-Term Debt 51.7 2.0 - - 51.7 2.0
Net Pension Liability 58.1 28.1 0.3 0.1 58.4 28.2
Net OPEB Liability 5.7 7.5 0.0 0.1 5.7 7.6
Other Liabilities 31.7 22.1 0.0 0.3 31.8 22.4
Total Liabilities 147.3 59.7 0.3 0.5 147.6 60.2
Deferred Inflows of
Resources 8.7 23.2 0.0 0.1 8.7 5.5
Net Position:

Net investment in
capital assets 120.7 110.6 7.8 7.9 128.5 118.5
Restricted 101.6 51.4 8.5 7.6 110.2 59.0
Unrestricted 68.6 100.1 - - 68.6 100.1
Total Net Position $ 290.9 $ 262.1 16.3$ 15.5$ $ 307.2 $ 277.7 Statement of Net Position
($ In millions)
Governmental Activities Business-Type Activities Total
9 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Analysis of activities: At the end of Fiscal Year 2022-23, the City of Emeryville’s governmental net position increased by $29.6 million. Key changes are reflected in the table below. 2023 2022 2023 2022 2023 2022
Revenues
Charges for Services $ 35.8 $ 17.7 $ 1.3 $ 1.3 $ 37.1 19.0 $ Operating Contributions & Grants 5.5 6.3 - - 5.5 6.3
Capital Contributions & Grants 1.9 0.4 - - 1.9 0.4
Property Taxes 12.6 12.0 - - 12.6 12.0
Transient Occupancy Tax 5.9 4.5 - - 5.9 4.5
Sales Taxes 11.8 12.0 - - 11.8 12.0
Franchise Tax 2.4 2.2 - - 2.4 2.2
Business License Taxes 10.0 9.6 - - 10.0 9.6
Utility Users Tax 4.0 3.4 - - 4.0 3.4
Other Taxes and Fines - - - - -
Motor Vehicle In Lieu 1.2 1.1 - - 1.2 1.1
Use of Money and Property 3.9 (1.9) 0.2 - 4.1 (1.9)
Contribution from Successor
Agency - - - - - -
Transfers In 0.1 0.1 - - 0.1 0.1
Miscellaneous 4.7 2.8 - - 4.7 2.8
Total Revenues 99.8 70.2 1.5 1.3 101.3 71.5
Expenses
City Council 0.2 0.2 - - 0.2 0.2
City Manager's Office 1.5 0.9 - - 1.5 0.9
City Attorney's Office 0.7 0.6 - - 0.7 0.6
Finance Dept 1.4 1.0 - - 1.4 1.0
Human Resources Dept 0.8 0.8 - - 0.8 0.8
Information Technology Dept 1.4 1.3 - - 1.4 1.3
General Government 4.2 3.6 - - 4.2 3.6
Police Department 15.5 13.1 - - 15.5 13.1
Fire Department 10.5 9.9 - - 10.5 9.9
Planning and Building 5.1 5.1 - - 5.1 5.1
Economic Development and Housing 9.4 2.3 - - 9.4 2.3
Property Based Improvement District 5.1 4.9 - - 5.1 4.9 Community Services Department 5.8 5.0 - - 5.8 5.0
Public Works Department 8.6 8.2 - - 8.6 8.2
Interest on long-term debt 0.8 0.1 - - 0.8 0.1
Transfers Out - - 0.1 0.1 0.1 0.1
Sew er - - 0.6 0.5 0.6 0.5
Total Expenses 71.0 57.0 0.7 0.6 71.7 57.6
Increase(Decrease) in Net Position 28.8 13.2 0.8 0.7 29.6 13.9 Beginning Net Position 262.1 248.9 15.5 14.8 277.6 263.7 Restatement of Net Position - - - - - -
Beginning Net Position, restated 262.1 248.9 15.5 14.8 277.6 263.7 Ending Net Position $ 290.9 262.1$ $ 16.3 $ 15.5 307.2$ $ 277.6 Changes in Net Position
Net Position at June 30
($ in millions)
Governmental
Activities
Business Type
Activities Total
10 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Governmental Activities – Revenues
Revenues from Governmental Activities totaled $99.8 million in Fiscal Year 2022-23, an increase of $29.6 million over the prior fiscal year.

Program revenues, including charges for services, operating contributions and grants, and capital contributions and grants are generated from or restricted to each activity. Together, they totaled $43.2 million, a net increase of $18.8 million from the prior fiscal year due to increases in charges for services of $18.1 million, capital contributions and grants of $1.5 million but decreases in operating contributions and grants of $0.8 million.

General revenues are composed of taxes and other revenues not specifically generated by or restricted to individual activities. Tax revenues, investment earnings and rents for governmental facilities are all components of general revenues. For Fiscal Year 2022-23, general revenues totaled $56.6 million, an increase of $10.8 million when compared to the prior fiscal year’s total general revenues of $45.8 million. The increases were primarily due to the following:
• Increases included property tax $0.6 million due to higher assessed property value, franchise tax $0.2 million, business license tax $0.4 million, utility users tax $0.6 million, vehicle in lieu $0.1 million and miscellaneous revenues $1.9 million. • Transient occupancy tax revenue increased by $1.4 million due to recovery from Covid19 pandemic and the ending of the State of Emergency in February 2023. • Use of money and property revenue increased by $5.8 million primarily due to the yearend unrealized market value adjustment of City investments and increased interest earnings.
• The above increases were partially offset by $0.2 million decrease in sales tax.

The following Total Revenues chart includes only current year revenues and includes all governmental funds, not just the General Fund
Total Revenues, Governmental Activities – 2022-23

11 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Governmental Activities – Expenses
Total governmental activities expenses were $71.0 million in Fiscal Year 2022-23, an increase of $14.0 million from the prior fiscal year. The major variances included increases in Police expenses $2.4 million, Economic Development and Housing $7.1 million, Community Services $0.8 million, Interest on long-term debt $0.7 million and the remaining $3.0 million increases were incurred by all other departments except Human Resources and Planning and Building.

The Functional Expenses chart below includes only current year expenses for governmental activities and is not limited to only the General Fund.

Functional Expenses, Governmental Activities – 2022-23
Business-Type Activities (Sewer Fund) – Revenues
Revenues from business-type activities totaled $1.5 million, which was $0.2 million higher than the prior fiscal year.

Business-Type Activities (Sewer Fund) – Expenses
Expenses from business-type activities were $0.7 million, which was an increase of $0.1 million from the prior fiscal year.
12 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

FUND FINANCIAL STATEMENTS
As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements.

Governmental Funds
The focus of the City’s governmental funds is to provide information on near-term inflows, outflows, and balances of resources that are available for spending. Such information is useful in assessing the City’s financial requirements. In particular, unassigned fund balance may serve as a useful measure of a government’s net resources available for spending at the end of the fiscal year. Types of governmental funds reported by the City include the General Fund, Special Revenue Funds, Debt Service Funds, and Capital Projects Funds.

The table below summarizes City activity and balances at the fund level.

At June 30, 2023, the City’s Governmental Funds reported combined fund balances of $247.6 million, an increase of $64.5 million, or 35%, over the prior year. Governmental Fund revenues of $94.1 million increased by $23.7 million, or 34% over the prior year.

Governmental Fund expenditures increased by $18.0 million in Fiscal Year 2022-23 to $79.7 million, primarily due to the following:
• Capital Outlay expenses increased by $4.7 million over the prior fiscal year incurred by the Quiet Zone, Large Trash Separator and the 40th San Pablo Transit Hub projects. • Police, Fire and non-departmental and Public Works expenses increased by $0.7 million, $0.6 million, $0.6 million and $0.9 million respectively. • Economic Development and Housing expenses increased by $7.1 million due to payments for the housing program on the San Pable Avenue.
• The remaining increases of $2.3 million incurred by all other departments from $0.03 million to $0.5 million and $ 1.1 million debt service.

2023 2022
Increase
(Decrease)
Total Assets $ 276.7 $ 200.4 $ 76.3
Total Liabilities 21.7 15.9 5.8
Total Deferred Inflow s of Resources 7.4 1.4 6.0
Total Fund Balances 247.6 183.1 64.5
Total Revenues 94.1 70.4 23.7
Total Expenditures 79.7 61.8 17.9
Total Other Financing Sources (uses) 50.0 0.1 49.9
Financial Highlights
at Fiscal Year Ended June 30
($ in millions)
Governmental Fund Level
13 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C General Fund - The General Fund is the City’s main operating fund. On June 30, 2023, the unassigned fund balance in combination with the economic uncertainty fund totaled $46.7 million while the total fund balance was $67.2 million. As a measure of the General Fund’s liquidity, it may be useful to compare both unassigned and economic uncertainty fund balance and total fund balance to total General Fund expenditures. Combined unassigned and economic uncertainty fund balances represent 87.9% of General Fund budgeted expenditures of $53.1 million for Fiscal Year 2022-23. The economic uncertainty fund balance was $24.5 million or 46.2% of total General Fund budgeted expenditures for fiscal year 2022-23. This was slightly below the City’s

50.0% reserve target.

General Fund revenues totaled $57.5 million, an increase of $8.9 million compared to the prior fiscal year’s total revenues of $48.6 million. This was primarily due to a $2.4 million increase in tax revenue, a $2.5 million increase in revenue from license and permits and a $0.4 million increase in intergovernmental revenue, $3.8 increase in investment income which was partially offset by a combined reduction of $0.2 million in charges for services and miscellaneous revenues.

General Fund expenditures totaled $46.2 million, an increase of $4.1 million compared to the prior fiscal year’s total expenditures of $42.1 million. This was due to $0.6 million increase in Police expenditures, $0.6 million in Fire expenditures, $1.2 million in Administration expenditures, $0.5 million in Community Services expenditures, $0.7 million in Public Works and $0.5 million in nondepartmental expenditures.

Housing Assets Fund – This fund accounts for the housing assets of the City of Emeryville as Successor Agency to the former Emeryville Redevelopment Agency. Total revenues were $0.9 million and total expenditures were $4.4 million in Fiscal Year 2022-23.

Property Based Improvement District – This fund accounts for commercial and residential property assessments and General Fund contributions collected to fund the Emery Go-Round, the City’s shuttle service. Total revenues, including transfers in, were $5.1 million and total expenditures were also $5.1 million in Fiscal Year 2022-23.

General Capital Improvements Fund – This fund accounts for capital projects and improvements typically funded with general revenues. Total revenues were $4.1 million including transfer in and total expenditures, including operating transfers out, were $3.8 million in Fiscal Year 2022-23.

RDA Bond Fund – This fund accounts for capital funds of the former redevelopment agency that have been approved for transfer to the City. Total revenues were $0.03 million and $0.02 million in expenditures incurred in Fiscal Year 2022-23.

Measure C Housing Bond Fund – This fund accounts for the special tax levies from the taxable General Obligation Bonds issuance approved by voters on June 5, 2018 to provide affordable housing for the community. Total revenues were $50.1 million including proceeds from debt issuances and $0.7 million in expenditures in Fiscal Year 2022-23.

Affordable Housing Fund – This fund accounts for residential property tax revenue committed to affordable housing projects and programs. Total revenues were $11.6 million and total expenditures were $3.8 million in Fiscal Year 2022-23.

14 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Other Grants – This fund accounts for funds from third-party grants and other sources and is used to segregate costs to be reimbursed by grants. Total revenues were $1.1 million and total expenditures were $6.1 million in Fiscal Year 2022-23.

Enterprise Fund
The City operates the Sewer Enterprise Fund, its only Business-Type Activity. The Sewer Fund uses a separate agency to provide treatment of wastewater. Expenses are paid from customer service charges. In Fiscal Year 2022-23, total net position of $16.3 million increased by $0.8 million compared to the prior year. Sewer Enterprise revenues may vary from year to year depending on the level of new development which affects connection fee revenue. Revenues for the Sewer Fund in Fiscal Year 2022-23 were slightly higher by $0.07 million than the prior fiscal year, and expenditures increased by $0.1 million.

GENERAL FUND BUDGETARY HIGHLIGHTS
Revisions to the Fiscal Year 2022-23 General Fund original adopted budget resulted in an increase in both budgeted revenues and expenditures of $6.8 million and $5.4 million respectively.

General Fund revenues for Fiscal Year 2022-23 exceeded the budgeted amount by $4.7 million primarily due to higher than anticipated revenue from taxes of $4.5 million, investment income of $0.7 million, miscellaneous income of $0.3 million and other income including intergovernmental, rental and contributions total of $0.1 million, which was partially offset by the lower than budgeted revenues of license and permits, and charges for services of $0.9 million. Expenditures were $3.8 million below budget due to operating savings in the General Fund departments.

15 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CAPITAL ASSETS
The City reports all of its capital assets including infrastructure on its statement of net assets.

Infrastructure includes roads, bridges, signals and similar assets used by the entire population.

The table below shows capital assets and the amount of accumulated depreciation for these assets as of June 30, 2023 for Governmental and Business-Type Activities (further detail may be found in Note 6 to the financial statements).

Governmental Activities capital assets net of depreciation increased by $11.9 million compared to Fiscal Year 2021-22.

The City depreciates all its capital assets over their estimated useful lives. The purpose of depreciation is to spread the cost of a capital asset over its useful life so that an allocable portion of the cost of the asset is borne by all users. Additional information on capital assets and depreciation may be found in Note 1 and Note 6 to the financial statements.

2023 2022
Governmental Activities
Capital Asset
Land and Construction in Progress $ 71.1 $ 63.3
Park Improvements and other Improvements 24.3 23.9
Buildings and Improvements 52.5 52.5
Furnishings, Vehicles and Equipment 8.1 7.4
Marina Improvements 9.9 8.7
Grading, Curb & Gutter, Sidewalks & Driveways 39.1 38.3 Right to use lease asset - Parking Garage 4.2 -
Less Accumulated Depreciation (84.7) (81.5)
Total Governmental $ 124.5 $ 112.6
Business-Type Activities (Sewer)
Construction in progress $ 0.6 $ 0.5
Buildings and Improvements 0.5 0.5
Automobile and Equipment - -
Sewer Improvements 9.9 9.9
Less Accumulated Depreciation (3.2) (3.0)
Total Business-Type $ 7.8 $ 7.9
Capital Assets
at Fiscal Year Ended June 30
($ in millions)
16 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

DEBT ADMINISTRATION
Each of the City’s debt issues is discussed in detail in Note 7 to the financial statements, the Net Pension Liability is discussed in detail in Note 9 to the financial statements, and the Net OPEB Liability is discussed in detail in Note 11 to the financial statements. At June 30, 2023, the City’s outstanding debt was as follows:

The former redevelopment agency long-term debt was transferred to the Emeryville Successor Agency private-purpose trust fund as of February 1, 2012. All interest and principal payments due on these bonds are paid by the redevelopment property tax trust fund monies in accordance with the bond covenants and the former redevelopment dissolution laws AB1X 26, AB 1484 and SB 107. See Note 14 of the financial statements for further details.

ECONOMIC OUTLOOK
The City of Emeryville, along with the rest of the nation, continues to recover from the negative economic impacts of the lengthy COVID-19 pandemic. The pandemic brought about transformational changes in our ways of living and working. As we continue to emerge from the COVID impacts, some sectors of the economy have rebounded well, and others continue to lag.

Additional details on the economy of the City are discussed in the accompanying Transmittal Letter.

CONTACTING THE CITY’S FINANCIAL MANAGEMENT
The Comprehensive Annual Financial Report is intended to provide citizens, taxpayers, investors, and creditors with a general overview of the City’s finances. Questions about this report should be directed to the Finance Department, at 1333 Park Avenue, Emeryville, California. This report and other financial reports can be viewed on the City of Emeryville website at www.emeryville.org. 2023 2022
Government Wide Debt:

Public Financing Authority Lease Revenue Bonds
2013 Series A 1.7 $ 2.0 $
Measure C General Obligation Bonds 50.0 -
Lease Liability - Parking Garage 4.1 -
Compensated Absences 3.2 3.1
Claims and Judgments 3.0 3.0
Net Pension Liability 58.4 28.2
Net OPEB Liability 5.7 7.6
Total City Obligations $ 126.1 $ 43.9
Long-Term Debt
($ in millions)
at Fiscal Year Ended June 30
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CITY OF EMERYVILLE

STATEMENT OF NET POSITION AND

STATEMENT OF ACTIVITIES
The Statement of Net Position and the Statement of Activities are required by Governmental Accounting Standards Board Statement No. 34 – Basic Financial Statements. Their purpose is to summarize the financial activities and financial position of the City and its component units including the Community Development Commission, Emeryville Public Financing Authority and Management of Emeryville Services Authority. The term “City” as used in these statements refers collectively to the City and its component units.

The statements are prepared on the same basis as is used by most businesses, which means they include all the City’s assets and all its liabilities, as well as all its revenues and expenses. This is known as the full accrual basis - the effect of the entire City’s transactions is taken into account, regardless of whether or when cash changes hands, but all material internal transactions between City funds have been eliminated.

The Statement of Net Position reports the difference between the City’s total assets, deferred outflows of resources, total liabilities, and deferred inflows of resources including all the City’s capital assets and all its long-term debt. The Statement of Net Position presents similar information to the old balance sheet format, but presents it in a way that focuses the reader on the composition of the City’s net position, by subtracting total liabilities from total assets.

The Statement of Net Position summarizes the financial position of the entire City’s Governmental Activities in a single column, and the financial position of the entire City’s Business-Type Activities in a single column; these are followed by a total column, which presents the financial position of the entire City.

The City’s Governmental Activities include the activities of its General Fund, along with all its Special Revenue, Capital Projects and Debt Service Funds. Since the City’s Internal Service Funds service governmental funds, their activities are consolidated with Governmental Activities, after eliminating interfund transactions and balances. The City’s Business-Type Activities include all its Enterprise Fund activities.

The Statement of Activities reports increases and decreases in the City’s net position. It is also prepared on the full accrual basis, which means it includes all the City’s revenues and all its expenses, regardless of when cash changes hands. This differs from the “modified accrual” basis used in the fund financial statements, which reflect only current assets, current liabilities, available revenues and measurable expenditures.

The format of the Statement of Activities presents the City’s expenses first, listed by program, and follows these with the expenses of its business-type activities. Program revenues, that is revenues, which are generated directly by these programs, are then deducted from program expenses to arrive at the net expense of each governmental and business-type program. The City’s general revenues are then listed in the Governmental Activities or Business-Type Activities column, as appropriate, and the Change in Net Position is computed and reconciled with the Statement of Net Position. 19 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C This Page Intentionally Left Blank
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CITY OF EMERYVILLE

STATEMENT OF NET POSITION
JUNE 30, 2023
Governmental Business-Type
Activities Activities Total
ASSETS:

Cash, cash equivalents, and investments (Note 3) 202,180,251 $ 8,581,654 $ 210,761,905 $ Cash, cash equivalents, and investments with fiscal agents (Note 3) 60,621,009 - 60,621,009 Receivables:

Accounts 3,257,203 174,495 3,431,698
Taxes 4,316,984 - 4,316,984
Due from other governments 6,145,389 - 6,145,389
Accrued interest 564,395 25,266 589,661
Prepaid costs 75,080 - 75,080
Leases receivable (Note 5) 860,389 860,389
Land held for resale (Note 1D) 17,943,395 17,943,395 -
Capital assets (Note 6):

Capital assets not being depreciated 71,082,515 546,745 71,629,260 Depreciable capital assets, net 53,437,704 7,239,730 60,677,434 Total Assets 420,484,314 16,567,890 437,052,204

DEFERRED OUTFLOWS OF RESOURCES
Related to pensions (Note 9) 25,207,215 137,301 25,344,516 Related to OPEB (Note 11) 1,117,763 9,014 1,126,777
Total Deferred Outflows of Resources 26,324,978 146,315 26,471,293 LIABILITIES:

Accounts payable 12,944,711 5,467 12,950,178
Accrued liabilities 3,241,684 - 3,241,684
Accrued interest 8,489 - 8,489
Unearned revenue 3,688,700 - 3,688,700
Deposits payable 1,861,125 - 1,861,125
Claims and judgements (Note 12):

Due within one year 696,686 - 696,686
Due in more than one year 2,286,672 - 2,286,672
Compensated absences (Note 7):

Due within one year 1,564,994 - 1,564,994
Due in more than one year 1,624,814 - 1,624,814
Long-term debt (Note 7):

Bonds due within one year 319,200 - 319,200
Bonds due in more than one year 51,367,300 51,367,300 - Lease liability (Note 7):

Lease liability due within one year 425,552 - 425,552
Lease liability due in more than one year 3,404,416 - 3,404,416 Net pension liabilities, due in more than one year (Note 9) 58,140,292 282,723 58,423,015 Net OPEB liability, due in more than one year (Note 11) 5,687,516 45,867 5,733,383 Total Liabilities 147,262,151 334,057 147,596,208
DEFERRED INFLOWS OF RESOURCES:

Leases (Note 5) 860,389 860,389
Related to pensions (Note 9) 5,806,189 28,647 5,834,836 Related to OPEB (Note 11) 1,992,557 16,069 2,008,626
Total Deferred Inflows of Resources 8,659,135 44,716 8,703,851 NET POSITION (Note 1D):

Net investments in capital assets 120,690,251 7,786,475 128,476,726 Restricted for:

Community development projects 80,648,682 80,648,682 -
Public safety 5,438,053 - 5,438,053
Public works 1,611,208 - 1,611,208
Capital projects 13,395,440 8,548,957 21,944,397
Debt service 3,051 - 3,051
Small business incentive 103,299 - 103,299
Community services 125,065 - 125,065
Environmental programs 163,603 - 163,603
Pensions 151,462 - 151,462
Total Restricted Net Position 101,639,863 8,548,957 110,188,820 Unrestricted 68,557,892 68,557,892 -
Total Net Position $ 290,888,006 $ 16,335,432 $ 307,223,438 See accompanying notes to basic financial statements
21 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Program Revenues
Operating Capital
Charges for Contributions Contributions
Functions/Programs Expenses Services and Grants and Grants Primary Government

GOVERNMENTAL ACTIVITIES
City council $ 235,006 $ 3,829 $ - $ -
City manager 1,460,129 - - -
City attorney 718,182 - - -
Finance 1,398,423 55,817 - -
Human resources 828,328 - - -
Information technology 1,388,214 - - -
General government-non-departmental operations 4,216,391 1,660,923 335,644 - Police 15,527,007 705,874 210,021 -
Fire 10,494,648 1,857,515 895 -
Planning and building 5,097,727 13,885,221 319,233 -
Economic development and housing 9,409,911 - 1,775,261 - Redevelopment - 10,146,222 599,554 1,497,500
Property based improvement district 5,058,497 4,370,443 - - Community services 1,119,930 123,496 - -
Child development 2,215,807 1,337,232 233,504 -
Youth services 1,832,945 139,320 31,686 -
Adult services 638,171 39,061 18,796 -
Public works 8,572,292 1,522,872 1,929,688 417,103
Interest on long-term debt 826,325 - - -
Total Governmental Activities 71,037,933 35,847,825 5,454,282 1,914,603 BUSINESS-TYPE ACTIVITIES:

Sewer 620,593 1,310,519 - -
Total Business-type Activities 620,593 1,310,519 - -
Total Primary Government $ 37,158,344 71,658,526 $ 5,454,282 $ 1,914,603 $ GENERAL REVENUES:

Taxes:

Property taxes, levied for general purposes
Transient occupancy taxes
Sales taxes
Franchise taxes
Business licenses taxes
Utility user taxes
Motor vehicle in-lieu - unrestricted
Use of money and property
Miscellaneous
TRANSFERS (Note 4)
Total General Revenues And Transfers

CHANGE IN NET POSITION

BEGINNING NET POSITION

ENDING NET POSITION
See accompanying notes to basic financial statements

CITY OF EMERYVILLE

STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2023
22 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Net (Expense) Revenue and
Changes in Net Position
Governmental Business-type
Activities Activities Total
$ - (231,177) $ (231,177) $
(1,460,129) - (1,460,129)
(718,182) - (718,182)
(1,342,606) - (1,342,606)
(828,328) - (828,328)
(1,388,214) - (1,388,214)
(2,219,824) - (2,219,824)
(14,611,112) - (14,611,112)
(8,636,238) - (8,636,238)
9,106,727 - 9,106,727
(7,634,650) - (7,634,650)
12,243,276 - 12,243,276
(688,054) - (688,054)
(996,434) - (996,434)
(645,071) - (645,071)
(1,661,939) - (1,661,939)
(580,314) - (580,314)
(4,702,629) - (4,702,629)
(826,325) - (826,325)
(27,821,223) - (27,821,223)
689,926 689,926 -
689,926 689,926 -
(27,821,223) 689,926 (27,131,297)
12,579,847 - 12,579,847
5,893,468 - 5,893,468
11,807,186 - 11,807,186
2,394,385 - 2,394,385
10,038,758 - 10,038,758
3,985,102 - 3,985,102
1,172,691 - 1,172,691
3,940,039 181,474 4,121,513
4,701,459 - 4,701,459
51,500 (51,500) -
56,564,435 129,974 56,694,409
28,743,212 819,900 29,563,112
262,144,794 15,515,532 277,660,326
$ 16,335,432 290,888,006 $ 307,223,438 $
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CITY OF EMERYVILLE

FUND FINANCIAL STATEMENTS
The Fund Financial Statements are formatted so that only individual major funds are presented, while nonmajor funds are combined in a single column. Major funds are defined generally as having significant activities or balances in the current year. No distinction is made between fund types and the practice of combining like funds.

The funds described below were determined to be major funds by the City for fiscal year 2022-23.

Individual nonmajor funds may be found in the supplemental section.

The General Fund is the general operating fund of the City and accounts for all financial resources except those required to be accounted for in another fund. The major revenues to the General Fund are taxes (property, sales, business licenses, utility users and transient occupancy), which comprise the majority of the fund’s annual revenue stream. The major expenditure of the General Fund is Public Safety (police and fire), which accounts for the majority of the fund’s annual expenditure stream.

The Other Grants Fund accounts for funds from third-party grants and other sources and is used to segregate costs to be reimbursed by grants. This fund was initiated in 1998.

The Housing Assets Fund accounts for the assets transferred from the Low and Moderate Income Housing Fund (LMIHF) to the City as Housing Successor. The Fund includes loans and notes receivable, rents, and payments on these receivables after February 1, 2012, and amounts due to the LMIHF, including the SERAF loans. All monies in the Housing Assets Fund must be used in accordance with the applicable housing-related provisions of the Community Redevelopment Law.

The Property Based Improvement District Fund accounts for commercial and residential property assessments and General Fund contributions collected to fund the Emery Go-Round, the City’s shuttle service.

The Affordable Housing Fund accounts for residual property tax revenue committed to affordable housing projects and programs.

The Measure C Housing Bond Fund accounts for special tax levies from the taxable General Obligation Bonds issuance approved by voters on June 5, 2018 to provide affordable housing for the community.

The General Capital Improvements Fund accounts for general capital projects. The Fund includes expenditures related to improvements to buildings, equipment, infrastructure, and other systems, such as storm drains, sidewalks, etc. The main source of funding for these costs comes from general revenues transferred from the General Fund. Beginning in fiscal year 2012-13, this Fund also receives a portion of the residual property taxes distributed to the City as a result of the dissolution of redevelopment, which occurred February 1, 2012.

The RDA Bond Fund accounts for capital funds of the former redevelopment agency that have been approved for transfer to the City.
25 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Property Based
Housing Improvement
General Other Grants Assets District
ASSETS:

Cash, cash equivalents, and investments (Note 3) 59,402,144 $ 4,157,997 $ 1,639,777 $ 3,080,614 $ Cash, cash equivalents, and investments with fiscal agents (Note 3) 11,226,862 - - - Receivables:

Accounts 1,316,081 94,538 704 178,696
Taxes 3,622,917 - - 10,982
Due from other governments 307,223 5,738,491 - -
Accrued interest 221,040 9,529 4,724 4,423
Prepaid costs 54,493 - - 3,750
Lease receivable (Note 5) - - - -
Land held for resale (Note 1D) - - 17,943,395 -
Total Assets $ 10,000,555 76,150,760 $ 19,588,600 $ 3,278,465 $ LIABILITIES:

Accounts payable 4,473,627 $ 3,690,748 $ - $ 2,503,858 $ Accrued liabilities 431,893 2,638,721 - -
Unearned revenue 2,549,855 822,540 - 178,575
Deposits payable 660,010 - - -
Total Liabilities 8,115,385 7,152,009 - 2,682,433
DEFERRED INFLOWS OF RESOURCES:

Leases (Note 5) - - - -
Unavailable revenue 832,297 5,738,491 - -
Total Deferred Inflows of Resources 832,297 5,738,491 - - FUND BALANCES (Note 1D):

Nonspendable:

Prepaid costs 54,493 - - 3,750
Restricted for:

Community development projects 19,588,600 - -
Public safety - - - -
Public works - - - -
Capital projects - - -
Debt service - - - -
Small business incentive 100,000 - - -
Community services - - - -
Environmental programs - - - -
Pensions 151,462 - - -
Committed to:

Community development projects - - - -
Capital projects - - - -
Facility maintenance - - - -
Vehicle replacement - - - -
Information technology - - - -
Economic uncertainty 24,460,697 - - -
PERS liability 13,646,197 - - -
Economic development 2,976,383 - - -
Community programs 344,283 - - 592,282
Assigned to:

Capital projects - - - -
Community services - - - -
Disasters 3,211,094 - - -
Unassigned 22,258,469 (2,889,945) - -
Total Fund Balances 67,203,078 (2,889,945) 19,588,600 596,032 Total Liabilities, Deferred Inflows of Resources
and Fund Balances $ 76,150,760 $ 10,000,555 $ 19,588,600 $ 3,278,465 See accompanying notes to basic financial statements
Special Revenue Funds

CITY OF EMERYVILLE

GOVERNMENTAL FUNDS

BALANCE SHEET
JUNE 30, 2023
26 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Measure General Nonmajor Total
Affordable C Housing Capital Governmental Governmental
Housing Bond Improvements RDA Bond Funds Funds
$ 14,880,583 $ 543,417 $ 47,825,735 $ 1,297,423 $ 50,125,666 $ 182,953,356 - 49,394,147 - - 60,621,009 -
- - - 1,653,341 - 3,243,360
- - 817 - 682,268 4,316,984
- - - - 99,675 6,145,389
22,123 1,071 137,793 3,737 104,700 509,140
- - - - 16,837 75,080
- - - - 860,389 860,389
- - - - 17,943,395 -
$ 14,902,706 $ 49,938,635 $ 47,964,345 $ 1,301,160 $ 53,542,876 $ 276,668,102 $ 58,049 $ 546,641 $ 911,299 $ - $ 693,910 $ 12,878,132 - - 150,026 - 21,044 3,241,684
- - - - 137,730 3,688,700
- - - 1,197,946 1,857,956 -
58,049 546,641 1,061,325 2,050,630 21,666,472 -
- - - - 860,389 860,389
- - - - 6,570,788 -
- - - - 860,389 7,431,177
- - - - 16,837 75,080
- 49,391,994 - 11,668,088 - 80,648,682
- - - 5,438,053 - 5,438,053
- - - 1,611,208 - 1,611,208
- - 1,301,160 - 12,094,280 13,395,440
- - - - 3,051 3,051
- - - - 3,299 103,299
- - - - 125,065 125,065
- - - - 163,603 163,603
- - - - - 151,462
14,844,657 - - - 14,844,657 -
- 46,903,020 - - 46,903,020 -
- - - 6,087,835 - 6,087,835
- - - 4,414,393 - 4,414,393
- - - 2,841,694 - 2,841,694
- - - - 24,460,697 -
- - - - 13,646,197 -
- - - - 2,976,383 -
- - - - - 936,565
- - - 5,459,788 - 5,459,788
- - - - 704,663 704,663
- - - - 3,211,094 -
- - 19,368,524 -
14,844,657 49,391,994 46,903,020 1,301,160 50,631,857 247,570,453 $ 14,902,706 $ 49,938,635 $ 47,964,345 $ 1,301,160 $ 53,542,876 $ 276,668,102 Special Revenue Funds Capital Projects Funds
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CITY OF EMERYVILLE

GOVERNMENTAL FUNDS

BALANCE SHEET - RECONCILIATION OF GOVERNMENTAL

FUND BALANCES TO NET POSITION OF GOVERNMENTAL ACTIVITIES JUNE 30, 2023
Total Fund Balances - Governmental Funds $ 247,570,453
Amounts reported for Governmental Activities in the Statement of Net Position are different from those reported in the Governmental Funds above because of the following:

Capital assets used in Governmental Activities are not current assets or financial resources and therefore are not reported in the Governmental Funds. 124,520,219
Pension contributions made subsequent to the measurement date of the net pension liability are deferred and recognized in the subsequent period. These include:

Miscellaneous pension plan $ 1,496,111
Safety pension plan 1,745,976 3,242,087
Other post-employment benefit (OPEB) contributions made subsequent to the measurement date of the net OPEB liability are deferred and recognized in the subsequent period. Adjustments that increase net OPEB liability are recorded as deferred outflows of resources and are amortized over their remaining service life. 1,117,763 Adjustments that increase net pension liability are recorded as deferred outflows of resources and are amortized over their remaining service life. These include:

Miscellaneous pension plan 7,183,730
Safety pension plan 13,934,899
Emeryville Police Officers' Association retirement enhancement plan 846,499 21,965,128 Accrued interest on long-term debt does not require current financial resources. Therefore, accrued interest is not reported as a liability in the governmental funds balance sheet. (8,489) Long-term liabilities are not due and payable in the current period and therefore, are not reported in the governmental funds balance sheet. These include:

Bonds Payable (51,686,500)
Lease Liabilities (3,829,968)
Governmental funds report all pension contributions as expenditures, however, in the statement of net position, the excess of the plan proportionate share of the total pension liability over the proportionate share of the plan fiduciary net position is reported as a net pension liability. These include:

Miscellaneous pension plan (18,950,149)
Safety pension plan (37,978,179)
Emeryville Police Officers' Association retirement enhancement plan (1,211,964) (58,140,292) Adjustments that reduce net pension liability are recorded as deferred inflows of resources and are amortized over their remaining service life. These include:

Miscellaneous pension plan (1,920,105)
Safety pension plan (3,737,784)
Emeryville Police Officers' Association retirement enhancement plan (148,300) (5,806,189) Governmental funds report all OPEB contributions as expenditures, however, in the statement of net position, the excess of the plan proportionate share of the total OPEB liability over the proportionate share of the plan fiduciary net position is reported as a net OPEB liability. (5,687,516) Adjustments that reduce net OPEB liability are recorded as deferred inflows of resources and are amortized over their remaining service life. (1,992,557)
The Statement of Net Position reports receivables at their net realizable value. However, receivables not available to pay for current period expenditures are deferred and reported as unavailable revenues in the governmental funds. 6,570,788
Internal service funds are not governmental funds. However, they are used by management to charge the costs of certain activities, such as insurance and accrued benefits, to individual governmental funds. The assets and liabilities of the Internal Service Funds are therefore included in Governmental Activities in the following line items in the Statement of Net Position. 13,053,079 NET POSITION OF GOVERNMENTAL ACTIVITIES 290,888,006 $
See accompanying notes to basic financial statements

ALLOCATION OF INTERNAL SERVICE FUND NET POSITION
29 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Property
Based
Housing Improvement
General Other Grants Assets District
REVENUES:

Taxes 39,346,758 $ - $ - $ 4,461,777 $
Licenses and permits 10,965,919 - - -
Intergovernmental 3,570,668 1,011,993 - -
Charges for services 515,439 - 45,947 -
Investment income 1,204,480 70,498 293,586 33,773
Rental income 471,115 - 16,408 -
Contributions 354,706 - - -
Miscellaneous 1,092,940 - 574,127 -
Total Revenues 57,522,025 1,082,491 930,068 4,495,550
EXPENDITURES:

Current:

City council 220,303 - - 17,600
City manager 1,474,781 - - -
City attorney 655,935 - - -
Finance 1,415,175 - - -
Human resources 839,362 - - -
Information technology 822,147 - - -
General government-non-departmental operations 3,185,132 2,300 - - Police 14,763,914 67,952 - -
Fire 10,181,121 - - -
Planning and building 4,276,814 32,020 - -
Economic development and housing 828,144 4,420,760 - -
Property based improvement district - - - 5,058,497
Community services 777,774 246,619 - -
Child development - - - -
Youth services 1,797,328 - - -
Adult services 568,509 - - -
Public works 4,448,227 21,234 - -
Capital outlay 5,701,155 - - -
Debt service:

Principal retirement - - - -
Interest and fiscal charges - - - -
Total Expenditures 46,254,666 6,071,280 4,420,760 5,076,097

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 11,267,359 (4,988,789) (3,490,692) (580,547) OTHER FINANCING SOURCES (USES):

Proceeds from debt issuances - - - -
Transfers in (Note 4A) 166,500 35,604 - 588,580
Transfers (out) (Note 4A) (3,114,208) - - -
Total Other Financing Sources (Uses) (2,947,708) 35,604 - 588,580 CHANGE IN FUND BALANCES 8,319,651 (4,953,185) (3,490,692) 8,033 BEGINNING FUND BALANCES 58,883,427 2,063,240 23,079,292 587,999 ENDING FUND BALANCES 67,203,078 $ (2,889,945) $ 19,588,600 $ 596,032 $ See accompanying notes to basic financial statements
Special Revenue Funds

CITY OF EMERYVILLE

GOVERNMENTAL FUNDS

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES FOR THE YEAR ENDED JUNE 30, 2023
30 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Measure General Nonmajor Total
Affordable C Housing Capital Governmental Governmental
Housing Bond Improvements RDA Bond Funds Funds
$ 1,309,166 $ - $ 2,230,470 $ - $ 3,949,747 $ 51,297,918 - - - - 1,656,416 12,622,335
- - - - 1,491,947 6,074,608
- - - - 1,364,392 1,925,778
163,706 137,169 1,017,833 27,909 771,723 3,720,677
- - - - 475,699 963,222
- - - - - 354,706
10,100,275 - - - 5,398,262 17,165,604
11,573,147 137,169 3,248,303 27,909 15,108,186 94,124,848 - - - - - 237,903
- - - - - 1,474,781
- - - - - 655,935
- - - - - 1,415,175
- - - - - 839,362
- - - - 553,895 1,376,042
- - - - 983,362 4,170,794
- - - - 550,923 15,382,789
- - - - 216,308 10,397,429
- - - - 818,164 5,126,998
3,727,273 - - - 449,094 9,425,271
- - - - - 5,058,497
- - - - 95,974 1,120,367
- - - - 2,246,278 2,246,278
- - - - - 1,797,328
- - - - - 568,509
- - 495,997 - 733,699 5,699,157
73,531 - 2,750,057 22,187 2,690,959 11,237,889
- - 376,595 - 306,900 683,495
- 745,175 22,595 - 60,100 827,870
3,800,804 745,175 3,645,244 22,187 9,705,656 79,741,869 7,772,343 (608,006) (396,941) 5,722 5,402,530 14,382,979 50,000,000 - - - 50,000,000 -
844,038 - 1,659,354 3,294,076
- (105,000) - (23,368) (3,242,576)
50,000,000 739,038 - - 1,635,986 50,051,500
7,772,343 49,391,994 342,097 5,722 7,038,516 64,434,479 7,072,314 - 46,560,923 1,295,438 43,593,341 183,135,974 $ 49,391,994 14,844,657 $ 46,903,020 $ 1,301,160 $ 50,631,857 $ 247,570,453 $ Special Revenue Funds Capital Projects Funds
31 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

RECONCILIATION OF THE

NET CHANGE IN FUND BALANCES - TOTAL GOVERNMENTAL FUNDS

WITH THE

STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2023
The schedule below reconciles the Net Changes in Fund Balances reported on the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balance, which measures only changes in current assets and current liabilities on the modified accrual basis, with the Change in Net Position of Governmental Activities reported in the Statement of Activities, which is prepared on the full accrual basis.

Net Change in Fund Balances - Total Governmental Funds $ 64,434,479 Amounts reported for governmental activities in the Statement of Activities are different because of the following:

CAPITAL ASSETS TRANSACTIONS
Governmental Funds report capital outlays as expenditures. However, in the Statement of Activities the cost of those assets is capitalized and allocated over their estimated useful lives and reported as depreciation expense.

Capital outlay expenditures are therefore added back to fund balance 11,237,889 Non-capitalized capital outlay expenditures are reclassified to various governmental activities (295,287) Depreciation and amortization expense is deducted from fund balance (3,211,465)

LONG-TERM DEBT PAYMENTS
Repayment of principal and interest is an expenditure in governmental funds, but in the Statement of Net Position the repayment reduces long-term liabilities.

Repayment of debt principal is added back to fund balance 306,900 Repayment of lease principal is added back to fund balance 376,595 Repayment of debt interest is added back to fund balance 1,545 Proceeds from the issuance of debt (50,000,000)

ACCRUAL OF NON-CURRENT ITEMS
The amounts below included in the Statement of Activities do not provide or (require) the use of current financial resources and therefore are not reported as revenue or expenditures in governmental funds (net change):

Unavailable revenue 5,201,014
Net pension liabilities and pension-related deferred outflows/inflows of resources 132,585 Net OPEB liability and OPEB related deferred outflows/inflows or resources (259,183)

ALLOCATION OF INTERNAL SERVICE FUND ACTIVITY
Internal Service Funds are used by management to charge the costs of certain activities, such as insurance and accrued benefits to individual funds. The portion of the net revenue (expense) of these Internal Service Funds arising out of their transactions with governmental funds is reported with governmental activities, because they service those activities.

Change in Net Position - All Internal Service Funds 818,140 CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES $ 28,743,212 See accompanying notes to basic financial statements
32 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

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

The concept of major funds established by GASB Statement No. 34 extends to Proprietary Funds. The City has only one enterprise fund, the Sewer Fund, which is described below:

GASB Statement No. 34 does not provide for the disclosure of budget vs. actual comparisons regarding proprietary funds that are major funds.

The Sewer Fund accounts for the operation and maintenance of the City sewer system. The fund is supported by Sewer Service Charges billed through water usage bills and connection fees.

The Internal Service Funds account for the financing of goods and services provided by one department or agency to other departments or agencies on a cost-sharing basis. 33 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

PROPRIETARY FUNDS

STATEMENT OF NET POSITION
JUNE 30, 2023
Business-type
Activities -
Proprietary Fund Governmental
Activities -
Internal Service
Sewer Funds
ASSETS:

Current Assets:

Cash and investments (Note 3) $ 19,226,895 8,581,654 $
Receivables:

Accounts 174,495 13,843
Accrued interest 25,266 55,255
Total Current Assets 8,781,415 19,295,993
Noncurrent Assets:

Capital assets (Note 6):

Nondepreciable capital assets 546,745 -
Depreciable capital assets, net 7,239,730 -
Total Noncurrent Assets 7,786,475 -
Total Assets 16,567,890 19,295,993

DEFERRED OUTFLOWS OF RESOURCES
Related to pensions (Note 9) 137,301 -
Related to OPEB (Note 11) 9,014 -
Total Deferred Outflows of Resources 146,315 -
LIABILITIES:

Current Liabilities:

Accounts payable 5,467 66,579
Deposits payable - 3,169
Compensated absences (Note 7) 1,564,994 -
Claims and judgements (Note 12) 696,686 -
Total Current Liabilities 5,467 2,331,428
Noncurrent Liabilities:

Compensated absences (Note 7) 1,624,814 -
Claims and judgements (Note 12) 2,286,672 -
Net pension liabilities, due in more than one year (Note 9) 282,723 - Net OPEB liabilities (Note 11) 45,867 -
Total Noncurrent Liabilities 328,590 3,911,486
Total Liabilities 334,057 6,242,914
DEFERRED INFLOWS OF RESOURCES:

Related to pensions (Note 9) 28,647 -
Related to OPEB (Note 11) 16,069 -
Total deferred inflows of resources 44,716 -
NET POSITION (Note 1D):

Net investments in capital assets 7,786,475 -
Restricted for capital projects 8,548,957 -
Unrestricted - 13,053,079
Total Net Position $ 16,335,432 $ 13,053,079
See accompanying notes to basic financial statements
34 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

PROPRIETARY FUNDS

STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION FOR THE YEAR ENDED JUNE 30, 2023
Business-type
Activities -
Proprietary Fund Governmental
ActivitiesInternal Service
Sewer Funds
OPERATING REVENUES:

Charges for services $ 1,310,519 $ 16,849,832
Intergovernmental - 850
Total Operating Revenues 1,310,519 16,850,682
OPERATING EXPENSES:

Administrative and general 353,813 15,834,221
Cost of sales and services 75,858 -
Claims expense - 602,104
Depreciation (Note 6) 190,922 -
Total Operating Expenses 620,593 16,436,325
Operating Income 689,926 414,357
NONOPERATING REVENUES:

Investment income 181,474 403,783
Net Nonoperating Revenues 181,474 403,783
Income Before Transfers 871,400 818,140

TRANSFERS
Transfers (out) (Note 4A) (51,500) -
Net Transfers (51,500) -
CHANGE IN NET POSITION 819,900 818,140
BEGINNING NET POSITION 15,515,532 12,234,939
ENDING NET POSITION $ 13,053,079 16,335,432 $
See accompanying notes to basic financial statements
35 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

PROPRIETARY FUNDS

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED JUNE 30, 2023
Business-type
Activities -
Proprietary Fund
Governmental
ActivitiesInternal Service
Sewer Funds
CASH FLOWS FROM OPERATING ACTIVITIES:

Receipts from customers and users 1,306,560 $ 16,849,604 $ Payments to suppliers and providers (350,164) (592,672) Payments for claims - (627,241)
Payments to employees for salaries and benefits (368,643) (15,166,789) Net Cash Flows From Operating Activities 587,753 462,902

CASH FLOWS FROM NONCAPITAL AND
RELATED FINANCING ACTIVITIES:

Transfers (out) (51,500) -
Net Cash Flows From Noncapital and
Related Financing Activities (51,500) -

CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:

Acquisition of capital assets (78,661) -
Net Cash Flows From NonCapital and Related Financing Activities (78,661) - CASH FLOWS FROM INVESTING ACTIVITIES:

Investment on cash and investments 162,163 359,792
Net Cash Flows From Investing Activities 162,163 359,792 NET CASH FLOWS 619,755 822,694
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 7,961,899 18,404,201 CASH AND EQUIVALENTS AT END OF PERIOD 8,581,654 $ 19,226,895 $

RECONCILIATION OF OPERATING INCOME TO
NET CASH PROVIDED BY OPERATING ACTIVITIES:

Operating income 689,926 $ 414,357 $
Adjustments to reconcile operating income to net cash
provided by operating activities:

Depreciation 190,922 -
Change in assets and liabilities:
(Increase) decrease in accounts receivable (3,959) (1,078) Decrease in prepaids - 1,889
Increase (decrease) in accounts payable (274,306) (3,109) Increase in deposits payable - 2,058
Increase in compensated absences - 73,922
(Decrease) in claims and judgements - (25,137)
Increase in salaries and benefits payable (14,830) -
Net Cash Flows From Operating Activities 587,753 $ 462,902 $ See accompanying notes to basic financial statements
36 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

FIDUCIARY FUNDS STATEMENTS
Fiduciary Funds include all Trust and Custodial funds, which account for assets held by the City as a trustee or agent for individuals, other governmental units and/or other funds.

The Private-Purpose Trust Funds were established to account for the assets and liabilities of the City of Emeryville as Successor Agency to the former Emeryville Redevelopment Agency per the Redevelopment dissolution laws AB 1X 26, AB 1484 and SB 107. The Funds are allocated revenue (previously known as property tax increment revenue) to pay estimated payments of the enforceable obligations as approved by the State Department of Finance, until obligations of the former Redevelopment Agency are paid in full and assets have been liquidated. The Funds also receive certain payments for leases and notes that are payable to the former Redevelopment Agency.

The Custodial Funds account for receipt of special assessments and the payment of principal, interest and bond administration costs on Assessment District Bonds. These funds are treated as Fiduciary Funds to report resources held by the City in a purely custodial capacity, which involves only the receipt, temporary investment and remittance of fiduciary resources to individuals, private organizations or other governments.

These funds are separate and unrelated to the City of Emeryville funds. 37 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Successor Agency
Private-Purpose Custodial
Trust Funds Funds
CURRENT ASSETS:

Cash and investments (Notes 3 and 14A) $ - 39,544,095 $ Cash and investments with fiscal agents (Notes 3 and 14A) 10,001,340 - Receivables:

Accounts 221 -
Accrued interest 260,844 -
Prepaid costs 312,091 -
Total Current Assets 50,118,591 -
NONCURRENT ASSETS:

Loans receivable (Note 14C) 10,143,223 -
Land held for resale 24,818,694 -
Capital assets (Note 14E):

Capital assets not being depreciated 11,333,991 -
Total Noncurrent Assets 46,295,908 -
Total Assets 96,414,499 -
CURRENT LIABILITIES:

Accounts payable 1,593,084 -
Accrued interest 872,102 -
Bonds due in one year (Note 14F) 8,500,000 -
Pollution remediation obligations due in one year (Note 14G) 48,172 - Total Current Liabilities 11,013,358 -
NONCURRENT LIABILITIES:

Bonds due in more than one year (Note 14F) 53,946,264
Pollution remediation obligations due in more than one year (Note 14G) 467,500 - Total Non-Current Liabilities 54,413,764 -
Total Liabilities 65,427,122 -

NET POSITION RESTRICTED FOR INDIVIDUALS
AND OTHER ORGANIZATIONS 30,987,377 $ - $
See accompanying notes to basic financial statements

CITY OF EMERYVILLE

FIDUCIARY FUNDS

STATEMENT OF FIDUCIARY NET POSITION
JUNE 30, 2023
38 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Successor Agency
Private-Purpose Custodial
Trust Funds Funds
ADDITIONS:

Taxes $ 14,984,711 $ -
Investment income 755,104 11,014
Miscellaneous (Note 14K) 33,000,000 -
Total Additions 48,739,815 11,014
DEDUCTIONS:

Administrative expenses 438,628 -
Contractual services 6,398,568 -
Interest expense 1,954,355 -
Transfers to the City of Emeryville - 1,156,887
Contributions to other governments 601,638 -
Total Deductions 9,393,189 1,156,887
Net change in position 39,346,626 (1,145,873)
Net position (deficit) - beginning (8,359,249) 1,145,873 Net position (deficit) - ending $ 30,987,377 $ -

CITY OF EMERYVILLE

STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED JUNE 30, 2023
See accompanying notes to basic financial statements
39 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C This Page Intentionally Left Blank
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) applicable to governmental entities. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. A summary of the City of Emeryville’s significant accounting policies applied in the preparation of these financial statements follows.

A. Reporting Entity
The City of Emeryville, California (the City), was incorporated in 1896. On November 4, 2014, the voters passed Measure U which established the City as a Charter City. The City operates under the Council-Manager form of government and provides the following services: public safety (police and fire); public works; community services such as adult services, child development and youth services; building and planning; economic development; and general administrative services.

These financial statements present the activities of the City, as the primary government, and its component units. The component units described below are included in the City’s reporting entity because of the significance of their operations or financial relationship with the City.

1. Blended Component Units
The Community Development Commission of Emeryville, the Emeryville Public Financing Authority, and the Management of Emeryville Services Authority are all entities controlled by and dependent on the City. While these are separate legal entities, City Council serves in separate sessions as their governing body, and the financial activities are integral to those of the City. The financial activities of these entities have been aggregated and merged (termed “blended”) with those of the City in the accompanying financial statements.

The Community Development Commission of Emeryville (the Commission) is a separate governmental entity whose purpose is to prepare and implement plans for improvement, rehabilitation and development of certain areas within the City. The Commission was formed in June 2011, in response to the Governor’s proposed State budget and enabling legislation that calls for the elimination of redevelopment agencies. The City Council and former Redevelopment Agency board established the Commission to continue the City’s economic development and affordable housing initiatives due to the State’s action to dissolve redevelopment agencies, and to safeguard the City’s general operations and bonding procedures that are currently conducted through joint exercise of power agreements between the City and the Successor Agency. The Commission has the same governing body as the City, which also performs all accounting and administrative functions for the Commission.

The Emeryville Public Financing Authority (the Authority) is a separate governmental entity whose purpose is to assist with the financing or refinancing of certain public capital facilities within the City and Commission. The Authority has the power to purchase bonds issued by any local agency at public or negotiated sale and may sell such bonds to public or private purchasers at public or negotiated sale. The Authority is controlled by the City and has the same governing body as the City, which also performs all accounting and administrative functions for the Authority. The financial activities of the Authority are included in these financial statements in the Debt Service Funds. Separate financial statements for the Authority are not prepared. 41 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
The Management of Emeryville Services Authority (MESA) is a separate governmental entity whose purpose is to provide more efficient and cost-effective services management, administrative, special or general services to the City, Commission, Authority, and other governmental agencies.

MESA is controlled by the City and has the same governing body as the City, which also performs all accounting and administrative functions for MESA. The financial activities of MESA are reported in the MESA Internal Service Fund. Separate financial statements for the Authority are not prepared.

2. Fiduciary Fund
The Successor Agency of the Former Redevelopment Agency (the Successor Agency) was created January 17, 2012, as outlined in Assembly Bill 1X 26 (the Bill) which provides the requirements for the dissolution of all redevelopment agencies in the State of California. This action impacted the reporting entity of the City which had previously reported the activities of the former redevelopment agency within the reporting entity of the City as a blended component unit.

The Successor Agency is a separate legal entity from the City, but City Council serves in separate sessions as their governing body. The responsibilities of the City as Successor Agency of the Former Redevelopment Agency are limited to acting in a fiduciary capacity, until all enforceable obligations of the Successor Agency have been paid. Because of the nature and significance of the relationship between the City and the Successor Agency, it would be misleading to exclude the Successor Agency from the City’s financial statements. The financial activities of the Successor Agency are reported in the City’s fiduciary fund statements as a private-purpose trust fund.

Separate financial statements for the Successor Agency are not prepared.

B. Basis of Presentation

1. Government-Wide Financial Statements
The Statement of Net Position and the Statement of Activities display information about the primary government (the City) and its component units. These statements include the financial activities of the overall City government, except for fiduciary activities. Separate financial statements are prepared for governmental funds, proprietary funds, and fiduciary funds, even though the latter are excluded from the government-wide financial statements. Eliminations have been made to minimize the double counting of internal activities. Interfund services provided and used are not eliminated in the process of consolidation. These statements distinguish between the governmental and business-type activities of the City. Governmental activities generally are financed through taxes, intergovernmental revenues and other nonexchange transactions. Businesstype activities are financed in whole or in part by fees charged to external parties.

The Statement of Activities presents a comparison between direct expenses and program revenues for each segment of the business-type activities of the City and for each function of the City’s governmental activities. Direct expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Program revenues include: a) charges paid by the recipients of goods or services offered by the programs, b) grants and contributions that are restricted to meeting the operation of a particular program or service, and c) development fees and permits, all of which are capital grants under California law. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. 42 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

2. Fund Financial Statements
The fund financial statements provide information about the City’s funds, including its fiduciary funds and blended component units. Separate statements for each fund category (e.g., governmental, proprietary and fiduciary) are presented. The emphasis of fund financial statements is on major individual governmental and enterprise funds, each of which is displayed in a separate column. All remaining governmental and enterprise funds are aggregated and reported as nonmajor funds.

Governmental or enterprise funds with assets and deferred outflows, liabilities and deferred inflows, revenues, or expenditures equal to at least 10% of their fund-type total, and at least 5% of the combined total of governmental funds and enterprise funds, are required to be reported as a major fund. A governmental or enterprise fund may also be presented as a major fund in the basic financial statements, even if it does not meet the size criteria just described, if the City’s officials believe that the fund is particularly important to the financial statement users (because of public interest, reporting consistency, or otherwise). The General Fund is always reported as a major fund.

The City reports the following major governmental funds in the accompanying financial statements:

The General Fund is the general operating fund of the City and accounts for all financial resources except those required to be accounted for in another fund. The major revenues to the General Fund are taxes (property, sales, business licenses, utility users and transient occupancy), which comprise approximately 66% of the fund’s annual revenue stream. The major expenditure of the General Fund is Public Safety (police and fire), which accounts for about half of the fund’s annual expenditure stream.

The Other Grants Fund is a special revenue fund initiated in 1998 to account for funds from third-party grants and other sources and is used to segregate costs to be reimbursed by grants.

The Housing Assets Fund is a special revenue fund created by the Redevelopment Dissolution Act (AB 1484) to account for the assets transferred from the Low- and Moderate-Income Housing Fund (LMIHF) to the City as the Housing Successor. The Fund includes loans and notes receivable, rents and payments on these receivables after February 1, 2012, and amounts due to the LMIHF, including the SERAF loans. The funding sources are primarily loan activities. All monies in the Housing Assets Fund must be used in accordance with the applicable housing-related provisions of the Community Redevelopment Law.

The Property Based Improvement District Special Revenue Fund accounts for commercial and residential property assessments and General Fund contributions collected to fund the Emery Go-Round, the City’s shuttle service.

The Affordable Housing Special Revenue Fund accounts for residual property tax revenue committed to affordable housing projects and programs.
43 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
The Measure C Housing Bond Special Revenue Fund accounts for special tax levies from the taxable General Obligation Bonds issuance approved by the voters on June 5, 2018 to provide affordable housing for the community.

The General Capital Improvements Fund accounts for general capital projects, which include expenditures related to improvements to City capital assets. Source of funding comes from revenues transferred from the General Fund and a portion of the residual property taxes.

The RDA Bond Capital Project Fund accounts for capital funds of the former redevelopment agency that have been approved for transfer to the City.

The City reports its enterprise fund as a major fund in the accompanying financial statements:

The Sewer Fund accounts for the operation and maintenance of the City sewer system. The fund is supported by sewer service charges billed through water usage bills and connection fees.

The City also reports the following fund types:

The Special Revenue Funds account for taxes and other revenues, which are set aside for a specific purpose in accordance with law or administrative regulation.

The Capital Projects Funds account for financial resources used for the acquisition or construction of major capital facilities.

The Debt Service Funds account for the accumulation of resources for, and the payment of, general long-term debt principal and interest payments.

The Internal Service Funds account for the activities of the MESA, accrued leave, workers’ compensation, litigation, dental and unemployment coverage, all of which are provided to other departments on a cost-sharing basis.

The Private-Purpose Trust Funds were established to account for the assets and liabilities of the Successor Agency of the former redevelopment agency and is allocated revenue to pay estimated payments of the enforceable obligations until obligations of the former redevelopment agency are paid in full and assets have been liquidated.

The Custodial Funds account for the receipt of special assessments and the payment of principal and interest and bond administration costs on Assessment District Bonds. Custodial funds are used to account for fiduciary activities that are not required to be reported in pension (and other employee benefit) trust funds, investment trust funds, or private-purpose trust funds.

44 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
During the course of operations, the government has activity between funds for various purposes.

Any residual balances outstanding at the end of the year are reported as advances to/from other funds. While these balances are reported in fund financial statements, certain eliminations are made between the funds included in governmental activities (i.e., the governmental and internal services funds) are eliminated so that only the net amount is included as internal balances in the governmental activities column.

Further, certain activities occur during the year involving transfers of resources between funds. In the fund financial statements, these amount are reported at gross amounts as transfers in and out.

While reported in the fund financial statements, certain eliminations are made in the preparation of the government-wide financial statements. Transfers between the funds included in governmental activities are eliminated.

C. Measurement Focus, Basis of Accounting and Financial Statement Presentation The accounting and financial reporting treatment is determined by the applicable measurement focus and basis of accounting. Measurement focus indicates the type of resources being measured such as current financial resources or economic resources. The basis of accounting indicates the timing of transactions or events for recognition in the financial statements.

1. Government-Wide Financial Statements
The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.

2. Fund Financial Statements
The governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period.

For this purpose, the City considers all revenues reported in the governmental funds to be available if the revenues are collected within 60 days after the end of the year, except for sales tax revenue, which is considered available if collected within 90 days after the end of the year. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service and lease expenditures, as well as expenditures related to compensated absences, and claims and judgments, are recorded only when payment is due. General capital asset acquisitions are reported as expenditures in governmental funds. Issuance of long-term debt, leases, and acquisitions under capital leases are reported as other financing sources. 45 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Property taxes, sales taxes, franchise taxes, licenses, and interest associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. Entitlements are recorded as revenues when all eligibility requirements are met, including any time requirements, and the amount is received during the period or within the availability period for this revenue source (within 60 days after the end of the year). Expendituredriven grants are recognized as revenue when the qualifying expenditures have been incurred and all other eligibility requirements have been met, and the amount is received during the period, or within the availability period for this revenue source (within 60 days after the end of the year). Under the terms of grant agreements, the City may fund certain programs with a combination of costreimbursement grants, categorical block grants and general revenues. Thus, both restricted and unrestricted net position may be available to finance program expenditures. The City’s policy is to first apply restricted grant resources to such programs, followed by general revenues, if necessary.

All other revenues are considered to be measurable and available only when cash is received by the government. Certain indirect costs are included in program expenses reported for individual functions and activities.

The Proprietary Fund Financial Statements, which includes the City’s enterprise fund, and internal services funds, as well as the Fiduciary Fund Financial Statements, are reported using the economic resources measurement focus and the accrual basis of accounting.

D. Assets, Liabilities, Deferred Outflows/Inflows of Resources and Net Position/Fund Balance

1. Cash and Investments
The City follows the practice of pooling cash and investments of all funds, except for restricted funds required to be held separately, for the purpose of obtaining the highest investment yield with the greatest safety and least risk. The balance in the pooled cash account is available to meet current operating requirements. Each fund’s share in this pool is displayed in the accompanying financial statements as ‘cash, cash equivalents, and investments.’ Cash and Cash Equivalents
Cash and cash equivalents are considered to be cash on hand, deposits with financial institutions, and short-term investments with original maturities of three months or less from the date of acquisition. Cash and cash equivalents are included in the amounts reported as cash, cash equivalents and investments.

For purposes of reporting cash flows, the City considers each fund’s share in the cash and investments pool to be cash and cash equivalents, including cash and investments with fiscal agents.

Investments
City investments are recorded at fair value, which is primarily determined on the basis of quoted market prices at the end of the year. The City participates in an investment pool managed by the State of California titled Local Agency Investment Fund (LAIF), which has invested a portion of the pool 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. 46 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
In addition, these structured notes and asset-backed securities are subject to market risk as to change in interest rates.

Investment income includes interest earnings, changes in fair value of investments held to maturity, and any gains or losses realized upon liquidation, maturity, or sale of investments. Investment earnings of the pooled investments are allocated to the various funds based on each fund’s average cash and investment balance at the end of a quarter. Investment income earned from restricted cash and investments is credited directly to the related fund.

2. Prepaid Costs
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid costs in both the government-wide and fund financial statements. The cost of prepaid items is recorded as expenditures/expenses when consumed rather than when purchased.

3. Land Held for Resale
Land purchased for resale is capitalized as inventory at acquisition costs plus the cost of environmental remediation clean-up, or net realizable value, if lower.

4. Capital Assets
Capital assets, which include property, plant, equipment, and infrastructure assets (e.g., roads, bridges, sidewalks, and similar items), are reported in the applicable governmental or business-type activities column in the government-wide financial statements, as well as in the proprietary and fiduciary fund statements, since the measurement focus for those fund types is on economic resources.

All capital assets are valued at historical cost or estimated historical cost if actual historical cost is not available. Contributed capital assets are valued at their acquisition value on the date contributed.

The City’s policy is to capitalize all assets with costs exceeding certain minimum thresholds and with useful lives exceeding three years.

Costs associated with acquisition and construction of capital assets are not considered to be costs in the period that they are incurred, because of the future value that these assets provide to the City and its residents. With the exception of Land, and Construction in Progress, the City’s capital assets are depreciated using the straight-line method over their estimated useful lives, as indicated for each asset classification listed below. By doing this, the cost of these assets is systematically allocated over the number of years that the assets are expected to be useful. The City has assigned the useful lives and capitalization thresholds listed below to capital assets:
47 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Years Thresholds
Park and other improvements 20 50,000 $
Building and improvements 25 - 50 50,000
Furnishings, vehicles and equipment 3 - 20 5,000
Marina improvements 5 - 50 50,000
Grading, curb, gutter, sidewalks and driveway approaches 10 - 50 50,000 Sewer equipment 5 - 20 5,000
Sewer improvements 65 50,000
Some capital assets may be acquired using federal and state grant funds or they may be contributed by developers or other governments. GASB Statement No. 34 requires that these contributions be accounted for as revenues at the time the capital assets are contributed.

With the implementation of GASB Statement No. 34, the City recorded all current year expenditures for its public domain (infrastructure) capital assets, including grading, curb, gutter, sidewalk and driveways approaches, which it maintains. GASB Statement No. 34 also requires the City to look back 20 years and estimate, depreciate and record prior year infrastructure costs. This retroactive restatement has been completed and the City’s capital assets and net position were increased by the undepreciated balance of infrastructure.

5. Deferred Outflows and Inflows of Resources
Pursuant to GASB Statement No. 63 “Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position,” and GASB Statement No. 65 “Items Previously Reported as Assets and Liabilities,” the City rereports deferred outflows and inflows of resources.

Deferred Outflows of Resources
In addition to assets, the statement of net position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net assets that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. The City has two items that qualify for reporting in this category. Outflows from changes in total pension liability and changes in total OPEB liability arise only under a full accrual basis of accounting and are reported in the government-wide Statement of Net Position and proprietary funds Statement of Net Position.

Deferred outflows of resources that are reported in the proprietary funds are also included in the Statement of Net Position.

48 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Deferred Inflows of Resources
In addition to liabilities, the statement of net position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net assets that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. The City has three items which qualify for reporting in this category. Inflows from changes in total pension liability and changes in total OPEB liability arise only under a full accrual basis of accounting and are reported in the government-wide Statement of Net Position and proprietary funds Statement of Net Position.

Deferred inflows of resources that are reported in the proprietary funds are also included in the Statement of Net Position. Additionally, unavailable revenues arise only under a modified accrual basis of accounting and are reported only in the governmental funds balance sheet. The governmental funds report unavailable revenues from multiple sources: special assessments, deferred loans, lease receivables and grants. These amounts are deferred and recognized as an inflow of resources in the period that the amounts become available.

6. Interfund Receivables and Payables
Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as either "due to/from other funds" (i.e., the current portion of interfund loans) or "advances to/from other funds" (i.e., the non-current portion of interfund loans). All other outstanding balances between funds are reported as "due to/from other funds." Any residual balances outstanding between the governmental activities and business-type activities are reported in the government-wide financial statements as "internal balances."

7. Receivables
All trade and property tax receivables are shown net of an allowance for uncollectable. The noncurrent portion of receivables related to revenue is set up as deferred inflow of resources and recognized as revenue when the receivables become current. The noncurrent portion of loans and other receivables are offset by fund balance reserve accounts.

8. Net Position
Net position is the excess of all the City’s assets and deferred outflows of resources over all its liabilities, and deferred inflows of resources, regardless of fund. Net position is divided into three captions under GASB Statement No. 34. These captions apply only to net position, which is determined only at the government-wide level, and are described below:

Net Investment in Capital Assets describes the portion of net position that is represented by the current net book value of the City’s capital assets, less the outstanding balance of any debt issued to finance these assets.

49 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Restricted describes the portion of net position that is restricted as to use by the terms and conditions of agreements with outside parties, governmental regulations, laws or other restrictions, which the City cannot unilaterally alter. These principally include developer fees received for use on capital projects, debt service requirements, funds restricted to community development projects purposes and funds for use in sewer operations and sewer connection fees.

Unrestricted describes the portion of net position that is not restricted as to use.

9. Net Position Flow Assumption
Sometimes the City will fund outlays for a particular purpose from both restricted (e.g., restricted bond or grant proceeds) and unrestricted resources. In order to calculate the amounts to report as restricted net position and unrestricted net position in the government-wide and proprietary fund financial statements, a flow assumption must be made about the order in which the resources are considered to be applied. It is the City’s policy to consider restricted net position to have been depleted before unrestricted net position is applied.

10. Fund Balances
In the fund financial statements, City funds report the following fund balance classification in accordance with GASB Statement No. 54:

Nonspendable includes amounts that cannot be spent because they are either (a) not in spendable form or (b) legally or contractually required to be maintained intact.

Restricted includes amounts that are constrained on the use of resources by either (a) external creditors, grantors, contributors, or laws of regulations of other governments or (b) by law through constitutional provisions or enabling legislation.

Committed includes amounts that can only be used for specific purposes pursuant to constraints imposed by formal action of the City’s highest authority, City Council. The formal action that is required to be taken to establish, modify, or rescind a fund balance commitment is a resolution.

Included in the General Fund committed fund balance is a reserve for minimum economic uncertainty, as follows:

Economic uncertainty reserve target - the City’s policy is to maintain a target reserve of 50% of the General Fund annual operating budget. Appropriations are to be reserved for emergencies and limited to one-time and or short-term (one or two fiscal years) use.

Examples of such emergencies include, but are not limited to:
• Unplanned, major event such as a catastrophic disaster requiring expenditures over 5% of the General Fund adopted budget
• Economic uncertainties, local disasters and other hardships, or downturns in the local economy
50 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
• Budgeted revenue taken by another government entity
• Drop in projected/actual revenue of more than 5% of the General Fund adopted revenue budget
This reserve is considered primarily a working capital requirement, bridging the gap between the time expenses are paid and the time revenues are collected. Undesignated reserve balances will fluctuate from time to time and reflect annual operating results. This fund has no minimum threshold although sufficient balances are maintained to provide contingencies for unseen operating or capital needs and cash flow requirements.

Assigned include amounts that are constrained by the City’s intent to be used for specific purposes but are neither restricted nor committed. The City Manager is authorized to assign amounts to a specific purpose, which was established by the governing body in a resolution.

Unassigned include the residual amounts that have not been restricted, committed, or assigned to specific purposes in the General Fund.

The General Fund’s unassigned fund balance, together with the committed fund balance for economic uncertainty, total $46,719,166, or approximately 88% of $53,191,992 budgeted operating expenditures for fiscal year 2022-23.

11. Fund Balance Flow Assumption
Sometimes the City will fund outlays for a particular purpose from both restricted and unrestricted resources (the total of committed, assigned, and unassigned fund balance). In order to calculate the amounts to report as restricted, committed, assigned, and unassigned fund balance in the governmental fund financial statements a flow assumption must be made about the order in which the resources are considered to be applied. It is the City’s policy to consider restricted fund balance to have been depleted before using any of the components of unrestricted fund balance. Further, when the components of unrestricted fund balance can be used for the same purpose, committed fund balance is depleted first, followed by assigned fund balance. Unassigned fund balance is applied last.

12. Lease Accounting
A lease is defined as a contract that conveys control of the right to use another entity’s nonfinancial asset (the underlying asset) as specified in the contract for a period of time in an exchange or exchange-like transaction. Examples of nonfinancial assets include buildings, land, vehicles, and equipment.
51 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Lessee – The City is a lessee for noncancelable lease of a parking garage. The City recognizes a lease liability and an intangible right‐to‐use lease asset (lease asset) in the government‐wide financial statements. The City recognizes lease liabilities with an initial individual value of $500,000 or more. At the commencement of a lease, the City initially measures the lease liability at the present value of payments expected to be made during the lease term. Subsequently, the lease liability is reduced by the principal portion of lease payments made. The lease asset is initially measured as the initial amount of the lease liability, adjusted for lease payments made at or before the lease commencement date, plus certain initial direct costs.

Subsequently, the lease asset is amortized on a straight‐line basis over the lesser of its useful life or the life of the lease agreement.

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

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

Lease assets are reported with other capital assets and lease liabilities are reported with long-term debt on the statement of net position.

Lessor - The City is a lessor for a noncancellable lease of a building. The City recognizes a lease receivable and a deferred inflow of resources in the government‐wide and governmental fund financial statements.

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

52 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Key estimates and judgments include how the City determines (1) the discount rate it uses to discount the expected lease receipts to present value, (2) lease term, and (3) lease receipts as follows:
• The City uses its estimated incremental borrowing rate as the discount rate for leases. • The lease term includes the noncancellable period of the lease. • Lease receipts included in the measurement of the lease receivable is composed of fixed payments from the lessee.

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

13. Subscription Accounting
A Subscription-Based Information Technology Arrangement (SBITA) is a contract that conveys control of the right to use another party’s (a SBITA vendor’s) IT software, alone or in combination with tangible capital assets (the underlying IT assets), as specified in the contract for a period of time in an exchange or exchange-like transaction.

The City will record material subscriptions under GASB 96, as required (see Note 1.E.). For fiscal year ended June 30, 2023, the City did not have any subscriptions that met the City’s threshold.

E. New Accounting Standards
GASB Statement No. 91 – In May 2019, GASB issued Statement No. 91, Conduit Debt Obligations. The primary objectives of this Statement are to provide a single method of reporting conduit debt obligations by issuers and eliminate diversity in practice associated with such arrangements. This Statement achieves those objectives by clarifying the existing definition of a conduit debt obligation; establishing that a conduit debt obligation is not a liability of the issuer; establishing standards for accounting and financial reporting of additional commitments and voluntary commitments extended by issuers and arrangements associated with conduit debt obligations; and improving required note disclosures. The provisions of this Statement were implemented during fiscal year 2023. The implementation had no effect on the financial statements.

GASB Statement No. 92 – In January 2020, GASB issued Statement No. 92, Omnibus 2020. The primary objective of this Statement is to address practice issues that have been identified during implementation and application of certain GASB Statements for a variety of topics. The provisions of this Statement were implemented during fiscal year 2023. The implementation had no effect on the financial statements.

53 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
GASB Statement No. 94 – In March 2020, GASB issued Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements. The primary objective of this Statement is to improve financial reporting by addressing issues related to public-private and publicpublic partnership arrangements (PPPs). The provisions of this Statement were implemented during fiscal year 2023. The implementation had no effect on the financial statements.

GASB Statement No. 96 – In May 2020, GASB issued Statement No. 96, Subscription-Based Information Technology Arrangements. The primary objective of this Statement is to improve financial reporting by establishing a definition for subscription-based information technology arrangements (SBITAs) and providing uniform guidance for accounting and financial reporting for transactions that meet that definition. The provisions of this Statement were implemented during fiscal year 2023. As part of the implementation of this Statement, the City reviewed its inventory of subscriptions and determined that none met the City’s established threshold for recording subscriptions under this Statement.

GASB Statement No. 99 – In April 2022, GASB issued Statement No. 99, Omnibus 2022. The objectives of this Statement are to enhance comparability in accounting and financial reporting and to improve the consistency of authoritative literature by addressing (1) practice issues that have been identified during implementation and application of certain GASB Statements and (2) accounting and financial reporting for financial guarantees The provisions of this Statement were implemented during fiscal year 2023. The implementation had no effect on the financial statements.

F. Revenues and Expenditures/Expenses

1. Program Revenues
Amounts reported as program revenues include 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment and 2) grants and contributions (including special assessments) that are restricted to meeting the operational or capital requirements of a particular function or segment. All taxes, including those dedicated for specific purposes, and other internally dedicated resources are reported as general revenues rather than as program revenues.

2. Property Taxes
Since the passage of Proposition 13, beginning with fiscal year 1979, general property taxes paid by property owners are based on a flat 1% rate applied either to the 1975 to 1976 full value of the property, or on 1% of the sales price of the property on sales transactions or construction value after the 1975 to 1976 valuation. Taxable values on properties (exclusive of increases related to sales and construction) are limited to increasing by a maximum of 2% per year. The levy and lien date on secured property taxes is January 1. Secured property taxes are due to Alameda County from property owners on November 1 and March 1 and become delinquent on December 10 and April 10, respectively, each year. The County of Alameda is responsible for assessing, collecting, and distributing property taxes in accordance with enabling state law, and remitting such amounts to the City.

54 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. Compensated Absences
City employees are granted vacation and sick leave in varying amounts. In the event of termination, an employee is paid for accumulated vacation days up to the equivalent of 50 days of vacation or twice the annual rate of accrual. Employees hired prior to November 1, 2014 are entitled to compensation for 60% of accumulated sick leave up to 120 days upon termination. Employees hired on or after November 1, 2014 are entitled to compensation for 30% of accumulated sick leave up to 120 days after 10 years of continuous services (5 years of continuous service for Police). The cost of accumulated vacation and sick leave is recorded in the Accrued Benefits Internal Service Fund. Compensated absences are paid, if matured, out of the Accrued Benefits Internal Service Fund.

4. Pensions
For purposes of measuring the total pension liability, deferred outflows and inflows of resources related to pensions, and pension expense, information about the pension plans fiduciary net positions and additions to/deductions from the pension plans fiduciary net positions have been determined on the same basis as they are reported by the CalPERS. For this purpose, benefit payments (including refunds of employee contributions) are recognized when currently due and payable in accordance with the benefit terms. Investments are reported at fair value.

GASB 68 requires that the reported results must pertain to liability and asset information within certain defined timeframes. For this report, the following timeframes are used:

EPOA
Retirement
Miscellaneous Safety Enhancement
Plan Plan Plan
Valuation Date (VD) June 30, 2021 June 30, 2021 June 30, 2022 Measurement Date (MD) June 30, 2022 June 30, 2022 June 30, 2023 July 1, 2021 to July 1, 2021 to June 30, 2022 to
June 30, 2022 June 30, 2022 June 30, 2023 Measurement Period (MP)

55 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

5. Proprietary Funds Operating and Nonoperating Revenues and Expenses Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund’s principal ongoing operations. The principal operating revenues of the Sewer enterprise fund, and internal service funds are charges to customers for sales and services. The Sewer enterprise fund recognizes operating revenues based on monthly receipts from East Bay Municipal Utility District (the entity that performs the billing service for the City’s sanitary sewer charges). Revenues for services provided but not billed at the end of a fiscal period are not considered significant to the presentation of the financial statements and are not accrued.

Operating expenses for enterprise funds and internal service funds include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses.

NOTE 2 – STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY
Deficit Fund Balance/Net Position
As of June 30, 2023, the Other Grants Special Revenue Fund, Dental Self Insurance Internal Service Fund and the Accrued Benefits Internal Service Fund had net position deficits of $2,889,945, $9,135 and $101,000, respectively. The City plans to cure the deficits through collecting of grant reimbursements in future years for the Other Grants Special Revenue Fund and future charges for services for the Internal Service Funds.

NOTE 3 – CASH AND INVESTMENTS
A. Summary of Cash and Investments
Cash and investments as of June 30, 2023, are reported in the accompanying financial statements as follows:

Governmental Activities
Cash and investments 202,180,251 $
Restricted cash and investments 60,621,009
Business-Type Activities
Cash and investments 8,581,654
Fiduciary Funds
Cash and investments 39,544,095
Restricted cash and investments with fiscal agents 10,001,340 Total 320,928,349 $

56 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 3 – CASH AND INVESTMENTS (Continued)
Cash and investments as of June 30, 2023, consist of the following:

Cash on hand $ 1,950
Deposits with financial institutions 6,265,764
Investments 314,660,635
Total 320,928,349 $
B. Deposits
At June 30, 2023, the carrying amount of the City’s deposits was $6,265,764 and the bank balance was $5,725,482. The $540,282 difference represents outstanding checks and other reconciling items.

California Government Code requires California banks and savings and loan associations to secure a City’s deposits by pledging government securities with a value of 110% of a City’s deposits. California law also allows financial institutions to secure a City’s deposits by pledging first trust deed mortgage notes having a value of 150% of a City’s total deposits. The City Treasurer may waive the collateral requirement for deposits that are fully insured up to $250,000 by the FDIC. The collateral for deposits in federal and state chartered banks is held in safekeeping by an authorized Agent of Depository recognized by the State of California Department of Banking. The collateral for deposits with savings and loan associations is generally held in safekeeping by the Federal Home Loan Bank in San Francisco, California as an Agent of Depository. These securities are physically held in an undivided pool for all California public agency depositors. Under Government Code Section 53655, the placement of securities by a bank or savings and loan association with an Agent of Depository has the effect of perfecting the security interest in the name of the local governmental agency. Accordingly, all collateral held by California Agents of Depository is considered to be held for, and in the name of, the local governmental agency.

C. Investments

1. Investments Authorized by California Government Code/City Investment Policy Under provision of the City’s investment policy, and in accordance with the California Government Code, the following investments are authorized:
• Securities of the U.S. Government or its agencies
• Certificates of deposit placed with commercial banks and federal institutions (negotiable and non-negotiable)
• Medium-term corporate notes
• Passbook savings account demand deposits
• Money market mutual funds
• Government sponsored pools and/or mutual funds

57 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 3 – CASH AND INVESTMENTS (Continued)

2. Investments Authorized by Debt Agreements
The above investments do not address investment of debt proceeds held by a bond trustee.

Investments of debt proceeds held by a bond trustee are governed by provisions of the debt agreements, rather than the general provisions of the California Government Code or the City’s investment policy.

3. Investments in State Investment Pool
The City is a voluntary participant in the Local Agency Investment Fund (LAIF) that is regulated by California Government Code Section 16429 under the oversight of the Treasurer of the State of California. LAIF is overseen by the Local Agency Investment Advisory Board, which consists of five members, in accordance with State statute. The State Treasurer’s Office audits the fund annually. The fair value of the position in the investment pool is the same as the value of the pool shares.

4. Public Agencies Post-Employment Trust
On May 1, 2018, the City Council adopted Resolution 18-45 approving the adoption of the Public Agencies Post-Employment Trust administered by Public Agency Retirement Services (PARS).

The Trust is an irrevocable trust and qualifies as an Internal Revenue Section 115 Trust. This Trust will assist the City in mitigating the CalPERS contribution rate volatility. Investments of funds held in Trust are governed by the Investment Guideline Document for the investment account and by the agreement for administrative services with PARS, rather than the general provisions of the California Government Code of the City’s Investment Policy. The City elected a discretionary investment approach which allows the City to maintain oversight of the investment management, control on target yield and the portfolio’s risk of tolerance, under the Moderately Conservative Index PLUS investment option. The assets in the Trust will eventually be used to fund pension plan obligations.

58 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 3 – CASH AND INVESTMENTS (Continued)

5. Investment Balances
Investments as of June 30, 2023, consist of the following:

Fair Value
Local Agency Investment Fund (LAIF) 106,573,912 $
Negotiable Certificates of Deposit 1,466,368
U.S. Treasuries 38,239,145
Corporate Notes 6,531,155
Government Agency Securities 18,257,154
Money Market Funds 116,159,991
Total Investments Authorized by CA Government Code/City Investment Policy 287,227,725 Investments Authorized by Debt Agreements
Money Market Funds 27,432,910
Total Investments Authorized by Debt Agreements 27,432,910 Total Investments 314,660,635 $
Investments Authorized by CA Government Code/City Investment Policy

6. Fair Value Measurement
Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy is established prioritizing the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
• Level 1 - Inputs are quoted market prices (unadjusted) in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. • Level 2 - Inputs other than quoted prices within Level 1 that are observable, either directly or indirectly such as quoted prices for similar assets or liabilities in active markets or inactive markets, or inputs other than quoted prices that are observable for the asset or liability. • Level 3 - Inputs are unobservable. Valuations for assets and liabilities are derived from other valuation methodologies, including option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer, or broker traded transactions.

Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities.

The City uses appropriate valuation techniques based on the available inputs to measure the fair value of its investments. When available, the City measures fair value using Level 1 inputs because they generally provide the most reliable evidence of fair value. Level 3 inputs are only used when Level 1 or Level 2 inputs are not available.
59 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 3 – CASH AND INVESTMENTS (Continued)
The use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in different fair value measurement at the reporting date. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investments.

The City reported the following recurring fair value measurements as of June 30, 2023:

Fair Value
Measurement
Value Level 2
City Investments
Negotiable Certificates of Deposit 1,466,368 $ 1,466,368 $ U.S. Treasuries 38,239,145 38,239,145
Corporate Notes 6,531,155 6,531,155
Government Agency Securities 18,257,154 18,257,154
Money Market Funds 116,159,991 116,159,991
Total City Investments 180,653,813 180,653,813
Investments with Fiscal Agents
Money Market Funds 27,432,910 27,432,910
Total Investments with Fiscal Agents 27,432,910 27,432,910 Total Leveled Investments 208,086,723 208,086,723 $
Local Agency Investment Fund (LAIF) 106,573,912
Total Investments 314,660,635 $
Investment Type
Uncategorized

7. Custodial Credit Risk
The custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover deposits or will not be able to recover collateral securities that are in the possession of an outside party. The custodial credit risk for investments is the risk that, in the event of the failure of the counterparty to a transaction, a government will not be able to recover the value of investment or collateral securities that are in the possession of an outside party.

The City’s investment policy does not address custodial credit risk. As of June 30, 2023, none of the City’s deposits or investments were exposed to custodial credit risk.

8. Credit Risk
The City's investment policy limits investments in medium-term notes (MTN’s) to those rated "AA" or higher by a recognized rating service such as Standard and Poor's (S&P) or by Moody's.

As of June 30, 2023, the City’s investments in government obligations were rated Aaa by Moody’s.

Investments in money market funds, investments in certificates of deposit (CD) held with financial institutions, and California Local Agency Investment Fund investments, were unrated. 60 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 3 – CASH AND INVESTMENTS (Continued)

9. Concentration of Credit Risk
The City’s investment policy imposes restrictions on the percentage that the City can invest in certain types of investments. In accordance with GASB Statement No. 40 requirements, the City is exposed to concentration of credit risk whenever they have invested more than 5% of their total investments in any one issuer. As of June 30, 2023, the City did not invest more than 5% of their total investments in the one issuer.

Investments guaranteed by the U.S. government and investments in mutual funds and external investment pools are excluded from this requirement.

10. Interest Rate Risk
The City's investment policy limits investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates. The City's investment policy states that maturities cannot exceed five years without City Council approval. Investments with fiscal agents are subject to separate provisions as outlined in the related bond indentures. The City has elected to use the segmented time distribution method of disclosure for its interest rate risk.

As of June 30, 2023, the City had the following investments and maturities:
12 months 12 months to 36 months or
Fair Value or less 36 months more
City Investments
Local Agency Investment Fund (LAIF) 106,573,912 $ $ 106,573,912 $ - $ - Negotiable Certificates of Deposit 1,466,368 998,063 468,305 - US Treasuries 38,239,145 9,338,214 25,780,501 3,120,430 Corporate Notes 6,531,155 496,980 6,034,175 -
Government Agency Securities 18,257,154 6,915,253 11,341,901 - Money Market Funds 116,159,991 116,159,991 - -
Total City Investments 287,227,725 240,482,413 43,624,882 3,120,430 Investments with Fiscal Agents
Money market funds 27,432,910 27,432,910 - -
Total Investments with Fiscal Agents 27,432,910 27,432,910 - - Total Investments $ 314,660,635 $ 267,915,323 $ 43,624,882 $ 3,120,430 Investment Maturities (in Months)
Investment Type

61 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 4 – INTERFUND ACTIVITIES

A. Transfers In/Out
Transfers are reported in the accompanying financial statements as of June 30, 2023, as follows:

Business-Type
Activities
General Capital
Improvements Nonmajor
General Capital Projects Governmental Sewer
Fund Fund Funds Fund Total
Governmental Activities
General Fund - $ 105,000 $ 10,000 $ 51,500 $ 166,500 $
Other Grants Special Revenue Fund 22,236 - 13,368 - 35,604 Property Based Improvement District
Special Revenue Fund 588,580 - - - 588,580
General Capital Improvements Fund 844,038 - - - 844,038 Nonmajor Governmental Funds 1,659,354 - - - 1,659,354
Total 3,114,208 $ 105,000 $ 23,368 $ 51,500 $ 3,294,076 $ Transfers In
Governmental Activities
Transfers Out
The General Fund received $105,000, $10,000, and $51,500 from the General Capital Improvements Capital Projects Fund, Nonmajor Governmental Funds and Sewer Fund, respectively. These funds were transferred to the General Fund for support of general operations and overhead costs with the exception of $105,000 which was transferred from the General Capital Improvements Capital Projects Fund to the General Fund Emeryville’s Police Department encryption expense.

The General Fund transferred $22,236 to Other Grants Special Revenue Fund to cover grant shortage for EOB Transit Study Project, transferred $588,580 to the Property Based Improvement District Special Revenue Fund to help fund the Emeryville shuttle services and transferred $844,038 to the General Capital Improvements Fund to support the 40th Street Bridge Railing and Lumec Light Pole Painting Project. In addition, the General Fund transferred $1,659,354 to various Nonmajor Governmental Funds, including $1,087,354 to help support the Child Development Special Revenue Fund childcare program.

The Other Grants Special Revenue Fund transferred $13,368 to the Nonmajor Governmental Funds to purchase a bus for the Community Services programs.

B. Due To/From Other Funds
During the course of operations, transactions occur between funds to account for goods received or services rendered. These receivables and payables are classified as due from or due to other funds. In addition, when funds overdraw their share of pooled cash, the receivables and payables are also classified as due from or due to other funds. As of June 30, 2023, there were no due from or due to other funds balances.
62 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 5 – NOTES, LOANS AND LEASE RECEIVABLE
The City engages in programs designed to encourage construction or improvement in low-to-moderate income housing or other projects. Under these programs, grants or loans are provided under favorable terms to homeowners or developers who agree to spend these funds in accordance with the City’s terms. Since the City does not expect to collect all of these loans in the near term, the loans have been offset by an allowance for uncollectible loans in the fund financial statements.

Notes and loans receivable are reported in the accompanying financial statements as of June 30, 2023, as follows:

Housing Assets Special Revenue Fund
First-Time Home Buyer Program 2,654,700 $
Ownership Housing Assistance 3,203,126
Homeowner's Association Assessment 48,599
Home Rehabilitation and Assistance 202,151
Bay Bridge Corporation (AIDS Housing) Deferred 589,315
Avalon Senior Housing, LP 3,122,766
Bakery Lofts 250,000
3706 San Pablo 3,114,192
Help Housing Loan Program 1,084,568
3600 San Pablo Ave-Evoy L.P. Predevelopment 6,041,237
Allowance on Uncollectible Loans (20,310,654)
Total Housing Assets -
Affordable Housing Special Revenue Fund
First-Time Home Buyer Program 63,205
3600 San Pablo Ave-Evoy L.P. Predevelopment 5,367,308
Allowance on Uncollectible Loans (5,430,513)
Total Affordable Housing -
Nonmajor Governmental Funds
Home Rehabilitation and Assistance 141,306
Cal Home Loan Program 991,725
EAH Housing 3706 San Pablo 2,172,864
Allowance on Uncollectible Loans (3,305,895)
Total Nonmajor Governmental Funds -
Total Notes and Loans Receivables $ -
A. First-Time Homebuyer Program
The City’s First-Time Homebuyer Program offers down payment assistance to low and moderate income first-time homebuyers purchasing a home in the City of Emeryville. The deferred loans bear interest at a rate that is 75% of the interest rate on the first mortgage, or 5%, whichever is less. The deferred loans require no monthly payments, are not due until the property is sold, transferred or rented and are collateralized by second deeds of trust. The loans are forgiven if the buyer resides in the home for more than 30 years.
63 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 5 – NOTES, LOANS AND LEASE RECEIVABLE (Continued)
B. Ownership Housing Assistance
The City’s Ownership Housing Assistance Program offers down payment assistance to very low and low-income homebuyers purchasing a below-market-rate unit in the City of Emeryville. The deferred loans bear interest at 5%, require no monthly payments, are not due until the property is sold or transferred, are completely forgiven after 30 years, and are collateralized by subordinate deeds of trust.

C. Homeowner’s Association Assessment
In February 2009, the City provided loans to owners of Below Market Rate (BMR) units and market rate units in the Oliver Lofts development. Loans to owners of market rate units are secured by trust deeds bear interest at 3.7% and are fully amortized over 20 years. Loans to BMR unit owners are partially or fully unsecured and may be deferred to meet debt-to-income ratio requirements. Deferred loans will be reassessed every five years and converted to amortized loans based on owners’ ability to make payments. The BMR loans bear interest at 3.7% and are due in 20 years, with the exception that the deferred loans bear interest at a simple interest rate.

Assessment Loans to owners of market rate units in Emery Bay Village are secured by trust deeds bear interest at 3% and are fully amortized over 15 years.

D. Home Rehabilitation and Assistance
The City administers a housing rehabilitation loan program using Housing Funds. Under these programs, individuals with incomes below a certain level are eligible to receive low interest 15-30-year loans, secured by deeds of trust, for rehabilitation work on their homes. The loan repayments may be amortized over the life of the loans, deferred or a combination of both.

E. Bay Bridge Corporation (AIDS Housing) Deferred
In May 1995, the City loaned $325,000 to a nonprofit public benefit corporation that used the funds to develop a six-unit rental housing project for low-income persons who are disabled because of being HIV positive or diagnosed with AIDS. The loan is secured by a second deed of trust on the project and bears annual interest rate at 3%. The loan principal and all accrued interest will be due and payable on the earliest of 40 years from the date of the loan, when the property is sold or refinanced or in the event of default on the loan agreement.

F. Avalon Senior Housing, LP
On December 4, 1998, the City loaned the developer of the Avalon Senior Housing Project $1,800,000 to cover development costs associated with the senior housing space of the project. The interest rate is 3% and secured by a deed of trust on the property. Payments of principal and interest are to be made from residual cash flow as defined in the promissory note with the full amount of outstanding principal and interest due the earliest of 55 years from the date of the note, when the property is sold or refinanced, or in the event of default on the loan agreement.
64 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 5 – NOTES, LOANS AND LEASE RECEIVABLE (Continued)
G. Bakery Lofts
During the fiscal year ended June 30, 2001, the City loaned $250,000 to a developer to finance the development of eight affordable residential units in a 41-unit project with rental levels for moderateincome households. The loan is secured by a second deed of trust. The loan does not have a due date and is only obligated to be repaid to the City at 8% interest per annum in the event of a violation of the affordability agreement.

H. 3706 San Pablo
In June 2017, the City loaned the developer of the 3706 San Pablo Avenue Affordable Housing Project $2,637,248 to cover development costs associated with this project. Loan funds were provided by the City’s Affordable Housing Impact Fee Fund ($1,840,000) and Housing Assets Fund ($797,248).

During fiscal year 2017-18, the City loaned the developer an additional $1,862,752 from the Housing Assets Fund for a total of $4,500,000. The loan will accrue simple interest at the rate of 3% per annum from the date of disbursement. The borrower is required to make repayments of the loan equal to the city share of residual receipts commencing on May 1, 2019, and on May 1 of each calendar year thereafter through the end of the term. The loan is secured by a deed of trust and is due if the property is transferred or sold.

I. Help Housing Loan Program
The City’s Help Program offers down payment assistance to lower-income homebuyers purchasing a Below-Market-Rate home in the City of Emeryville. The deferred loans are provided at 3% simple interest rate, require no monthly payments, are not due until the properly is sold, transferred or rented or 30 years, whichever occurs first. The loans allow interest to be forgiven after 30 years and are collateralized by subordinate deeds of trust.

J. 3600 San Pablo Ave – Evoy L.P. Predevelopment
In June 2021, the City loaned the developer of certain real property at 3600 San Pablo Avenue to cover acquisition costs associated with the property for an affordable housing project. During fiscal year 2022-23, the City entered into an amended and restated loan agreement to loan funds to the developer for the project up to $16,747,486 to be used for predevelopment and construction costs. Loan funds were provided by the City’s Housing Assets Fund. The loan will accrue simple interest at the rate of 3% per annum from the date of disbursement, however, all principal and accrued interest on the loan shall be due in full on the expiration of the term of the agreement. The loan is secured by a deed of trust and is due if the property is transferred or sold. As of June 30, 2023, the developer had drawn down loan funds of $5,920,760 from the Housing Assets Special Revenue Fund and $5,144,646 from the Affordable Housing Assets Special Revenue Fund.

K. Home Rehabilitation and Assistance
The Economic Development and Housing Department administers a Cal Home and housing rehabilitation loan program using Community Development Block Grant funds. Under this program, individuals with income below a certain level are eligible to receive low interest, 15-year loans, secured by deeds of trust, for rehabilitation work on their homes. The loan repayments may be amortized over the life of the loans, deferred or a combination of both. 65 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 5 – NOTES, LOANS AND LEASE RECEIVABLE (Continued)
L. Cal Home Loan Program
The City’s Cal Home Program offers down payment assistance to lower-income homebuyers purchasing a home in the City of Emeryville. The deferred loans are provided at a 3% simple interest rate, require no monthly payments, are not due until the property is sold, transferred or rented or 30 years, whichever occurs first. The loans allow interest to be forgiven after 30 years and are collateralized by subordinate deeds of trust.

M. Lease Receivable
The City from time to time engages in lease arrangements allowing the right for others to use various owned buildings for the public benefit. On October 16, 2022, the City began leasing a restaurant building to Hong Kong East Ocean, Ltd. with a lease term ending on October 16, 2027. Payments on the lease are fixed monthly payments of $12,000 in addition to a percentage of an monthly gross receipts during the month immediately prior to the month in which such installment becomes due, less the monthly base rent. The fixed monthly payments are due on the first day of each month and the additional payments are due within 10 days of the end of each calendar month. In accordance with the lease agreement, the percentage of monthly gross receipts varies from 4.5% - 6% of monthly gross receipts, throughout the term. The City recognized $192,131 in lease revenue and $8,646 in interest revenue during the current fiscal year related to this lease. The City has recorded a lease receivable and a deferred inflow of resources associated with this lease that will be recognized as revenue over the lease term. At June 30, 2023, the balance of the lease receivable and deferred inflows of resources was $860,389.
66 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 6 – CAPITAL ASSETS
Governmental Activities capital asset activity as of June 30, 2023, is as follows:

Balance at
July 1, 2022 Balance at
(as restated) Additions Transfers June 30, 2023
Governmental Activities
Capital assets not being depreciated:

Land 29,297,979 $ - $ $ - $ 29,297,979
Construction in progress 34,023,352 10,401,652 (2,640,468) 41,784,536 Total Capital Assets Not
Being Depreciated 63,321,331 10,401,652 (2,640,468) 71,082,515 Capital assets being depreciated and amortized:

Park and other improvements 23,954,418 - 383,680 24,338,098 Buildings and improvements 52,473,114 - - 52,473,114
Furnishings, vehicles and equipment 7,369,563 540,950 179,433 8,089,946 Marina improvements 8,674,685 - 1,255,364 9,930,049
Grading, curbs, gutters, sidewalks
and driveway approaches 38,298,078 - 821,991 39,120,069 Right to use lease asset - parking garage 4,206,563 - - 4,206,563 Total Capital Assets
Being Depreciated and Amortized 134,976,421 540,950 2,640,468 138,157,839 Less accumulated depreciation and amortization for:

Park and other improvements 13,354,289 993,203 - 14,347,492 Buildings and improvements 25,611,764 1,057,975 - 26,669,739 Furnishings, vehicles and equipment 6,607,267 296,211 - 6,903,478 Marina improvements 7,238,836 129 - 7,238,965
Grading, curbs, gutters, sidewalks
and driveway approaches 28,696,514 443,291 - 29,139,805 Right to use lease asset - parking garage - 420,656 - 420,656 Total Accumulated Depreciation 81,508,670 3,211,465 - 84,720,135 Net Capital Assets
Being Depreciated 53,467,751 (2,670,515) 2,640,468 53,437,704 Governmental Activity Capital
Assets, Net $ 116,789,082 $ 7,731,137 $ - $ 124,520,219 During fiscal year 2023, the City implemented the provisions of GASB Statement No. 87, Leases, which required the restatement of capital assets, specifically to incorporate an intangible right-to use lease asset. As a result, an initial lease asset was recorded in the amount of $4,206,563 at July 1, 2022. The lease asset is offset with a lease liability as discussed in Note 7.
67 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 6 – CAPITAL ASSETS (Continued)
Depreciation expense was charged to functions and programs based on their usage of the related assets. The amounts allocated to each function or programs are as follows:

Governmental Activities:

Information technology $ 28,185
General government-non-departmental operations 64,700
Police 185,237
Fire 97,639
Child development 42,068
Youth services 46,113
Adult services 72,510
Public works 2,675,013
Total Governmental Activities Depreciation Expense $ 3,211,465 Business-Type Activities capital asset activity as of June 30, 2023, is as follows:

Balance at Balance at
June 30, 2022 Additions Retirements June 30, 2023
Business-Type Activities
Capital Assets, not being depreciated
Construction in progress $ 468,084 $ 78,661 $ 546,745 - $ Total Capital Assets Not Being
Depreciated: 468,084 78,661 546,745 -
Capital assets being depreciated:

Buildings and improvements 487,482 - 487,482 -
Automobile and equipment 5,396 - - 5,396
Sewer improvements 9,943,529 - 9,943,529 -
Total Capital Assets
Being Depreciated 10,436,407 - - 10,436,407
Less accumulated depreciation for:

Buildings and improvements 146,245 9,750 - 155,995
Automobile and equipment 5,396 - - 5,396
Sewer improvements 2,854,114 181,172 - 3,035,286
Total Accumulated Depreciation 3,005,755 190,922 - 3,196,677 Net Capital Assets
Being Depreciated 7,430,652 (190,922) - 7,239,730
Business-Type Activity Capital
Assets, Net 7,898,736 $ (112,261) $ - $ 7,786,475 $
Depreciation expense of $190,923 was charged to the Sewer Fund for the year ended June 30, 2023. 68 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 7 – LONG-TERM LIABILITIES
The following is a summary of the changes in long-term debt for the fiscal year ended June 30, 2023:

Balance at Balance at Current
June 30, 2022 Additions Retirements June 30, 2023 Portion Governmental Activities
Private Placement Bonds:

Public Financing Authority, Lease
Revenue Bonds, 2013 Series A $ 1,993,400 $ 306,900 - $ $ 1,686,500 $ 319,200 General Obligations Bonds:

Measure C General Obligation
Bonds, 2023 Series 50,000,000 - 50,000,000 - -
Total Bonds 1,993,400 50,000,000 306,900 51,686,500 319,200 Total Governmental Activities
Long-Term Liabilities $ 1,993,400 $ 50,000,000 $ 306,900 $ 51,686,500 $ 319,200 A. Public Financing Authority Lease Revenue Bonds, 2013 Series A The Emeryville Public Financing Authority (the Authority) issued $4,390,300 in Lease Revenue Bonds, 2013 Series A, with an effective interest rate of 3.02% per annum. The proceeds were used to refund $4,745,000 of outstanding 1998 Series A Lease Revenue Bonds. The outstanding balance of this private placement bonds contains a provision in which the Purchaser of the bonds may terminate the agreement if any event occurs or becomes known that has a material adverse effect on the financial condition of the City or the ability of the City to perform under the Agreement.

The annual requirements to amortize the outstanding bond indebtedness as of June 30, 2023, including interest, are as follows:

Principal Interest
2024 $ 319,200 $ 50,932
2025 325,900 41,292
2026 336,900 31,450
2027 347,400 21,276
2028 357,100 10,784
$ 1,686,500 $ 155,734
Lease Revenue Bonds
2013 Series A

69 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 7 – LONG-TERM LIABILITIES (Continued)
B. Measure C General Obligation Bonds, 2023 Series
The City of Emeryville issued $50,000,000 in Measure C General Obligation Bonds, 2023 Series, with an effective interest rate of 6% per annum on April 27, 2023. The bonds were issued to finance facilities to provide affordable housing and prevent displacement of vulnerable populations, including low and middle-income households and provide supportive housing for people experiencing homelessness, and help low and middle-income households purchase homes. The bonds are general obligations of the City, payable solely from ad valorem property taxes levied by the City. Interest on the bond accrues from the date of delivery and is payable semiannually on February 1 and August 1 of each year, commencing February 1, 2024. Principal on the bond accrues from the date of delivery and is payable annually on August of each year, commencing August 1, 2024 until August 1, 2048.

The annual requirements to amortize the outstanding bond indebtedness as of June 30, 2023, including interest, are as follows:

Principal Interest
2024 $ - $ 1,855,340
2025 950,000 2,540,433
2026 1,035,000 2,480,883
2027 1,100,000 2,416,833
2028 1,165,000 2,348,883
2029-2033 6,955,000 10,574,413
2034-2038 9,150,000 8,367,003
2039-2043 11,575,000 5,878,091
2044-2048 14,690,000 2,693,463
2049 3,380,000 82,810
$ 50,000,000 $ 39,238,149
Measure C General Obligations Bonds
2023 Series C
C. Compensated Absences
In governmental activities, the liability for employee compensated absences are reported in the City’s Accrued Benefits internal service fund and will be liquidated by that fund. The following is a summary of the changes in compensated absences for the fiscal year ended June 30, 2023:

Balance at Balance at Current
June 30, 2022 Additions Reductions June 30, 2023 Portion Compensated absences: $ 3,115,886 $ 395,182 $ 321,260 $ 3,189,808 $ 1,564,994

70 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 7 – LONG-TERM LIABILITIES (Continued)
D.

D. Lease Liability
In governmental activities, the payments for a lease transactions are reported in the General Capital Improvement Fund. On January 1, 2019, the City entered into a thirteen-year lease agreement as lessee for a parking garage at the Emery Station ending on December 31, 2031. The City is required to make yearly principal and interest lease payments in the amount of $451,085 commencing on July 1, 2022.

The yearly lease payments are increased annually in the amount of 1.13%. Interest on the lease is implicit in the amount of 6%. An initial lease liability was recorded at July 1, 2022 in the amount of $4,206,563. During fiscal year 2023, the City made principal and interest payments of $376,595 and $22,595 on the lease, respectively. As of June 30, 2023, the balance of the lease liability was $3,829,968 and the net value of the right-to-use asset was $3,785,907, including accumulated amortization of $420,656. The future principal and interest lease payments as of June 30, 2023 are as follows:

For the Year
Ended June 30 Principal Interest Total
2024 425,552 $ 25,533 $ 451,085 $
2025 425,552 25,533 451,085
2026 425,552 25,533 451,085
2027 425,552 25,533 451,085
2028 425,552 25,533 451,085
2029-2032 1,702,208 102,133 1,804,341
Totals $ 3,829,968 $ 229,798 $ 4,059,766
NOTE 8 – DEBT WITHOUT CITY COMMITMENT
Public Financing Authority 1999 Revenue Bonds
On July 21, 1999, the Public Financing Authority issued 1999 Revenue Bonds in the amount of $14,420,000 to refinance three previously issued bonds: The West Emeryville Assessment District Improvement Bonds, the Bay Street-Shellmound Street Extension Assessment District Limited Obligation Bonds, and the East Bay Bridge Assessment District Limited Obligation Improvement Bonds, No. 1993-1. In addition, proceeds of the 1999 Revenue Bonds have been used to finance acquisition and construction of certain capital improvements in the City. The City is in no way liable for repayment of the bonds but acts as agent for the property owners in collecting the assessments, forwarding the collections to bondholders, and initiating foreclosure proceedings, if appropriate. During fiscal year 2023, the 1999 Revenue Bonds were paid in full. 71 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 9 – DEFINED BENEFIT PENSION PLANS
A. Summary of Liability Amounts, Deferred Outflows and Deferred Inflows A summary of the City’s net pension liabilities and deferred amounts arising from various plans are listed below.

Plan
Net Pension
Liabilities
Deferred
Outflows
Deferred
Inflows
Pension
Expense
CalPERS Miscellaneous Rate Plan $ 19,232,872 $ 8,817,142 $ 1,948,752 $ 1,213,905 CalPERS Safety Rate Plan 37,978,179 15,680,875 3,737,784 1,908,801 Emeryville Police Officers’ Association
Retirement Enhancement Plan (EPOA) 846,499 1,211,964 148,300 164,295 $ 25,344,516 58,423,015 $ 5,834,836 $ 3,287,001 $
Pension-related liabilities are primarily liquidated by the General Fund and other funds that have recorded the liabilities.

B. Miscellaneous and Safety Pension Plans
Plan Descriptions
All qualified permanent and probationary employees are eligible to participate in Management of Emeryville Services Authority’s Miscellaneous Plan, or the City of Emeryville’s Safety Police or Safety Fire Plans (the Plans), cost-sharing multiple-employer defined benefit pension plan administered by the California Public Employees’ Retirement System (CalPERS). Benefit provisions under the Plans are established by State statute and City resolution. CalPERS issues publicly available reports that include a full description of the pension plans regarding benefit provisions, assumptions and membership information that can be found on the CalPERS website.

Benefits Provided
The Plans provide service retirement and disability benefits, annual cost of living adjustments and death benefits to plan members, who must be public employees and beneficiaries. Benefits are based on years of credited service, equal to one year of full time employment. Members with five years of total service are eligible to retire at age 50 with statutorily reduced benefits. All members are eligible for non-duty disability benefits after 10 years of service. Plan members are provided one of the following death benefit: 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.

72 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)
On July 1, 2012, the City’s Safety Fire plan became inactive due to the transfer of all active employees to the Alameda County Fire Department.

Classic* Second Tier* PEPRA
Hire date
Prior to January 1,
2012
January 1, 2012 but
prior to January 1,
2013
January 1, 2013 and
after
Benefit formula 2% @ 55 2% @ 60 2% @ 62
Benefit vesting schedule 5 years service 5 years service 5 years service Benefit payments Monthly for life Monthly for life Monthly for life Retirement age Minimum 50 yrs Minimum 50 yrs Minimum 52 yrs Monthly benefits, as a % of eligible compensation 1.426% - 2.418% 1.092% - 2.418% 1.000% - 2.500% Required employee contribution rates 7.000% 7.000% 7.250% Required normal employer contribution rates 11.61% 9.30% 7.760% Required employer payment of unfunded liability $ 1,127,380 $ 14,846 $ 11,145 *Closed to new entrants
Police Classic* Police Tier II* Police PEPRA Fire**
Hire date
Prior to June 16,
2012
June 16, 2012 but
prior to January 1,
2013
January 1, 2013 and
after N/A
Benefit formula 3% @ 55 3% @ 55 2.7% @ 57 3% @ 50
Benefit vesting schedule 5 years service 5 years service 5 years service 5 years service Benefit payments Monthly for life Monthly for life Monthly for life Monthly for life Retirement age Minimum 50 yrs Minimum 50 yrs Minimum 50 yrs Minimum 50 yrs Monthly benefits, as a % of eligible compensation 2.400% - 3.000% 2.400% - 3.000% 2.000% - 2.700% 3.000% Required employee contribution rates 9.000% 9.000% 13.750% N/A Required normal employer contribution rates 23.68% 22.48% 13.66% N/A Required employer payment of unfunded liability $ 1,251,694 $ 7,124 $ 7,372 $ 1,801,142 *Closed to new entrants
Miscellaneous Plan
Safety Plan
** There were no active employees in this plan; therefore no employee contributions were made during the measurement period.

For the year ended June 30, 2023, the contributions recognized as a reduction to the total pension liability for the Plans was $1,526,924 for Miscellaneous and $1,745,976 for Safety, respectively.

73 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)
Actuarial Methods and Assumptions Used to Determine Total Pension Liabilities The total pension liabilities in the June 30, 2021 actuarial valuations were determined using the following actuarial assumptions:

Valuation Date June 30, 2021
Measurement Date June 30, 2022
Actuarial Cost Method Entry Age Normal Cost Method
Discount Rate 6.90% depending on age, service and
employment
Inflation 2.30%
Salary Increases Varies by Entry Age and Service
Mortality Rate
Table*
Derived using CalPERS’ Membership Data for
all Funds
Post Retirement
Benefit Increase The lesser of contract COLA up to 2.30% until Purchasing Power Protection Allowance floor
on purchasing power applies, 2.30% thereafter
Actuarial Assumptions
*
The mortality table used was developed based on CalPERS-specific data. The probabilities of mortality are based on the 2021 CalPERS Experience Study for the period from 2001 to 2019. Pre-retirement and Post-retirement mortality rates include generational mortality improvement using 80% of Scale MP-2020 published by the Society of Actuaries. For more details on this table, please refer to the CalPERS Experience Study and Review of Actuarial Assumptions report from November 2021 that can be found on the CalPERS website.

Discount Rate
The discount rate used to measure the total pension liability was 6.90%. The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers will be made at statutorily required rates, actuarially determined. Based on those assumptions, the Plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members.

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

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

74 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)
In determining the long-term expected rate of return, staff took into account both short-term and longterm market return expectations as well as the expected pension fund (PERF C) cash flows. Taking into account historical returns of all the Public Employees Retirement Funds’ asset classes (which includes the agent plan and two cost-sharing plans or PERF A, B, and C funds), expected compound (geometric) returns were calculated over the short-term (first 10 years) and the long-term (11+ years) using a building-block approach. Using the expected nominal returns for both short-term and long-term, the present value of benefits was calculated for each PERF C fund. The expected rate of return was set by calculating the single equivalent expected return that arrived at the same present value of benefits for cash flows as the one calculated using both short-term and long-term returns. The expected rate of return was then set equal to the single equivalent rate calculated above and adjusted to account for assumed administrative expenses.

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

Assumed Asset
Allocation
Real Return
(a, b)
Global Equity - Cap-weighted 30.0% 4.54%
Global Equity - Non-Cap-weighted 12.0% 3.84%
Private Equity 13.0% 7.28%
Treasury 5.0% 0.27%
Mortgage-backed Securities 5.0% 0.50%
Investment Grade Corporates 10.0% 1.56%
High Yield 5.0% 2.27%
Emerging Market Debt 5.0% 2.48%
Private Debt 5.0% 3.57%
Real Assets 15.0% 3.21%
Leverage -5.0% -0.59%
Total 100.0%
(a) An expected inflation of 2.30% used for this period. (b)Figures are based on the 2021 Asset Liability Management study Asset Class (a)

75 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)
Pension Liabilities, Pension Expense and Deferred Outflows and Deferred Inflows of Resources Related to Pensions
As of June 30, 2023, the City reported net pension liabilities for its proportionate shares of the net pension liability of each Plan as follows:

Miscellaneous Plan $ 19,232,872
Safety Plan 37,978,179
Total Cost-Sharing Plans Net Pension Liability $ 57,211,051 Proportionate Share of Net Pension Liabilities
The City’s net pension liability for each of the Plans is measured as the proportionate share of the net pension liability. The net pension liability of the Plans are measured as of June 30, 2022, and the total pension liability for each Plan used to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2021 rolled forward to June 30, 2022 using standard update procedures. The City’s proportion of the net pension liability was based on a projection of the City’s long-term share of contributions to the pension plans relative to the projected contributions of all participating employers, actuarially determined.

The City’s proportionate share of the net pension liability for the City’s Miscellaneous Rate Plan as of June 30, 2021 and 2022 was as follows:

Miscellaneous
Plan
Proportion - June 30, 2021 0.41993%
Proportion - June 30, 2022 0.41103%
Change - Increase/(Decrease) -0.00890%
The City’s proportionate share of the net pension liability for each of the City’s Safety Rate Plan as of June 30, 2021 and 2022 was as follows:

Safety
Plan
Proportion - June 30, 2021 0.55940%
Proportion - June 30, 2022 0.55268%
Change - Increase/(Decrease) -0.00672%
For the year ended June 30, 2023, the City recognized total pension expense of $1,213,905 for the Miscellaneous Plan and $1,908,801 for the Safety Plan, respectively.

76 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)
At June 30, 2023, the City reported deferred outflows and deferred inflows of resources related to the Miscellaneous Plan as follows:

Deferred Deferred
Outflows of Inflows of
Resources Resources
Pension contributions subsequent to measurement date $ - 1,526,236 $ Changes in assumptions 1,970,810 -
Differences between expected and actual experiences 386,234 - Net difference between projected and actual earnings of pension plan investments 258,683 3,522,951
Difference between employer contribution and the plans
proportionate share of aggregate employer contributions 1,690,069 - Adjustment due to differences in proportions 1,410,911 - Total Miscellaneous Plan 8,817,142 $ 1,948,752 $
At June 30, 2023, the City reported deferred outflows and deferred inflows of resources related to the Safety Plan as follows:

Deferred Deferred
Outflows of Inflows of
Resources Resources
Pension contributions subsequent to measurement date 1,745,976 $ - $ Changes in assumptions 3,829,350 -
Differences between expected and actual experiences 1,571,779 - Net difference between projected and actual earnings of pension plan investments 412,413 5,997,285
Difference between employer contribution and the plans
proportionate share of aggregate employer contributions 3,325,371 - Adjustment due to differences in proportions 2,536,485 - Total Safety Plan 15,680,875 $ 3,737,784 $
77 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)
$1,526,236 for the Miscellaneous Plan and $1,745,976 for the Safety Plan, reported as deferred outflows of resources related to contributions subsequent to the measurement date but before the City’s fiscal year end, will be recognized as a reduction of the total pension liability in the year ended June 30, 2024. Other amounts reported as deferred outflows or deferred inflows of resources related to pensions will be recognized as pension expense as follows:

Year Ended
June 30,
Miscellaneous
Plan Safety Plan Total
2024 1,289,377 $ 2,767,433 $ 4,056,810 $
2025 1,184,069 2,381,693 3,565,762
2026 713,950 1,389,569 2,103,519
2027 2,154,758 3,658,420 5,813,178
Total 5,342,154 $ 10,197,115 $ 15,539,269 $
Deferred Outflows/(Inflows) of Resources
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 each Plan, calculated using the discount rate for each 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% point lower or 1% point higher than the current rate:

Discount Rate Current Discount Rate
- 1% Discount Rate + 1%
Plan (5.90%) (6.90%) (8.90%)
Miscellaneous Plan 29,821,874 $ 19,232,872 $ 10,520,751 $ Safety Plan 56,249,777 37,978,179 23,045,275
Total 86,071,651 $ 57,211,051 $ 33,566,026 $
Sensitivity of the Proportionate Share of Net Pension Liabilities Pension Plan Fiduciary Net Position
Detailed information about each pension plan’s fiduciary net position is available in the separately issued CalPERS financial reports.
78 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)
C. Emeryville Police Officers’ Association Retirement Enhancement Plan Plan Description, Benefits Provided and Employees Covered The Emeryville Police Officers’ Association (EPOA) Retirement Enhancement Plan is an agent multiple-employer defined benefit pension plan administered by the Public Agency Retirement System (PARS). The plan does not issue separately audited financial statements.

The plan provides supplemental retirement benefits in the form of monthly annuities to retirees and survivors of retirees in the plan.

The membership as of June 30, 2022, included 19 active participants and 6 retirees. The plan is closed to new entrants.

Contributions
Section 20814(c) of the California Public Employees’ Retirement Law (PERL) requires that the employer contribution rates for all public employers be determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. The total plan contributions are determined by an independent pension actuary using information furnished by the City and by PARS. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The employer 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 measurement date), the employer’s contribution rate is 5.01% percent of annual payroll, and no contributions were made by the employees. Employer contribution rates may change if plan contracts are amended. It is the responsibility of the employer to make necessary accounting adjustments to reflect the impact due to any Employer Paid Member Contributions or situations where members are paying a portion of the employer contribution.

79 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)
Actuarial Methods and Assumptions Used to Determine Total Pension Liability The June 30, 2022 total pension liability was based on the following actuarial methods and assumptions:

Actuarial Cost Method Entry Age Normal
Discount Rate 6.50%
Inflation 2.30%
Salary Increases Varies by Entry Age and Service
Investment Rate of Return 6.50%
Cost of Living Adjustments 2.00%
Mortality Pre-Retirement: CalPERS Public Agency
Safety Mortality Rates after June 30, 2021.

Post-Retirement: CalPERS Healthy Retiree
Public Agency Safety Mortality Rates after June
30, 2021.

Retirement CalPERS Public Agency Police 3% at Age 50
Retirement rates after June 30, 2021.

Maximum Benefits and
Salary
Salary limits under 401(a)(17) apply. Limit is
assumed to increase 2.30% a year.

Beneficiaries 85% of participants are assumed to have an eligible spouse or domestic partner, with males
three years older than their female partners.

Actuarial Assumptions
Discount Rate
The plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current active and inactive employees. Therefore, the discount rate for calculating the total pension liability is equal to the long-term expected rate of return.

80 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)
The best-estimate range for the long-term expected rate of return is determined by adding expected inflation to expected long-term real returns and reflecting expected volatility and correlation. The capital market assumptions are per actuarial investment consulting practice as of June 30, 2023.

Asset Class Index
Target
Allocation
Long-Term
Expected
Arithmetic
Real Rate of
Return
Long-Term
Expected
Geometric
Real Rate of
Return
US Cash BAML 3-Mon Tbill 3.88% 0.51% 0.49%
US Core Fixed Income Bloomberg Barclays Aggregate 47.94% 2.07% 1.93% US Broad Equity Market Russell 3000 36.80% 5.56% 3.90%
Foreign Developed Equity MSCI EAFE NR 6.06% 6.89% 5.07% Emerging Markets Equity MSCI EM NR 3.72% 9.58% 6.18%
US REITs FTSE NAREIT Equity REIT 1.60% 6.96% 4.74%
Assumed Inflation - Mean 2.32% 2.32%
Assumed Inflation - Standard Deviation 1.42% 1.42%
Portfolio Real Mean Return 3.94% 3.49%
Portfolio Nominal Mean Return 6.26% 5.90%
Portfolio Standard Deviation 8.88%
Long-Term Expected Rate of Return 6.50%
A blended discount rate is generally required to be used to measure the Total Pension Liability (the Actuarial Accrued Liability calculated using the Individual Entry Age Normal Cost Method). The longterm expected return on plan investments may be used to discount liabilities to the extent that the plan’s Fiduciary Net Position (fair market value of assets) is projected to cover benefit payments and administrative expenses. A 20-year high quality (AA/Aa or higher) municipal bond rate must be used for periods where the Fiduciary Net Position is not projected to cover benefit payments and administrative expenses. Determining the discount rate will often require that the actuary perform complex projects of future benefit payments and asset values. Alternative evaluations of projected solvency are allowed, if such evaluation can reliability be made.

81 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)
Pension Plan Fiduciary Net Position
The following table shows the changes in net pension liability recognized over the measurement period.

Total Pension
Liability
(a)
Plan Fiduciary Net
Position
(b)
Net Pension
Liability/(Assets)
(c)=(a)-(b)
Balance as of June 30, 2022 2,500,269 $ 1,873,429 $ 626,840 $ Changes for the year:

Service Cost 65,748 - 65,748
Interest 164,343 - 164,343
Benefit Payments (76,542) (76,542) -
Employer Contributions - 159,271 (159,271)
Effect of economic/demographic gains or losses 350,200 - 350,200 Effect of assumptions changes or inputs 292,920 - 292,920 Net Investment Income - 136,846 (136,846)
Administrative Expenses - (8,030) 8,030
Balance as of June 30, 2023 $ 3,296,938 $ 2,084,974 $ 1,211,964 Increase (Decrease)
Recognition of Gains and Losses
Under GASB 68, gains and losses related to changes in total pension liability and fiduciary net position are recognized in pension expense systematically over time.

The first amortized amounts are recognized in pension expense for the year the gain or loss occurs. The remaining amounts are categorized as deferred outflows and deferred inflows of resources related to pensions and are to be recognized in future pension expense.

The amortization period differs depending on the source of the gain or loss:

Difference between projected and actual
earnings
5 year straight-line amortization
All other amounts Straight-line amortization over the
average expected remaining service
lives of all active and inactive
members.
82 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)
As of the start of the measurement period, July 1, 2022, the net pension liability was $626,840. For the measurement period ending June 30, 2023, the City of Emeryville incurred a pension expense of $164,295 for the Plan. As of the measurement date, June 30, 2023, the net pension liability was $1,211,964.

As of June 30, 2023, the City of Emeryville has deferred outflows and deferred inflows of resources related to this pension plan as follows:

Deferred Deferred
Outflows of Inflows of
Resources Resources
Difference between expected and actual experience $ 453,191 $ 72,050 Net difference between projected and actual earnings of pension plan investments 149,371 -
Changes of Assumptions 76,250 243,937
Total $ 148,300 846,499 $
Amounts reported as deferred outflows or deferred inflows of resources related to pensions will be recognized as pension expense as follows:

Year Ended
June 30,
2024 209,504 $
2025 209,992
2026 245,039
2027 33,664
Total 698,199 $
Deferred Outflows
(Inflows) of
Resources
Sensitivity of the Net Pension Liability to Changes in the Discount Rate The following presents the net pension liability of the City of Emeryville, calculated using the discount rate of 6.50%, as well as what the Plan’s net pension liability would be if it were calculated using a discount rate that is 1 percentage point lower (5.50%) or 1 percentage point higher (7.50%) than the current rate.
83 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)
Discount Rate Current Discount Rate
- 1% Discount Rate + 1%
(5.50%) (6.50%) (7.50%)
Total Pension Liability $ 3,864,012 $ 3,296,938 $ 2,847,844 Fiduciary Net Position 2,084,974 2,084,974 2,084,974
Net Pension Liability $ 1,779,038 $ 1,211,964 $ 762,870 NOTE 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 Code Section 457 and 401(a). Under these plans, participants are not taxed on the deferred portion of their compensation until distributed to them; distributions may be made only at termination, retirement, death or in certain hardships as defined by the plan. Effective July 1, 2019, the City contributes $25 per month to the 457 deferred compensation accounts of eligible employees as a match.

The laws governing deferred compensation plan assets require plan assets to be held by a Trust for the exclusive benefit of plan participants and their beneficiaries. Since the assets held under these plans are not the City’s property and are not subject to City control, they have been excluded from these financial statements. The plan’s Trust administrator is Mission Square.

As established by the plan, any City employee can contribute to the plan, but only certain bargaining units are eligible for a match including Emeryville Association of Confidential, Administrative, Managerial, and Professional Employees (CAMP). During fiscal year 2023, the City contributed $5,375 to the Plan.

NOTE 11 – POST-EMPLOYMENT BENEFITS OTHER THAN PENSIONS (OPEB) Plan Description
The City has established a Retiree Healthcare Plan (HC Plan), an agent multiple-employer defined benefit retiree healthcare plan. The City has established a qualified OPEB trust with the California Government Voluntary Employee Beneficiary Association (VEBA) to perform post-retirement medical reimbursement.

Currently, the City funds retiree healthcare benefits on a pay-as-you-go basis and sets aside additional amounts in the trust as they become available.

Employees Covered
As of the June 30, 2022 measurement date, the following current and former employees were covered by the benefit terms under the HC Plan:

Active employees 126
Inactive employees or beneficiaries currently receiving benefits 101 Totals 227
84 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 11 – POST-EMPLOYMENT BENEFITS OTHER THAN PENSIONS (OPEB) (Continued) Contributions
The HC Plan and its contribution requirements are established by Memoranda of Understanding with the applicable employee bargaining units and may be amended by agreements between the City and the bargaining units. The annual contribution is based on the actuarially determined contribution. For the measurement date ended June 30, 2022, the City’s contributions were $373,142 in total payments, which were recognized as a reduction to the OPEB liability. OPEB related liabilities are primarily liquidated by the General Fund and other funds that have recorded the liabilities.

Net OPEB Liability
The City’s net OPEB liability was measured as of June 30, 2022 and the total OPEB liability used to calculate the net OPEB liability was determined by an actuarial valuation dated June 30, 2022 that was used to determine the June 30, 2022 total OPEB liability, based on the following actuarial methods and assumptions.

Valuation date June 30, 2022
Measurement date June 30, 2022
Actuarial funding method
Asset Valuation Method
Actuarial assumptions:

Discount rate 3.65%
Inflation 2.50%
Payroll growth 2.75%
Salary increases
Long-term expected return on assets 4.00%
Mortality Rate
Pre-Retirement Turnover
Entry age normal cost, level percent of pay
Market value of assets
Derived using CalPERS' 2000-2019 Experience Study
Derived using CalPERS' 2000-2019 Experience Study

2.75% per year, used only to allocate cost of benefits
between service years
85 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 11 – POST-EMPLOYMENT BENEFITS OTHER THAN PENSIONS (OPEB) (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 asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table:

Asset Class
MetLife Allocation
California Government
VEBA Expected real rate of return
Domestic Fixed Income 62.00% 1.47%
Foreign Fixed Income 28.00% 1.63%
Equities 2.00% 4.82%
REITs 3.00% 3.04%
Cash 5.00% 0.06%
Total 100.00%
Assumed long-term rate of inflation 2.50%
Expected long-term net rate of return 4.00%
Discount Rate
The discount rate used to measure the total OPEB liability was 3.65%. 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.

Changes in the OPEB Liability
Total OPEB
Liability
Plan Fiduciary
Net Position
Net OPEB Liability
(Asset)
Balance at June 30, 2022 (2021 Measurement Date) 9,889,028 $ 2,309,014 $ 7,580,014 $ Change in the year:

Service Cost 497,070 - 497,070
Interest on total OPEB liability 262,313 - 262,313
Actual vs. expected experience - (389,381) (389,381)
Changes in assumptions (1,809,863) - (1,809,863)
Contribution-employer 373,142 - (373,142)
Net investment income 57,634 - (57,634)
Administrative Expenses - (24,006) 24,006
Benefit payments, including refunds of employee
contributions (437,878) (437,878) -
Net changes (1,877,739) (31,108) (1,846,631)
Balance at June 30, 2023 (2022 Measurement Date) 8,011,289 $ 2,277,906 $ 5,733,383 $ Increase (Decrease)
86 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 11 – POST-EMPLOYMENT BENEFITS OTHER THAN PENSIONS (OPEB) (Continued) Changes in Assumptions
During the measurement year ended June 30, 2022, the discount rate was increased from 2.58% to 3.65% and the inflation assumption was reduced from 2.75% to 2.50%.

Sensitivity of the Net OPEB Liability to Changes in the Discount Rate The following presents the net OPEB liability of the City if it were calculated 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, 2022:
1% Decrease
(2.65%)
Current Discount
Rate (3.65%)
1% Increase
(4.65%)
Net OPEB Liability 6,754,572 $ 5,733,383 $ 4,886,800 $
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, 2022:
1% Decrease
Current Healthcare
Cost Trend Rates 1% Increase
Net OPEB Liability 5,059,574 $ 5,733,383 $ 6,650,846 $
OPEB Plan Fiduciary Net Position
VEBA does not issue financial statements, however MetLife has financial reports. VEBA contracts with The Brentwood Companies to oversee the transactions. The Brentwood Companies are located at 5999 B Ridge View Street, Camarillo, California 93012.

OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB For the fiscal year ended June 30, 2023, the City recognized OPEB expense of $637,491. As of the fiscal year ended June 30, 2023, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:

Deferred Outflows of
Resources
Deferred Inflows of
Resources
OPEB contributions subsequent to measurement date $ - 373,863 $ Changes of assumptions 1,545,984 675,307
Differences between expected and actual experience 462,642 - Net difference between projected and actual earnings on OPEB plan investments - 77,607
Total $ 2,008,626 1,126,777 $
87 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 11 – POST-EMPLOYMENT BENEFITS OTHER THAN PENSIONS (OPEB) (Continued) The $373,863 reported as deferred outflows of resources related to contributions subsequent to the June 30, 2023 measurement date will be recognized as a reduction of the net OPEB liability during the fiscal year ending June 30, 2024. Other amounts reported as deferred outflows or deferred inflows of resources related to OPEB will be recognized as OPEB expense as follows:

Year Ended
June 30,
Deferred Outflows
(Inflows) of
Resources
2024 (59,879) $
2025 (104,576)
2026 (275,873)
2027 (332,200)
2028 (345,732)
Thereafter (137,452)
Total (1,255,712) $
NOTE 12 – RISK MANAGEMENT
The City manages risk by participating in the public entity risk pools described below and by retaining certain risks.

Public entity risk pools are formally organized and separate entities established under the Joint Exercise of Powers Act of the State of California. As separate legal entities, these entities exercise full powers and authorities within the scope of the related Joint Powers Agreements, including the preparation of annual budgets, accountability for all funds, the power to make and execute contracts and the right to sue and be sued.

Each joint venture is governed by a board consisting of representatives from member municipalities. Each board controls the operations of the respective joint venture, including selection of management and approval of operating budgets, independent of any influence by member municipalities beyond their representation on that board. Obligations and liabilities of these joint ventures are not the City’s responsibility.

A. Self-Insurance
The City is self-insured for workers’ compensation, general liability, dental, and unemployment claims.

Workers’ compensation claims are self-insured up to $350,000 per occurrence. The operating funds are charged premiums by the City Workers’ Compensation Self-Insurance Fund, which is accounted for as an internal service fund. The accrued liability for estimated claims represents an estimate of ultimate loss on claims, including an estimate of incurred but not reported losses.

General liability claims are self-insured up to $10,000. Outstanding claims are evaluated by the City Attorney for exposure and any anticipated liability is recorded in the Litigation Fund, which is accounted for as an internal service fund.
88 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 12 – RISK MANAGEMENT (Continued)
Dental claims are self-insured up to $1,500 per covered person per year, which is the benefit limit. The operating funds are charged premiums by the Dental Fund, which is accounted for as an internal service fund.

Unemployment claims are fully self-insured by the City. The operating funds are charged premiums by the Unemployment Fund, which is accounted for as an internal service fund.

B. Risk Pools
The City participates in various insurance coverage pool or to obtain insurance coverage in excess of the City’s self-insured limits.

Bay Cities Joint Powers Insurance Authority (BCJPIA) covers general liability claims in an amount up to $1,000,000. The City has a deductible or uninsured liability of up to $10,000 per claim. Once the City’s deductible is met, BCJPIA becomes responsible for payment of all claims up to the $1,000,000 limit. In addition, the City, through the BCJPIA, has excess coverage with California Affiliated Risk Management Authorities (CARMA) for claims from $1,000,000 to $29,500,000.

The City also participates in the BCJPIA Workers’ Compensation Group. BCJPIA covers workers’ compensation claims in excess of $350,000 up to $1,000,000 (the City has a deductible or uninsured liability of up to $350,000 per claim). BCJPIA Workers’ Compensation Group participates in the Local Agency Workers’ Compensation Excess Insurance Joint Powers Authority (LAWCX). LAWCX covers workers’ compensation claims from $1,000,000 to the statutory limit.

Employment practices liability coverage is also obtained through participation in BCJPIA. The coverage is provided by the Employment Risk Management Authority (ERMA). ERMA provides coverage up to $3,000,000 per occurrence, for claims in excess of the City’s deductible of $50,000.

The City’s contributions with each risk pool is based upon its experience, plus a ratio of the City’s payroll and other related factors to the total payrolls and other related factors of all entities participating in the same layer of each program, for each program year. 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.

Financial statements for BCJPIA and LAWCX may be obtained from Bickmore & Associates, 1750 Creekside Oaks Drive, Suite 200, Sacramento, California 95833.

C. Liability for Uninsured Claims
The City provides for the uninsured portion of claims and judgments in the Workers’ Compensation Self-Insurance and Litigation Internal Service Funds. Claims and judgments, including a provision for claims incurred but not reported, are recorded when a loss is deemed probable of assertion and the amount of the loss is reasonably determinable. As discussed above, the City has coverage for such claims, but it has retained the risk for the deductible or uninsured portion of these claims. Settlements have not exceeded coverage for each of the past three fiscal years.

89 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 12 – RISK MANAGEMENT (Continued)
The City’s liability for uninsured claims is limited to workers’ compensation and general liability claims, as discussed above, and was estimated by management based on prior years’ claims experience as of June 30, 2023:

Workers' General
Compensation Liability Total Total
Claims Cliams 2023 2022
Beginning balance 2,958,000 $ 50,495 $ 3,008,495 $ 3,396,731 $ Liability for current fiscal year claims 1,034,058 54,705 1,088,763 997,338 Change in liability for prior fiscal year claims and
claims incurred but not reported (IBNR) (706,950) 17,724 (689,226) (501,630) Claims paid (348,108) (76,566) (424,674) (883,944)
Ending balance $ 2,937,000 $ 46,358 $ 2,983,358 $ 3,008,495 Current portion $ 679,466 $ 17,220 $ 696,686 $ 708,886
NOTE 13 – COMMITMENTS AND CONTINGENCIES
General
The City is subject to litigation arising in the normal course of business. In the opinion of the City Attorney, there is no pending litigation, which is likely to have a material adverse effect on the financial position of the City. However, there is a potential assessment against the City for an estimated amount of $4.4 million as of June 30, 2023. An informal settlement offer for a reduction in the assessment has been proposed to the City, but the City is awaiting a formal settlement offer from the party. The City is actively pursuing settlement negotiations in regard to this matter. Due to the uncertainty of the final outcome of the matter, the City has not recorded a claims liability for the potential assessment as the amount of loss is not reasonably determinable.

NOTE 14 – SUCCESSOR AGENCY TRUST FOR ASSETS OF THE FORMER REDEVELOPMENT AGENCY
As of January 31, 2012, the Emeryville Redevelopment Agency has been dissolved and the City of Emeryville as the Successor Agency is responsible for winding down the remaining activities of the dissolved Redevelopment Agency.

The City of Emeryville as Successor Agency to the former Emeryville Redevelopment Agency was created January 17, 2012, as outlined in Assembly Bill 1X 26 (the Bill) which provides the requirements for the dissolution of all redevelopment agencies in the State of California. This action impacted the reporting entity of the City of Emeryville that previously had reported a redevelopment agency within the reporting entity of the City as a fiduciary fund.

After enactment of the law, which occurred on June 28, 2011, redevelopment agencies in the State of California cannot enter into new projects, obligations or commitments. 90 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 14 – SUCCESSOR AGENCY TRUST FOR ASSETS OF THE FORMER REDEVELOPMENT AGENCY (Continued)
Subject to the control of an oversight board, remaining assets can only be used to pay enforceable obligations in existence at the date of dissolution (including the completion of any unfinished projects that were subject to legally enforceable contractual commitments).

In future fiscal years, successor agencies will only be allocated revenue in the amount that is necessary to pay the estimated annual installment payments on enforceable obligations of the former redevelopment agency until all enforceable obligations of the prior redevelopment agency have been paid in full and all assets have been liquidated.

A. Cash and Investments
Cash and investments reported in the accompanying financial statements consisted of the following:

Cash and investments $ 39,544,095
Restricted cash and investments with fiscal agents 10,001,340 Total $ 49,545,435
B. Transfers In/Out
The 2014A Debt Service Private-Purpose Trust Fund and 2014B Debt Service Private-Purpose Trust Fund received $9,414,114 and $1,333,361 from the RDA Retirement Private-Purpose Trust Fund, respectively, for support of debt service payments.

C. Loans Receivable
The former Redevelopment Agency had engaged in programs designed to encourage construction or improvement in low-to-moderate income housing or other projects. Under these programs, grants or loans are provided under favorable terms to homeowners or developers who agree to spend these funds in accordance with the former Redevelopment Agency’s terms.

Notes and loans receivable are reported in the accompanying financial statements as of June 30, 2023, as follows:

Successor Agency of the Former RDA
Homeowner's Association Assessment $ 1,359
Business Development 7,997
Emeryville Town Center (Bay Street) 9,094,000
Emery Unified School District 15,770
Avalon Commercial LLC 1,024,097
Total Notes and Loans Receivables $ 10,143,223

91 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 14 – SUCCESSOR AGENCY TRUST FOR ASSETS OF THE FORMER REDEVELOPMENT AGENCY (Continued)

1. Homeowner’s Association Assessment Loan Program
In February 2009, the former Redevelopment Agency provided loans to owners of Below Market Rate (BMR) units and market rate units in the Oliver Lofts development. Loans to owners of market rate units are secured by trust deeds bear interest at 3.7% and are fully amortized over 20 years.

Loans to BMR unit owners are partially or fully unsecured and may be deferred payment loans to meet debt-to-income ratio requirements. Deferred loans will be reassessed every five years and converted to amortized loans based on owners’ ability to make payments. The BMR loans bear interest at 3.7% and are due in 20 years, with the exception that the deferred loans bear interest at a simple interest rate.

2. Business Development
The former Redevelopment Agency made loans to local business developers within the 1976 and Shellmound Project Areas. These loans were made for the purpose of making property improvements to the businesses. The interest rate on these loans is 3.0%, and they are secured by deeds of trusts or equipment and have monthly payments, including interest.

3. Emeryville Town Center (Bay Street)
The former Redevelopment Agency assembled a 20-acre site in the Bay Street area, demolished existing improvements and cleaned toxic contaminants. An agreement with Madison-Marquette (Bay Street Partners, LLC), the developer, provided for the redevelopment of the property as a mixed-use project consisting of 400,000 square feet of retail space, 350 residential units and a 250- room hotel.

As part of this agreement, during fiscal year ended June 30, 2001, the former Redevelopment Agency sold the property for $25,500,000. The developer paid $1,800,000 to the former Redevelopment Agency and executed a promissory note to the former Redevelopment Agency in the amount of $23,700,000 secured by an option agreement under which the former Redevelopment Agency may purchase the retail parking parcel and structure from the developer for $1. A $3,300,000 receivable was due the earlier of December 31, 2002, or upon the issuance of a certificate of occupancy for the first tenant. The remaining principal and interest are due annually commencing the tenth year of the Bay Street operations with the final payment due in the 25th year of operation. In fiscal year 2003, $3,300,000 was received and in fiscal year 2011, $1,056,000 was forgiven in lieu of the developer paying for remediation costs on the property.

4. Emery Unified School District
On March 25, 2008, the former Redevelopment Agency made a facilities loan of $2,836,648 to the Emery Unified School District (EUSD). The facilities loan will be used by EUSD to provide supplemental funding of project costs for a two-story modular classroom for Anna Yates Elementary School and the replacement of the playing field and the renovation of the Industrial Arts building at Emery Secondary School. The loan has an interest rate of 4.577333% and is amortized over 16 years with repayment made semi-annually effective December 31, 2008, from EUSD’s share of AB 1290 pass through payments that would otherwise be available for educational facilities.
92 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 14 – SUCCESSOR AGENCY TRUST FOR ASSETS OF THE FORMER REDEVELOPMENT AGENCY (Continued)

5. Avalon Commercial LLC
On December 4, 1998, the former Redevelopment Agency loaned the developer of the Avalon Commercial Project $475,000 to cover development costs associated with the commercial space of the project. An additional loan of $55,000 was made on May 25, 2005 to cover development cost overruns. The interest rates are 7% and 3% respectively, secured by a deed of trust on the property.

Payments of principal and interest are to be made from residual cash flow as defined in the promissory note with the full amount of outstanding principal and interest due the earliest of 55 years from the date of the note, when the property is sold or refinanced, or in the event of default on the loan agreement.

D. Development Agreements
The former Redevelopment Agency had entered into a variety of development agreements with third parties to provide needed improvements and projects. Activities under agreements that are completed or for which there are continuing commitments are disclosed below. The Agency had other agreements that entitled it to collect certain loans or notes receivables, which are disclosed above. These agreements were transferred to the Successor Agency upon dissolution of the former redevelopment agency.

1. Emeryville Bay Street
The developer has acquired parcels from the former Redevelopment Agency for use as a site for the Emeryville Town Center (Bay Street) in exchange for a note receivable due to the former Redevelopment Agency, which is disclosed in Note 14.c.3 above.

93 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 14 – SUCCESSOR AGENCY TRUST FOR ASSETS OF THE FORMER REDEVELOPMENT AGENCY (Continued)
E. Capital Assets
The Successor Agency of the Former Redevelopment Agency capital asset activity for the year ending June 30, 2023, is as follows:

Balance at Balance at
June 30, 2022 Additions June 30, 2023
Capital assets not being depreciated:

Construction in progress $ 11,333,991 $ 11,333,991 - $
Total Capital Assets Not
Being Depreciated 11,333,991 11,333,991 -
Capital assets being depreciated:

Buildings and improvements 577,890 577,890 -
Total Capital Assets
Being Depreciated 577,890 577,890 -
Less accumulated depreciation for:

Buildings and improvements 577,890 577,890 -
Total Accumulated Depreciation 577,890 577,890 -
Net Capital Assets
Being Depreciated - - -
Successor Agency of the former
RDA Capital Assets, Net 11,333,991 $ - $ 11,333,991 $
94 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 14 – SUCCESSOR AGENCY TRUST FOR ASSETS OF THE FORMER REDEVELOPMENT AGENCY (Continued)
F. Long-Term Debt
A description of long-term debt outstanding of the Successor Agency as of June 30, 2023, is as follows:

Balance at Balance at Current
Successor Agency of the former RDA June 30, 2022 Retirements June 30, 2023 Portion Public Offering Bonds:

Tax Allocation Refunding
Bonds, Series 2014A $ 54,075,000 $ 7,075,000 $ 47,000,000 $ 7,435,000 Tax Allocation Refunding
Bonds, Series 2014B 7,770,000 1,030,000 6,740,000 1,065,000 Total Bonds 61,845,000 8,105,000 53,740,000 8,500,000
Unamortized Bond Premium/(Discount)
Tax Allocation Refunding
Bonds, Series 2014A 9,514,019 761,122 8,752,897 -
Tax Allocation Refunding
Bonds, Series 2014B (52,120) (5,487) (46,633) -
Total Unamortized Bond
Premium/(Discount) 9,461,899 755,635 8,706,264 -
Total Successor Agency of the
Former RDA Long-Term Liabilities 71,306,899 $ $ 8,860,635 $ 62,446,264 $ 8,500,000

1. Tax Allocation Refunding Bonds Series 2014A
On July 24, 2014, the Successor Agency to the Emeryville Redevelopment Agency issued $95,450,000 of Tax Allocation Refunding Bonds. Proceeds from the issuance were used to refund the following Public Financing Authority Revenue Bonds: Series 1995, Series 1998B, Series 2001A, Series 2002, and Series 2004. Interest on the Bonds is payable on March 1 and September 1 of each year and the interest rate ranges from 2.0% to 5.0%. The Bonds mature starting September 1, 2015 and end on September 1, 2034. The bonds are secured by a pledge of tax increment funds distributed by the Redevelopment Property Tax Trust Fund (RPTTF). The outstanding balance from this public offering contains a provision stating that if an event of default has occurred and is continuing, the trustee may declare the principal of the Bonds, together with the accrued interest thereon, to be due and payable immediately, and upon any such declaration the same shall become immediately due and payable, anything in the Indenture or in the Bonds to the contrary notwithstanding. In addition, the Trustee shall exercise any other remedies available to the trustee in law or at equity.

95 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 14 – SUCCESSOR AGENCY TRUST FOR ASSETS OF THE FORMER REDEVELOPMENT AGENCY (Continued)
The annual requirements to amortize the outstanding bond indebtedness as of June 30, 2023, including interest, are as follows:

Principal Interest
2024 $ 7,435,000 $ 2,146,125
2025 7,815,000 1,764,875
2026 8,180,000 1,365,000
2027 7,770,000 975,250
2028 1,855,000 743,625
2029-2033 9,195,000 2,372,625
2034-2035 4,750,000 240,500
$ 47,000,000 $ 9,608,000
Tax Allocation Refunding Bonds
Series 2014A

2. Tax Allocation Refunding Bonds Series 2014B
On July 24, 2014, the Successor Agency to the Emeryville Redevelopment Agency issued $14,270,000 of Tax Allocation Refunding Bonds. Proceeds from the issuance were used to refund the Public Financing Authority Revenue Bonds, Series 1998C and Series 2001B. Interest on the Bonds is payable on March 1 and September 1 of each year and the interest rate grows from 0.70% to 4.625%. The Bonds mature starting September 1, 2015 and end on September 1, 2031. The bonds are secured by housing set aside funds also issued by the RTTPF. The outstanding balance from this public offering contains a provision stating that if an event of default has occurred and is continuing, the trustee may declare the principal of the Bonds, together with the accrued interest thereon, to be due and payable immediately, and upon any such declaration the same shall become immediately due and payable, anything in the Indenture or in the Bonds to the contrary notwithstanding. In addition, the Trustee shall exercise any other remedies available to the trustee in law or at equity.

The annual requirements to amortize the outstanding bond indebtedness as of June 30, 2023, including interest, are as follows:

Principal Interest
2024 $ 1,065,000 $ 263,272
2025 1,105,000 219,310
2026 1,170,000 172,982
2027 2,045,000 106,125
2028 245,000 57,003
2029-2032 1,110,000 105,225
$ 6,740,000 $ 923,917
Tax Allocation Refunding Bonds
Series 2014B

96 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 14 – SUCCESSOR AGENCY TRUST FOR ASSETS OF THE FORMER REDEVELOPMENT AGENCY (Continued)
G. Pollution Remediation Obligations
The City follows the guidance of GASB Statement No. 49, Accounting and Financial Reporting for Pollution Remediation Obligations, establishing accounting and financial reporting standards for pollution (including contamination) remediation obligations, which are obligations to address the current or potential detrimental effects of existing pollution by participating in pollution remediation activities such as site assessments and cleanups.

The former Emeryville Redevelopment Agency acquired properties which were determined to have soil and groundwater contamination. These sites include the Corporation Yard, Bay Street-Site A, and Bay Street-Site B. The former Emeryville Redevelopment Agency is responsible for the investigation, characterization and remediation of the soil and groundwater from the contamination at these sites. In accordance with the Dissolution Act, these obligations are now the responsibility of the Successor Agency to the Emeryville Redevelopment Agency. Remediation costs are covered by Redevelopment Property Tax Trust Fund (“RPTTF”) revenues distributed by Alameda County to the Successor Agency for expenditure on its obligations with approval from the California Department of Finance.

Using the expected outflows technique, the Successor Agency has measured the liabilities based on the pollution remediation outlays expected to be incurred to settle those liabilities.

In fiscal year 2015-16, the Department of Toxic Substances Control (“DTSC”) directed the Successor Agency to conduct additional testing at the Corporation Yard site to further define the vertical and lateral extent of contamination in groundwater. The evaluation concluded that a more comprehensive remedial alternative is required to clean up the contamination. The estimated cost to remediate the Corporation Yard was estimated in 2017 to be approximately $45,100,000, which is in addition to the costs to investigate, evaluate and obtain approval of the remedial action plan by the DTSC. For the 2020-21 ROPS (Recognized Obligation Payment Schedule) period, the California Department of Finance (“DOF”) denied funding in the amount of $2,995,000 for investigation and remediation of the Corporation Yard site, upon determination that remediation of the site is not an enforceable obligation of the former Redevelopment Agency. On May 19, 2019, the City and Successor Agency filed suit challenging the DOF’s determination and denial of remediation funding. The litigation was settled in August 2021 with the determination that the site remediation costs are an enforceable obligation of the former Redevelopment Agency due to the Imminent and Substantial Endangerment Order dated August 13, 2020 (“ISE Order”), issued by DTSC to compel remediation of the site. Pursuant to the ISE Order, an updated remedial action plan reflecting updated cost estimates was submitted to the DOF.

The estimated remaining outstanding cost to complete the clean-up of the Corporation Yard and Bay Street – Site B and conduct on-going groundwater monitoring at Bay Street – Site A, is estimated at $48,917,500 as of June 30, 2023. Of the total clean-up costs, $47,442,500 for the Corporation Yard and $1,475,000 for Bay Street-Site B have been determined to be capitalizable because remediation outlays are necessary to place these assets into their intended location and condition for use. Therefore, these amounts are not reported on the face of the financial statements. 97 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 14 – SUCCESSOR AGENCY TRUST FOR ASSETS OF THE FORMER REDEVELOPMENT AGENCY (Continued)
H. Pledged Revenue
As previously discussed, the former Redevelopment Agency pledged, as security for bonds issued, either directly or through the Financing Authority, a portion of tax increment revenue (including Low and Moderate Income Housing set-aside and pass through allocations) that it receives directly from the RTTPF. The bonds issued were to provide financing for various capital projects, accomplish Low and Moderate Income Housing projects and to defease previously issued bonds. Assembly Bill 1X 26 provided that upon dissolution of the Agency, property taxes allocated to redevelopment agencies no longer are deemed tax increment but rather property tax revenues and will be allocated first to successor agencies to make payments on the indebtedness incurred by the dissolved redevelopment agency. Total principal and interest remaining on the debt is $64,271,917 with annual debt service requirements as indicated above. For the current year, the total property tax revenue recognized by the Successor Agency for the payment of indebtedness incurred by the dissolved redevelopment agency was $14,984,711 and the debt service obligation on the bonds was $10,917,236.

I. Housing Revenue Bonds Without Commission Commitment
On August 15, 1996, the former Redevelopment Agency assisted in the issuance of $16,470,000 in Revenue Bonds for the purpose of providing funds to make a loan to East Bay Bridge Partners to provide permanent financing for a multifamily rental housing project known as the East Bay Bridge Project. Principal and interest on the bonds are payable semi-annually on March 1 and September 1 of each year commencing March 1, 1998. The Commission has no legal or moral commitment for the repayment of these bonds.

On October 9, 2002, the former Redevelopment Agency assisted in the issuance of $66,715,000 in Multifamily Housing Refunding Revenue Bonds, Series 2002A for the purpose of providing funds to make a loan to Bay Street Housing Partners to provide financing for the acquisition and construction of a multifamily residential project known as Bay Street Apartments. Interest on the bonds is payable on the 15th day of each month commencing October 15, 2002. The bonds are due October 15, 2042.

The former Redevelopment Agency has no legal or moral commitment for the repayment of these bonds.

The former Redevelopment Agency assisted in the issuance of $21,000,000 in Multifamily Housing Refunding Revenue Bonds, Series 2005A for the purpose of providing funds to make a loan to Bay Street Partners to provide additional financing for the construction of a multifamily residential project know as Bay Street Apartments. This was done in December 2005 and these bonds provided additional financing to the previously issued Multifamily Housing Refunding Revenue Bonds, Series 2002A. Due to cost overruns in connection with the project, the Borrower requested that the former Redevelopment Agency sell the additional bonds. The former Redevelopment Agency has no legal or moral commitment for the repayment of these bonds.

J. Insurance
The Successor Agency is covered under the City of Emeryville’s insurance policies. Therefore, the limitation and self-insured retentions applicable to the City also apply to the Successor Agency.

Additional information as to coverage and self-insured retentions can be found in Note 12.

98 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
NOTE 14 – SUCCESSOR AGENCY TRUST FOR ASSETS OF THE FORMER REDEVELOPMENT AGENCY (Continued)
K. Successor Agency Settlement Agreement
In 2017, the Successor Agency filed litigation against several defendants seeking joint and several liability for its environmental remediations costs related to polluted groundwater at and emanating from the former Marchant/Whitney site (the “Property”) located at 5679 Horton Street in the City of Emeryville. Recently, the Successor Agency reached a settlement agreement with three defendants in this litigation. The settlement agreement was approved by the County of Alameda Countywide Oversight Board on July 25, 2022, and submitted to the California Department of Finance (DOF) for their review. The settlement agreement requires that the court where the litigation was filed approve a “good faith settlement” motion. The settlement agreement also requires a lump sum payment of $33 million dollars to be deposited and held in a separate fund by the Successor Agency and expended only to pay for cost incurred to clean up the Property, which were received during fiscal year 2023. DOF has agreed that these settlement funds can be held by the Successor Agency and expended to pay for cleanup costs related to the Property once the settlement agreement funds have been listed on an approved Recognized Obligation Payment Schedule (the “ROPS”), beginning in fiscal year July 1, 2023 through June 30, 2024. As of June 30, 2023, the Successor Agency has not spent any settlement funds to date.
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DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

GENERAL FUND

SCHEDULE OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES

BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Budget Amounts Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 58,883,427 $ 58,883,427 $ 58,883,427 $ - Resources (Inflows)
Taxes 33,927,140 34,888,981 39,346,758 4,457,777
Licenses and permits 6,626,410 11,834,030 10,965,919 (868,111) Intergovernmental 3,115,414 3,551,954 3,570,668 18,714
Charges for services 662,900 528,900 515,439 (13,461)
Investment income 521,800 521,800 1,204,480 682,680
Rental income 424,375 432,375 471,115 38,740
Contributions 267,600 267,600 354,706 87,106
Miscellaneous 467,800 799,800 1,092,940 293,140
Transfers in 166,500 166,500 166,500 -
Total Resources 46,179,939 52,991,940 57,688,525 4,696,585 Amounts Available for Appropriations 105,063,366 111,875,367 116,571,952 4,696,585 Charges to Appropriation (Outflows)
City Council 229,726 229,726 220,303 9,423
City Manager 1,513,601 1,673,601 1,474,781 198,820
City Attorney 787,403 787,403 655,935 131,468
Finance 1,406,844 1,406,844 1,415,175 (8,331)
Human Resources 890,340 971,840 839,362 132,478
Information Technology 847,654 847,654 822,147 25,507
General Government - non-departmental operations 2,817,803 4,505,479 3,185,132 1,320,347 Police 15,822,328 15,770,028 14,763,914 1,006,114
Fire 10,280,641 10,280,641 10,181,121 99,520
Planning and Building 2,970,136 5,159,906 4,276,814 883,092 Economic Development and Housing 967,926 967,926 828,144 139,782 Community Services 750,800 830,800 777,774 53,026
Youth Services 1,571,224 1,885,024 1,797,328 87,696
Adult Services 814,713 667,912 568,509 99,403
Public Works 4,083,999 4,083,999 4,448,227 (364,228)
Capital Outlay 5,000 - 8,900 8,900
Transfers (out) 2,068,034 3,114,309 3,114,208 101
Total Charges to Appropriations 47,828,172 53,191,992 49,368,874 3,823,118 Fund Balance, June 30 $ 57,235,194 $ 58,683,375 $ 67,203,078 $ 8,519,703 101
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

OTHER GRANTS SPECIAL REVENUE FUND

SCHEDULE OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES

BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 2,063,240 $ 2,063,240 $ 2,063,240 $ - Resources (Inflows)
Intergovernmental 10,052,332 11,639,761 1,011,993 (10,627,768) Investment income 500 500 70,498 69,998
Miscellaneous revenue 2,500,000 2,500,000 - (2,500,000) Transfers in - 35,604 35,604 -
Amounts Available for Appropriations 16,239,105 14,616,072 3,181,335 (13,057,770) Charges to Appropriation (Outflows)
General government - non-departmental operations - 2,300 2,300 - Police 187,613 - 67,952 119,661
Planning and building - - 32,020 (32,020)
Community services - - 246,619 (246,619)
Public works - - 21,234 (21,234)
Adult services 78,500 143,394 143,394
Capital outlay 9,212,702 5,701,155 3,511,547 12,042,821 Total Charges to Appropriations 12,121,321 9,546,009 6,071,280 3,474,729 Fund Balance, June 30 $ 6,693,096 2,494,751 $ (2,889,945) $ (9,583,041) $ Budget Amounts
102
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 23,079,292 $ 23,079,292 $ 23,079,292 $ - Resources (Inflows)
Charges for services - - 45,947 45,947
Investment income 30,000 30,000 293,586 263,586
Rent - - 16,408 16,408
Miscellaneous - 574,127 - 574,127
Amounts Available for Appropriations 23,109,292 23,109,292 24,009,360 900,068 Charges to Appropriation (Outflows)
Economic development and housing 4,652,216 4,652,216 4,420,760 231,456 Total Charges to Appropriations 4,652,216 4,652,216 4,420,760 231,456 Fund Balance, June 30 $ 18,457,076 $ 18,457,076 $ 19,588,600 $ 1,131,524 Budget Amounts

CITY OF EMERYVILLE

HOUSING ASSETS SPECIAL REVENUE FUND

SCHEDULE OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES

BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2023
103
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 587,999 $ 587,999 $ 587,999 $ - Resources (Inflows)
Taxes 4,503,754 4,503,754 4,461,777 (41,977)
Investment income 500 500 33,773 33,273
Transfers in 588,580 588,580 588,580 -
Amounts Available for Appropriations 5,680,833 5,680,833 5,672,129 (8,704) Charges to Appropriation (Outflows)
City council 17,600 17,600 17,600 -
Property based improvement district 5,105,070 5,105,070 5,058,497 46,573 Total Charges to Appropriations 5,122,670 5,122,670 5,076,097 46,573 Fund Balance, June 30 $ 558,163 $ 558,163 $ 596,032 $ 37,869 Budget Amounts

CITY OF EMERYVILLE

PROPERTY BASED IMPROVEMENT DISTRICT SPECIAL REVENUE FUND

SCHEDULE OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES

BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2023
104
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 7,072,314 $ 7,072,314 $ 7,072,314 $ - Resources (Inflows)
Taxes 1,224,000 1,224,000 1,309,166 85,166
Investment income 12,000 12,000 163,706 151,706
Miscellaneous 100,000 - 10,100,275 10,000,275
Amounts Available for Appropriations 8,408,314 8,308,314 18,645,461 10,237,147 Charges to Appropriation (Outflows)
Economic development and housing 5,745,546 5,645,546 3,727,273 2,018,273 Capital outlay 1,715,080 1,715,080 73,531 1,641,549
Total Charges to Appropriations 7,360,626 7,460,626 3,800,804 3,659,822 Fund Balance, June 30 $ 947,688 $ 947,688 $ 14,844,657 $ 13,896,969 Budget Amounts

CITY OF EMERYVILLE

AFFORDABLE HOUSING SPECIAL REVENUE FUND

SCHEDULE OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES

BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2023
105
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1- $ $ - $ - $ -
Resources (Inflows)
Investment income - - 137,169 137,169
Proceeds from debt - - 50,000,000 50,000,000
Amounts Available for Appropriations - - 50,137,169 50,137,169 Charges to Appropriation (Outflows)
Interest and fiscal charges - 763,750 745,175 18,575
Total Charges to Appropriations - 763,750 745,175 18,575 Fund Balance, June 30 $ (763,750) - $ $ 49,391,994 $ 50,155,744 Budget Amounts

CITY OF EMERYVILLE

MEASURE C HOUSING BOND SPECIAL REVENUE FUND

SCHEDULE OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES

BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2023
106
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DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY –

MISCELLANEOUS PLAN
COST SHARING – EMPLOYER DEFINED BENEFIT PENSION PLAN
LAST TEN YEARS (1)
Measurement Date June 30 2022 2021 2020 2019
Plan's Proportion of the Net Pension Liability 0.41103% 0.41993% 0.36372% 0.13257% Plan's Proportionate Share of the Net Pension Liability $ 19,232,872 $ 7,973,731 $ 15,341,913 $ 13,584,578 Plan's Covered Payroll 10,129,480 10,436,301 8,882,221 8,614,042 Plan's Proportionate Share of the Net Pension Liability as a Percentage of Covered Payroll 189.87% 76.40% 172.73% 157.70% The Pension Plan's (PERF-C) Fiduciary Net Position as
a Percentage of the Total Pension Liability 78.19% 90.49% 78.04% 75.26% Notes to Schedule:

Benefit Changes:

Changes of Assumptions:

There were no changes to benefit terms. However, the figures above do not include any liability impact that may have resulted from plan changes which occurred after June 30, 2016. This applies for voluntary benefit changes as well as any offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes).

In 2019, 2020, and 2021, there were no changes. In 2018, demographic assumptions and inflation rates were changed in accordance with the CalPERS Experience Study and Review of Actuarial Assumptions December 2017. There were no changes in the discount rate. In 2017, the accounting dicsount reduced from 7.65 percent to 7.15 percent. In 2016, there were no changes. In 2015, amounts reported reflect an adjustment of the discount rate from 7.5 percent (net of adminstrative expense) to 7.65 percent (without a reduction for pension plan adminstrative expense). In 2014, amount reported were based on the 7.5 percent discount rate. (1) Historical information is required only for measurement for which GASB 68 is applicable.

Fiscal Year 2015 was the first year of implementation, therefore only nine years are shown. 108
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY –

MISCELLANEOUS PLAN
COST SHARING – EMPLOYER DEFINED BENEFIT PENSION PLAN
LAST TEN YEARS (1) (Continued)
2018 2017 2016 2015 2014

0.12092% 0.11846% 0.10969% 0.08757% 0.08955%
$ 11,652,402 $ 11,747,763 $ 9,491,366 $ 6,010,619 $ 5,572,106 8,333,650 8,122,643 7,489,145 7,484,785 6,989,367
139.82% 144.63% 126.73% 80.30% 79.72%

75.26% 73.31% 74.06% 78.40% 79.82%
109
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY –

SAFETY PLAN
COST SHARING – EMPLOYER DEFINED BENEFIT PENSION PLAN
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS (1)
Measurement Date June 30 2022 2021 2020 2019
Plan's Proportion of the Net Pension Liability 0.55268% 0.55940% 0.49710% 0.31524% Plan's Proportionate Share of the Net Pension Liability $ 37,978,179 $ 19,631,975 $ 33,118,423 $ 30,377,824 Plan's Covered Payroll 6,438,327 6,251,423 5,390,900 5,522,414 Plan's Proportionate Share of the Net Pension Liability as a Percentage of Covered Payroll 589.88% 314.04% 614.34% 550.08% The Pension Plan's (PERF-C) Fiduciary Net Position as
a Percentage of the Total Pension Liability 75.53% 86.61% 73.36% 75.26% Notes to Schedule:

Benefit Changes:

Changes of Assumptions:

In 2019, 2020, and 2021, there were no changes. In 2018, demographic assumptions and inflation rates were changed in accordance with the CalPERS Experience Study and Review of Actuarial Assumptions December 2017. There were no changes in the discount rate. In 2017, the accounting dicsount reduced from 7.65 percent to 7.15 percent. In 2016, there were no changes. In 2015, amounts reported reflect an adjustment of the discount rate from 7.5 percent (net of adminstrative expense) to 7.65 percent (without a reduction for pension plan adminstrative expense). In 2014, amount reported were based on the 7.5 percent discount rate.
(1) Historical information is required only for measurement for which GASB 68 is applicable. Fiscal Year 2015 was the first year of implementation, therefore only nine years are shown.
110
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY –

SAFETY PLAN
COST SHARING – EMPLOYER DEFINED BENEFIT PENSION PLAN
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS (1) (Continued) 2018 2017 2016 2015 2014

0.29242% 0.51479% 0.44882% 0.35246% 0.30886%
$ 28,178,105 $ 32,032,873 $ 27,927,528 $ 21,931,706 $ 19,218,805 5,396,885 5,077,077 4,641,902 4,249,620 4,200,740
522.12% 630.93% 601.64% 516.09% 457.51%

75.26% 73.31% 74.06% 78.40% 79.82%
111
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS – EMERYVILLE POLICE OFFICERS’ ASSOCIATION RETIREMENT ENHANCEMENT PLAN

AGENT MULTIPLE-EMPLOYER DEFINED BENEFIT PENSION PLAN
LAST TEN YEARS (1)
Measurement Date June 30 2023 2022 2021 2020

TOTAL PENSION LIABILITY
Service Cost 65,748 $ 49,935 $ 48,599 $ 52,616 $
Interest on Total Pension Liability 164,343 154,925 129,923 121,264 Effect of Plan Changes - - - 102,056
Effect of Economic/Demographics Gains or Losses 350,200 - 277,556 - Effect of Assumptions Changes or Inputs 292,920 - - (203,340) Benefit Payments (76,542) (75,041) (70,581) (45,817)
Net Change in Total Pension Liability 796,669 129,819 385,497 26,779 Total Pension Liability - Beginning 2,500,269 2,370,450 1,984,953 1,835,539 Total Pension Liability - Ending (a) $ 3,296,938 $ 2,500,269 $ 2,370,450 $ 1,862,318

PLAN FIDUCIARY NET POSITION
Benefit Payments $ (76,542) $ (75,041) $ (70,581) $ (45,817) Employer Contributions 159,271 152,560 124,410 133,865
Net Investment Income 136,846 (285,058) 372,140 91,722
Administrative Expenses (8,030) (8,240) (7,757) (6,465) Net Change in Fiduciary Net Position 211,545 (215,779) 418,212 173,305 Plan Fiduciary Net Position - Beginning 1,873,429 2,089,208 1,670,996 1,378,948 Plan Fiduciary Net Position - Ending (b) $ 2,084,974 $ 1,873,429 $ 2,089,208 $ 1,552,253 Plan Net Pension Liability/ - Ending (a) - (b) $ 1,211,964 $ 626,840 $ 281,242 $ 310,065 Plan Fiduciary Net Position as a Percentage of the
Total Pension Liability 63.24% 74.93% 88.14% 83.35%
Covered Payroll $ 3,177,408 $ 3,221,809 $ 3,135,581 $ 3,241,206 Plan Net Pension Liability as a Percentage of
Covered Payroll 38.14% 19.46% 8.97% 9.57%
Notes to Schedule:

Changes of Assumptions: In 2022, there were no changes in assumptions.

Benefit Changes: The figures above do not include any liability impact that may have resulted from plan changes which occurred after June 30, 2016. This applies for voluntary benefit changes as well as any offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes).
(1) Historical information is required only for measurement for which GASB 68 is applicable. Fiscal Year 2015 was the first year of implementation, however, the information for Fiscal Year 2015 is unavailable. Additional data will be added as they become available. 112
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS – EMERYVILLE POLICE OFFICERS’ ASSOCIATION RETIREMENT ENHANCEMENT PLAN

AGENT MULTIPLE-EMPLOYER DEFINED BENEFIT PENSION PLAN
LAST TEN YEARS (1) (Continued)
2019 2018 2017 2016
$ 70,230 $ 68,184 $ 67,969 $ 65,989
111,940 126,160 113,800 102,162
- - - -
(387,260) - - -
133,479 - - -
(17,754) (6,962) (3,919) (3,842)
297,895 (199,878) 177,850 164,309
1,537,644 1,737,522 1,559,672 1,395,363
$ 1,835,539 $ 1,537,644 $ 1,737,522 $ 1,559,672
$ (17,754) $ (6,962) $ (3,919) $ (3,842)
134,840 181,897 102,789 111,064
74,533 101,720 58,983 16,626
(6,076) (5,350) (4,246) (3,662)
185,543 271,305 153,607 120,186
1,193,405 922,100 768,493 648,307
$ 1,378,948 $ 1,193,405 $ 922,100 $ 768,493
$ 456,591 $ 344,239 $ 815,422 $ 791,179

75.12% 77.61% 53.07% 49.27%
$ 3,154,458 $ 3,786,204 $ 3,675,926 $ 3,568,860

14.47% 9.09% 22.18% 22.17%
113
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF PLAN CONTRIBUTIONS – MISCELLANEOUS PLAN
COST SHARING – EMPLOYER DEFINED BENEFIT PENSION PLAN
LAST TEN YEARS (1)
Fiscal Year Ended June 30 2023 2022 2021 2020
Actuary Determined Contribution $ 1,526,236 $ 1,783,332 $ 1,334,665 $ 1,369,757 Contribution in Relation to the
Actuarially Determined Contribution (1,526,236) (1,783,332) (1,334,665) (1,369,757) Contribution Deficiency (Excess) $ - $ - $ - $ -
Actual Contributions as a Percentage of
Actuarial Determined Contributions 100.00% 100.00% 100.00% 100.00% Covered Payroll $ 9,902,328 $ 10,129,480 $ 10,436,301 $ 8,882,221 Contributions as a Percentage of Covered Payroll 15.41% 17.61% 12.79% 15.42% Note to Schedule:

Valuation Date: June 30, 2021
Methods and assumptions used to determine contribution rates:

Actuarial cost method Entry age normal
Amortization method/period Level percent payroll/closed Source
Investment Non-Investment
Amortization Period 30 years 20 years 20 years 20 years 5 years Escalation Rate
- Active Plans 2.80% 2.80% 2.80% 2.80% 2.80%
- Inactive Plans 0% 0% 0% 0% 0%
Ramp Up 5 5 5 0 0
Ramp Down 5 5 5 0 0
Asset valuation method
Inflation
Payroll growth
Investment rate of return
Retirement age
Mortality
(1) Historical information is required only for measurement for which GASB 68 is applicable. Fiscal Year 2015 was the first year of implementation, therefore only nine years are shown.

All other actuarial assumptions used in the June 30, 2020 valuation were based on the results of an actuarial experience study for the period from 1997 to 2015, including updates to salary increase, mortality and retirement rates. The Experience Study report may be accessed on the CalPERS website at www.calpers.ca.gov under Forms and Publications.

The mortality table used was developed based on CalPERS’ specific data. The table includes 15 years of mortality improvements using 90 percent of Society of Actuaries' Scale 2016. For more details on this table, please refer to the 2017 experience study report.

Driver
Assumption/Method
Change Golden Handshake
(Gain)/Loss
Benefit Change
114
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF PLAN CONTRIBUTIONS – MISCELLANEOUS PLAN
COST SHARING – EMPLOYER DEFINED BENEFIT PENSION PLAN
LAST TEN YEARS (1) (Continued)
2019 2018 2017 2016 2015
$ 1,124,374 $ 730,186 $ 715,234 $ 621,417 $ 597,401
(1,124,374) (730,186) (715,234) (687,044) (597,401)
$ - $ - $ - $ (65,627) $ -
100.00% 100.00% 100.00% 110.56% 100.00%
$ 8,614,042 $ 8,333,650 $ 8,122,643 $ 7,489,145 $ 7,484,785

13.05% 8.76% 8.81% 9.17% 7.98%
115
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF PLAN CONTRIBUTIONS – SAFETY PLAN
COST SHARING – EMPLOYER DEFINED BENEFIT PENSION PLAN
LAST TEN YEARS (1)
Fiscal Year Ended June 30 2023 2022 2021 2020
Actuary Determined Contribution $ 1,745,976 $ 3,613,298 $ 3,508,756 $ 3,030,829 Contribution in Relation to the
Actuarially Determined Contribution (1,745,976) (3,613,298) (3,508,756) (3,030,829) Contribution Deficiency (Excess) $ - $ - $ - $ -
Actual Contributions as a Percentage of
Actuarial Determined Contributions 100.00% 100.00% 100.00% 100.00% Covered Payroll $ 6,632,310 $ 6,438,327 $ 6,251,423 $ 5,390,900 Contributions as a Percentage of Covered Payroll 26.33% 56.12% 56.13% 56.22% Note to Schedule:

Valuation Date: June 30, 2021
Methods and assumptions used to determine contribution rates:

Actuarial cost method Entry age normal
Amortization method/period Level percent payroll/closed Source
(Gain)/Loss
Investment Benefit Change
Amortization Period 30 years 30 Years 20 Years 20 Years 5 years Escalation Rate
- Active Plans 2.75% 2.75% 2.75% 2.75% 2.75%
- Inactive Plans 0% 0% 0% 0% 0%
Ramp Up 55 5 0 0
Ramp Down 5 5 5 0 0
Asset valuation method
Inflation Market value
Payroll growth 2.50%
Investment rate of return Varies by Entry Age and Service Retirement age
Mortality The mortality table used was developed based on CalPERS’ specific data. The table includes 15 years of mortality improvements using 90 percent of Society of Actuaries' Scale 2016. For more details on this table, please refer to the 2017 experience study report.
(1) Historical information is required only for measurement for which GASB 68 is applicable. Fiscal Year 2015 was the first year of implementation, therefore only nine years are shown.

Non-Investment

7.15% (net of pension plan investment and administrative expenses, includes inflation)
All other actuarial assumptions used in the June 30, 2020 valuation were based on the results of an actuarial experience study for the period from 1997 to 2015, including updates to salary increase, mortality and retirement rates. The Experience Study report may be accessed on the CalPERS website at www.calpers.ca.gov under Forms and Publications.

Driver
Golden
Handshake
Assumption/Method
Change
116
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF PLAN CONTRIBUTIONS – SAFETY PLAN
COST SHARING – EMPLOYER DEFINED BENEFIT PENSION PLAN
LAST TEN YEARS (1) (Continued)
2019 2018 2017 2016 2015
$ 2,658,885 $ 2,307,196 $ 1,523,991 $ 821,621 $ 847,794 (2,658,885) (6,307,196) (2,260,671) (1,823,955) (1,347,875) $ (4,000,000) - $ $ (736,680) $ (1,002,334) $ (500,081) 100.00% 273.37% 148.34% 221.99% 158.99%
$ 5,522,414 $ 5,396,885 $ 5,077,077 $ 4,641,902 $ 4,249,620

48.15% 116.87% 44.53% 39.29% 31.72%
117
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF PLAN CONTRIBUTIONS – EMERYVILLE POLICE OFFICERS’

ASSOCIATION RETIREMENT ENHANCEMENT PLAN

AGENT MULTIPLE-EMPLOYER DEFINED BENEFIT PENSION PLAN
LAST TEN YEARS (1)
Fiscal Year Ended June 30 2023 2022 2021 2020
Actuarially Determined Contribution $ 126,725 $ 128,559 $ 124,410 $ 129,347 Contribution in Relation to the
Actuarially Determined Contribution (159,271) (152,560) (136,068) (147,759) Contribution Deficiency (Excess) $ (32,546) $ (24,001) $ (11,658) $ (18,412) Actual Contributions as a Percentage of
Actuarial Determined Contributions 125.68% 118.67% 109.37% 114.23% Covered Payroll $ 3,177,408 $ 3,221,809 $ 3,135,581 $ 3,241,206 Contributions as a Percentage of Covered Payroll 5.01% 4.74% 4.34% 4.56% Note to Schedule:

Valuation Date: June 30, 2022
Methods and assumptions used to
determine contribution rates:

Actuarial cost method Entry age normal
Amortization method Level dollar, closed
Remaining amortization period 15 years 15 years
Assets valuation method None None
Inflation 2.30%
Salary increases Varies by entry age and service Varies by entry age and services Investment rate of return 6.50%
Payroll growth 2.80%
Cost of living adjustments 2.00%
Mortality Pre-Retirement: CalPERS Public Agency Police Mortality rates after June 30, 2021 (both Industrial and Non-Industrial as applicable).

Post-Retirement: CalPERS 1997-2011 Health Retiree Mortality Tables after June 30, 2021.

Withdrawal CalPERS Public Agency Police Terminated Refund plus Terminated Vested rates.

Disability CalPERS Public Agency Police Disability rates.

Retirement age CalPERS Public Agency Police 3% at Age 50 Retirement rates.

Maximum benefits and salary Salary limits under 401(a)(17) apply. Limit is assumed to increase 2.30% a year.

Beneficiaries
(1) Historical information is required only for measurement for which GASB 68 is applicable. Fiscal Year 2015 was the first year of implementation, however, the information for Fiscal Year 2015 is unavailable. Additional data will be added as they become available. 85% of participants are assumed to have an eligible spouse or domestic partner, with males three years older than their female partners.
118
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF PLAN CONTRIBUTIONS – EMERYVILLE POLICE OFFICERS’

ASSOCIATION RETIREMENT ENHANCEMENT PLAN

AGENT MULTIPLE-EMPLOYER DEFINED BENEFIT PENSION PLAN
LAST TEN YEARS (1) (Continued)
2019 2018 2017 2016
$ 133,865 $ 134,840 $ 152,747 $ 158,946
(151,057) (151,248) (204,481) (176,393)
$ (17,192) $ (16,408) $ (51,734) $ (17,447)
112.84% 112.17% 133.87% 110.98%
$ 3,154,458 $ 3,786,204 $ 3,675,926 $ 3,568,860

4.79% 3.99% 5.56% 4.94%
119
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

REQUIRED SUPPLEMENTARY INFORMATION

SCHEDULE OF CHANGES IN THE NET OPEB LIABILITY AND RELATED RATIOS

AGENT MULTIPLE-EMPLOYER DEFINED BENEFIT PLAN
LAST TEN YEARS (1)
Measurement Date June 30 2022 2021 2020
Total OPEB Liability
Service cost $ 497,020 $ 484,899 $ 547,252
Interest on the total OPEB liability 262,312 253,206 340,517 Actual and expected experience difference (389,381) - (205,089) Changes in assumptions (1,809,863) (27,318) 280,736
Benefit payments (437,878) (455,517) (430,059)
Net change in total OPEB liability (1,877,790) 255,270 533,357 Total OPEB liability - beginning 9,889,028 9,633,758 9,100,401 Total OPEB liability - ending (a) 8,011,238 9,889,028 9,633,758 Plan Fiduciary Net Position
Contribution - employer 373,142 388,037 365,205
Net investment income 57,634 50,654 69,156
Benefit payments (437,878) (455,517) (430,059)
Administrative expense (24,007) (29,879) (32,563)
Net change in plan fiduciary net position (31,109) (46,705) (28,261) Plan fiduciary net position - beginning 2,309,014 2,355,719 2,383,980 Plan fiduciary net position - ending (b) 2,277,905 2,309,014 2,355,719 Net OPEB Liability/(Assets) - ending (a) - (b) $ 5,733,333 $ 7,580,014 $ 7,278,039 Plan fiduciary net position as a percentage of
the total OPEB liability 28.43% 23.35% 24.45%
Covered-employee payroll (contributions not
based on measure of pay) $ 16,567,807 $ 16,687,723 $ 15,912,848 Net OPEB liability as a percentage of
covered-employee payroll 34.61% 45.42% 45.74%
(1) Historical information is required only for the measurement periods for which GASB 75 is applicable.

Fiscal Year 2018 was the first year of implementation.

Future years' information will be displayed up to 10 years as information becomes available.

Notes to schedule:

Changes in assumptions: In 2022, the discount rate increased from 3.58% to 3.65%.

120
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

REQUIRED SUPPLEMENTARY INFORMATION

SCHEDULE OF CHANGES IN THE NET OPEB LIABILITY AND RELATED RATIOS

AGENT MULTIPLE-EMPLOYER DEFINED BENEFIT PLAN
LAST TEN YEARS (1)
2019 2018 2017
$ 495,745 $ 130,287 $ 126,800
338,652 356,143 348,921
- (78,733) -
369,238 1,391,116 -
(449,192) (342,960) (467,946)
754,443 1,455,853 7,775
8,345,958 6,890,105 6,882,330
9,100,401 8,345,958 6,890,105
381,084 266,889 368,550
70,036 73,206 78,423
(449,192) (342,960) (467,946)
(32,209) (32,172) (18,535)
(30,281) (35,037) (39,508)
2,414,261 2,449,298 2,488,806
2,383,980 2,414,261 2,449,298
$ 6,716,421 $ 5,931,697 $ 4,440,807

26.20% 28.93% 35.55%
$ 15,549,049 $ 14,414,822 $ 15,318,041

43.20% 41.15% 28.99%

121
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

REQUIRED SUPPLEMENTARY INFORMATION

SCHEDULE OF OPEB PLAN CONTRIBUTIONS

AGENT MULTIPLE-EMPLOYER DEFINED BENEFIT PLAN
LAST TEN YEARS (1)
FISCAL YEAR ENDED JUNE 30 2023 2022 2021 2020 2019 2018 Actuarially Determined Contribution $ 373,862 $ 370,788 $ 388,037 $ 365,205 $ 381,084 $ 368,550 Contribution in Relation to the Actuarially
Determined Contributions (373,862) (370,788) (388,037) (365,205) (274,317) (227,281) Contribution Deficiency (Excess) $ - $ - $ - $ - $ 106,767 $ 141,269 Covered-employee payroll (contributions
not based on measure of pay) $ 16,567,807 $ 16,889,108 $ 16,687,723 $ 15,912,848 $ 15,549,049 $ 14,414,822 Contributions as a percentage of
covered-employee payrol 2.26% 2.20% 2.33% 2.30% 2.45% 2.56% Notes to Schedule
*Actuarial methods and assumptions used to set the actuarially determined contribution for Fiscal Year 2023 were from the June 30, 2022 actuarial valuation.

Methods and assumptions used to determine contribution rates:

Actuarial cost method Entry age normal
Amortization Valuation Method/Period Level percent of payroll over a closed rolling 15-year period Asset Valuation Method Market value
Inflation 2.50%
Payroll growth 3.00% per annum, in aggregate
Investment rate of return 4.25% per annum
Healthcare cost-trend rates 4% per annum
Retirement Age Based on CalPERS retirement rates
Mortality
(1) Historical information is required only for the measurement periods for which GASB 75 is applicable. Fiscal Year 2018 was the first year of implementation.

Future years' information will be displayed up to 10 years as information becomes available. 122
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DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
FOR THE YEAR ENDED JUNE 30, 2023
Note 1: Budgets and Budgetary Accounting
a. Budgeting Procedures
The City operates under the general laws of the State of California and bi-annually adopts a budget for its governmental fund types, except for the Small Local Bus Support and the Code Enforcement Reserve Special Revenue Funds, to be effective July 1 for the ensuing fiscal years. From the effective date of the budget, which is adopted by City Council and controlled by the City Manager at the fund level, the amounts slated therein as proposed expenditures budget by resolution during the fiscal year. The City Manager may authorize transfer of appropriations from one object, purpose, or department to another within the same fund provided the level of service stays the same. All appropriations lapse at yearend, except those relating to long-term capital projects. Supplemental appropriations were approved by the City Council during the year ended June 30, 2023 and are included in the final budget amounts presented in the basic financial statements. b. Budgetary Basis
Bi-annual budgets are adopted on a basis consistent with generally accepted accounting principles.
c. Expenditures in Excess of Appropriations
Expenditures for the year ended June 30, 2023 exceeded the appropriations in the following funds:

Park / Rec Impact Fee Special Revenue Fund $20,276
Emergency Medical Services Special Revenue Fund 23,808
The funds had sufficient revenues to cover the expenditures that exceeded the final budget. 124
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS
Special Revenue Funds
The Housing Community Development Fund accounts for Federal Community Development Block Grant (CDBG) funds and CDBG Program Income funds utilized for CDBG eligible projects.

The Cal - Home Loan Program Fund accounts for funds received and loans made under the State of California’s Cal Home Loan program.

The Police Impound Fund accounts for asset forfeiture funds allocated to the Police Department under state law.

The Catellus Contingent Fund accounts for a deposit payment that was required of the Catellus Development Corporation as a development condition of approval and is to be utilized for installation of a future pedestrian actuated signal, if required.

The Special Gas Tax Street Improvement Fund accounts for gas tax revenues apportioned by the state under specific statutory authority. The allocation formula is a combination of population and street mileage. The use of gas tax revenues is restricted to specific street maintenance activities.

The General Plan Maintenance Fund accounts for fees collected to cover costs of updating the City’s Plan and Zoning Ordinance over the next 20 years.

The Child Development Fund accounts for all revenue utilized to support the operations of the Emeryville Child Development Center, including grant funds from the State Department of Education, program fees and a General Fund subsidy.

The Measure B Fund accounts for revenues generated by a special one-half cent sales tax that was approved by the voters of Alameda County in 1986 and reauthorized in 2000. These funds are restricted for local transportation and special transportation (paratransit) purposes.

The Measure BB Fund accounts for revenues generated by a special one-half cent sales tax that was approved in 2014. These funds are restricted for local transportation and special transportation (paratransit) purposes and are distributed monthly by the Alameda County Transportation Commission.

The Transportation Impact Fee Fund accounts for transportation impact fees paid by new development, as required by the City’s Transportation Impact Fee Ordinance.

The Park / Rec Impact Fee Fund accounts for parks and recreation impact fees paid by new development, as required by the City’s Park / Rec Impact Fee Ordinance.

The Affordable Housing Impact Fee Fund accounts for rental residential developments and nonresidential developments to mitigate the impact of such developments on the need for affordable housing in the City.

The Supplemental Law Enforcement Fund accounts for state entitlements, which must be spent for front line municipal police services including anti-gang and community crime prevention programs.

The Emergency Medical Services (EMS) Fund accounts for the Supplemental Assessment paid by Emeryville residents for emergency medical services provided by the Emeryville Fire Department. 125
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS
Special Revenue Funds (Continued)
The Recycling / Source Reduction Fund accounts for revenue generated through a surcharge on garbage rates, which is utilized for waste reduction, recycling and cleanup programs.

The Measure D Fund accounts for the City of Emeryville’s allocation of funds generated by the landfill surcharge under the Alameda County Recycling Initiative (Measure D). Measure D funds are restricted to specific recycling and waste reduction activities.

The Emeryville Public Art Fund accounts for funds received from new development as required under the City’s Percent for Art Ordinance.

The Information Technology Fund accounts for funds set aside to support the City’s technology upgrade program. This fund was initiated in 1997.

The PEG Program Fund accounts for franchise fees collected for Public, Educational, and Governmental access video programming.

The Urban Forestry Fee Fund accounts for fees and penalties collected under the City’s Urban Forestry Ordinance governing the removal and replacement of street trees.

The Opioid Settlement Fund accounts for the allocation of national opioid settlement agreements to be used for opioid remedies activities.

The Environmental Program Fund accounts for funds committed to environmentally friendly projects.

The Small Local Business Support Fund accounts for funds collected from developers to support small local serving businesses.

The Road Maintenance & Rehabilitation Fund reports the allocation of State taxes enacted by the Road Repair and Accountability Act of 2017.

The Measure B-VRF Fund accounts for a pro-rata share of the annual $10 per vehicle Registration Fee (VRF) approved by voters in Alameda County in 2010. These funds are restricted for local road improvements and repairs.

The Code Enforcement Reserve Fund has been established to provide for mitigation of property related code enforcement activities. Future recovery from property owner or property levy will be used for mitigation activities.

The Measure F Fund accounts for revenues generated by a special one quarter percent (0.25%) of the retail transactions and use tax effective July 1, 2020 to support the City’s various specified personnel positions and Child Development Program.

The Parking Program Fund accounts for fees collected from parking within Emeryville to support the City’s parking program beginning February 2021.
126
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CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS
Capital Project Funds
The 1999 Revenue Bond Fund accounts for bond proceeds from the 1999 bonds that were issued from the West Emeryville, Bay Street Shellmound Street expansion and East Bay Bridge Districts.

The Marina Improvement Fund accounts for the capital improvements of the Emeryville Public Marina.

The Marina Fund was an enterprise fund until December 1998 when the facility was leased to a private company.

The Emeryville Center of Community Life Fund is funded by a $21.2M cash transfer of bond proceeds from the former redevelopment agency and accounts for capital expenditures related to the development of the Emeryville Center of Community Life.

The Implementation Plan 2010-14 Fund accounts for capital project commitments located within the Shellmound Park Redevelopment Project Area and is funded by $3.8M in bond proceeds transferred to the City by the Successor Agency in fiscal year 2015.

The Pedestrian Path Improvement Fund accounts for funds committed for street bicycle and pedestrian improvements.

The Major Maintenance Fund accounts for funds set aside to complete major maintenance projects at City owned facilities. The fund was initiated during the 1993-1994 fiscal year with one-time revenues, and currently receives annual payments from each City department that operates a City facility.

The Vehicle Replacement Fund accounts for resources set aside for vehicle replacement.

The Developer Contributions Fund accounts for projects to be funded by third parties as conditions of development agreements. Some projects will be delivered as improvements in lieu of cash.

The 1999 Bay/Shellmound Fund accounts for the surplus funds from 1999 bonds that were issued from the Bay Street Shellmound Expansion District.

Debt Service Funds
The 1998 Lease Revenue Series A Bond Fund receives transfer from the General Fund and accounts for payments of principal and interest on the 1998 Lease Revenue Series A Bonds. 127
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Housing
Community
Development
Cal-Home
Loan Program
Police
Impound
Catellus
Contingent
ASSETS:

Cash, cash equivalents, and investments 229,827 $ 1,115,676 $ 9,372 $ 13,347 $ Receivables:

Accounts - - - -
Taxes - - - -
Due from other governments 59,946 - - -
Accrued interest 651 3,109 27 39
Prepaid costs - - - -
Lease receivable - - - -
Total Assets $ 290,424 $ 1,118,785 $ 9,399 $ 13,386
LIABILITIES:

Accounts payable $ - $ - $ - $ 463
Accrued liabilities - - - 231
Unearned revenue/deferred revenue 59,946 - - -
Deposits payable - - - -
Total Liabilities 59,946 - - 694
DEFERRED INFLOWS OF RESOURCES:

Leases - - - -
Total Deferred Inflows of Resources - - - -
FUND BALANCES:

Nonspendables:

Prepaid costs - - - -
Restricted for:

Community development projects 1,118,785 230,478 - -
Public safety - - 9,399 -
Public works - - - -
Capital projects - - - 12,692
Debt service - - - -
Small business incentive - - - -
Community services - - - -
Environmental programs - - - -
Committed to:

Community development projects - - - -
Facility maintenance - - - -
Vehicle replacement - - - -
Information technology - - - -
Assigned to:

Capital projects - - - -
Community services - - - -
Total Fund Balances 230,478 1,118,785 9,399 12,692
Total Liabilities and Fund Balances $ 290,424 $ 1,118,785 $ 9,399 $ 13,386

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEETS
JUNE 30, 2023

SPECIAL REVENUE FUNDS
128
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Special Gas
Tax Street
Improvement
General Plan
Maintenance
Child
Development Measure B
ASSETS:

Cash, cash equivalents, and investments 209,341 $ 4,314,020 $ 686,038$ $ 380,165 Receivables:

Accounts - 1,025 50,840 -
Taxes 28,065 - - -
Due from other governments - - - -
Accrued interest 659 12,390 1,932 1,328
Prepaid costs - 169 - -
Lease receivable - - - -
Total Assets $ 238,065 $ 4,327,604 738,810$ $ 381,493
LIABILITIES:

Accounts payable $ 59,215 $ 12,090 33,510$ $ 28,710
Accrued liabilities - - - -
Unearned revenue/deferred revenue - - 637 -
Deposits payable - - - -
Total Liabilities 59,215 12,090 34,147 28,710
DEFERRED INFLOWS OF RESOURCES:

Leases - - - -
Total Deferred Inflows of Resources - - - -
FUND BALANCES:

Nonspendables:

Prepaid costs 169 - - -
Restricted for:

Community development projects 4,315,345 - - -
Public safety - - - -
Public works 178,850 - 331,556 -
Capital projects - - - -
Debt service - - - -
Small business incentive - - - -
Community services - - - 21,227
Environmental programs - - - -
Committed to:

Community development projects - - - -
Facility maintenance - - - -
Vehicle replacement - - - -
Information technology - - - -
Assigned to:

Capital projects - - - -
Community services - - 704,663 -
Total Fund Balances 178,850 4,315,514 704,663 352,783
Total Liabilities and Fund Balances $ 238,065 $ 4,327,604 738,810$ $ 381,493 (Continued)

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEETS
JUNE 30, 2023

SPECIAL REVENUE FUNDS
129
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEETS
JUNE 30, 2023
Measure BB
Transportation
Impact Fee
Park/Rec
Impact Fee
Affordable
Housing
Impact Fee
ASSETS:

Cash, cash equivalents, and investments 1,687,956 $ 1,796,657 $ 1,048,429 $ 1,168,860 $ Receivables:

Accounts - - - -
Taxes 207,661 - - -
Due from other governments - - - -
Accrued interest 4,592 5,249 3,037 3,305
Prepaid costs - - - -
Lease receivable - - - -
Total Assets $ 1,900,209 $ 1,801,906 $ 1,051,466 $ 1,172,165 LIABILITIES:

Accounts payable $ 94,372 $ 4,925 -$ -$
Accrued liabilities - - - -
Unearned revenue/deferred revenue - - - -
Deposits payable - - - -
Total Liabilities 94,372 4,925 - -
DEFERRED INFLOWS OF RESOURCES:

Leases - - - -
Total Deferred Inflows of Resources - - - -
FUND BALANCES:

Nonspendables:

Prepaid costs - - - -
Restricted for:

Community development projects - - 1,051,466 1,172,165
Public safety - - - -
Public works - - - -
Capital projects 1,796,981 1,708,845 - -
Debt service - - - -
Small business incentive - - - -
Community services - 96,992 - -
Environmental programs - - - -
Committed to:

Community development projects - - - -
Facility maintenance - - - -
Vehicle replacement - - - -
Information technology - - - -
Assigned to:

Capital projects - - - -
Community services - - - -
Total Fund Balances 1,805,837 1,796,981 1,051,466 1,172,165 Total Liabilities and Fund Balances $ 1,900,209 $ 1,801,906 $ 1,051,466 $ 1,172,165

SPECIAL REVENUE FUNDS
130
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Supplemental
Law
Enforcement
Emergency
Medical
Services
Recycling/
Source
Reduction Measure D
ASSETS:

Cash, cash equivalents, and investments 51,617 $ - $ 26,977 $ $ 73,411 Receivables:

Accounts - 733 9,573 -
Taxes - - - -
Due from other governments 34,729 5,000 - -
Accrued interest 19 - 78 190
Prepaid costs - - - -
Lease receivable - - - -
Total Assets $ 86,365 $ 733 $ 32,055 $ 83,174
LIABILITIES:

Accounts payable $ - $ - $ - $ -
Accrued liabilities - - - -
Unearned revenue/deferred revenue 34,729 20,159 - -
Deposits payable - - - -
Total Liabilities 34,729 20,159 - -
DEFERRED INFLOWS OF RESOURCES:

Leases - - - -
Total Deferred Inflows of Resources - - - -
FUND BALANCES:

Nonspendables:

Prepaid costs - - - -
Restricted for:

Community development projects - - - -
Public safety 733 51,636 - -
Public works - - 11,896 83,174
Capital projects - - - -
Debt service - - - -
Small business incentive - - - -
Community services - - - -
Environmental programs - - - -
Committed to:

Community development projects - - - -
Facility maintenance - - - -
Vehicle replacement - - - -
Information technology - - - -
Assigned to:

Capital projects - - - -
Community services - - - -
Total Fund Balances 51,636 733 11,896 83,174
Total Liabilities and Fund Balances $ 86,365 $ 733 $ 32,055 $ 83,174 (Continued)

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEETS
JUNE 30, 2023

SPECIAL REVENUE FUNDS
131
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Emeryville
Public Art
Information
Technology PEG Program
Urban
Forestry Fee
ASSETS:

Cash, cash equivalents, and investments 2,649,677 $ 3,978,014 $ 6,710 $ 344,792$ Receivables:

Accounts - 205 112 -
Taxes - - - -
Due from other governments - - - -
Accrued interest 6,949 3,638 24 1,002
Prepaid costs 16,668 - - -
Lease receivable - - - -
Total Assets $ 2,656,626 $ 3,998,525 $ 6,846 345,794$
LIABILITIES:

Accounts payable $ 150,313 $ 29,932 -$ $ -
Accrued liabilities - - - -
Unearned revenue/deferred revenue - - - -
Deposits payable 921,699 - 270,786 -
Total Liabilities 1,072,012 29,932 270,786 -
DEFERRED INFLOWS OF RESOURCES:

Leases - - - -
Total Deferred Inflows of Resources - - - -
FUND BALANCES:

Nonspendables:

Prepaid costs 16,668 - - -
Restricted for:

Community development projects 1,110,231 1,584,614 - -
Public safety - - - -
Public works - - 75,008 -
Capital projects - - - -
Debt service - - - -
Small business incentive - - - -
Community services - - 6,846 -
Environmental programs - - - -
Committed to:

Community development projects - - - -
Facility maintenance - - - -
Vehicle replacement - - - -
Information technology 2,841,694 - - -
Assigned to:

Capital projects - - - -
Community services - - - -
Total Fund Balances 1,584,614 3,968,593 6,846 75,008
Total Liabilities and Fund Balances $ 2,656,626 $ 3,998,525 $ 6,846 345,794$

SPECIAL REVENUE FUNDS

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEETS
JUNE 30, 2023
132
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Opioid
Settlement
Environmental
Program
Small Local
Bus Support
Road
Maintenance
&
Rehabilitation
ASSETS:

Cash, cash equivalents, and investments 22,732 $ 124,922 $ 3,289 $ 502,140$ Receivables:

Accounts - 39,162 - 25,415
Taxes - - - -
Due from other governments - - - -
Accrued interest 114 364 10 1,450
Prepaid costs - - - -
Lease receivable - - - -
Total Assets 22,846 $ 164,448 $ 3,299 $ 529,005$
LIABILITIES:

Accounts payable - $ 845 $ - $ 30,235$
Accrued liabilities - - - -
Unearned revenue/deferred revenue 22,259 - - -
Deposits payable - - - -
Total Liabilities 22,259 845 - 30,235
DEFERRED INFLOWS OF RESOURCES:

Leases - - - -
Total Deferred Inflows of Resources - - - -
FUND BALANCES:

Nonspendables:

Prepaid costs - - - -
Restricted for:

Community development projects - - - -
Public safety - 587 - -
Public works - - - 498,770
Capital projects - - - -
Debt service - - - -
Small business incentive - - 3,299 -
Community services - - -
Environmental programs 163,603 - - -
Committed to:

Community development projects - - - -
Facility maintenance - - - -
Vehicle replacement - - - -
Information technology - - - -
Assigned to:

Capital projects - - - -
Community services - - - -
Total Fund Balances 587 163,603 3,299 498,770
Total Liabilities and Fund Balances 22,846 $ 164,448 $ 3,299 $ 529,005$ (Continued)

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEETS
JUNE 30, 2023

SPECIAL REVENUE FUNDS
133
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Measure BVRF
Code
Enforcement
Reserve Measure F
Parking
Program
ASSETS:

Cash, cash equivalents, and investments 100,123 $ 323,809$ $ 4,387,799 $ 546,203 Receivables:

Accounts 9,310 - - 648
Taxes - 446,542 - -
Due from other governments - - - -
Accrued interest 271 941 11,966 1,646
Prepaid costs - - - -
Lease receivable - - - -
Total Assets $ 109,704 324,750$ $ 4,846,307 $ 548,497
LIABILITIES:

Accounts payable $ 2,500 $ - $ 19,106$ -
Accrued liabilities - - - -
Unearned revenue/deferred revenue - - - -
Deposits payable - - - -
Total Liabilities 2,500 - 19,106 -
DEFERRED INFLOWS OF RESOURCES:

Leases - - - -
Total Deferred Inflows of Resources - - - -
FUND BALANCES:

Nonspendables:

Prepaid costs - - - -
Restricted for:

Community development projects - - - -
Public safety - - 4,846,307 529,391
Public works 107,204 324,750 - -
Capital projects - - - -
Debt service - - - -
Small business incentive - - - -
Community services - - - -
Environmental programs - - - -
Committed to:

Community development projects - - - -
Facility maintenance - - - -
Vehicle replacement - - - -
Information technology - - - -
Assigned to:

Capital projects - - - -
Community services - - - -
Total Fund Balances 107,204 324,750 4,846,307 529,391
Total Liabilities and Fund Balances $ 109,704 324,750$ $ 4,846,307 $ 548,497

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEETS
JUNE 30, 2023

SPECIAL REVENUE FUNDS
134
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C 1999
Revenue
Bond
Marina
Improvement
Emeryville
Center of
Community
Life
Implementation
Plan 2010-14
ASSETS:

Cash, cash equivalents, and investments 146,647 $ 5,483,789 $ 557,793 $ 4,242,446 $ Receivables:

Accounts - 18,818 - -
Taxes - - - -
Due from other governments - - - -
Accrued interest 426 16,008 1,614 12,329
Prepaid costs - - - -
Lease receivable 860,389 - - -
Total Assets $ 147,073 $ 6,379,004 $ 559,407 $ 4,254,775 LIABILITIES:

Accounts payable $ 1,456 $ 53,366 -$ $ -
Accrued liabilities 20,813 - - -
Unearned revenue/deferred revenue - - - -
Deposits payable 5,461 - - -
Total Liabilities 22,269 58,827 - -
DEFERRED INFLOWS OF RESOURCES:

Leases 860,389 - - -
Total Deferred Inflows of Resources 860,389 - - -
FUND BALANCES:

Nonspendables:

Prepaid costs - - - -
Restricted for:

Community development projects - - - -
Public safety - - - -
Public works - - - -
Capital projects - 124,804 559,407 4,254,775
Debt service - - - -
Small business incentive - - - -
Community services - - - -
Environmental programs - - - -
Committed to:

Community development projects - - - -
Facility maintenance - - - -
Vehicle replacement - - - -
Information technology - - - -
Assigned to:

Capital projects 5,459,788 - - -
Community services - - - -
Total Fund Balances 124,804 5,459,788 559,407 4,254,775 Total Liabilities and Fund Balances $ 147,073 $ 6,379,004 $ 559,407 $ 4,254,775 (Continued)

CAPITAL PROJECTS FUNDS

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEETS
JUNE 30, 2023
135
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEETS
JUNE 30, 2023

CAPITAL PROJECTS FUNDS
Pedestrian
Path
Improvement
Major
Maintenance
Vehicle
Replacement
Developer
Contributions
ASSETS:

Cash, cash equivalents, and investments 416,139 $ 6,260,707 $ 4,414,393$ 1,716,938$ Receivables:

Accounts - - 1,497,500 -
Taxes - - - -
Due from other governments - - - -
Accrued interest 1,209 - 4,990 -
Prepaid costs - - - -
Lease receivable - - - -
Total Assets $ 417,348 $ 6,260,707 4,414,393$ 3,219,428$ LIABILITIES:

Accounts payable $ 172,872 - $ $ - $ -
Accrued liabilities - - - -
Unearned revenue/deferred revenue - - - -
Deposits payable - - - -
Total Liabilities 172,872 - - -
DEFERRED INFLOWS OF RESOURCES:

Leases - - - -
Total Deferred Inflows of Resources - - - -
FUND BALANCES:

Nonspendables:

Prepaid costs - - - -
Restricted for:

Community development projects - - - -
Public safety - - - -
Public works - - - -
Capital projects 417,348 - - 3,219,428
Debt service - - - -
Small business incentive - - - -
Community services - - - -
Environmental programs - - - -
Committed to:

Community development projects - - - -
Facility maintenance 6,087,835 - - -
Vehicle replacement - - 4,414,393 -
Information technology - - - -
Assigned to:

Capital projects - - - -
Community services - - - -
Total Fund Balances 417,348 6,087,835 4,414,393 3,219,428 Total Liabilities and Fund Balances $ 417,348 $ 6,260,707 4,414,393$ 3,219,428$ 136
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEETS
JUNE 30, 2023

CAPITAL DEBT

PROJECTS SERVICE

FUNDS FUND
1999 Bay/SM
1998 Lease
Revenue
Series A Bond
Total Nonmajor
Governmental Funds
ASSETS:

Cash, cash equivalents, and investments 1,081,860 $ 3,051 $ 50,125,666 $ Receivables:

Accounts - - 1,653,341
Taxes - - 682,268
Due from other governments - - 99,675
Accrued interest 3,144 - 104,700
Prepaid costs - - 16,837
Lease receivable - - 860,389
Total Assets 1,085,004 $ 3,051 $ 53,542,876 $
LIABILITIES:

Accounts payable - $ - $ 693,910 $
Accrued liabilities - - 21,044
Unearned revenue/deferred revenue - - 137,730
Deposits payable - - 1,197,946
Total Liabilities - - 2,050,630
DEFERRED INFLOWS OF RESOURCES:

Leases - - 860,389
Total Deferred Inflows of Resources - - 860,389
FUND BALANCES:

Nonspendables:

Prepaid costs - - 16,837
Restricted for:

Community development projects - 1,085,004 11,668,088
Public safety - - 5,438,053
Public works - - 1,611,208
Capital projects - - 12,094,280
Debt service 3,051 - 3,051
Small business incentive - - 3,299
Community services - - 125,065
Environmental programs - - 163,603
Committed to: -
Community development projects - - -
Facility maintenance - - 6,087,835
Vehicle replacement - - 4,414,393
Information technology - - 2,841,694
Assigned to: -
Capital projects - - 5,459,788
Community services - - 704,663
Total Fund Balances 1,085,004 3,051 50,631,857
Total Liabilities and Fund Balances 1,085,004 $ 3,051 $ 53,542,876 $ 137
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Housing
Community
Development
Cal-Home
Loan Program
Police
Impound
Catellus
Contingent
REVENUES:

Taxes - $ - $ - $ - $
Licenses and permits - - - -
Intergovernmental 16,685 - - -
Charges for services - - - -
Investment income 4,950 38,920 387 287
Rental income - - - -
Miscellaneous 30,117 - 4,432 -
Total Revenues 21,635 69,037 4,819 287
EXPENDITURES:

Current:

Information technology - - - -
General governmental-non-departmental operations - - - - Police - 42,325 - -
Fire - - - -
Planning and building - - - -
Economic development and housing - - - -
Community services 28,632 - - -
Child development - - - -
Public works - - - -
Capital outlay - - 13,132 -
Debt service:

Principal retirement - - - -
Interest and fiscal charges - - - -
Total Expenditures 28,632 55,457 - -

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (6,997) 69,037 (50,638) 287

OTHER FINANCING SOURCES (USES)
Transfers in - - - -
Transfers (out) - - - -
Total Other Financing Sources (Uses) - - - -
NET CHANGE IN FUND BALANCES (6,997) 69,037 (50,638) 287 BEGINNING FUND BALANCES 237,475 1,049,748 60,037 12,405 ENDING FUND BALANCES $ 230,478 $ 9,399 1,118,785 $ $ 12,692

SPECIAL REVENUE FUNDS

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENTS OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2023
138
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Special Gas
Tax Street
Improvement
General Plan
Maintenance
Child
Development Measure B
REVENUES:

Taxes - $ - $ - $ - $
Licenses and permits 1,006,088 - - -
Intergovernmental 322,154 - 443,242 -
Charges for services - 1,005,517 - -
Investment income 4,738 89,110 10,841 13,194
Rental income - - - -
Miscellaneous - - - -
Total Revenues 326,892 1,095,198 1,459,600 13,194
EXPENDITURES:

Current:

Information technology - - - -
General governmental-non-departmental operations - - - - Police - - - -
Fire - - - -
Planning and building 796,923 - - -
Economic development and housing - - - -
Community services - - - 1,078
Child development - 2,246,278 - -
Public works 272,394 - 48,371 -
Capital outlay - - 471,177 -
Debt service:

Principal retirement - - - -
Interest and fiscal charges - - - -
Total Expenditures 272,394 796,923 2,246,278 520,626

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 54,498 298,275 (786,678) (507,432)

OTHER FINANCING SOURCES (USES)
Transfers in - 1,087,354 - -
Transfers (out) - (10,000) - -
Total Other Financing Sources (Uses) - (10,000) 1,087,354 - NET CHANGE IN FUND BALANCES 54,498 288,275 300,676 (507,432) BEGINNING FUND BALANCES 124,352 4,027,239 403,987 860,215 ENDING FUND BALANCES 178,850 $ $ 704,663 4,315,514 $ $ 352,783 (Continued)

SPECIAL REVENUE FUNDS

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENTS OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2023
139
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENTS OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2023
Measure BB
Transportation
Impact Fee
Park/Rec Impact
Fee
Affordable
Housing
Impact Fee
REVENUES:

Taxes 1,002,672 $ - $ - $ - $
Licenses and permits 358,758 - 4,205 287,365
Intergovernmental 168,439 - - -
Charges for services - 1,864 - -
Investment income 32,015 38,851 22,488 24,085
Rental income - - - -
Miscellaneous - - - -
Total Revenues 1,204,990 397,609 26,693 311,450
EXPENDITURES:

Current:

Information technology - - - -
General governmental-non-departmental operations - - - - Police - - - -
Fire - - - -
Planning and building - - 21,241 -
Economic development and housing - - - -
Community services 66,264 - - -
Child development - - - -
Public works 70,086 1,082 - -
Capital outlay 100,000 533,078 - -
Debt service:

Principal retirement - - - -
Interest and fiscal charges - - - -
Total Expenditures 669,428 101,082 21,241 -

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 535,562 296,527 5,452 311,450

OTHER FINANCING SOURCES (USES)
Transfers in - - - -
Transfers (out) - - - -
Total Other Financing Sources (Uses) - - - -
NET CHANGE IN FUND BALANCES 535,562 296,527 5,452 311,450 BEGINNING FUND BALANCES 1,270,275 1,500,454 1,046,014 860,715 ENDING FUND BALANCES $ 1,796,981 1,805,837 $ 1,051,466 $ $ 1,172,165

SPECIAL REVENUE FUNDS
140
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Supplemental
Law
Enforcement
Emergency
Medical
Services
Recycling/
Source
Reduction Measure D
REVENUES:

Taxes $ 215,723 - $ $ - $ -
Licenses and permits - - - -
Intergovernmental 165,271 5,005 - -
Charges for services - - - -
Investment income 252 - 593 1,406
Rental income - - - -
Miscellaneous - 895 38,052 -
Total Revenues 165,523 216,618 5,598 39,458
EXPENDITURES:

Current:

Information technology - - - -
General governmental-non-departmental operations - - - - Police 200,000 - - -
Fire - 216,308 - -
Planning and building - - - -
Economic development and housing - - - -
Community services - - - -
Child development - - - -
Public works - 5,005 - 25,000
Capital outlay - - - -
Debt service:

Principal retirement - - - -
Interest and fiscal charges - - - -
Total Expenditures 200,000 216,308 5,005 25,000

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (34,477) 310 593 14,458

OTHER FINANCING SOURCES (USES)
Transfers in - - - -
Transfers (out) - - - -
Total Other Financing Sources (Uses) - - - -
NET CHANGE IN FUND BALANCES (34,477) 310 593 14,458
BEGINNING FUND BALANCES 86,113 423 11,303 68,716
ENDING FUND BALANCES $ 51,636 $ 733 $ 11,896 $ 83,174
(Continued)

SPECIAL REVENUE FUNDS

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENTS OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2023
141
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENTS OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2023
Emeryville
Public Art
Information
Technology PEG Program
Urban Forestry
Fee
REVENUES:

Taxes $ 163,646 $ - $ 513 $ -
Licenses and permits - - - -
Intergovernmental - - - -
Charges for services - - - -
Investment income 53,591 25,628 213 7,436
Rental income - - - -
Miscellaneous 81,886 639,612 - -
Total Revenues 299,123 665,240 726 7,436
EXPENDITURES:

Current:

Information technology 553,895 - - -
General governmental-non-departmental operations - - - - Police - - - -
Fire - - - -
Planning and building - - - -
Economic development and housing - 214,499 - -
Community services - - - -
Child development - - - -
Public works - - - 700
Capital outlay 219,835 - 4,518 -
Debt service:

Principal retirement - - - -
Interest and fiscal charges - - - -
Total Expenditures 214,499 773,730 4,518 700

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 84,624 (108,490) (3,792) 6,736

OTHER FINANCING SOURCES (USES)
Transfers in 180,000 - - -
Transfers (out) - - - -
Total Other Financing Sources (Uses) 180,000 - - -
NET CHANGE IN FUND BALANCES 84,624 71,510 (3,792) 6,736 BEGINNING FUND BALANCES 1,499,990 3,897,083 10,638 68,272 ENDING FUND BALANCES $ 1,584,614 $ 3,968,593 $ 6,846 $ 75,008

SPECIAL REVENUE FUNDS
142
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Opioid
Settlement
Funds
Environmental
Program
Small Local
Bus Support
Road
Maintenance &
Rehabilitation
REVENUES:

Taxes $ - $ - $ - $ -
Licenses and permits - - - -
Intergovernmental 40,205 - 280,191 -
Charges for services - - - -
Investment income 587 2,732 71 10,876
Rental income - - - -
Miscellaneous 19,978 - - -
Total Revenues 20,565 42,937 291,067 71
EXPENDITURES:

Current:

Information technology - - - -
General governmental-non-departmental operations - - - - Police - - - -
Fire - - - -
Planning and building - - - -
Economic development and housing - - - -
Community services - - - -
Child development - - - -
Public works 6,882 - - -
Capital outlay - 19,978 - 417,330
Debt service:

Principal retirement - - - -
Interest and fiscal charges - - - -
Total Expenditures 19,978 6,882 417,330 -

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 587 36,055 71 (126,263)

OTHER FINANCING SOURCES (USES)
Transfers in - - - -
Transfers (out) - - - -
Total Other Financing Sources (Uses) - - - -
NET CHANGE IN FUND BALANCES 587 36,055 71 (126,263)
BEGINNING FUND BALANCES - 127,548 3,228 625,033
ENDING FUND BALANCES 587 $ $ 163,603 $ 3,299 $ 498,770
(Continued)

SPECIAL REVENUE FUNDS
FOR THE YEAR ENDED JUNE 30, 2023

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENTS OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES
143
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENTS OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2023
Measure BVRF
Code
Enforcement
Reserve Measure F
Parking
Program
REVENUES:

Taxes - $ - $ 2,567,193 $ - $
Licenses and permits - - - -
Intergovernmental 50,755 - - -
Charges for services - - 357,011 -
Investment income 2,134 6,962 74,219 13,082
Rental income - - - -
Miscellaneous - - - -
Total Revenues 52,889 6,962 2,641,412 370,093
EXPENDITURES:

Current:

Information technology - - - -
General governmental-non-departmental operations - - - - Police - - 308,598 -
Fire - - - -
Planning and building - - - -
Economic development and housing - - - 234,595
Community services - - - -
Child development - - - -
Public works 3,234 - - -
Capital outlay - 50,000 - -
Debt service:

Principal retirement - - - -
Interest and fiscal charges - - - -
Total Expenditures 53,234 - 543,193 -

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (345) 6,962 2,641,412 (173,100)

OTHER FINANCING SOURCES (USES)
Transfers in - - - -
Transfers (out) - - - -
Total Other Financing Sources (Uses) - - - -
NET CHANGE IN FUND BALANCES (345) 6,962 2,641,412 (173,100) BEGINNING FUND BALANCES 107,549 317,788 2,204,895 702,491 ENDING FUND BALANCES 107,204 $ $ 324,750 $ 4,846,307 $ 529,391

SPECIAL REVENUE FUNDS
144
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C 1999 Revenue
Bond
Marina
Improvement
Emeryville
Center of
Community
Life
Implementation
Plan 2010-14
REVENUES:

Taxes - $ - $ - $ - $
Licenses and permits - - - -
Intergovernmental - - - -
Charges for services - - - -
Investment income 3,153 127,608 11,802 91,219
Rental income 475,699 - - -
Miscellaneous 76,914 - - -
Total Revenues 80,067 603,307 11,802 91,219
EXPENDITURES:

Current:

Information technology - - - -
General governmental-non-departmental operations - - - - Police - - - -
Fire - - - -
Planning and building - - - -
Economic development and housing - - - -
Community services - - - -
Child development - - - -
Public works 300,945 - - -
Capital outlay 279,209 12,456 - -
Debt service:

Principal retirement - - - -
Interest and fiscal charges - - - -
Total Expenditures 12,456 580,154 - -

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 67,611 23,153 11,802 91,219

OTHER FINANCING SOURCES (USES)
Transfers in - 25,000 - -
Transfers (out) - - - -
Total Other Financing Sources (Uses) - - 25,000 -
NET CHANGE IN FUND BALANCES 67,611 23,153 36,802 91,219 BEGINNING FUND BALANCES 57,193 5,436,635 522,605 4,163,556 ENDING FUND BALANCES $ 124,804 $ 559,407 5,459,788 $ $ 4,254,775 (Continued)

CAPITAL PROJECT FUNDS

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENTS OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2023
145
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENTS OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2023
Pedestrian Path
Improvement
Major
Maintenance
Vehicle
Replacement
Developer
Contributions
REVENUES:

Taxes - $ - $ - $ - $
Licenses and permits - - - -
Intergovernmental - - - -
Charges for services - - - -
Investment income 8,947 - 36,916 -
Rental income - - - -
Miscellaneous 1,362,601 - 573,701 1,497,500
Total Revenues 8,947 1,362,601 573,701 1,534,416
EXPENDITURES:

Current:

Information technology - - - -
General governmental-non-departmental operations 983,362 - - - Police - - - -
Fire - - - -
Planning and building - - - -
Economic development and housing - - - -
Community services - - - -
Child development - - - -
Public works - - - -
Capital outlay 249,671 - 320,575 -
Debt service:

Principal retirement - - - -
Interest and fiscal charges - - - -
Total Expenditures 1,233,033 - 320,575 -

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 8,947 129,568 253,126 1,534,416

OTHER FINANCING SOURCES (USES)
Transfers in - - - -
Transfers (out) - - (13,368) -
Total Other Financing Sources (Uses) - - (13,368) -
NET CHANGE IN FUND BALANCES 129,568 8,947 239,758 1,534,416 BEGINNING FUND BALANCES 408,401 5,958,267 4,174,635 1,685,012 ENDING FUND BALANCES 417,348 $ $ 6,087,835 $ 4,414,393 $ 3,219,428

CAPITAL PROJECT FUNDS
146
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CAPITAL DEBT

PROJECT SERVICE

FUNDS FUND
1999 Bay/SM
1998 Lease Revenue
Series A Bond
Total Nonmajor
Governmental Funds
REVENUES:

Taxes $ - $ - $ 3,949,747
Licenses and permits - - 1,656,416
Intergovernmental - - 1,491,947
Charges for services - - 1,364,392
Investment income 12,430 - 771,723
Rental income - - 475,699
Miscellaneous 1,072,574 - 5,398,262
Total Revenues 1,085,004 - 15,108,186
EXPENDITURES:

Current:

Information technology - - 553,895
General governmental-non-departmental operations - - 983,362 Police - - 550,923
Fire - - 216,308
Planning and building - - 818,164
Economic development and housing - - 449,094
Community services - - 95,974
Child development - - 2,246,278
Public works - - 733,699
Capital outlay - - 2,690,959
Debt service:

Principal retirement - 306,900 306,900
Interest and fiscal charges - 60,100 60,100
Total Expenditures - 367,000 9,705,656

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 1,085,004 (367,000) 5,402,530

OTHER FINANCING SOURCES (USES)
Transfers in - 367,000 1,659,354
Transfers (out) - - (23,368)
Total Other Financing Sources (Uses) - 367,000 1,635,986 NET CHANGE IN FUND BALANCES 1,085,004 - 7,038,516
BEGINNING FUND BALANCES - 3,051 43,593,341
ENDING FUND BALANCES $ 1,085,004 $ 3,051 $ 50,631,857

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENTS OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2023
147
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 237,475 $ 237,475 $ 237,475 $ - Resources (Inflows)
Intergovernmental 15,500 48,581 16,685 (31,896)
Investment income 1,000 1,000 4,950 3,950
Amounts Available for Appropriations 253,975 287,056 259,110 (27,946) Charges to Appropriation (Outflow)
Community services 23,500 56,581 28,632 27,949
Total Charges to Appropriations 23,500 56,581 28,632 27,949 Fund Balance, June 30 $ 230,475 $ 230,475 $ 230,478 $ 3

CITY OF EMERYVILLE
Budget Amounts

HOUSING COMMUNITY DEVELOPMENT SPECIAL REVENUE FUND
148
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 1,049,748 $ 1,049,748 $ 1,049,748 $ - Resources (Inflows)
Investment income 10,000 10,000 38,920 28,920
Miscellaneous 50,000 50,000 30,117 (19,883)
Amounts Available for Appropriations 1,109,748 1,109,748 1,118,785 9,037 Fund Balance, June 30 $ 1,109,748 $ 1,109,748 $ 1,118,785 $ 9,037

CITY OF EMERYVILLE

CAL - HOME LOAN PROGRAM SPECIAL REVENUE FUND
Budget Amounts
149
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 60,037 $ 60,037 $ 60,037 $ - Resources (Inflows)
Investment income - - 387 387
Miscellaneous - - 4,432 4,432
Amounts Available for Appropriations 60,037 60,037 64,856 4,819 Charges to Appropriation (Outflow)
Police 19,310 42,325 42,325 -
Capital outlay 13,132 13,132 13,132 -
Total Charges to Appropriations 32,442 55,457 55,457 -
Fund Balance, June 30 $ 27,595 $ 4,580 $ 9,399 $ 4,819

CITY OF EMERYVILLE

POLICE IMPOUND SPECIAL REVENUE FUND
Budget Amounts
150
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 12,405 $ 12,405 $ 12,405 $ - Resources (Inflows)
Investment income 100 100 287 187
Amounts Available for Appropriations 12,505 12,505 12,692 187 Charges to Appropriation (Outflow)
Capital outlay 8,000 8,000 - 8,000
Total Charges to Appropriations 8,000 8,000 - 8,000
Fund Balance, June 30 $ 4,505 4,505 $ 12,692 $ 8,187 $

CITY OF EMERYVILLE

CATELLUS CONTINGENT SPECIAL REVENUE FUND
Budget Amounts
151
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 124,352 $ 124,352 $ 124,352 $ - Resources (Inflows)
Intergovernmental 368,859 368,859 322,154 (46,705)
Investment income 500 500 4,738 4,238
Amounts Available for Appropriations 493,711 493,711 451,244 (42,467) Charges to Appropriations (Outflows)
Public works 388,830 298,830 272,394 116,436
Capital outlay 200,000 200,000 - 200,000
Total Charges to Appropriations 498,830 588,830 272,394 316,436 Fund Balance, June 30 $ (5,119) $ (95,119) $ 178,850 $ 273,969

CITY OF EMERYVILLE

SPECIAL GAS TAX STREET IMPROVEMENT SPECIAL REVENUE FUND Budget Amounts
152
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 4,027,239 4,027,239$ 4,027,239$ $ - Resources (Inflows)
Licenses and permits 700,000 700,000 1,006,088 306,088
Investment income 5,000 5,000 89,110 84,110
Amounts Available for Appropriations 4,732,239 4,732,239 5,122,437 390,198 Charges to Appropriations (Outflows)
Planning and building and economic development and housing 959,728 885,728 796,923 162,805 Capital outlay 137,351 137,351 - 137,351
Transfers out 10,000 10,000 10,000 -
Total Charges to Appropriations 1,107,079 1,033,079 806,923 300,156 Fund Balance, June 30 $ 3,699,160 3,625,160$ 4,315,514$ $ 690,354

CITY OF EMERYVILLE

GENERAL PLAN MAINTENANCE SPECIAL REVENUE FUND
Budget Amounts
153
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 403,987 $ 403,987 $ 403,987 $ - Resources (Inflows)
Intergovernmental 183,700 183,700 443,242 259,542
Charges for services 1,020,300 1,020,300 1,005,517 (14,783) Investment income 200 200 10,841 10,641
Transfers in 1,087,354 1,087,354 1,087,354 -
Amounts Available for Appropriations 2,695,541 2,695,541 2,950,941 255,400 Charges to Appropriations (Outflows)
Child development 2,389,693 2,429,692 2,246,278 183,414 Total Charges to Appropriations 2,389,693 2,429,692 2,246,278 183,414 Fund Balance, June 30 $ 305,848 $ 265,849 $ 704,663 $ 438,814

CITY OF EMERYVILLE

CHILD DEVELOPMENT SPECIAL REVENUE FUND
Budget Amounts
154
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 860,215 $ 860,215 $ 860,215 $ - Resources (Inflows)
Taxes - - - -
Intergovernmental - - - -
Charges for services - - - -
Investment income 100 100 13,194 13,094
Amounts Available for Appropriations 860,315 860,315 873,409 13,094 Charges to Appropriations (Outflows)
Community services - - 1,078 (1,078)
Public works 13,124 53,124 48,371 4,753
Capital outlay 564,603 564,603 471,177 93,426
Total Charges to Appropriations 577,727 617,727 520,626 97,101 Fund Balance, June 30 $ 282,588 $ 242,588 $ 352,783 $ 110,195

CITY OF EMERYVILLE

MEASURE B SPECIAL REVENUE FUND
Budget Amounts
155
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 1,270,275 $ 1,270,275 $ 1,270,275 $ - Resources (Inflows)
Taxes 624,631 624,631 1,002,672 378,041
Intergovernmental 142,632 142,632 168,439 25,807
Charges for services - - 1,864 1,864
Investment income 1,070 1,070 32,015 30,945
Amounts Available for Appropriations 2,038,608 2,038,608 2,475,265 436,657 Charges to Appropriations (Outflows)
Community services 92,000 69,522 66,264 25,736
Public works 19,447 59,447 70,086 (10,639)
Capital outlay 1,187,364 1,187,364 533,078 654,286
Total Charges to Appropriations 1,276,333 1,338,811 669,428 669,383 Fund Balance, June 30 $ 762,275 $ 699,797 $ 1,805,837 $ 1,106,040

CITY OF EMERYVILLE

MEASURE BB SPECIAL REVENUE FUND
Budget Amounts
156
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 1,500,454 $ 1,500,454 $ 1,500,454 $ - Resources (Inflows)
Licenses and permits 815,479 815,479 358,758 (456,721)
Investment income 5,000 5,000 38,851 33,851
Amounts Available for Appropriations 2,320,933 2,320,933 1,898,063 (422,870) Charges to Appropriation (Outflow)
Public Works - - 1,082 (1,082)
Capital outlay 945,541 945,451 100,000 845,541
Total Charges to Appropriations 945,451 945,541 101,082 844,459 Fund Balance, June 30 $ 1,375,482 $ 1,375,392 $ 1,796,981 $ 421,589

CITY OF EMERYVILLE

TRANSPORTATION IMPACT FEE SPECIAL REVENUE FUND
Budget Amounts
157
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 1,046,014 $ 1,046,014 $ 1,046,014 $ - Resources (Inflows)
Licenses and permits 1,113,895 1,113,895 4,205 (1,109,690) Investment income 2,500 2,500 22,488 19,988
Amounts Available for Appropriations 2,162,409 2,162,409 1,072,707 (1,089,702) Charges to Appropriation (Outflow)
Planning and building - - 21,241 (21,241)
Capital outlay 965 965 - 965
Total Charges to Appropriations 965 965 21,241 (20,276) Fund Balance, June 30 $ 2,161,444 2,161,444 $ 1,051,466 $ (1,109,978) $

CITY OF EMERYVILLE

PARK / REC IMPACT FEE SPECIAL REVENUE FUND
Budget Amounts
158
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 860,715 $ 860,715 $ 860,715 $ - Resources (Inflows)
Licenses and permits 261,530 261,530 287,365 25,835
Investment income 2,500 2,500 24,085 21,585
Amounts Available for Appropriations 1,124,745 1,124,745 1,172,165 47,420 Charges to Appropriation (Outflow)
Capital outlay 400,000 400,000 - 400,000
Total Charges to Appropriations 400,000 400,000 - 400,000 Fund Balance, June 30 $ 724,745 $ 724,745 $ 1,172,165 $ 447,420

CITY OF EMERYVILLE

AFFORDABLE HOUSING IMPACT FEE SPECIAL REVENUE FUND
Budget Amounts
159
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 86,113 $ 86,113 $ 86,113 $ - Resources (Inflows)
Intergovernmental 100,000 200,000 165,271 (34,729)
Investment income - - 252 252
Amounts Available for Appropriations 186,113 286,113 251,636 (34,477) Charges to Appropriation (Outflow)
Police 200,000 100,000 200,000 -
Total Charges to Appropriations 100,000 200,000 200,000 - Fund Balance, June 30 $ 86,113 $ 86,113 $ 51,636 $ (34,477)

CITY OF EMERYVILLE

SUPPLEMENTAL LAW ENFORCEMENT SPECIAL REVENUE FUND
Budget Amounts
160
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 423 $ 423 $ 423 $ -
Resources (Inflows)
Taxes 192,500 192,500 215,723 23,223
Miscellaneous - - 895 895
Amounts Available for Appropriations 192,923 192,923 217,041 24,118 Charges to Appropriation (Outflow)
Fire 192,500 192,500 216,308 (23,808)
Total Charges to Appropriations 192,500 192,500 216,308 (23,808) Fund Balance, June 30 $ 423 423 $ 733 $ 310 $

CITY OF EMERYVILLE

EMERGENCY MEDICAL SERVICES SPECIAL REVENUE FUND
Budget Amounts
161
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 11,303 11,303 $ 11,303 $ - $ Resources (Inflows)
Intergovernmental 5,000 5,000 5,005 5
Investment income 50 50 593 543
Amounts Available for Appropriations 16,353 16,901 16,353 548 Charges to Appropriation (Outflow)
Public works 5,000 10,000 5,005 4,995
Total Charges to Appropriations 5,000 10,000 5,005 4,995 Fund Balance, June 30 $ 11,353 $ 6,353 $ 11,896 $ 5,543

CITY OF EMERYVILLE

RECYCLING / SOURCE REDUCTION SPECIAL REVENUE FUND
Budget Amounts
162
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 68,716 $ 68,716 $ 68,716 $ - Resources (Inflows)
Investment income 50 50 1,406 1,356
Miscellaneous 31,500 31,500 38,052 6,552
Amounts Available for Appropriations 100,266 100,266 108,174 7,908 Charges to Appropriation (Outflow)
Public works 25,000 25,000 25,000 -
Total Charges to Appropriations 25,000 25,000 25,000 -
Fund Balance, June 30 $ 75,266 $ 75,266 $ 83,174 $ 7,908

CITY OF EMERYVILLE

MEASURE D SPECIAL REVENUE FUND
Budget Amounts
163
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 1,499,990 $ 1,499,990 $ 1,499,990 $ - Resources (Inflows)
Taxes 153,000 153,000 163,646 10,646
Investment income 1,000 1,000 53,591 52,591
Miscellaneous 15,000 15,000 81,886 66,886
Amounts Available for Appropriations 1,668,990 1,668,990 1,799,113 130,123 Charges to Appropriations (Outflows)
Economic development and housing 276,800 276,800 214,499 62,301 Capital outlay 161,760 161,760 - 161,760
Total Charges to Appropriations 438,560 438,560 214,499 224,061 Fund Balance, June 30 $ 1,230,430 $ 1,230,430 $ 1,584,614 $ 354,184

CITY OF EMERYVILLE

EMERYVILLE PUBLIC ART SPECIAL REVENUE FUND
Budget Amounts
164
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 3,897,083 $ 3,897,083 $ 3,897,083 $ - Resources (Inflows)
Investment income 2,500 2,500 25,628 23,128
Miscellaneous 718,700 718,700 639,612 (79,088)
Transfers in 180,000 - 180,000 -
Amounts Available for Appropriations 4,618,283 4,798,283 4,742,323 (55,960) Charges to Appropriation (Outflow)
Information technology 493,940 493,940 553,895 (59,955) Capital outlay 1,222,705 1,222,705 219,835 1,002,870
Total Charges to Appropriations 1,716,645 1,716,645 773,730 942,915 Fund Balance, June 30 $ 3,081,638 2,901,638 $ 3,968,593 $ 886,955 $

CITY OF EMERYVILLE

INFORMATION TECHNOLOGY SPECIAL REVENUE FUND
Budget Amounts
165
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 10,638 10,638 $ 10,638 $ - $ Resources (Inflows)
Taxes 1,000 1,000 513 (487)
Investment income 50 50 213 163
Amounts Available for Appropriations 11,688 11,364 11,688 (324) Charges to Appropriation (Outflow)
Capital outlay 10,675 10,675 4,518 6,157
Total Charges to Appropriations 10,675 10,675 4,518 (6,157) Fund Balance, June 30 $ 11,688 11,688 $ 6,846 $ (4,842) $

CITY OF EMERYVILLE

PEG PROGRAM SPECIAL REVENUE FUND
Budget Amounts
166
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 68,272 68,272 $ 68,272 $ - $ Resources (Inflows)
Charges for services 25,000 25,000 - (25,000)
Investment income 500 500 7,436 6,936
Amounts Available for Appropriations 93,772 75,708 93,772 (18,064) Charges to Appropriation (Outflow)
Public works - - 700 (700)
Capital outlay 4,057 4,057 - 4,057
Total Charges to Appropriations 4,057 4,057 700 3,357
Fund Balance, June 30 $ 89,715 $ 89,715 $ 75,008 $ (14,707)

CITY OF EMERYVILLE

URBAN FORESTRY FEE SPECIAL REVENUE FUND
Budget Amounts
167
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1- $ - $ - $ - $
Resources (Inflows)
Investment income - - 587 587
Miscellaneous - 25,467 19,978 (5,489)
Amounts Available for Appropriations - 25,467 20,565 (4,902) Charges to Appropriation (Outflow)
Capital outlay 25,467 - 19,978 5,489
Total Charges to Appropriations - 25,467 19,978 5,489
Fund Balance, June 30 $ - $ - $ 587 $ 587

CITY OF EMERYVILLE

OPIOID SETTLEMENT FUNDS
Budget Amounts
168
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 127,548 $ 127,548 $ 127,548 $ - Resources (Inflows)
Intergovernmental 28,000 28,000 40,205 12,205
Investment income 100 100 2,732 2,632
Amounts Available for Appropriations 155,648 155,648 170,485 14,837 Charges to Appropriation (Outflow)
Public works 26,500 26,500 6,882 19,618
Total Charges to Appropriations 26,500 26,500 6,882 19,618 Fund Balance, June 30 $ 129,148 $ 129,148 $ 163,603 $ 34,455

CITY OF EMERYVILLE

ENVIRONMENTAL PROGRAM SPECIAL REVENUE FUND
Budget Amounts
169
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 625,033 625,033 $ 625,033 $ - $ Resources (Inflows)
Intergovernmental 286,894 286,894 280,191 (6,703)
Investment income 250 250 10,876 10,626
Amounts Available for Appropriations 912,177 912,177 916,100 3,923 Charges to Appropriations (Outflows)
Capital outlay 759,707 759,707 417,330 342,377
Total Charges to Appropriations 759,707 759,707 417,330 342,377 Fund Balance, June 30 $ 152,470 $ 152,470 $ 498,770 $ 346,300

CITY OF EMERYVILLE

ROAD MAINTENANCE & REHABILITATION SPECIAL REVENUE FUND
Budget Amounts
170
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 107,549 $ 107,549 $ 107,549 $ - Resources (Inflows)
Intergovernmental 49,000 49,000 50,755 1,755
Investment income 50 50 2,134 2,084
Amounts Available for Appropriations 156,599 156,599 160,438 3,839 Charges to Appropriations (Outflows)
Public works 3,234 3,234 3,234 -
Capital outlay 80,000 80,000 50,000 30,000
Total Charges to Appropriations 83,234 83,234 53,234 30,000 Fund Balance, June 30 $ 73,365 $ 73,365 $ 107,204 $ 33,839

CITY OF EMERYVILLE

MEASURE B - VRF SPECIAL REVENUE FUND
Budget Amounts
171
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 2,204,895 $ 2,204,895 $ 2,204,895 $ - Resources (Inflows)
Taxes 2,199,400 2,199,400 2,567,193 367,793
Investment income - 74,219 - 74,219
Amounts Available for Appropriations 4,404,295 4,404,295 4,846,307 442,012 Charges to Appropriations (Outflows)
Public works 7,500 - 7,500 7,500
Total Charges to Appropriations 7,500 7,500 - 7,500
Fund Balance, June 30 $ 4,396,795 4,396,795 $ 4,846,307 $ 449,512 $

CITY OF EMERYVILLE

MEASURE F SPECIAL REVENUE FUND
Budget Amounts
172
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 702,491 $ 702,491 $ 702,491 $ - Resources (Inflows)
Charges for services 366,000 366,000 357,011 (8,989)
Investment income - 13,082 - 13,082
Amounts Available for Appropriations 1,068,491 1,068,491 1,072,584 4,093 Charges to Appropriations (Outflows)
Police 431,153 437,870 308,598 122,555
Economic development and housing 268,780 262,063 234,595 34,185 Total Charges to Appropriations 699,933 699,933 543,193 156,740 Fund Balance, June 30 $ 368,558 $ 368,558 $ 529,391 $ 160,833

CITY OF EMERYVILLE

PARKING PROGRAM SPECIAL REVENUE FUND
Budget Amounts
173
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 46,560,923 $ 46,560,923 $ 46,560,923 $ - Resources (Inflows)
Taxes 1,942,423 1,942,423 2,230,470 288,047
Investment income 100,000 100,000 1,017,833 917,833
Transfers in 844,038 - 844,038 -
Amounts Available for Appropriations 48,603,346 49,447,384 50,653,264 1,205,880 Charges to Appropriations (Outflows)
Public works 692,911 692,911 495,997 196,914
Capital outlay 25,139,233 25,139,233 2,750,057 22,389,176 Transfers out 105,000 105,000 105,000 -
Principal retirement - 376,595 - (376,595)
Interest and fiscal charges - 22,595 - (22,595)
Total Charges to Appropriations 25,937,144 25,937,144 3,750,244 22,186,900 Fund Balance, June 30 $ 22,666,202 $ 23,510,240 $ 46,903,020 $ 23,392,780

CITY OF EMERYVILLE

GENERAL CAPITAL IMPROVEMENTS CAPITAL PROJECTS FUND
Budget Amounts
174
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 57,193 $ 57,193 $ 57,193 $ - Resources (Inflows)
Investment income 100 100 3,153 3,053
Miscellaneous 76,914 76,914 76,914 -
Amounts Available for Appropriations 134,207 134,207 137,260 3,053 Charges to Appropriation (Outflow)
Capital outlay 97,335 97,335 12,456 84,879
Total Charges to Appropriations 97,335 97,335 12,456 84,879 Fund Balance, June 30 $ 36,872 $ 36,872 $ 124,804 $ 87,932

CITY OF EMERYVILLE
1999 REVENUE BOND CAPITAL PROJECTS FUND
Budget Amounts
175
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 5,436,635 $ 5,436,635 $ 5,436,635 $ - Resources (Inflows)
Taxes 28,100 28,100 - (28,100)
Investment income 6,000 6,000 127,608 121,608
Rental income 550,000 550,000 475,699 (74,301)
Amounts Available for Appropriations 6,020,735 6,020,735 6,039,942 19,207 Charges to Appropriation (Outflow)
Public works 345,476 274,230 300,945 44,531
Capital outlay 4,364,055 4,364,055 279,209 4,084,846
Total Charges to Appropriations 4,638,285 4,709,531 580,154 4,129,377 Fund Balance, June 30 $ 1,382,450 $ 1,311,204 $ 5,459,788 $ 4,148,584

CITY OF EMERYVILLE

MARINA IMPROVEMENT CAPITAL PROJECTS FUND
Budget Amounts
176
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 522,605 $ 522,605 $ 522,605 $ - Resources (Inflows)
Investment income 200 200 11,802 11,602
Transfers in 25,000 25,000 25,000 -
Amounts Available for Appropriations 547,805 547,805 559,407 11,602 Charges to Appropriation (Outflow)
Capital outlay 36,000 36,000 - 36,000
Total Charges to Appropriations 36,000 36,000 36,000 -
Fund Balance, June 30 $ 511,805 $ 511,805 $ 559,407 $ 47,602

CITY OF EMERYVILLE

EMERYVILLE CENTER OF COMMUNITY LIFE CAPITAL PROJECTS FUND Budget Amounts
177
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 4,163,556 $ 4,163,556 $ 4,163,556 $ - Resources (Inflows)
Investment income - 91,219 - 91,219
Amounts Available for Appropriations 4,163,556 4,163,556 4,254,775 91,219 Charges to Appropriation (Outflow)
Capital outlay 3,800,000 3,800,000 - 3,800,000
Total Charges to Appropriations 3,800,000 3,800,000 3,800,000 - Fund Balance, June 30 $ 363,556 $ 363,556 $ 4,254,775 $ 3,891,219

CITY OF EMERYVILLE
IMPLEMENTATION PLAN 2010-14 CAPITAL PROJECTS FUND
Budget Amounts
178
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 408,401 $ 408,401 $ 408,401 $ - Resources (Inflows)
Investment income 500 500 8,947 8,447
Amounts Available for Appropriations 408,901 408,901 417,348 8,447 Charges to Appropriation (Outflow)
Capital outlay 389,000 389,000 - 389,000
Total Charges to Appropriations 389,000 389,000 389,000 - Fund Balance, June 30 $ 19,901 $ 19,901 $ 397,447 417,348 $

CITY OF EMERYVILLE

PEDESTRIAN PATH IMPROVEMENT CAPITAL PROJECTS FUND
Budget Amounts
179
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 5,958,267 $ 5,958,267 $ 5,958,267 $ - Resources (Inflows)
Miscellaneous 1,176,032 1,362,603 1,362,601 (2)
Amounts Available for Appropriations 7,134,299 7,320,870 7,320,868 (2) Charges to Appropriations (Outflows)
General government-non-departmental operations 932,303 1,082,303 983,362 98,941 Capital outlay 4,896,910 4,896,910 249,671 4,647,239
Total Charges to Appropriations 5,979,213 5,829,213 1,233,033 4,746,180 Fund Balance, June 30 $ 1,341,657 1,305,086 $ 6,087,835 $ 4,746,178 $

CITY OF EMERYVILLE

MAJOR MAINTENANCE CAPITAL PROJECTS FUND
Budget Amounts
180
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 4,174,635 $ 4,174,635 $ 4,174,635 $ - Resources (Inflows)
Miscellaneous 550,000 550,000 573,701 23,701
Amounts Available for Appropriations 4,724,635 4,724,635 4,748,336 23,701 Charges to Appropriations (Outflows)
Capital outlay 2,461,320 2,461,320 320,575 2,140,745
Transfers out - - 13,368 (13,368)
Total Charges to Appropriations 2,461,320 2,461,320 333,943 2,127,377 Fund Balance, June 30 $ 2,263,315 $ 2,263,315 $ 4,414,393 $ 2,151,078

CITY OF EMERYVILLE

VEHICLE REPLACEMENT CAPITAL PROJECTS FUND
Budget Amounts
181
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 1,295,438 $ 1,295,438 $ 1,295,438 $ - Resources (Inflows)
Investment income 5,000 5,000 27,909 22,909
Amounts Available for Appropriations 1,300,438 1,300,438 1,323,347 22,909 Charges to Appropriation (Outflow)
Capital outlay 177,861 177,861 22,187 155,674
Total Charges to Appropriations 177,861 177,861 22,187 155,674 Fund Balance, June 30 $ 1,122,577 $ 1,122,577 $ 1,301,160 $ 178,583

CITY OF EMERYVILLE

RDA BOND CAPITAL PROJECTS FUND
Budget Amounts
182
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 1,685,012 $ 1,685,012 $ 1,685,012 $ - Resources (Inflows)
Investment income 1,000 1,000 36,916 35,916
Miscellaneous - 1,497,500 - 1,497,500
Amounts Available for Appropriations 1,686,012 1,686,012 3,219,428 1,533,416 Charges to Appropriation (Outflow)
Capital outlay 1,571,991 1,571,991 - 1,571,991
Total Charges to Appropriations 1,571,991 1,571,991 1,571,991 - Fund Balance, June 30 $ 114,021 $ 114,021 $ 3,219,428 $ 3,105,407

CITY OF EMERYVILLE

DEVELOPER CONTRIBUTIONS CAPITAL PROJECTS FUND
Budget Amounts
183
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1- $ - $ - $ - $
Resources (Inflows)
Investment income - 12,430 - 12,430
Miscellaneous - 1,072,574 - 1,072,574
Amounts Available for Appropriations - 1,085,004 - 1,085,004 Fund Balance, June 30 $ - $ 1,085,004 - $ $ 1,085,004

CITY OF EMERYVILLE
1999 BAY/SM CAPITAL PROJECTS FUND
Budget Amounts
184
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2023
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 3,051 $ 3,051 $ 3,051 $ - Resources (Inflows)
Transfers in 367,200 367,200 367,000 (200)
Amounts Available for Appropriations 370,251 370,251 370,051 (200) Charges to Appropriations (Outflows)
Debt service:

Principal retirement 306,900 306,900 306,900 -
Interest and fiscal charges 60,300 60,300 60,100 200
Total Charges to Appropriations 367,200 367,000 367,200 200 Fund Balance, June 30 $ 3,051 3,051 $ 3,051 $ - $

CITY OF EMERYVILLE
1998 LEASE REVENUE SERIES A BOND DEBT SERVICE FUND
Budget Amounts
185
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CITY OF EMERYVILLE

INTERNAL SERVICE FUNDS
Internal Service Funds are used to account for the financing of goods and services provided by one department or agency to other departments or agencies on a cost-sharing basis.

The Litigation Fund accounts for all litigation expenses of the City and the Community Development Commission of Emeryville except for activity specifically associated with a Capital Improvement Project.

The fund is supported by interfund transfers from the General Fund, the Sewer Fund and, when appropriate, the Commission.

The MESA Fund accounts for activities of the Management of Emeryville Services Authority.

The Workers’ Compensation Self-Insurance Fund pays for the City’s Workers’ Compensation Program, under which the City is self-insured for the first $350,000 of each claim. The fund is supported through premium rates charged to departmental budgets on each covered employee.

The Dental Self-Insurance Fund pays for dental coverage provided to City employees. The fund is supported through premium rates charged to departmental budgets based on employees covered. The SelfInsurance Fund pays monthly claims for active and retired employees plus an administrative surcharge.

The Unemployment Self-Insurance Fund pays for required unemployment premiums. The fund is supported through premium rates charged to departmental budgets on each covered employee.

The Accrued Benefits Fund was established to support the City’s unfunded liability for accrued leave buyouts paid to City employees upon separation of service. These leaves include accrued sick leave, vacation leave and compensatory time. The fund is supported by interdepartmental payroll changes.

The Post-Employment Fund accounts for the City’s retiree medical, dental and vision benefits. 187
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

INTERNAL SERVICE FUNDS

COMBINING STATEMENT OF NET POSITION
JUNE 30, 2023
Litigation MESA
Workers'
Compensation SelfInsurance
ASSETS:

Current Assets:

Cash and investments 2,034,922 $ - $ 6,399,727 $
Receivables:

Accounts - - 2,194
Accrued interest - 5,915 18,171
Total Assets 2,040,837 - 6,420,092
LIABILITIES:

Current Liabilities:

Accounts payable 5,435 - 40,720
Deposits payable - - -
Compensated absences - - -
Claims and judgements 17,220 - 679,466
Total Current Liabilities 22,655 - 720,186
Noncurrent Liabilities:

Compensated absences - - -
Claims and judgements 29,138 - 2,257,534
Total Noncurrent Liabilities 29,138 - 2,257,534
Total Liabilities 51,793 - 2,977,720
NET POSITION (DEFICIT):

Unrestricted - 1,989,044 3,442,372
Total Net Position (Deficit) 1,989,044 $ - $ 3,442,372 $ 188
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

Dental Self
Insurance
Unemployment
Insurance Accrued Benefits Post-Employment Total
$ 227,775 8,486 $ 3,079,937 $ 7,476,048 $ 19,226,895 $
- - - 11,649 13,843
609 (42) 8,871 21,731 55,255
228,384 8,444 3,088,808 7,509,428 19,295,993
- 17,579 - 2,845 66,579
- - - 3,169 3,169
- - 1,564,994 - 1,564,994
- - - - 696,686
- 17,579 1,564,994 6,014 2,331,428
- - 1,624,814 - 1,624,814
- - - - 2,286,672
- - 1,624,814 - 3,911,486
- 17,579 3,189,808 6,014 6,242,914
228,384 (9,135) (101,000) 7,503,414 13,053,079
$ 228,384 (9,135) $ (101,000) $ 7,503,414 $ 13,053,079 $ 189
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

INTERNAL SERVICE FUNDS

COMBINING STATEMENTS OF REVENUES, EXPENSES AND

CHANGES IN FUND NET POSITION
FOR THE YEAR ENDED JUNE 30, 2023
Litigation MESA
Workers'
Compensation SelfInsurance
OPERATING REVENUES:

Charges for services $ - $ 14,836,942 $ 1,015,231
Intergovernmental - - -
Total Operating Revenues - 14,836,942 1,015,231
OPERATING EXPENSES:

Administration and general - 14,836,942 324,684
Claim expense 72,429 - 327,108
Total Operating Expenses 72,429 14,836,942 651,792
Operating Income (Loss) (72,429) - 363,439
NONOPERATING REVENUES (EXPENSES):

Investment income 44,294 - 129,885
Total Nonoperating Revenues (Expenses) 44,294 - 129,885 Income (Loss) (28,135) - 493,324
CHANGE IN NET POSITION (28,135) - 493,324
BEGINNING NET POSITION (DEFICIT) 2,017,179 - 2,949,048
ENDING NET POSITION (DEFICIT) $ 1,989,044 $ - $ 3,442,372 190
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

Dental Self Insurance
Unemployment
Insurance Accrued Benefits Post-Employment Total
$ 89,067 198,734 $ 453,623 $ 256,235 $ 16,849,832 $
850 - - - 850
89,917 198,734 453,623 256,235 16,850,682
- 26,947 403,769 241,879 15,834,221
20,928 181,639 - - 602,104
20,928 208,586 403,769 241,879 16,436,325
68,989 (9,852) 49,854 14,356 414,357
4,204 25 64,675 160,700 403,783
4,204 25 64,675 160,700 403,783
73,193 (9,827) 114,529 175,056 818,140
73,193 (9,827) 114,529 175,056 818,140
155,191 692 (215,529) 7,328,358 12,234,939
$ 228,384 (9,135) $ (101,000) $ 7,503,414 $ 13,053,079 $ 191
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

INTERNAL SERVICE FUNDS

COMBINING STATEMENTS OF CASH FLOW
FOR THE YEAR ENDED JUNE 30, 2023
Litigation MESA
Workers'
Compensation
Self-Insurance
CASH FLOWS FROM OPERATING ACTIVITIES:

Receipts from customers and users $ 14,836,942 - $ $ 1,013,037 Payments to suppliers and providers 1,669 - (335,194)
Payments to employees for salaries and benefits - (14,836,942) - Payments for claims (76,566) - (348,108)
Cash Flows from Operating Activities (74,897) - 329,735 CASH FLOWS FROM INVESTING ACTIVITIES:

Interest on cash and cash investments 39,921 - 116,030
Cash Flows from Investing Activities 39,921 - 116,030
Net increase (decrease) in cash and cash equivalents (34,976) - 445,765 Cash and cash equivalents at beginning of period - 5,953,962 2,069,898 Cash and cash equivalents at end of period $ 2,034,922 $ 6,399,727 - $ Reconciliation of operating income (loss) to net cash provided by operating activities:

Operating income (loss) $ (72,429) $ - $ 363,439
Adjustments to reconcile operating income to net cash provided by operating activities:

Decrease in accounts receivable - - (2,194)
Decrease in prepaid costs - - -
(Decrease) increase in accounts payable 1,669 - (10,510) Increase in deposits payable - - -
Increase in compensated absences - - -
(Decrease) in claims and judgments (4,137) - (21,000)
Cash Flows from Operating Activities $ (74,897) $ - $ 329,735 192
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

Dental Self-Insurance
Unemployment
Insurance Accrued Benefits Post-Employment Total
$ 89,917 198,734 $ 453,623 $ 257,351 $ 16,849,604 $
- (24,060) - (235,087) (592,672)
- - (329,847) - (15,166,789)
(20,928) (181,639) - - (627,241)
68,989 (6,965) 123,776 22,264 462,902
3,697 64 57,933 142,147 359,792
64 3,697 57,933 142,147 359,792
72,686 (6,901) 181,709 164,411 822,694
155,089 15,387 2,898,228 7,311,637 18,404,201
$ 227,775 8,486 $ 3,079,937 $ 7,476,048 $ 19,226,895 $
$ 68,989 (9,852) $ 49,854 $ 14,356 $ 414,357 $
- - - 1,116 (1,078)
- - - 1,889 1,889
- 2,887 - 2,845 (3,109)
- - - 2,058 2,058
- - 73,922 - 73,922
- - - - (25,137)
$ (6,965) $ 68,989 $ 123,776 $ 22,264 $ 462,902
193
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CITY OF EMERYVILLE

CUSTODIAL FUNDS
The 1999 Revenue Bonds Fund and Assessment District Funds (East Baybridge and Bay Shellmound) account for the receipt of special assessments and the payment of principal, interest, and bond administration costs on Assessment District Bonds. These funds are treated as Custodial Funds because the City is not liable for their bond repayments. With the last bond issuance matured and paid off in September 2021, the surplus balances of the bond issuances were transferred to a capital fund for future capital improvements in the respective districts per council approval on February 2023. 195
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

CUSTODIAL FUNDS

COMBINING STATEMENT OF FIDUCIARY NET POSITION
JUNE 30, 2023
East Baybridge Bay Shellmound Total
Assessment Assessment Custodial
District District Funds
ASSETS:

Cash and investments - $ $ - $ -
Total Assets - - -

NET POSITION
Restricted for bondholders - - -
Total Net Position $ - $ - $ -
196
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

CUSTODIAL FUNDS

COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION FOR THE YEAR ENDED JUNE 30, 2023
East Baybridge Bay Shellmound Total
Assessment Assessment Custodial
District District Funds
ADDITIONS:

Investment income 8 $ 11,006 $ 11,014 $
Total Additions 8 11,006 11,014
DEDUCTIONS:

Transfers to the City of Emeryville 77,324 1,079,563 1,156,887 Total Deductions 77,324 1,079,563 1,156,887
Net change in position (77,316) (1,068,557) (1,145,873) Net position - beginning 77,316 1,068,557 1,145,873
Net position - ending $ - - $ - $
197
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CITY OF EMERYVILLE

PRIVATE-PURPOSE TRUST FUNDS
The Private-Purpose Trust Funds are used to account for the assets and liabilities of the Successor Agency of the former Redevelopment Agency per the Redevelopment dissolution laws AB 1X 26 and AB 1484.

The funds receive revenue to pay estimated installment payments of the enforceable obligations until obligations of the former Redevelopment Agency are paid in full and assets have been liquidated.

The RDA Retirement Fund accounts for the redevelopment property tax trust fund (RPTTF) revenues allocated to the Successor Agency to pay for approved recognized obligations of the former redevelopment agency. During fiscal year 2015, most of the other redevelopment project funds have been consolidated into this fund to complete the process of winding down the Agency.

The 2014A Debt Service Fund receives transfers from the RDA Retirement Fund and accounts for payments of principal and interest on the Tax Allocation Refunding Bonds Series 2014A.

The 2014B Debt Service Fund receives transfers from the RDA Retirement Fund and accounts for payments of principal and interest on the Tax Allocation Refunding Bonds Series 2014B. 199
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

PRIVATE-PURPOSE TRUST FUNDS

COMBINING STATEMENT OF NET POSITION
JUNE 30, 2023
Total Private2014A Debt 2014B Debt Purpose Trust
RDA Retirement Service Service Funds
ASSETS:

Cash and investments $ 39,544,095 $ - $ 39,544,095 - $
Cash and investments with fiscal agents 8,810,130 1,191,210 10,001,340 - Receivables:

Accounts 221 - - 221
Accrued interest 260,844 - 260,844 -
Loans receivable 10,143,223 - 10,143,223 -
Prepaid costs 275,647 36,444 312,091 -
Land held for resale 24,818,694 - 24,818,694 -
Capital assets:

Capital assets, not being depreciated 11,333,991 - 11,333,991 - Capital assets, being depreciated - - -
Total Assets 86,101,068 9,085,777 1,227,654 96,414,499
LIABILITIES:

Accounts payable 1,593,084 - 1,593,084 -
Accrued interest 777,333 94,769 872,102 -
Long-term liabilities:

Bonds due in one year 7,435,000 1,065,000 8,500,000 -
Pollution remediation obligations due in one year 48,172 - 48,172 - Bonds due in more than one year 48,317,897 5,628,367 53,946,264 - Pollution remediation obligation due
in more than one year 467,500 - 467,500 -
Total Liabilities 2,108,756 56,530,230 6,788,136 65,427,122

NET POSITION HELD IN TRUST FOR
Held in trust for other purposes 83,992,312 (47,444,453) (5,560,482) 30,987,377 Total Net Position (Deficit) 83,992,312 $ (47,444,453) $ (5,560,482) $ 30,987,377 $

PRIVATE PURPOSES
200
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

PRIVATE-PURPOSE TRUST FUNDS

COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION FOR THE YEAR ENDED JUNE 30, 2023
Total Private2014A Debt 2014B Debt Purpose Trust
RDA Retirement Service Service Elimination Funds
ADDITIONS:

Taxes 14,984,711 $ - $ - $ - $ 14,984,711 $
Investment income 520,371 234,733 - - 755,104
Settlement revenue 33,000,000 - - - 33,000,000
Transfers in - 9,414,114 1,333,361 (10,747,475) -
Total Additions 48,505,082 9,648,847 1,333,361 (10,747,475) 48,739,815 DEDUCTIONS:

Administrative expenses 438,628 - - 438,628 -
Contractual services 6,398,568 - - 6,398,568 -
Interest expense 1,654,896 299,459 - 1,954,355 -
Contributions to other governments 601,638 - - 601,638 - Transfers out 10,747,475 - - (10,747,475) -
Total Deductions 18,186,309 1,654,896 299,459 (10,747,475) 9,393,189 Net change in position 30,318,773 7,993,951 1,033,902 39,346,626 - Net position (deficit) - beginning 53,673,539 (55,438,404) (6,594,384) - (8,359,249) Net position (deficit) - ending $ 83,992,312 $ (47,444,453) $ (5,560,482) $ 30,987,377 - $ 201
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DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Contents
Financial Trends I - IV
These schedules contain trend information to help the reader understand how the city's financial performance and well-being have changed over time.

Revenue Capacity V - IX
These schedules contain information to help the reader assess the factors affecting the city's ability to generate its property and sales taxes.

Debt Capacity X - XIV
These schedules present information to help the reader assess the affordability of the city's current levels of outstanding debt and the city's ability to issue additional debt in the future.

Demographic and Economic Information XV - XVII
These schedules offer demographic and economic indicators to help the reader understand the environment within which the city's financial activities take place.

Operating Information XVIII - XIX
These schedules contain information about the city's operations and resources to help the reader understand how the city's financial information relates to the services the city provides and the activities it performs.

Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year.

Statistical Section
This part of the City of Emeryville's comprehensive annual 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.

GASB issued Statement no. 44, Economic Condition Reporting; The Statistical Section - an amendment of NCGA Statement 1 . This statement amends the portions of NCGA Statement 1, Governmental Accounting and Financial Reporting Principles, that guide the preparation of the statistical section. The statistical section presents details information, typically in ten-year statements, and required supplementary information to assess the economic condition of a government. During fiscal year 2005-2006, the City implemented this statement and added new information that financial statement users have identified as important and eliminated certain schedules previously required.

Schedule
GASB issued Statement no. 54, Fund Balance Reporting and Governmental Fund Type Definitions .

This changed the reporting requirements for fund balances in the financial statements. The City implemented this statement effective fiscal year 2010-2011. 203
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C City of Emeryville
Statistical Section - Table I
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)
2014 2015 2016 2017
Governmental activities
Net investment in capital assets 69,332,175 $ 70,686,033 $ 68,973,451 $ 1 67,638,982 $ Restricted 59,193,273 68,180,423 51,000,633 60,752,375
Unrestricted 85,724,838 70,585,332 65,389,801 2 65,636,489 Total governmental activities net position 214,250,286 $ 209,451,788 $ 185,363,885 $ 194,027,846 $ Business-type activities
Net investment in capital assets 6,698,183 $ 8,199,483 $ 8,112,330 $ 8,385,897 $ Restricted 4,120,256 1,393,732 2,063,866 2,024,388
Unrestricted (332,233) 1,436,219 1,488,977 1,775,733
Total business-type activities net position 10,486,206 $ 11,029,434 $ 11,665,173 $ 12,186,018 $ Primary government
Net investment in capital assets 76,030,358 $ 78,885,516 $ 77,085,781 $ 76,024,879 $ Restricted 63,313,529 69,574,155 53,064,499 62,776,763
Unrestricted 85,392,605 72,021,551 66,878,778 67,412,222 Total primary government net position 224,736,492 $ 220,481,222 $ 197,029,058 $ 206,213,864 $ Notes:

1. Restated 2016 due to the reclassification of capital improvement project to the Successor Agency for property remediation payments.

2. Restated 2016 due to the reclassification of prior year unavailable revenues for notes and loans, operating contribution and grants. 204
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C 2018 2019 2020 2021 2022 2023
$ 69,236,908 $ 86,768,020 $ 94,116,338 $ 107,889,826 $ 110,589,119 $ 120,690,251 90,047,586 94,720,674 56,084,907 49,200,357 51,421,948 101,639,863 38,781,480 46,880,616 88,435,683 91,861,373 100,133,727 68,557,892 $ 198,065,974 $ 228,369,310 $ 238,636,928 $ 248,951,556 $ 262,144,794 $ 290,888,006 $ 8,199,975 $ 8,008,915 $ 7,817,855 $ 7,626,795 $ 7,898,736 $ 7,786,475 2,641,903 2,343,339 2,756,937 7,179,901 7,616,796 8,548,957 1,733,373 2,694,264 3,741,587 - - -
$ 12,575,251 $ 13,046,518 $ 14,316,379 $ 14,806,696 $ 15,515,532 $ 16,335,432 $ 77,436,883 $ 94,776,935 $ 101,934,193 $ 115,516,621 $ 118,487,855 $ 128,476,726 92,689,489 97,064,013 58,841,844 56,380,258 59,038,744 110,188,820 40,514,853 49,574,880 92,177,270 91,861,373 100,133,727 68,557,892 $ 210,641,225 $ 241,415,828 $ 252,953,307 $ 263,758,252 $ 277,660,326 $ 307,223,438 205
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C City of Emeryville
Statistical Section - Table II
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
2014 2015 2016 2017
Expenses
Governmental activities:

City council 147,451 $ $ 176,050 $ 187,581 $ 202,159
City manager 727,135 925,387 1,181,250 1,408,437
City attorney 563,063 561,181 416,252 585,501
Finance 877,587 934,110 897,179 1,144,663
Human resources 531,949 668,129 804,087 888,463
Information technology (1) 508,324 929,009 951,426 1,135,305 Non-departmental operations 2,706,578 2,691,552 4,016,297 3,792,532 Police 9,752,016 11,150,202 11,851,855 13,087,370
Fire 5,822,379 5,785,323 6,730,833 7,763,651
Plannning and building 2,813,429 2,956,040 4,163,311 3,149,159 Economic development and housing 985,197 3,347,980 20,356,084 1,256,037 Redevelopment 14,760 - 41,299 146,400
Property based improvement district 2,781,500 2,959,562 3,761,548 3,863,878 Community services 565,762 550,757 560,878 920,268
Child development 1,761,693 2,175,222 2,425,147 2,410,524 Youth services 749,982 1,013,719 1,239,033 1,344,674
Adult services 613,182 691,662 651,986 1,052,711
Public works 6,694,496 6,515,111 6,250,213 13,547,948
Interest on long-term debt 288,239 127,828 127,351 125,557 Total governmental activities expenses 38,904,722 44,158,824 66,613,610 57,825,237 Business-type activities:

Sewer 561,301 518,487 550,046 772,290
Total business-type activities expenses 561,301 518,487 550,046 772,290 Total primary government expenses $ 39,466,023 $ 44,677,311 $ 67,163,656 $ 58,597,527 Program Revenues
Governmental activities:

Charges for services:

General Government $ 3,527,580 $ 4,848,345 $ 9,780,050 $ 9,432,477 Public Safety 723,200 1,020,216 798,029 1,017,546
Redevelopment - - 40,000 40,000
Property Based Improvement District 2,635,700 2,959,562 3,220,017 3,368,624 Child Development 1,153,904 2,175,222 1,087,616 1,137,338 Operating grants and contributions 1,600,076 4,016,627 3,472,039 5,472,374 Capital grants and contributions 22,662,691 20,926,547 2,763,083 2,498,959 Total governmental activities program revenues 32,303,151 35,946,519 21,160,834 22,967,318 Business-type activities:

Charges for services:

Sewer 823,223 1,189,759 845,356 1,265,566
Capital grants and contributions - - 400,000 -
Total business-type activities program revenues 823,223 1,189,759 1,245,356 1,265,566 Total primary government program revenues $ 33,126,374 $ 37,136,278 $ 22,406,190 $ 24,232,884 (1) Information technology division previously reported in the Finance department. 206
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C 2018 2019 2020 2021 2022 2023
$ 222,581 $ 219,654 $ 205,422 $ 209,478 $ 197,243 $ 235,006 1,392,176 1,137,782 1,170,384 1,115,048 934,960 1,460,129 534,354 600,453 622,553 648,922 607,030 718,182
1,093,976 1,118,840 1,353,480 1,114,110 974,606 1,398,423 790,400 728,794 764,058 771,678 772,882 828,328
1,205,716 1,174,675 1,507,232 1,386,556 1,320,056 1,388,214 3,275,291 3,779,538 3,760,939 3,200,319 3,612,909 4,216,391 13,518,734 14,009,706 16,129,575 16,437,792 13,098,319 15,527,007 8,134,164 8,895,473 10,041,674 9,508,535 9,864,213 10,494,648 3,047,003 4,284,383 3,525,039 4,021,359 5,139,274 5,097,727 5,975,087 1,254,963 3,435,320 2,122,080 2,292,520 9,409,911 135,711 97,523 99,971 - - -
4,064,405 4,263,247 4,648,962 4,687,374 4,859,599 5,058,497 1,062,542 996,837 629,765 600,318 833,438 1,119,930
2,308,874 2,293,295 2,592,826 2,552,161 2,144,936 2,215,807 1,422,486 1,548,998 1,543,285 1,237,409 1,410,175 1,832,945 1,041,631 1,067,215 1,086,775 683,041 643,265 638,171
9,013,050 7,532,228 8,959,551 9,638,507 8,240,855 8,572,292 101,435 88,945 89,646 78,455 66,308 826,325
58,339,616 55,092,549 62,166,457 60,013,142 57,012,588 71,037,933 564,159 544,936 522,049 632,196 496,337 620,593
564,159 544,936 522,049 632,196 496,337 620,593
$ 58,903,775 $ 55,637,485 $ 62,688,506 $ 60,645,338 $ 57,508,925 $ 71,658,526 $ 6,472,435 $ 7,685,851 $ 8,042,722 $ 7,040,241 $ 9,900,266 $ 17,430,539 994,626 783,767 3,094,764 1,662,227 2,584,296 2,563,389 84,064 16,331 44,945 45,836 46,746 10,146,222
3,735,926 3,765,814 4,025,621 4,013,995 4,172,977 4,370,443 1,311,260 1,426,793 1,016,238 959,502 1,003,981 1,337,232 4,980,866 2,934,567 3,518,339 5,219,090 6,256,113 5,454,282 784,752 114,227 1,541,090 354,207 391,727 1,914,603
18,363,929 16,727,350 21,283,719 19,295,098 24,356,106 43,216,710 996,519 967,840 1,737,964 1,270,560 1,239,790 1,310,519 - - - - - -
996,519 967,840 1,737,964 1,270,560 1,239,790 1,310,519 $ 19,360,448 $ 17,695,190 $ 23,021,683 $ 20,565,658 $ 25,595,896 $ 44,527,229 207
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C City of Emeryville
Statistical Section - Table II (continued)
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
2014 2015 2016 2017
Net (Expense)/Revenue
Governmental activities (6,601,571) $ (8,212,305) $ (45,452,776) $ (34,857,919) $ Business-type activities 261,922 671,272 695,310 493,276 Total primary government net expense (6,339,649) $ (7,541,033) $ (44,757,466) $ (34,364,643) $ General Revenues and Other Changes in Net Position
Governmental activities:

Taxes
Property taxes 4,510,321 $ 6,277,517 $ 9,299,477 $ 7,393,808 $ Tax increment - - - -
Transient occupancy taxes 5,276,554 5,911,821 6,894,846 7,426,301 Sales taxes 8,233,456 8,038,150 8,507,880 8,632,015
Franchise taxes 1,597,846 1,602,164 1,643,944 1,694,244 Business license taxes 7,531,077 7,668,497 8,172,325 8,711,004 Other taxes 4,390,169 3,520,812 5,959,825 6,639,571
Motor Vehicle in lieu 651,661 679,813 759,623 807,327
Use of money and property 2,004,475 1,739,427 2,220,381 1,978,664 Miscellaneous 115,883 150,307 731,945 238,946
Extraordinary gain/(loss) - - - -
Special item - 674,053 - -
Transfers 63,264 30,000 81,500 -
Total governmental activities 33,310,043 37,357,224 44,271,746 43,521,880 Business-type activities:

Use of money and property 26,208 20,697 21,929 27,569
Miscellaneous - - - -
Transfers (63,264) (30,000) (81,500) -
Total business-type activities (37,056) (9,303) (59,571) 27,569 Total primary government $ 33,272,987 $ 37,347,921 $ 44,212,175 $ 43,549,449 Change in Net Position
Governmental activities $ 26,708,472 $ 29,144,919 $ (1,181,030) $ 8,663,961 Business-type activities 224,866 661,969 635,739 520,845 Total primary government $ 26,933,338 $ 29,806,888 $ (545,291) $ 9,184,806 208
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C 2018 2019 2020 2021 2022 2023
$ (39,975,687) $ (38,365,199) $ (40,882,738) $ (40,718,044) $ (32,656,482) $ (27,821,223) 432,360 422,904 1,215,915 638,364 743,453 689,926
$ (39,543,327) $ (37,942,295) $ (39,666,823) $ (40,079,680) $ (31,913,029) $ (27,131,297) $ 8,453,487 $ 8,920,973 $ 9,979,951 $ 20,780,101 $ 12,040,438 $ 12,579,847 - - - - - -
8,321,942 8,687,505 6,027,857 2,278,249 4,500,562 5,893,468 8,729,795 9,327,118 7,839,940 10,371,518 12,020,818 11,807,186 1,789,616 1,863,560 1,989,366 1,983,038 2,239,676 2,394,385 8,984,641 9,567,421 8,658,838 6,524,869 9,614,930 10,038,758 9,398,190 7,769,284 10,559,305 3,030,308 3,381,368 3,985,102 853,910 905,486 963,890 1,029,008 1,090,015 1,172,691
2,520,500 6,229,843 5,075,406 2,454,252 (1,905,456) 3,940,039 94,115 106,793 84,553 2,395,529 2,815,869 4,701,459
- - - - - -
- 14,976,044 - - - -
51,500 51,500 51,500 185,800 51,500 51,500
49,197,696 68,405,527 51,230,606 51,032,672 45,849,720 56,564,435 51,443 99,863 105,446 37,753 16,883 181,474
- - - - - -
(51,500) (51,500) (51,500) (185,800) (51,500) (51,500)
(57) 48,363 53,946 (148,047) (34,617) 129,974
$ 49,197,639 $ 68,453,890 $ 51,284,552 $ 50,884,625 $ 45,815,103 $ 56,694,409 $ 9,222,009 $ 30,040,328 $ 10,347,868 $ 10,314,628 $ 13,193,238 $ 28,743,212 432,303 471,267 1,269,861 490,317 708,836 819,900
$ 9,654,312 $ 30,511,595 $ 11,617,729 $ 10,804,945 $ 13,902,074 $ 29,563,112 209
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C City of Emeryville
Statistical Section - Table III
Fund Balances, Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
2014 2015 2016 2017
General Fund
Nonspendable $ 13,620,689 $ 7,179,797 $ 565,502 $ 319,095 Restricted 100,000 100,000 100,000 100,000
Committed 11,161,002 6,578,314 35,920,416 35,529,250
Assigned 1,328,589 1,335,717 1,344,194 2,354,457
Unassigned 11,977,384 18,719,632 1,271,572 2,404,324
Total General Fund $ 38,187,664 $ 33,913,460 $ 39,201,684 $ 40,707,126 All other government funds:

Nonspendable: - - - 605
Restricted for: 59,093,273 67,478,317 50,900,633 60,652,375 Committed to: 13,298,713 26,063,322 44,398,585 44,888,763 Assigned to: - 9,573,983 3,440,097 3,907,818
Unassigned - 2,397,964 - -
Total all other governmental funds $ 72,391,986 $ 105,513,586 $ 98,739,315 $ 109,449,561

1. Restated 2016 due to the recognition of grant fund revenue in prior year.

Notes:
210
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C 2018 2019 2020 2021 2022 2023
$ 38,877 $ 43,363 $ 67,583 $ 48,546 $ 41,786 $ 54,493
180,000 363,652 343,371 319,323 293,956 251,462
33,631,564 38,186,648 39,451,092 40,336,617 39,176,083 41,427,560 3,382,403 3,451,939 3,137,915 3,135,503 3,142,251 3,211,094 3,843,833 7,759,918 9,997,255 10,460,005 16,229,351 22,258,469 $ 41,076,677 $ 49,805,520 $ 52,997,216 $ 54,299,994 $ 58,883,427 $ 67,203,078 - - 20,434 - - 20,587
89,867,586 94,357,022 55,741,536 48,881,034 51,068,818 101,388,401 17,238,821 18,493,798 59,670,444 65,609,682 67,343,107 75,683,881 4,476,972 5,050,415 5,219,885 5,616,979 5,840,622 6,164,451 - - - - - (2,889,945)
$ 111,583,379 $ 117,901,235 $ 120,652,299 $ 120,107,695 $ 124,252,547 $ 180,367,375 211
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C City of Emeryville
Statistical Section - Table IV
Changes in Fund Balances, Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
2014 2015 2016 2017
Revenues
Taxes $ 32,977,187 $ 36,930,822 $ 44,338,425 $ 43,865,567 Licenses, fees, and permits 2,838,908 5,200,746 8,627,186 8,345,892 Intergovernmental 2,229,424 3,025,831 3,572,596 4,697,180 Contribution from property owners - - - -
Charges for services 2,160,395 2,002,438 1,914,563 1,944,900 Investment income 1,211,943 890,364 1,318,846 884,800
Rent 726,983 767,502 809,172 982,184
Contributions 22,423,847 21,245,659 1,762,756 1,742,497 Developer participation 110,000 44,250 73,771 -
Miscellaneous 1,883,198 3,290,982 4,274,525 3,632,418
Total revenues 66,561,885 73,398,594 66,691,840 66,095,438 Expenditures
City council 137,582 159,002 173,094 188,481
City manager 722,230 899,964 1,159,302 1,264,541
City attorney 563,063 547,371 410,125 539,571
Finance 876,395 963,708 875,409 1,028,922
Human resources 531,949 643,173 788,536 783,842
Information technology 435,804 828,759 859,896 852,415
Non-departmental operations 2,371,880 2,375,549 3,635,154 3,493,521 Police 9,569,271 10,302,605 10,538,221 11,658,176
Fire 5,633,392 6,258,898 6,405,297 7,079,486
Planning and building 2,813,429 2,897,036 3,767,846 3,058,630 Economic development and housing 819,501 3,311,696 20,343,610 1,199,277 Redevelopment 14,760 - - -
Property based improvement district 2,781,500 2,959,562 3,761,548 3,863,878 Community services 565,762 525,778 551,581 865,999
Child development 1,720,257 1,925,895 1,997,610 2,149,360 Youth services 721,432 967,695 1,189,876 1,263,087
Adult services 611,513 677,616 643,700 963,650
Public works 3,403,038 3,382,517 3,248,768 9,814,017
Capital outlay 1,833,881 4,397,318 7,190,599 2,783,709
Debt service:

Principal retirement 4,980,900 241,900 252,700 258,100
Interest and fiscal charges 306,466 135,156 128,199 121,088 Total expenditures 41,414,005 44,401,198 67,921,071 53,229,750 Excess of revenues over
(under) expenditures 25,147,880 28,997,396 (1,229,231) 12,865,688 Other Financing Sources (Uses)
Transfers in 2,645,924 12,784,535 9,275,128 18,249,921
Transfers out (3,314,160) (12,934,535) (9,773,628) (18,899,921) Other debt issued - - - -
Proceeds from the sale capital assets 55,997 - - -
Refunding of bonds issued 4,390,300 - - -
Total other financing
sources (uses) 3,778,061 (150,000) (498,500) (650,000)
Extraordinary gain/(loss) on dissolution
of redevelopment agency (Note 18) - - - -
Net change in Fund Balance $ 28,925,941 $ 28,847,396 $ (1,727,731) $ 12,215,688 Debt service as a percentage of noncapital expenditures 13.4% 0.9% 0.6% 0.8% 212
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C 2018 2019 2020 2021 2022 2023
$ 49,115,972 $ 49,921,074 $ 49,121,004 $ 49,187,821 $ 48,188,028 $ 51,297,918 4,809,917 5,803,734 7,150,661 7,462,296 10,313,353 12,622,335 4,759,150 4,275,288 3,303,809 5,224,423 6,232,890 6,074,608 - - - - - -
2,110,315 2,256,270 1,704,087 1,304,852 1,811,058 1,925,778 1,219,899 4,772,564 3,848,306 1,968,687 (2,114,891) 3,720,677 1,108,614 1,102,264 893,139 689,319 912,044 963,222
362,726 130,416 357,468 331,814 320,708 354,706
3,060 1,442,000 - - -
2,869,907 2,801,351 3,656,696 4,086,315 4,750,000 17,165,604 66,359,560 71,062,961 71,477,170 70,255,527 70,413,190 94,124,848 208,890 214,559 204,213 202,931 202,598 237,903
1,298,346 1,124,576 1,037,140 999,183 942,544 1,474,781 509,639 594,489 546,763 491,405 536,178 655,935
1,028,306 1,103,089 1,204,350 982,305 984,478 1,415,175 732,127 722,633 664,688 681,387 780,633 839,362
987,075 1,137,306 1,251,103 1,242,404 1,295,472 1,376,042 3,185,740 3,558,762 3,587,004 3,029,929 3,561,641 4,170,794 16,265,427 12,896,563 14,145,368 14,026,356 14,668,785 15,382,789 7,888,892 8,380,914 8,884,529 9,410,896 9,766,574 10,397,429 3,041,482 4,363,993 3,334,957 3,794,177 5,165,162 5,126,998 5,947,215 1,249,415 3,357,737 2,055,180 2,302,995 9,425,271 - - - - - -
4,064,405 4,263,247 4,648,962 4,687,374 4,859,599 5,058,497 1,026,324 994,020 630,543 600,352 833,780 1,120,367
2,121,898 2,261,778 2,331,071 2,273,418 2,142,038 2,246,278 1,356,466 1,495,713 1,452,827 1,148,805 1,386,293 1,797,328 961,012 987,296 948,164 548,505 567,395 568,509
6,189,128 5,502,678 4,675,419 4,754,410 4,838,128 5,699,157 4,884,123 5,096,276 11,952,431 18,884,781 6,533,917 11,237,889 263,200 272,900 282,100 290,900 299,200 683,495
102,731 94,783 86,541 78,455 68,995 827,870
62,062,426 56,314,990 65,225,910 70,183,153 61,736,405 79,741,869 4,297,134 14,747,971 6,251,260 72,374 8,676,785 14,382,979 3,273,326 2,244,824 2,901,232 5,047,854 5,699,686 3,294,076 (5,091,826) (2,223,324) (3,209,732) (4,362,054) (5,648,186) (3,242,576) - - - - 50,000,000 -
24,735 14,220 - - - -
- - - - - -
(1,793,765) 35,720 (308,500) 685,800 51,500 50,051,500
- - - - - -
$ 2,503,369 $ 14,783,691 $ 5,942,760 $ 758,174 $ 8,728,285 $ 64,434,479

0.6% 0.7% 0.7% 0.7% 0.7% 2.2%
213
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C This Page Intentionally Left Blank
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C City of Emeryville
Statistical Section - Table V
Assessed Value and Estimated Actual Value of Taxable Property Last Ten Fiscal Years
Total
Less: Total Taxable Direct
Fiscal Real Personal Tax-Exempt Assessed Tax
Year Property Property Property Value Rate (%) (1)
2013-14 3,763,651,363 $ 471,653,509 $ (83,737,232) $ 4,151,567,640 $ 0.2182% 2014-15 3,993,898,360 457,744,022 (108,720,173) 4,342,922,209 0.2182% 2015-16 4,468,931,248 331,063,497 (94,880,198) 4,705,114,547 0.2182% 2016-17 4,763,568,831 374,017,423 (136,247,060) 5,001,339,194 0.2182% 2017-18 5,012,942,428 407,061,644 (129,349,135) 5,290,654,937 0.2182% 2018-19 5,246,143,040 478,110,415 (113,400,217) 5,610,853,238 0.2182% 2019-20 5,580,325,969 547,532,578 (154,063,581) 5,973,794,966 0.2182% 2020-21 5,940,222,805 593,865,301 (212,001,263) 6,322,086,843 0.2182% 2021-22 6,276,562,903 617,612,700 (227,330,945) 6,666,844,658 0.2182% 2022-23 6,695,185,572 651,516,441 (156,590,229) 7,190,111,784 0.2182% Notes:
(1) Total Direct Tax Rate is respresented by TRA 014-000, rates are not adjusted for ERAF Source: Alameda County Data, Avenu Insights & Analytics In 1978, the voters of California passed Proposition 13, which limited property taxes to a maximum of 1% based upon the assessed value of the property being taxed. Each year, the assessed value of property may be increased by an "inflation factor" (limited to a maximum increase of 2%). With some few exceptions, property is only reassessed at the time that it is sold to a new owner. At that time, the new assessed value is determined based on the purchase price of the property sold. The assessed valuation data shown above represents the only data currently available with respect to the actual market value of taxable property and is subject to the limitations described above.
215
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C City of Emeryville
Statistical Section - Table VI
Assessed Value of Property by Use Code, Citywide
Last Ten Fiscal Years
Category 2013-14 2014-15 2015-16 2016-17 2017-18
Commercial 1,910,845,651 $ 1,963,116,063 $ 2,230,128,700 $ 2,323,635,087 $ 2,488,581,968 $ Residential 1,427,012,709 1,597,120,334 1,768,921,200 2,020,530,350 2,123,374,518 Industrial 283,204,476 278,517,236 279,149,179 306,056,222 294,520,921 Vacant 64,722,372 77,674,621 108,079,740 73,760,581 71,795,067 Government - - - - -
Recreation 23,828,087 24,294,117 26,144,934 26,884,461 18,541,311 Institution 12,204,303 12,259,632 12,504,542 12,695,142 16,050,662 Public - - - - -
Unitary 523,096 74,276 74,276 74,276 71,063
Unknown 41,310,669 40,916,357 44,002,953 6,988 6,918
Gross Secured Value 3,763,651,363 3,993,972,636 4,469,005,524 4,763,643,107 5,012,942,428 Unsecured Value 471,653,509 457,744,022 331,063,497 374,017,423 407,061,644 Exemptions 83,737,232 108,720,173 94,880,198 136,247,060 129,349,135 Total Taxable Value 4,151,567,640 $ 4,342,996,485 $ 4,705,188,823 $ 5,001,413,470 $ 5,290,654,937 $ Notes:

Use code categories are based on Alameda County Assessor’s data Source: Alameda County Assessor data, Avenu Insights & Analytics $-
$1,000,000,000
$2,000,000,000
$3,000,000,000
$4,000,000,000
$5,000,000,000
$6,000,000,000
$7,000,000,000
$8,000,000,000 Exemptions
Unsecured
Value
Unknown
Unitary
Public
Institution
Recreation
Government
Vacant
216
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C 2018-19 2019-20 2020-21 2021-22 2022-23
$ 2,576,533,502 $ 2,696,121,934 $ 2,978,043,691 $ 3,103,593,299 $ 3,113,813,872 2,207,853,346 2,322,356,929 2,298,074,948 2,347,341,239 2,665,744,808 321,736,794 338,489,520 326,542,844 348,616,269 467,140,877 94,997,916 177,460,587 133,954,753 271,003,549 222,077,137 - - 39,553,561 40,209,675 44,216,910
19,221,983 19,861,495 1,501,690 1,517,243 1,547,582
25,721,587 25,886,260 31,852,375 31,703,789 42,550,709
- 71,400 - - -
71,063 71,063 71,063 77,162 77,162
6,849 6,781 130,627,880 132,500,678 138,016,515
5,246,143,040 5,580,325,969 5,940,222,805 6,276,562,903 6,695,185,572 478,110,415 547,532,578 593,865,301 617,612,700 651,516,441 113,400,217 154,063,581 212,001,263 212,001,263 156,590,229 $ 5,610,853,238 $ 5,973,794,966 $ 6,322,086,843 $ 6,682,174,340 $ 7,190,111,784 217
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C City of Emeryville
Statistical Section - Table VII
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
(rate per $100 of assessed value)
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Basic City and County Levy
City of Emeryville 0.2182 0.2182 0.2182 0.2182 0.2182 0.2182 0.2182 0.2182 0.2182 0.2182 Alameda County 0.7818 0.7818 0.7818 0.7818 0.7818 0.7818 0.7818 0.7818 0.7818 0.7818

1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 Countywide GO Bond 0.0000 0.0000 0.0000 0.0000 0.0000 0.0112 0.0108 0.0036 0.0041 0.0103 Emery Unified School District 0.0874 0.0759 0.0682 0.0680 0.0656 0.0594 0.0614 0.0593 0.0532 0.0463 Peralta Community College 0.0419 0.0412 0.0337 0.0256 0.0310 0.0269 0.0257 0.0452 0.0407 0.0409 Bay Area Rapid Transit 0.0075 0.0045 0.0026 0.0080 0.0084 0.0070 0.0120 0.0139 0.0060 0.0140 East Bay Regional Park I 0.0078 0.0085 0.0067 0.0032 0.0021 0.0057 0.0060 0.0014 0.0020 0.0058 EBMUD Special District I 0.0066 0.0047 0.0034 0.0028 0.0011 0.0000 0.0000 0.0000 0.0000 0.0000

0.1512 0.1348 0.1146 0.1076 0.1082 0.1102 0.1159 0.1234 0.1060 0.1173 Total Direct Tax Rate 1.1512 1.1348 1.1146 1.1076 1.1082 1.1102 1.1159 1.1234 1.1060 1.1173

1. The above tax rates are applied per $100 of assesed valuation for TRA 14-00.

Source: Alameda County Auditor/Controller data, Avenu Insights & Analytics Notes:

2. In 1978, California voters passed Proposition 13 which sets property tax rate at a 1% fixed amount. This 1% is shared by all taxing agencies for which the subject property resides within. In addition to the 1% fixed amount, property owners are charged taxes for the payment of various other agency levies.
218
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C City of Emeryville
Statistical Section - Table VIII
Principal Property Tax Payers
Current Year and Nine Years Ago
Taxpayer Taxable Value ($)
Percent of Total
City Taxable
Value (%) Taxable Value ($)
Percent of
Total City
Taxable Value
(%)
Emery Station Joint Venture LLC $ 312,390,628 4.34%
Pixar 265,743,292 3.70% 288,946,544 $ 6.96%
Bay Street Centercal LLC 265,200,000 3.69%
Bre Properties Inc 247,092,166 3.44% 111,459,157 2.68%
KBSIII Towers Emeryville LLC 199,119,720 2.77%
Courtyards at 65th L P 184,298,392 2.56%
SPUS8 2100 Powell LP 183,231,802 2.55%
ES East LLC 155,642,874 2.16%
Avalon Public Market LP 147,963,197 2.06%
Bay Center Investor LLC 132,487,207 1.84% 88,900,000 2.14% BCSP Hollis Property LLC 132,090,000 1.84%
Bcore Emerytech Owner LLC 130,365,840 1.81%
Prime Us Tower Emeryville LLC 124,800,816 1.74%
G C Diagnostics Corp 124,190,219 1.73%
LMV II Emeryville Holdings LP 119,188,870 1.66%
Emeryville Parcel CFG DE LLC 113,090,522 1.57%
Windsor Metropolitan LP 107,658,748 1.50% 82,836,491 2.00% East Bay Bridge Retail LLC 100,997,927 1.40% 62,886,353 1.51% Archstone Emeryville Residential LLC 87,238,168 1.21%
SFF 1650 65th Street LLC 82,110,000 1.14%
Rockwood Christie LLC 79,105,334 1.10%
Zymergen Inc 67,964,908 0.95%
Holiday Garden EV Corp 60,223,716 0.84%
DP Emeryville 40th Street Investors LP 57,941,440 0.81% ASN Emeryville LLC 56,926,468 0.79% 49,892,930 1.20%
Emeryville Office LLC 251,280,126 6.05%
Emery Station Office II LLC 235,662,568 5.68%
Madison Manhattan Village LLC 210,681,494 5.07%
Chiron Corp 196,330,234 4.73%
Novartis Vaccines Diagnostics 161,072,662 3.88%
Hines Reit Watergate LP 97,087,643 2.34%
AG CCRP Public Market L P 64,275,000 1.55%
Mach I Emery Tech LLC 62,500,000 1.51%
Amyris Inc. 45,845,420 1.10%
Regency Centers LP 44,986,488 1.08%
Ikea Property Inc. 44,250,252 1.07%
6400 Christie Avenue Emeryvill 42,709,569 1.03%
Griffin Capital Atrium Investo 38,709,626 0.93%
Agesong Emeryville Owner LLC 37,624,919 0.91%
HPTMI Properties Trust 36,000,000 0.87%
Emeryville LLC 35,254,343 0.85%
RLJ HGN Emeryville LP 34,930,104 0.84%
Hollis Street Investors II LLC 34,673,993 0.84%
Emeryville Homes LLC 25,096,288 0.60%
Total Top 25 Taxpayers 3,537,062,254 49.19% 2,383,892,204 57.42% Total Taxable Value $ 7,190,111,784 100.00% 4,151,567,640 $ 100.00% Source:2013-14, previously published ACFR
2022-23 2013-14
Source: Alameda County Assessor data, Avenu Insights & Analytics 219
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C City of Emeryville
Statistical Section - Table IX
Property Tax Levies and Collections
Last Ten Fiscal Years
Fiscal
Year Taxes Levied Collections
Ended for the Percentage of Prior Percentage
June 30, Fiscal Year Amount of Levy Years (1) Amount of Levy (2) 2014 1,327,293 $ 1,210,101 $ 91.17% 203,219 $ 1,413,320 $ 106.48% 2015 1,418,429 1,308,695 92.26% 154,927 1,463,621 103.19% 2016 1,496,399 1,358,989 90.82% 123,183 1,482,172 99.05% 2017 1,523,904 1,388,364 91.11% 74,650 1,463,014 96.00% 2018 1,643,180 1,521,809 92.61% 139,199 1,661,007 101.08% 2019 1,718,973 1,599,354 93.04% 105,848 1,705,202 99.20% 2020 1,804,671 1,658,918 91.92% 115,749 1,774,667 98.34% 2021 1,863,155 1,656,937 88.93% 155,602 1,812,539 97.28% 2022 1,917,352 1,782,402 92.96% 145,597 1,927,999 100.56% 2023 2,036,853 1,883,922 92.49% 133,132 2,017,055 99.03% Notes:

Source: Alameda County Auditor-Controller Agency
2) Percentage of Levy includes total collections of prior year's property tax delinquencies as well as taxes levied for the current fiscal year; resulting in percentages greater than 100% in some years.
1) Collection in subsequent years is reported based on revenue received from the County for the fiscal year end shown. The City does not receive information from the County that specifies how much of the subsequent collection received belongs to each fiscal year. Subsequent collections for both tax types include penalties and interest assessed on the previously unpaid amounts. As a result, total collections for each levy year are not presented.

Collected within the
Fiscal Year of the Levy Total Collections to Date
220
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C City of Emeryville
Statistical Section - Table X
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
Business-type
Activities
Total Percentage Debt
Fiscal Capital Sewer Primary of Property Per
Year Bonds Leases Loans Government Value Capita
2014 4,154,400 $ - $ - $ 4,154,400 $ 0.10% 396 $
2015 3,912,500 - - 3,912,500 0.09% 370
2016 3,659,800 - - 3,659,800 0.08% 312
2017 3,401,700 - - 3,401,700 0.07% 287
2018 3,138,500 - - 3,138,500 0.06% 262
2019 2,865,600 - - 2,865,600 0.05% 241
2020 2,583,500 - - 2,583,500 0.04% 210
2021 2,292,600 - - 2,292,600 0.04% 182
2022 1,993,400 - - 1,993,400 0.03% 160
2023 51,686,500 - - 51,686,500 0.72% 4,099
Notes:

Details regarding the city's outstanding debt can be found in the notes to the financial statements. (Note 7 Long-Term Liabilities) Source: County of Alameda Auditor-Controller; City of Emeryville Governmental Activities
Lease
Revenue &
Measure C
General
Obligation
221
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C City of Emeryville
Statistical Section - Table XI
Ratios of General Bonded Debt Outstanding
Last Ten Fiscal Years
Lease Revenue
& Measure C
General Percent Debt
Fiscal Obligation of Assessed Per
Year Bonds Total Value Capita
2014 4,154,400 $ 4,154,400 $ 0.10% 405 $
2015 3,912,500 3,912,500 0.09% 373
2016 3,659,800 3,659,800 0.08% 346
2017 3,401,700 3,401,700 0.07% 290
2018 3,138,500 3,138,500 0.06% 265
2019 2,865,600 2,865,600 0.05% 239
2020 2,583,500 2,583,500 0.05% 217
2021 2,292,600 2,292,600 0.04% 182
2022 1,993,400 1,993,400 0.03% 160
2023 51,686,500 51,686,500 0.72% 4,099
Source: County of Alameda Auditor-Controller; City of Emeryville Outstanding General Debt
222
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C City of Emeryville
Statistical Section - Table XII
Statement of Direct and Overlapping Bonded Debt
As of June 30, 2023
2022-23 Assessed Valuation: $7,201,663,184
Total Debt City’s Share of
OVERLAPPING TAX INCREMENT DEBT (Successor Agency): 6/30/2023 % Applicable (1) Debt 6/30/2023 2014 Tax Allocation Refunding Bonds, Series A 47,000,000 $ 100.000% 47,000,000 $ 2014 Tax Allocation Refunding Bonds, Series B 6,740,000 100.000% 6,740,000 TOTAL OVERLAPPING TAX INCREMENT DEBT 53,740,000
DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT:

Alameda County $ 1.922% 9,915,406 515,890,000 $
Bay Area Rapid Transit District 2,484,285,000 0.756% 18,781,195 Peralta Community College District 478,490,000 5.178% 24,776,212 Emery Unified School District 80,287,013 100.000% 80,287,013 Oakland Unified School District 1,050,025,000 0.001% 10,500 City of Emeryville - Measure C General Obligation Bonds 50,000,000 100.000% 50,000,000 East Bay Regional Park District 1.197% 2,106,181 175,955,000 TOTAL DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT $ 185,876,507 DIRECT AND OVERLAPPING TAX AND ASSESSMENT AND TAX INCREMENT DEBT 239,616,507 $ DIRECT AND OVERLAPPING GENERAL FUND DEBT:

Alameda County General Fund Obligations $ 706,903,500 1.922% 13,586,685 $ Alameda-Contra Costa Transit District Certificates of Participation 11,220,000 2.268% 254,470 Peralta Community College District Pension Obligation Bonds 121,921,654 5.178% 6,313,103 Oakland Unified School District General Fund Obligations 5,235,000 0.001% 52 City of Emeryville General Fund Obligations - 2013A Lease Revenue Bonds 1,686,500 100.000% 1,686,500 TOTAL OVERLAPPING GENERAL FUND DEBT $ 21,840,810
TOTAL DIRECT DEBT $ 51,686,500
TOTAL OVERLAPPING DEBT $ 209,770,817
COMBINED TOTAL DEBT $ (2) 261,457,317
Notes:

Source: Avenu Insights & Analytics
Overlapping governments are those that coincide, at least in part, within the geographic boundaries of the City. This schedule estimates the portion of the outstanding debt of those overlapping governments that is borned by the residents and businesses of the City. This process recognizes that, when considering the City's ability to issue and repay long-term debt, the entire debt burdend borned by the residents and businesses should be taken into account. However, this does not imply that every taxpayer is a resident, and therefore, responsible for repaying the debt, of each overlapping government.
1) The percentage of overlapping debt applicable to the city is estimated using taxable assessed property value. Applicable percentages were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the city divided by the district's total taxable assessed value. 2) Direct and overlapping tax and assessment debt combined with general fund debt and overlapping tax increment debt. Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue bonds and non-bonded capital lease obligations. 223
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C City of Emeryville
Statistical Section - Table XIII
Legal Debt Margin Information
Last Ten Fiscal Years
2014 2015 2016 2017
Total assessed value for fiscal year 4,151,567,640 $ 4,342,922,209 $ 4,705,114,547 $ 5,001,339,194 $ Debt limit (15% of assessed value) 622,735,146 $ 651,438,331 $ 705,767,182 $ 750,200,879 $ Total general obligation bonds - $ - $ - $ - $
Legal debt margin 622,735,146 $ 651,438,331 $ 705,767,182 $ 750,200,879 $ Total net debt applicable to the limit
as a percentage of debt limit 0.00% 0.00% 0.00% 0.00%
Notes:

Source:Source: Alameda County Data, Avenu Insights & Analytics Under state finance law, the city's outstanding general obligation debt should not exceed 15 percent of total assessed property value. By law, the general obligation debt subject to the limitation may be offset by amounts set aside for repaying general obligation bonds. 224
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C 2018 2019 2020 2021 2022 2023
$ 5,290,654,937 $ 5,610,853,238 $ 5,973,794,966 $ 6,322,086,843 $ 6,666,844,658 $ 7,190,111,784 $ 793,598,241 $ 841,627,986 $ 896,069,245 $ 948,313,026 $ 1,000,026,699 $ 1,078,516,768 $ - $ - $ - $ - $ - $ -
$ 793,598,241 $ 841,627,986 $ 896,069,245 $ 948,313,026 $ 1,000,026,699 $ 1,078,516,768

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
225
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C City of Emeryville
Statistical Section - Table XIV
Pledged-Revenue Coverage
Last Ten Fiscal Years
Fiscal Tax
Year Increment Principal Interest Coverage
2014 17,288,367 $ 6,330,000 $ 7,777,612 $ 1.23
2015 9,054,035 6,630,000 6,580,847 0.69
2016 3,519,273 6,090,000 4,841,201 0.32
2017 14,712,449 6,335,000 4,699,019 1.33
2018 13,385,506 6,510,000 4,492,314 1.22
2019 14,233,608 6,750,000 4,216,709 1.30
2020 13,134,470 7,060,000 3,895,384 1.20
2021 14,330,220 7,390,000 3,554,588 1.31
2022 15,220,660 7,740,000 3,193,706 1.39
2023 14,984,711 8,105,000 2,812,236 1.37
Source: City of Emeryville
Notes:

Public Financing Authority Revenue Bonds
Debt Service
Details regarding the city's outstanding debt can be found in the notes to the financial statements. 226
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C City of Emeryville
Statistical Section - Table XV
Demographic and Economic Statistics,
Last Ten Fiscal Years
Public
Per Capita School City Memo
Fiscal Personal Personal Median Enrollment Unemployment Alameda Year Population (1) Income (2) Income (2) Age (3) Rate (%)(4) County 2013-14 10,491 550,001,166 $ 52,426 $ 34.9 726 4.1% 5.7% 2014-15 10,570 526,550,469 49,816 36.0 695 2.9% 4.5%
2015-16 11,721 634,351,538 54,121 35.1 698 3.0% 4.7%
2016-17 11,854 672,427,278 56,726 35.8 687 2.7% 4.2%
2017-18 11,994 723,657,990 60,335 35.5 690 2.6% 2.9%
2018-19 11,885 756,366,986 63,640 35.3 743 2.1% 2.5%
2019-20 12,298 814,004,866 66,190 35.3 721 9.8% 13.5%
2020-21 12,617 899,206,518 71,445 35.8 698 4.2% 8.8%
2021-22 12,497 950,112,543 76,027 34.8 613 1.8% 2.5%
2022-23 12,610 1,040,406,208 82,506 34.8 627 3.2% 3.7%
Notes:

Source: Avenu Insights & Analytics
The California Department of Finance demographics estimates now incorporate 2010 Census counts as the benchmark.

1.) Population Projections are provided by the California Department of Finance Projections.

2.) Income Data is provided by the United States Census Data and is adjusted for inflation.

3.) Student Enrollment reflects the total number of students enrolled in the Emery Unified School District. Other school districts within the City are not accounted for in this statistic.

4.) Unemployment and Total Employment Data are provided by the EDD's Bureau of Labor Statistics Department.

0.0%

5.0%

10.0%

15.0%
2013-14 2015-16 2017-18 2019-20 2021-22 2014-15 2016-17 2018-19 2020-21 2022-23 City Unemployment Rate
0 5,000
10,000
15,000
2013-14 2015-16 2017-18 2019-20 2021-22 2014-15 2016-17 2018-19 2020-21 2022-23 Population
227
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C City of Emeryville
Statistical Section - Table XVI
Principal Employers
Current Year and Nine Years Ago
Percentage Percentage
Number of of Total City Number of of Total City
Employer Employees Rank Employment Employees Employment Pixar Animation Studios 1,441 1 17.36% 1,155 24.57%
Amyris Inc.* 595 2 7.17%
AC Transit 429 3 5.17% 511 10.87%
Clif Bar & Co* 343 4 4.13% 397 8.45%
Grocery Outlet Headquarters 308 5 3.71%
Peet's Coffee & Tea Inc. 270 6 3.25% 258 5.49%
IKEA 265 7 3.19% 348 7.40%
Grifols Diagnostic Solutions 250 8 3.01% 544 11.57%
Oaks Card Club 221 9 2.66% 430 9.15%
City of Emeryville 169 10 2.04%
Novartis Corp 280 5.96%
Leapfrog 373 7.94%
AAA of Northern CA, Nevada, Utah 300 6.38%
Total Principal Employers 4,291 51.70% 4,596 97.79%
Total Labor Force (1) 8,300 4,700
Notes:

Source: Avenu Insights & Analytics
Source: 2013-14 previously published ACFR
* Business has not reponsed to Avenu's headcount inquires, previous year count applied. (1) Total City Labor Force provided by EDD Labor Force Data 2023
Results based on direct correspondence with city’s local businesses 2014
228
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C City of Emeryville
Statistical Section - Table XVII
Full-time Equivalent City Government Employees by Function/Program Last Ten Fiscal Years
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
City Manager/City Clerk 4.2 5.0 5.0 6.0 6.0 5.0 5.0 5.0 5.0 6.0 Information Technology 3.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 City Attorney 2.0 2.0 2.0 3.0 2.0 2.0 2.0 2.0 2.0 2.0
Finance 7.0 7.5 7.5 7.8 6.8 6.8 6.8 6.3 6.3 6.3
Human Resources 3.7 4.5 4.5 5.2 5.2 4.2 4.7 4.2 4.2 4.2 Community Development
Planning and Building 10.0 10.0 10.0 10.0 10.0 10.0 12.5 10.5 10.5 11.5 Economic Development
and Housing 4.0 4.0 4.0 5.0 5.0 5.0 6.0 6.0 6.0 6.0
Public Works 14.9 17.0 17.0 20.0 18.5 20.0 21.5 20.5 20.5 20.5 Police Department
Sworn 38.0 38.0 38.0 42.0 41.0 41.0 41.0 41.0 41.0 41.0 Unsworn 17.0 16.0 16.0 17.0 17.0 17.0 19.0 17.0 17.0 17.0 Fire
Sworn - - - - - - - - - -
Unsworn - - - - - - - - - -
Community Services
Administration 6.2 5.4 5.7 2.0 2.0 2.0 - - - -
Youth & Adult Services 15.8 16.0 16.0 9.0 8.0 7.0 35.3 30.0 30.0 27.1 Child Development Center 25.9 24.8 24.8 25.0 24.0 24.0 23.6 23.6 23.6 23.6 Total 151.7 154.2 154.5 156.0 149.5 148.0 181.4 170.1 170.1 169.2 Notes:

Source: City of Emeryville Operating Budgets
A full-time employee is scheduled to work 1,820 hours per year (including vacation and sick leave). Full-time-equivalent employment is calculated by dividing total labor hours by 1,820.
229
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C 2014 2015 2016 2017
Function/Program
General government
Commercial Construction permits issued 673 820 889 835
Value $ 30,374,969 $ 109,305,225 $ 121,865,050 $ 115,200,224 Residential Construction number of
dwelling units - 206 2 313
Value $ 8,854,994 $ 56,657,643 $ 8,262,777 $ 113,670,075 Police
Physical arrests 1,069 1,240 1,104 718
Traffic collisions 334 308 272 210
Citations 5,525 5,625 4,450 1,360
Investigations 8,700 6,721 7,065 5,782
Total responses 42,535 37,710 33,738 29,130
Fire
Fire Responses 54 55 58 73
Medical Responses 1,248 1,554 1,701 1,584
Total Emergency Responses 1,841 2,221 2,458 2,389
Community Services
Child Development Program (enrollment in 12 month period) 994 1,034 921 897 Source: Various city departments.

City of Emeryville
Statistical Section - Table XVIII
Operating Indicators by Function/Program
Last Ten Fiscal Years
230
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C 2018 2019 2020 2021 2022 2023
136 89 140 197 318 287
$ 104,465,013 $ 68,031,991 $ 94,671,085 $ 94,413,658 $ 255,261,222 $ 325,089,028 73 72 507 189 2 98
$ 29,233,329 $ 9,664,486 $ 202,487,180 $ 88,404,305 $ 16,224,373 $ 56,587,409 820 796 609 476 581 521
263 319 307 242 382 228
3,812 1,739 1,404 1,591 2,351 4,303
6,523 4,658 1,200 2,881 4,643 3,086
33,526 30,271 31,888 29,668 28,214 24,744
17 24 17 13 70 79
1,734 1,068 1,879 1,311 1,486 1,618
2,356 2,461 1,856 1,324 1,324 1,697
951 834 707 516 580 2,351
231
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C City of Emeryville
Statistical Section - Table XIX
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Function/Program
Police Stations 11111111 1 1
Police vehicles, including
motorcycles 29 29 32 34 34 32 32 33 37 36
Fire stations 22222222 2 2
Apparatus and vehicles 77777777 7 7
Public Works
and Housing 19 19 19 19 19 19 19 19 19 19
Streetlights 1,563 1,563 1,563 1,563 1,563 1,563 1,563 1,563 1,563 1,580 Traffic controllers 27 27 27 27 27 27 29 30 30 32
Miles of Sewer Lines 15 15 15 15 15 15 15 15 15 15
Parks and Community Facilities
Parks 12 12 12 12 12 12 12 12 12 13
Acreage 21.4 21.4 21.4 21.4 21.4 21.4 21.4 21.4 21.4 21.4 Senior Center 11111111 1 1
Child Development Center 11111111 1 1
Recreation Center 11111111 1 1
Source: Various city departments.
232
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CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

BASIC FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
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DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C i

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

BASIC FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2023
Table of Contents
Page
INTRODUCTORY SECTION:

Table of Contents .......................................................................................................................................... i FINANCIAL SECTION:

Independent Auditor’s Report ................................................................................................................. 1 Basic Financial Statements
Statement of Net Position and Governmental Fund Balance Sheet ..................................................... 5 Statement of Activities and Governmental Fund Revenues, Expenditures and Changes in Fund Balance .................................................................................... 6 Notes to the Basic Financial Statements ............................................................................................... 7 Supplementary Information
Schedule of Federal and State Awards ............................................................................................ 12 Combining Statement of Activities and Governmental Fund Revenues, Expenditures, and Changes in Fund Balance ................................................................................ 13 Schedule of Expenditures by State Categories ................................................................................... 14 Reconciliation of CDE and GAAP Expense Reporting ................................................................... 15 Schedule of Claimed Equipment Expenditures .................................................................................. 16 Schedule of Claimed Expenditures for Renovation and Repairs ..................................................... 17 Schedule of Claimed Administrative Costs ........................................................................................ 18 Audited Enrollment, Attendance and Fiscal Report/Audited Fiscal Reports CSPP-2009 – California State Preschool Programs ........................................................................ 19 Center Based Programs – Summary of Meals Reported ................................................................. 33 Schedule of CACFP Reported, Adjusted and Allowed Enrollment ............................................... 39 Notes to the Supplementary Information ............................................................................................ 41 Independent Auditor’s Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Preformed in Accordance with Government Auditing Standards ....................................................................... 43 Schedule of Findings and Questioned Costs ....................................................................................... 45 Current Status of Prior Year Findings and Questioned Costs ............................................................. 46 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C This Page Left Intentionally Blank
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C INDEPENDENT AUDITOR’S REPORT
To the Honorable Mayor and Members of the City Council
Emeryville Child Development Center
City of Emeryville, California
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements of the Emeryville Child Development Center (Center) of the City of Emeryville, California (City), as of and for the year ended June 30, 2023, and the related notes to the financial statements, which collectively comprise the Center’s basic financial statements as listed in the Table of Contents.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Center as of June 30, 2023, and the changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Center and to meet our other ethical responsibilities, in accordance with the relevant ethical requirement relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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 opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards and Government Auditing Standards will always detect a material misstatement when it exists.

The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
1 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

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

Emphasis of Matter
As discussed in Note 1, the financial statements present only the revenues, support, and expenditures of the Center and do not purport to, and do not present fairly the financial position of the City as of June 30, 2023, the changes in its financial position, or where applicable, it’s cash flows for the year ended in accordance with accounting principles generally accepted in the United States of America. Our opinion is not modified with respect to this matter.

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

2 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 5, 2023, on our consideration of the Center’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is of that testing, and not to provide an opinion on the effectiveness of the Center’s internal control over financial solely to describe the scope of our testing of internal control over financial reporting and compliance and the results reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Center’s internal control over financial reporting and compliance.

Pleasant Hill, California
December 5, 2023
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DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

STATEMENT OF NET POSITION AND GOVERNMENTAL FUND BALANCE SHEET JUNE 30, 2023
Governmental Statement of
Fund Reclassifications Net Position
Assets
Cash and investments (Note 2) 686,038 $ - $ 686,038 $
Accounts receivable 50,840 50,840
Interest receivable 1,932 1,932
Total Assets - 738,810 738,810
Liabilities and Fund Balance
Liabilities
Accounts payable 33,510 33,510
Unearned revenue 637 637
Total Liabilities 34,147 - 34,147
Fund Balances
Restricted:

Child development 704,663 (704,663) -
Total Fund Balance 704,663 (704,663) -
Total Liabilities and Fund Balance $ 738,810
Net Position
Restricted for child development 704,663 704,663
Total Net Position $ 704,663 - $
See accompanying notes to financial statements
5 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

STATEMENT OF ACTIVITIES AND GOVERNMENTAL FUND REVENUES,

EXPENDITURES AND CHANGES IN FUND BALANCE
FOR THE YEAR ENDED JUNE 30, 2023
Governmental Statement of
Fund Reclassifications Activities
Revenues and Support
Restricted:

Grants:

State Department of Education
Current Year Contract (including American Rescue Plan Act Grant) 418,641 $ - $ 418,641 $ Child Care Food Program 20,380 20,380
Quality Counts Grant 4,221 4,221
Unrestricted:

City of Emeryville General Fund Contribution (Note 3) 1,087,354 1,087,354 Parent fees:

Full cost child 1,005,517 1,005,517
Other revenue and donations 10,841 10,841
Total Revenues - 2,546,954 2,546,954
Expenditures/Expenses
Certificated personnel salaries 716,737 716,737
Classified personnel salaries 301,504 301,504
Employee benefits 831,010 831,010
Books and supplies 1,059 1,059
Services other than operating expenses 395,968 395,968
Total Expenditures/Expenses - 2,246,278 2,246,278
Excess (Deficiency) of Revenues Over (Under) Expenditures 300,676 - 300,676 Fund Balance/Net Position
Beginning of year 403,987 403,987
End of year $ - 704,663 $ 704,663 $
See accompanying notes to financial statements
6 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

CHILD DEVELOPMENT CENTER
Notes to the Basic Financial Statements
For the Year Ended June 30, 2023
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. The Financial Reporting Entity
The Emeryville Child Development Center (the Center) is a special revenue fund of the City of Emeryville, California, (the City) to provide educational programs and care for children participating in the program. Families of participating children pay a fee for these services which are subsidized by the City and by grants from the California State Department of Education, Office of Child Development.

The City is a municipal corporation and is exempt from federal and state income taxes.

Accordingly, a provision for such taxes has not been made in the accompanying financial statements.

The Financial Accounting Standards Board, which determines accounting principles for nonprofit organizations, and the Government Accounting Standards Board, which determines accounting principles for governmental organizations, have agreed that organizations should be considered "governmental organizations" if its fund balance reverts to a government upon dissolution. Program operations are partially financed by transfers from the City and upon dissolution, any remaining fund balance would revert to the City, which is a government. b. Government Wide and Fund Financial Statements
The Statement of Net Position and the Statement of Activities include the financial activities of the overall Center.

The Statement of Activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment.
c. Measurement Focus, Basis of Accounting and Financial Statement Presentation The government wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows.

Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting.
7 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

CHILD DEVELOPMENT CENTER
Notes to the Basic Financial Statements
For the Year Ended June 30, 2023
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
d. Assets, Liabilities and Net Position or Equity

1. Cash and Investments
The Center's cash and cash equivalents are pooled with the City of Emeryville’s cash and investments as discussed in Note 2.

2. Receivables and Payables
All trade receivables are shown net of an allowance for uncollectibles.

3. Accumulated Unpaid Vacation and Sick Leave
In the event of termination, an employee is paid for accumulated vacation days up to the equivalent of 50 days of vacation or twice the annual rate of accrual. Employees hired prior to November 1, 2014 are entitled to compensation for 60% of accumulated sick leave up to 120 days upon termination. Employees hired on or after November 1, 2014 are entitled to compensation for 30% of accumulated sick leave up to 120 days after 10 years of continuous services. Accumulated unpaid employee vacation and sick leave benefits related to the Center are recognized as a liability of the City of Emeryville and are not reflected in the accompanying financial statements.

4. Reserve Account
The Center's California State Preschool program is eligible to retain a portion of unearned grant funds received from the State. The reserve account is subject to terms, conditions and limitations of the grant agreement and is retained by the Center. Reserve account balances, if any, are reported as a reservation of fund balance at year end. During the year ended June 30, 2023, the Center had no reserve account activity, nor were reserve account funds held by the Center as of year-end.

5. Rent Expenses
The Center is located in a City owned building and was not charged rent.

6. Other Revenue
Interest revenue on pooled investment accounts is recorded as other revenue. 8 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

CHILD DEVELOPMENT CENTER
Notes to the Basic Financial Statements
For the Year Ended June 30, 2023
NOTE 2 – CASH AND INVESTMENTS
Cash and investments reported in the accompanying financial statements consisted of the following:

Cash and investments $686,038
The Center's funds are pooled with the City of Emeryville's cash and investments in order to generate optimum interest income. The information required by generally accepted accounting principles, related to authorized investments, credit risk, etc. is available in the Annual Comprehensive Financial Report of the City.

NOTE 3 – REVENUES
The City of Emeryville General Fund Contribution of $1,087,354 represents funds transferred from the General Fund to the Child Development Special Revenue Fund to support early childhood education programs.

NOTE 4 – CONTINGENCY
The Center's California State Preschool program is 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.
9 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C This Page Left Intentionally Blank
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

SUPPLEMENTARY INFORMATION
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

SCHEDULE OF FEDERAL AND STATE AWARDS
FOR THE YEAR ENDED JUNE 30, 2023
Program
Federal
Assistance
Listing
Number
Grantor's
Number Federal State Total Federal State Total
U.S. Department of Agriculture, passed through
State of California, Department of Education:

Child Nutrition and Food Distribution Division
Child and Adult Care Food Program 10.558 01-1903-3A 16,733 $ 3,647 $ 20,380$ $ 20,380 -$ 20,380$ U.S. Department of Health and Human Services, passed through State of California, Department of Education:

COVID 19 - ARPA -- Child Development: ARP California State Childcare And Child Development Block Grant 93.575 Not available 87,168 $ $ 87,168 - $ $ 87,168 $ 87,168 - $ State of California Department of Education:

Child State Preschool Program N/A CSPP-2009 331,473 331,473 2,138,730 2,138,730 Total Current Year Contract $ 331,473 87,168 $ 418,641 $ 87,168 $ 2,138,730 $ 2,225,898 $ Total Federal and State Awards 103,901 $ 335,120$ $ 439,021 107,548$ $ 2,138,730 $ 2,246,278 Award Amount Expenditures
12 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

COMBINING STATEMENT OF ACTIVITIES AND GOVERNMENTAL FUND REVENUES,

EXPENDITURES AND CHANGES IN FUND BALANCE
FOR THE YEAR ENDED JUNE 30, 2023
CSPP - 2009
Revenues and Support
Restricted:

Grants:

State Department of Education
Current Year Contract (including American Rescue Plan Act Grant) 418,641 $ Child Care Food Program 20,380
Quality Counts Grant 4,221
Unrestricted:

City of Emeryville General Fund Contribution 1,087,354
Parent fees:

Full cost child 1,005,517
Other revenue and donations 10,841
Total Revenues 2,546,954
Expenditures/Expenses
Certificated personnel salaries 716,737
Classified personnel salaries 301,504
Employee benefits 831,010
Books and supplies 1,059
Services other than operating expenses 395,968
Total Expenditures/Expenses 2,246,278
Change in Fund Balance/Net Position 300,676
Fund Balance/Net Position
Beginning of year 403,987
End of year $ 704,663
13 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

SCHEDULE OF EXPENDITURES BY STATE CATEGORIES
FOR THE YEAR ENDED JUNE 30, 2023
CSPP-2009
EXPENDITURES*
1000 Certified salaries 716,737 $
2000 Classified salaries 301,504
3000 Employee benefits 831,010
4000 Books and supplies 1,059
5000 Services and other operating expenditures 395,968
Total Expenditures Claimed for Reimbursement 2,246,278
Total Expenditures $ 2,246,278
* We have examined the claims filed for reimbursement and the original records supporting the transactions recorded under the contracts listed above to an extent considered necessary to assure ourselves that the amounts claimed by the contractor were eligible for reimbursement, reasonable, necessary, and adequately supported, according to governing laws, regulations, and contract provisions.
14 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

RECONCILIATION OF CDE AND GAAP EXPENSE REPORTING
FOR THE YEAR ENDED JUNE 30, 2023
CSPP-2009
Schedule of Expenditures by State Categories (CDE) $ 2,246,278 Adjustment to Reconcile Differences in Reporting -
Combining Statement of Activities (GAAP) $ 2,246,278
15 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

SCHEDULE OF CLAIMED EQUIPMENT EXPENDITURES
FOR THE YEAR ENDED JUNE 30, 2023
Reimbursable Equipment Expenditures CSPP-2009
None $ -
Total $ -
16 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

SCHEDULE OF CLAIMED EXPENDITURES FOR RENOVATIONS AND REPAIRS FOR THE YEAR ENDED JUNE 30, 2023
Reimbursable Expenditures for Renovations and Repairs CSPP-2009 None $ -
Total $ -
17 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

SCHEDULE OF CLAIMED ADMINISTRATIVE COSTS
FOR THE YEAR ENDED JUNE 30, 2023
Reimbursable Administrative Costs CSPP-2009
Administrative Costs
Salaries and Benefits $ 88,779
Services and other operating expenses 32,500
Total $ 121,279
18 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Contractor Name:

California Department of Education Audited Enrollment, Attendance and Fiscal Report for California State Preschool Program Contract Number:

Fiscal Year Ended: June 30, 202
Vendor Code:

Section 1 – Number of Counties Where Services are Provided Number of counties where the agency provided services to certified children (Form 1): Number of counties where the agency provided mental health consultation services to certified children (Form 2): Number of counties where the agency provided services to non-certified children (Form 3): Number of counties where the agency provided mental health consultation services to non-certified children (Form 4): Total enrollment and attendance forms to attach: Note: For each of the above categories, submit one form for each service county.

Section 2 – Days of Enrollment, Attendance and Operation Enrollment and Attendance Form Summary
Column A
Cumulative FY
per CPARIS
Column B
Audit
Adjustments
Column C
Cumulative FY
per Audit
Column D
Adjusted Days
per Audit
Total Certified Days of Enrollment Total &HUWLILHG'D\VRI(QUROOPHQWZLWKMental Health Consultation Services Days of Attendance (including MHCS) N/A Total Non-Certified Days of Enrollment Total 1RQ&HUWLILHG'D\VRI(QUROOPHQWZLWKMental Health Consultation Services Days of Operation
Column A
Cumulative FY
per CPARIS
Column B
Audit
Adjustments
Column C
Cumulative FY
per Audit
Column D
Adjusted Days
per Audit
Days of Operation N/A
AUD 8501 Page 1 of 6 Audit Report Page 19
Emeryville Child Development Center CSPP 2009
2178
1 0
1 0
2 2,351 2,351 3,004.8000
0 2,351 2,3518,122 8,122 12,166.8000
0 246 246
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Contractor Name: Contract Number:

Section 3 – Revenue
Restricted Income Column A – Cumulative FY per CPARIS Column B – Audit Adjustments Column C – Cumulative FY per Audit Child Nutrition Programs County Maintenance of Effort (EC Section 82) Other: Other:

TOTAL RESTRICTED INCOME
Transfer from Reserve Column A – Cumulative FY per CPARIS Column B – Audit Adjustments Column C – Cumulative FY per Audit Transfer from 3UHVFKRROReserve$FFRXQW
Other Income Column A – Cumulative FY per CPARIS Column B – Audit Adjustments Column C – Cumulative FY per Audit Waived Family Fees for Certified Children Interest Earned on Child Development Apportionment Payments 8QUHVWULFWHG,QFRPH
Fees for Non-Certified Children
Unrestricted Income: Head Start Other: Other:

AUD 8501 Page 2 of 6 Audit Report Page 20
16,608 3,772 20,380
0 87,168 87,168
0 16,608 90,940 107,548
0 2,417 2,417
0 1,005,759 (242) 1,005,517
000
Emeryville Child Development Center CSPP 2009
American Rescue Plan Act Grant
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Contractor Name: Contract Number:

Section 4 - Reimbursable Expenses
Cost Category Column A – Cumulative FY per CPARIS Column B – Audit Adjustments Column C – Cumulative FY per Audit Direct Payments to Providers (FCCH only) 1000 Certificated Salaries 2000 Classified Salaries 3000 Employee Benefits 4000 Books and Supplies 5000 Services and Other Operating Expenses 6100/6200 Other Approved Capital Outlay 6400 New Equipment (program-related) 6500 Equipment Replacement (program-related) Depreciation or Use Allowance Start-up Expenses (service level exemption) Indirect Costs (include in Total Administrative Cost)

TOTAL REIMBURSABLE EXPENSES
Does the agency have an indirect cost rate approved by its cognizant agency (Select YES or NO)? <HV 1RApproved Indirect Cost Rate:

Specific Items of Reimbursable Expenses Column A – Cumulative FY per CPARIS Column B – Audit Adjustments Column C – Cumulative FY per Audit Total Administrative Cost (included in Reimbursable Expenses) Total Staff Training Cost (included in Reimbursable Expenses) AUD 8501 Page 3 of 6 Audit Report Page
126833/(0(17$/5(9(18((;3(16(6&KHFNWKLVER[DQGRPLWSDJH 0 716,737 716,737301,504 301,504820,778 10,232 831,010
1,059 1,059
369,132 26,836 395,968
000000
2,209,210 37,068 2,246,278
121,279 121,279
0 Emeryville Child Development Center CSPP 2009
✔
✔
21 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Contractor Name: Contract Number:

Section 6 - Summary
Description Column A – Cumulative FY per CPARIS Column B – Audit Adjustments Column C – Cumulative FY per Audit Total Certified Days of Enrollment (including MHCS) Days of Operation Days of Attendance (including MHCS) Total Certified Adjusted Days of Enrollment N/A N/A Total Non-Certified Adjusted Days of Enrollment N/A N/A Restricted Program Income Transfer from 3UHVFKRROReserve$FFRXQW Interest Earned on Apportionment Payments Direct Payments to Providers Start-up Expenses (service level exemption) Total Reimbursable Expenses Total Administrative Cost Total Staff Training Cost Non-Reimbursable Cost (State Use Only) N/A N/A AUD 8501 Page 5 of 6 Audit Report Page 22
2,351 0 2,351
246 0 246
2,351 0 2,351
3,004.8000
12,166.8000
16,608 90,940 107,548
000000000000
2,209,210 37,068 2,246,278
121,279 0 121,279
000
Emeryville Child Development Center CSPP 2009
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Contractor Name: Contract Number:

Section 7 – Auditor’s Assurances Independent auditor's assurances on agency's compliance with the contract funding terms and conditions and program requirements of the California Department of Education, Early Education Division:
1R Eligibility, enrollment and attendance records are being maintained as required (Select YES or NO): <HV Reimbursable expenses claimed in Section 4 are eligible for reimbursement, reasonable, necessary, and adequately supported (Select YES or NO): 1R <HV Section 8 – Comments Include any comments in the comment box. If necessary, attach additional sheets to explain adjustments. AUD 8501 Page 6 of 6 Audit Report Page 23 ✔
✔
Adjustments in Column B represent year-end closing entries posted by the Emeryville Child Development Center.

Emeryville Child Development Center CSPP 2009
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Contractor Name:

California Department of Education Audited Enrollment, Attendance and Fiscal Report for California State Preschool Program Contract Number:

Fiscal Year Ended: June 30, 202
Vendor Code:

Section 2 – Days of Enrollment, Attendance and Operation Enrollment and Attendance Form Summary
Column A
Cumulative FY
per CPARIS
Column B
Audit
Adjustments
Column C
Cumulative FY
per Audit
Column D
Adjusted Days
per Audit
Total Certified Days of Enrollment Total &HUWLILHG'D\VRI(QUROOPHQWZLWKMental Health Consultation Services Days of Attendance (including MHCS) N/A Total Non-Certified Days of Enrollment Total 1RQ&HUWLILHG'D\VRI(QUROOPHQWZLWKMental Health Consultation Services Days of Operation
Column A
Cumulative FY
per CPARIS
Column B
Audit
Adjustments
Column C
Cumulative FY
per Audit
Column D
Adjusted Days
per Audit
Days of Operation N/A
AUD 8501 Page 1 of 6 Audit Report Page 24
Emeryville Child Development Center CSPP 2009
2178
1 0
1 0
2 2,351 2,351 3,004.8000
0 2,351 2,3518,122 8,122 12,166.8000
0 246 246
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Contractor Name: Contract Number:

AUD 8501 Page 2 of 6 Audit Report Page 25
16,608 3,772 20,380
0 87,168 87,168
0 16,608 90,940 107,548
0 2,417 2,417
0 1,005,759 (242) 1,005,517
000
Emeryville Child Development Center CSPP 2009
American Rescue Plan Act Grant
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Contractor Name: Contract Number:

TOTAL REIMBURSABLE EXPENSES
Does the agency have an indirect cost rate approved by its cognizant agency (Select YES or NO)? <HV 1RApproved Indirect Cost Rate:

Specific Items of Reimbursable Expenses Column A – Cumulative FY per CPARIS Column B – Audit Adjustments Column C – Cumulative FY per Audit Total Administrative Cost (included in Reimbursable Expenses) Total Staff Training Cost (included in Reimbursable Expenses) AUD 8501 Page 3 of 6 Audit Report Page
126833/(0(17$/5(9(18((;3(16(6&KHFNWKLVER[DQGRPLWSDJH 0 716,737 716,737301,504 301,504820,778 10,232 831,010
1,059 1,059
369,132 26,836 395,968
000000
2,209,210 37,068 2,246,278
121,279 121,279
0 Emeryville Child Development Center CSPP 2009
✔
✔
26 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Contractor Name: Contract Number:

Section 6 - Summary
Description Column A – Cumulative FY per CPARIS Column B – Audit Adjustments Column C – Cumulative FY per Audit Total Certified Days of Enrollment (including MHCS) Days of Operation Days of Attendance (including MHCS) Total Certified Adjusted Days of Enrollment N/A N/A Total Non-Certified Adjusted Days of Enrollment N/A N/A Restricted Program Income Transfer from 3UHVFKRROReserve$FFRXQW Interest Earned on Apportionment Payments Direct Payments to Providers Start-up Expenses (service level exemption) Total Reimbursable Expenses Total Administrative Cost Total Staff Training Cost Non-Reimbursable Cost (State Use Only) N/A N/A AUD 8501 Page 5 of 6 Audit Report Page 27
2,351 0 2,351
246 0 246
2,351 0 2,351
3,004.8000
12,166.8000
16,608 90,940 107,548
000000000000
2,209,210 37,068 2,246,278
121,279 0 121,279
000
Emeryville Child Development Center CSPP 2009
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Contractor Name: Contract Number:

Section 7 – Auditor’s Assurances Independent auditor's assurances on agency's compliance with the contract funding terms and conditions and program requirements of the California Department of Education, Early Education Division:
1R Eligibility, enrollment and attendance records are being maintained as required (Select YES or NO): <HV Reimbursable expenses claimed in Section 4 are eligible for reimbursement, reasonable, necessary, and adequately supported (Select YES or NO): 1R <HV Section 8 – Comments Include any comments in the comment box. If necessary, attach additional sheets to explain adjustments. AUD 8501 Page 6 of 6 Audit Report Page 28 ✔
✔
Adjustments in Column B represent year-end closing entries posted by the Emeryville Child Development Center.

Emeryville Child Development Center CSPP 2009
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Contractor Name: Contract Number:

AUD 8501 – Form 1
)<±
Audit Report Page 29 Page 1 of 2 California State Preschool Program – Form 1 Certified Children Days of Enrollment and Attendance Service County:

Enrollment Description
Column A
Cumulative FY
per CPARIS June Report
Column B
Audit
Adjustments
Column C
Cumulative FY
per Audit
Column D
Adjustment
Factor
Column E
Adjusted Days
per Audit
Three Years Old Full-time-plus 2.1240 Three Years Old Full-time 1.8000 Three Years Old Part-time Four Years and Older Full-time-plus 1.1800 Four Years and Older Full-time 1.0000 Four Years and Older Part-time Exceptional Needs Full-time-plus 2.8320 Exceptional Needs Full-time 2.4000 Exceptional Needs Part-time Dual Language Learner Full-time-plus 1.4160 Dual Language Learner Full-time 1.2000 Dual Language Learner Part-time Emeryville Child Development Center CSPP 2009
Alameda
0 0.0000
805 805 1,449.0000
0 1.0827 0.00000 0.0000
1,497 1,497 1,497.0000
0 0.6015 0.00000 0.00000 0.00000 1.4436 0.00000 0.0000
49 49 58.8000
0 0.6015 0.0000
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Contractor Name: Contract Number:

AUD 8501 – Form 1
)<±
Audit Report Page 30 Page 2 of 2
Enrollment Description
Column A
Cumulative FY
per CPARIS June Report
Column B
Audit
Adjustments
Column C
Cumulative FY
per Audit
Column D
Adjustment
Factor
Column E
Adjusted Days
per Audit
At Risk of Abuse or Neglect Full-time-plus 1.2980 At Risk of Abuse or Neglect Full-time 1.1000 At Risk of Abuse or Neglect Part-time Severely Disabled Full-time-plus 2.8320 Severely Disabled Full-time 2.4000 Severely Disabled Part-time

TOTAL CERTIFIED DAYS OF ENROLLMENT N/A
Attendance
Column A
Cumulative FY
per CPARIS June Report
Column B
Audit
Adjustments
Column C
Cumulative FY
per Audit
Column D
Adjustment
Factor
Column E
Adjusted Days
per Audit

DAYS OF ATTENDANCE N/A N/A
Enter the sum of Total Certified Days of Enrollment from all Form 1s in the Total Certified Days of Enrollment line of AUD 8501, Section 2. Enter the sum of Days of Attendance from all Form 1s and Form 2s in the Days of Attendance line of AUD 8501, Section 2.

00.000000.00000 0.6015 0.000000.000000.00000 1.4436 0.0000 2,351 0 2,351 3,004.8000
2,351 2,351
Emeryville Child Development Center CSPP 2009
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Contractor Name: Contract Number:

AUD 8501 – Form 3 (FY 22–23) Audit Report Page 31 Page 1 of 2 California State Preschool Program – Form 3 Non-Certified Children Days of Enrollment Service County:

Enrollment Description
Column A
Cumulative FY
per CPARIS June Report
Column B
Audit
Adjustments
Column C
Cumulative
FY per Audit
Column D
Adjustment
Factor
Column E
Adjusted Days
per Audit
Toddlers (18 up to 36 months) Full-time-plus 2.1240 Toddlers (18 up to 36 months) Full-time 1.8000 Toddlers (18 up to 36 months) 3DUWtime Three Years Old Full-time-plus 2.1240 Three Years Old Full-time 1.8000 Three Years Old 3DUW-time Four Years and Older Full-time-plus 1.1800 Four Years and Older Full-time 1.0000 Four Years and Older 3DUW-time Exceptional Needs Full-time-plus 2.8320 Exceptional Needs Full-time 2.4000 Exceptional Needs 3DUW-time Dual Language Learner Full-time-plus 1.4160 Dual Language Learner Full-time 1.2000 Dual Language Learner 3DUW-time Emeryville Child Development Center CSPP 2009
Alameda
0 0.0000
3,023 3,023 5,441.4000
0 0.9900 0.0000
0 0.0000
2,033 2,033 3,659.4000
0 1.0827 0.00000 0.0000
3,066 3,066 3,066.0000
0 0.6015 0.00000 0.00000 0.00000 1.4436 0.00000 0.00000 0.00000 0.6015 0.0000 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Contractor Name: Contract Number:

AUD 8501 – Form 3 (FY 22–23) Audit Report Page 32 Page 2 of 2 Enrollment Description
Column A
Cumulative FY
per CPARIS June Report
Column B
Audit
Adjustments
Column C
Cumulative
FY per Audit
Column D
Adjustment
Factor
Column E
Adjusted Days
per Audit
At Risk of Abuse or Neglect Full-time-plus 1.2980 At Risk of Abuse or Neglect Full-time 1.1000 At Risk of Abuse or Neglect 3DUW-time Severely Disabled Full-time-plus 2.8320 Severely Disabled Full-time 2.4000 Severely Disabled 3DUW-time

TOTAL NON-CERTIFIED DAYS OF ENROLLMENT N/A
Enter the sum of Total Non-Certified Days of Enrollment from all Form 3s in the Total Non-Certified Days of Enrollment line of AUD 8501, Section 2.
0 0.00000 0.00000 0.6015 0.00000 0.00000 0.00000 1.4436 0.0000 8,122 0 8,122 12,166.8000
Emeryville Child Development Center CSPP 2009
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

CENTER BASED PROGRAMS - SUMMARY OF MEALS REPORTED
FOR THE YEAR ENDED JUNE 30, 2023
Statutory Meal Statutory Meal Cash In Meal
Reported Adjustments * Allowed Rate Reimbursement Rate Reimbursement Lieu Reimbursement July 2022
Breakfast
Full price/base rate 467 467 - 0.4500 $ 0.0000 210 $ 0.0000 - $ - Reduced price 68 68 - 1.9100 0.0000 130 0.0000 - -
Free 34 34 - 2.2100 0.0000 75 0.0000 - -
State reimbursement 102 102 0.1975 20
Lunch
Full price/base rate 649 649 - 0.4700 0.0000 305 0.3000 - 195 Reduced price 95 95 - 3.6300 0.0000 345 0.3000 - 29
Free 48 48 - 4.0300 0.0000 193 0.3000 - 14
State reimbursement 143 143 0.1975 28
Supplement
Full price/base rate 622 622 - 0.1900 0.0000 118 0.0000 - - Reduced price 91 91 - 0.6400 0.0000 58 0.0000 - -
Free 46 46 - 1.1800 0.0000 54 0.0000 - -
$ 1,489 $ 48 $ 238
August 2022
Breakfast
Full price/base rate 321 321 - 0.4500 $ 0.0000 144 $ 0.0000 - $ - Reduced price 47 47 - 1.9100 0.0000 90 0.0000 - -
Free 23 23 - 2.2100 0.0000 51 0.0000 - -
State reimbursement 70 70 0.1975 14
Lunch
Full price/base rate 504 504 - 0.4700 0.0000 237 0.3000 - 151 Reduced price 74 74 - 3.6300 0.0000 269 0.3000 - 22
Free 37 37 - 4.0300 0.0000 149 0.3000 - 11
State reimbursement 111 111 0.1975 22
Supplement
Full price/base rate 470 470 - 0.1900 0.0000 89 0.0000 - - Reduced price 69 69 - 0.6400 0.0000 44 0.0000 - -
Free 34 34 - 1.1800 0.0000 40 0.0000 - -
$ 1,113 $ 36 $ 185
Meals
Federal State
33 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Statutory Meal Statutory Meal Cash In Meal
Reported Adjustments * Allowed Rate Reimbursement Rate Reimbursement Lieu Reimbursement September 2022
Breakfast
Full price/base rate 388 - 388 0.4500 175 $ 0.0000 - $ 0.0000 - $ Reduced price 57 - 57 1.9100 109 0.0000 - 0.0000 -
Free 28 - 28 2.2100 62 0.0000 - 0.0000 -
State reimbursement 85 85 0.1975 17
Lunch
Full price/base rate 742 - 742 0.4700 349 0.0000 - 0.3000 223 Reduced price 109 - 109 3.6300 396 0.0000 - 0.3000 33
Free 54 - 54 4.0300 218 0.0000 - 0.3000 16
State reimbursement 163 163 0.1975 32
Supplement
Full price/base rate 634 - 634 0.1900 120 0.0000 - 0.0000 - Reduced price 93 - 93 0.6400 60 0.0000 - 0.0000 -
Free 46 - 46 1.1800 54 0.0000 - 0.0000 -
$ 49 1,542 $ 272 $
October 2022
Breakfast
Full price/base rate 399 - 399 0.4500 180 $ 0.0000 - $ 0.0000 - $ Reduced price 17 - 17 1.9100 32 0.0000 - 0.0000 -
Free 34 - 34 2.2100 75 0.0000 - 0.0000 -
State reimbursement 51 51 0.1975 10
Lunch
Full price/base rate 793 793 - 0.4700 0.0000 373 0.3000 - 238 Reduced price 34 34 - 3.6300 0.0000 123 0.3000 - 10
Free 68 68 - 4.0300 0.0000 274 0.3000 - 20
State reimbursement 102 102 0.1975 20
Supplement
Full price/base rate 740 740 - 0.1900 0.0000 141 0.0000 - - Reduced price 31 31 - 0.6400 0.0000 20 0.0000 - -
Free 63 63 - 1.1800 0.0000 74 0.0000 - -
$ 1,292 $ 30 $ 269
Meals
Federal State
34 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Statutory Meal Statutory Meal Cash In Meal
Reported Adjustments * Allowed Rate Reimbursement Rate Reimbursement Lieu Reimbursement November 2022
Breakfast
Full price/base rate 433 - 433 0.4500 195 $ 0.0000 - $ 0.0000 - $ Reduced price 18 - 18 1.9100 34 0.0000 - 0.0000 -
Free 37 - 37 2.2100 82 0.0000 - 0.0000 -
State reimbursement 55 55 0.1975 11
Lunch
Full price/base rate 793 - 793 0.4700 373 0.0000 - 0.3000 238 Reduced price 34 - 34 3.6300 123 0.0000 - 0.3000 10
Free 68 - 68 4.0300 274 0.0000 - 0.3000 20
State reimbursement 102 102 0.1975 20
Supplement
Full price/base rate 767 - 767 0.1900 146 0.0000 - 0.0000 - Reduced price 33 - 33 0.6400 21 0.0000 - 0.0000 -
Free 65 - 65 1.1800 77 0.0000 - 0.0000 -
$ 31 1,325 $ 269 $
December 2022
Breakfast
Full price/base rate 334 - 334 0.4500 150 $ 0.0000 - $ 0.0000 - $ Reduced price 14 - 14 1.9100 27 0.0000 - 0.0000 -
Free 28 - 28 2.2100 62 0.0000 - 0.0000 -
State reimbursement 42 42 0.1975 8
Lunch
Full price/base rate 622 622 - 0.4700 0.0000 292 0.3000 - 187 Reduced price 26 26 - 3.6300 0.0000 94 0.3000 - 8
Free 53 53 - 4.0300 0.0000 214 0.3000 - 16
State reimbursement 79 79 0.1975 16
Supplement
Full price/base rate 613 613 - 0.1900 0.0000 116 0.0000 - - Reduced price 26 26 - 0.6400 0.0000 17 0.0000 - -
Free 52 52 - 1.1800 0.0000 61 0.0000 - -
$ 1,034 $ 24 $ 210
Federal State
Meals
35 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Statutory Meal Statutory Meal Cash In Meal
Reported Adjustments * Allowed Rate Reimbursement Rate Reimbursement Lieu Reimbursement January 2023
Breakfast
Full price/base rate 470 - 470 0.4500 212 $ 0.0000 - $ 0.0000 - $ Reduced price 20 - 20 1.9100 38 0.0000 - 0.0000 -
Free 40 - 40 2.2100 88 0.0000 - 0.0000 -
State reimbursement 60 60 0.1975 12
Lunch
Full price/base rate 886 - 886 0.4700 416 0.0000 - 0.3000 266 Reduced price 38 - 38 3.6300 138 0.0000 - 0.3000 11
Free 75 - 75 4.0300 302 0.0000 - 0.3000 23
State reimbursement 113 113 0.1975 22
Supplement
Full price/base rate 790 - 790 0.1900 150 0.0000 - 0.0000 - Reduced price 34 - 34 0.6400 22 0.0000 - 0.0000 -
Free 67 - 67 1.1800 79 0.0000 - 0.0000 -
$ 34 1,446 $ 300 $
February 2023
Breakfast
Full price/base rate 472 - 472 0.4500 212 $ 0.0000 - $ 0.0000 - $ Reduced price 20 - 20 1.9100 38 0.0000 - 0.0000 -
Free 40 - 40 2.2100 88 0.0000 - 0.0000 -
State reimbursement 60 60 0.1975 12
Lunch
Full price/base rate 855 855 - 0.4700 0.0000 402 0.3000 - 257 Reduced price 36 36 - 3.6300 0.0000 131 0.3000 - 11
Free 73 73 - 4.0300 0.0000 294 0.3000 - 22
State reimbursement 109 109 0.1975 22
Supplement
Full price/base rate 824 824 - 0.1900 0.0000 157 0.0000 - - Reduced price 35 35 - 0.6400 0.0000 22 0.0000 - -
Free 70 70 - 1.1800 0.0000 83 0.0000 - -
$ 1,427 $ 33 $ 289
Federal State
Meals
36 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Statutory Meal Statutory Meal Cash In Meal
Reported Adjustments * Allowed Rate Reimbursement Rate Reimbursement Lieu Reimbursement March 2023
Breakfast
Full price/base rate 531 - 531 0.4500 239 $ 0.0000 - $ 0.0000 - $ Reduced price 23 - 23 1.9100 44 0.0000 - 0.0000 -
Free 45 - 45 2.2100 99 0.0000 - 0.0000 -
State reimbursement 68 68 0.1975 13
Lunch
Full price/base rate 821 - 821 0.4700 386 0.0000 - 0.3000 246 Reduced price 35 - 35 3.6300 127 0.0000 - 0.3000 11
Free 70 - 70 4.0300 282 0.0000 - 0.3000 21
State reimbursement 105 105 0.1975 21
Supplement
Full price/base rate 1,027 - 1,027 0.1900 195 0.0000 - 0.0000 - Reduced price 44 - 44 0.6400 28 0.0000 - 0.0000 -
Free 87 - 87 1.1800 103 0.0000 - 0.0000 -
$ 34 1,503 $ 278 $
April 2023
Breakfast
Full price/base rate 469 - 469 0.4500 211 $ 0.0000 - $ 0.0000 - $ Reduced price 20 - 20 1.9100 38 0.0000 - 0.0000 -
Free 40 - 40 2.2100 88 0.0000 - 0.0000 -
State reimbursement 60 60 0.1975 12
Lunch
Full price/base rate 788 788 - 0.4700 0.0000 370 0.3000 - 236 Reduced price 34 34 - 3.6300 0.0000 123 0.3000 - 10
Free 67 67 - 4.0300 0.0000 270 0.3000 - 20
State reimbursement 101 101 0.1975 20
Supplement
Full price/base rate 776 776 - 0.1900 0.0000 147 0.0000 - - Reduced price 33 33 - 0.6400 0.0000 21 0.0000 - -
Free 66 66 - 1.1800 0.0000 78 0.0000 - -
$ 1,348 $ 32 $ 267
Federal State
Meals
37 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Statutory Meal Statutory Meal Cash In Meal
Reported Adjustments * Allowed Rate Reimbursement Rate Reimbursement Lieu Reimbursement May 2023
Breakfast
Full price/base rate 558 - 558 0.4500 251 $ 0.0000 - $ 0.0000 - $ Reduced price 24 - 24 1.9100 46 0.0000 - 0.0000 -
Free 48 - 48 2.2100 106 0.0000 - 0.0000 -
State reimbursement 72 72 0.1975 14
Lunch
Full price/base rate 980 - 980 0.4700 461 0.0000 - 0.3000 294 Reduced price 42 - 42 3.6300 152 0.0000 - 0.3000 13
Free 83 - 83 4.0300 334 0.0000 - 0.3000 25
State reimbursement 125 125 0.1975 25
Supplement
Full price/base rate 931 - 931 0.1900 177 0.0000 - 0.0000 - Reduced price 40 - 40 0.6400 26 0.0000 - 0.0000 -
Free 79 - 79 1.1800 93 0.0000 - 0.0000 -
$ 39 1,646 $ 332 $
June 2023
Breakfast
Full price/base rate 534 - 534 0.4500 240 $ 0.0000 - $ 0.0000 - $ Reduced price 23 - 23 1.9100 44 0.0000 - 0.0000 -
Free 46 - 46 2.2100 102 0.0000 - 0.0000 -
State reimbursement 69 69 0.1975 14
Lunch
Full price/base rate 927 927 - 0.4700 0.0000 436 0.3000 - 278 Reduced price 39 39 - 3.6300 0.0000 142 0.3000 - 12
Free 79 79 - 4.0300 0.0000 318 0.3000 - 24
State reimbursement 118 118 0.1975 23
Supplement
Full price/base rate 901 901 - 0.1900 0.0000 171 0.0000 - - Reduced price 38 38 - 0.6400 0.0000 24 0.0000 - -
Free 77 77 - 1.1800 0.0000 91 0.0000 - -
$ 1,568 $ 37 $ 314
Adjustments
GRAND TOTAL 29,480 $ 16,733 $ 428 $ 3,219
* The adjustments are due to the resubmitted claims for reimbursement that were changed as a result of the recalculation of the fixed percentage enrollment subsequent to the end of the fiscal year
Meals
Federal State
38 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

SCHEDULE OF CACFP REPORTED, ADJUSTED AND ALLOWED ENROLLMENT FOR THE YEAR ENDED JUNE 30, 2023
Month Total Free Reduced Based
July Reported 50 3 6 41
Allowed 50 3 6 41
August Reported 50 3 6 41
Allowed 50 3 6 41
September Reported 50 3 6 41
Allowed 50 3 6 41
October Reported 53 4 2 47
Allowed 53 4 2 47
November Reported 53 4 2 47
Allowed 53 4 2 47
December Reported 53 4 2 47
Allowed 53 4 2 47
January Reported 53 4 2 47
Allowed 53 4 2 47
February Reported 53 4 2 47
Allowed 53 4 2 47
March Reported 53 4 2 47
Allowed 53 4 2 47
April Reported 53 4 2 47
Allowed 53 4 2 47
May Reported 53 4 2 47
Allowed 53 4 2 47
June Reported 53 4 2 47
Allowed 53 4 2 47
39 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C This Page Left Intentionally Blank
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER
Notes to the Child Development Program Supplementary Information For the Year Ended June 30, 2023
NOTE 1 – NOTE TO SUPPLEMENTARY INFORMATION
In accordance with the applicable requirements from the Funding Terms and Conditions of the City of Emeryville’s child development contract:
a. Interest Expense
Interest expense is only allowable as a reimbursable cost in certain circumstances when it has been preapproved by the administering state department or relates to the lease purchase, acquisition, or repair or renovation of early learning and care facilities owned or leased by the contractor. No interest expense was claimed as a reimbursable expense for the year ended June 30, 2023. b. Related Party Rent Expense
All expenses claimed for reimbursement under a related party rent transaction must be supported by a fair market rental estimate from an independent appraiser, licensed by the California Office of Real Estate Appraisers. No related party rent expense was claimed as a reimbursable expense for the year ended June 30, 2023.
c. Bad Debt Expense
Bad debt expense is unallowable unless it relates to uncollected family fees where documentation of adequate collection attempts exists. No bad debt expense was claimed to a child development contract for the year ended June 30, 2023.
41 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C This Page Left Intentionally Blank
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C INDEPENDENT AUDITOR’S REPORT ON

INTERNAL CONTROL OVER FINANCIAL REPORTING

AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN

AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE

WITH GOVERNMENT AUDITING STANDARDS
To the Honorable Members of the City Council
City of Emeryville, California
We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the basic financial statements of the Emeryville Child Development Center (Center), California, as of and for the year ended June 30, 2023, and the related notes to the financial statements, and have issued our report thereon dated December 5, 2023. Our report included an emphasis of matter paragraph the fact that the financial statements present only the revenues, support and expenditures of the Center and do not present fairly the financial position of the City.

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

Accordingly, we do not express an opinion on the effectiveness of the Center’s internal control.

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

Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies and therefore, material weaknesses or significant deficiencies may exist that were not identified. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. We identified certain deficiencies in internal control that we consider to be significant deficiencies as listed on the Schedule of Significant Deficiencies included as part of our separately issued Memorandum on Internal Control dated December 5, 2023, which is an integral part of our audit and should be read in conjunction with this report.

43 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Center’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statement. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance that are required to be reported under Government Auditing Standards.

City’s Response to Findings
Government Auditing Standards require the auditor to perform limited procedures on the City’s response to the findings identified in our audit and described in our separately issued Memorandum on Internal Control dated December 5, 2023, which is an integral part of our audit and should be read in conjunction with this report. The City’s response was not subjected to the other auditing procedures applied in the audit of the financial statements and, accordingly, we express no opinion on the response.

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

Accordingly, this communication is not suitable for any other purpose.

Pleasant Hill, California
December 5, 2023
44 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

SCHEDULE OF FINDINGS AND QUESTIONED COSTS
None noted in current year.
45 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

CURRENT STATUS OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS Not applicable in current year.
46 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

REQUIRED COMMUNICATIONS
FOR THE YEAR ENDED JUNE 30, 2023
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C This Page Left Intentionally Blank
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

REQUIRED COMMUNICATIONS
For the Year Ended June 30, 2023
Table of Contents
Page
Required Communications ................................................................................................................................ 1 Significant Audit Matters:

Qualitative Aspects of Accounting Practices ................................................................................... 1 Difficulties Encountered in Performing the Audit ........................................................................... 2 Corrected and Uncorrected Misstatements ...................................................................................... 2 Disagreements with Management .................................................................................................... 2 Management Representations ............................................................................................................ 2 Management Consultations with Other Independent Accountants ................................................. 3 Other Audit Findings or Issues .......................................................................................................... 3 Other Matters ............................................................................................................................................ 3 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C This Page Left Intentionally Blank
DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

REQUIRED COMMUNICATIONS
To the City Council of
the City of Emeryville, California
We have audited the basic financial statements of the City of Emeryville for the year ended June 30, 2023. Professional standards require that we provide you with information about our responsibilities under generally accepted auditing standards and Government Auditing Standards and the Uniform Guidance, as well as certain information related to the planned scope and timing of our audit. We have communicated such information with the Mayor and City Manager during our discussion on July 7, 2023.

Professional standards also require that we communicate to you the following information related to our audit.

Significant Audit Matters
Qualitative Aspects of Accounting Practices
Accounting Policies – Management is responsible for the selection and use of appropriate accounting policies. The significant accounting policies used by the City are described in Note 1 to the financial statements. No new accounting policies were adopted, and the application of existing policies was not changed during the year, except as follows. The following pronouncements became effective, but did not have a material effect on the financial statements:

GASB 91 – Conduit Debt Obligations
GASB 94 – Public-Private and Public-Public Partnerships and Availability Payment Arrangements
GASB 96 – Subscription-Based Information Technology Arrangements GASB 99 – Omnibus 2022, paragraphs 11-25
Unusual Transactions, Controversial or Emerging Areas – We noted no transactions entered into by the City during the year for which there is a lack of authoritative guidance or consensus. All significant transactions have been recognized in the financial statements in the proper period.

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

Estimated Fair Value of Investments: As of June 30, 2023, the City held approximately $321.0 million of cash and investments as measured by fair value as disclosed in Note 3 to the financial statements. Fair value is essentially market pricing in effect as of June 30, 2023. These fair values are not required to be adjusted for changes in general market conditions occurring subsequent to June 30, 2023.
1 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Estimated Net Pension Liabilities and Pension-Related Deferred Outflows and Inflows of Resources: Management’s estimate of the net pension liabilities and pension-related deferred outflows/inflows of resources are disclosed in Note 9 to the financial statements and are based on actuarial studies determined by a consultant, which are based on the experience of the City. We evaluated the key factors and assumptions used to develop the estimate and determined that it is reasonable in relation to the basic financial statements taken as a whole.

Estimated Net OPEB Liabilities and OPEB-Related Deferred Outflows and Inflows of Resources:

Management’s estimate of the net OPEB liabilities and OPEB-related deferred outflows/inflows of resources are disclosed in Note 11 to the financial statements and are based on actuarial studies determined by a consultant, which are based on the experience of the City. We evaluated the key factors and assumptions used to develop the estimate and determined that it is reasonable in relation to the basic financial statements taken as a whole.

Estimated Pollution Remediation Obligations: Management’s estimate of the pollution remediation obligations is disclosed in Note 14G to the financial statements and is based on the pollution remediation outlays expected to be incurred to settle those liabilities. We evaluated the key factors and assumptions used to develop the pollution remediation obligations in determining that it is reasonable in relation to the financial statements taken as a whole.

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

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

Corrected and Uncorrected Misstatements
Professional standards require us to accumulate all known and likely misstatements identified during the audit, other than those that are clearly trivial, and communicate them to the appropriate level of management. We did not propose any audit adjustments that, in our judgment, could have a significant effect, either individually or in the aggregate, on the City’s financial reporting process.

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

Disagreements with Management
For purposes of this letter, a disagreement with management is a financial accounting, reporting, or auditing matter, whether or not resolved to our satisfaction, that could be significant to the financial statements or the auditor’s report. We are pleased to report that no such disagreements arose during the course of our audit.

Management Representations
We have requested certain representations from management that are included in a management representation letter dated December 5, 2023
2 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C Management Consultations with Other Independent Accountants In some cases, management may decide to consult with other accountants about auditing and accounting matters, similar to obtaining a “second opinion” on certain situations. If a consultation involves application of an accounting principle to the City’s financial statements or a determination of the type of auditor’s opinion that may be expressed on those statements, our professional standards require the consulting accountant to check with us to determine that the consultant has all the relevant facts. To our knowledge, there were no such consultations with other accountants.

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

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

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

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

Pleasant Hill, California
December 5, 2023
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CITY OF EMERYVILLE

MEMORANDUM ON INTERNAL CONTROL
FOR THE YEAR ENDED JUNE 30, 2023

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CITY OF EMERYVILLE

MEMORANDUM ON INTERNAL CONTROL
For the Year Ended June 30, 2023
Table of Contents
Page
Memorandum on Internal Control ......................................................................................................................... 1 Schedule of Significant Deficiency ................................................................................................................ 3 Schedule of Other Matters.............................................................................................................................. 5 Status of Prior Year Significant Deficiency ................................................................................................... 11 Status of Prior Year Other Matters ................................................................................................................. 13 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C This Page Left Intentionally Blank
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MEMORANDUM ON INTERNAL CONTROL
To the City Council of
the City of Emeryville, California
In planning and performing our audit of the basic financial statements of the City of Emeryville (City) as of and for the year ended June 30, 2023, in accordance with auditing standards generally accepted in the United States of America, we considered the City’s internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, we do not express an opinion on the effectiveness of the City’s internal control.

Our consideration of internal control was for the limited purpose described in the preceding paragraph and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies and therefore material weaknesses or significant deficiencies may exist that were not identified. In addition, because of inherent limitations in internal control, including the possibility of management override of controls, misstatements due to error or fraud may occur and not be detected by such controls. However, as discussed below, we identified a deficiency in internal control that we consider to be a significant deficiency.

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

A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. We consider the deficiency in internal control included on the Schedule of Significant Deficiency to be a significant deficiency.

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

Government Auditing Standards require the auditor to perform limited procedures on the City’s response to the findings identified in our audit and described in the accompanying Schedule of Significant Deficiency and Schedule of Other Matters. The City’s response was not subjected to the other auditing procedures applied in the audit of the financial statements and, accordingly, we express no opinion on the response.

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

Pleasant Hill, California
December 5, 2023
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CITY OF EMERYVILLE

MEMORANDUM ON INTERNAL CONTROL

SCHEDULE OF SIGNIFICANT DEFICIENCY
2023-01: Pension Related Accounts and Reconciliations
Criteria: Any discrepancies between entries in the general ledger and actual payments made to CalPERS for pension related payments should be investigated and addressed timely to determine the accuracy of the benefits payments.

Condition: During our audit, we noted that the City has a process for reconciling payroll related benefits and taxes payable accounts in the general ledger on a quarterly basis. We reviewed two reconciliations for the quarters ended September 30, 2022 and December 31, 2022 and noted that there were unreconciled differences between the general ledger and actual payments made within the PERS payroll liability accounts that had not been resolved.

Cause: We understand that the City’s staff turnover has affected the timing of resolving these variances.

Effect: Without a resolution to these variances noted in the PERS payroll liability accounts, the City may by under or over paying the PERS benefits.

Recommendation: We recommend that the City resolve these differences going forward to ensure that the PERS payroll liabilities are recorded and paid accurately.

Management Response: The City hired a Human Resources Technician (Payroll) in November 2022 to handle payroll processing including reconciliation of all payroll related accounts. As of June 30, 2023, all liability accounts are reconciled and up to date. The technician will reconcile the payroll accounts quarterly.
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CITY OF EMERYVILLE

MEMORANDUM ON INTERNAL CONTROL

SCHEDULE OF OTHER MATTERS
2023-02: Investment Policy Compliance
Criteria: The City’s Investment Policy, as well as the California Government Code Section 53601, state that the City’s investments in money market mutual funds should not exceed 20% of the City’s investment portfolio.

Condition: During our testing of the City’s investment portfolio as of December 31, 2022 for compliance with the City’s Investment Policy, we noted that the City’s investment portfolio included money market mutual funds comprising 24% of the City’s total investment portfolio, exceeding the maximum of 20% specified in the City’s Investment Policy.

Cause: City staff indicated that they have been aware of the excess investment in money market mutual funds and they have since hired outside investment advisory services to assist them with managing the portfolio and policy.

Effect: The City is not in compliance with the City’s Investment Policy or California Government Code Section 53601.

Management’s Response: The City amended the contract with Chandler Asset Management in September 2023 for investment advisory and management services, including the money market funds.

The goal is to increase diversification, and optimize the City’s investment portfolio, while complying with the City’s Investment Policy and California Government Code. 5 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

MEMORANDUM ON INTERNAL CONTROL

SCHEDULE OF OTHER MATTERS

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

EFFECTIVE FISCAL YEARS 2022, 2023 and 2024:

GASB 99 – Omnibus 2022
The objectives of this Statement are to enhance comparability in accounting and financial reporting and to improve the consistency of authoritative literature by addressing (1) practice issues that have been identified during implementation and application of certain GASB Statements and (2) accounting and financial reporting for financial guarantees. The practice issues addressed by this Statement are as follows:
• Classification and reporting of derivative instruments within the scope of Statement No. 53, Accounting and Financial Reporting for Derivative Instruments, that do not meet the definition of either an investment derivative instrument or a hedging derivative instrument • Clarification of provisions in Statement No. 87, Leases, as amended, related to the determination of the lease term, classification of a lease as a short term lease, recognition and measurement of a lease liability and a lease asset, and identification of lease incentives • Clarification of provisions in Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements, related to (a) the determination of the public-private and public-public partnership (PPP) term and (b) recognition and measurement of installment payments and the transfer of the underlying PPP asset
• Clarification of provisions in Statement No. 96, Subscription-Based Information Technology Arrangements, related to the subscription-based information technology arrangement (SBITA) term, classification of a SBITA as a short term SBITA, and recognition and measurement of a subscription liability
• Extension of the period during which the London Interbank Offered Rate (LIBOR) is considered an appropriate benchmark interest rate for the qualitative evaluation of the effectiveness of an interest rate swap that hedges the interest rate risk of taxable debt • Accounting for the distribution of benefits as part of the Supplemental Nutrition Assistance Program (SNAP)
• Disclosures related to nonmonetary transactions
• Pledges of future revenues when resources are not received by the pledging government 6 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

MEMORANDUM ON INTERNAL CONTROL

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

The Requirements of this Statement are Effective as Follows:

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

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

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

Earlier application is encouraged and is permitted by individual topic.

How the Changes in This Statement Will Improve Financial Reporting The requirements of this Statement will enhance comparability in the application of accounting and financial reporting requirements and will improve the consistency of authoritative literature. Consistent authoritative literature enables governments and other stakeholders to more easily locate and apply the correct accounting and financial reporting provisions, which improves the consistency with which such provisions are applied. The comparability of financial statements also will improve as a result of this Statement. Better consistency and comparability improve the usefulness of information for users of state and local government financial statements.
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CITY OF EMERYVILLE

MEMORANDUM ON INTERNAL CONTROL

SCHEDULE OF OTHER MATTERS
EFFECTIVE FISCAL YEAR 2023/24:

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

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

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

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

MEMORANDUM ON INTERNAL CONTROL

SCHEDULE OF OTHER MATTERS
EFFECTIVE FISCAL YEAR 2024/25:

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

Recognition And Measurement
This Statement requires that liabilities for compensated absences be recognized for (1) leave that has not been used and (2) leave that has been used but not yet paid in cash or settled through noncash means. A liability should be recognized for leave that has not been used if (a) the leave is attributable to services already rendered, (b) the leave accumulates, and (c) the leave is more likely than not to be used for time off or otherwise paid in cash or settled through noncash means. Leave is attributable to services already rendered when an employee has performed the services required to earn the leave. Leave that accumulates is carried forward from the reporting period in which it is earned to a future reporting period during which it may be used for time off or otherwise paid or settled. In estimating the leave that is more likely than not to be used or otherwise paid or settled, a government should consider relevant factors such as employment policies related to compensated absences and historical information about the use or payment of compensated absences. However, leave that is more likely than not to be settled through conversion to defined benefit postemployment benefits should not be included in a liability for compensated absences.

This Statement requires that a liability for certain types of compensated absences—including parental leave, military leave, and jury duty leave—not be recognized until the leave commences. This Statement also requires that a liability for specific types of compensated absences not be recognized until the leave is used.

This Statement also establishes guidance for measuring a liability for leave that has not been used, generally using an employee’s pay rate as of the date of the financial statements. A liability for leave that has been used but not yet paid or settled should be measured at the amount of the cash payment or noncash settlement to be made. Certain salary-related payments that are directly and incrementally associated with payments for leave also should be included in the measurement of the liabilities.

With respect to financial statements prepared using the current financial resources measurement focus, this Statement requires that expenditures be recognized for the amount that normally would be liquidated with expendable available financial resources.

Notes To Financial Statements
This Statement amends the existing requirement to disclose the gross increases and decreases in a liability for compensated absences to allow governments to disclose only the net change in the liability (as long as they identify it as a net change). In addition, governments are no longer required to disclose which governmental funds typically have been used to liquidate the liability for compensated absences. 9 DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C

CITY OF EMERYVILLE

MEMORANDUM ON INTERNAL CONTROL

SCHEDULE OF OTHER MATTERS
GASB 101 – Compensated Absences (Continued)
How the Changes in this Statement Will Improve Financial Reporting The unified recognition and measurement model in this Statement will result in a liability for compensated absences that more appropriately reflects when a government incurs an obligation. In addition, the model can be applied consistently to any type of compensated absence and will eliminate potential comparability issues between governments that offer different types of leave.

The model also will result in a more robust estimate of the amount of compensated absences that a government will pay or settle, which will enhance the relevance and reliability of information about the liability for compensated absences.
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CITY OF EMERYVILLE

MEMORANDUM ON INTERNAL CONTROL

STATUS OF PRIOR YEAR SIGNIFICANT DEFICIENCY
2022-01: Payroll Related Accounts and Reconciliations
Criteria: The City’s Human Resources Department should have procedures to review payroll related accounts timely. Any discrepancies between entries in the general ledger and actual payments made to third parties for payroll related payments should be investigated and addressed timely, at least on a monthly basis.

Condition: During our audit, we noted that the City does not have a process for reconciling payroll related benefits and taxes payable accounts in the general ledger. We selected the month of April 2022 to review these transactions and noted unreconciled differences between the general ledger and actual payments made totaling $30,698 in the health insurance, long-term disability, and PERS payroll liability accounts.

Cause: We understand that the City’s understaffing levels within the Human Resources Department has affected the timing and frequency of reconciliations and related follow up.

Effect: The general ledger does not accurately reflect payroll related payables balances and expenditures throughout the fiscal year and therefore, the payroll related liabilities and expenditures could be overstated or understated. Misstatement, error or unauthorized transactions may occur and not be detected and corrected on a timely basis.

Recommendation: We recommend that the City’s Human Resources Department develop procedures to reconcile the employee benefits payable accounts on a timely basis, at least monthly. Furthermore, we recommend that the City investigate any discrepancies between the payable accounts and what was actually paid for employee benefits during the reconciliation process to ensure proper recording and payment.

Current Status: See 2023-01.
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CITY OF EMERYVILLE

MEMORANDUM ON INTERNAL CONTROL

STATUS OF PRIOR YEAR OTHER MATTERS
2022-02: Investment Policy Compliance
Criteria: The City’s Investment Policy, as well as the California Government Code Section 53601, state that the City’s investments in money market mutual funds should not exceed 20% of the City’s investment portfolio and that the Investment Policy must be adopted annually by resolution of the City Council.

Condition: During our testing of the City’s investment portfolio as of December 31, 2021 for compliance with the City’s Investment Policy, we noted that the City’s investment portfolio included money market mutual funds comprising 50% of the City’s total investment portfolio, exceeding the maximum of 20% specified in the City’s Investment Policy. We also noted that the City did not adopt an Investment Policy during fiscal year 2022.

Effect: The City is not in compliance with the City’s Investment Policy or California Government Code Section 53601.

Recommendation: Now that the City has hired outside investment advisory services, we recommend that the City work with the advisors to diversify its investment portfolio to meet the compliance requirements set forth by the current Investment Policy. Furthermore, we recommend that the City develop a process to ensure that the Investment Policy is adopted annually by City Council.

Current Status: See 2023-02.
2021-01: Investment Policy Compliance
Criteria: The City’s Investment Policy as well as the California Government Code Section 53601 state that the City’s investment in money market mutual fund should not exceed 20% of the City’s investment portfolio.

Condition: During our examination of the City’s investment portfolio as of December 31, 2020 for compliance with the City’s Investment Policy, we noted that the City’s investment in money market mutual funds comprised 40 percent of the City’s total investment portfolio.

Cause: City staff indicated that they had been aware of the excess investment in money market mutual funds. However, they would like to wait to correct it after they hire an outside investment advisory service.

Effect: As of December 31, 2020, the City was not in compliance with the above requirements stated on the City’s Investment Policy and the California Government Code.

Recommendation: We recommend the City diversify its investments to meet the above compliance requirements.

Current Status: See 2023-02.
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DocuSign Envelope ID: 2CFFFBD9-1D1F-45CA-9754-7419762F4E2C INDEPENDENT ACCOUNTANT’S REPORT ON

APPLYING AGREED UPON PROCEDURES FOR
COMPLIANCE WITH THE PROPOSITION 111
2022-2023 APPROPRIATIONS LIMIT INCREMENT
Honorable Mayor and Members of the City Council
City of Emeryville, California
We have performed the procedures enumerated below on the Appropriations Limit Worksheet (Worksheet) of the City of Emeryville, California, for the year ended June 30, 2023. The City’s management is responsible for the Worksheet.

The City has agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose of these procedures, which were suggested by the League of California Cities and presented in their Article XIIIB Appropriations Limitation Uniform Guidelines, were performed solely to assist you in meeting the requirements of Section 1.5 of Article XIIIB of the California Constitution. This report may not be suitable for any other purpose. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes.

The procedures and associated findings are as follows:

A. We obtained the Worksheet and determined that the 2022-2023 Appropriations Limit of $132,398,346 and annual adjustment factors were adopted by Resolution of the City Council. We also determined that the population and inflation options were selected by a recorded vote of the City Council.

B. We recomputed the 2022-2023 Appropriations Limit by multiplying the 2021-2022 Prior Year Appropriations Limit by the Total Growth Factor. We calculated a 2022-2023 Appropriations Limit of $139,116,776 and determined the difference of $6,718,430 was due to the City using the 2020- 2021 Appropriations Limit instead of the 2021-2022 Appropriations Limit in the calculation. We noted that the City corrected the 2022-2023 Appropriations Limit to $139,116,776 during the readoption of the 2023-2024 Appropriations Limit.

C. For the Worksheet, we agreed the Per Capita Income Factor, City Population Factor and County Population Factor to California State Department of Finance Worksheets.

We were engaged by the City to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants. We were not engaged to and did not conduct an examination or review engagement, the objective of which would be the expression of an opinion or conclusion, respectively, on the Worksheet.

Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.

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Pleasant Hill, California
October 30, 2023
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Emeryville City CouncilDecember 19, 2023

Emeryville City Council
December 19, 2023