Emeryville City Council
December 10, 2024

RESOLUTION NO. 24-146
Resolution Of The City Council Of The City Of Emeryville Accepting The Annual Comprehensive Financial Report And Associated Compliance Audit Reports And Auditor Correspondence For The Fiscal Year Ended June 30, 2024 WHEREAS, conformance with sound governmental accounting standards and practices requires completion of an annual independent financial and compliance 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, 2024 has resulted in the preparation of an Annual Comprehensive Financial Report, associated compliance audit reports and auditor communication documents; and
WHEREAS, the audited financial statements were reviewed by the Budget and Governance Committee on December 3, 2024 and the Budget Advisory Committee on December 5, 2024; 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 and associated compliance audit reports and auditor correspondence for the fiscal year ended June 30, 2024.

Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Resolution No. 24-146
Financial Audit Reports
City Council Meeting | December 10, 2024

ADOPTED, by the City Council of the City of Emeryville at a special meeting held Tuesday, December 10, 2024, 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

ATTACHMENTS
 Exhibit A – Annual Comprehensive Financial Report
 Exhibit B – Child Development Center Compliance Audit  Exhibit C – Auditor’s Communication Letter
 Exhibit D – Auditor’s Memorandum on Internal Control
 Exhibit E – Auditor’s Report on Appropriations Limit Calculation Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 City of Emeryville CALIFORNIA
ANNUAL

COMPREHENSIVE

FINANCIAL
REPORT

YEAR ENDED
JUNE 30, 2024
“Personages” by Ann Weber
on display at Chiron Plaza, Emeryville, California
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CITY OF EMERYVILLE, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2024
Prepared by:

FINANCE DEPARTMENT
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CITY OF EMERYVILLE, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2024

TABLE OF CONTENTS
Page
INTRODUCTORY SECTION:

Letter of Transmittal ..................................................................................................................................................... vii GFOA Award ............................................................................................................................................................ xiv List of City Officials ..................................................................................................................................................... xv Organizational Chart of City Departments ................................................................................................................. xvi Map of Emeryville ...................................................................................................................................................... xvii 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 ........................................................................................................................... 19 Statement of Activities ................................................................................................................................ 20 Fund Financial Statements:

Governmental Funds:

Balance Sheet .......................................................................................................................................... 24 Reconciliation of Governmental Fund Balances to the
Net Position of Governmental Activities ........................................................................................... 27 Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds ........... 28 Reconciliation of the Net Change in Fund Balances – Total Governmental Funds With the Statement of Activities ........................................................................................................ 30 Statement of Net Position – Proprietary Funds .......................................................................................... 32 Statement of Revenues, Expenses and Changes in Net Position – Proprietary Funds ............................... 33 Statement of Cash Flows – Proprietary Funds............................................................................................ 34

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CITY OF EMERYVILLE, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2024

TABLE OF CONTENTS
Page
BASIC FINANCIAL SECTION (Continued):

Fiduciary Funds:

Statements of Fiduciary Net Position .......................................................................................................... 36 Statement of Changes in Fiduciary Net Position ........................................................................................ 37 Notes to Financial Statements ..................................................................................................................... 39 Required Supplementary Information:

Budgetary Comparison Schedule – General Fund ............................................................................................ 97 Budgetary Comparison Schedule – Other Grants Special Revenue Fund ........................................................ 98 Budgetary Comparison Schedule – Housing Assets Special Revenue Fund .................................................... 99 Budgetary Comparison Schedule – Property Based Improvement District Special Revenue Fund ............... 100 Budgetary Comparison Schedule – Affordable Housing Special Revenue Fund ........................................... 101 Budgetary Comparison Schedule – Measure C Housing Bond Special Revenue Fund ................................. 102 Schedules of the City’s Proportionate Share of the Total Pension Liability:

Miscellaneous Plan ................................................................................................................................ 104 Safety Plan ............................................................................................................................................. 106 Schedules of Changes in Total Pension Liability and Related Ratios:

Emeryville Police Officers’ Association Retirement Enhancement Plan ............................................. 108 Schedules of Plan Contributions:

Miscellaneous Plan ................................................................................................................................ 110 Safety Plan ............................................................................................................................................. 112 Emeryville Police Officers’ Association Retirement Enhancement Plan ............................................. 114 Schedule of Changes in the Net OPEB Liability and Related Ratios ............................................................. 116 Schedule of OPEB Plan Contributions ............................................................................................................ 118 Notes to Required Supplementary Information ............................................................................................... 120

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CITY OF EMERYVILLE, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2024

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

Supplemental Information:

Non-major Governmental Funds:

Combining Balance Sheets ........................................................................................................................ 124 Combining Statements of Revenues, Expenditures, and Changes in Fund Balances ................................................................................................................................... 134 Budgetary Comparison Schedules – Nonmajor Special Revenue Funds:

Housing Community Development ........................................................................................................... 144 Cal-HOME Loan Program ......................................................................................................................... 145 Police Impound .......................................................................................................................................... 146 Catellus Contingent .................................................................................................................................... 147 Special Gas Tax Street Improvement ......................................................................................................... 148 General Plan Maintenance ......................................................................................................................... 149 Child Development .................................................................................................................................... 150 Measure B .................................................................................................................................................. 151 Measure BB ................................................................................................................................................ 152 Transportation Impact Fee ......................................................................................................................... 153 Park/Rec Impact Fee .................................................................................................................................. 154 Affordable Housing Impact Fee ................................................................................................................. 155 Supplemental Law Enforcement ................................................................................................................ 156 Emergency Medical Services ..................................................................................................................... 157 Recycling/Source Reduction ...................................................................................................................... 158 Measure D .................................................................................................................................................. 159 Emeryville Public Art ................................................................................................................................ 160 Information Technology ............................................................................................................................. 161 PEG Program Fund .................................................................................................................................... 162 Urban Forestry Fee ..................................................................................................................................... 163 Opioid Settlement ....................................................................................................................................... 164 Environmental Program ............................................................................................................................. 165 Road Maintenance and Rehabilitation ....................................................................................................... 166 Measure B-VRF ......................................................................................................................................... 167 Measure F ................................................................................................................................................... 168 Parking Program ........................................................................................................................................ 169

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CITY OF EMERYVILLE, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2024

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

Budgetary Comparison Schedules – Capital Projects Funds:

General Capital Improvements .................................................................................................................. 170 1999 Revenue Bond ................................................................................................................................... 171 Marina Improvement .................................................................................................................................. 172 Emeryville Center of Community Life ...................................................................................................... 173 Implementation Plan 2010-14 .................................................................................................................... 174 Pedestrian Path Improvement .................................................................................................................... 175 Major Maintenance .................................................................................................................................... 176 Vehicle Replacement ................................................................................................................................. 177 RDA Bond .................................................................................................................................................. 178 Developer Contributions ............................................................................................................................ 179 1999 Bay/SM.............................................................................................................................................. 180 Budgetary Comparison Schedule – Debt Service Funds:

1998 Lease Revenue Series A Bond .......................................................................................................... 181 Measure C Housing Bond .......................................................................................................................... 182 Internal Service Funds:

Combining Statement of Net Position ....................................................................................................... 184 Combining Statements of Revenues, Expenses and Changes in Fund Net Position ................................ 186 Combining Statements of Cash Flow ........................................................................................................ 188 Private-Purpose Trust Funds:

Combining Statement of Net Position ....................................................................................................... 192 Combining Statement of Changes in Fiduciary Net Position ................................................................... 193

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CITY OF EMERYVILLE, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2024

TABLE OF CONTENTS
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STATISTICAL SECTION:

Net Position by Component – Last Ten Fiscal Years ...................................................................................... 196 Changes in Net Position – Last Ten Fiscal Years ............................................................................................ 198 Fund Balances, Governmental Funds – Last Ten Fiscal Years ....................................................................... 202 Changes in Fund Balances, Governmental Funds – Last Ten Fiscal Years .................................................... 204 Assessed Value and Estimated Actual Value of Taxable Property – Last Ten Fiscal Years .......................... 207 Assessed Value of Property by Use Code, Citywide - Last Ten Fiscal Years ................................................ 208 Direct and Overlapping Property Tax Rates – Last Ten Fiscal Years ............................................................ 210 Principal Property Tax Payers – Current Year and Nine Years Ago .............................................................. 211 Property Tax Levies and Collections – Last Ten Fiscal Years ........................................................................ 212 Ratios of Outstanding Debt by Type – Last Ten Fiscal Years ........................................................................ 213 Ratios of General Bonded Debt Outstanding – Last Ten Fiscal Years ........................................................... 214 Statement of Direct and Over Lapping Bonded Debt ...................................................................................... 215 Legal Debt Margin Information – Last Ten Fiscal Years ............................................................................... 216

Pledged-Revenue Coverage – Last Ten Fiscal Years ...................................................................................... 218 Demographic and Economic Statistics – Last Ten Fiscal Years ..................................................................... 219 Principal Employers – Current Year and Nine Years Ago .............................................................................. 220 Full-Time-Equivalent City Government Employees by Function/Program – Last Ten Fiscal Years ............ 221 Operating Indicators by Function/Program – Last Ten Fiscal Years .............................................................. 222 Capital Asset Statistics by Function/Program – Last Ten Fiscal Years .......................................................... 224 v
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1333 Park Avenue
Emeryville, California 94608-3517
Tel: (510) 596-4300 | Fax: (510) 596-4389
December 5, 2024
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, 2024. 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, 2024. 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 2024 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, 2024. 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 fouryear 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 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. vii
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 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 13,314 in FY 2024. 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. 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. 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 2024, the City received $6.8 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.

Economic Condition and Outlook
The City’s primary revenue streams (sales tax, hotel tax, business license tax and cardroom tax), were significantly negatively affected by the pandemic. Sales tax and business license tax are back to pre-pandemic levels, while hotel tax and card room tax remain significantly lower.

The City of Emeryville’s unemployment rate was 4.2% for July 2024, lower than the 5.2% average for California and lower than the 4.3% reported in the rest of the country.

The sector with the highest employment growth rate in the United States continues to be leisure and hospitality. 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.

The real estate market in the East Bay was in a correction phase in the first half of 2024. Data from the California Association of Realtors indicates that the median home price of singlefamily homes in Alameda County increased by 1.6% from $1.26 million in July 2023 to $1.28 million in July 2024. This is largely due to higher mortgage rates which in October 2023 reached their highest level since October 2020. The rate of home price appreciation is expected to moderate in the coming years.
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Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 The commercial real estate market and local economy in Emeryville continues to have a wellbalanced 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 2024 include the following:

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 2024 with the approval of the City’s Active Transportation Plan. This plan guides the development of transportation infrastructure in the City to support walking and bicycling. The Planning Division also oversaw the development and adoption of objective development standards. These standards provide for streamlined approval of housing projects, consistent with state law. These two accomplishments are indicative of the City’s strong support for increasing housing development and transportation options in the region.

The Building Division continued providing excellent customer service as the division issued 572 permits for construction of buildings totaling over $46 million in valuation. The division completed over 1,800 building inspections related to these permits and collected over $4 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 launched a suite of programs in support of the “Rotten City Cultural District” designation, through grant funding provided by the state.

These programs will advance the City’s arts programming with a focus on directly supporting Emeryville artists. The City also launched its marketing program, which will further communicate the City’s brand as a center of arts and innovation. Affordable housing activities in FY 2024 included the approval of a Lease Disposition and Development Agreement for a three-phase project on the City-owned “Christie Sites”. This project will include over 360 units of housing for low and very low-income households. The division also re-launched its First Time Homebuyers loan program “First Home Emeryville” and initiated the Emeryville Accessible Living Initiative (EALI). The EALA provides low-cost financing for accessibility improvements, addressing accessibility deficiencies and allowing residents to age in place.

The Police Department (EPD) is continuing to promote and implement changes to ensure police accountability, transparency, and legitimacy. EPD 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. Council approved the use of new technology; the Automated License Plate Reader (ALPR) project is complete as of November 14, 2024. EPD has already had several successful real time crimes thwarted, and the system has been instrumental for investigation. The ALPR coupled with our Computer Automated Dispatch & Records Management System will continue to assist EPD in reducing crime and the fear of crime.

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Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 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 Department increased our community engagement activity over last year and will continue 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, an Opioid Settlement grant for Automated External Defibrillators and officer wellness. EPD was also awarded a Cannabis grant which allowed us to purchase one electronic Ford F150 Lightening and Zero electronic motorcycle. EPD will continue aggressively looking for ways to make driving, biking and walking in our city safer and these vehicles will assist in our traffic control efforts.

The Community Services Department’s dedicated team played a vital role in delivering high-quality events and programs throughout Fiscal Year 2024, enriching the community and fostering a vibrant, engaged atmosphere. Signature events such as the Harvest Festival, CarFree Holiday Parade, Healthy Families Festival, Movies in the Park, and a new Job Fair brought residents together, offering opportunities for connection, wellness, and personal growth.

Adult and Senior Services saw a full return of participation, with programs exceeding prepandemic numbers. Popular classes like Zumba, Yoga, and Pickleball, along with special events such as the Holiday Gala and Lunar New Year, contributed to a thriving, social environment. The center also offered day trips, extended travel, and a warm, welcoming space for older adults.

Youth Services provided free afterschool care to over 190 students and 257 unduplicated campers this summer in addition to the 98 summer school kids for a total of 355. With the addition of the coordinator, the capacity to build our program has grown exponentially. We added the following enrichment opportunities on top our classic program components (Math Monday, Tasty Tuesday, Wellness Wednesday, Creative Thursday, etc.) for our students:

Shred and Paint (a skateboarding and art class), Coding, Math Intensifier, Office Assistants, Rec in the Community (local middle school field trips), Flag Football, Soccer, Volleyball, Gender based support groups, Health Groups, Basketball, Acts of Service Friday, and Karaoke and Dance Friday. We are looking forward building upon what we've been able to do so far as we begin planning for summer.

The Emeryville Child Development Center prioritizes active, creative, and developmentally appropriate learning experiences for children. With a focus on hands-on activities and imaginative play, the center fosters growth in cognitive, social, emotional, and physical skills.

Through a curriculum that encourages curiosity and creativity, the center helps children build academic foundations while developing confidence and resilience for the future.

The Aquatics program served over 2,000 people in 2024, continuing to offer lap swim, open swim, and lessons for local students in collaboration with East Bay Regional Park District Lifeguarding Services, promoting water safety and fitness for all ages.

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Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 The Public Works Department successfully completed a Citywide Tree Study and has now transitioned into a project to plant trees Citywide. 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 is completed, and with council direction in July of 2023 the project scope was expanded along Shellmound Street to Christie Avenue. In addition, unsignalized side streets along the north side of 40th Street have been studied for full or partial closure and designed accordingly. Currently, the project is awaiting word on six grants that were submitted to fund the construction phase. The ribbon cutting for the Quiet Zone project was conducted in August 2024, and the trains are now silent in Emeryville. The Sustainable Streetscapes project is under construction, with paving in the triangle neighborhood complete, the cycle track along the northern part of Shellmound constructed, and city facility parking lots repaved. This represents the largest paving project in Emeryville’s history. The Marina Lighting project has completed construction with the close-out near. The City Hall repainting project is scheduled for completion in November. Sidewalk repairs have occurred citywide to improve public safety and reduce trip and fall risks. Finally, a study investigating public right of way and transportation improvements to Powell Street in the marina has been awarded and public outreach has commenced.

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 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).

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Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 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. One-time 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 one-time 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 one-time 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.

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, 2024, the General Fund reserve of $37.2 million represents 62% of the $60.0 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, 2024, the Section 115 Pension Trust Fund has a balance of $11.7 million. xii
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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, 2023. This was the 29th 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.

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
The preparation of this Financial Report could not have been accomplished without the professional, efficient and dedicated services of the highly qualified staff of the Finance Department. Appreciation is also extended to staff in all departments within the City who have provided assistance and support.

Recognition is due to the Mayor, Members of the City Council, City Manager and Assistant City Manager 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.

Lilybell Nakamura
Human Resources/Finance Director
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Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 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, 2023
Executive Director/CEO
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CITY OF EMERYVILLE
List of City Officials
(as of June 30,2024)
City Council
Mayor .................................................................................................................. Courtney Welch Vice-Mayor .............................................................................................................. David Mourra Councilmember .............................................................................................. Kalimah A. Priforce Councilmember .................................................................................................... John J. Bauters Councilmember .................................................................................................... Sukhdeep Kaur Appointed Officials and Department Heads
Interim City Manager/Interim Executive Director ............................................... Adam W. Politzer 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 Interim Finance Director .................................................................................... Lilybell Nakamura 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 xv
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 ➢ 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. xvi
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 xvii
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Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 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 of Emeryville (City), California, as of and for the year ended June 30, 2024, 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, 2024, 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: 3663A51B-A55A-468C-A489-5213C0CF39E4 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: 3663A51B-A55A-468C-A489-5213C0CF39E4 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.

Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 4, 2024, on our consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters.

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 4, 2024
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Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 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, 2024. 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 2023-24 and 2022-23. All increases and decreases are expressed relative to Fiscal Year 2022-23 results.

Highlights of Fiscal Year 2023-24 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 $37.2 million of the total $65.3 million General Fund Balance, or 62.0% of total General Fund budgeted expenditures of $60.0 million for Fiscal Year 2023-24. The economic uncertainty fund balance was $25.3 million, or 42% of total General Fund budgeted expenditures for Fiscal Year 2023-24.  The assets and deferred outflows of resources of the City of Emeryville exceeded its liabilities and deferred inflows of resources at June 30, 2024 by $312.8 million (net position), an increase of $5.6 million over the prior year’s net position of $307.2 million.  The governmental activities total net position at June 30, 2024, was $295.7 million, an increase of $4.8 million over the prior fiscal year’s net position of $290.9 million. Businesstype activities total net position increased by approximately $0.7 million to $17.1 million.  Of the City’s $312.8 million in net position, $137.3 million represents net investment in capital assets, $65.9 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 $109.6 million represents the accumulated unrestricted funds at the close of Fiscal Year 2023-24.

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: 3663A51B-A55A-468C-A489-5213C0CF39E4 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.

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. 6 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 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-seven (47) 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 (39) 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 adopts a biennial budget for its general fund. 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.

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. 7 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 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 2023-24, the City of Emeryville’s assets exceeded liabilities by $312.8 million, an increase of $5.6 million over the prior fiscal year net position total of $307.2 million.

A significant portion of the City of Emeryville’s net position is $109.6 million in unrestricted net position. Net investment in capital assets totaled $137.3 million. Net position of $65.9 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: 3663A51B-A55A-468C-A489-5213C0CF39E4 Analysis of activities: At the end of Fiscal Year 2023-24, the City of Emeryville’s governmental net position increased by $5.6 million. Key changes are reflected in the table below. 9 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Governmental Activities – Revenues
Revenues from Governmental Activities totaled $92.3 million in Fiscal Year 2023-24, a decrease of $7.5 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 $29.2 million, a net decrease of $14.0 million from the prior fiscal year due to decreases in charges for services of $15.7 million and capital contributions and grants of $1.2 million net of increases in operating contributions and grants of $2.9 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 2023-24, general revenues totaled $63.1 million, an increase of $6.5 million when compared to the prior fiscal year’s total general revenues of $56.6 million. The increases were primarily due to the following:
 Utility users’ tax increased by $0.2 million
 Use of money and property revenue increased by $7.8 million primarily due to the yearend unrealized market value adjustment of City investments and increased interest earnings.
 Miscellaneous revenues increased by $0.5 million
 The above increases were partially offset by decreases in business license tax of $0.5, transient occupancy tax revenue of $0.5 million, and sales tax of $1.0 million.

The following Total Revenues chart includes only current year revenues and includes all governmental funds, not just the General Fund
Total Revenues, Governmental Activities – 2023-24
10 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Governmental Activities – Expenses
Total governmental activities expenses were $87.5 million in Fiscal Year 2023-24, an increase of $16.5 million from the prior fiscal year. The major variances included increases in Police expenses $6.2 million, General government expenses $6.4 million, Fire expenses $1.5 million, Public Works $1.7 million, Community Services $1.3 million, Interest on long-term debt $2.3 million net of a $2.0 million decrease in Economic Development and Housing and a $1.4 million decrease in 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 – 2023-24
Business-Type Activities (Sewer Fund) – Revenues
Revenues from business-type activities totaled $1.5 million, which is consistent with the prior fiscal year.

Business-Type Activities (Sewer Fund) – Expenses
Expenses from business-type activities were $0.7 million, which is consistent with the prior fiscal year.

City Council
0%
City Manager's Office
2%
City Attorney's
Office
1%
Finance Dept
2% Human Resources Dept
1%
Information Technology
Dept
2%
General Government
12%
Police Department
Fire Department 25%
Planning and Building 14%
4%
Economic Development
and Housing
8%
Property Based
Improvement District
6%
Community Services
Department
8%
Public Works
Department
12%
Interest on
long-term
debt
3%
11 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

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, 2024, the City’s Governmental Funds reported combined fund balances of $248.4 million, an increase of $0.8 million, or 0.3%, over the prior year. Governmental Fund revenues of $88.0 million decreased by $6.1 million, or 6.5% over the prior year.

Governmental Fund expenditures increased by $7.5 million in Fiscal Year 2023-24 to $87.2 million, primarily due to the following:
 Capital Outlay expenditures increased by $2.3 million over the prior fiscal year incurred by the “Quiet Zone” safety measures project at three railroad crossings within the City of Emeryville ($1.3 million), the Marina Park and Powell Street Lighting project ($900k), and the 40th Street & San Pablo Transit Hub project ($1.0 million).  Debt service-interest expenses increased $1.1 million due to debt payment obligations.  Non-departmental expenditures increased by $3.0 million due to required retroactive social security payments.
 Police expenditures increased by $2.3 million due to hiring increases (filling prior year vacancies) and due to impacts of new pay types and increases in the latest EPOA Memorandum of Understanding.
 Fire expenditures increased by $1.5 million primarily due to additional professional services for 3rd party fire inspections. Additionally, the latest agreement with Alameda County Fire Department resulted in additional professional services expenditures.  Planning and Building expenditures for professional services (plan check & inspections) decreased by $1.8 million due to a reduction in development projects during 2023-24. 2024 2023
Increase
(Decrease) %
Total Assets $ 282.1 $ 276.7 $ 5.4 2.0%
Total Liabilities 22.9 21.7 1.2 5.5%
Total Deferred Inflow s of Resources 10.8 7.4 3.4 45.9% Total Fund Balances 248.4 247.6 0.8 0.3%
Total Revenues 88.0 94.1 (6.1) -6.5%
Total Expenditures 87.2 79.7 7.5 9.4%
Total Other Financing Sources (uses) 0.1 50.0 (49.9) -99.8% Financial Highlights
at Fiscal Year Ended June 30
($ in millions)
Governmental Fund Level
12 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4  Economic Development and Housing expenditures decreased $2.1 million due to fewer loan disbursements to developers during 2023-24 compared to prior year.  The remaining increases of $1.2 million were incurred by all other departments ranging from $0.01 million to $0.6 million primarily due to negotiated increases in salaries & benefits.

General Fund - The General Fund is the City’s main operating fund. On June 30, 2024, the unassigned fund balance in combination with the economic uncertainty fund totaled $37.2 million while the total fund balance was $65.3 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 62.0% of General Fund budgeted expenditures of $60.0 million for Fiscal Year 2023-24. The economic uncertainty fund balance was $25.3 million or 42.0% of total General Fund budgeted expenditures for Fiscal Year 2023-24. This was slightly below the City’s

50.0% reserve target.

General Fund revenues totaled $52.1 million, a decrease of $5.4 million compared to the prior fiscal year’s total revenues of $57.5 million. This was primarily due to a $8.2 million decrease in licenses and permits, a $0.5 million decrease in taxes revenue, and a $1.3 million decrease in intergovernmental revenue, which was partially offset by an increase of $4.5 million in investment income and a $0.1 million increase in charges for services.

General Fund expenditures totaled $51.9 million, an increase of $5.6 million compared to the prior fiscal year’s total expenditures of $46.3 million. This was due to $2.3 million increase in Police expenditures, $1.5 million in Fire expenditures, $2.9 million in Administration expenditures, and $0.5 million in Public Works, which was offset by a $1.6 million decrease in Planning and Building.

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, including transfers in, were $0.7 million and total expenditures were $4.1 million in Fiscal Year 2023-24.

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 $0.6 million and there were zero expenditures in Fiscal Year 2023-24.

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 $5.2 million and total expenditures were also $5.2 million in Fiscal Year 2023-24.

Affordable Housing Fund – This fund accounts for residential property tax revenue committed to affordable housing projects and programs. Total revenues were $5.2 million and total expenditures were $1.7 million in Fiscal Year 2023-24.

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 $6.6 million and $5.7 million in expenditures and transfers out in Fiscal Year 2023-24.

General Capital Improvements Fund – This fund accounts for capital projects and improvements typically funded with general revenues. Total revenues were $3.3 million including 13 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 transfer in and total expenditures, including operating transfers out, were $5.2 million in Fiscal Year 2023-24.

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 $0.05 million and expenditures were zero in Fiscal Year 2023-24.

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 2023-24, total net position of $17.1 million increased by $0.7 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 2023-24 were slightly lower by $0.1 million than the prior fiscal year, and expenditures remained the same.

GENERAL FUND BUDGETARY HIGHLIGHTS
Revisions to the Fiscal Year 2023-24 General Fund original adopted budget resulted in a decrease in budgeted revenues of $3.9 million and an increase in expenditures of $4.2 million.

General Fund revenues for Fiscal Year 2023-24 exceeded the budgeted amount by $1.5 million primarily due to higher than anticipated revenue from taxes of $2.1 million, investment income of $3.5 million, and miscellaneous income of $0.4 million, and other income including intergovernmental, charges for services, rental and contributions total of $0.2 million, which was partially offset by a $3.0 decrease in transfers in and a $1.7 million decrease in license and permits. Expenditures were $5.8 million below budget due to operating savings in the General Fund departments.
14 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

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, 2024, 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 $9.3 million compared to Fiscal Year 2022-23.

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. 15 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

DEBT ADMINISTRATION
Each of the City’s debt issues is discussed in detail in Note 7 to the financial statements, the Lease Liability is detailed in Note 8, the Net Pension Liability is detailed in Note 9, the Net OPEB Liability is detailed in Note 11, and the Claims and Judgements are detailed in Note 9 to the finance statements. At June 30, 2024, 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 continues to recover from the negative economic impacts of the COVID19 pandemic. Sales tax and business license tax revenues are back to pre-pandemic levels, while hotel tax and card room tax remain significantly lower. Additional details on the economy of the City are discussed in the accompanying Transmittal Letter.

CONTACTING THE CITY’S FINANCIAL MANAGEMENT
The Annual Comprehensive 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. 16 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

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. 17 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 This Page Intentionally Left Blank
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

STATEMENT OF NET POSITION
JUNE 30, 2024
Governmental Business-Type
Activities Activities Total
ASSETS:

Cash, cash equivalents, and investments (Note 3) 205,477,287 $ 9,039,171 $ 214,516,458 $ Cash, cash equivalents, and investments with fiscal agents (Note 3) 60,166,730 60,166,730 - Receivables:

Accounts 3,512,926 105,086 3,618,012
Taxes 3,959,389 - 3,959,389
Due from other governments 9,479,871 - 9,479,871
Accrued interest 470,208 21,314 491,522
Prepaid costs 149,258 - 149,258
Leases receivable (Note 5) 645,292 - 645,292
Land held for resale (Note 1D) 17,943,395 17,943,395 -
Capital assets (Note 6):

Capital assets not being depreciated 82,547,881 1,144,092 83,691,973 Depreciable capital assets, net 51,275,155 7,048,851 58,324,006 Total Assets 435,627,392 17,358,514 452,985,906

DEFERRED OUTFLOWS OF RESOURCES
Related to pensions (Note 9) 21,582,570 130,408 21,712,978 Related to OPEB (Note 11) 812,408 6,552 818,960
Total Deferred Outflows of Resources 22,394,978 136,960 22,531,938 LIABILITIES:

Accounts payable 9,869,238 25,863 9,895,101
Accrued liabilities 5,659,621 - 5,659,621
Accrued interest 1,243,775 - 1,243,775
Unearned revenue 4,627,134 - 4,627,134
Deposits payable 1,436,619 - 1,436,619
Claims and judgements (Note 12):

Due within one year 716,784 - 716,784
Due in more than one year 2,416,333 - 2,416,333
Settlement liability (Note 13) 3,300,000 - 3,300,000
Compensated absences (Note 7):

Due within one year 1,730,437 - 1,730,437
Due in more than one year 1,815,438 - 1,815,438
Long-term debt (Note 7):

Bonds due within one year 1,275,900 - 1,275,900
Bonds due in more than one year 50,091,400 50,091,400 - Lease liability (Note 8):

Lease liability due within one year 425,552 - 425,552
Lease liability due in more than one year 2,978,865 - 2,978,865 Net pension liabilities, due in more than one year (Note 9) 61,990,401 308,632 62,299,033 Net OPEB liability, due in more than one year (Note 11) 5,803,920 46,806 5,850,726 Total Liabilities 155,381,417 381,301 155,762,718
DEFERRED INFLOWS OF RESOURCES:

Leases (Note 5) 645,292 - 645,292
Related to pensions (Note 9) 4,633,695 24,702 4,658,397 Related to OPEB (Note 11) 1,668,695 13,457 1,682,152
Total Deferred Inflows of Resources 6,947,682 38,159 6,985,841 NET POSITION (Note 1D):

Net investments in capital assets 129,051,319 8,192,943 137,244,262 Restricted for:

Community development projects 33,252,006 33,252,006 -
Public safety 6,240,964 - 6,240,964
Public works 2,848,260 - 2,848,260
Capital projects 14,151,968 8,883,071 23,035,039
Debt service 3,051 - 3,051
Small business incentive 103,970 - 103,970
Community services 117,546 - 117,546
Environmental programs 160,508 - 160,508
Pensions 129,504 - 129,504
Total Restricted Net Position 57,007,777 8,883,071 65,890,848 Unrestricted 109,634,175 109,634,175 -
Total Net Position $ 17,076,014 295,693,271 $ 312,769,285 $ See accompanying notes to basic financial statements
19 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Program Revenues
Operating Capital
Charges for Contributions Contributions
Functions/Programs Expenses Services and Grants and Grants Primary Government

GOVERNMENTAL ACTIVITIES
City council 250,383 $ 3,753 $ - $ - $
City manager 1,489,317 - - -
City attorney 738,887 - - -
Finance 1,436,057 60,247 - -
Human resources 895,117 - - -
Information technology 1,669,431 - - -
General government-non-departmental operations 10,630,439 783,930 811,626 - Police 21,706,953 853,427 321,787 -
Fire 11,975,911 2,508,906 441 -
Planning and building 3,669,270 4,093,500 270,616 -
Economic development and housing 7,364,121 - 365,233 -
Redevelopment - 3,346,866 4,548,359 310,001
Property based improvement district 5,166,321 4,480,232 - - Community services 925,581 1,175,960 - -
Child development 2,875,269 1,367,292 228,882 -
Youth services 2,303,604 211,233 329,220 -
Adult services 991,803 47,577 57,183 -
Public works 10,288,331 1,174,733 1,433,029 456,382
Interest on long-term debt 3,166,988 - - -
Total Governmental Activities 87,543,783 20,107,656 8,366,376 766,383 BUSINESS-TYPE ACTIVITIES:

Sewer 634,953 1,167,841 - -
Total Business-type Activities 634,953 1,167,841 - -
Total Primary Government $ 21,275,497 88,178,736 $ 8,366,376 $ 766,383 $ 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, 2024
20 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Net (Expense) Revenue and
Changes in Net Position
Governmental Business-type
Activities Activities Total
$ - (246,630) $ (246,630) $
(1,489,317) - (1,489,317)
(738,887) - (738,887)
(1,375,810) - (1,375,810)
(895,117) - (895,117)
(1,669,431) - (1,669,431)
(9,034,883) - (9,034,883)
(20,531,739) - (20,531,739)
(9,466,564) - (9,466,564)
694,846 - 694,846
(6,998,888) - (6,998,888)
8,205,226 - 8,205,226
(686,089) - (686,089)
250,379 - 250,379
(1,279,095) - (1,279,095)
(1,763,151) - (1,763,151)
(887,043) - (887,043)
(7,224,187) - (7,224,187)
(3,166,988) - (3,166,988)
(58,303,368) - (58,303,368)
532,888 532,888 -
532,888 532,888 -
(58,303,368) 532,888 (57,770,480)
12,640,228 - 12,640,228
5,444,341 - 5,444,341
10,688,542 - 10,688,542
2,444,636 - 2,444,636
9,485,171 - 9,485,171
4,244,643 - 4,244,643
1,253,753 - 1,253,753
11,640,819 312,494 11,953,313
5,161,700 - 5,161,700
104,800 (104,800) -
63,108,633 207,694 63,316,327
4,805,265 740,582 5,545,847
290,888,006 16,335,432 307,223,438
$ 17,076,014 295,693,271 $ 312,769,285 $
21 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 This Page Intentionally Left Blank
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

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 2023-23.

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.
23 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Property Based
Housing Improvement
General Other Grants Assets District
ASSETS:

Cash, cash equivalents, and investments (Note 3) 55,531,354 $ - $ $ 2,216,674 $ 627,073 Cash, cash equivalents, and investments with fiscal agents (Note 3) 12,052,505 - - - Receivables:

Accounts 3,060,105 201,344 196 119,286
Taxes 3,355,176 - - 5,599
Due from other governments 312,870 9,074,748 - -
Accrued interest 149,173 7,993 5,138 4,336
Prepaid costs 57,808 - - -
Due from other funds 1,398,072 - - -
Lease receivable (Note 5) - - - -
Land held for resale (Note 1D) - - 17,943,395 -
Total Assets $ 75,917,063 $ 9,284,085 $ 20,165,403 $ 756,294 LIABILITIES:

Accounts payable $ 4,839,020 $ 1,425,935 $ - $ -
Accrued liabilities 572,219 2,638,721 - -
Due to other funds - 1,398,072 - -
Unearned revenue 3,441,487 898,426 - 119,050
Deposits payable 820,455 - - -
Total Liabilities 9,673,181 6,361,154 - 119,050
DEFERRED INFLOWS OF RESOURCES:

Leases (Note 5) - - - -
Unavailable revenue 933,190 9,234,749 - -
Total Deferred Inflows of Resources 933,190 9,234,749 - - FUND BALANCES (Note 1D):

Nonspendable:

Prepaid costs 57,808 - - -
Restricted for:

Community development projects - - 20,165,403 -
Public safety - - - -
Public works - - - -
Capital projects - - - -
Debt service - - - -
Small business incentive - - - -
Community services - - - -
Environmental programs - - - -
Pensions 129,504 - - -
Committed to:

Community development projects - - - -
Capital projects - - - -
Measure O 1,035,289 - - -
Vehicle replacement - - - -
Information technology - - - -
Economic uncertainty 25,323,894 - - -
PERS liability 14,557,143 - - -
Economic development 3,484,945 - - -
Community programs 348,383 - - 637,244
Assigned to:

Potential Social Security Settlement 3,300,000 - - -
Community services - - - -
Disasters 5,213,813 - - -
Unassigned 11,859,913 (6,311,818) - -
Total Fund Balances 65,310,692 (6,311,818) 20,165,403 637,244 Total Liabilities, Deferred Inflows of Resources
and Fund Balances $ 75,917,063 $ 9,284,085 $ 20,165,403 $ 756,294 See accompanying notes to basic financial statements
Special Revenue Funds

CITY OF EMERYVILLE

GOVERNMENTAL FUNDS

BALANCE SHEET
JUNE 30, 2024
24 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Measure General Nonmajor Total
Affordable C Housing Capital Governmental Governmental
Housing Bond Improvements RDA Bond Funds Funds
$ 18,375,500 $ 2,724,847 $ 47,499,010 $ 1,343,908 $ 56,084,415 $ 184,402,781 - 48,114,225 - - 60,166,730 -
- - 13,686 - 118,911 3,513,528
- 8,472 - - 590,142 3,959,389
- - - - 92,253 9,479,871
36,778 5,526 110,595 3,169 98,427 421,135
- - 1,000 - 90,450 149,258
- - - - 1,398,072 -
- - - - 645,292 645,292
- - - - 17,943,395 -
$ 18,412,278 $ 50,853,070 $ 47,624,291 $ 1,347,077 $ 57,719,890 $ 282,079,451 $ 79,423 $ 548,978 $ 129,156 $ 2,720,508 - $ $ 9,743,020 - 2,438,637 - - 10,044 5,659,621
- - - - 1,398,072 -
- - - - 158,962 4,617,925
- - - - 610,944 1,431,399
79,423 548,978 2,567,793 3,500,458 22,850,037 -
- - - - 645,292 645,292
- - - - 10,167,939 -
- - - - 645,292 10,813,231
- - - - 33,450 91,258
- 50,304,092 - 12,782,511 - 83,252,006
- - - 6,240,964 - 6,240,964
- - - 2,848,260 - 2,848,260
- - 1,347,077 - 12,804,891 14,151,968
- - - - 3,051 3,051
- - - - 103,970 103,970
- - - - 117,546 117,546
- - - - 160,508 160,508
- - - - - 129,504
18,332,855 - - - 18,332,855 -
- 45,056,498 - - 45,056,498 -
- - - - 6,166,378 7,201,667
- - - 4,585,303 - 4,585,303
- - - 2,609,247 - 2,609,247
- - - - 25,323,894 -
- - - - 14,557,143 -
- - - - 3,484,945 -
- - - - - 985,627
- - - 4,124,583 - 7,424,583
- - - - 993,478 993,478
- - - - 5,213,813 -
- - 5,548,095 -
18,332,855 50,304,092 45,056,498 1,347,077 53,574,140 248,416,183 $ 18,412,278 $ 50,853,070 $ 47,624,291 $ 1,347,077 $ 57,719,890 $ 282,079,451 Special Revenue Funds Capital Projects Funds
25 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 This Page Intentionally Left Blank
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

GOVERNMENTAL FUNDS

BALANCE SHEET - RECONCILIATION OF GOVERNMENTAL

FUND BALANCES TO NET POSITION OF GOVERNMENTAL ACTIVITIES JUNE 30, 2024
Total Fund Balances - Governmental Funds $ 248,416,183
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. 133,823,036
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 $ 991,612
Safety pension plan 1,263,050 2,254,662
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. 812,408 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 6,584,679
Safety pension plan 12,259,842
Emeryville Police Officers' Association retirement enhancement plan 483,387 19,327,908 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. (1,243,775) 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 (51,367,300)
Lease Liabilities (3,404,417)
Settlement Liability (3,300,000)
Governmental funds report all pension contributions as expenditures, however, inthe 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 (20,686,768)
Safety pension plan (40,286,887)
Emeryville Police Officers' Association retirement enhancement plan (1,016,746) (61,990,401) 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 (1,655,736)
Safety pension plan (2,900,107)
Emeryville Police Officers' Association retirement enhancement plan (77,852) (4,633,695) Governmental funds report all OPEB contributions as expenditures, however, inthe 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. (5,803,920) Adjustments that reduce net OPEB liability are recorded as deferred inflows of resources and are amortized over their remaining service life. (1,668,695)
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. 10,167,939
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. 14,303,338 NET POSITION OF GOVERNMENTAL ACTIVITIES 295,693,271 $
See accompanying notes to basic financial statements

ALLOCATION OF INTERNAL SERVICE FUND NET POSITION
27 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Property
Based
Housing Improvement
General Other Grants Assets District
REVENUES:

Taxes 38,832,945 $ - $ - $ 4,572,103 $
Licenses and permits 2,730,763 - - -
Intergovernmental 2,274,047 577,449 - -
Charges for services 625,865 - 46,866 -
Investment income 5,676,662 115,988 179,274 43,757
Rental income 471,589 - 16,408 -
Contributions 417,232 - - -
Miscellaneous 1,040,027 - 334,255 -
Total Revenues 52,069,130 693,437 576,803 4,615,860
EXPENDITURES:

Current:

City council 236,364 - - 17,600
City manager 1,297,700 - - -
City attorney 561,894 - - -
Finance 1,273,503 - - -
Human resources 783,536 - - -
Information technology 892,067 - - -
General government-non-departmental operations 6,075,661 - - - Police 17,030,611 114,246 - -
Fire 11,664,810 - - -
Planning and building 2,690,976 - - -
Economic development and housing 848,738 105,605 - -
Property based improvement district - - 5,166,321 -
Community services 819,039 - - -
Child development - - - -
Youth services 2,197,417 - - -
Adult services 616,363 238,297 - -
Public works 4,937,932 - - -
Capital outlay 3,685,842 - - -
Debt service:

Principal retirement - - - -
Interest and fiscal charges - - - -
Total Expenditures 51,926,611 4,143,990 5,183,921 -

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 142,519 (3,450,553) 576,803 (568,061) OTHER FINANCING SOURCES (USES):

Transfers in (Note 4A) 202,887 28,680 - 609,273
Transfers (out) (Note 4A) (2,237,792) - - -
Total Other Financing Sources (Uses) (2,034,905) 28,680 - 609,273 CHANGE IN FUND BALANCES (1,892,386) (3,421,873) 576,803 41,212 BEGINNING FUND BALANCES 67,203,078 (2,889,945) 19,588,600 596,032 ENDING FUND BALANCES 65,310,692 $ (6,311,818) $ 20,165,403 $ 637,244 $ 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, 2024
28 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Measure General Nonmajor Total
Affordable C Housing Capital Governmental Governmental
Housing Bond Improvements RDA Bond Funds Funds
$ 1,353,195 $ 4,216,353 $ 1,522,345 $ - $ 3,376,653 $ 53,873,594 - - - - 2,465,528 5,196,291
- - - - 1,557,013 4,408,509
- - - - 1,316,196 1,988,927
506,492 2,066,680 1,570,710 45,917 1,435,339 11,640,819 - - - - 494,385 982,382
- - - - - 417,232
3,300,000 315,673 - - 4,461,020 9,450,975
5,159,687 6,598,706 3,093,055 45,917 15,106,134 87,958,729 - - - - - 253,964
- - - - - 1,297,700
- - - - - 561,894
- - - - - 1,273,503
- - - - - 783,536
- - - - 622,362 1,514,429
- - - - 1,102,927 7,178,588
- - - - 505,456 17,650,313
- - - - 213,867 11,878,677
- - - - 664,691 3,355,667
1,671,489 3,831,268 - - 826,964 7,284,064
- - - - - 5,166,321
- - - - 107,010 926,049
- - - - 2,474,272 2,474,272
- - - - - 2,197,417
- - - - - 854,660
- - 524,054 - 914,990 6,376,976
- - 4,152,289 - 5,675,185 13,513,316
- - 425,551 - 319,200 744,751
- - 25,533 - 1,906,169 1,931,702
1,671,489 3,831,268 5,127,427 15,333,093 87,217,799 -
3,488,198 2,767,438 (2,034,372) 45,917 (226,959) 740,930 - - 219,989 - 4,639,651 5,700,480
- (1,855,340) (32,139) - (1,470,409) (5,595,680)
- (1,855,340) 187,850 - 3,169,242 104,800
3,488,198 912,098 (1,846,522) 45,917 2,942,283 845,730
14,844,657 49,391,994 46,903,020 1,301,160 50,631,857 247,570,453 $ 18,332,855 $ 50,304,092 $ 45,056,498 $ 1,347,077 $ 53,574,140 $ 248,416,183 Special Revenue Funds Capital Projects Funds
29 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

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, 2024
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 $ 845,730 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 13,513,316 Non-capitalized capital outlay expenditures are reclassified to various governmental activities (848,405) Retirements of capital assets are deducted from fund balance (66,690) Depreciation and amortization expense is deducted from fund balance (3,295,404)

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 319,200 Repayment of lease principal is added back to fund balance 425,551 Accrual of debt interest is deducted from fund balance (1,235,286)

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 3,597,151
Net pension liabilities and pension-related deferred outflows/inflows of resources (6,302,260) Net OPEB liability and OPEB related deferred outflows/inflows or resources (97,897) Settlement liability (3,300,000)

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 1,250,259 CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES $ 4,805,265 See accompanying notes to basic financial statements
30 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

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. 31 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

PROPRIETARY FUNDS

STATEMENT OF NET POSITION
JUNE 30, 2024
Business-type
Activities -
Proprietary Fund Governmental
Activities -
Internal Service
Sewer Funds
ASSETS:

Current Assets:

Cash and investments (Note 3) $ 21,074,506 9,039,171 $
Receivables:

Accounts 105,086 (602)
Accrued interest 21,314 49,073
Total Current Assets 9,165,571 21,122,977
Noncurrent Assets:

Capital assets (Note 6):

Nondepreciable capital assets 1,144,092 -
Depreciable capital assets, net 7,048,851 -
Total Noncurrent Assets 8,192,943 -
Total Assets 17,358,514 21,122,977

DEFERRED OUTFLOWS OF RESOURCES
Related to pensions (Note 9) 130,408 -
Related to OPEB (Note 11) 6,552 -
Total Deferred Outflows of Resources 136,960 -
LIABILITIES:

Current Liabilities:

Accounts payable 25,863 126,218
Deposits payable - 5,220
Unearned revenue - 9,209
Compensated absences (Note 7) - 1,730,437
Claims and judgements (Note 12) - 716,784
Total Current Liabilities 25,863 2,587,868
Noncurrent Liabilities:

Compensated absences (Note 7) - 1,815,438
Claims and judgements (Note 12) - 2,416,333
Net pension liabilities, due in more than one year (Note 9) 308,632 - Net OPEB liabilities (Note 11) 46,806 -
Total Noncurrent Liabilities 355,438 4,231,771
Total Liabilities 381,301 6,819,639
DEFERRED INFLOWS OF RESOURCES:

Related to pensions (Note 9) 24,702 -
Related to OPEB (Note 11) 13,457 -
Total deferred inflows of resources 38,159 -
NET POSITION (Note 1D):

Net investments in capital assets 8,192,943 -
Restricted for capital projects 8,883,071 -
Unrestricted - 14,303,338
Total Net Position $ 17,076,014 $ 14,303,338
See accompanying notes to basic financial statements
32 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

PROPRIETARY FUNDS

STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION FOR THE YEAR ENDED JUNE 30, 2024
Business-type
Activities -
Proprietary Fund Governmental
ActivitiesInternal Service
Sewer Funds
OPERATING REVENUES:

Charges for services $ 1,167,841 $ 18,351,511
Total Operating Revenues 1,167,841 18,351,511
OPERATING EXPENSES:

Administrative and general 359,035 17,153,278
Cost of sales and services 85,039 -
Claims expense - 636,342
Depreciation (Note 6) 190,879 -
Total Operating Expenses 634,953 17,789,620
Operating Income 532,888 561,891
NONOPERATING REVENUES:

Investment income 312,494 688,368
Net Nonoperating Revenues 312,494 688,368
Income Before Transfers 845,382 1,250,259

TRANSFERS
Transfers (out) (Note 4A) (104,800) -
Net Transfers (104,800) -
CHANGE IN NET POSITION 740,582 1,250,259
BEGINNING NET POSITION 16,335,432 13,053,079
ENDING NET POSITION $ 14,303,338 17,076,014 $
See accompanying notes to basic financial statements
33 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

PROPRIETARY FUNDS

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED JUNE 30, 2024
Business-type
Activities -
Proprietary Fund
Governmental
ActivitiesInternal Service
Sewer Funds
CASH FLOWS FROM OPERATING ACTIVITIES:

Receipts from customers and users 1,237,250 $ 18,341,454 $ Payments to suppliers and providers (64,644) (615,132)
Payments for claims - (449,454)
Payments to employees for salaries and benefits (329,389) (16,148,309) Net Cash Flows From Operating Activities 843,217 1,128,559

CASH FLOWS FROM NONCAPITAL AND
RELATED FINANCING ACTIVITIES:

Transfers (out) (104,800) -
Net Cash Flows From Noncapital and
Related Financing Activities (104,800) -

CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:

Acquisition of capital assets (597,347) -
Net Cash Flows From NonCapital and Related Financing Activities (597,347) - CASH FLOWS FROM INVESTING ACTIVITIES:

Investment on cash and investments 316,447 719,052
Net Cash Flows From Investing Activities 316,447 719,052 NET CASH FLOWS 457,517 1,847,611
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 8,581,654 19,226,895 CASH AND EQUIVALENTS AT END OF PERIOD $ 9,039,171 $ 21,074,506

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

Operating income $ 532,888 $ 561,891
Adjustments to reconcile operating income to net cash
provided by operating activities:

Depreciation 190,879 -
Change in assets and liabilities:

Decrease (increase) in accounts receivable 69,409 (10,057) Increase in accounts payable 20,395 59,639
Increase in deposits payable - 2,051
Increase in unearned revenue - 9,209
Increase in compensated absences - 356,067
Increase in claims and judgements - 149,759
Increase in salaries and benefits payable 29,646 -
Net Cash Flows From Operating Activities $ 843,217 $ 1,128,559 See accompanying notes to basic financial statements
34 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

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.
35 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Successor Agency
Private-Purpose
Trust Funds
CURRENT ASSETS:

Cash and investments (Notes 3 and 14A) $ 36,825,491
Cash and investments with fiscal agents (Notes 3 and 14A) 10,568,375 Receivables:

Accounts
Accrued interest 368,141
Prepaid costs 283,719
Total Current Assets 48,045,726
NONCURRENT ASSETS:

Loans receivable (Note 14C) 9,067,721
Land held for resale 24,818,694
Capital assets (Note 14E):

Capital assets not being depreciated 11,333,991
Total Noncurrent Assets 45,220,406
Total Assets 93,266,132
CURRENT LIABILITIES:

Accounts payable 1,240,772
Accrued interest 734,163
Bonds due in one year (Note 14F) 8,920,000
Pollution remediation obligations due in one year (Note 14G) 55,000 Total Current Liabilities 10,949,935
NONCURRENT LIABILITIES:

Bonds due in more than one year (Note 14F) 44,270,629
Pollution remediation obligations due in more than one year (Note 14G) 412,500 Total Non-Current Liabilities 44,683,129
Total Liabilities 55,633,064

NET POSITION RESTRICTED FOR INDIVIDUALS
AND OTHER ORGANIZATIONS 37,633,068 $
See accompanying notes to basic financial statements

CITY OF EMERYVILLE

FIDUCIARY FUNDS

STATEMENT OF FIDUCIARY NET POSITION
JUNE 30, 2024
36 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Successor Agency
Private-Purpose
Trust Funds
ADDITIONS:

Taxes $ 15,286,204
Investment income 2,495,850
Total Additions 17,782,054
DEDUCTIONS:

Administrative expenses 493,911
Contractual services 9,082,126
Interest expense 1,544,195
Contributions to other governments 16,131
Total Deductions 11,136,363
Net change in position 6,645,691
Net position - beginning 30,987,377
Net position - ending $ 37,633,068

CITY OF EMERYVILLE

STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED JUNE 30, 2024
See accompanying notes to basic financial statements
37 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 This Page Intentionally Left Blank
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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. 39 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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. 40 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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.
41 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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.

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.
42 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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. 43 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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. 44 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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:
45 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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.

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 reports 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.
46 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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.
47 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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
48 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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 $37,183,807 or approximately 68% of $59,329,420 budgeted operating expenditures for fiscal year 2023-24.

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.
49 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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 $400,000 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.
50 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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. At June 30, 2024, the City did not have any subscriptions that met the City’s threshold.

E. New Accounting Standards
GASB Statement No. 100 – In June 2022, GASB issued Statement No. 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. The provisions of this Statement were implemented during fiscal year 2024. 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. 51 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

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.

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, 2022 June 30, 2022 June 30, 2022 Measurement Date (MD) June 30, 2023 June 30, 2023 June 30, 2024 July 1, 2022 to July 1, 2022 to June 30, 2023 to
June 30, 2023 June 30, 2023 June 30, 2024 Measurement Period (MP) 52 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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
New Fund
During fiscal year 2023-24, the City created one new fund. The Measure C Housing Bond Debt Service Fund was created to account for the 2023 General Obligation Bonds debt service (principal and interest).

Deficit Fund Balance/Net Position
As of June 30, 2024, the Other Grants Special Revenue Fund and the Dental Self Insurance Internal Service Fund had net position deficits of $6,311,818 and $13,063, 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 Dental Self Insurance Internal Service Fund. The City received about $4.6 million in reimbursements for two major projects after June 30, 2024.

NOTE 3 – CASH AND INVESTMENTS
A. Summary of Cash and Investments
Cash and investments as of June 30, 2024, are reported in the accompanying financial statements as follows:

Governmental Activities
Cash and investments 205,477,287 $
Restricted cash and investments 60,166,730
Business-Type Activities
Cash and investments 9,039,171
Fiduciary Funds
Cash and investments 36,825,491
Restricted cash and investments with fiscal agents 10,568,375 Total $ 322,077,054
53 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
NOTE 3 – CASH AND INVESTMENTS (Continued)
Cash and investments as of June 30, 2024, consist of the following:

Cash on hand $ 1,950
Deposits with financial institutions 11,545,703
Investments 310,529,401
Total $ 322,077,054
B. Deposits
At June 30, 2024, the carrying amount of the City’s deposits was $8,896,704 and the bank balance was $12,716,403. The $3,819,699 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
54 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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.
55 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
NOTE 3 – CASH AND INVESTMENTS (Continued)

5. Investment Balances
Investments as of June 30, 2024, consist of the following:

Fair Value
Local Agency Investment Fund (LAIF) $ 75,909,434
Negotiable Certificates of Deposit 8,013,323
U.S. Treasuries 78,922,663
Corporate Notes 12,574,710
Government Agency Securities 45,595,224
Money Market Funds 16,575,468
Total Investments Authorized by CA Government Code/City Investment Policy 237,590,822 Investments Authorized by Debt Agreements
Money Market Funds 72,938,579
Total Investments Authorized by Debt Agreements 72,938,579 Total Investments $ 310,529,401
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.
56 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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, 2024:

Value Level 1 Level 2
City Investments
Negotiable Certificates of Deposit $ 8,013,323 $ - $ 8,013,323 U.S. Treasuries 78,922,663 78,922,663 -
Corporate Notes 12,574,710 - 12,574,710
Government Agency Securities 45,595,224 - 45,595,224
Money Market Funds 16,575,468 - 16,575,468
Total City Investments 161,681,388 78,922,663 82,758,725 Investments with Fiscal Agents
Money Market Funds 72,938,579 - 72,938,579
Total Investments with Fiscal Agents 72,938,579 - 72,938,579 Total Leveled Investments 234,619,967 $ 78,922,663 $ 155,697,304 Local Agency Investment Fund (LAIF) 75,909,434
Total Investments $ 310,529,401
Investment Type
Uncategorized
Fair Value Measurement

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, 2024, none of the City’s deposits or investments were exposed to custodial credit risk. 57 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
NOTE 3 – CASH AND INVESTMENTS (Continued)

8. Credit Risk
The City's investment policy limits investments in medium-term notes (MTN’s) to those rated "Aa2" or higher by a recognized rating service such as Standard and Poor's (S&P) or by Moody's at the date of purchase. As of June 30, 2024, the City’s investments in government obligations were rated Aaa by Moody’s and investments in corporate notes were rated Aaa, Aa2, Aa3, Aa2, Aa1, and A1 by Moody’s. However, at date of purchase, the investments in corporate notes were all rated Aa2 or higher by a recognized rating service. Investments in money market funds, investments in certificates of deposit (CD) held with financial institutions, and California Local Agency Investment Fund investments, were unrated.

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, 2024, the City held the following investments that exceeded more than 5% of their total investments in the one issuer:
% of Total
Issuer Investment Type Fair Value Investment
Federal Home Loan Bank Government Agency Securities 18,495,867 $ 5.96% Federal Farm Credit Bank Government Agency Securities 26,135,097 8.42% Investments guaranteed by the U.S. government and investments in mutual funds and external investment pools are excluded from this requirement.
58 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
NOTE 3 – CASH AND INVESTMENTS (Continued)

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, 2024, the City had the following investments and maturities:
12 months 12 months to 36 months to
Fair Value or less 36 months 60 months
City Investments
Local Agency Investment Fund (LAIF) 75,909,434 $ 75,909,434 $ - $ $ - Negotiable Certificates of Deposit 8,013,323 8,013,323 - - US Treasuries 78,922,663 32,488,120 39,911,710 6,522,833 Corporate Notes 12,574,710 723,783 11,850,927 -
Government Agency Securities 45,595,224 10,054,482 28,538,764 7,001,978 Money Market Funds 211,628 211,628 - -
Total City Investments 221,226,982 127,400,770 80,301,401 13,524,811 Investments with Fiscal Agents
Money market funds 89,302,419 89,302,419 - -
Total Investments with Fiscal Agents 89,302,419 89,302,419 - - Total Investments $ 310,529,401 $ 216,703,189 $ 80,301,401 $ 13,524,811 Investment Maturities (in Months)
Investment Type
59 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
NOTE 4 – INTERFUND ACTIVITIES
A. Transfers In/Out
Transfers are reported in the accompanying financial statements as of June 30, 2024, as follows:

Transfers Out
Business-Type
Activities
Measure C General Capital
Housing Bond Improvements Nonmajor
General Special Revenue Capital Projects Governmental Sewer Fund Fund Fund Funds Fund Total
Governmental Activities
General Fund - $ $ - $ 14,139 $ 137,248 $ 51,500 $ 202,887 Other Grants Special Revenue Fund 13,501 - - 15,179 - 28,680 Property Based Improvement District Special Revenue Fund 609,273 - - - - 609,273 General Capital Improvements Capital Projects Fund 219,989 - - - - 219,989 Nonmajor Governmental Funds 1,395,029 1,855,340 18,000 1,317,982 53,300 4,639,651 Total $ 2,237,792 $ 1,855,340 $ 32,139 $ 1,470,409 $ 104,800 $ 5,700,480 Transfers In
Governmental Activities
The General Fund received $14,139, $137,248, 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 Ffund for support of payment of a woodchipper, support of general operations, and overhead costs.

The General Fund transferred $13,501 to Other Grants Special Revenue Fund to cover grant shortage, transferred $609,273 to the Property Based Improvement District Special Revenue Fund to help fund the Emeryville shuttle services, and transferred $219,989 to the General Capital Improvements Fund for capital projects. In addition, the General Fund transferred $1,395,029 to various Nonmajor Governmental Funds, including $1,000,000 to help support urban forestry program.

The Measure C Housing Bond (Special Revenue Fund) transferred $1,855,340 to the Measure C Housing Bond (Debt Service Fund) for debt service payments made during the year.

The General Capital Improvements Capital Project Fund transferred $18,000 to the Nonmajor Governmental Funds to support operation costs for the Parking Program.

The Nonmajor Governmental Funds transferred $15,179 to the Other Grants Special Revenue Funds to purchase a bus for the Community Services programs and transferred $1,317,982 to various Nonmajor Governmental Funds, including $1,268,782 to help support the Childcare Program. The Sewer Fund also transferred $53,300 to the Nonmajor Governmental Funds to support technology fund.

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, 2024, there were a Due To/From in the General Fund from the Other Grants Special Revenue Fund in the amount of $1,398,072. 60 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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, 2024, as follows:

Housing Assets Special Revenue Fund
First-Time Home Buyer Program $ 2,654,700
Ownership Housing Assistance 3,063,126
Homeowner's Association Assessment 46,238
Home Rehabilitation and Assistance 202,151
Bay Bridge Corporation (AIDS Housing) Deferred 599,029
Avalon Senior Housing, LP 3,176,766
Bakery Lofts 250,000
3706 San Pablo 3,194,210
Help Housing Loan Program 1,004,568
3600 San Pablo Ave-Evoy L.P. Predevelopment 6,219,346
Allowance on Uncollectible Loans (20,410,134)
Total Housing Assets -
Affordable Housing Special Revenue Fund
First-Time Home Buyer Program 63,955
3600 San Pablo Ave-Evoy L.P. Predevelopment 6,710,849
Allowance on Uncollectible Loans (6,774,804)
Total Affordable Housing -
Measure C Housing Bond Special Revenue Fund
3600 San Pablo Ave-Evoy L.P. Predevelopment 3,512,336
Allowance on Uncollectible Loans (3,512,336)
Total Measure C Housing Bond -
Nonmajor Governmental Funds
Home Rehabilitation and Assistance 141,306
Cal Home Loan Program 991,725
EAH Housing 3706 San Pablo 2,711,463
Allowance on Uncollectible Loans (3,844,494)
Total Nonmajor Governmental Funds -
Total Notes and Loans Receivables $ -
61 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
NOTE 5 – NOTES, LOANS AND LEASE RECEIVABLE (Continued)
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.

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.
62 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
NOTE 5 – NOTES, LOANS AND LEASE RECEIVABLE (Continued)
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.

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. During fiscal year 2023-24, the City loaned the developer an additional $475,085 from the Housing Assets Fund for a total of $4,975,085. 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.
63 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
NOTE 5 – NOTES, LOANS AND LEASE RECEIVABLE (Continued)
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 2023-24, 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, 2024, the developer had drawn down loan funds of $5,920,760 from the Housing Assets Special Revenue Fund, $6,309,491 from the Affordable Housing Special Revenue Fund and $3,429,775 from the Measure C Housing Bond 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.

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 $215,097 in lease revenue and $42,046 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, 2024, the balance of the lease receivable and deferred inflows of resources was $645,292.
64 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
NOTE 6 – CAPITAL ASSETS
Governmental Activities capital asset activity as of June 30, 2024, is as follows:

Balance at Balance at
July 1, 2023 Additions Retirements Transfers June 30, 2024 Governmental Activities
Capital assets not being depreciated:

Land $ 29,297,979 $ - $ - $ - $ 29,297,979
Construction in progress 41,784,536 11,521,643 - (56,277) 53,249,902 Total Capital Assets Not
Being Depreciated 71,082,515 11,521,643 - (56,277) 82,547,881 Capital assets being depreciated and amortized:

Park and other improvements 24,338,098 46,288 - 17,116 24,401,502 Buildings and improvements 52,473,114 - - - 52,473,114
Furnishings, vehicles and equipment 8,089,946 1,096,980 (71,454) - 9,115,472 Marina improvements 9,930,049 - - 179 9,930,228
Grading, curbs, gutters, sidewalks
and driveway approaches 39,120,069 - - 38,982 39,159,051 Right to use lease asset - parking garage 4,206,563 - - - 4,206,563 Total Capital Assets
Being Depreciated and Amortized 138,157,839 1,143,268 (71,454) 56,277 139,285,930 Less accumulated depreciation and amortization for:

Park and other improvements 14,347,492 998,096 - - 15,345,588 Buildings and improvements 26,669,739 1,052,227 - - 27,721,966 Furnishings, vehicles and equipment 6,903,478 381,005 4,764 - 7,279,719 Marina improvements 7,238,965 129 - - 7,239,094
Grading, curbs, gutters, sidewalks
and driveway approaches 29,139,805 443,291 - - 29,583,096 Right to use lease asset - parking garage 420,656 420,656 - - 841,312 Total Accumulated Depreciation 84,720,135 3,295,404 4,764 - 88,010,775 Net Capital Assets
Being Depreciated 53,437,704 (2,152,136) (66,690) 56,277 51,275,155 Governmental Activity Capital
Assets, Net $ 124,520,219 $ 9,369,507 $ (66,690) $ - $ 133,823,036 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 20,319 $
General government-non-departmental operations 64,699
Police 229,541
Fire 97,234
Child development 42,068
Youth services 55,598
Adult services 72,510
Public works 2,713,435
Total Governmental Activities Depreciation Expense $ 3,295,404 65 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
NOTE 6 – CAPITAL ASSETS (Continued)
Business-Type Activities capital asset activity as of June 30, 2024, is as follows:

Balance at Balance at
June 30, 2023 Additions Retirements June 30, 2024
Business-Type Activities
Capital Assets, not being depreciated
Construction in progress $ 546,745 $ 597,347 $ - $ 1,144,092 Total Capital Assets Not Being
Depreciated: 546,745 597,347 - 1,144,092
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 155,995 9,750 - 165,745
Automobile and equipment 5,396 - - 5,396
Sewer improvements 3,035,286 181,129 - 3,216,415
Total Accumulated Depreciation 3,196,677 190,879 - 3,387,556 Net Capital Assets
Being Depreciated 7,239,730 (190,879) - 7,048,851
Business-Type Activity Capital
Assets, Net $ 7,786,475 $ 406,468 $ - $ 8,192,943
Depreciation expense of $190,879 was charged to the Sewer Fund for the year ended June 30, 2024. 66 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
NOTE 7 – LONG-TERM LIABILITIES
The following is a summary of the changes in long-term debt for the fiscal year ended June 30, 2024:

Balance at Balance at Current
June 30, 2023 Additions Retirements June 30, 2024 Portion Governmental Activities
Private Placement Bonds:

Public Financing Authority, Lease
Revenue Bonds, 2013 Series A $ 1,686,500 $ - $ 319,200 $ 1,367,300 $ 325,900 General Obligations Bonds:

Measure C General Obligation
Bonds, 2023 Series 50,000,000 - - 50,000,000 950,000
Total Bonds 51,686,500 - 319,200 51,367,300 1,275,900
Total Governmental Activities
Long-Term Liabilities $ 51,686,500 $ - $ 319,200 $ 51,367,300 $ 1,275,900 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, 2024, including interest, are as follows:

Principal Interest
2025 $ 325,900 $ 41,292
2026 336,900 31,450
2027 347,400 21,276
2028 357,100 10,784
$ 1,367,300 $ 104,802
Lease Revenue Bonds
2013 Series A
67 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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, 2024, including interest, are as follows:

Principal Interest
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 1,235,000 2,276,883
2030-2034 7,370,000 10,144,663
2035-2039 9,600,000 7,916,548
2040-2044 12,140,000 5,299,488
2045-2049 15,405,000 1,958,199
$ 50,000,000 $ 37,382,809
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, 2024:

Balance at Balance at Current
June 30, 2023 Additions Reductions June 30, 2024 Portion Compensated absences: $ 3,189,808 $ 476,478 $ 120,411 $ 3,545,875 $ 1,730,437 68 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
NOTE 8 – LEASE LIABILITIES
A. Lease Liabilities
B.

In governmental activities, the payments for 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, 2023.

The yearly lease payments are increased annually in the amount of 1.13%. Interest on the lease is implicit in the amount of 6%. During fiscal year 2024, the City made principal and interest payments of $425,551 and $25,533 on the lease, respectively. As of June 30, 2024, the balance of the lease liability was $3,404,417 and the net value of the right-to-use asset was $3,365,251, including accumulated amortization of $841,312 as shown in Note 6. The future principal and interest lease payments as of June 30, 2024 are as follows:

For the Year
Ended June 30 Principal Interest Total
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 425,552 25,533 451,085
2030-2032 1,276,657 76,599 1,353,256
Totals $ 3,404,417 $ 204,264 $ 3,608,681
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 $ 20,995,400 $ 7,706,699 $ 1,680,438 $ 4,010,570 CalPERS Safety Rate Plan 40,286,887 13,522,892 2,900,107 6,142,571 Emeryville Police Officers’ Association
Retirement Enhancement Plan (EPOA) 1,016,746 483,387 77,852 97,446 $ 62,299,033 $ 21,712,978 $ 4,658,397 $ 10,250,587
Pension-related liabilities are primarily liquidated by the General Fund and other funds that have recorded the liabilities.
69 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)
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.

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% 8.250% Required normal employer contribution rates 13.26% 10.87% 8.000% Required employer payment of unfunded liability $ 1,062,622 $ - $ - *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% 14.50% N/A Required normal employer contribution rates 26.11% 24.79% 14.50% N/A Required employer payment of unfunded liability $ 1,211,492 $ - $ 10,108 $ 1,762,275 *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. 70 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)
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. Funding contributions for all Miscellaneous Plans are determined annually on an actuarial basis as of June 30. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The City is required to contribute the difference between the actuarially determined rate and the contribution rate of employees.

For the year ended June 30, 2024, the contributions recognized as a reduction to the total pension liability for the Plans was $1,023,781 for Miscellaneous and $1,263,050 for Safety, respectively.

Actuarial Methods and Assumptions Used to Determine Total Pension Liabilities The total pension liabilities in the June 30, 2023 actuarial valuations were determined using the following actuarial assumptions:

Valuation Date June 30, 2022
Measurement Date June 30, 2023
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.
71 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)
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.

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)
72 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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, 2024, the City reported net pension liabilities for its proportionate shares of the net pension liability of each Plan as follows:

Miscellaneous Plan $ 20,995,400
Safety Plan 40,286,887
Total Cost-Sharing Plans Net Pension Liability $ 61,282,287 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, 2023, 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, 2022 rolled forward to June 30, 2023 using standard update procedures. The City’s proportion of the net pension liability was based on a projection of the City’s long-term share of contributions to the pension 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, 2022, and 2023, was as follows:

Miscellaneous
Plan
Proportion - June 30, 2022 0.41103%
Proportion - June 30, 2023 0.41987%
Change - Increase/(Decrease) 0.00884%
The City’s proportionate share of the net pension liability for each of the City’s Safety Rate Plan as of June 30, 2022, and 2023, was as follows:

Safety
Plan
Proportion - June 30, 2022 0.55268%
Proportion - June 30, 2023 0.53896%
Change - Increase/(Decrease) -0.01372%
For the year ended June 30, 2024, the City recognized total pension expense of $3,628,438 for the Miscellaneous Plan and $4,989,510 for the Safety Plan, respectively. 73 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)
At June 30, 2024, 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 $ - 1,023,781 $ Changes in assumptions 1,267,587 -
Differences between expected and actual experiences 1,072,559 166,380 Net difference between projected and actual earnings of pension plan investments 3,399,344 -
Difference between employer contribution and the plans
proportionate share of aggregate employer contributions - 1,514,058 Adjustment due to differences in proportions 943,428 -
Total Miscellaneous Plan $ 7,706,699 $ 1,680,438
At June 30, 2024, 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 1,263,050 $ - $ Changes in assumptions 2,351,197 -
Differences between expected and actual experiences 2,957,800 253,219 Net difference between projected and actual earnings of pension plan investments 5,513,250 -
Difference between employer contribution and the plans
proportionate share of aggregate employer contributions - 2,301,798 Adjustment due to differences in proportions 1,437,595 345,090 Total Safety Plan $ 13,522,892 $ 2,900,107
74 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)
$1,023,781 for the Miscellaneous Plan and $1,263,050 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, 2025. 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
2025 1,477,153 $ 3,319,126 $ 4,796,279 $
2026 994,795 1,982,328 2,977,123
2027 2,432,990 3,904,395 6,337,385
2028 97,542 153,886 251,428
Total 5,002,480 $ 9,359,735 $ 14,362,215 $
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 31,944,678 $ 20,995,400 $ 11,983,204 $ Safety Plan 58,910,886 40,286,887 25,060,443
Total 90,855,564 $ 61,282,287 $ 37,043,647 $
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.
75 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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, 2024, 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, 2024 (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.
76 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)
Actuarial Methods and Assumptions Used to Determine Total Pension Liability The June 30, 2024 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. 77 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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, 2024.

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 5.00% 0.94% 0.91%
US Core Fixed Income (Aggregate) Bloomberg Barclays Aggregate 33.50% 2.52% 2.36% US Short (1-3 Yr) Bonds Bloomberg US Govt/Credit 1-3 Yr 10.00% 1.65% 1.59% US High Yield Bonds ICE BofA US High Yield 1.50% 4.43% 3.87% US Large & Mid Cap Equity Russell 1000 26.50% 5.41% 3.74% US Mid Cap Equity Russell Mid Cap 5.00% 5.98% 3.90%
US Small Cap Equity Russell 2000 7.5% 6.99% 4.41%
Foreign Developed Equity MSCI EAFE NR USD 6.00% 6.92% 5.12% Emerging Markets Equity MSCI EM NR USD 3.25% 9.34% 6.21% US REITs FTSE Nareit All Equity REITs 1.75% 6.91% 4.72% Assumed Inflation - Mean 2.31% 2.30%
Assumed Inflation - Standard Deviation 1.45% 1.45%
Portfolio Real Mean Return 4.22% 3.70%
Portfolio Nominal Mean Return 6.53% 6.08%
Portfolio Standard Deviation 9.63%
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. 78 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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, 2023 $ 3,296,938 $ 2,084,974 $ 1,211,964 Changes for the year:

Service Cost 67,589 - 67,589
Interest 216,197 - 216,197
Benefit Payments (78,072) (78,072) -
Employer Contributions - 243,028 (243,028)
Net Investment Income - 244,478 (244,478)
Administrative Expenses - (8,502) 8,502
Balance as of June 30, 2024 $ 3,502,652 $ 2,485,906 $ 1,016,746 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.
79 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)
As of the start of the measurement period, July 1, 2023, the net pension liability was $1,211,964. For the measurement period ending June 30, 2024, the City of Emeryville incurred a pension expense of $97,446 for the Plan. As of the measurement date, June 30, 2024, the net pension liability was $1,016,746.

As of June 30, 2024, 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 $ 308,050 $ 27,020 Net difference between projected and actual earnings of pension plan investments 26,047 -
Changes of Assumptions 149,290 50,832
Total $ 483,387 $ 77,852
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,
2025 189,202 $
2026 224,249
2027 12,874
2028 (20,790)
Total $ 405,535
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.
80 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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 $ 4,091,326 $ 3,502,652 $ 3,035,592 Fiduciary Net Position 2,485,906 2,485,906 2,485,906
Net Pension Liability $ 1,605,420 $ 1,016,746 $ 549,686 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 2024, 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, 2023 measurement date, the following current and former employees were covered by the benefit terms under the HC Plan:

Active employees 110
Inactive employees or beneficiaries currently receiving benefits 85 Inactive employees or beneficiaries entitled to,
but not currently receiving benefits 47
Totals 242
81 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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, 2023, the City’s contributions were $376,185 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, 2023 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, 2023 total OPEB liability, based on the following actuarial methods and assumptions.

Valuation date June 30, 2022
Measurement date June 30, 2023
Actuarial funding method
Asset Valuation Method
Actuarial assumptions:

Discount rate 3.73%
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
82 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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 3.73%. 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, 2023 (2022 Measurement Date) $ 8,011,288 $ 2,277,905 $ 5,733,383 Change in the year:

Service Cost 319,557 - 319,557
Interest on total OPEB liability 296,163 - 296,163
Changes in assumptions (75,317) - (75,317)
Plan to plan resource movement
Contribution-employer - 376,185 (376,185)
Net investment income - 71,736 (71,736)
Administrative Expenses - (24,861) 24,861
Benefit payments, including refunds of employee
contributions (433,616) (433,616) -
Net changes 106,787 (10,556) 117,343
Balance at June 30, 2024 (2023 Measurement Date) $ 8,118,075 $ 2,267,349 $ 5,850,726 Increase (Decrease)
83 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
NOTE 11 – POST-EMPLOYMENT BENEFITS OTHER THAN PENSIONS (OPEB) (Continued) Changes in Assumptions
During the measurement year ended June 30, 2023, the discount rate was increased from 3.65% to 3.73%.

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, 2023:
1% Decrease
(2.73%)
Current Discount
Rate (3.73%)
1% Increase
(4.73%)
Net OPEB Liability 6,883,196 $ 5,850,726 $ 4,994,638 $
Sensitivity of the Net OPEB Liability to Changes in the Health Care Cost Trend Rates The following presents the net OPEB liability of the City if it were calculated using health care cost trend rates that are one percentage point lower or one percentage point higher than the current rate, for measurement period ended June 30, 2023:
1% Decrease
Current Healthcare
Cost Trend Rates 1% Increase
Net OPEB Liability 5,115,987 $ 5,850,726 $ $ 6,852,839
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, 2024, the City recognized OPEB expense of $97,897. As of the fiscal year ended June 30, 2024, 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 $ 381,926 $ - Changes of assumptions 374,530 1,322,539
Differences between expected and actual experience - 359,613 Net difference between projected and actual earnings on OPEB plan investments 62,504 -
Total $ 818,960 $ 1,682,152
84 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
NOTE 11 – POST-EMPLOYMENT BENEFITS OTHER THAN PENSIONS (OPEB) (Continued) The $381,926 reported as deferred outflows of resources related to contributions subsequent to the June 30, 2024 measurement date will be recognized as a reduction of the net OPEB liability during the fiscal year ending June 30, 2025. 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
2025 $ (112,778)
2026 (284,075)
2027 (340,402)
2028 (353,934)
2029 (149,220)
Thereafter (4,709)
Total $ (1,245,118)
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.
85 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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 $34,500,000.

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. 86 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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, 2024:

Workers' General
Compensation Liability Total Total
Claims Claims 2024 2023
Beginning balance 2,937,000 $ 46,358 $ 2,983,358 $ 3,008,495 $ Liability for current fiscal year claims 925,713 50,883 976,596 1,088,763 Change in liability for prior fiscal year claims and
claims incurred but not reported (IBNR) (558,479) 35,462 (523,017) (689,226) Claims paid (220,234) (83,586) (303,820) (424,674)
Ending balance 3,084,000 $ 49,117 $ 3,133,117 $ 2,983,358 $ Current portion 667,667 $ 49,117 $ 716,784 $ 696,686 $
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 $3.3 million as of June 30, 2024. The City is actively pursuing settlement negotiations in regard to this matter and is seeking relief or a reduction in the assessment. The City has set aside the estimated amount to cover the potential liability in the General Fund in fund balance and recorded a liability on the Statement of Net Position for $3.3 million at June 30, 2024.

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. 87 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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 $ 36,825,491
Restricted cash and investments with fiscal agents 10,568,375 Total $ 47,393,866
B. Transfers In/Out
The 2014A Debt Service Private-Purpose Trust Fund and 2014B Debt Service Private-Purpose Trust Fund received $9,763,378 and $1,347,237 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, 2024, as follows:

Successor Agency of the Former RDA
Business Development $ 7,996
Emeryville Town Center (Bay Street) 8,094,000
Avalon Commercial LLC 965,725
Total Notes and Loans Receivables $ 9,067,721
88 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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. At June 30, 2024, the loan has been fully repaid.

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. At June 30, 2024, the loan has been fully repaid. 89 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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. 90 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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, 2024, is as follows:

Balance at Balance at
June 30, 2023 Additions June 30, 2024
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
91 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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, 2024, is as follows:

Balance at Balance at Current
Successor Agency of the former RDA June 30, 2023 Retirements June 30, 2024 Portion Public Offering Bonds:

Tax Allocation Refunding
Bonds, Series 2014A $ 47,000,000 $ 7,435,000 $ 39,565,000 $ 7,815,000 Tax Allocation Refunding
Bonds, Series 2014B 6,740,000 1,065,000 5,675,000 1,105,000 Total Bonds 53,740,000 8,500,000 45,240,000 8,920,000
Unamortized Bond Premium/(Discount)
Tax Allocation Refunding
Bonds, Series 2014A 8,752,896 761,120 7,991,776 -
Tax Allocation Refunding
Bonds, Series 2014B (46,633) (5,486) (41,147) -
Total Unamortized Bond
Premium/(Discount) 8,706,263 755,634 7,950,629 -
Total Successor Agency of the
Former RDA Long-Term Liabilities 62,446,263 $ $ 9,255,634 $ 53,190,629 $ 8,920,000

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.
92 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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, 2024, including interest, are as follows:

Principal Interest
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 1,940,000 648,750
2030-2034 9,570,000 1,903,500
2035 2,435,000 60,875
$ 39,565,000 $ 7,461,875
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, 2024, including interest, are as follows:

Principal Interest
2025 $ 1,105,000 $ 219,310
2026 1,170,000 172,982
2027 2,045,000 106,125
2028 245,000 57,003
2029 260,000 45,325
2030-2032 850,000 59,900
$ 5,675,000 $ 660,645
Tax Allocation Refunding Bonds
Series 2014B
93 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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 $43,179,500 as of June 30, 2024. Of the total clean-up costs, $41,737,000 for the Corporation Yard, $467,500 for Street-Site A, and $975,000 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. 94 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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 $53,362,520 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 $15,286,204 and the debt service obligation on the bonds was $10,909,397.

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. 95 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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, 2024, the Successor Agency has spent $5,236,465 of settlement funds to date.

L. Subsequent Event
On November 14, 2024, the Successor Agency to the Emeryville Redevelopment Agency issued $29,550,000 of Tax Allocation Refunding Bonds, 2024A Series and $4,580,000 of Tax Allocation Refunding Bonds, 2024B Series. Proceeds from the issuance were used to refund the Tax Allocation Refunding Bonds, Series 2014A and Series 2014B. Interest on the Bonds is payable on March 1st and September 1st of each year with an interest rate of 5.00% and 4.625%. The Bonds mature on September 1, 2034, and September 1, 2025.
96 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

GENERAL FUND

SCHEDULE OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES

BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Budget Amounts Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 67,203,078 $ 67,203,078 $ 67,203,078 $ - Resources (Inflows)
Taxes 37,899,373 36,731,323 38,832,945 2,101,622
Licenses and permits 8,525,221 4,376,738 2,730,763 (1,645,975) Intergovernmental 2,132,824 2,220,749 2,274,047 53,298
Charges for services 575,331 555,183 625,865 70,682
Investment income 1,068,400 2,224,000 5,676,662 3,452,662 Rental income 459,375 446,375 471,589 25,214
Contributions 267,600 317,600 417,232 99,632
Miscellaneous 618,200 658,500 1,040,027 381,527
Transfers in 3,080,000 3,221,387 202,887 (3,018,500)
Total Resources 54,626,324 50,751,855 52,272,017 1,520,162 Amounts Available for Appropriations 121,829,402 117,954,933 119,475,095 1,520,162 Charges to Appropriation (Outflows)
City Council 238,798 239,381 236,364 3,017
City Manager 1,598,863 1,528,648 1,297,700 230,948
City Attorney 719,915 719,883 561,894 157,989
Finance 1,527,094 1,498,708 1,273,503 225,205
Human Resources 1,017,060 980,745 783,536 197,209
Information Technology 898,948 910,804 892,067 18,737
General Government - non-departmental operations 4,037,202 6,264,339 6,075,661 188,678 Police 16,922,034 17,577,803 17,030,611 547,192
Fire 11,060,118 11,559,146 11,664,810 (105,664)
Planning and Building 3,511,659 3,844,014 2,690,976 1,153,038 Economic Development and Housing 1,010,403 957,408 848,738 108,670 Community Services 821,975 882,067 819,039 63,028
Youth Services 2,363,099 2,421,591 2,197,417 224,174
Adult Services 692,528 606,270 616,363 (10,093)
Public Works 4,348,635 4,745,171 4,937,932 (192,761)
Capital Outlay 5,000 - 5,000 5,000
Transfers (out) 5,056,389 5,256,395 2,237,792 3,018,603 Total Charges to Appropriations 55,829,720 59,997,373 54,164,403 5,832,970 Fund Balance, June 30 $ 65,999,682 $ 57,957,560 $ 65,310,692 $ 7,353,132 97 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

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, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ (2,889,945) $ (2,889,945) $ (2,889,945) $ - Resources (Inflows)
Intergovernmental 10,634,729 164,360 577,449 413,089
Investment income 36,000 115,988 115,988 -
Transfers in - 28,680 28,680 -
Amounts Available for Appropriations 7,780,784 (2,580,917) (2,167,828) 413,089 Charges to Appropriation (Outflows)
Police 575,000 114,246 114,246 -
Economic development and housing - 164,360 105,605 58,755 Community Services 210,000 238,297 238,297 -
Capital outlay 3,627,084 3,685,842 13,577,752 (58,758)
Transfer out 2,500,000
Total Charges to Appropriations 16,862,752 4,143,987 4,143,990 (3) Fund Balance, June 30 $ (9,081,968) $ (6,724,904) $ (6,311,818) $ 413,086 Budget Amounts
98 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 19,588,600 $ 19,588,600 $ 19,588,600 $ - Resources (Inflows)
Charges for services 46,866 46,866 46,866 -
Investment income 60,000 158,520 179,274 20,754
Rent 16,408 16,408 16,408 -
Miscellaneous 250,000 320,000 334,255 14,255
Amounts Available for Appropriations 20,130,394 19,961,874 20,165,403 35,009 Charges to Appropriation (Outflows)
Economic development and housing 4,512 4,512 - 4,512
Total Charges to Appropriations 4,512 4,512 - 4,512
Fund Balance, June 30 $ 19,957,362 $ 20,125,882 $ 20,165,403 $ 39,521 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, 2024
99 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 596,032 $ 596,032 $ 596,032 $ - Resources (Inflows)
Taxes 4,661,092 4,661,092 4,572,103 (88,989)
Investment income 20,000 35,000 43,757 8,757
Transfers in 500,000 500,000 609,273 109,273
Amounts Available for Appropriations 5,792,124 5,777,124 5,821,165 29,041 Charges to Appropriation (Outflows)
City council 17,600 17,600 17,600 -
Property based improvement district 5,003,383 5,170,289 5,166,321 3,968 Total Charges to Appropriations 5,020,983 5,187,889 5,183,921 3,968 Fund Balance, June 30 $ 756,141 $ 604,235 $ 637,244 $ 33,009 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, 2024
100
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 14,844,657 $ 14,844,657 $ 14,844,657 $ - Resources (Inflows)
Taxes 1,215,200 1,215,200 1,353,195 137,995
Investment income 30,000 450,000 506,492 56,492
Miscellaneous - 3,300,000 - 3,300,000
Amounts Available for Appropriations 16,509,857 16,089,857 20,004,344 3,494,487 Charges to Appropriation (Outflows)
Economic development and housing 4,090,188 4,089,405 1,671,489 2,418,699 Capital outlay 400,000 400,000 - 400,000
Total Charges to Appropriations 4,489,405 4,490,188 1,671,489 2,818,699 Fund Balance, June 30 $ 11,600,452 $ 12,019,669 $ 18,332,855 $ 6,313,186 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, 2024
101
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 49,391,994 $ 49,391,994 $ 49,391,994 $ - Resources (Inflows)
Taxes 1,855,340 4,089,806 4,216,353 126,547
Investment income 900,000 2,300,000 2,066,680 (233,320) Miscellaneous - 315,673 - 315,673
Amounts Available for Appropriations 55,781,800 52,147,334 55,990,700 208,900 Charges to Appropriation (Outflows)
Economic development and housing 14,469,125 14,499,025 3,831,268 10,667,757 Transfers out 1,855,340 1,855,340 1,855,340 -
Total Charges to Appropriations 16,324,465 16,354,365 5,686,608 10,667,757 Fund Balance, June 30 $ 35,822,869 $ 39,427,435 $ 50,304,092 $ 10,876,657 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, 2024
102
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 This Page Intentionally Left Blank
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

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
Measurement Date June 30 2023 2022 2021 2020
Plan's Proportion of the Net Pension Liability 0.41987% 0.41103% 0.41993% 0.36372% Plan's Proportionate Share of the Net Pension Liability $ 20,995,400 $ 19,232,872 $ 7,973,731 $ 15,341,913 Plan's Covered Payroll 9,902,328 10,129,480 10,436,301 8,882,221 Plan's Proportionate Share of the Net Pension Liability as a Percentage of Covered Payroll 212.02% 189.87% 76.40% 172.73% The Pension Plan's (PERF-C) Fiduciary Net Position as
a Percentage of the Total Pension Liability 77.97% 78.19% 90.49% 78.04% 104
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

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 (Continued)
2019 2018 2017 2016 2015 2014

0.13257% 0.12092% 0.11846% 0.10969% 0.08757% 0.08955%
$ 13,584,578 $ 11,652,402 $ 11,747,763 $ 9,491,366 $ 6,010,619 $ 5,572,106 8,614,042 8,333,650 8,122,643 7,489,145 7,484,785 6,989,367 157.70% 139.82% 144.63% 126.73% 80.30% 79.72%

75.26% 75.26% 73.31% 74.06% 78.40% 79.82%
105
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

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
Measurement Date June 30 2023 2022 2021 2020
Plan's Proportion of the Net Pension Liability 0.53896% 0.55268% 0.55940% 0.49710% Plan's Proportionate Share of the Net Pension Liability $ 40,286,887 $ 37,978,179 $ 19,631,975 $ 33,118,423 Plan's Covered Payroll 6,632,310 6,438,327 6,251,423 5,390,900 Plan's Proportionate Share of the Net Pension Liability as a Percentage of Covered Payroll 607.43% 589.88% 314.04% 614.34% The Pension Plan's (PERF-C) Fiduciary Net Position as
a Percentage of the Total Pension Liability 74.87% 75.53% 86.61% 73.36% 106
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

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 (Continued) 2019 2018 2017 2016 2015 2014

0.31524% 0.29242% 0.51479% 0.44882% 0.35246% 0.30886%
$ 30,377,824 $ 28,178,105 $ 32,032,873 $ 27,927,528 $ 21,931,706 $ 19,218,805 5,522,414 5,396,885 5,077,077 4,641,902 4,249,620 4,200,740 550.08% 522.12% 630.93% 601.64% 516.09% 457.51%

75.26% 75.26% 73.31% 74.06% 78.40% 79.82%
107
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

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 2024 2023 2022 2021

TOTAL PENSION LIABILITY
Service Cost 67,589 $ 65,748 $ 49,935 $ 48,599 $
Interest on Total Pension Liability 216,197 164,343 154,925 129,923 Effect of Plan Changes - - - -
Effect of Economic/Demographics Gains or Losses - 350,200 - 277,556 Effect of Assumptions Changes or Inputs - 292,920 - -
Benefit Payments (78,072) (76,542) (75,041) (70,581)
Net Change in Total Pension Liability 205,714 796,669 129,819 385,497 Total Pension Liability - Beginning 3,296,938 2,500,269 2,370,450 1,984,953 Total Pension Liability - Ending (a) $ 3,502,652 $ 3,296,938 $ 2,500,269 $ 2,370,450

PLAN FIDUCIARY NET POSITION
Benefit Payments $ (78,072) $ (76,542) $ (75,041) $ (70,581) Employer Contributions 243,028 159,271 152,560 124,410
Net Investment Income 244,478 136,846 (285,058) 372,140 Administrative Expenses (8,502) (8,030) (8,240) (7,757) Net Change in Fiduciary Net Position 400,932 211,545 (215,779) 418,212 Plan Fiduciary Net Position - Beginning 2,084,974 1,873,429 2,089,208 1,670,996 Plan Fiduciary Net Position - Ending (b) $ 2,485,906 $ 2,084,974 $ 1,873,429 $ 2,089,208 Plan Net Pension Liability - Ending (a) - (b) $ 1,016,746 $ 1,211,964 $ 626,840 $ 281,242 Plan Fiduciary Net Position as a Percentage of the
Total Pension Liability 70.97% 63.24% 74.93% 88.14%
Covered Payroll $ 3,266,375 $ 3,177,408 $ 3,221,809 $ 3,135,581 Plan Net Pension Liability as a Percentage of
Covered Payroll 31.13% 38.14% 19.46% 8.97%
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. 108
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

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)
2020 2019 2018 2017 2016
$ 52,616 $ 70,230 $ 68,184 $ 67,969 $ 65,989
121,264 111,940 126,160 113,800 102,162
102,056 - - - -
- (387,260) - - -
(203,340) 133,479 - - -
(45,817) (17,754) (6,962) (3,919) (3,842)
26,779 297,895 (199,878) 177,850 164,309
1,835,539 1,537,644 1,737,522 1,559,672 1,395,363
$ 1,862,318 $ 1,835,539 $ 1,537,644 $ 1,737,522 $ 1,559,672 $ (45,817) $ (17,754) $ (6,962) $ (3,919) $ (3,842)
133,865 134,840 181,897 102,789 111,064
91,722 74,533 101,720 58,983 16,626
(6,465) (6,076) (5,350) (4,246) (3,662)
173,305 185,543 271,305 153,607 120,186
1,378,948 1,193,405 922,100 768,493 648,307
$ 1,552,253 $ 1,378,948 $ 1,193,405 $ 922,100 $ 768,493 $ 310,065 $ 456,591 $ 344,239 $ 815,422 $ 791,179

83.35% 75.12% 77.61% 53.07% 49.27%
$ 3,241,206 $ 3,154,458 $ 3,786,204 $ 3,675,926 $ 3,568,860

9.57% 14.47% 9.09% 22.18% 22.17%
109
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF PLAN CONTRIBUTIONS – MISCELLANEOUS PLAN
COST SHARING – EMPLOYER DEFINED BENEFIT PENSION PLAN

LAST TEN YEARS
Fiscal Year Ended June 30 2024 2023 2022 2021
Actuary Determined Contribution $ 1,023,781 $ 1,526,236 $ 1,783,332 $ 1,334,665 Contribution in Relation to the
Actuarially Determined Contribution (1,023,781) (1,526,236) (1,783,332) (1,334,665) Contribution Deficiency (Excess) $ - $ - $ - $ -
Actual Contributions as a Percentage of
Actuarial Determined Contributions 100.00% 100.00% 100.00% 100.00% Covered Payroll $ 11,031,571 $ 9,902,328 $ 10,129,480 $ 10,436,301 Contributions as a Percentage of Covered Payroll 9.28% 15.41% 17.61% 12.79% 110
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF PLAN CONTRIBUTIONS – MISCELLANEOUS PLAN
COST SHARING – EMPLOYER DEFINED BENEFIT PENSION PLAN
LAST TEN YEARS (Continued)
2020 2019 2018 2017 2016 2015
$ 1,369,757 $ 1,124,374 $ 730,186 $ 715,234 $ 621,417 $ 597,401 (1,369,757) (1,124,374) (730,186) (715,234) (687,044) (597,401) $ - $ - $ - $ - $ (65,627) $ -
100.00% 100.00% 100.00% 100.00% 110.56% 100.00%
$ 8,882,221 $ 8,614,042 $ 8,333,650 $ 8,122,643 $ 7,489,145 $ 7,484,785

15.42% 13.05% 8.76% 8.81% 9.17% 7.98%
111
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF PLAN CONTRIBUTIONS – SAFETY PLAN
COST SHARING – EMPLOYER DEFINED BENEFIT PENSION PLAN

LAST TEN YEARS
Fiscal Year Ended June 30 2024 2023 2022 2021
Actuary Determined Contribution $ 1,263,050 $ 1,745,976 $ 3,613,298 $ 3,508,756 Contribution in Relation to the
Actuarially Determined Contribution (1,263,050) (1,745,976) (3,613,298) (3,508,756) Contribution Deficiency (Excess) $ - $ - $ - $ -
Actual Contributions as a Percentage of
Actuarial Determined Contributions 100.00% 100.00% 100.00% 100.00% Covered Payroll $ 7,670,500 $ 6,632,310 $ 6,438,327 $ 6,251,423 Contributions as a Percentage of Covered Payroll 16.47% 26.33% 56.12% 56.13% 112
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF PLAN CONTRIBUTIONS – SAFETY PLAN
COST SHARING – EMPLOYER DEFINED BENEFIT PENSION PLAN
LAST TEN YEARS (Continued)
2020 2019 2018 2017 2016 2015
$ 3,030,829 $ 2,658,885 $ 2,307,196 $ 1,523,991 $ 821,621 $ 847,794 (3,030,829) (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% 100.00% 273.37% 148.34% 221.99% 158.99%
$ 5,390,900 $ 5,522,414 $ 5,396,885 $ 5,077,077 $ 4,641,902 $ 4,249,620

56.22% 48.15% 116.87% 44.53% 39.29% 31.72%
113
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

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 2024 2023 2022 2021
Actuarially Determined Contribution $ 189,056 $ 126,725 $ 128,559 $ 124,410 Contribution in Relation to the
Actuarially Determined Contribution (243,028) (159,271) (152,560) (136,068) Contribution Deficiency (Excess) $ (53,972) $ (32,546) $ (24,001) $ (11,658) Actual Contributions as a Percentage of
Actuarial Determined Contributions 128.55% 125.68% 118.67% 109.37% Covered Payroll $ 3,266,375 $ 3,177,408 $ 3,221,809 $ 3,135,581 Contributions as a Percentage of Covered Payroll 7.44% 5.01% 4.74% 4.34% 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 20 years
Assets valuation method None None
Inflation 2.30%
Salary increases 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.
114
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

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)
2020 2019 2018 2017 2016
$ 129,347 $ 133,865 $ 134,840 $ 152,747 $ 158,946
(147,759) (151,057) (151,248) (204,481) (176,393)
$ (18,412) $ (17,192) $ (16,408) $ (51,734) $ (17,447)
114.23% 112.84% 112.17% 133.87% 110.98%
$ 3,241,206 $ 3,154,458 $ 3,786,204 $ 3,675,926 $ 3,568,860

4.56% 4.79% 3.99% 5.56% 4.94%
115
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

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 2023 2022 2021
Total OPEB Liability
Service cost $ 319,557 $ 497,020 $ 484,899
Interest on the total OPEB liability 296,163 262,312 253,206 Actual and expected experience difference - (389,381) - Changes in assumptions (75,317) (1,809,863) (27,318)
Benefit payments (433,616) (437,878) (455,517)
Net change in total OPEB liability 106,787 (1,877,790) 255,270 Total OPEB liability - beginning 8,011,288 9,889,028 9,633,758 Total OPEB liability - ending (a) 8,118,075 8,011,238 9,889,028 Plan Fiduciary Net Position
Contribution - employer 376,185 373,142 388,037
Net investment income 71,736 57,634 50,654
Benefit payments (433,616) (437,878) (455,517)
Administrative expense (24,861) (24,007) (29,879)
Net change in plan fiduciary net position (10,556) (31,109) (46,705) Plan fiduciary net position - beginning 2,277,905 2,309,014 2,355,719 Plan fiduciary net position - ending (b) 2,267,349 2,277,905 2,309,014 Net OPEB Liability/(Assets) - ending (a) - (b) $ 5,850,726 $ 5,733,333 $ 7,580,014 Plan fiduciary net position as a percentage of
the total OPEB liability 27.93% 28.43% 23.35%
Covered-employee payroll (contributions not
based on measure of pay) $ 16,567,807 $ 16,889,108 $ 16,687,723 Net OPEB liability as a percentage of
covered-employee payroll 35.31% 33.95% 45.42%
(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 2023, the discount rate increased from 3.65% to 3.73%. 116
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

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) (Continued)
2020 2019 2018 2017
$ 547,252 $ 495,745 $ 130,287 $ 126,800
340,517 338,652 356,143 348,921
(205,089) - (78,733) -
280,736 369,238 1,391,116 -
(430,059) (449,192) (342,960) (467,946)
533,357 754,443 1,455,853 7,775
9,100,401 8,345,958 6,890,105 6,882,330
9,633,758 9,100,401 8,345,958 6,890,105
365,205 381,084 266,889 368,550
69,156 70,036 73,206 78,423
(430,059) (449,192) (342,960) (467,946)
(32,563) (32,209) (32,172) (18,535)
(28,261) (30,281) (35,037) (39,508)
2,383,980 2,414,261 2,449,298 2,488,806
2,355,719 2,383,980 2,414,261 2,449,298
$ 7,278,039 $ 6,716,421 $ 5,931,697 $ 4,440,807

24.45% 26.20% 28.93% 35.55%
$ 15,912,848 $ 15,549,049 $ 14,414,822 $ 15,318,041

45.74% 43.20% 41.15% 28.99%
117
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

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 2024 2023 2022 2021 2020 2019 2018 Actuarially Determined Contribution $ 381,926 $ 373,862 $ 370,788 $ 388,037 $ 365,205 $ 381,084 $ 368,550 Contribution in Relation to the Actuarially
Determined Contributions (381,926) (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) $ 16,534,638 $ 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 2.31% 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 2024 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 2.75% per annum, in aggregate
Investment rate of return 4% 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. 118
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Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
FOR THE YEAR ENDED JUNE 30, 2024
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, 2024 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, 2024 exceeded the appropriations in the following funds:

Cal - Home Loan Program Special Rrevenue Fund $40,646
Supplemental Law Enforcement Special Rrevenue Fund 2
Emergency Medical Services Special Revenue Fund 21,117
The funds had sufficient revenues to cover the expenditures that exceeded the final budget. 120
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

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. 121
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

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.

122
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

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.

The Measure C Housing Bond Fund receives transfer from the Measure C Housing Special Revenue Fund and accounts for payments of principal and interest on the General Obligation Bonds, Series 2023. 123
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Housing
Community
Development
Cal-Home
Loan Program
Police
Impound
Catellus
Contingent
ASSETS:

Cash, cash equivalents, and investments $ 1,155,414 214,986 $ 9,708 $ 13,349 $ Receivables:

Accounts 6,671 - - -
Taxes - - - -
Due from other governments 59,946 - - -
Accrued interest 510 2,725 23 31
Prepaid costs - - - -
Lease receivable - - - -
Total Assets $ 282,113 $ 1,158,139 $ 9,731 $ 13,380
LIABILITIES:

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

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

Nonspendables:

Prepaid costs - - - -
Restricted for:

Community development projects 1,158,139 222,167 - -
Public safety - - 9,731 -
Public works - - - -
Capital projects - - - 13,149
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 222,167 1,158,139 9,731 13,149
Total Liabilities and Fund Balances 282,113 $ 1,158,139 $ 9,731 $ 13,380 $

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEETS
JUNE 30, 2024

SPECIAL REVENUE FUNDS
124
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Special Gas
Tax Street
Improvement
General Plan
Maintenance
Child
Development Measure B
ASSETS:

Cash, cash equivalents, and investments $ 244,274 $ 4,011,222 $ 1,017,019 $ 358,143 Receivables:

Accounts 29,844 15,647 4,686 -
Taxes - - - -
Due from other governments - - - -
Accrued interest 558 9,556 2,606 845
Prepaid costs - - - -
Lease receivable - - - -
Total Assets $ 274,676 $ 4,036,425 $ 1,024,311 $ 358,988 LIABILITIES:

Accounts payable $ 110,780 $ 2,442 30,833$ 1,226$
Accrued liabilities - - - -
Unearned revenue/deferred revenue - - - -
Deposits payable - - - -
Total Liabilities 110,780 2,442 30,833 1,226
DEFERRED INFLOWS OF RESOURCES:

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

Nonspendables:

Prepaid costs - - - -
Restricted for:

Community development projects 4,033,983 - - -
Public safety - - - -
Public works 163,896 - - 340,063
Capital projects - - - -
Debt service - - - -
Small business incentive - - - -
Community services - - - 17,699
Environmental programs - - - -
Committed to:

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

Capital projects - - - -
Community services - - 993,478 -
Total Fund Balances 163,896 4,033,983 993,478 357,762
Total Liabilities and Fund Balances $ 274,676 $ 4,036,425 $ 1,024,311 $ 358,988 (Continued)

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEETS
JUNE 30, 2024

SPECIAL REVENUE FUNDS
125
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEETS
JUNE 30, 2024
Measure BB
Transportation
Impact Fee
Park/Rec
Impact Fee
Affordable
Housing
Impact Fee
ASSETS:

Cash, cash equivalents, and investments $ 1,810,917 $ 3,070,889 $ 1,836,026 $ 739,623 Receivables:

Accounts - - - -
Taxes 150,487 - - -
Due from other governments - - - -
Accrued interest 4,137 6,444 4,329 1,744
Prepaid costs - 57,000 - -
Lease receivable - - - -
Total Assets $ 1,965,541 $ 3,077,333 $ 1,897,355 $ 741,367 LIABILITIES:

Accounts payable $ 583,703 $ 578,701 223$ -$
Accrued liabilities - - - -
Unearned revenue/deferred revenue - - - -
Deposits payable - - - -
Total Liabilities 583,703 578,701 223 -
DEFERRED INFLOWS OF RESOURCES:

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

Nonspendables:

Prepaid costs - - - -
Restricted for:

Community development projects - - 1,897,132 741,367
Public safety - - - -
Public works - - - -
Capital projects 2,498,632 1,289,440 - -
Debt service - - - -
Small business incentive - - - -
Community services - 92,398 - -
Environmental programs - - - -
Committed to:

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

Capital projects - - - -
Community services - - - -
Total Fund Balances 1,381,838 2,498,632 1,897,132 741,367 Total Liabilities and Fund Balances $ 1,965,541 $ 3,077,333 $ 1,897,355 $ 741,367

SPECIAL REVENUE FUNDS
126
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Supplemental
Law
Enforcement
Emergency
Medical
Services
Recycling/
Source
Reduction Measure D
ASSETS:

Cash, cash equivalents, and investments $ 59,341 $ 31,238 - $ $ 82,989 Receivables:

Accounts 1,082 - 9,396 -
Taxes - - - -
Due from other governments - 27,307 5,000 -
Accrued interest 89 - 67 188
Prepaid costs - - - -
Lease receivable - - - -
Total Assets $ 86,737 $ 1,082 $ 36,305 $ 92,573
LIABILITIES:

Accounts payable $ - - $ 1,333 $ - $
Accrued liabilities - - - -
Unearned revenue/deferred revenue 27,307 - 22,121 -
Deposits payable - - - -
Total Liabilities 27,307 23,454 - -
DEFERRED INFLOWS OF RESOURCES:

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

Nonspendables:

Prepaid costs - - - -
Restricted for:

Community development projects - - - -
Public safety 1,082 59,430 - -
Public works - - 12,851 92,573
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 59,430 1,082 12,851 92,573
Total Liabilities and Fund Balances 86,737 $ 1,082 $ 36,305 $ 92,573 $ (Continued)

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEETS
JUNE 30, 2024

SPECIAL REVENUE FUNDS
127
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Emeryville
Public Art
Information
Technology PEG Program
Urban
Forestry Fee
ASSETS:

Cash, cash equivalents, and investments $ 2,635,136 $ 3,922,677 $ 1,193,155 7,355 $ Receivables:

Accounts - 3,129 77 -
Taxes - - - -
Due from other governments - - - -
Accrued interest 6,057 3,064 17 2,883
Prepaid costs 33,450 - - -
Lease receivable - - - -
Total Assets $ 2,641,193 $ 3,962,320 $ 1,196,038 7,449 $ LIABILITIES:

Accounts payable $ 6,273 $ 13,416 -$ 23,050$
Accrued liabilities - - - -
Unearned revenue/deferred revenue - - - -
Deposits payable 334,697 - - 270,786
Total Liabilities 340,970 13,416 - 293,836
DEFERRED INFLOWS OF RESOURCES:

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

Nonspendables:

Prepaid costs 33,450 - - -
Restricted for:

Community development projects 1,306,207 2,300,223 - -
Public safety - - - -
Public works - - - 902,202
Capital projects - - - -
Debt service - - - -
Small business incentive - - - -
Community services - - 7,449 -
Environmental programs - - - -
Committed to:

Community development projects - - - -
Facility maintenance - - - -
Vehicle replacement - - - -
Information technology 2,609,247 - - -
Assigned to:

Capital projects - - - -
Community services - - - -
Total Fund Balances 2,300,223 3,948,904 7,449 902,202
Total Liabilities and Fund Balances $ 2,641,193 $ 3,962,320 $ 1,196,038 7,449 $

SPECIAL REVENUE FUNDS

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEETS
JUNE 30, 2024
128
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Opioid
Settlement
Environmental
Program
Small Local
Bus Support
Road
Maintenance
&
Rehabilitation
ASSETS:

Cash, cash equivalents, and investments $ 51,578 $ 166,585 $ 103,804 814,534$ Receivables:

Accounts - 596 - -
Taxes - - 26,414 -
Due from other governments - - - -
Accrued interest 120 394 166 1,852
Prepaid costs - - - -
Lease receivable - - - -
Total Assets $ 51,698 $ 167,575 $ 103,970 842,800$
LIABILITIES:

Accounts payable $ - $ 7,067 $ - 94$
Accrued liabilities - - - -
Unearned revenue/deferred revenue 49,588 - - -
Deposits payable - - - -
Total Liabilities 49,588 7,067 - 94
DEFERRED INFLOWS OF RESOURCES:

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

Nonspendables:

Prepaid costs - - - -
Restricted for:

Community development projects - - - -
Public safety - 2,110 - -
Public works - - - 842,706
Capital projects - - - -
Debt service - - - -
Small business incentive - - 103,970 -
Community services - - - -
Environmental programs 160,508 - - -
Committed to:

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

Capital projects - - - -
Community services - - - -
Total Fund Balances 2,110 160,508 103,970 842,706
Total Liabilities and Fund Balances 51,698 $ 167,575 $ 103,970 $ 842,800$ (Continued)

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEETS
JUNE 30, 2024

SPECIAL REVENUE FUNDS
129
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEETS
JUNE 30, 2024
Measure BVRF
Code
Enforcement
Reserve Measure F
Parking
Program
ASSETS:

Cash, cash equivalents, and investments $ 335,419$ 150,543 $ 5,412,607 $ 350,733 Receivables:

Accounts - - - 358
Taxes 8,608 - 404,633 -
Due from other governments - - - -
Accrued interest 345 791 12,561 890
Prepaid costs - - - -
Lease receivable - - - -
Total Assets $ 159,496 336,210$ $ 5,829,801 $ 351,981
LIABILITIES:

Accounts payable 1,737$ -$ -$ 13,171$
Accrued liabilities - - - -
Unearned revenue/deferred revenue - - - -
Deposits payable - - - -
Total Liabilities 1,737 - - 13,171
DEFERRED INFLOWS OF RESOURCES:

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

Nonspendables:

Prepaid costs - - - -
Restricted for:

Community development projects - - - -
Public safety - - 5,829,801 338,810
Public works 157,759 336,210 - -
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 157,759 336,210 5,829,801 338,810
Total Liabilities and Fund Balances $ 159,496 336,210$ $ 5,829,801 $ 351,981

SPECIAL REVENUE FUNDS
130
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 1999
Revenue
Bond
Marina
Improvement
Emeryville
Center of
Community
Life
Implementation
Plan 2010-14
ASSETS:

Cash, cash equivalents, and investments $ 136,517 $ 4,801,239 $ 603,198 $ 4,394,561 Receivables:

Accounts - 16,363 - -
Taxes - - - -
Due from other governments - - - -
Accrued interest 322 11,621 1,417 10,363
Prepaid costs - - - -
Lease receivable - 645,292 - -
Total Assets $ 136,839 $ 5,474,515 $ 604,615 $ 4,404,924 LIABILITIES:

Accounts payable -$ 699,179 $ $ - $ -
Accrued liabilities 9,813 - - -
Unearned revenue/deferred revenue - - - -
Deposits payable - 5,461 - -
Total Liabilities 9,813 704,640 - -
DEFERRED INFLOWS OF RESOURCES:

Leases - 645,292 - -
Total Deferred Inflows of Resources - 645,292 - -
FUND BALANCES:

Nonspendables:

Prepaid costs - - - -
Restricted for:

Community development projects - - - -
Public safety - - - -
Public works - - - -
Capital projects - 127,026 604,615 4,404,924
Debt service - - - -
Small business incentive - - - -
Community services - - - -
Environmental programs - - - -
Committed to:

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

Capital projects - 4,124,583 - -
Community services - - - -
Total Fund Balances 127,026 4,124,583 604,615 4,404,924 Total Liabilities and Fund Balances $ 136,839 $ 5,474,515 $ 604,615 $ 4,404,924 (Continued)

CAPITAL PROJECTS FUNDS

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEETS
JUNE 30, 2024
131
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEETS
JUNE 30, 2024

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

Cash, cash equivalents, and investments $ 6,619,111 431,060 $ 4,554,241$ 3,621,524$ Receivables:

Accounts - - 31,062 -
Taxes - - - -
Due from other governments - - - -
Accrued interest 1,016 - - 8,052
Prepaid costs - - - -
Lease receivable - - - -
Total Assets $ 432,076 $ 6,619,111 4,585,303$ 3,629,576$ LIABILITIES:

Accounts payable $179,974 452,733 $ $ 14,573$ -
Accrued liabilities - - - -
Unearned revenue/deferred revenue - - - -
Deposits payable - - - -
Total Liabilities 179,974 452,733 14,573 -
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 252,102 - - 3,615,003
Debt service - - - -
Small business incentive - - - -
Community services - - - -
Environmental programs - - - -
Committed to:

Community development projects - - - -
Facility maintenance - 6,166,378 - -
Vehicle replacement - - 4,585,303 -
Information technology - - - -
Assigned to:

Capital projects - - - -
Community services - - - -
Total Fund Balances 252,102 6,166,378 4,585,303 3,615,003 Total Liabilities and Fund Balances $ 432,076 $ 6,619,111 4,585,303$ 3,629,576$ 132
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEETS
JUNE 30, 2024

CAPITAL

PROJECTS
FUNDS
1999 Bay/SM
1998 Lease
Revenue
Series A Bond
Measure C
Housing Bond
Total Nonmajor
Governmental Funds
ASSETS:

Cash, cash equivalents, and investments $ 1,120,649 $ 3,051 $ - $ 56,084,415 Receivables:

Accounts - - - 118,911
Taxes - - - 590,142
Due from other governments - - - 92,253
Accrued interest 2,644 - - 98,427
Prepaid costs - - - 90,450
Lease receivable - - - 645,292
Total Assets $ 1,123,293 $ 3,051 $ - $ 57,719,890
LIABILITIES:

Accounts payable $ - $ - $ - $ 2,720,508
Accrued liabilities - - - 10,044
Unearned revenue/deferred revenue - - - 158,962
Deposits payable - - - 610,944
Total Liabilities - - - 3,500,458
DEFERRED INFLOWS OF RESOURCES:

Leases - - - 645,292
Total Deferred Inflows of Resources - - - 645,292
FUND BALANCES:

Nonspendables:

Prepaid costs - - - 33,450
Restricted for:

Community development projects - 1,123,293 - 12,782,511 Public safety - - - 6,240,964
Public works - - - 2,848,260
Capital projects - - - 12,804,891
Debt service 3,051 - - 3,051
Small business incentive - - - 103,970
Community services - - - 117,546
Environmental programs - - - 160,508
Committed to:

Community development projects - - - -
Facility maintenance - - - 6,166,378
Vehicle replacement - - - 4,585,303
Information technology - - - 2,609,247
Assigned to:

Capital projects - - - 4,124,583
Community services - - - 993,478
Total Fund Balances 1,123,293 3,051 - 53,574,140
Total Liabilities and Fund Balances 1,123,293 $ 3,051 $ - $ 57,719,890 $

DEBT SERVICE FUNDS
133
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Housing
Community
Development
Cal-Home
Loan Program
Police
Impound
Catellus
Contingent
REVENUES:

Taxes - $ - $ - $ - $
Licenses and permits - - - -
Intergovernmental 6,671 - - -
Charges for services - - - -
Investment income 7,728 39,354 332 457
Rental income - - - -
Miscellaneous - - - -
Total Revenues 14,399 39,354 332 457
EXPENDITURES:

Current:

Information technology - - - -
General governmental-non-departmental operations - - - - Police - - - -
Fire - - - -
Planning and building - - - -
Economic development and housing - - - -
Community services - 22,710 - -
Child development - - - -
Public works - - - -
Capital outlay - - - -
Debt service:

Principal retirement - - - -
Interest and fiscal charges - - - -
Total Expenditures 22,710 - - -

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (8,311) 39,354 332 457

OTHER FINANCING SOURCES (USES)
Transfers in - - - -
Transfers (out) - - - -
Total Other Financing Sources (Uses) - - - -
NET CHANGE IN FUND BALANCES (8,311) 39,354 332 457
BEGINNING FUND BALANCES 230,478 1,118,785 9,399 12,692
ENDING FUND BALANCES $ 222,167 $ 1,158,139 $ 9,731 $ 13,149

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, 2024
134
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Special Gas
Tax Street
Improvement
General Plan
Maintenance
Child
Development Measure B
REVENUES:

Taxes - $ - $ - $ - $
Licenses and permits 248,962 - - -
Intergovernmental 347,156 - 493,795 -
Charges for services - - 968,650 -
Investment income 8,601 144,198 31,860 12,564
Rental income - - - -
Miscellaneous - - - -
Total Revenues 355,757 393,160 1,494,305 12,564
EXPENDITURES:

Current:

Information technology - - - -
General governmental-non-departmental operations - - - - Police - - - -
Fire - - - -
Planning and building 664,691 - - -
Economic development and housing - - - -
Community services - - - 3,114
Child development - 2,474,272 - -
Public works 328,755 - - 3,348
Capital outlay 41,956 - - 1,123
Debt service:

Principal retirement - - - -
Interest and fiscal charges - - - -
Total Expenditures 370,711 664,691 2,474,272 7,585

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (14,954) (271,531) (979,967) 4,979

OTHER FINANCING SOURCES (USES)
Transfers in - 1,268,782 - -
Transfers (out) - (10,000) - -
Total Other Financing Sources (Uses) - (10,000) 1,268,782 - NET CHANGE IN FUND BALANCES (14,954) (281,531) 288,815 4,979 BEGINNING FUND BALANCES 178,850 4,315,514 704,663 352,783 ENDING FUND BALANCES $ 163,896 $ 4,033,983 $ 993,478 $ 357,762 (Continued)

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENTS OF REVENUES, EXPENDITURES

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

SPECIAL REVENUE FUNDS
135
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENTS OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2024
Measure BB
Transportation
Impact Fee
Park/Rec Impact
Fee
Affordable
Housing
Impact Fee
REVENUES:

Taxes 734,567 $ - $ - $ - $
Licenses and permits 1,358,514 - 793,370 12,080
Intergovernmental 157,248 - - -
Charges for services 1,580 - - -
Investment income 60,612 71,933 52,519 32,207
Rental income - - - -
Miscellaneous - - - -
Total Revenues 954,007 1,430,447 845,889 44,287
EXPENDITURES:

Current:

Information technology - - - -
General governmental-non-departmental operations - - - - Police - - - -
Fire - - - -
Planning and building - - - -
Economic development and housing - - - 475,085
Community services 81,186 - - -
Child development - - - -
Public works 23,166 - - -
Capital outlay 728,796 1,273,654 223 -
Debt service:

Principal retirement - - - -
Interest and fiscal charges - - - -
Total Expenditures 1,378,006 728,796 475,085 223

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (423,999) 701,651 845,666 (430,798)

OTHER FINANCING SOURCES (USES)
Transfers in - - - -
Transfers (out) - - - -
Total Other Financing Sources (Uses) - - - -
NET CHANGE IN FUND BALANCES (423,999) 701,651 845,666 (430,798) BEGINNING FUND BALANCES 1,805,837 1,796,981 1,051,466 1,172,165 ENDING FUND BALANCES 1,381,838 $ $ 2,498,632 $ 1,897,132 $ 741,367

SPECIAL REVENUE FUNDS
136
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Supplemental
Law
Enforcement
Emergency
Medical
Services
Recycling/
Source
Reduction Measure D
REVENUES:

Taxes - $ 213,775 $ - $ - $
Licenses and permits - - - -
Intergovernmental 172,421 3,038 - -
Charges for services - - - -
Investment income 375 - 955 2,674
Rental income - - - -
Miscellaneous - 441 - 36,725
Total Revenues 172,796 214,216 3,993 39,399
EXPENDITURES:

Current:

Information technology - - - -
General governmental-non-departmental operations - - - - Police 165,002 - - -
Fire - 213,867 - -
Planning and building - - - -
Economic development and housing - - - -
Community services - - - -
Child development - - - -
Public works - 3,038 - 30,000
Capital outlay - - - -
Debt service:

Principal retirement - - - -
Interest and fiscal charges - - - -
Total Expenditures 165,002 213,867 3,038 30,000

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 7,794 349 955 9,399

OTHER FINANCING SOURCES (USES)
Transfers in - - - -
Transfers (out) - - - -
Total Other Financing Sources (Uses) - - - -
NET CHANGE IN FUND BALANCES 7,794 349 955 9,399
BEGINNING FUND BALANCES 51,636 733 11,896 83,174
ENDING FUND BALANCES $ 59,430 $ 1,082 $ 12,851 $ 92,573 (Continued)

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENTS OF REVENUES, EXPENDITURES

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

SPECIAL REVENUE FUNDS
137
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENTS OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2024
Emeryville
Public Art
Information
Technology PEG Program
Urban Forestry
Fee
REVENUES:

Taxes 169,149 $ - $ 358 $ - $
Licenses and permits 49,792 - - -
Intergovernmental - - - -
Charges for services - - - -
Investment income 86,553 44,238 245 44,384
Rental income - - - -
Miscellaneous 584,991 1,034,600 - -
Total Revenues 840,693 1,128,630 603 44,384
EXPENDITURES:

Current:

Information technology 622,362 - - -
General governmental-non-departmental operations - - - - Police - - - -
Fire - - - -
Planning and building - - - -
Economic development and housing - 119,209 - -
Community services - - - -
Child development - - - -
Public works - - - -
Capital outlay 628,457 5,875 - 217,190
Debt service:

Principal retirement - - - -
Interest and fiscal charges - - - -
Total Expenditures 125,084 1,250,819 217,190 -

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 715,609 (122,189) 603 (172,806)

OTHER FINANCING SOURCES (USES)
Transfers in 102,500 - 1,000,000 -
Transfers (out) - - - -
Total Other Financing Sources (Uses) 102,500 - - 1,000,000 NET CHANGE IN FUND BALANCES 715,609 (19,689) 603 827,194 BEGINNING FUND BALANCES 1,584,614 3,968,593 6,846 75,008 ENDING FUND BALANCES $ 2,300,223 $ 3,948,904 $ 7,449 $ 902,202

SPECIAL REVENUE FUNDS
138
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Opioid
Settlement
Funds
Environmental
Program
Small Local
Bus Support
Road
Maintenance &
Rehabilitation
REVENUES:

Taxes - $ - $ - $ - $
Licenses and permits - - - -
Intergovernmental 4,405 - 321,007 -
Charges for services - - - -
Investment income 1,523 5,465 671 22,929
Rental income - - - -
Miscellaneous - 100,000 - -
Total Revenues 1,523 9,870 100,671 343,936
EXPENDITURES:

Current:

Information technology - - - -
General governmental-non-departmental operations - - - - Police - - - -
Fire - - - -
Planning and building - - - -
Economic development and housing - - - -
Community services - - - -
Child development - - - -
Public works - 12,965 - -
Capital outlay - - - -
Debt service:

Principal retirement - - - -
Interest and fiscal charges - - - -
Total Expenditures 12,965 - - -

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 1,523 (3,095) 100,671 343,936

OTHER FINANCING SOURCES (USES)
Transfers in - - - -
Transfers (out) - - - -
Total Other Financing Sources (Uses) - - - -
NET CHANGE IN FUND BALANCES 1,523 (3,095) 100,671 343,936 BEGINNING FUND BALANCES 163,603 587 3,299 498,770
ENDING FUND BALANCES $ 2,110 $ 160,508 $ 103,970 $ 842,706 (Continued)

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENTS OF REVENUES, EXPENDITURES

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

SPECIAL REVENUE FUNDS
139
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENTS OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2024
Measure BVRF
Code
Enforcement
Reserve Measure F
Parking
Program
REVENUES:

Taxes -$ -$ 2,258,804 $ $ -
Licenses and permits - - 2,810 -
Intergovernmental 51,272 - - -
Charges for services - - 345,966 -
Investment income 4,367 11,460 172,319 15,767
Rental income - - - -
Miscellaneous - - - -
Total Revenues 55,639 11,460 2,431,123 364,543
EXPENDITURES:

Current:

Information technology - - - -
General governmental-non-departmental operations - - - - Police - - 340,454 -
Fire - - - -
Planning and building - - - -
Economic development and housing - - 232,670 -
Community services - - - -
Child development - - - -
Public works 5,084 - 178,847 -
Capital outlay - - - -
Debt service:

Principal retirement - - - -
Interest and fiscal charges - - - -
Total Expenditures 5,084 - 178,847 573,124

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 50,555 11,460 2,252,276 (208,581)

OTHER FINANCING SOURCES (USES)
Transfers in - - 18,000 -
Transfers (out) - - (1,268,782) -
Total Other Financing Sources (Uses) - - (1,268,782) 18,000 NET CHANGE IN FUND BALANCES 50,555 11,460 983,494 (190,581) BEGINNING FUND BALANCES 107,204 324,750 4,846,307 529,391 ENDING FUND BALANCES $ 157,759 $ 336,210 $ 5,829,801 $ 338,810

SPECIAL REVENUE FUNDS
140
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 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 4,788 216,665 20,208 150,149
Rental income - 494,385 - -
Miscellaneous - - - -
Total Revenues 4,788 711,050 20,208 150,149
EXPENDITURES:

Current:

Information technology - - - -
General governmental-non-departmental operations - - - - Police - - - -
Fire - - - -
Planning and building - - - -
Economic development and housing - - - -
Community services - - - -
Child development - - - -
Public works 329,787 - - -
Capital outlay 1,603,359 2,566 - -
Debt service:

Principal retirement - - - -
Interest and fiscal charges - - - -
Total Expenditures 1,933,146 2,566 - -

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 2,222 (1,222,096) 20,208 150,149

OTHER FINANCING SOURCES (USES)
Transfers in - 25,000 - -
Transfers (out) - (113,109) - -
Total Other Financing Sources (Uses) - (113,109) 25,000 - NET CHANGE IN FUND BALANCES 2,222 (1,335,205) 45,208 150,149 BEGINNING FUND BALANCES 124,804 5,459,788 559,407 4,254,775 ENDING FUND BALANCES $ 127,026 $ 4,124,583 $ 604,615 $ 4,404,924 (Continued)

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENTS OF REVENUES, EXPENDITURES

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

CAPITAL PROJECT FUNDS
141
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENTS OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2024
Pedestrian Path
Improvement
Major
Maintenance
Vehicle
Replacement
Developer
Contributions
REVENUES:

Taxes - $ - $ - $ - $
Licenses and permits - - - -
Intergovernmental - - - -
Charges for services - - - -
Investment income 14,728 - 114,222 -
Rental income - - - -
Miscellaneous 1,471,940 - 922,322 310,001
Total Revenues 14,728 1,471,940 922,322 424,223
EXPENDITURES:

Current:

Information technology - - - -
General governmental-non-departmental operations 1,102,927 - - - Police - - - -
Fire - - - -
Planning and building - - - -
Economic development and housing - - - -
Community services - - - -
Child development - - - -
Public works - - - -
Capital outlay 227,131 179,974 736,233 28,648
Debt service:

Principal retirement - - - -
Interest and fiscal charges - - - -
Total Expenditures 179,974 1,330,058 736,233 28,648

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (165,246) 141,882 186,089 395,575

OTHER FINANCING SOURCES (USES)
Transfers in - - - -
Transfers (out) - (63,339) (15,179) -
Total Other Financing Sources (Uses) - (63,339) (15,179) - NET CHANGE IN FUND BALANCES (165,246) 78,543 170,910 395,575 BEGINNING FUND BALANCES 417,348 6,087,835 4,414,393 3,219,428 ENDING FUND BALANCES $ 252,102 $ 6,166,378 $ 4,585,303 $ 3,615,003

CAPITAL PROJECT FUNDS
142
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CAPITAL

PROJECT
FUNDS
1999 Bay/SM
1998 Lease
Revenue Series
A Bond
Measure C
Housing Bond
Total Nonmajor
Governmental
Funds
REVENUES:

Taxes - $ - $ - $ 3,376,653 $
Licenses and permits - - 2,465,528 -
Intergovernmental - - 1,557,013 -
Charges for services - - 1,316,196 -
Investment income 38,289 - - 1,435,339
Rental income - - - 494,385
Miscellaneous - - - 4,461,020
Total Revenues 38,289 - - 15,106,134
EXPENDITURES:

Current:

Information technology - - - 622,362
General governmental-non-departmental operations - - - 1,102,927 Police - - - 505,456
Fire - - - 213,867
Planning and building - - - 664,691
Economic development and housing - - - 826,964
Community services - - 107,010 -
Child development - - 2,474,272 -
Public works - - 914,990 -
Capital outlay - - - 5,675,185
Debt service:

Principal retirement 319,200 - 319,200 -
Interest and fiscal charges 50,829 - 1,855,340 1,906,169 Total Expenditures 370,029 - 1,855,340 15,333,093

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 38,289 (370,029) (1,855,340) (226,959)

OTHER FINANCING SOURCES (USES)
Transfers in 370,029 - 1,855,340 4,639,651
Transfers (out) - - - (1,470,409)
Total Other Financing Sources (Uses) 370,029 - 1,855,340 3,169,242 NET CHANGE IN FUND BALANCES 38,289 - 2,942,283 -
BEGINNING FUND BALANCES 1,085,004 3,051 50,631,857 -
ENDING FUND BALANCES $ 1,123,293 $ 3,051 $ 53,574,140 - $

DEBT SERVICE FUNDS

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENTS OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2024
143
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 230,478 $ 230,478 $ 230,478 $ - Resources (Inflows)
Intergovernmental 49,576 49,576 6,671 (42,905)
Investment income 2,400 7,000 7,728 728
Amounts Available for Appropriations 282,454 287,054 244,877 (42,177) Charges to Appropriation (Outflow)
Community services 49,576 49,576 22,710 26,866
Capital Outlay 48,000 48,000 48,000
Total Charges to Appropriations 97,576 97,576 22,710 74,866 Fund Balance, June 30 $ 184,878 $ 189,478 $ 222,167 $ 32,689

CITY OF EMERYVILLE
Budget Amounts

HOUSING COMMUNITY DEVELOPMENT SPECIAL REVENUE FUND
144
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 1,118,785 $ 1,118,785 $ 1,118,785 $ - Resources (Inflows)
Investment income 12,000 30,000 39,354 9,354
Miscellaneous 50,000 50,000 - (50,000)
Amounts Available for Appropriations 1,180,785 1,198,785 1,158,139 (40,646) Fund Balance, June 30 $ 1,198,785 1,180,785 $ 1,158,139 $ (40,646) $

CITY OF EMERYVILLE

CAL - HOME LOAN PROGRAM SPECIAL REVENUE FUND
Budget Amounts
145
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 9,399 $ 9,399 $ 9,399 $ - Resources (Inflows)
Investment income - 300 332 32
Amounts Available for Appropriations 9,399 9,699 9,731 32 Fund Balance, June 30 $ 9,399 $ 9,699 $ 9,731 $ 32

CITY OF EMERYVILLE

POLICE IMPOUND SPECIAL REVENUE FUND
Budget Amounts
146
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 12,692 $ 12,692 $ 12,692 $ - Resources (Inflows)
Investment income 100 400 457 57
Amounts Available for Appropriations 12,792 13,092 13,149 57 Charges to Appropriation (Outflow)
Capital outlay 2,978 2,978 - 2,978
Total Charges to Appropriations 2,978 2,978 - 2,978
Fund Balance, June 30 $ 10,114 9,814 $ 13,149 $ 3,035 $

CITY OF EMERYVILLE

CATELLUS CONTINGENT SPECIAL REVENUE FUND
Budget Amounts
147
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 178,850 $ 178,850 $ 178,850 $ - Resources (Inflows)
Intergovernmental 362,559 350,281 347,156 (3,125)
Investment income 500 7,000 8,601 1,601
Amounts Available for Appropriations 541,909 536,131 534,607 (1,524) Charges to Appropriations (Outflows)
Public works 368,000 338,000 328,755 39,245
Capital outlay 175,000 175,000 41,956 133,044
Total Charges to Appropriations 513,000 543,000 370,711 172,289 Fund Balance, June 30 $ 28,909 $ (6,869) $ 163,896 $ 170,765

CITY OF EMERYVILLE

SPECIAL GAS TAX STREET IMPROVEMENT SPECIAL REVENUE FUND Budget Amounts
148
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 4,315,514 $ 4,315,514 $ 4,315,514 $ - Resources (Inflows)
Licenses and permits 1,570,912 200,000 248,962 48,962
Investment income 5,000 120,000 144,198 24,198
Amounts Available for Appropriations 5,891,426 4,635,514 4,708,674 73,160 Charges to Appropriations (Outflows)
Planning and building and economic development
and housing 847,999 916,731 664,691 183,308
Capital outlay 137,351 137,351 - 137,351
Transfers out 10,000 10,000 10,000 -
Total Charges to Appropriations 1,064,082 995,350 674,691 320,659 Fund Balance, June 30 $ 4,827,344 $ 3,640,164 $ 4,033,983 $ 393,819

CITY OF EMERYVILLE

GENERAL PLAN MAINTENANCE SPECIAL REVENUE FUND
Budget Amounts
149
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 704,663 $ 704,663 $ 704,663 $ - Resources (Inflows)
Intergovernmental 183,700 288,458 493,795 205,337
Charges for services 1,070,300 1,050,300 968,650 (81,650) Investment income 1,000 25,000 31,860 6,860
Transfers in 1,245,382 1,268,782 1,268,782 -
Amounts Available for Appropriations 3,205,045 3,337,203 3,467,750 130,547 Charges to Appropriations (Outflows)
Child development 2,500,382 2,575,024 2,474,272 100,752 Total Charges to Appropriations 2,500,382 2,575,024 2,474,272 100,752 Fund Balance, June 30 $ 704,663 $ 762,179 $ 993,478 $ 231,299

CITY OF EMERYVILLE

CHILD DEVELOPMENT SPECIAL REVENUE FUND
Budget Amounts
150
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 352,783 $ 352,783 $ 352,783 $ - Resources (Inflows)
Investment income 100 11,000 12,564 1,564
Amounts Available for Appropriations 352,883 363,783 365,347 1,564 Charges to Appropriations (Outflows)
Community services 19,544 19,544 3,114 16,430
Public works 13,495 15,295 3,348 11,947
Capital outlay 55,344 40,889 1,123 54,221
Total Charges to Appropriations 73,928 90,183 7,585 82,598 Fund Balance, June 30 $ 278,955 $ 273,600 $ 357,762 $ 84,162

CITY OF EMERYVILLE

MEASURE B SPECIAL REVENUE FUND
Budget Amounts
151
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 1,805,837 $ 1,805,837 $ 1,805,837 $ - Resources (Inflows)
Taxes 922,624 770,576 734,567 (36,009)
Intergovernmental 150,887 159,833 157,248 (2,585)
Charges for services - 1,800 1,580 (220)
Investment income 1,150 56,500 60,612 4,112
Amounts Available for Appropriations 2,880,498 2,794,546 2,759,844 (34,702) Charges to Appropriations (Outflows)
Community services 69,522 69,522 81,186 (11,664)
Public works 191,141 192,941 23,166 169,775
Capital outlay 2,279,347 1,478,600 1,273,654 1,005,693
Total Charges to Appropriations 1,739,263 2,541,810 1,378,006 1,163,804 Fund Balance, June 30 $ 1,141,235 $ 252,736 $ 1,381,838 $ 1,129,102

CITY OF EMERYVILLE

MEASURE BB SPECIAL REVENUE FUND
Budget Amounts
152
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 1,796,981 $ 1,796,981 $ 1,796,981 $ - Resources (Inflows)
Licenses and permits 1,474,681 354,220 1,358,514 1,004,294 Investment income 10,000 55,000 71,933 16,933
Amounts Available for Appropriations 3,281,662 2,206,201 3,227,428 1,021,227 Charges to Appropriation (Outflow)
Capital outlay 728,796 1,357,550 728,796 -
Total Charges to Appropriations 1,357,550 728,796 728,796 - Fund Balance, June 30 $ 1,924,112 $ 1,477,405 $ 2,498,632 $ 1,021,227

CITY OF EMERYVILLE

TRANSPORTATION IMPACT FEE SPECIAL REVENUE FUND
Budget Amounts
153
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 1,051,466 $ 1,051,466 $ 1,051,466 $ - Resources (Inflows)
Licenses and permits 2,100,736 812,896 793,370 (19,526) Investment income 2,500 35,000 52,519 17,519
Amounts Available for Appropriations 3,154,702 1,899,362 1,897,355 (2,007) Charges to Appropriation (Outflow)
Capital outlay 3,192 1,288 223 2,969
Total Charges to Appropriations 1,288 3,192 223 2,969
Fund Balance, June 30 $ 3,153,414 $ 1,896,170 $ 1,897,132 $ 962

CITY OF EMERYVILLE

PARK / REC IMPACT FEE SPECIAL REVENUE FUND
Budget Amounts
154
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 1,172,165 $ 1,172,165 $ 1,172,165 $ - Resources (Inflows)
Licenses and permits 1,465,000 13,000 12,080 (920)
Investment income 2,500 35,000 32,207 (2,793)
Amounts Available for Appropriations 2,639,665 1,220,165 1,216,452 (3,713) Charges to Appropriation (Outflow)
Economic Development and Housing 734,329 475,085 - 259,244 Total Charges to Appropriations 734,329 475,085 - 259,244 Fund Balance, June 30 $ 2,639,665 $ 485,836 $ 741,367 $ 255,531

CITY OF EMERYVILLE

AFFORDABLE HOUSING IMPACT FEE SPECIAL REVENUE FUND
Budget Amounts
155
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 51,636 $ 51,636 $ 51,636 $ - Resources (Inflows)
Intergovernmental 100,000 165,000 172,421 7,421
Investment income - 300 375 75
Amounts Available for Appropriations 151,636 216,936 224,432 7,496 Charges to Appropriation (Outflow)
Police 165,000 100,000 165,002 (2)
Total Charges to Appropriations 100,000 165,000 165,002 (2) Fund Balance, June 30 $ 51,936 51,636 $ 59,430 $ 7,494 $

CITY OF EMERYVILLE

SUPPLEMENTAL LAW ENFORCEMENT SPECIAL REVENUE FUND
Budget Amounts
156
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 733 $ 733 $ 733 $ -
Resources (Inflows)
Taxes 192,750 192,750 213,775 21,025
Miscellaneous - - 441 441
Amounts Available for Appropriations 193,483 193,483 214,949 21,466 Charges to Appropriation (Outflow)
Fire 192,750 192,750 213,867 (21,117)
Total Charges to Appropriations 192,750 192,750 213,867 (21,117) Fund Balance, June 30 $ 733 733 $ 1,082 $ 349 $

CITY OF EMERYVILLE

EMERGENCY MEDICAL SERVICES SPECIAL REVENUE FUND
Budget Amounts
157
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 11,896 11,896 $ 11,896 $ - $ Resources (Inflows)
Intergovernmental 5,000 5,000 3,038 (1,962)
Investment income 50 700 955 255
Amounts Available for Appropriations 16,946 15,889 17,596 (1,707) Charges to Appropriation (Outflow)
Public works 5,050 5,050 3,038 2,012
Total Charges to Appropriations 5,050 5,050 3,038 2,012 Fund Balance, June 30 $ 11,896 $ 12,546 $ 12,851 $ 305

CITY OF EMERYVILLE

RECYCLING / SOURCE REDUCTION SPECIAL REVENUE FUND
Budget Amounts
158
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 83,174 $ 83,174 $ 83,174 $ - Resources (Inflows)
Investment income 50 2,000 2,674 674
Miscellaneous 31,000 31,000 36,725 5,725
Amounts Available for Appropriations 114,224 116,174 122,573 6,399 Charges to Appropriation (Outflow)
Public works 30,000 30,000 30,000 -
Total Charges to Appropriations 30,000 30,000 30,000 -
Fund Balance, June 30 $ 84,224 $ 86,174 $ 92,573 $ 6,399

CITY OF EMERYVILLE

MEASURE D SPECIAL REVENUE FUND
Budget Amounts
159
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 1,584,614 $ 1,584,614 $ 1,584,614 $ - Resources (Inflows)
Taxes 151,900 151,900 169,149 17,249
Investment income 12,000 75,000 86,553 11,553
Miscellaneous 60,000 562,930 584,991 22,061
Amounts Available for Appropriations 1,808,514 2,374,444 2,425,307 50,863 Charges to Appropriations (Outflows)
Economic development and housing 396,000 346,000 119,209 276,791 Capital outlay 250,000 250,000 5,875 244,125
Total Charges to Appropriations 596,000 646,000 125,084 520,916 Fund Balance, June 30 $ 1,212,514 $ 1,728,444 $ 2,300,223 $ 571,779

CITY OF EMERYVILLE

EMERYVILLE PUBLIC ART SPECIAL REVENUE FUND
Budget Amounts
160
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 3,968,593 $ 3,968,593 $ 3,968,593 $ - Resources (Inflows)
Licenses and permits - - 49,792 49,792
Investment income 2,500 40,000 44,238 4,238
Miscellaneous 1,348,782 1,074,600 1,034,600 (40,000)
Transfers in 102,500 102,500 102,500 -
Amounts Available for Appropriations 5,422,375 5,185,693 5,199,723 14,030 Charges to Appropriation (Outflow)
Information technology 585,523 573,656 622,362 (36,839) Capital outlay 1,394,362 1,341,478 628,457 765,905
Total Charges to Appropriations 1,979,885 1,915,134 1,250,819 729,066 Fund Balance, June 30 $ 3,205,808 3,507,241 $ 3,948,904 $ 743,096 $

CITY OF EMERYVILLE

INFORMATION TECHNOLOGY SPECIAL REVENUE FUND
Budget Amounts
161
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 6,846 6,846 $ 6,846 $ - $ Resources (Inflows)
Taxes 1,000 1,000 358 (642)
Investment income 150 200 245 45
Amounts Available for Appropriations 7,996 7,449 8,046 (597) Fund Balance, June 30 $ 8,046 7,996 $ 7,449 $ (597) $

CITY OF EMERYVILLE

PEG PROGRAM SPECIAL REVENUE FUND
Budget Amounts
162
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 75,008 75,008 $ 75,008 $ - $ Resources (Inflows)
Charges for services 1,500 1,500 - (1,500)
Investment income 500 40,000 44,384 4,384
Transfers in 1,000,000 1,000,000 1,000,000 -
Amounts Available for Appropriations 1,077,008 1,116,508 1,119,392 2,884 Charges to Appropriation (Outflow)
Capital outlay 1,004,060 1,004,060 217,190 786,870
Total Charges to Appropriations 1,004,060 1,004,060 217,190 786,870 Fund Balance, June 30 $ 72,948 $ 112,448 $ 902,202 $ 789,754

CITY OF EMERYVILLE

URBAN FORESTRY FEE SPECIAL REVENUE FUND
Budget Amounts
163
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1- $ - $ $587 587 $
Resources (Inflows)
Investment income - 1,000 1,523 523
Miscellaneous 25,000 25,000 - (25,000)
Amounts Available for Appropriations 25,000 26,000 2,110 (23,890) Charges to Appropriation (Outflow)
Capital outlay 25,000 25,000 - 25,000
Total Charges to Appropriations 25,000 25,000 25,000 -
Fund Balance, June 30 $ - $ 1,000 $ 2,110 $ 1,110

CITY OF EMERYVILLE

OPIOID SETTLEMENT FUNDS
Budget Amounts
164
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 163,603 $ 163,603 $ 163,603 $ - Resources (Inflows)
Intergovernmental 28,000 28,000 4,405 (23,595)
Investment income 100 4,000 5,465 1,465
Amounts Available for Appropriations 191,703 195,603 173,473 (22,130) Charges to Appropriation (Outflow)
Public works 15,500 15,500 12,965 2,535
Total Charges to Appropriations 15,500 15,500 12,965 2,535 Fund Balance, June 30 $ 176,203 $ 180,103 $ 160,508 $ (19,595)

CITY OF EMERYVILLE

ENVIRONMENTAL PROGRAM SPECIAL REVENUE FUND
Budget Amounts
165
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 498,770 498,770 $ 498,770 $ - $ Resources (Inflows)
Intergovernmental 313,675 324,741 321,007 (3,734)
Investment income 250 15,000 22,929 7,929
Amounts Available for Appropriations 812,695 838,511 842,706 4,195 Charges to Appropriations (Outflows)
Capital outlay 667,555 738,496 - 667,555
Total Charges to Appropriations 738,496 667,555 667,555 - Fund Balance, June 30 $ 74,199 $ 170,956 $ 842,706 $ 671,750

CITY OF EMERYVILLE

ROAD MAINTENANCE & REHABILITATION SPECIAL REVENUE FUND
Budget Amounts
166
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 107,204 $ 107,204 $ 107,204 $ - Resources (Inflows)
Intergovernmental 49,000 49,000 51,272 2,272
Investment income 180 3,500 4,367 867
Amounts Available for Appropriations 156,384 159,704 162,843 3,139 Charges to Appropriations (Outflows)
Public works 5,194 3,494 5,084 110
Capital outlay 100,000 100,000 - 100,000
Total Charges to Appropriations 103,494 105,194 5,084 100,110 Fund Balance, June 30 $ 52,890 $ 54,510 $ 157,759 $ 103,249

CITY OF EMERYVILLE

MEASURE B - VRF SPECIAL REVENUE FUND
Budget Amounts
167
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 4,846,307 $ 4,846,307 $ 4,846,307 $ - Resources (Inflows)
Taxes 2,733,000 2,400,000 2,258,804 (141,196)
Investment income 40,000 150,000 172,319 22,319
Amounts Available for Appropriations 7,619,307 7,396,307 7,277,430 (118,877) Charges to Appropriations (Outflows)
Public works 383,638 178,847 369,625 204,791
Transfers out 1,245,382 1,268,782 1,268,782 -
Total Charges to Appropriations 1,615,007 1,652,420 1,447,629 204,791 Fund Balance, June 30 $ 6,004,300 $ 5,743,887 $ 5,829,801 $ 85,914

CITY OF EMERYVILLE

MEASURE F SPECIAL REVENUE FUND
Budget Amounts
168
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 529,391 $ 529,391 $ 529,391 $ - Resources (Inflows)
Charges for services 336,000 336,000 345,966 9,966
Licenses and permits - 2,700 2,810 110
Investment income - 13,000 15,767 2,767
Transfers in 18,000 18,000 18,000 -
Amounts Available for Appropriations 883,391 899,091 911,934 12,843 Charges to Appropriations (Outflows)
Police 451,397 447,211 340,454 110,943
Economic development and housing 275,562 275,562 232,670 42,892 Total Charges to Appropriations 722,773 726,959 573,124 153,835 Fund Balance, June 30 $ 160,618 $ 172,132 $ 338,810 $ 166,678

CITY OF EMERYVILLE

PARKING PROGRAM SPECIAL REVENUE FUND
Budget Amounts
169
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 46,903,020 $ 46,903,020 $ 46,903,020 $ - Resources (Inflows)
Taxes 1,471,271 1,471,271 1,522,345 51,074
Investment income 400,000 1,300,000 1,570,710 270,710
Transfers in 219,989 - 219,989 -
Amounts Available for Appropriations 48,774,291 49,894,280 50,216,064 321,784 Charges to Appropriations (Outflows)
Public works 683,181 712,397 524,054 188,343
Capital outlay 26,883,121 25,392,967 4,152,289 22,730,832 Principal retirement 407,175 407,175 425,551 (18,376)
Interest expense - 25,533 - (25,533)
Transfers out 18,000 32,139 32,139 -
Total Charges to Appropriations 26,501,323 28,034,832 5,159,566 22,875,266 Fund Balance, June 30 $ 22,272,968 $ 21,859,448 $ 45,056,498 $ 23,197,050

CITY OF EMERYVILLE

GENERAL CAPITAL IMPROVEMENTS CAPITAL PROJECTS FUND
Budget Amounts
170
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 124,804 $ 124,804 $ 124,804 $ - Resources (Inflows)
Investment income 100 4,000 4,788 788
Amounts Available for Appropriations 124,904 128,804 129,592 788 Charges to Appropriation (Outflow)
Capital outlay 84,427 96,883 2,566 81,861
Total Charges to Appropriations 96,883 84,427 2,566 81,861 Fund Balance, June 30 $ 28,021 $ 44,377 $ 127,026 $ 82,649

CITY OF EMERYVILLE
1999 REVENUE BOND CAPITAL PROJECTS FUND
Budget Amounts
171
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 5,459,788 $ 5,459,788 $ 5,459,788 $ - Resources (Inflows)
Taxes 28,900 28,900 - (28,900)
Investment income 50,000 130,000 216,665 86,665
Rental income 535,000 535,000 494,385 (40,615)
Amounts Available for Appropriations 6,073,688 6,153,688 6,170,838 17,150 Charges to Appropriation (Outflow)
Public works 339,620 366,116 329,787 36,329
Capital outlay 5,561,475 5,274,436 1,603,359 3,958,116
Transfers out 113,109 - 113,109 -
Total Charges to Appropriations 5,614,056 6,040,700 2,046,255 3,994,445 Fund Balance, June 30 $ 459,632 $ 112,988 $ 4,124,583 $ 4,011,595

CITY OF EMERYVILLE

MARINA IMPROVEMENT CAPITAL PROJECTS FUND
Budget Amounts
172
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 559,407 $ 559,407 $ 559,407 $ - Resources (Inflows)
Investment income 200 15,000 20,208 5,208
Transfers in 25,000 25,000 25,000 -
Amounts Available for Appropriations 584,607 599,407 604,615 5,208 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 $ 548,607 $ 563,407 $ 604,615 $ 41,208

CITY OF EMERYVILLE

EMERYVILLE CENTER OF COMMUNITY LIFE CAPITAL PROJECTS FUND Budget Amounts
173
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 4,254,775 $ 4,254,775 $ 4,254,775 $ - Resources (Inflows)
Investment income 40,000 130,000 150,149 20,149
Amounts Available for Appropriations 4,294,775 4,384,775 4,404,924 20,149 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 $ 494,775 $ 584,775 $ 4,404,924 $ 3,820,149

CITY OF EMERYVILLE
IMPLEMENTATION PLAN 2010-14 CAPITAL PROJECTS FUND
Budget Amounts
174
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 417,348 $ 417,348 $ 417,348 $ - Resources (Inflows)
Investment income 5,000 11,000 14,728 3,728
Amounts Available for Appropriations 422,348 428,348 432,076 3,728 Charges to Appropriation (Outflow)
Capital outlay 408,000 408,000 179,974 228,026
Total Charges to Appropriations 408,000 408,000 179,974 228,026 Fund Balance, June 30 $ 14,348 $ 20,348 $ 252,102 $ 231,754

CITY OF EMERYVILLE

PEDESTRIAN PATH IMPROVEMENT CAPITAL PROJECTS FUND
Budget Amounts
175
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 6,087,835 $ 6,087,835 $ 6,087,835 $ - Resources (Inflows)
Miscellaneous 1,471,940 1,471,940 1,471,940 -
Amounts Available for Appropriations 7,559,775 7,559,775 7,559,775 - Charges to Appropriations (Outflows)
General government-non-departmental operations 956,612 1,056,612 1,102,927 (46,315) Capital outlay 5,384,341 5,382,069 227,131 5,157,210
Transfers out 49,200 63,339 63,339 -
Total Charges to Appropriations 6,504,292 6,387,881 1,393,397 5,110,895 Fund Balance, June 30 $ 1,055,483 1,171,894 $ 6,166,378 $ 5,110,895 $

CITY OF EMERYVILLE

MAJOR MAINTENANCE CAPITAL PROJECTS FUND
Budget Amounts
176
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 4,414,393 $ 4,414,393 $ 4,414,393 $ - Resources (Inflows)
Miscellaneous 856,700 856,700 922,322 65,622
Amounts Available for Appropriations 5,271,093 5,271,093 5,336,715 65,622 Charges to Appropriations (Outflows)
Capital outlay 1,093,585 821,700 736,233 357,352
Transfers out - 15,179 15,179 -
Total Charges to Appropriations 821,700 751,412 1,108,764 357,352 Fund Balance, June 30 $ 4,162,329 4,449,393 $ 4,585,303 $ 422,974 $

CITY OF EMERYVILLE

VEHICLE REPLACEMENT CAPITAL PROJECTS FUND
Budget Amounts
177
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 1,301,160 $ 1,301,160 $ 1,301,160 $ - Resources (Inflows)
Investment income 15,000 40,000 45,917 5,917
Amounts Available for Appropriations 1,316,160 1,341,160 1,347,077 5,917 Charges to Appropriation (Outflow)
Capital outlay 689,813 51,071 - 689,813
Total Charges to Appropriations 51,071 689,813 689,813 - Fund Balance, June 30 $ 1,265,089 $ 651,347 $ 1,347,077 $ 695,730

CITY OF EMERYVILLE

RDA BOND CAPITAL PROJECTS FUND
Budget Amounts
178
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 3,219,428 $ 3,219,428 $ 3,219,428 $ - Resources (Inflows)
Investment income 15,000 100,000 114,222 14,222
Miscellaneous 310,001 - 310,001 -
Amounts Available for Appropriations 3,234,428 3,629,429 3,643,651 14,222 Charges to Appropriation (Outflow)
Capital outlay 1,573,963 1,571,991 28,648 1,545,315
Total Charges to Appropriations 1,571,991 1,573,963 28,648 1,545,315 Fund Balance, June 30 $ 1,662,437 $ 2,055,466 $ 3,615,003 $ 1,559,537

CITY OF EMERYVILLE

DEVELOPER CONTRIBUTIONS CAPITAL PROJECTS FUND
Budget Amounts
179
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 $ 1,085,004 $ 1,085,004 $ 1,085,004 $ - Resources (Inflows)
Investment income 2,000 30,000 38,289 8,289
Amounts Available for Appropriations 1,087,004 1,115,004 1,123,293 8,289 Fund Balance, June 30 $ 1,087,004 $ 1,115,004 $ 1,123,293 $ 8,289

CITY OF EMERYVILLE
1999 BAY/SM CAPITAL PROJECTS FUND
Budget Amounts
180
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
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 370,132 370,132 370,029 (103)
Amounts Available for Appropriations 373,183 373,183 373,080 (103) Charges to Appropriations (Outflows)
Debt service:

Principal retirement 319,200 319,200 319,200 -
Interest and fiscal charges 50,932 50,932 50,829 103
Total Charges to Appropriations 370,132 370,029 370,132 103 Fund Balance, June 30 $ 3,051 3,051 $ 3,051 $ - $

CITY OF EMERYVILLE
1998 LEASE REVENUE SERIES A BOND DEBT SERVICE FUND
Budget Amounts
181
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1- $ $ - $ - $ -
Resources (Inflows)
Transfers in 1,855,340 1,855,340 1,855,340 -
Amounts Available for Appropriations 1,855,340 1,855,340 1,855,340 - Charges to Appropriations (Outflows)
Debt service:

Interest and fiscal charges 1,855,340 1,855,340 1,855,340 - Total Charges to Appropriations 1,855,340 1,855,340 1,855,340 - Fund Balance, June 30 $ - $ - $ - $ -

CITY OF EMERYVILLE

MEASURE C BOND DEBT SERVICE FUND
Budget Amounts
182
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

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. 183
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

INTERNAL SERVICE FUNDS

COMBINING STATEMENT OF NET POSITION
FOR THE YEAR ENDED JUNE 30, 2024
Litigation MESA
Workers'
Compensation SelfInsurance
ASSETS:

Current Assets:

Cash and investments 2,060,923 $ - $ 7,289,386 $
Receivables:

Accounts - - -
Accrued interest - 4,874 16,741
Total Assets 2,065,797 - 7,306,127
LIABILITIES:

Current Liabilities:

Accounts payable 33,355 - 76,321
Unearned revenue 9,209 - -
Deposits payable - - -
Compensated absences - - -
Claims and judgements 49,117 - 667,667
Total Current Liabilities 91,681 - 743,988
Noncurrent Liabilities:

Compensated absences - - -
Claims and judgements - - 2,416,333
Total Noncurrent Liabilities - - 2,416,333
Total Liabilities 91,681 - 3,160,321
NET POSITION (DEFICIT):

Unrestricted - 1,974,116 4,145,806
Total Net Position (Deficit) 1,974,116 $ - $ 4,145,806 $ 184
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

Dental Self
Insurance
Unemployment
Insurance Accrued Benefits Post-Employment Total
$ 335,424 3,508 $ 3,617,367 $ 7,767,898 $ 21,074,506 $
- - - (602) (602)
750 (29) 8,425 18,312 49,073
336,174 3,479 3,625,792 7,785,608 21,122,977
- 16,542 - - 126,218
- - - - 9,209
- - - 5,220 5,220
- - 1,730,437 - 1,730,437
- - - - 716,784
- 16,542 1,730,437 5,220 2,587,868
- - 1,815,438 - 1,815,438
- - - - 2,416,333
- - 1,815,438 - 4,231,771
- 16,542 3,545,875 5,220 6,819,639
336,174 (13,063) 79,917 7,780,388 14,303,338
$ 336,174 (13,063) $ 79,917 $ $ 7,780,388 $ 14,303,338
185
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

INTERNAL SERVICE FUNDS

COMBINING STATEMENTS OF REVENUES, EXPENSES AND

CHANGES IN FUND NET POSITION
FOR THE YEAR ENDED JUNE 30, 2024
Litigation MESA
Workers'
Compensation SelfInsurance
OPERATING REVENUES:

Charges for services $ - $ 16,033,576 $ 1,225,146
Total Operating Revenues - 16,033,576 1,225,146
OPERATING EXPENSES:

Administration and general - 16,033,576 381,132
Claim expense 86,345 - 367,234
Total Operating Expenses 86,345 16,033,576 748,366
Operating Income (Loss) (86,345) - 476,780
NONOPERATING REVENUES (EXPENSES):

Investment income 71,417 - 226,654
Total Nonoperating Revenues (Expenses) 71,417 - 226,654 Income (Loss) (14,928) - 703,434
CHANGE IN NET POSITION - (14,928) 703,434
BEGINNING NET POSITION (DEFICIT) 1,989,044 - 3,442,372
ENDING NET POSITION (DEFICIT) 1,974,116 $ - $ 4,145,806 $ 186
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

Dental Self Insurance
Unemployment
Insurance Accrued Benefits Post-Employment Total
$ 98,810 205,829 $ 535,923 $ 252,227 $ 18,351,511 $
98,810 205,829 535,923 252,227 18,351,511
- 27,522 470,800 240,248 17,153,278
585 182,178 - - 636,342
585 209,700 470,800 240,248 17,789,620
98,225 (3,871) 65,123 11,979 561,891
9,565 (57) 115,794 264,995 688,368
9,565 (57) 115,794 264,995 688,368
107,790 (3,928) 180,917 276,974 1,250,259
107,790 (3,928) 180,917 276,974 1,250,259
228,384 (9,135) (101,000) 7,503,414 13,053,079
$ 336,174 (13,063) $ 79,917 $ 7,780,388 $ 14,303,338 $
187
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

INTERNAL SERVICE FUNDS

COMBINING STATEMENTS OF CASH FLOW
FOR THE YEAR ENDED JUNE 30, 2024
Litigation MESA
Workers'
Compensation
Self-Insurance
CASH FLOWS FROM OPERATING ACTIVITIES:

Receipts from customers and users $ 16,033,576 - $ $ 1,227,340 Payments to suppliers and providers - - (345,531)
Payments to employees for salaries and benefits (16,033,576) - - Payments for claims (46,457) - (220,234)
Cash Flows from Operating Activities (46,457) - 661,575 CASH FLOWS FROM INVESTING ACTIVITIES:

Interest on cash and cash investments 72,458 - 228,084
Cash Flows from Investing Activities 72,458 - 228,084
Net increase (decrease) in cash and cash equivalents 26,001 - 889,659 Cash and cash equivalents at beginning of period - 2,034,922 6,399,727 Cash and cash equivalents at end of period 2,060,923 $ - $ 7,289,386 $ Reconciliation of operating income (loss) to net cash provided by operating activities:

Operating income (loss) $ (86,345) $ - $ 476,780
Adjustments to reconcile operating income to net cash provided by operating activities:

Decrease (increase) in accounts receivable - - 2,194
(Decrease) increase in accounts payable 27,920 - 35,601 Increase in deposits payable - - -
Increase in unearned revenue 9,209 - -
Increase in compensated absences - - -
Increase in claims and judgments 2,759 - 147,000
Cash Flows from Operating Activities $ (46,457) $ - $ 661,575 188
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

Dental Self-Insurance
Unemployment
Insurance Accrued Benefits Post-Employment Total
$ 98,810 205,829 $ 535,923 $ 239,976 $ 18,341,454 $
- (28,559) - (241,042) (615,132)
- - (114,733) - (16,148,309)
(585) (182,178) - - (449,454)
98,225 (4,908) 421,190 (1,066) 1,128,559
9,424 (70) 116,240 292,916 719,052
(70) 9,424 116,240 292,916 719,052
107,649 (4,978) 537,430 291,850 1,847,611
227,775 8,486 3,079,937 7,476,048 19,226,895
$ 335,424 3,508 $ 3,617,367 $ 7,767,898 $ 21,074,506 $
$ 98,225 (3,871) $ 65,123 $ 11,979 $ 561,891 $
- - - (12,251) (10,057)
- (1,037) - (2,845) 59,639
- - - 2,051 2,051
- - - - 9,209
- - 356,067 - 356,067
- - - - 149,759
$ (4,908) $ 98,225 $ 421,190 $ (1,066) $ 1,128,559
189
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Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

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. 191
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

PRIVATE-PURPOSE TRUST FUNDS

COMBINING STATEMENT OF NET POSITION
FOR THE YEAR ENDED JUNE 30, 2024
Total Private2014A Debt 2014B Debt Purpose Trust
RDA Retirement Service Service Funds
ASSETS:

Cash and investments $ 36,825,491 $ - $ 36,825,491 - $
Cash and investments with fiscal agents 9,314,661 1,253,714 10,568,375 - Receivables:

Accrued interest 368,141 - 368,141 -
Loans receivable 9,067,721 - 9,067,721 -
Prepaid costs 250,588 33,131 283,719 -
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 82,414,038 9,565,249 1,286,845 93,266,132
LIABILITIES:

Accounts payable 1,240,772 - 1,240,772 -
Accrued interest 653,417 80,746 734,163 -
Long-term liabilities:

Bonds due in one year 7,815,000 1,105,000 8,920,000 -
Pollution remediation obligations due in one year 55,000 - 55,000 - Bonds due in more than one year 39,741,776 4,528,853 44,270,629 - Pollution remediation obligation due
in more than one year 412,500 - 412,500 -
Total Liabilities 1,708,272 48,210,193 5,714,599 55,633,064

NET POSITION HELD IN TRUST FOR
Held in trust for other purposes 80,705,766 (38,644,944) (4,427,754) 37,633,068 Total Net Position (Deficit) 80,705,766 $ (38,644,944) $ (4,427,754) $ 37,633,068 $

PRIVATE PURPOSES
192
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

PRIVATE-PURPOSE TRUST FUNDS

COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION FOR THE YEAR ENDED JUNE 30, 2024
Total Private2014A Debt 2014B Debt Purpose Trust
RDA Retirement Service Service Elimination Funds
ADDITIONS:

Taxes 15,286,204 $ - $ - $ - $ 15,286,204 $
Investment income 2,130,033 322,277 43,540 - 2,495,850
Transfers in - 9,763,378 1,347,237 (11,110,615) -
Total Additions 17,416,237 10,085,655 1,390,777 (11,110,615) 17,782,054 DEDUCTIONS:

Administrative expenses 493,911 - - 493,911 -
Contractual services 9,082,126 - - 9,082,126 -
Interest expense 1,286,146 258,049 - 1,544,195 -
Contributions to other governments 16,131 - - 16,131 -
Transfers out 11,110,615 - - (11,110,615) -
Total Deductions 20,702,783 1,286,146 258,049 (11,110,615) 11,136,363 Net change in position (3,286,546) 8,799,509 1,132,728 6,645,691 - Net position (deficit) - beginning 83,992,312 (47,444,453) (5,560,482) 30,987,377 - Net position (deficit) - ending $ 80,705,766 $ (38,644,944) $ (4,427,754) $ 37,633,068 - $ 193
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Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 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 annual comprehensive financial reports for the relevant year.

Statistical Section
This part of the City of Emeryville's annual comprehensive financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the city's overall financial health.

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. 195
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 City of Emeryville
Statistical Section - Table I
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)
2015 2016 2017 2018
Governmental activities
Net investment in capital assets 70,686,033 $ 68,973,451 $ 1 67,638,982 $ 69,236,908 $ Restricted 68,180,423 51,000,633 60,752,375 90,047,586
Unrestricted 70,585,332 65,389,801 2 65,636,489 38,781,480 Total governmental activities net position $ 209,451,788 $ 185,363,885 $ 194,027,846 $ 198,065,974 Business-type activities
Net investment in capital assets $ 8,199,483 $ 8,112,330 $ 8,385,897 $ 8,199,975 Restricted 1,393,732 2,063,866 2,024,388 2,641,903
Unrestricted 1,436,219 1,488,977 1,775,733 1,733,373
Total business-type activities net position $ 11,029,434 $ 11,665,173 $ 12,186,018 $ 12,575,251 Primary government
Net investment in capital assets $ 78,885,516 $ 77,085,781 $ 76,024,879 $ 77,436,883 Restricted 69,574,155 53,064,499 62,776,763 92,689,489
Unrestricted 72,021,551 66,878,778 67,412,222 40,514,853 Total primary government net position $ 220,481,222 $ 197,029,058 $ 206,213,864 $ 210,641,225 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. 196
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 2019 2020 2021 2022 2023 2024
$ 86,768,020 $ 94,116,338 $ 107,889,826 $ 110,589,119 $ 120,690,251 $ 129,051,319 94,720,674 56,084,907 49,200,357 51,421,948 101,639,863 57,007,777 46,880,616 88,435,683 91,861,373 100,133,727 68,557,892 109,634,175 $ 228,369,310 $ 238,636,928 $ 248,951,556 $ 262,144,794 $ 290,888,006 $ 295,693,271 $ 8,008,915 $ 7,817,855 $ 7,626,795 $ 7,898,736 $ 7,786,475 $ 8,192,943 2,343,339 2,756,937 7,179,901 7,616,796 8,548,957 8,883,071 2,694,264 3,741,587 - - - -
$ 13,046,518 $ 14,316,379 $ 14,806,696 $ 15,515,532 $ 16,335,432 $ 17,076,014 $ 94,776,935 $ 101,934,193 $ 115,516,621 $ 118,487,855 $ 128,476,726 $ 137,244,262 97,064,013 58,841,844 56,380,258 59,038,744 110,188,820 65,890,848 49,574,880 92,177,270 91,861,373 100,133,727 68,557,892 109,634,175 $ 241,415,828 $ 252,953,307 $ 263,758,252 $ 277,660,326 $ 307,223,438 $ 312,769,285 197
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 City of Emeryville
Statistical Section - Table II
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
2015 2016 2017 2018
Expenses
Governmental activities:

City council 176,050 $ 187,581 $ 202,159 $ 222,581 $
City manager 925,387 1,181,250 1,408,437 1,392,176
City attorney 561,181 416,252 585,501 534,354
Finance 897,179 934,110 1,144,663 1,093,976
Human resources 668,129 804,087 888,463 790,400
Information technology (1) 929,009 951,426 1,135,305 1,205,716 Non-departmental operations 2,691,552 4,016,297 3,792,532 3,275,291 Police 11,851,855 11,150,202 13,087,370 13,518,734
Fire 6,730,833 5,785,323 7,763,651 8,134,164
Plannning and building 2,956,040 4,163,311 3,149,159 3,047,003 Economic development and housing 3,347,980 20,356,084 1,256,037 5,975,087 Redevelopment 41,299 - 146,400 135,711
Property based improvement district 2,959,562 3,761,548 3,863,878 4,064,405 Community services 550,757 560,878 920,268 1,062,542
Child development 2,175,222 2,425,147 2,410,524 2,308,874 Youth services 1,013,719 1,239,033 1,344,674 1,422,486
Adult services 691,662 651,986 1,052,711 1,041,631
Public works 6,515,111 6,250,213 13,547,948 9,013,050
Interest on long-term debt 127,828 127,351 125,557 101,435 Total governmental activities expenses 44,158,824 66,613,610 57,825,237 58,339,616 Business-type activities:

Sewer 518,487 550,046 772,290 564,159
Total business-type activities expenses 518,487 550,046 772,290 564,159 Total primary government expenses $ 44,677,311 $ 67,163,656 $ 58,597,527 $ 58,903,775 Program Revenues
Governmental activities:

Charges for services:

General Government $ 4,848,345 $ 9,780,050 $ 9,432,477 $ 6,472,435 Public Safety 1,020,216 798,029 1,017,546 994,626
Redevelopment - 40,000 40,000 84,064
Property Based Improvement District 2,959,562 3,220,017 3,368,624 3,735,926 Child Development 2,175,222 1,087,616 1,137,338 1,311,260 Operating grants and contributions 4,016,627 3,472,039 5,472,374 4,980,866 Capital grants and contributions 20,926,547 2,763,083 2,498,959 784,752 Total governmental activities program revenues 35,946,519 21,160,834 22,967,318 18,363,929 Business-type activities:

Charges for services:

Sewer 1,189,759 845,356 1,265,566 996,519
Capital grants and contributions - 400,000 - -
Total business-type activities program revenues 1,189,759 1,245,356 1,265,566 996,519 Total primary government program revenues $ 37,136,278 $ 22,406,190 $ 24,232,884 $ 19,360,448 (1) Information technology division previously reported in the Finance department. 198
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 2019 2020 2021 2022 2023 2024
$ 219,654 $ 205,422 $ 209,478 $ 197,243 $ 235,006 $ 250,383 1,137,782 1,170,384 1,115,048 934,960 1,460,129 1,489,317 600,453 622,553 648,922 607,030 718,182 738,887
1,118,840 1,353,480 1,114,110 974,606 1,398,423 1,436,057 728,794 764,058 771,678 772,882 828,328 895,117
1,174,675 1,507,232 1,386,556 1,320,056 1,388,214 1,669,431 3,779,538 3,760,939 3,200,319 3,612,909 4,216,391 10,630,439 14,009,706 16,129,575 16,437,792 13,098,319 15,527,007 21,706,953 8,895,473 10,041,674 9,508,535 9,864,213 10,494,648 11,975,911 4,284,383 3,525,039 4,021,359 5,139,274 5,097,727 3,669,270 1,254,963 3,435,320 2,122,080 2,292,520 9,409,911 7,364,121 97,523 99,971 - - - -
4,263,247 4,648,962 4,687,374 4,859,599 5,058,497 5,166,321 996,837 629,765 600,318 833,438 1,119,930 925,581
2,293,295 2,592,826 2,552,161 2,144,936 2,215,807 2,875,269 1,548,998 1,543,285 1,237,409 1,410,175 1,832,945 2,303,604 1,067,215 1,086,775 683,041 643,265 638,171 991,803
7,532,228 8,959,551 9,638,507 8,240,855 8,572,292 10,288,331 88,945 89,646 78,455 66,308 826,325 3,166,988
55,092,549 62,166,457 60,013,142 57,012,588 71,037,933 87,543,783 544,936 522,049 632,196 496,337 620,593 634,953
544,936 522,049 632,196 496,337 620,593 634,953
$ 55,637,485 $ 62,688,506 $ 60,645,338 $ 57,508,925 $ 71,658,526 $ 88,178,736 $ 7,685,851 $ 8,042,722 $ 7,040,241 $ 9,900,266 $ 17,430,539 $ 7,550,933 783,767 3,094,764 1,662,227 2,584,296 2,563,389 3,362,333 16,331 44,945 45,836 46,746 10,146,222 3,346,866
3,765,814 4,025,621 4,013,995 4,172,977 4,370,443 4,480,232 1,426,793 1,016,238 959,502 1,003,981 1,337,232 1,367,292 2,934,567 3,518,339 5,219,090 6,256,113 5,454,282 8,366,376 114,227 1,541,090 354,207 391,727 1,914,603 766,383
16,727,350 21,283,719 19,295,098 24,356,106 43,216,710 29,240,415 967,840 1,737,964 1,270,560 1,239,790 1,310,519 1,167,841 - - - - - -
967,840 1,737,964 1,270,560 1,239,790 1,310,519 1,167,841 $ 17,695,190 $ 23,021,683 $ 20,565,658 $ 25,595,896 $ 44,527,229 $ 30,408,256 199
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 City of Emeryville
Statistical Section - Table II (continued)
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
2015 2016 2017 2018
Net (Expense)/Revenue
Governmental activities $ (8,212,305) $ (45,452,776) $ (34,857,919) $ (39,975,687) Business-type activities 671,272 695,310 493,276 432,360 Total primary government net expense $ (7,541,033) $ (44,757,466) $ (34,364,643) $ (39,543,327) General Revenues and Other Changes in Net Position
Governmental activities:

Taxes
Property taxes $ 6,277,517 $ 9,299,477 $ 7,393,808 $ 8,453,487 Transient occupancy taxes 5,911,821 6,894,846 7,426,301 8,321,942 Sales taxes 8,233,456 8,507,880 8,632,015 8,729,795
Franchise taxes 1,602,164 1,643,944 1,694,244 1,789,616 Business license taxes 7,668,497 8,172,325 8,711,004 8,984,641 Other taxes 4,390,169 5,959,825 6,639,571 9,398,190
Motor Vehicle in lieu 679,813 759,623 807,327 853,910
Use of money and property 1,739,427 2,220,381 1,978,664 2,520,500 Miscellaneous 150,307 731,945 238,946 94,115
Special item 674,053 - - -
Transfers 30,000 81,500 - 51,500
Total governmental activities 37,357,224 44,271,746 43,521,880 49,197,696 Business-type activities:

Use of money and property 20,697 21,929 27,569 51,443
Miscellaneous - - - -
Transfers (30,000) (81,500) - (51,500)
Total business-type activities (9,303) (59,571) 27,569 (57) Total primary government $ 37,347,921 $ 44,212,175 $ 43,549,449 $ 49,197,639 Change in Net Position
Governmental activities $ 29,144,919 $ (1,181,030) $ 8,663,961 $ 9,222,009 Business-type activities 661,969 635,739 520,845 432,303 Total primary government $ 29,806,888 $ (545,291) $ 9,184,806 $ 9,654,312 200
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 2019 2020 2021 2022 2023 2024
$ (38,365,199) $ (40,882,738) $ (40,718,044) $ (32,656,482) $ (27,821,223) $ (58,303,368) 422,904 1,215,915 638,364 743,453 689,926 532,888
$ (37,942,295) $ (39,666,823) $ (40,079,680) $ (31,913,029) $ (27,131,297) $ (57,770,480) $ 8,920,973 $ 9,979,951 $ 20,780,101 $ 12,040,438 $ 12,579,847 $ 12,640,228 8,687,505 6,027,857 2,278,249 4,500,562 5,893,468 5,444,341 9,327,118 7,839,940 10,371,518 12,020,818 11,807,186 10,688,542 1,863,560 1,989,366 1,983,038 2,239,676 2,394,385 2,444,636 9,567,421 8,658,838 6,524,869 9,614,930 10,038,758 9,485,171 7,769,284 10,559,305 3,030,308 3,381,368 3,985,102 4,244,643 905,486 963,890 1,029,008 1,090,015 1,172,691 1,253,753 6,229,843 5,075,406 2,454,252 (1,905,456) 3,940,039 11,640,819 106,793 84,553 2,395,529 2,815,869 4,701,459 5,161,700
14,976,044 - - - - -
51,500 51,500 185,800 51,500 51,500 104,800
68,405,527 51,230,606 51,032,672 45,849,720 56,564,435 63,108,633 99,863 105,446 37,753 16,883 181,474 312,494
- - - - - -
(51,500) (51,500) (185,800) (51,500) (51,500) (104,800) 48,363 53,946 (148,047) (34,617) 129,974 207,694
$ 68,453,890 $ 51,284,552 $ 50,884,625 $ 45,815,103 $ 56,694,409 $ 63,316,327 $ 30,040,328 $ 10,347,868 $ 10,314,628 $ 13,193,238 $ 28,743,212 $ 4,805,265 471,267 1,269,861 490,317 708,836 819,900 740,582
$ 30,511,595 $ 11,617,729 $ 10,804,945 $ 13,902,074 $ 29,563,112 $ 5,545,847 201
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 City of Emeryville
Statistical Section - Table III
Fund Balances, Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
2015 2016 2017 2018
General Fund
Nonspendable 7,179,797 $ 565,502 $ 319,095 $ 38,877 $
Restricted 100,000 100,000 100,000 180,000
Committed 6,578,314 35,920,416 35,529,250 33,631,564
Assigned 1,335,717 1,344,194 2,354,457 3,382,403
Unassigned 18,719,632 1,271,572 2,404,324 1 3,843,833
Total General Fund 33,913,460 $ 39,201,684 $ 40,707,126 $ 41,076,677 $ All other government funds:

Nonspendable: - - 605 -
Restricted for: 67,478,317 50,900,633 60,652,375 89,867,586 Committed to: 26,063,322 44,398,585 44,888,763 17,238,821 Assigned to: 9,573,983 3,440,097 3,907,818 4,476,972
Unassigned 2,397,964 - - -
Total all other governmental funds $ 105,513,586 $ 98,739,315 $ 109,449,561 $ 111,583,379

1. Restated 2016 due to the recognition of grant fund revenue in prior year.

Notes:
202
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 2019 2020 2021 2022 2023 2024
$ 43,363 $ 67,583 $ 48,546 $ 41,786 $ 54,493 $ 57,808
363,652 343,371 319,323 293,956 251,462 129,504
38,186,648 39,451,092 40,336,617 39,176,083 41,427,560 44,749,654 3,451,939 3,137,915 3,135,503 3,142,251 3,211,094 8,513,813 7,759,918 9,997,255 10,460,005 16,229,351 22,258,469 11,859,913 $ 49,805,520 $ 52,997,216 $ 54,299,994 $ 58,883,427 $ 67,203,078 $ 65,310,692 - 20,434 - - 20,587 33,450
94,357,022 55,741,536 48,881,034 51,068,818 101,388,401 106,878,273 18,493,798 59,670,444 65,609,682 67,343,107 75,683,881 77,387,525 5,050,415 5,219,885 5,616,979 5,840,622 6,164,451 5,118,061 - - - (2,889,945) - (6,311,818)
$ 117,901,235 $ 120,652,299 $ 120,107,695 $ 124,252,547 $ 180,367,375 $ 183,105,491 203
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 City of Emeryville
Statistical Section - Table IV
Changes in Fund Balances, Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
2015 2016 2017 2018
Revenues
Taxes 36,930,822 $ 44,338,425 $ 43,865,567 $ 49,115,972 $ Licenses, fees, and permits 5,200,746 8,627,186 8,345,892 4,809,917 Intergovernmental 3,025,831 3,572,596 4,697,180 4,759,150 Charges for services 2,002,438 1,914,563 1,944,900 2,110,315 Investment income 890,364 1,318,846 884,800 1,219,899
Rent 767,502 809,172 982,184 1,108,614
Contributions 21,245,659 1,762,756 1,742,497 362,726
Developer participation 44,250 73,771 - 3,060
Miscellaneous 3,290,982 4,274,525 3,632,418 2,869,907
Total revenues 73,398,594 66,691,840 66,095,438 66,359,560 Expenditures
City council 159,002 173,094 188,481 208,890
City manager 899,964 1,159,302 1,264,541 1,298,346
City attorney 547,371 410,125 539,571 509,639
Finance 963,708 875,409 1,028,922 1,028,306
Human resources 643,173 788,536 783,842 732,127
Information technology 828,759 859,896 852,415 987,075
Non-departmental operations 2,375,549 3,635,154 3,493,521 3,185,740 Police 10,302,605 10,538,221 11,658,176 16,265,427
Fire 6,258,898 6,405,297 7,079,486 7,888,892
Planning and building 2,897,036 3,767,846 3,058,630 3,041,482 Economic development and housing 3,311,696 20,343,610 1,199,277 5,947,215 Property based improvement district 2,959,562 3,761,548 3,863,878 4,064,405 Community services 525,778 551,581 865,999 1,026,324
Child development 1,925,895 1,997,610 2,149,360 2,121,898 Youth services 967,695 1,189,876 1,263,087 1,356,466
Adult services 677,616 643,700 963,650 961,012
Public works 3,382,517 3,248,768 9,814,017 6,189,128
Capital outlay 4,397,318 7,190,599 2,783,709 4,884,123
Debt service:

Principal retirement 241,900 252,700 258,100 263,200
Interest and fiscal charges 135,156 128,199 121,088 102,731 Total expenditures 44,401,198 67,921,071 53,229,750 62,062,426 Excess of revenues over
(under) expenditures 28,997,396 (1,229,231) 12,865,688 4,297,134 Other Financing Sources (Uses)
Transfers in 12,784,535 9,275,128 18,249,921 3,273,326
Transfers out (12,934,535) (9,773,628) (18,899,921) (5,091,826) Other debt issued - - - -
Proceeds from the sale capital assets - - - 24,735
Total other financing
sources (uses) (150,000) (498,500) (650,000) (1,793,765) Extraordinary gain/(loss) on dissolution
of redevelopment agency (Note 18) - - - -
Net change in Fund Balance $ 28,847,396 $ (1,727,731) $ 12,215,688 $ 2,503,369 Debt service as a percentage of noncapital expenditures 0.9% 0.6% 0.8% 0.6% 204
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 2019 2020 2021 2022 2023 2024
$ 49,921,074 $ 49,121,004 $ 49,187,821 $ 48,188,028 $ 51,297,918 $ 53,873,594 5,803,734 7,150,661 7,462,296 10,313,353 12,622,335 5,196,291 4,275,288 3,303,809 5,224,423 6,232,890 6,074,608 4,408,509 2,256,270 1,704,087 1,304,852 1,811,058 1,925,778 1,988,927 4,772,564 3,848,306 1,968,687 (2,114,891) 3,720,677 11,640,819 1,102,264 893,139 689,319 912,044 963,222 982,382
130,416 357,468 331,814 320,708 354,706 417,232
1,442,000 - - - - -
2,801,351 3,656,696 4,086,315 4,750,000 17,165,604 9,450,975 71,062,961 71,477,170 70,255,527 70,413,190 94,124,848 87,958,729 214,559 204,213 202,931 202,598 237,903 253,964
1,124,576 1,037,140 999,183 942,544 1,474,781 1,297,700 594,489 546,763 491,405 536,178 655,935 561,894
1,103,089 1,204,350 982,305 984,478 1,415,175 1,273,503 722,633 664,688 681,387 780,633 839,362 783,536
1,137,306 1,251,103 1,242,404 1,295,472 1,376,042 1,514,429 3,558,762 3,587,004 3,029,929 3,561,641 4,170,794 7,178,588 12,896,563 14,145,368 14,026,356 14,668,785 15,382,789 17,650,313 8,380,914 8,884,529 9,410,896 9,766,574 10,397,429 11,878,677 4,363,993 3,334,957 3,794,177 5,165,162 5,126,998 3,355,667 1,249,415 3,357,737 2,055,180 2,302,995 9,425,271 7,284,064 4,263,247 4,648,962 4,687,374 4,859,599 5,058,497 5,166,321 994,020 630,543 600,352 833,780 1,120,367 926,049
2,261,778 2,331,071 2,273,418 2,142,038 2,246,278 2,474,272 1,495,713 1,452,827 1,148,805 1,386,293 1,797,328 2,197,417 987,296 948,164 548,505 567,395 568,509 854,660
5,502,678 4,675,419 4,754,410 4,838,128 5,699,157 6,376,976 5,096,276 11,952,431 18,884,781 6,533,917 11,237,889 13,513,316 272,900 282,100 290,900 299,200 683,495 744,751
94,783 86,541 78,455 68,995 827,870 1,931,702
56,314,990 65,225,910 70,183,153 61,736,405 79,741,869 87,217,799 14,747,971 6,251,260 72,374 8,676,785 14,382,979 740,930 2,244,824 2,901,232 5,047,854 5,699,686 3,294,076 5,700,480 (2,223,324) (3,209,732) (4,362,054) (5,648,186) (3,242,576) (5,595,680) - - - 50,000,000 - -
14,220 - - - - -
35,720 (308,500) 685,800 51,500 50,051,500 104,800
- - - - - -
$ 14,783,691 $ 5,942,760 $ 758,174 $ 8,728,285 $ 64,434,479 $ 845,730

0.7% 0.7% 0.7% 0.7% 2.2% 3.6%
205
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Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 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)
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% 2023-24 7,142,473,598 831,565,467 (297,198,345) 7,676,840,720 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.
207
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 City of Emeryville
Statistical Section - Table VI
Assessed Value of Property by Use Code, Citywide
Last Ten Fiscal Years
Category 2014-15 2015-16 2016-17 2017-18 2018-19
Commercial 1,963,116,063 $ 2,230,128,700 $ 2,323,635,087 $ 2,488,581,968 $ 2,576,533,502 $ Residential 1,597,120,334 1,768,921,200 2,020,530,350 2,123,374,518 2,207,853,346 Industrial 278,517,236 279,149,179 306,056,222 294,520,921 321,736,794 Vacant 77,674,621 108,079,740 73,760,581 71,795,067 94,997,916 Government - - - - -
Recreation 24,294,117 26,144,934 26,884,461 18,541,311 19,221,983 Institution 12,259,632 12,504,542 12,695,142 16,050,662 25,721,587 Public - - - - -
Unitary 74,276 74,276 74,276 71,063 71,063
Unknown 40,916,357 44,002,953 6,988 6,918 6,849
Gross Secured Value 3,993,972,636 4,469,005,524 4,763,643,107 5,012,942,428 5,246,143,040 Unsecured Value 457,744,022 331,063,497 374,017,423 407,061,644 478,110,415 Exemptions 108,720,173 94,880,198 136,247,060 129,349,135 113,400,217 Total Taxable Value 4,342,996,485 $ 4,705,188,823 $ 5,001,413,470 $ 5,290,654,937 $ 5,610,853,238 $ 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
$9,000,000,000 Exemptions
Unsecured
Value
Unknown
Unitary
Public
Institution
Recreation
Government
Vacant
Industrial
208
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 2019-20 2020-21 2021-22 2022-23 2023-24
$ 2,696,121,934 $ 2,978,043,691 $ 3,103,593,299 $ 3,113,813,872 $ 3,201,027,298 2,322,356,929 2,298,074,948 2,347,341,239 2,665,744,808 2,756,213,675 338,489,520 326,542,844 348,616,269 467,140,877 506,457,027 177,460,587 133,954,753 271,003,549 222,077,137 414,857,493 - 39,553,561 40,209,675 44,216,910 74,901,198
19,861,495 1,501,690 1,517,243 1,547,582 -
25,886,260 31,852,375 31,703,789 42,550,709 46,350,584
71,400 - - - -
71,063 71,063 77,162 77,162 77,162
6,781 130,627,880 132,500,678 138,016,515 142,589,161
5,580,325,969 5,940,222,805 6,276,562,903 6,695,185,572 7,142,473,598 547,532,578 593,865,301 617,612,700 651,516,441 831,565,467 154,063,581 212,001,263 212,001,263 156,590,229 297,198,345 $ 5,973,794,966 $ 6,322,086,843 $ 6,682,174,340 $ 7,190,111,784 $ 7,676,840,720 209
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 City of Emeryville
Statistical Section - Table VII
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
(rate per $100 of assessed value)
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
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 0.0112 0.0108 0.0036 0.0041 0.0103 0.0088 Emery Unified School District 0.0759 0.0682 0.0680 0.0656 0.0594 0.0614 0.0593 0.0532 0.0463 0.0496 Peralta Community College 0.0412 0.0337 0.0256 0.0310 0.0269 0.0257 0.0452 0.0407 0.0409 0.0418 Bay Area Rapid Transit 0.0045 0.0026 0.0080 0.0084 0.0070 0.0120 0.0139 0.0060 0.0140 0.0134 East Bay Regional Park I 0.0085 0.0067 0.0032 0.0021 0.0057 0.0060 0.0014 0.0020 0.0058 0.0057 EBMUD Special District I 0.0047 0.0034 0.0028 0.0011 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 City of Emeryville 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0598

0.1348 0.1146 0.1076 0.1082 0.1102 0.1159 0.1234 0.1060 0.1173 0.1791 Total Direct Tax Rate 1.1348 1.1146 1.1076 1.1082 1.1102 1.1159 1.1234 1.1060 1.1173 1.1791

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.
210
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 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 $ 320,797,885 4.18% $ 207,190,656 4.77% Bre Properties Inc 309,380,313 4.03% 111,887,503 2.58%
Pixar 273,330,512 3.56% 302,389,661 6.96%
Bay Street Centercal Llc 259,050,699 3.37%
Lmv Ii Emeryville Holdings Lp 225,084,741 2.93%
Kbsiii Towers Emeryville Llc 203,228,962 2.65%
Courtyards At 65Th L P 187,032,913 2.44%
Spus8 2100 Powell Lp 186,895,789 2.43%
Avalon Public Market L P 148,048,952 1.93%
Bcore Emerytech Owner Llc 132,973,005 1.73%
G C Diagnostics Corp 127,744,719 1.66% 107,856,031 2.48% Prime Us Tower Emeryville Llc 127,296,687 1.66%
Emeryville Parcel Cfg De Llc 121,260,761 1.58%
Bcsp Hollis Property Llc 119,741,471 1.56%
Bay Center Investor Llc 116,718,936 1.52% 97,361,500 2.24% Windsor Metropolitan Lp 109,970,243 1.43% 94,593,668 2.18% Zymergen Inc 105,418,995 1.37%
Es East Llc 104,174,813 1.36%
East Bay Bridge Retail Llc 103,017,454 1.34% 63,171,649 1.45% Sff 1650 65Th Street Llc 92,932,200 1.21%
Bayview Emeryville Llc 91,947,519 1.20%
Archstone Emeryville Residential Llc 89,099,218 1.16%
Rockwood Christie Llc 80,692,317 1.05%
Hcp Emeryville Partners I Llc 80,054,399 1.04%
Dp Emeryville 40Th Street Investors Lp 74,136,639 0.97% Novartis Vaccines Diagnostics 239,949,802 5.53%
Madison Manhattan Village Llc 212,186,335 4.89%
Emeryville Office Llc 142,659,402 3.28%
Hines Reit Watergate Lp 107,115,653 2.47%
Strs Ohio Ca Real Estate Inves 104,719,451 2.41%
Ag Ccrp Public Market L P 64,756,948 1.49%
Mach I Emery Tech Llc 62,733,523 1.44%
Asn Emeryville Llc 49,020,190 1.13%
Regency Centers Lp 45,190,490 1.04%
Amyris Inc. 42,156,440 0.97%
Hptmi Properties Trust 40,000,000 0.92%
Griffin Capital Atrium Investo 38,490,879 0.89%
Ikea Property Inc. 38,293,096 0.88%
Agesong Emeryville Owner Llc 37,695,991 0.87%
Rlj Hgn Emeryville Lp 35,088,657 0.81%
Hollis Street Investors Ii Llc 34,831,232 0.80%
Emeryville Homes Llc 32,146,630 0.74%
Catellus Residential Group Inc 31,361,286 0.72%
Total Top 25 Taxpayers 3,790,030,142 49.37% 2,342,846,673 53.95% Total Taxable Value $ 7,676,840,720 100.00% 4,342,922,209 $ 100.00% 2023-24 2014-15
Source: Alameda County Assessor data, Avenu Insights & Analytics 211
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 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) 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% 2024 2,149,330 2,003,160 93.20% 144,521 2,147,681 99.92% 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
212
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 City of Emeryville
Statistical Section - Table X
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
Business-type
Activities
Total Percentage Debt
Fiscal Leases Sewer Primary of Property Per
Year Bonds Payable Loans Government Value Capita
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 3,829,968 55,516,468 - 0.77% 4,403
2024 51,367,300 3,404,417 54,771,717 - 0.71% 4,114
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
213
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 City of Emeryville
Statistical Section - Table XI
Ratios of General Bonded Debt Outstanding
Last Ten Fiscal Years
Fiscal
Percent of
Assessed Debt Per
Year Bonds Total Value Capita
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
2024 51,367,300 51,367,300 0.67% 3,858
Source: County of Alameda Auditor-Controller; City of Emeryville Outstanding General Debt
Lease Revenue &
Measure C
General
Obligation
214
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 City of Emeryville
Statistical Section - Table XII
Statement of Direct and Overlapping Bonded Debt
As of June 30, 2024
2023-24 Assessed Valuation: $7,688,344,520
Total Debt City’s Share of
OVERLAPPING TAX INCREMENT DEBT (Successor Agency): 6/30/2024 % Applicable (1) Debt 6/30/2024 2014 Tax Allocation Refunding Bonds, Series A 39,565,000 $ 100.000% 39,565,000 $ 2014 Tax Allocation Refunding Bonds, Series B 5,675,000 100.000% 5,675,000 TOTAL OVERLAPPING TAX INCREMENT DEBT 45,240,000
DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT:

Alameda County $ 1.917% 9,533,145 497,295,000 $
Bay Area Rapid Transit District 2,445,575,000 0.761% 18,610,826 Peralta Community College District 434,210,000 5.169% 22,444,315 Emery Unified School District 78,187,013 100.000% 78,187,013 Oakland Unified School District 1,148,430,000 0.001% 11,484 City of Emeryville - Measure C General Obligation Bonds 50,000,000 100.000% 50,000,000 East Bay Regional Park District 1.197% 1,729,904 144,520,000 TOTAL DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT $ 180,516,687 DIRECT AND OVERLAPPING TAX AND ASSESSMENT AND TAX INCREMENT DEBT 225,756,687 $ DIRECT AND OVERLAPPING GENERAL FUND DEBT:

Alameda County General Fund Obligations $ 656,746,000 1.917% 12,589,821 $ Alameda-Contra Costa Transit District Certificates of Participation 10,420,000 2.257% 235,179 Peralta Community College District Pension Obligation Bonds 115,150,043 5.169% 5,952,106 City of Emeryville General Fund Obligations - Lease Payable 3,404,417 100.000% 3,404,417 City of Emeryville General Fund Obligations - 2013A Lease Revenue Bonds 1,367,300 100.000% 1,367,300 TOTAL OVERLAPPING GENERAL FUND DEBT $ 23,548,823
TOTAL DIRECT DEBT $ 54,771,717
TOTAL OVERLAPPING DEBT $ 194,533,793
COMBINED TOTAL DEBT $ 249,305,510 (2)
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. 215
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 City of Emeryville
Statistical Section - Table XIII
Legal Debt Margin Information
Last Ten Fiscal Years
2015 2016 2017 2018
Total assessed value for fiscal year 4,342,922,209 $ 4,705,114,547 $ 5,001,339,194 $ 5,290,654,937 $ Debt limit (15% of assessed value) 651,438,331 $ 705,767,182 $ 750,200,879 $ 793,598,241 $ Total general obligation bonds - $ - $ $ - $ -
Legal debt margin $ 651,438,331 $ 705,767,182 $ 750,200,879 $ 793,598,241 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.
216
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 2019 2020 2021 2022 2023 2024
$ 5,610,853,238 $ 5,973,794,966 $ 6,322,086,843 $ 6,666,844,658 $ 7,190,111,784 $ 7,676,840,720 $ 841,627,986 $ 896,069,245 $ 948,313,026 $ 1,000,026,699 $ 1,078,516,768 $ 1,151,526,108 $ - $ - $ - $ - $ - $ -
$ 841,627,986 $ 896,069,245 $ 948,313,026 $ 1,000,026,699 $ 1,078,516,768 $ 1,151,526,108

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
217
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 City of Emeryville
Statistical Section - Table XIV
Pledged-Revenue Coverage
Last Ten Fiscal Years
Fiscal Tax
Year Increment Principal Interest Coverage
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
2024 15,286,204 8,500,000 2,409,398 1.40
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. 218
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 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 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%
2023-24 13,314 1,228,952,099 92,305 35.8 600 3.4% 3.9%
Notes:

Source: Avenu Insights & Analytics, U.S. Census Bureau.

4.) Unemployment and Total Employment Data are provided by the EDD's Bureau of Labor Statistics Department.

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.

0.0%

5.0%

10.0%

15.0%
2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 City Unemployment Rate
0 4,000
8,000
12,000
16,000
2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 Population
219
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 City of Emeryville
Statistical Section - Table XVI
Principal Employers
Current Year and Nine Years Ago
2015
Percentage Percentage
Number of of Total City Number of of Total City
Employer Employees Rank Employment Employees Employment Pixar Animation Studios 1,125 1 13.72% 1,207 17.00%
AC Transit * 429 2 5.23% 594 8.37%
Clif Bar & Co 345 3 4.21% 316 4.45%
Grocery Outlet Headquarters 348 4 4.24%
IKEA 275 5 3.35% 361 5.08%
Peet's Coffee & Tea Inc. 273 6 3.33% 251 3.54%
Amyris Inc. 229 7 2.79% 249 3.51%
Oaks Card Club 220 8 2.68% 394 5.55%
Grifols Diagnostic Solutions 200 9 2.44% 480 6.76%
City of Emeryville 173 10 2.11%
LeapfFrog 334 4.70%
AAA of Northern CA, Nevada, Utah 300 4.23%
Total Principal Employers 3,617 44.11% 4,486 63.18%
Total Labor Force (1) 8,200 7,100
Notes:

Source: FY2015, City of Emeryville -- ACFR Publication Report (1) Total City Labor Force provided by EDD Labor Force Data * Employer has not reponsed to Avenu's headcount inquires, previous year count applied. 2024
Source: Avenu Insights & Analytics
Results based on direct correspondence with city’s local businesses. 220
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 City of Emeryville
Statistical Section - Table XVII
Full-time Equivalent City Government Employees by Function/Program Last Ten Fiscal Years
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
City Manager/City Clerk 5.0 5.0 6.0 6.0 5.0 5.0 5.0 5.0 6.0 6.0 Information Technology 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 City Attorney 2.0 2.0 3.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0
Finance 7.5 7.5 7.8 6.8 6.8 6.8 6.3 6.3 6.3 7.0
Human Resources 4.5 4.5 5.2 5.2 4.2 4.7 4.2 4.2 4.2 4.6 Community Development
Planning and Building 10.0 10.0 10.0 10.0 10.0 12.5 10.5 10.5 11.5 13.5 Economic Development
and Housing 4.0 4.0 5.0 5.0 5.0 6.0 6.0 6.0 6.0 5.0
Public Works 17.0 17.0 20.0 18.5 20.0 21.5 20.5 20.5 20.5 21.5 Police Department
Sworn 38.0 38.0 42.0 41.0 41.0 41.0 41.0 41.0 41.0 41.0 Unsworn 16.0 16.0 17.0 17.0 17.0 19.0 17.0 17.0 17.0 17.0 Community Services
Administration 5.4 5.7 2.0 2.0 2.0 - - - - -
Youth & Adult Services 16.0 16.0 9.0 8.0 7.0 35.3 30.0 30.0 27.1 33.2 Child Development Center 24.8 24.8 25.0 24.0 24.0 23.6 23.6 23.6 23.6 18.5 Total 154.2 154.5 156.0 149.5 148.0 181.4 170.1 170.1 169.2 173.3 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. 221
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 2015 2016 2017 2018
Function/Program
General government
Commercial Construction permits issued 820 889 835 136
Value $ 109,305,225 $ 121,865,050 $ 115,200,224 $ 104,465,013 Residential Construction number of
dwelling units 206 2 313 73
Value $ 56,657,643 $ 8,262,777 $ 113,670,075 $ 29,233,329 Police
Physical arrests 1,240 1,104 718 820
Traffic collisions 308 272 210 263
Citations 5,625 4,450 1,360 3,812
Investigations 6,721 7,065 5,782 6,523
Total responses 37,710 33,738 29,130 33,526
Fire
Fire Responses 55 58 73 17
Medical Responses 1,554 1,701 1,584 1,734
Total Emergency Responses 2,221 2,458 2,389 2,356
Community Services
Child Development Program (enrollment in 12 month period) 1,034 921 897 951 Source: Various city departments.

City of Emeryville
Statistical Section - Table XVIII
Operating Indicators by Function/Program
Last Ten Fiscal Years
222
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 2019 2020 2021 2022 2023 2024
89 140 197 318 287 189
$ 68,031,991 $ 94,671,085 $ 94,413,658 $ 255,261,222 $ 325,089,028 $ 38,451,362 72 507 189 2 98 23
$ 9,664,486 $ 202,487,180 $ 88,404,305 $ 16,224,373 $ 56,587,409 $ 9,080,054 796 609 476 581 521 675
319 307 242 382 228 432
1,739 1,404 1,591 2,351 4,303 3,439
4,658 1,200 2,881 4,643 3,086 4,349
30,271 31,888 29,668 28,214 24,744 36,178
24 17 13 70 79 80
1,068 1,879 1,311 1,486 1,618 1,378
2,461 1,856 1,324 1,324 1,697 2,543
834 707 516 580 2,351 3,604
223
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 City of Emeryville
Statistical Section - Table XIX
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Function/Program
Police Stations 1111111 1111
Police vehicles, including
motorcycles 29 32 34 34 32 32# 33 37 36 38
Fire stations 2222222 2222
Apparatus and vehicles 7777777 7 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 1,580 1,580 1,563 Traffic controllers 27 27 27 27 29 30 30 32 32 27
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 13 13
Acreage 21.4 21.4 21.4 21.4 21.4 21.4 21.4 21.4 21.4 21.4 Senior Center 1111111 1 1 1
Child Development Center 1111111 1 1 1
Recreation Center 1111111 1 1 1
Source: Various city departments.
224
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

BASIC FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 i

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

BASIC FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
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 Change 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-3009 – California State Preschool Programs ........................................................................ 19 Center Based Programs – Summary of Meals Reported ................................................................. 29 Schedule of CACFP Reported, Adjusted and Allowed Enrollment ............................................... 35 Notes to the Supplementary Information ............................................................................................ 37 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 ....................................................................... 39 Schedule of Findings and Questioned Costs ....................................................................................... 41 Current Status of Prior Year Findings and Questioned Costs ............................................................. 42 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

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Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 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
Opinions
We have audited the accompanying financial statements of the governmental activities and the major fund of the Emeryville Child Development Center (Center) of the City of Emeryville, California (City), as of and for the year ended June 30, 2024, 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 governmental activities and the major fund of the Center as of June 30, 2024, and the respective changes in financial position 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 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 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.

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: 3663A51B-A55A-468C-A489-5213C0CF39E4 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.

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.

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, 2024, the changes in its financial position, or where applicable, it’s cash flows for the year then 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: 3663A51B-A55A-468C-A489-5213C0CF39E4 Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 4, 2024, 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 4, 2024
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Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

STATEMENT OF NET POSITION AND GOVERNMENTAL FUND BALANCE SHEET JUNE 30, 2024
Governmental Statement of
Fund Reclassifications Net Position
Assets
Cash and investments (Note 2) $ 1,017,019 $ - $ 1,017,019 Accounts receivable 4,686 - 4,686
Interest receivable 2,606 - 2,606
Total Assets 1,024,311 - 1,024,311
Liabilities and Fund Balance
Liabilities
Accounts payable 30,833 - 30,833
Total Liabilities 30,833 - 30,833
Fund Balance
Restricted:

Child development 993,478 (993,478) -
Total Fund Balance 993,478 (993,478) -
Total Liabilities and Fund Balance $ 1,024,311
Net Position
Restricted for child development 993,478 993,478
Total Net Position $ - $ 993,478
See accompanying notes to financial statements
5 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

STATEMENT OF ACTIVITIES AND GOVERNMENTAL FUND REVENUES,

EXPENDITURES AND CHANGE IN FUND BALANCE
FOR THE YEAR ENDED JUNE 30, 2024
Governmental Statement of
Fund Reclassifications Activities
Revenues and Support
Restricted:

Grants:

State Department of Education
Current Year Contract (including American Rescue Plan Act Grant) 466,500 $ - $ 466,500 $ Child Care Food Program 24,255 - 24,255
Quality Counts Grant 3,040 - 3,040
Unrestricted:

City of Emeryville General Fund Contribution (Note 3) 1,268,782 - 1,268,782 Parent fees:

Full cost child 968,650 - 968,650
Other revenue and donations 31,860 - 31,860
Total Revenues 2,763,087 - 2,763,087
Expenditures/Expenses
Certificated personnel salaries 840,143 - 840,143
Classified personnel salaries 288,433 - 288,433
Employee benefits 856,175 - 856,175
Books and supplies 3,029 - 3,029
Services other than operating expenses 486,492 - 486,492 Total Expenditures/Expenses 2,474,272 - 2,474,272
Change in fund balance/net position 288,815 - 288,815
Fund Balance/Net Position
Beginning of year 704,663 - 704,663
End of year $ 993,478 $ 993,478 - $
See accompanying notes to financial statements
6 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

CHILD DEVELOPMENT CENTER
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
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 financially accountable for the activities of the Program. The Program has no employees and substantially all staff services which it requires are performed by the City's personnel. Costs incurred by the City to provide such services including compensation, retirement, and other benefit costs are reimbursed by the Center. These basic financial statements present only the activities of the Center and are not intended to present the financial position of the City of Emeryville, California, or the results of its operations. The financial statements of the Center are included as a Special Revenue Fund in the City's financial statements.

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: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

CHILD DEVELOPMENT CENTER
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
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, 2024, 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: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

CHILD DEVELOPMENT CENTER
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 2 – CASH AND INVESTMENTS
Cash and investments reported in the accompanying financial statements consisted of the following:

Cash and investments $1,017,019
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 – GENERAL FUND CONTRIBUTION
The City of Emeryville General Fund Contribution of $1,268,782 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: 3663A51B-A55A-468C-A489-5213C0CF39E4 This Page Left Intentionally Blank
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

SUPPLEMENTARY INFORMATION
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

SCHEDULE OF FEDERAL AND STATE AWARDS
FOR THE YEAR ENDED JUNE 30, 2024
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 4,686 $ 19,569$ 24,255$ 4,686$ 19,569$ 24,255$ 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 67,858 $ -$ 67,858$ 67,858$ $ - 67,858$ State of California Department of Education:

Quality Controls Program N/A Not available - 3,040 3,040 - 3,040 3,040 Child State Preschool Program N/A CSPP-3009 - 398,642 398,642 - 2,379,119 2,379,119 Total Current Year Contract $ 67,858 401,682$ 469,540$ 67,858$ 2,382,159$ 2,450,017$ Total Federal and State Awards $ 72,544 421,251$ 493,795$ 72,544$ 2,401,728$ 2,474,272$ Award Amount Expenditures
12 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

COMBINING STATEMENT OF ACTIVITIES AND GOVERNMENTAL FUND REVENUES,

EXPENDITURES AND CHANGE IN FUND BALANCE
FOR THE YEAR ENDED JUNE 30, 2024
CSPP - 3009
Revenues and Support
Restricted:

Grants:

State Department of Education
Current Year Contract (including American Rescue Plan Act Grant) 466,500 $ Child Care Food Program 24,255
Quality Counts Grant 3,040
Unrestricted:

City of Emeryville General Fund Contribution 1,268,782
Parent fees:

Full cost child 968,650
Other revenue and donations 31,860
Total Revenues 2,763,087
Expenditures/Expenses
Certificated personnel salaries 840,143
Classified personnel salaries 288,433
Employee benefits 856,175
Books and supplies 3,029
Services other than operating expenses 486,492
Total Expenditures/Expenses 2,474,272
Change in Fund Balance/Net Position 288,815
Fund Balance/Net Position
Beginning of year 704,663
End of year $ 993,478
13 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

SCHEDULE OF EXPENDITURES BY STATE CATEGORIES
FOR THE YEAR ENDED JUNE 30, 2024
CSPP-3009
EXPENDITURES*
1000 Certified salaries 840,143 $
2000 Classified salaries 288,433
3000 Employee benefits 856,175
4000 Books and supplies 3,029
5000 Services and other operating expenditures 486,492
Total Expenditures Claimed for Reimbursement 2,474,272
Total Expenditures $ 2,474,272
* 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: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

RECONCILIATION OF CDE AND GAAP EXPENSE REPORTING
FOR THE YEAR ENDED JUNE 30, 2024
CSPP-3009
Schedule of Expenditures by State Categories (CDE) $ 2,474,272 Adjustment to Reconcile Differences in Reporting -
Combining Statement of Activities (GAAP) $ 2,474,272
15 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

SCHEDULE OF CLAIMED EQUIPMENT EXPENDITURES
FOR THE YEAR ENDED JUNE 30, 2024
Reimbursable Equipment Expenditures CSPP-3009
None -$
Total -$
16 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

SCHEDULE OF CLAIMED EXPENDITURES FOR RENOVATIONS AND REPAIRS FOR THE YEAR ENDED JUNE 30, 2024
Reimbursable Expenditures for Renovations and Repairs CSPP-3009 None $ -
Total $ -
17 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

SCHEDULE OF CLAIMED ADMINISTRATIVE COSTS
FOR THE YEAR ENDED JUNE 30, 2024
Reimbursable Administrative Costs CSPP-3009
Administrative Costs
Salaries and Benefits $ 121,367
Services and other operating expenses 29,704
Total $ 151,071
18 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Contractor Name:

California Department of Education Audited Enrollment, Attendance and Fiscal Report for California State Preschool Program Contract Number:

Fiscal Year Ended: June 30, 2024
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 Certified Days of Enrollment with Mental Health Consultation Services Days of Attendance (including MHCS) N/A Total Non-Certified Days of Enrollment Total Non-Certified Days of Enrollment with Mental 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
Emeryville Child Development Center CSPP 3009
2178
1 0
1 0
2 3,604 3,604
0 2,910 2,9108,037 8,037 11,917.5000
0 246 246
19 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 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 8260) American Rescue Plan Act (ARPA)
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 Preschool Reserve Account
Other Income Column A – Cumulative FY per CPARIS Column B – Audit Adjustments Column C – Cumulative FY per Audit Waived Family Fees for Certified Children (July – September) Family Fees for Certified Children (October – June) Interest Earned on Apportionment Payments Unrestricted Income: Fees for Non-Certified Children Unrestricted Income: Head Start Other: Other:

AUD 8501 Page 2 of 6 Audit Report Page
Emeryville Child Development Center CSPP 3009
24,255 24,255
0000
CDE Quality Control Grants 0 3,040 3,040
24,255 3,040 27,295
00 000
968,649 1 968,650
000
20 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 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) Direct Payments to Subcontractors: Cost of Care Plus & One-Time Allocations 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 1R Approved 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
Emeryville Child Development Center CSPP 3009
00 840,142 1 840,143288,433 288,433856,175 856,175
3,028 1 3,029
486,492 486,492
000000
2,474,270 2 2,474,272
✔
00 21
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Contractor Name: Contract Number:

Section 5 - Supplemental Funding
Supplemental Revenue Column A – Cumulative FY per CPARIS Column B – Audit Adjustments Column C – Cumulative FY per Audit Enhancement Funding Other: Other:

TOTAL SUPPLEMENTAL REVENUE
Supplemental Expenses Column A – Cumulative FY per CPARIS Column B – Audit Adjustments Column C – Cumulative FY per Audit 1000 Certificated Salaries 2000 Classified Salaries 3000 Employee Benefits 4000 Books and Supplies 5000 Services and Other Operating Expenses 6000 Equipment / Capital Outlay Depreciation or Use Allowance Indirect Costs Non-Reimbursable Supplemental Expenses

TOTAL SUPPLEMENTAL EXPENSES
AUD 8501 Page 4 of 6 Audit Report Page
Emeryville Child Development Center CSPP 3009
000
000
000000000
000
22 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 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 Preschool Reserve Account Family Fees for Certified Children (October – June) 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
Emeryville Child Development Center CSPP 3009
3,604 0 3,604
246 0 246
2,910 0 2,910

0.0000
11,917.5000
24,255 3,040 27,295
000000000000000
2,474,270 2 2,474,272
000000
23 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 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: Eligibility, enrollment and attendance records are being maintained as required (Select YES or NO): <HV 1R Reimbursable expenses claimed in Section 4 are eligible for reimbursement, reasonable, necessary, and adequately supported (Select YES or NO): <HV 1R 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 Emeryville Child Development Center CSPP 3009
✔
✔
Adjustments in Column B represent the rounding of City's trial balance 24 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Contractor Name: Contract Number:

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 AUD 8501 – Form 1
)<±
Audit Report Page Page 1 of 2
Emeryville Child Development Center CSPP3009
Alameda
0 0.0000
724 724 1,303.2000
1 1 1.0827 1.0827
0 0.0000
1,613 1,613 1,613.0000
0 0.6015 0.00000 0.00000 0.00000 1.4436 0.00000 0.0000
572 572 686.4000
0 0.6015 0.0000
25 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Contractor Name: Contract Number:

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
(QWHUWKHVXPRITotal Certified Days of Enrollment from all Form 1s in the Total Certified Days of Enrollment line of AUD 8501, Section 2. (QWHUWKHVXPRIDays of Attendance from all Form 1s and Form 2s in the Days of Attendance line of AUD 8501, Section 2.

AUD 8501 – Form 1
)<±
Audit Report Page Page 2 of 2
Emeryville Child Development Center CSPP3009
0 0.00000 0.00000 0.6015 0.00000 0.00000 0.00000 1.4436 0.0000 2,910 0 2,910 3,603.68272,910 2,910
26 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Contractor Name: Contract Number:

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
AUD 8501 – Form 3 (FY 2–2) Audit Report Page Page 1 of 2 Emeryville Child Development Center CSPP3009
Alameda
0 0.0000
2,554 2,554 4,597.2000
0 0.9900 0.0000
0 0.0000
2,282 2,282 4,107.6000
0 1.0827 0.0000
65 65 76.7000
3,136 3,136 3,136.0000
0 0.6015 0.00000 0.00000 0.00000 1.4436 0.00000 0.00000 0.00000 0.6015 0.0000 27 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Contractor Name: Contract Number:

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. AUD 8501 – Form 3 (FY 2–2) Audit Report Page Page 2 of 2 0 0.00000 0.00000 0.6015 0.00000 0.00000 0.00000 1.4436 0.0000 8,037 0 8,037 11,917.5000
Emeryville Child Development Center CSPP3009
28 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

CENTER BASED PROGRAMS - SUMMARY OF MEALS REPORTED
FOR THE YEAR ENDED JUNE 30, 2024
Statutory Meal Statutory Meal Cash In Meal
Reported Adjustments * Allowed Rate Reimbursement Rate Reimbursement Lieu Reimbursement July 2023
Breakfast
Full price/base rate 453 - 453 0.3800 $ 172 0.0000 $ - 0.0000 $ - Reduced price 19 - 19 1.9800 38 0.0000 - 0.0000 -
Free 39 - 39 2.2800 89 0.0000 - 0.0000 -
State reimbursement 58 58 0.2137 12
Lunch
Full price/base rate 785 - 785 0.4000 314 0.0000 - 0.2950 232 Reduced price 33 - 33 3.8500 127 0.0000 - 0.2950 10
Free 67 - 67 4.2500 285 0.0000 - 0.2950 20
State reimbursement 100 100 0.2137 21
Supplement
Full price/base rate 737 - 737 0.1000 74 0.0000 - 0.0000 - Reduced price 31 - 31 0.5800 18 0.0000 - 0.0000 -
Free 63 - 63 1.1700 74 0.0000 - 0.0000 -
$ 1,190 $ 34 $ 261
August 2023
Breakfast
Full price/base rate 420 - 420 0.3800 $ 160 0.0000 $ - 0.0000 $ - Reduced price 18 - 18 1.9800 36 0.0000 - 0.0000 -
Free 36 - 36 2.2800 82 0.0000 - 0.0000 -
State reimbursement 54 54 0.2137 12
Lunch
Full price/base rate 622 - 622 0.4000 249 0.0000 - 0.2950 183 Reduced price 26 - 26 3.8500 100 0.0000 - 0.2950 8
Free 53 - 53 4.2500 225 0.0000 - 0.2950 16
State reimbursement 79 79 0.2137 17
Supplement
Full price/base rate 522 - 522 0.1000 52 0.0000 - 0.0000 - Reduced price 22 - 22 0.5800 13 0.0000 - 0.0000 -
Free 44 - 44 1.1700 51 0.0000 - 0.0000 -
$ 968 $ 28 $ 207
Meals
Federal State
29 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Statutory Meal Statutory Meal Cash In Meal
Reported Adjustments * Allowed Rate Reimbursement Rate Reimbursement Lieu Reimbursement September 2023
Breakfast
Full price/base rate 436 - 436 0.3800 $ 166 0.0000 $ - 0.0000 $ - Reduced price 19 - 19 1.9800 38 0.0000 - 0.0000 -
Free 37 - 37 2.2800 84 0.0000 - 0.0000 -
State reimbursement 56 56 0.2137 12
Lunch
Full price/base rate 709 - 709 0.4000 284 0.0000 - 0.2950 209 Reduced price 30 - 30 3.8500 116 0.0000 - 0.2950 9
Free 60 - 60 4.2500 255 0.0000 - 0.2950 18
State reimbursement 90 90 0.2137 19
Supplement
Full price/base rate 533 - 533 0.1000 53 0.0000 - 0.0000 - Reduced price 23 - 23 0.5800 13 0.0000 - 0.0000 -
Free 45 - 45 1.1700 53 0.0000 - 0.0000 -
$ 1,061 $ 31 $ 236
October 2023
Breakfast
Full price/base rate 432 - 432 0.3800 $ 164 0.0000 $ - 0.0000 $ - Reduced price 10 - 10 1.9800 20 0.0000 - 0.0000 -
Free 120 - 120 2.2800 274 0.0000 - 0.0000 -
State reimbursement 130 130 0.2137 28
Lunch
Full price/base rate 768 - 768 0.4000 307 0.0000 - 0.2950 227 Reduced price 18 - 18 3.8500 69 0.0000 - 0.2950 5
Free 214 - 214 4.2500 910 0.0000 - 0.2950 63
State reimbursement 232 232 0.2137 50
Supplement
Full price/base rate 715 - 715 0.1000 72 0.0000 - 0.0000 - Reduced price 17 - 17 0.5800 10 0.0000 - 0.0000 -
Free 200 - 200 1.1700 234 0.0000 - 0.0000 -
$ 2,059 $ 77 $ 295
Meals
Federal State
30 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Statutory Meal Statutory Meal Cash In Meal
Reported Adjustments * Allowed Rate Reimbursement Rate Reimbursement Lieu Reimbursement November 2023
Breakfast
Full price/base rate 410 - 410 0.3800 $ 156 0.0000 $ - 0.0000 $ - Reduced price 10 - 10 1.9800 20 0.0000 - 0.0000 -
Free 115 - 115 2.2800 262 0.0000 - 0.0000 -
State reimbursement 125 125 0.2137 27
Lunch
Full price/base rate 711 - 711 0.4000 284 0.0000 - 0.2950 210 Reduced price 17 - 17 3.8500 65 0.0000 - 0.2950 5
Free 198 - 198 4.2500 842 0.0000 - 0.2950 58
State reimbursement 215 215 0.2137 46
Supplement
Full price/base rate 667 - 667 0.1000 67 0.0000 - 0.0000 - Reduced price 16 - 16 0.5800 9 0.0000 - 0.0000 -
Free 186 - 186 1.1700 218 0.0000 - 0.0000 -
$ 1,923 $ 73 $ 273
December 2023
Breakfast
Full price/base rate 488 - 488 0.3800 $ 185 0.0000 $ - 0.0000 $ - Reduced price 11 - 11 1.9800 22 0.0000 - 0.0000 -
Free 136 - 136 2.2800 310 0.0000 - 0.0000 -
State reimbursement 147 147 0.2137 31
Lunch
Full price/base rate 532 - 532 0.4000 213 0.0000 - 0.2950 157 Reduced price 12 - 12 3.8500 46 0.0000 - 0.2950 4
Free 148 - 148 4.2500 629 0.0000 - 0.2950 44
State reimbursement 160 160 0.2137 34
Supplement
Full price/base rate 525 - 525 0.1000 53 0.0000 - 0.0000 - Reduced price 12 - 12 0.5800 7 0.0000 - 0.0000 -
Free 146 - 146 1.1700 171 0.0000 - 0.0000 -
$ 1,636 $ 66 $ 204
Federal State
Meals
31 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Statutory Meal Statutory Meal Cash In Meal
Reported Adjustments * Allowed Rate Reimbursement Rate Reimbursement Lieu Reimbursement January 2024
Breakfast
Full price/base rate 381 - 381 0.3800 $ 145 0.0000 $ - 0.0000 $ - Reduced price 9 - 9 1.9800 18 0.0000 - 0.0000 -
Free 106 - 106 2.2800 242 0.0000 - 0.0000 -
State reimbursement 115 115 0.2137 25
Lunch
Full price/base rate 723 - 723 0.4000 289 0.0000 - 0.2950 213 Reduced price 17 - 17 3.8500 65 0.0000 - 0.2950 5
Free 202 - 202 4.2500 859 0.0000 - 0.2950 60
State reimbursement 219 219 0.2137 47
Supplement
Full price/base rate 690 - 690 0.1000 69 0.0000 - 0.0000 - Reduced price 16 - 16 0.5800 9 0.0000 - 0.0000 -
Free 193 - 193 1.1700 226 0.0000 - 0.0000 -
$ 1,922 $ 71 $ 278
February 2024
Breakfast
Full price/base rate 386 - 386 0.3800 $ 147 0.0000 $ - 0.0000 $ - Reduced price 9 - 9 1.9800 18 0.0000 - 0.0000 -
Free 108 - 108 2.2800 246 0.0000 - 0.0000 -
State reimbursement 117 117 0.2137 25
Lunch
Full price/base rate 622 - 622 0.4000 249 0.0000 - 0.2950 183 Reduced price 14 - 14 3.8500 54 0.0000 - 0.2950 4
Free 174 - 174 4.2500 740 0.0000 - 0.2950 51
State reimbursement 188 188 0.2137 40
Supplement
Full price/base rate 603 - 603 0.1000 60 0.0000 - 0.0000 - Reduced price 14 - 14 0.5800 8 0.0000 - 0.0000 -
Free 168 - 168 1.1700 197 0.0000 - 0.0000 -
$ 1,718 $ 65 $ 239
Federal State
Meals
32 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Statutory Meal Statutory Meal Cash In Meal
Reported Adjustments * Allowed Rate Reimbursement Rate Reimbursement Lieu Reimbursement March 2024
Breakfast
Full price/base rate 459 - 459 0.3800 $ 174 0.0000 $ - 0.0000 $ - Reduced price 11 - 11 1.9800 22 0.0000 - 0.0000 -
Free 128 - 128 2.2800 292 0.0000 - 0.0000 -
State reimbursement 139 139 0.2137 30
Lunch
Full price/base rate 714 - 714 0.4000 286 0.0000 - 0.2950 211 Reduced price 17 - 17 3.8500 65 0.0000 - 0.2950 5
Free 199 - 199 4.2500 846 0.0000 - 0.2950 59
State reimbursement 216 216 0.2137 46
Supplement
Full price/base rate 684 - 684 0.1000 68 0.0000 - 0.0000 - Reduced price 16 - 16 0.5800 9 0.0000 - 0.0000 -
Free 191 - 191 1.1700 223 0.0000 - 0.0000 -
$ 1,986 $ 76 $ 274
April 2024
Breakfast
Full price/base rate 457 - 457 0.3800 $ 174 0.0000 $ - 0.0000 $ - Reduced price 11 - 11 1.9800 22 0.0000 - 0.0000 -
Free 128 - 128 2.2800 292 0.0000 - 0.0000 -
State reimbursement 139 139 0.2137 30
Lunch
Full price/base rate 711 - 711 0.4000 284 0.0000 - 0.2950 210 Reduced price 17 - 17 3.8500 65 0.0000 - 0.2950 5
Free 199 - 199 4.2500 846 0.0000 - 0.2950 59
State reimbursement 216 216 0.2137 46
Supplement
Full price/base rate 652 - 652 0.1000 65 0.0000 - 0.0000 - Reduced price 15 - 15 0.5800 9 0.0000 - 0.0000 -
Free 182 - 182 1.1700 213 0.0000 - 0.0000 -
$ 1,970 $ 76 $ 273
Federal State
Meals
33 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 Statutory Meal Statutory Meal Cash In Meal
Reported Adjustments * Allowed Rate Reimbursement Rate Reimbursement Lieu Reimbursement May 2024
Breakfast
Full price/base rate 516 - 516 0.3800 $ 196 0.0000 $ - 0.0000 $ - Reduced price 12 - 12 1.9800 24 0.0000 - 0.0000 -
Free 144 - 144 2.2800 328 0.0000 - 0.0000 -
State reimbursement 156 156 0.2137 33
Lunch
Full price/base rate 783 - 783 0.4000 313 0.0000 - 0.2950 231 Reduced price 18 - 18 3.8500 69 0.0000 - 0.2950 5
Free 219 - 219 4.2500 931 0.0000 - 0.2950 65
State reimbursement 237 237 0.2137 51
Supplement
Full price/base rate 735 - 735 0.1000 74 0.0000 - 0.0000 - Reduced price 17 - 17 0.5800 10 0.0000 - 0.0000 -
Free 205 - 205 1.1700 240 0.0000 - 0.0000 -
$ 2,185 $ 84 $ 301
June 2024
Breakfast
Full price/base rate 429 - 429 0.3800 $ 163 0.0000 $ - 0.0000 $ - Reduced price 10 - 10 1.9800 20 0.0000 - 0.0000 -
Free 120 - 120 2.2800 274 0.0000 - 0.0000 -
State reimbursement 130 130 0.2137 28
Lunch
Full price/base rate 638 - 638 0.4000 255 0.0000 - 0.2950 188 Reduced price 15 - 15 3.8500 58 0.0000 - 0.2950 4
Free 178 - 178 4.2500 757 0.0000 - 0.2950 53
State reimbursement 193 193 0.2137 41
Supplement
Full price/base rate 627 - 627 0.1000 63 0.0000 - 0.0000 - Reduced price 15 - 15 0.5800 9 0.0000 - 0.0000 -
Free 175 - 175 1.1700 205 0.0000 - 0.0000 -
$ 1,802 $ 69 $ 245
Adjustments
GRAND TOTAL 30,309 $ 20,418 $ 750 $ 3,087
* 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
34 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

SCHEDULE OF CACFP REPORTED, ADJUSTED AND ALLOWED ENROLLMENT FOR THE YEAR ENDED JUNE 30, 2024
Month Total Free Reduced Based
July Reported 53 4 2 47
Allowed 53 4 2 47
August Reported 53 4 2 47
Allowed 53 4 2 47
September Reported 53 4 2 47
Allowed 53 4 2 47
October Reported 56 1 12 43
Allowed 56 12 1 43
November Reported 56 1 12 43
Allowed 56 12 1 43
December Reported 56 1 12 43
Allowed 56 12 1 43
January Reported 56 1 12 43
Allowed 56 12 1 43
February Reported 56 1 12 43
Allowed 56 12 1 43
March Reported 56 1 12 43
Allowed 56 12 1 43
April Reported 56 1 12 43
Allowed 56 12 1 43
May Reported 56 1 12 43
Allowed 56 12 1 43
June Reported 56 1 12 43
Allowed 56 12 1 43
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Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER
Notes to the Child Development Program Supplementary Information For the Year Ended June 30, 2024
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, 2024. 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, 2024.
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, 2024.
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Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 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) as of and for the year ended June 30, 2024, and have issued our report thereon dated December 4, 2024. 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 DATE, which is an integral part of our audit and should be read in conjunction with this report. 39 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 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 4, 2024, 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 4, 2024
40 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

SCHEDULE OF FINDINGS AND QUESTIONED COSTS
None noted in current year.
41 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

CURRENT STATUS OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS Not findings in the prior year.
42 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

REQUIRED COMMUNICATIONS
FOR THE YEAR ENDED JUNE 30, 2024
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CITY OF EMERYVILLE

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

Qualitative Aspects of Accounting Practices ................................................................................... 1 Difficulties Encountered in Performing the Audit ........................................................................... 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: 3663A51B-A55A-468C-A489-5213C0CF39E4 This Page Left Intentionally Blank
Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

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, 2024. 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 discussions on October 4, 2024 and May 20, 2024, respectively. 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 pronouncement became effective, but did not have a material effect on the financial statements:

GASB 100 – Accounting for Errors and Corrections
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, 2024, the City held approximately $322.1 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, 2024. These fair values are not required to be adjusted for changes in general market conditions occurring subsequent to June 30, 2024.
1 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 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 4, 2024.
2 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4 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 4, 2024
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CITY OF EMERYVILLE

MEMORANDUM ON INTERNAL CONTROL
FOR THE YEAR ENDED JUNE 30, 2024
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Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

MEMORANDUM ON INTERNAL CONTROL
For the Year Ended June 30, 2024
Table of Contents
Page
Memorandum on Internal Control ......................................................................................................................... 1

Schedule of Significant Deficiencies ............................................................................................................. 3 Schedule of Other Matters.............................................................................................................................. 5 Status of Prior Year Significant Deficiency ................................................................................................... 11 Status of Prior Year Other Matters ................................................................................................................. 13

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Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

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, 2024, 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 deficiencies in internal control that we consider to be significant deficiencies.

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 deficiencies in internal control included on the Schedule of Significant Deficiencies to be significant deficiencies.

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 Deficiencies and Schedule of Other Matters. The City’s responses were not subjected to the other auditing procedures applied in the audit of the financial statements and, accordingly, we express no opinion on the responses.

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 4, 2024
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Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

MEMORANDUM ON INTERNAL CONTROL

SCHEDULE OF SIGNIFICANT DEFICIENCIES
2024-01: Pension Related Accounts – Prior Year Recommendation Not Fully Implemented During the current year audit, we followed up on the status of the Significant Deficiency identified in the Status of Prior Year Significant Deficiency Item 2023-01. We found that the deficiency has been partially addressed as of June 30, 2024. Therefore, it is deemed a current year Significant Deficiency. Details of the deficiency and management’s response is listed in the Status of Prior Year Significant Deficiency.

Management’s Response:

See Management’s Response to Current Year Status for the above deficiency as listed in the Status of Prior Year Significant Deficiency.
2024-02: Year-End Close – Loans Receivable and Capital Assets Criteria: The City’s general ledger and related reconciliations provided for the audit must be complete and accurate in order for the audit to be completed on a timely basis and to ensure accuracy of general ledger account balances and activity.

Condition: During our final audit, we noted that the City’s loans receivable reconciliation did not agree to the general ledger at June 30, 2024. Upon further inquiry and investigation, the City had to book two significant journal entries to adjust the loans receivable balance and provide a new loans receivable reconciliation. In addition, we noted that the City was unable to provide the capital assets reconciliations and related journal entries in time for our audit and therefore, those items were not received until after our audit fieldwork.

Effect: The above condition delayed the completion of the close which increases the risk that errors may go undetected by staff and corrections may not be made in a timely manner.

Cause: The new loans receivables were not accurately recorded in a timely matter as the Accountant was new to her position and was still learning her role. The capital assets reconciliations were not completed by the time of the audit fieldwork due to staffing shortages in Finance. The City has not been able to permanently fill the Senior Accountant position.

Recommendation: We recommend that the City establish procedures to ensure that all reconciliations are completed on a timely basis and that the reconciliations match the general ledger before they are provided for the audit.

Management’s Response:

Going forward, we expect the Accountant to understand the scope of her responsibilities and to have completed accurate and timely reconciliations which agree to the general ledger.

Management may hire temporary staff if needed to help with the capital assets reconciliation; ensuring they are reconciled to the general ledger and provided in time for the audit.

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CITY OF EMERYVILLE

MEMORANDUM ON INTERNAL CONTROL

SCHEDULE OF OTHER MATTERS
2024-03: Timeliness of Budget Adjustment
Criteria: In the event that a budget adjustment and related approval is required in order for a Department to make a purchase, the Department must ensure that the budget adjustment is approved and made before completing the purchase.

Condition: During our interim audit, we tested twenty-five disbursements for testing and noted one disbursement for which the order of equipment was made with the vendor before a required budget adjustment was approved. Specifically, we noted that the Police Department ordered equipment from a vendor on June 7, 2023. However, the budget adjustment was requested and approved by City Manager to cover the expenses for the products on July 26, 2023.

Cause: Due to staff oversight.

Effect: The Department is not in compliance with the City’s budget and purchasing policy related to the budget for purchases of such equipment.

Recommendation: The City must develop procedures to ensure that budget approvals and adjustments are made before purchases are made.

Management’s Response:

The Finance Department has communicated with all City departments the necessity of complying with the City’s purchasing policy. We expect all departments to follow the procedures moving forward.
5 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

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 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.

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CITY OF EMERYVILLE

MEMORANDUM ON INTERNAL CONTROL

SCHEDULE OF OTHER MATTERS
GASB 101 – Compensated Absences (Continued)
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.

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.

GASB 102 – Certain Risk Disclosures
State and local governments face a variety of risks that could negatively affect the level of service they provide or their ability to meet obligations as they come due. Although governments are required to disclose information about their exposure to some of those risks, essential information about other risks that are prevalent among state and local governments is not routinely disclosed because it is not explicitly required. The objective of this Statement is to provide users of government financial statements with essential information about risks related to a government’s vulnerabilities due to certain concentrations or constraints.

This Statement defines a concentration as a lack of diversity related to an aspect of a significant inflow of resources or outflow of resources. A constraint is a limitation imposed on a government by an external party or by formal action of the government’s highest level of decision-making authority. Concentrations and constraints may limit a government’s ability to acquire resources or control spending.

This Statement requires a government to assess whether a concentration or constraint makes the primary government reporting unit or other reporting units that report a liability for revenue debt vulnerable to the risk of a substantial impact. Additionally, this Statement requires a government to assess whether an event or events associated with a concentration or constraint that could cause the substantial impact have occurred, have begun to occur, or are more likely than not to begin to occur within 12 months of the date the financial statements are issued.

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CITY OF EMERYVILLE

MEMORANDUM ON INTERNAL CONTROL

SCHEDULE OF OTHER MATTERS
GASB 102 – Certain Risk Disclosures (Continued)
If a government determines that those criteria for disclosure have been met for a concentration or constraint, it should disclose information in notes to financial statements in sufficient detail to enable users of financial statements to understand the nature of the circumstances disclosed and the government’s vulnerability to the risk of a substantial impact. The disclosure should include descriptions of the following:
• The concentration or constraint.
• Each event associated with the concentration or constraint that could cause a substantial impact if the event had occurred or had begun to occur prior to the issuance of the financial statements.
• Actions taken by the government prior to the issuance of the financial statements to mitigate the risk.

How the Changes in This Statement Will Improve Financial Reporting The requirements of this Statement will improve financial reporting by providing users of financial statements with essential information that currently is not often provided. The disclosures will provide users with timely information regarding certain concentrations or constraints and related events that have occurred or have begun to occur that make a government vulnerable to a substantial impact. As a result, users will have better information with which to understand and anticipate certain risks to a government’s financial condition.

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CITY OF EMERYVILLE

MEMORANDUM ON INTERNAL CONTROL

SCHEDULE OF OTHER MATTERS
EFFECTIVE FISCAL YEAR 2025/26:

GASB 103 – Financial Reporting Model Improvements
The objective of this Statement is to improve key components of the financial reporting model to enhance its effectiveness in providing information that is essential for decision making and assessing a government’s accountability. This Statement also addresses certain application issues.

Management’s Discussion and Analysis - This Statement continues the requirement that the basic financial statements be preceded by management’s discussion and analysis (MD&A), which is presented as required supplementary information (RSI). MD&A provides an objective and easily readable analysis of the government’s financial activities based on currently known facts, decisions, or conditions and presents comparisons between the current year and the prior year. This Statement requires that the information presented in MD&A be limited to the related topics discussed in five sections: (1) Overview of the Financial Statements, (2) Financial Summary, (3) Detailed Analyses, (4) Significant Capital Asset and Long-Term Financing Activity, and (5) Currently Known Facts, Decisions, or Conditions.

Furthermore, this Statement stresses that the detailed analyses should explain why balances and results of operations changed rather than simply presenting the amounts or percentages by which they changed.

This Statement emphasizes that the analysis provided in MD&A should avoid unnecessary duplication by not repeating explanations that may be relevant to multiple sections and that “boilerplate” discussions should be avoided by presenting only the most relevant information, focused on the primary government.

In addition, this Statement continues the requirement that information included in MD&A distinguish between that of the primary government and its discretely presented component units.

Unusual or Infrequent Items - This Statement describes unusual or infrequent items as transactions and other events that are either unusual in nature or infrequent in occurrence. Furthermore, governments are required to display the inflows and outflows related to each unusual or infrequent item separately as the last presented flow(s) of resources prior to the net change in resource flows in the government-wide, governmental fund, and proprietary fund statements of resource flows.

Presentation of the Proprietary Fund Statement of Revenues, Expenses, and Changes in Fund Net Position - This Statement requires that the proprietary fund statement of revenues, expenses, and changes in fund net position continue to distinguish between operating and nonoperating revenues and expenses.

Operating revenues and expenses are defined as revenues and expenses other than nonoperating revenues and expenses. Nonoperating revenues and expenses are defined as (1) subsidies received and provided, (2) contributions to permanent and term endowments, (3) revenues and expenses related to financing, (4) resources from the disposal of capital assets and inventory, and (5) investment income and expenses.

In addition to the subtotals currently required in a proprietary fund statement of revenues, expenses, and changes in fund net position, this Statement requires that a subtotal for operating income (loss) and noncapital subsidies be presented before reporting other nonoperating revenues and expenses. Subsidies are defined as (1) resources received from another party or fund (a) for which the proprietary fund does not provide goods and services to the other party or fund and (b) that directly or indirectly keep the proprietary fund’s current or future fees and charges lower than they would be otherwise, (2) resources provided to another party or fund (a) for which the other party or fund does not provide goods and services to the proprietary fund and (b) that are recoverable through the proprietary fund’s current or future pricing policies, and (3) all other transfers.

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CITY OF EMERYVILLE

MEMORANDUM ON INTERNAL CONTROL

SCHEDULE OF OTHER MATTERS
GASB 103 – Financial Reporting Model Improvements (Continued) Major Component Unit Information - This Statement requires governments to present each major component unit separately in the reporting entity’s statement of net position and statement of activities if it does not reduce the readability of the statements. If the readability of those statements would be reduced, combining statements of major component units should be presented after the fund financial statements.

Budgetary Comparison Information - This Statement requires governments to present budgetary comparison information using a single method of communication—RSI. Governments also are required to present (1) variances between original and final budget amounts and (2) variances between final budget and actual amounts. An explanation of significant variances is required to be presented in notes to RSI.

How the Changes in This Statement Will Improve Financial Reporting The requirements for MD&A will improve the quality of the analysis of changes from the prior year, which will enhance the relevance of that information. They also will provide clarity regarding what information should be presented in MD&A.

The requirements for the separate presentation of unusual or infrequent items will provide clarity regarding which items should be reported separately from other inflows and outflows of resources.

The definitions of operating revenues and expenses and of nonoperating revenues and expenses will replace accounting policies that vary from government to government, thereby improving comparability.

The addition of a subtotal for operating income (loss) and noncapital subsidies will improve the relevance of information provided in the proprietary fund statement of revenues, expenses, and changes in fund net position.

The requirement for presentation of major component unit information will improve comparability.

The requirement that budgetary comparison information be presented as RSI will improve comparability, and the inclusion of the specified variances and the explanations of significant variances will provide more useful information for making decisions and assessing accountability. 10 Docusign Envelope ID: 3663A51B-A55A-468C-A489-5213C0CF39E4

CITY OF EMERYVILLE

MEMORANDUM ON INTERNAL CONTROL

STATUS OF PRIOR YEAR 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.

Current Status: See 2024-01. Partially implemented. During our fiscal year 2024 audit, we noted that the City has established a procedure to review and correct any differences between the general ledger and actual payments made to CalPERS for pension related benefits. However, there is a variance amount in the City’s general ledger related to prior periods that has not been settled yet in the amount of $38,440.

Our understanding is that the City is working with CalPERS to address and resolve the discrepancy.

Management’s Response:

The Human Resources (Payroll) Technician will continue to reconcile the accounts on a quarterly basis and identify/research any variances between the general ledger and payments made to CalPERS for pension related benefits. Differences will either be followed-up on with CalPERS, or if needed, the Accountant will record any adjustments to the general ledger on a quarterly basis instead of only at year-end. Staff will follow up with CalPERS regarding the PEPRA contributions of $38,440.
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CITY OF EMERYVILLE

MEMORANDUM ON INTERNAL CONTROL

STATUS OF PRIOR YEAR 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.

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.

Current Status: Implemented.
2022-01: 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.

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.

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: Implemented.
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CITY OF EMERYVILLE

MEMORANDUM ON INTERNAL CONTROL

STATUS OF PRIOR YEAR OTHER MATTERS
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: Implemented.
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APPLYING AGREED UPON PROCEDURES FOR
COMPLIANCE WITH THE PROPOSITION 111
2023-2024 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, 2024. 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 2023-2024 Appropriations Limit of $146,833,723 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 2023-2024 Appropriations Limit by multiplying the 2022-2023 Prior Year Appropriations Limit by the Total Growth Factor. We calculated a 2023-2024 Appropriations Limit of $146,833,723 and determined the difference of $7,091,156 was due to the City using the 2022- 2023 Appropriations Limit instead of the revised 2022-2023 Appropriations Limit in the calculation. We noted that the City corrected the 2023-2024 Appropriations Limit to $146,833,723 during the re-adoption of the Fiscal Year 2024 Revised 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
December 4, 2024
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