Emeryville City Council
January 20, 2026

ADOPTED, by the City Council of the City of Emeryville at a Regular Meeting held January 20, 2026, by the following vote:

AYES:

NOES:

ABSTAIN:

ABSENT:

MAYOR
ATTEST: APPROVED AS TO FORM:

CITY CLERK CITY ATTORNEY

ATTACHMENTS
▪ Exhibit A – 2026 City Council Emergency Standy Officers Roster Exhibit A
2026 COUNCIL MEMBER APPOINTMENTS FOR STANDBY OFFICERS
TERM: JANUARY 20, 2026 – JANUARY 31, 2027
Council Member Appointee Name
Sukhdeep Kaur 1. Julia Clayton

2. Scott Donahue

3. Dianne Martinez
David Mourra 1. Zoë Chafe

2. Dianne Martinez

3. Jordan Wax
Kalimah Priforce 1. TBD
Matthew Solomon 1. Scott Donahue

2. John Bauters

3. Fran Quittel
Courtney Welch 1. Miguel Dwin

2. Rosalyn Reed

3. Zoë Chafe
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City of Emeryville

C A L I F O R N I A

M E M O R A N D U M
DATE: January 20, 2026
TO: Mayor and City Council Members
FROM: LaTanya Bellow, City Manager
SUBMITTED BY: Sharon Friedrichsen, Finance Director
SUBJECT: RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EMERYVILLE

APPROVING THE EMERYVILLE TRANSPORTATION MANAGEMENT
ASSOCIATION (ETMA) 2026 BUDGET AND SETTING COMPENSATION

TO THE ETMA TO OPERATE THE EMERY GO-ROUND SHUTTLE
SERVICE DURING THE 2026 CALENDAR YEAR UNDER THE TERMS

OF THE SERVICE AGREEMENT FOR AN AMOUNT NOT TO EXCEED

FOUR MILLION, SEVEN HUNDRED AND EIGHTY THOUSAND, AND
EIGHT HUNDRED FORTY EIGHT DOLLARS ($4,780,848)

RECOMMENDATION
Staff recommends that the City Council adopt the above-entitled resolution approving the ETMA 2026 budget, setting the compensation amount and authorizing payment to the ETMA for the operation of the Emery Go-Round shuttle service for service year 2026, for an amount not to exceed $4,780,848.

BACKGROUND
On December 6, 2016, the City Council adopted Resolution No. 16-170 that authorized the City Manager to enter into a Shuttle Bus Funding Agreement with the Emeryville Transportation Management Association (ETMA) to administer and operate the Emery Go-Round through December 31, 2030, with each year’s compensation to be set by Council resolution. The City Council approved the EMTA preliminary budget in July 2025 and will consider approving the final budget for 2026 as part of this agenda item.

DISCUSSION
The Emery Go-Round shuttle is funded primarily by the assessments levied through the city-wide Property and Business Improvement District (PBID). Other operating revenues include a “General Benefit Contribution” from the City of Emeryville, that is funded by the City’s General Fund. The City’s contribution is $760,771 or 12.29% of the ETMA operating budget of $4,780,448.

On October 21, 2025, the ETMA Board approved a total budget of $6,086,474 for calendar year 2026 of which $5,655,180 is related to the Emery Go-Round shuttle.

Staff recommends that the City Council approve the ETMA 2026 Budget and authorize payment of $4,780,848 from PBID assessments for the ETMA to operate the Emery GoRound for calendar year 2026. This represents the projected total Fiscal Year 2026 Approve ETMA 2026 Budget
City Council Meeting | January 20, 2026

PBID levy assessment, net of PBID related administrative costs. In addition, the ETMA is projected to receive approximately $1,578,511 in non-PBID revenues for a total of $6,359,360 in projected available revenue for service year 2026, inclusive of the City’s contribution. The ETMA’s 2026 expenditure budget of $6,086,474 projects a surplus of $272,886 that will contribute to the 15% operating reserve of $912,971.

FISCAL IMPACT
On July 1, 2025, the City Council adopted Resolution No. 25-68, which established the fiscal year 2026 assessment levy for the PBID, approved the ETMA preliminary budget and authorized a budget amendment to increase the City’s contribution. Therefore, there is no additional fiscal impact associated with this agenda item.

STAFF COMMUNICATION WITH THE PUBLIC
There has not been any public communication on this item other than communication with ETMA staff.

CONFLICT OF INTEREST
None

CONCLUSION
Staff recommends Council approve the ETMA 2026 budget and compensation in order to continue to provide the Emery Go-Round Shuttle for calendar year 2026.

PREPARED BY: Sharon Friedrichsen, Finance Director

ATTACHMENTS
▪ Draft Resolution
➢ Exhibit A – ETMA 2026 Final Budget
RESOLUTION NO.

RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EMERYVILLE APPROVING THE EMERYVILLE TRANSPORTATION MANAGEMENT ASSOCIATION (ETMA) 2026

BUDGET AND SETTING COMPENSATION TO THE ETMA TO OPERATE THE EMERY GO-ROUND SHUTTLE SERVICE DURING THE 2026 CALENDAR YEAR UNDER THE

TERMS OF THE SERVICE AGREEMENT FOR AN AMOUNT NOT TO EXCEED FOUR

MILLION, SEVEN HUNDRED AND EIGHTY THOUSAND, AND EIGHT HUNDRED FORTY EIGHT DOLLARS ($4,780,848)
WHEREAS, after a vote of approval by Emeryville commercial property owners, the City Council established the Citywide Property Based Business Improvement District (PBID) to fund the Emery Go-Round Shuttle and other alternative transportation programs on July 31, 2001 (Resolution No. 01-122) in accordance with the Property and Business Improvement District Law of 1994 (California Streets and Highways Code Section 36600 et. seq.), the PBID Law, for a period of five years through Fiscal Year (FY) 2006 (service year 2006); and
WHEREAS, after a vote of approval by Emeryville commercial property owners, on July 18, 2006, the City Council adopted Resolution No. 06-141 extending the PBID for another ten years through FY 2016 (service year 2016) and subsequently, on August 4, 2015, the City Council adopted Resolution No. 15-103 extending the PBID for another fifteen years through FY 2030 (service year 2030); and
WHEREAS, the ETMA is a non-profit organization representing commercial and residential property owners that contribute funds to the PBID; and WHEREAS, the City Council authorized the City Manager to enter into a contract with the ETMA to administer and operate the Emery Go-Round through December 31, 2030, with each year’s compensation to be set by Council Resolution; and WHEREAS, the ETMA Board has adopted a total budget of $6,086,474 for service year 2026 of which $5,655,180 is related to the Emery Go-Round shuttle; and WHEREAS, under the ETMA contract to operate the Emery Go-Round, the annual compensation is set at the lesser of the total approved ETMA annual shuttle budget, net of the developer fees collected directly by the ETMA and certain other ETMA revenue or the annual revenue generated by the PBID, net of administrative costs and estimated uncollectable levy fees; and
WHEREAS, in FY 2026, the PBID is projected to generate $4,780,848 in revenue, net of County Assessor and administrative fees and PBID funds can only be used to operate the Emery Go-Round shuttle and related alternative transportation services/programs and cover the PBID’s administrative expenses including both County and City administrative fees; and
Resolution No. _____
Approve ETMA 2026 Budget
City Council Meeting | January 20, 2026

WHEREAS, a General Benefit is a benefit to the public at large resulting from the implementation of District services; the Management District Plan determined that

12.29% of the Emery Go-Round users were engaged in general benefit activities; and WHEREAS, the City Council adopted Resolution No.25-68 on July 1, 2025, that established the Fiscal Year 2026 PBID annual; assessment and approved the FY 2026 Preliminary ETMA budget; now, therefore, be it
RESOLVED, by the City Council of the City of Emeryville to approve the ETMA 2026 Final Budget attached hereto as Exhibit A; and be it, further RESOLVED that the City Council of the City of Emeryville hereby approves setting the compensation to the ETMA to operate the Emery Go-Round shuttle and related services during the 2026 calendar year, under the terms of the service agreement for an amount not to exceed $4,780,848; and authorizes payment from the Emeryville Property Based Business Improvement District Fund 805; and, be it, further RESOLVED that the City Council of the City of Emeryville authorizes $760,711 from the Emeryville Property Based Business Improvement District Fund 805 be paid to the ETMA to cover the City’s General Benefit contribution.

ADOPTED, by the City Council of the City of Emeryville at a Regular Meeting held January 20, 2026, by the following vote:

AYES:

NOES:

ABSTAIN:

ABSENT:

MAYOR
ATTEST: APPROVED AS TO FORM:

CITY CLERK CITY ATTORNEY

ATTACHMENTS
▪ Exhibit A – ETMA 2026 Final Budget
Emeryville TMA 2026 Final Budget

REVENUE
2026 Final
Budget ASSUMPTIONS
PBID Revenue 4,888,452
PBID District Related Costs (107,604)
NET PBID 4,780,848
City of Emeryville - GBC 760,771

12.29% of EGR Operating Budget, per PBID Mgmt Plan. Approved by City Council in July 2025
Direct Bill Revenue 123,886 Increase based on PBID Increase 8 to Go Revenue 162,840 8 to Go Exp. + $800/mo for Mgmt Emery Express Revenue 322,145 EmExp Exp. + $1000/mo for Mgmt + 20% Ind. Cost Markup Misc. Revenue (Int. Income, Investments) 208,869 Estimated Growth for Existing CD Accounts if Reinvested Subtotal Non-PBID Revenues 1,578,511
TOTAL REVENUE 6,359,360

EXPENDITURES ASSUMPTIONS
Direct Cost
EGR Operations 3,256,114
EGR Maintenance 100,000
EGR Fuel 195,325
EGR Communications 393,687 Includes TripShot + APC Service for 21 Vehicles + Infotainment System EGR Misc Operations Expenses 10,000
EGR Bus Leases/Purchases/Savings 250,000 Fleet Plan to be established in 2026 after Surveys Subtotal Direct Cost 4,205,126
Reimbursable Program Costs
8 to Go Operations 162,840
Emery Express Operations 268,454 Current Vehicle
Subtotal Reimbursable Program Costs 431,295
Indirect Costs
Professional Services 521,405 Mgmt, Accounting, Legal, Audit Occupancy (Facilities related expenses) 434,438 Site lease, security, utilities, yard maintenance TMA Insurance 61,210
Conferences, Meetings, Office Expenses 5,000
Membership & Public Outreach 128,000 2% of Annual Revenue +$8k for MPD Pilot Projects & Research 300,000
On-Board and Off-Board Surveys and Implementation of Potential Service Enhancements
Subtotal Indirect Costs 1,450,054
TOTAL ETMA BUDGET/EXPENSES 6,086,474
TOTAL EGR BUDGET/EXPENSES 5,655,180
Reserve Balance Summary
Projected Fund Balance on Dec 31, 2025 6,721,597
2025 Increase (Decrease) in Funds 272,886
Projected Fund Balance on Dec 31, 2026 6,994,482
15% Operating Reserve (per ETMA Policy) 912,971
The Operating Reserve includes those expenses budgeted for Reimbursable Shuttle Programs
Est. Avail. Fund Balance of Dec 31, 2026 6,081,511

1.7% of assessment to County Assessor + 24,500 to City for legal and administrative fees. Approved by City Council in July 2025 Estimated
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City of Emeryville

C A L I F O R N I A

M E M O R A N D U M
DATE: January 20, 2026
TO: Mayor and City Council Members
FROM: LaTanya Bellow, City Manager
SUBJECT: RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EMERYVILLE

ACCEPTING THE ANNUAL COMPREHENSIVE FINANCIAL REPORT

AND OTHER COMPLIANCE AUDIT REPORTS FOR THE FISCAL YEAR
ENDED JUNE 30, 2025

RECOMMENDATION
Staff recommends that the City Council approve the above-entitled resolution to accept the Annual Comprehensive Financial Report and other compliance audit reports for the fiscal year ended June 30, 2025.

BACKGROUND
In accordance with California law and best practices for financial management, the City contracts with an independent certified public accounting firm that has expertise in governmental financial reporting annually to review, or audit, the City’s financial statements to ensure that the statements are accurate, 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, 2025. Maze & Associates, the City’s independent auditor, has issued an unmodified (“clean”) opinion on the City’s financial statements, meaning that the financial statements are free of material misstatement as noted below:
“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, 2025, 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.” [Independent Auditor’s Report, page 1 of the Annual Comprehensive Final Report Year Ended June 20, 2025]
In addition to the financial statements, City staff, with assistance from Maze & Associates, compiled the Annual Comprehensive Financial report (“ACFR”) for the fiscal year ended June 30, 2025, which encompasses July 1, 2024-June 30, 2025. An ACFR is a document that goes beyond the minimum requirements of generally accepted Accept FYE 2025 ACFR
City Council Meeting | January 20, 2026

accounting principles and includes additional financial information in an effort to fully disclosure an entity’s finances and financial health to provide better financial reporting and promote transparency. The document is drafted using criteria outlined by the Government Finance Officers Association (GFOA), as part of the GFOA’s program to acknowledge governments that achieve this level of reporting by awarding a Certificate of Achievement for Excellence in Financial Reporting. The City received an award for last fiscal year’s ACFR and staff will be submitting the current ACFR to the GFOA for consideration with the goal of obtaining the certificate again.

ACFR Overview
The ACFR includes an introductory section comprised of the City Manager’s Transmittal Letter that includes the City’s profile, current economic condition and outlook, major accomplishments over the past year and a summary of internal and budgetary controls.

The basic financial section includes the Independent Auditor’s Report; the Management’s Discussion and Analysis that provides highlights of the financial statements and an overview of the City’s activities and financial performance; capital assets, debt administration, statement of net position and the basic financial statements for the fiscal year ended June 30, 2024, including balance sheets, income and cash flow statements and notes to the financial statements providing additional information on the City’s financial operations.

The audited financial statements provide information on the City’s funds separated by fund classification including:
▪ Major Governmental Funds including the General Fund, Grant Fund, Housing Assets Fund, Property Based Improvement District (PBID) Fund, Affordable Housing Fund, Measure C Housing Bond Fund, General Capital Improvement Fund, and the Redevelopment Agency Bond Fund. Non-major governmental funds include a variety of special revenue funds, capital project funds and debt service funds. ▪ Proprietary Funds are for activities financed and operated in a manner similar to a private business enterprise and include the Sewer Fund and Internal Service Funds. ▪ Fiduciary Funds account for assets held by the City as a trustee or agent for individuals, other governmental units or other funds and include the Successor Agency Private-Purpose Trust Funds.

This section also summarizes the City’s cash and investments; interfund activities, loan and leases receivables pertaining to the construction or improvement of low to moderate income housing or other projects; capital assets; long-term debt; lease liabilities pension and other post-employment benefits (“OPEB”) liabilities, risk management and details on the Successor Agency.

Accept FYE 2025 ACFR
City Council Meeting | January 20, 2026

The statistical section provides current and historical information on financial trends; revenue and debt capacity; and demographic, economic and other operating data over a ten-year period.

DISCUSSION
ACFR Financial Summary
A summary of the financial highlights contained within the ACFR are noted below.

Fund balance represents the accumulation of prior years’ surplus, or savings and, once fund balance is used, it may only be replenished when there is a surplus. A surplus occurs when revenues received by the City are greater than are more than expenses. ▪ As of June 30, 2025, the City’s Governmental Funds reported combined fund balances of $272.9 million, an increase of $24.5 million, or 9.9%, over the prior year.

The total fund balance includes the General Fund, Special Revenue Funds, Debt Service Funds, and Capital Project Funds.
▪ The General Fund (the City’s main operating fund) unassigned fund balance, in combination with the Economic Uncertainty Fund, totaled $59.2 million. Interestingly, this amount is on par with the typical amount the General Fund spends in a fiscal year on personnel, programs, projects and services.
▪ The economic uncertainty fund balance was $23.5 million or 39.7% of total General Fund budgeted expenditures for Fiscal Year 2024-25, which was below the City’s

50.0% reserve target. However, the General Fund unassigned fund balance of $35.7 million was 60.3% of total General Fund budgeted expenditures, which was significantly above the City’s 20% reserve target.

Governmental Fund revenues of $112.4 million increased by $24.4 million, or 27.7% over the prior year, primarily due to the following:
▪ Commercial property transfer taxes increased by $11.3 million due to the one-time revenue from the Sutter Health property acquisition.
▪ Property Tax Residual payments related to the dissolution of the Redevelopment Agency increased by $3.7 million due to a Council policy change allocating 100% of the payments to the General Fund. Previously 50% of the payment was allocated to the General Fund and 50% to the General Capital Fund.
▪ Intergovernmental-Other Grants increased due to grant reimbursements of $7.4 million from Alameda County Transportation Commission (ACTC) for the Quiet Zone at 65th, 66th, 67th Street capital project and $1.8 million from Cal Trans and ACTC for the 40th street Transit Hub capital project and the receipt of a $0.5 million grant from the California Department of Housing as a pro-housing incentive. ▪ General Fund revenues totaled $68.9 million, an increase of $16.8 million compared to the prior fiscal year, primarily due to the property-related taxes noted above.

Accept FYE 2025 ACFR
City Council Meeting | January 20, 2026

Governmental Fund expenditures increased by $.7 million in Fiscal Year 2024-25 to $87.9 million, primarily due to the following:
▪ Non-departmental expenditures increased by $1.2 million due the one-time DTSC allocation to the Successor Agency for the Corp Yard clean-up remediation. ▪ Police expenditures increased by $1.5 million due to salaries and benefits increases and GASB 68 pension adjustments.
▪ Economic Development and Housing expenditures decreased $5.2 million due to fewer loan disbursements to developers during 2024-25 compared to prior year. • Capital Outlay expenditures increased by $.7 million over the prior fiscal year due to an increase in capital project activities.
▪ Debt service-principal and interest expenses increased $1.6 million due to debt payment obligations.
▪ The remaining increases of $.9 million were incurred by all other departments ranging from $0.01 million to $0.4 million primarily due to negotiated increases in salaries and benefits.
▪ General Fund expenditures totaled $51.9 million, consistent with prior fiscal year’s total of $51.9 million. Non-departmental operations had a decrease of $1.4 million in expenditures as there were no one-time transfers out in the current fiscal year.

Police had an increase of $1.4 million in expenditures due to increases in salaries and benefits.

In addition to the fund financial highlights, the ACFR includes an analysis of the City’s net position, which is also a useful indicator of the City’s financial health over time. The net position compares the City’s cash and investment, capital assets and other assets to its liabilities. At the close of Fiscal Year 2024-25, City assets exceeded liabilities by $336.9 million, an increase of $24.1 million over the prior fiscal year. The City’s liabilities include long-term debt ($50.1 million), net pension ($61.6 million), net OPEB ($5.6 million) and other liabilities ($29.3 million).

Auditor Required Communication Letter
Professional audit standards require that the auditors communicate directly with the City Council. In the Auditor’s Required Communication, Maze & Associates identified two new required accounting policies: (1) GASB 101 that requires government entities to recognize and quantify the cost of liabilities for both unused leave and leave that has been used but remains unpaid or unsettled at reporting dates and (2) GASB 102, Certain Risk Disclosures that require local governments to disclose vulnerabilities to significant concentrations, like a lack of diversity in revenue sources, or constraints related to limitation on resources and spending, neither which had a material impact on the financial statements. The auditors discuss certain accounting estimates required for the preparation of the financial statements and confirm that there were no material audit adjustments required, misstatements or disagreements with management to report.

Accept FYE 2025 ACFR
City Council Meeting | January 20, 2026

Memorandum on Internal Control
As part of the audit, Maze & Associates reviewed the City’s internal controls over financial reporting. The firm audits procedures to determine if a deficiency in internal control exists, meaning that 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. The firm did not identify any deficiencies that are considered to be a material weakness. Recommendations related to prior-year significant deficiencies have been implemented and one deficiency related to reconciling a payroll-related account will be addressed this fiscal year.

Other Audits
In addition to the City’s general purpose financial statements, which are included in the ACFR, the City prepares various financial reports associated with the Emeryville Child Development Center, Measure B, Measure BB and the Alameda County Transportation Commission Vehicle Registration Measure F Program in compliance with certain local, state and federal reporting requirements.

Child Development Center
A separate review of the financial statements of the Emeryville Child Development Center was completed as required by the California Department of Education. Maze & Associates determined the financial statements to be presented fairly, in all material respects, the financial position of the governmental activities and the major fund of the Center as of June 30, 2025, and did not identify any deficiencies in internal controls that are considered to be a material weakness. The auditor’s test disclosed one instance of noncompliance related to attendance reporting as shown in the report under the “Schedule of Findings and Questioned Costs Other Matter 2025-01" and as referenced within the Memorandum on Internal Controls. The Community Services Department will implement procedures to address this item.

Measure B/BB/ F Audits
The Alameda County Transportation Commission also requires the annual submittal of compliance reports and financial statements. Measure B and BB Funds are used to account for the City’s share of revenues earned and expenditures incurred under the City’s paratransit, local streets and roads, and bicycle and pedestrian programs. The Vehicle Registration Fee Measure F Program funds projects related to Local Road Improvement and Repair, Transit for Congestion Relief, Local Transportation Technology and Pedestrian and Bicyclist Access and Safety. Maze & Associates determined the City is compliant with the program requirements.

Accept FYE 2025 ACFR
City Council Meeting | January 20, 2026

Appropriations Limit
In accordance with the provisions of the 1979 Gann Initiative (Proposition 4), the City Council annually approves an appropriations limit calculation. As part of the annual audit process, the auditors review and verify staff’s appropriations limit calculation. For the fiscal year ended June 30, 2025, the auditors have verified that the appropriations limit calculation is correct.

FISCAL IMPACT
The cost of the various financial audits is included within the Finance Department’s annual operating budget.

STAFF COMMUNICATION WITH THE PUBLIC
The draft ACFR was presented as an informational item to the Budget Advisory Committee on December 16, 2025. There has been no other public communication.

CONFLICT OF INTEREST
None.

CONCLUSION
The Annual Comprhensive Financial Report for the fiscal year ended June 30, 2025, shows the City closed fiscal year 2024-2025 in a strong financial position, primarily due to increases in one-time revenue sources. In addition, the independent audit noted no material weaknesses or significant deficiencies in the City’s internal controls.

PREPARED BY: Sharon Friedrichsen, Finance Director

ATTACHMENTS
▪ Draft Resolution
o Attachment A – FYE 2025 Annual Comprehensive Financial Report o Attachment B – Auditor Required Communication Letter
o Attachment C- Auditor Memorandum on Internal Control
o Attachment D- Child Development Center Audit Report
o Attachment E- Measure B Audit Report
o Attachment F- Measure BB Audit Report
o Attachment G- VRF/Measure F Audit Report
o Attachment H- Appropriations Limit Calculation Audit Report RESOLUTION NO.

RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EMERYVILLE ACCEPTING

THE ANNUAL COMPREHENSIVE FINANCIAL REPORT AND OTHER COMPLIANCE AUDIT REPORTS FOR THE FISCAL YEAR ENDED JUNE 30, 2025
WHEREAS, conformance with California State law and sound governmental accounting standards and practices requires completion of an annual independent financial and other compliance audits 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, 2025, has been completed and included within the Annual Comprehensive Financial Report; and WHEREAS, the goal of an independent audit is to provide reasonable assurance that the City’s financial statements are free of material misstatement and 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; and
WHEREAS, the Annual Comprehensive Financial Report has been developed in accordance with criteria outlined by the Government Finance Officers Association (GFOA) in order to be eligible to receive the GFOA Certificate of Achievement for Excellence in Financial Reporting, which encourages governments to go beyond the minimum requirements of generally accepted accounting principles and prepare a document intended to provide additional financial information to assist in transparency and full disclosure of an entity’s finances and financial health; now, therefore, be it RESOLVED, by the City Council of the City of Emeryville to accept the Annual Comprehensive Financial Report for the fiscal year ended June 30, 2025, and other compliance reports for the Child Development Center and the Appropriations Limit.

Resolution No. _____
Accept FYE 2025 ACFR
City Council Meeting | January 20, 2026

ADOPTED, by the City Council of the City of Emeryville at a Regular Meeting held January 20, 2026, by the following vote:

AYES:

NOES:

ABSTAIN:

ABSENT:

MAYOR
ATTEST: APPROVED AS TO FORM:

CITY CLERK CITY ATTORNEY
City of Emeryville CALIFORNIA

ANNUAL COMPREHENSIVE

FINANCIAL REPORT
YEAR ENDED JUNE 30, 2025
Emeryville Amtrak Station
“Waiting it’s turn” by Patrick Dirden Photography
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CITY OF EMERYVILLE, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Prepared by:

FINANCE DEPARTMENT
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CITY OF EMERYVILLE, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2025

TABLE OF CONTENTS
Page
INTRODUCTORY SECTION:

Letter of Transmittal ..................................................................................................................................................... vii GFOA Award ............................................................................................................................................................ xvi List of City Officials ................................................................................................................................................... xvii Organizational Chart of City Departments .............................................................................................................. xviii Map of Emeryville ....................................................................................................................................................... xix 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
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 i

CITY OF EMERYVILLE, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2025

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 ............................................................................................ 99 Budgetary Comparison Schedule – Other Grants Special Revenue Fund ...................................................... 100 Budgetary Comparison Schedule – Housing Assets Special Revenue Fund .................................................. 101 Budgetary Comparison Schedule – Property Based Improvement District Special Revenue Fund ............... 102 Budgetary Comparison Schedule – Affordable Housing Special Revenue Fund ........................................... 103 Budgetary Comparison Schedule – Measure C Housing Bond Special Revenue Fund ................................. 104 Schedules of the City’s Proportionate Share of the Net Pension Liability:

Miscellaneous Plan ................................................................................................................................ 106 Safety Plan ............................................................................................................................................. 108 Schedules of Changes in Net Pension Liability and Related Ratios:

Emeryville Police Officers’ Association Retirement Enhancement Plan ............................................. 110 Schedules of Plan Contributions:

Miscellaneous Plan ................................................................................................................................ 112 Safety Plan ............................................................................................................................................. 114 Emeryville Police Officers’ Association Retirement Enhancement Plan ............................................. 116 Schedule of Changes in the Net OPEB Liability and Related Ratios ............................................................. 118 Schedule of OPEB Plan Contributions ............................................................................................................ 120 Notes to Required Supplementary Information ............................................................................................... 122 ii

CITY OF EMERYVILLE, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2025

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

Supplemental Information:

Non-major Governmental Funds:

Combining Balance Sheets ........................................................................................................................ 126 Combining Statements of Revenues, Expenditures and Changes in Fund Balances ................................................................................................................................... 136 Budgetary Comparison Schedules – Nonmajor Special Revenue Funds:

Housing Community Development ........................................................................................................... 146 Cal-HOME Loan Program ......................................................................................................................... 147 Police Impound .......................................................................................................................................... 148 Catellus Contingent .................................................................................................................................... 149 Special Gas Tax Street Improvement ......................................................................................................... 150 General Plan Maintenance ......................................................................................................................... 151 Child Development .................................................................................................................................... 152 Measure B .................................................................................................................................................. 153 Measure BB ................................................................................................................................................ 154 Transportation Impact Fee ......................................................................................................................... 155 Park/Rec Impact Fee .................................................................................................................................. 156 Affordable Housing Impact Fee ................................................................................................................. 157 Supplemental Law Enforcement ................................................................................................................ 158 Emergency Medical Services ..................................................................................................................... 159 Recycling/Source Reduction ...................................................................................................................... 160 Measure D .................................................................................................................................................. 161 Emeryville Public Art ................................................................................................................................ 162 Information Technology ............................................................................................................................. 163 PEG Program.............................................................................................................................................. 164 Urban Forestry Fee ..................................................................................................................................... 165 Opioid Settlement ....................................................................................................................................... 166 Environmental Program ............................................................................................................................. 167 Road Maintenance and Rehabilitation ....................................................................................................... 168 Measure B-VRF ......................................................................................................................................... 169 Measure F ................................................................................................................................................... 170 Parking Program ........................................................................................................................................ 171

iii

CITY OF EMERYVILLE, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2025

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

Budgetary Comparison Schedules – Capital Projects Funds:

General Capital Improvements .................................................................................................................. 172 1999 Revenue Bond ................................................................................................................................... 173 Marina Improvement .................................................................................................................................. 174 Emeryville Center of Community Life ...................................................................................................... 175 Implementation Plan 2010-14 .................................................................................................................... 176 Pedestrian Path Improvement .................................................................................................................... 177 Major Maintenance .................................................................................................................................... 178 Vehicle Replacement ................................................................................................................................. 179 RDA Bond .................................................................................................................................................. 180 Developer Contributions ............................................................................................................................ 181 1999 Bay/SM.............................................................................................................................................. 182 Budgetary Comparison Schedule – Debt Service Funds:

1998 Lease Revenue Series A Bond .......................................................................................................... 183 Measure C Bond ......................................................................................................................................... 184 Internal Service Funds:

Combining Statement of Net Position ....................................................................................................... 186 Combining Statements of Revenues, Expenses and Changes in Fund Net Position ................................ 188 Combining Statements of Cash Flow ........................................................................................................ 190 Private-Purpose Trust Funds:

Combining Statement of Net Position ....................................................................................................... 194 Combining Statement of Changes in Fiduciary Net Position ................................................................... 196

iv

CITY OF EMERYVILLE, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2025

TABLE OF CONTENTS
Page
STATISTICAL SECTION:

Net Position by Component – Last Ten Fiscal Years ...................................................................................... 200 Changes in Net Position – Last Ten Fiscal Years ............................................................................................ 202 Fund Balances of Governmental Funds – Last Ten Fiscal Years ................................................................... 206 Changes in Fund Balances of Governmental Funds – Last Ten Fiscal Years ................................................ 208 Assessed Value and Estimated Actual Value of Taxable Property – Last Ten Fiscal Years .......................... 211 Assessed Value of Property by Use Code, Citywide - Last Ten Fiscal Years ................................................ 212 Direct and Overlapping Property Tax Rates – Last Ten Fiscal Years ............................................................ 214 Principal Property Tax Payers – Current Year and Nine Years Ago .............................................................. 215 Property Tax Levies and Collections – Last Ten Fiscal Years ........................................................................ 216 Principal Sales Tax Procedures – Current Year and Nine Years Ago ............................................................ 217 Ratios of Outstanding Debt by Type – Last Ten Fiscal Years ........................................................................ 218 Ratios of General Bonded Debt Outstanding – Last Ten Fiscal Years ........................................................... 219 Statement of Direct and Over Lapping Bonded Debt ...................................................................................... 220 Legal Debt Margin Information – Last Ten Fiscal Years ............................................................................... 222

Pledged-Revenue Coverage – Last Ten Fiscal Years ...................................................................................... 224 Demographic and Economic Statistics – Last Ten Fiscal Years ..................................................................... 225 Principal Employers – Current Year and Nine Years Ago .............................................................................. 226 Full-Time-Equivalent City Government Employees by Function/Program – Last Ten Fiscal Years ............ 227 Operating Indicators by Function/Program – Last Ten Fiscal Years .............................................................. 228 Capital Asset Statistics by Function/Program – Last Ten Fiscal Years .......................................................... 230 v
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December 26, 2025
City of Emeryville
INCORPORATED 1896
1333 Park Avenue
Emeryville, California 94608-3517
Tel: (510) 596-4300 I Fax: (510) 596-4389
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, 2025. 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, 2025. 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 2025 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, 2025. 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.

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

The City of Emeryville is in Alameda County in the San Francisco Bay Area. It is bordered by the City of Berkeley to the north and the City of Oakland to the east and south. According to the California Department of Finance, the City has an estimated population of 13,471 in FY 2025. 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. Prior to dissolution, the City received a share of the 1 % general property tax net of the tax increment received by the Agency. 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 2025, the City received $7.4 million in residual property tax revenue. Effective March 4, 2025, City Council adopted a policy to increase the General Fund allocation of residual property tax revenue from 50% to 100% to bring additional funds into the General Fund to help support operational needs. 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 General Fund received approximately $7.9 million in sales tax revenues compared to $7.6 million in the prior fiscal year while business license revenues of $9.2 million decreased from $9.5 million in FY 2024. Hotel taxes of $5.5 million remain flat with the prior year and continue to be significantly lower than pre-pandemic levels.

Sales taxes are projected to increase a modest 2% per year over the next five years, while business license taxes and transient occupancy taxes are projected to be relatively flat.
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The City of Emeryville's unemployment rate was 5.0% for August 2025, lower than the

5.5% average for California but higher than the 4.3% reported in the rest of the country. The sector with the highest employment growth rate in California was the health care industry, expanding by 5.3% over the past year. Beacon Economics· projects that the East Bay (defined as Alameda and Contra Costa Counties) economy will continue to outpace the statewide job growth, driven by rapid advances in artificial intelligence, computing and automation.

The real estate market in the East Bay continued to be in a correction phase in the first half of 2025. Data from the California Association of Realtors indicates that the median home price of single-family homes in Alameda County decreased by 13.5% from $1.2 million in August 2024 to $1.0 million in August 2025. This is largely due to higher mortgage rates which are expected to decrease in the fourth quarter of 2025 due to the September 2025 federal rate cut. Home prices are expected to continue to decrease, albeit modestly, during the next two years.

The commercial real estate market and local economy in Emeryville continues to have a well-balanced composition of retail, service and life science sectors that have supported continued real estate development and interest in leasing activity.

Major Initiatives and Accomplishments
The City is committed to providing innovative and responsive services to the community to create and sustain a vibrant, healthy, and livable city. The City continued to develop vital services and programs that are consistent with its strategic goals, mission, and values. Significant activities and accomplishments for FY 2025 include the following:

The Community Development Department is comprised of three divisions:

Planning, Building, and Economic Development and Housing ("EDH"). In FY 2025, The Planning Division completed an update of the City's Planning Regulations relating to Accessory Dwelling Units ("ADUs"), consistent with the requirements of state law. The Planning Division also initiated work on several policy topics including the reinstatement of inclusionary housing and. update of Development Impact Fees.

The inclusionary housing policy work is being supported in part by a grant of $250,000 from the Metropolitan Transportation Commission's Transit Oriented Communities program. The Planning Division also commenced work on the Sutter Health Emeryville Campus project, as Sutter acquired the former BioMed Realty (former Chiron) site in early 2024.

The Building Division continued providing excellent customer service as the division issued 484 permits for construction of buildings, totaling over $52 million in valuation and generating over $2.9 million in permit fees. The Building Division reached a major milestone with the issuance of the Final Certificate of Occupancy for The Emery development: This action marked the completion of one of the most significant residential projects in Emeryville's recent history, involving remediation of the former Sherwin Williams paint factory, construction of a new public park, establishment of a shuttle to West Oakland BART, and a host of off-site improvements including undergrounding and new pedestrian and bicycle facilities. Additionally, the Building ix
Division launched online automated permitting for residential solar building permits and implemented the Tobacco Retailer License program,
The Economic Development and Housing Division continued implementation of a suite of programs in support of the "Rotten City Cultural District" designation, through grant funding provided by the state. These programs advanced the City's arts programming with a focus on directly supporting Emeryville artists and included the opening of a "headquarters" location at Bay Street to host residencies and other RCCD programming, production of a "Block Party" event, and production of the "Cinema Celebration" - the City's first film festival. The EDH Division continued its work to produce and enhance affordable housing, through 1) Launch of the Emeryville Accessible Living Initiative and execution of loan agreements to support accessibility improvements at four properties using Prohousing Incentive Program grant funds, 2) Amending the affordable housing agreement for the Avalon Senior Housing project to accommodate a refinancing, and 3) Amending the Lease Disposition and Development Agreement for the 4300 San Pablo Avenue Intergenerational Affordable Housing Project, to adjust affordability levels, increase the City's permanent financing commitment, and support an application to the state's Multifamily Housing Program.

Lastly, the EDH Division implemented the purchase of 1245 Powell for eventual expansion of Stanford Park, Amended the Development Agreement for the Marketplace Redevelopment Project to accommodate the developer's exploration of a housing project on that site, and, significantly, completed the exceedingly complex transfer of the Amtrak Station and Platform Parcels to Amtrak, in accordance with myriad redevelopment-era agreements with multiple parties.

The Police Department (EPD) advanced its mission to protect and serve while upholding its core values of trustworthiness, professionalism, and compassion. EPD remains committed to innovation, public safety, and community well-being, continuously adapting services to meet the community's needs. Crime levels decreased, with non-violent crime remaining below the regional average, reflecting proactive policing, enhanced traffic enforcement, and targeted public safety initiatives.

Community engagement remains central, with events like Coffee with the Cops, Peace in the Park, school supply drives, and National Night Out strengthening partnerships between officers and residents. EPD leveraged technology to enhance public safety, expanding the Automated License Plate Reader (ALPR) platform in collaboration with local businesses. This partnership broadened the network and increased officers' access to real-time . information, improving the · likelihood of identifying suspects and thwarting criminal activity. The Department also expanded its fleet with four fully electric vehicles and an additional dual charging station, supporting patrol mobility, traffic enforcement, and the City's sustainability goals. Traffic enforcement increased significantly, particularly benefiting bicyclists and pedestrians, and specialized DUI training funded by a California Highway Patrol (CHP) grant enhanced officers' ability to respond to impaired driving incidents. Accountability and transparency are central to EPD's operations, with regular audits of body-worn camera footage, speed enforcement activities, and other processes ensuring policies are followed and maintaining public trust. EPD secured multiple grants to support public safety initiatives, including Office of Traffic Safety (OTS) grants, CHP grants, a cannabis grant, and a wellness grant. The wellness grant provides officers with mental health resources, specialized training, and equipment to promote resilience and x
overall well-being. Through innovation, proactive enforcement, accountability, and community collaboration, the Emeryville Police Department continues to maintain public safety while building trust and fostering a resilient, connected community.

The Community Services Department's dedicated team delivered a robust lineup of high-quality programs and signature events that energized the city. Highlights included the Harvest Festival, Car-Free Holiday Parade, Healthy Families Festival, Movies in the Park, and Pancakes and Pajamas with Santa. These efforts played a vital role in enriching cpmmunity life and cultivating a vibrant, engaged environment for residents of all ages.

Adult and Senior Services experienced a remarkable resurgence, with participation levels surpassing pre-pandemic figures. The center offered a welcoming space for older adults, featuring popular classes such as Zumba, Yoga, and Pickleball, as well as enriching day trips and extended travel opportunities. Special events like the Holiday Gala, Lunar New Year, and Black History Celebration fostered a lively and connected community atmosphere.

Youth Services provided free afterschool care to over 210 youth and served 256 unduplicated campers this summer, along with 141 summer school students-totaling 397 youth served. With a dedicated coordinator, the program expanded significantly, adding new enrichment activities like Shred and Paint, Coding, Math Intensifier, and various sports and wellness groups. Signature weekly themes such as Math Monday and Fun Friday continued, now enhanced with offerings like Acts of Service Friday and the Good Trouble Initiative. Intergenerational programming also grew through the Emery High Spartans Helping Seniors project at the Senior Center. High school engagement remained strong with the return of the Green Team and Leaders In Training. The Emeryville Teen Center reopened with support from Emeryville Ikea.

Youth Services also increased school-based events to a monthly cadence, including Boo Bash, Eid-Mubarak, and new celebrations like the Inclusion Dance. As staffing and capacity grow, so do the opportunities to serve and engage more youth in meaningful ways.

The Emeryville Child Development Center continues to champion hands-on, imaginative learning that nurtures the whole child. Through a curriculum rooted in creativity and exploration, the center supports the development of cognitive, social, emotional, and physical skills. By prioritizing active engagement and age-appropriate experiences, the program lays a strong academic foundation while fostering confidence, curiosity, and resilience in every child.

In 2025, the Aquatics program continued to serve over 2,000 participants and promote water safety and fitness for all ages through lap swim, open swim, and swim lessons for local students. The program also maintained its strong partnership with East Bay Regional Park District Lifeguarding Services to support safe and inclusive aquatic experiences for all.

The Public Works Department successfully completed the Civic Center HVAC Replacement project, which modernized the entire system with high-efficiency heat pumps and eliminated the aging gas boiler-reducing emissions and improving comfort and reliability at City Hall. The Corporation Yard Improvements project xi
advanced into design and remediation, laying the groundwork for a consolidated and sustainable operations campus featuring solar energy, stormwater treatment, and modern fueling infrastructure. The Rehabilitation of City Sewer Laterals project continues progress, with seven of ten laterals completed and the remaining three scheduled for final replacement this fiscal year. The Sustainable Streetscapes project remains active, with work on Hollis scheduled for completion in November. The Signal Modernization program upgraded 14 intersections with passive pedestrian detection, and the Active Transportation Program Studies initiated planning for multimodal improvements along the western Powell Street corridor. The 40th Street Multimodal Project advanced through environmental clearance, setting the stage for construction of protected bikeways, bus-only lanes, and new streetscape amenities along the City's most vital corridor. In addition, the Bridge Repainting and Streetlight Pole Painting projects were completed with over 555 poles, 55 signal controller boxes, and the 40th Street Bridge railing repainted. The Urban Tree Planting Program completed design and secured a construction contract to install 125 new trees throughout the City, advancing the Strategic Plan's goals for urban greening and environmental resilience.

Finally, the Marina Lighting project installed 77 new LED fixtures along Powell Street and Marina Park, improving nighttime visibility, safety, and energy efficiency along the waterfront.

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 code 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 xii
and resources froni the County's sales tax measures that support transportation projects (e.g. Measure BB).

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

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

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

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

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

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

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. Effective March 4, 2025, the City Council approved updates to the Economic Uncertainty Fund, which included a goal of maintaining a reserve of 50% of the General Fund annual expenditures budget and a goal of maintaining an Unassigned General Fund balance of 20% of the General Fund annual expenditures budget. As of June 30, 2025, the Economic Uncertainty Fund of $23.5 million and the Unassigned General Fund reserve of xiii
$35.7 million represents 41.5% and 63%, respectively, of the $56.6 million budgeted General Fund 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, 2025, the Section 115 Pension Trust Fund has a balance of $12.8 million.

3. Passed voter-approved taxes or assessments (Measure C - Affordable Housing Bond, Measure F - Sales & Use Tax, and Measure O - Real Property Transfer Tax), and annually update the Master Fee Schedule of City departments to ensure cost recovery of services provided. In addition, the City Council has included researching potential revenue measures as a top priority within the current strategic plan and will be considering whether to include a measure in the November 2026 election.

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, 2024. This was the 30th consecutive year that the City of Emeryville 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.
xiv
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.
jj� /4�/p,r_)
Sharon Friedrichsen
Finance Director
xv
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, 2024
Executive Director/CEO
xvi

CITY OF EMERYVILLE
List of City Officials
(as of June 30,2025)
City Council
Mayor ........................................................................................................................ David Mourra Vice-Mayor ............................................................................................................. Sukhdeep Kaur Councilmember ..................................................................................................... Kalimah Priforce Councilmember .................................................................................................. Matthew Solomon Councilmember ..................................................................................................... Courtney Welch Appointed Officials and Department Heads
City Manager/Executive Director .......................................................................... LaTanya Bellow Assistant City Manager/Assistant Executive Director ............................................. Pedro Jimenez City Attorney/General Counsel ................................................................................ John Kennedy City Clerk ...................................................................................................................... April Foran Community Development Director ...................................................................... Chadrick Smalley Community Services Director .......................................................................... Rebecca Sermeno Finance Director .............................................................................................. Sharon Friedrichsen 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 xvii
➢ 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. xviii
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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, 2025, 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, 2025, 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 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.
2 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.

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.

3 Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 26, 2025, 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 26, 2025
4 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, 2025. 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 2024-25 and 2023-24. All increases and decreases are expressed relative to Fiscal Year 2023-24 results.

Highlights of Fiscal Year 2024-25 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 $59.2 million of the total $83.2 million General Fund Balance, or 100% of total General Fund budgeted expenditures of $59.2 million for Fiscal Year 2024-25. The economic uncertainty fund balance was $23.5 million (excluding $3.3 million for the potential social security settlement), or 39.7% of total General Fund budgeted expenditures for Fiscal Year 2024-25. • The assets and deferred outflows of resources of the City of Emeryville exceeded its liabilities and deferred inflows of resources at June 30, 2025, by $336.9 million (net position), an increase of $24.1 million over the prior year’s net position of $312.8 million. • The governmental activities total net position at June 30, 2025, was $319.1 million, an increase of $23.4 million over the prior fiscal year’s net position of $295.7 million.

Business-type activities total net position increased by approximately $0.7 million to $17.8 million.
• Of the City’s $336.9 million in net position, $147.0 million represents net investment in capital assets, $70.1 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 $119.8 million represents the accumulated unrestricted funds at the close of Fiscal Year 2024-25.

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 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 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-nine (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. Effective January 2026, MESA will be legally dissolved, and the City will provide all personnel and administrative services to miscellaneous staff.

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.

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 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 2024-25, the City of Emeryville’s assets exceeded liabilities by $336.9 million, an increase of $24.1 million over the prior fiscal year net position total of $312.8 million.

A significant portion of the City of Emeryville’s net position is $119.8 million in unrestricted net position. Net investment in capital assets totaled $147.0 million. Net position of $70.1 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:
2025 2024 2025 2024 2025 2024
Cash and Investments 283.9 $ 265.6$ $ 9.9 $ 9.0 $ 293.8 $ 274.7 Other Assets 32.2 36.2 0.2 0.1 32.3 36.3
Capital Assets 143.0 133.8 8.0 8.2 151.0 142.0
Total Assets 459.1 435.6 18.1 17.4 477.2 453.0
Deferred Outflows of
Resources 14.0 22.4 0.1 0.1 14.1 22.5
Long-Term Debt 50.1 51.4 - - 50.1 51.4
Net Pension Liability 61.3 62.0 0.3 0.3 61.6 62.3
Net OPEB Liability 5.6 5.8 0.0 0.0 5.6 5.9
Other Liabilities 29.3 36.2 0.0 0.0 29.3 36.2
Total Liabilities 146.3 155.4 0.3 0.4 146.6 155.8
Deferred Inflows of
Resources 7.6 6.9 0.0 0.0 7.6 7.0
Net Position:

Net investment in
capital assets 139.0 129.1 8.0 8.2 147.0 137.2
Restricted 60.3 57.0 9.8 8.9 70.1 65.9
Unrestricted 119.8 109.6 - - 119.8 109.6
Total Net Position $ 319.1 $ 295.7 $ 17.8 $ 17.1 $ 336.9 $ 312.8 Statement of Net Position
($ In millions)
Governmental Activities Business-Type Activities Total
8 Analysis of activities: At the end of Fiscal Year 2024-25, the City of Emeryville’s governmental net position increased by $24.1 million. Key changes are reflected in the table below. 2025 2024 2025 2024 2025 2024
Revenues
Charges for Services $ 15.4 $ 20.1 $ 1.2 $ 1.2 $ 16.6 $ 21.3 Operating Contributions & Grants 5.9 8.4 - - 5.9 8.4
Capital Contributions & Grants 13.9 0.8 - - 13.9 0.8
Property Taxes 25.1 12.6 - - 25.1 12.6
Transient Occupancy Tax 5.5 5.4 - - 5.5 5.4
Sales Taxes 11.0 10.7 - - 11.0 10.7
Franchise Tax 2.5 2.4 - - 2.5 2.4
Business License Taxes 9.2 9.5 - - 9.2 9.5
Utility Users Tax 4.6 4.2 - - 4.6 4.2
Other Taxes and Fines - - - - -
Motor Vehicle In Lieu 1.3 1.3 - - 1.3 1.3
Use of Money and Property 10.1 11.7 0.4 0.3 10.5 12.0
Contribution from Successor Agency - - - - - -
Transfers In 0.1 0.1 - - 0.1 0.1
Miscellaneous 4.4 5.1 - - 4.4 5.1
Total Revenues 109.0 92.3 1.6 1.5 110.6 93.8
Expenses
City Council 0.3 0.2 - - 0.3 0.2
City Manager's Office 1.7 1.5 - - 1.7 1.5
City Attorney's Office 1.0 0.7 - - 1.0 0.7
Finance Dept 1.6 1.4 - - 1.6 1.4
Human Resources Dept 1.0 0.9 - - 1.0 0.9
Information Technology Dept 1.5 1.7 - - 1.5 1.7
General Government 9.8 10.6 - - 9.8 10.6
Police Department 25.2 21.7 - - 25.2 21.7
Fire Department 12.3 12.0 - - 12.3 12.0
Planning and Building 3.2 3.7 - - 3.2 3.7
Economic Development and Housing 2.2 7.4 - - 2.2 7.4
Property Based Improvement District 5.3 5.2 - - 5.3 5.2 Community Services Department 7.7 7.1 - - 7.7 7.1
Public Works Department 9.8 10.3 - - 9.8 10.3
Interest on long-term debt 3.0 3.1 - - 3.0 3.1
Transfers Out - - 0.1 0.1 0.1 0.1
Sewer - - 0.8 0.6 0.8 0.6
Total Expenses 85.6 87.5 0.9 0.7 86.5 88.2
Increase(Decrease) in Net Position 23.4 4.8 0.7 0.8 24.1 5.6 Beginning Net Position 295.7 290.9 17.1 16.3 312.8 307.2 Restatement of Net Position - - - - - -
Beginning Net Position, restated 295.7 290.9 17.1 16.3 312.8 307.2 Ending Net Position $ 319.1 $ 295.7 17.8$ $ 17.1 $ 336.9 $ 312.8 Changes in Net Position
Net Position at June 30
($ in millions)
Governmental
Activities
Business Type
Activities Total
9 Governmental Activities – Revenues
Revenues from Governmental Activities totaled $109.0 million in Fiscal Year 2024-25, an increase of $16.7 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 $35.2 million, a net increase of $5.9 million from the prior fiscal year due the following:
• Charges for services decreased $4.7 million due to a reduction in development projects which resulted in lower revenues in permits and fees.
• Operating contributions and grants decreased by $2.5 million primarily due to the timing of the Measure C tax levy. Compared to prior year, a lower tax was levied for the debt service payment.
• Capital contributions and grants increased by $13.1 million primarily due to state & county grants received for the Quiet Zone @ 65th, 66th, and 67th Street and 40th Street San Pablo Transit Hub projects as well as a state grant for the Prohousing-Access Improvement project.

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 2024-25, general revenues totaled $73.7 million, an increase of $10.6 million when compared to the prior fiscal year’s total general revenues of $63.0 million. The increases were primarily due to the following:
• Property taxes increased by $12.5 million due to the commercial property transfer tax payment received from Sutter Health for $11.2 million and additional residual property transfer tax of $1.2 million as a result of the policy change to allocate 100% of residual property taxes to the general fund.
• Use of money and property revenue decreased by $1.5 million primarily due to the yearend unrealized market value adjustment of City investments.

The following Total Revenues chart includes only current year revenues and includes all governmental funds, not just the General Fund
Total Revenues, Governmental Activities – 2024-25

10 Governmental Activities – Expenses
Total governmental activities expenses were $85.6 million in Fiscal Year 2024-25, a decrease of $1.9 million from the prior fiscal year. The major variances included:
• General government expenses decreased $.8 million due to no one-time transfers in the current year, compared to prior year which had one-time transfers out to the Disaster Fund, Urban Tree Program and Measure O Reserve Fund as well as the prior year IRS social security settlement.
• Police expenses increased by $3.5 million due to GASB 68 pension adjustments and allocations.
• Economic Development and Housing decreased by $5.2 million due to fewer loans to developers compared to prior year. • Community Services increased by $.6 million primarily due to salaries & benefits increases.

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 – 2024-25
Business-Type Activities (Sewer Fund) – Revenues
Revenues from business-type activities totaled $1.6 million, which is consistent with the prior fiscal year.

Business-Type Activities (Sewer Fund) – Expenses
Expenses from business-type activities were $0.9 million, which is consistent with the prior fiscal year.
11 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, 2025, the City’s Governmental Funds reported combined fund balances of $272.9 million, an increase of $24.5 million, or 9.9%, over the prior year.

Governmental Fund revenues of $112.4 million increased by $24.4 million, or 27.7% over the prior year, primarily due to the following:
• Commercial property transfer taxes increased by $11.3 million due to the Sutter Health property acquisition
• Property Tax Residual payments increased by $3.7 million due to policy change allocating 100% to General Fund (previously 50%).
• Intergovernmental-Other Grants increased as follows:
o Grant reimbursements of $7.4 million from Alameda County Transportation Commission (ACTC) for the Quiet Zone at 65th, 66th, 67th Street capital project. o Grant reimbursements of $1.8 million from Cal Trans and ACTC for the 40th street Transit Hub capital project.
o Received a $0.5 million grant from the California Department of Housing as a prohousing incentive.

2025 2024
Increase
(Decrease) %
Total Assets $ 293.4 $ 282.1 $ 11.3 4.0%
Total Liabilities 14.3 22.9 (8.6) -37.6%
Total Deferred Inflows of Resources 6.2 10.8 (4.6) -42.6% Total Fund Balances 272.9 248.4 24.5 9.9%
Total Revenues 112.4 88.0 24.4 27.7%
Total Expenditures 87.9 87.2 0.7 0.8%
Total Other Financing Sources (uses) 0.1 0.1 0.0 0.0%
Financial Highlights
at Fiscal Year Ended June 30
($ in millions)
Governmental Fund Level
12 Governmental Fund expenditures increased by $.7 million in Fiscal Year 2024-25 to $87.9 million, primarily due to the following:
• Non-departmental expenditures increased by $1.2 million due the one-time DTSC allocation to the Successor Agency for the Corp Yard clean-up remediation. • Police expenditures increased by $1.5 million due to salaries and benefits increases and GASB 68 pension adjustments.
• Economic Development and Housing expenditures decreased $5.2 million due to fewer loan disbursements to developers during 2024-25 compared to prior year. • Capital Outlay expenditures increased by $.7 million over the prior fiscal year due to an increase in capital project activities.
• Debt service-principal & interest expenses increased $1.6 million due to debt payment obligations.
• The remaining increases of $.9 million were incurred by all other departments ranging from $0.01 million to $0.4 million primarily due to negotiated increases in salaries & benefits.

General Fund - The General Fund is the City’s main operating fund. On June 30, 2025, the unassigned fund balance in combination with the economic uncertainty fund totaled $59.2 million while the total fund balance was $83.2 million. As a measure of the General Fund’s liquidity, it may be useful to compare both unassigned and economic uncertainty fund balance and total fund balance to total General Fund expenditures. Combined unassigned and economic uncertainty fund balances represent 100.0% of General Fund budgeted expenditures of $59.2 million for Fiscal Year 2024-25. The economic uncertainty fund balance was $23.5 million or 39.7% of total General Fund budgeted expenditures for Fiscal Year 2024-25 which was below the City’s 50.0% reserve target. However, the General Fund unassigned fund balance of $35.7 million was 60.3% of total General Fund budgeted expenditures which was significantly above the City’s 20% reserve target.

General Fund revenues totaled $68.9 million, an increase of $16.8 million compared to the prior fiscal year’s total revenues of $52.1 million. This was primarily due to a $16.0 million increase in taxes revenue, made up of $11.3 million in Commercial property transfer taxes and $3.7 million in Property Tax Residual payments as described previously.

General Fund expenditures totaled $51.9 million, consistent with prior fiscal year’s total of $51.9 million. Non-departmental operations had a decrease of $1.4 million in expenditures as there were no one-time transfers out in the current fiscal year. Police had an increase of $1.4 million in expenditures due to increases in salaries & benefits.

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 $13.1 million an increase of $12.5 million as detailed in the Governmental Fund revenue section above. Total expenditures were $5.1 million in Fiscal Year 2024-25 compared to $4.1 million in prior year as the projects described above were near completion.

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 $0.4 million and there were nominal expenditures in Fiscal Year 2024-25 which was consistent with prior year.
13 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 $4.7 million and total expenditures were also $5.3 million in Fiscal Year 2024-25 which was consistent with prior year.

Affordable Housing Fund – This fund accounts for residential property tax revenue committed to affordable housing projects and programs. Total revenues were $4.1 million and total expenditures were $.4 million in Fiscal Year 2024-25. Compared to prior year, revenues decreased by $1.0 million due to the March 2025 residual property tax reserve policy change which eliminated the 20% allocation of residual property tax revenues to this fund. Current year expenditures were $1.2 million less than prior year due to a reduction in housing loan disbursements.

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 $5.9 million and $.4 million in expenditures and transfers out in Fiscal Year 2024-25. Compared to prior year, revenues decreased $.7 million due to a lower tax levy in the current year and expenditures decreased $3.4 million due to a significant reduction in developer housing loans netted against an increase in debt service payments in the current year.

General Capital Improvements Fund – This fund accounts for capital projects and improvements typically funded with general revenues. Total revenues were $2.1 million including transfer in and total expenditures, including operating transfers out, were $3.9 million in Fiscal Year 2024-25. Compared to prior year, revenues decreased $1.0 million due to the March 2025 residual property tax reserve policy change which eliminated the 22.5% allocation of residual property tax revenues to this fund. Expenditures decreased $1.2 million due to a reduction in capital improvement activities compared to prior year.

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 2024-25 which is consistent with prior year.

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 2024-25, total net position of $17.8 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 and expenditures for the Sewer Fund in Fiscal Year 2024-25 remained consistent with the prior year.

GENERAL FUND BUDGETARY HIGHLIGHTS
Revisions to the Fiscal Year 2024-25 General Fund original adopted budget resulted in an increase in budgeted revenues of $17.2 million and an increase in expenditures of $17.3 million.

General Fund revenues for Fiscal Year 2024-25 exceeded the budgeted amount by $2.0 million primarily due to higher than anticipated revenue from taxes of $4.4 million, investment income of $1.9 million, and miscellaneous income of $0.7 million, which was partially offset by a $5.1 decrease in transfers in. Expenditures were $17.7 million below budget due to operating savings in the General Fund departments.
14 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, 2025, 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 $9.2 million compared to Fiscal Year 2023-24.

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.

2025 2024
Governmental Activities Change
Capital Asset
Land and Construction in Progress 47.4 $ 82.5 $ (35.10) Park Improvements and other Improvements 26.1 24.4 1.70 Buildings and Improvements 81.4 52.5 28.90
Furnishings, Vehicles and Equipment 11.1 9.1 2.00
Marina Improvements 9.9 9.9 0.00
Grading, Curb & Gutter, Sidewalks & Driveways 53.8 39.2 14.60 Right to use lease asset - Parking Garage 4.2 4.2 0.00
Less Accumulated Depreciation (90.9) (88.0) (2.90)
Total Governmental $ 143.0 $ 133.8 9.20
Business-Type Activities (Sewer)
Construction in progress $ 1.2 1.1$ 0.10
Buildings and Improvements 0.5 0.5 0.00
Automobile and Equipment - - 0.00
Sewer Improvements 9.9 9.9 0.00
Less Accumulated Depreciation (3.6) (3.3) (0.30)
Total Business-Type $ 8.0 8.2$ (0.20)
Capital Assets
at Fiscal Year Ended June 30
($ in millions)
15 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 12 to the finance statements. At June 30, 2025, 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. 2025 2024
Government Wide Debt:

Public Financing Authority Lease Revenue Bonds
2013 Series A 1.0 $ 1.4 $
Measure C General Obligation Bonds 49.1 50.0
Compensated Absences 3.5 3.5
Lease Liability - Parking Garage 3.0 3.6
Claims and Judgments 3.5 3.1
Net Pension Liability 61.6 62.3
Net OPEB Liability 5.7 5.8
Total City Obligations $ 127.4 $ 129.7
Long-Term Debt
($ in millions)
at Fiscal Year Ended June 30
16 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 This Page Intentionally Left Blank

CITY OF EMERYVILLE

STATEMENT OF NET POSITION
JUNE 30, 2025
Governmental Business-Type
Activities Activities Total
ASSETS:

Cash, cash equivalents, and investments (Note 3) 219,947,027 $ 9,931,701 $ 229,878,728 $ Cash, cash equivalents, and investments with fiscal agents (Note 3) 63,919,843 - 63,919,843 Receivables:

Accounts 6,936,374 120,998 7,057,372
Taxes 4,113,908 - 4,113,908
Due from other governments 1,953,324 - 1,953,324
Accrued interest 697,675 31,576 729,251
Prepaid costs 98,221 - 98,221
Leases receivable (Note 5) 430,195 - 430,195
Land held for resale (Note 1D) 17,943,395 - 17,943,395
Capital assets (Note 6):

Capital assets not being depreciated 47,435,919 1,177,566 48,613,485 Depreciable capital assets, net 95,543,716 6,857,974 102,401,690 Total Assets 459,019,597 18,119,815 477,139,412

DEFERRED OUTFLOWS OF RESOURCES
Related to pensions (Note 9) 13,362,456 97,776 13,460,232 Related to OPEB (Note 11) 612,257 4,938 617,195
Total Deferred Outflows of Resources 13,974,713 102,714 14,077,427 LIABILITIES:

Accounts payable 8,170,156 3,107 8,173,263
Accrued liabilities 703,886 - 703,886
Accrued interest 1,698,864 - 1,698,864
Unearned revenue 3,989,713 - 3,989,713
Deposits payable 1,486,429 - 1,486,429
Claims and judgements (Note 12):

Due within one year 595,897 - 595,897
Due in more than one year 2,855,103 - 2,855,103
Settlement liability (Note 13) 3,300,000 - 3,300,000
Compensated absences (Note 7):

Due within one year 1,848,418 - 1,848,418
Due in more than one year 1,681,962 - 1,681,962
Long-term debt (Note 7):

Bonds due within one year 1,371,900 - 1,371,900
Bonds due in more than one year 48,719,500 - 48,719,500 Lease liability (Note 8):

Lease liability due within one year 425,552 - 425,552
Lease liability due in more than one year 2,557,669 - 2,557,669 Net pension liabilities, due in more than one year (Note 9) 61,254,538 311,779 61,566,317 Net OPEB liability, due in more than one year (Note 11) 5,641,867 45,499 5,687,366 Total Liabilities 146,301,454 360,385 146,661,839
DEFERRED INFLOWS OF RESOURCES:

Leases (Note 5) 430,195 - 430,195
Related to pensions (Note 9) 5,619,665 26,289 5,645,954 Related to OPEB (Note 11) 1,599,923 12,903 1,612,826
Total Deferred Inflows of Resources 7,649,783 39,192 7,688,975 NET POSITION (Note 1D):

Net investments in capital assets 138,955,014 8,035,540 146,990,554 Restricted for:

Community development projects 34,725,719 - 34,725,719
Public safety 7,408,117 - 7,408,117
Public works 2,095,157 - 2,095,157
Capital projects 15,561,289 9,787,412 25,348,701
Debt service 3,051 - 3,051
Small business incentive 108,528 - 108,528
Community services 114,275 - 114,275
Environmental programs 162,590 - 162,590
Pensions 125,904 - 125,904
Total Restricted Net Position 60,304,630 9,787,412 70,092,042 Unrestricted 119,783,429 119,783,429 -
Total Net Position $ 319,043,073 $ 17,822,952 $ 336,866,025 See accompanying notes to basic financial statements
19 Program Revenues
Operating Capital
Charges for Contributions Contributions
Functions/Programs Expenses Services and Grants and Grants Primary Government

GOVERNMENTAL ACTIVITIES
City council $ 269,138 $ 3,464 $ - $ -
City manager 1,699,986 - - -
City attorney 976,494 - - -
Finance 1,617,565 85,968 - -
Human resources 1,027,893 - - -
Information technology 1,523,033 - - -
General government-non-departmental operations 9,788,113 718,217 755,429 - Police 25,180,367 1,346,274 230,234 -
Fire 12,334,870 491,079 258 -
Planning and building 3,241,848 1,785,174 244,896 -
Economic development and housing 2,170,044 876 359,834 - Redevelopment - 3,896,173 3,283,400 94,919
Property based improvement district 5,295,859 4,554,362 - - Community services 966,200 364,477 209,750 -
Child development 3,243,483 1,250,950 58,205 -
Youth services 2,546,123 200,891 217,672 -
Adult services 882,703 79,551 57,984 -
Public works 9,814,917 671,322 500,047 13,789,036
Interest on long-term debt 3,036,734 - - -
Total Governmental Activities 85,615,370 15,448,778 5,917,709 13,883,955 BUSINESS-TYPE ACTIVITIES:

Sewer 768,441 1,158,757 - -
Total Business-type Activities 768,441 1,158,757 - -
Total Primary Government $ 16,607,535 86,383,811 $ 5,917,709 $ 13,883,955 $ 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, 2025
20 Net (Expense) Revenue and
Changes in Net Position
Governmental Business-type
Activities Activities Total
$ - (265,674) $ (265,674) $
(1,699,986) - (1,699,986)
(976,494) - (976,494)
(1,531,597) - (1,531,597)
(1,027,893) - (1,027,893)
(1,523,033) - (1,523,033)
(8,314,467) - (8,314,467)
(23,603,859) - (23,603,859)
(11,843,533) - (11,843,533)
(1,211,778) - (1,211,778)
(1,809,334) - (1,809,334)
7,274,492 - 7,274,492
(741,497) - (741,497)
(391,973) - (391,973)
(1,934,328) - (1,934,328)
(2,127,560) - (2,127,560)
(745,168) - (745,168)
5,145,488 - 5,145,488
(3,036,734) - (3,036,734)
(50,364,928) - (50,364,928)
390,316 390,316 -
390,316 390,316 -
(50,364,928) 390,316 (49,974,612)
25,047,605 - 25,047,605
5,516,739 - 5,516,739
11,020,510 - 11,020,510
2,482,111 - 2,482,111
9,247,853 - 9,247,853
4,632,015 - 4,632,015
1,288,167 - 1,288,167
10,076,410 408,122 10,484,532
4,351,820 - 4,351,820
51,500 (51,500) -
73,714,730 356,622 74,071,352
23,349,802 746,938 24,096,740
295,693,271 17,076,014 312,769,285
$ 17,822,952 319,043,073 $ 336,866,025 $
21 This Page Intentionally Left Blank

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 2024-25.

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 Property Based
Housing Improvement
General Other Grants Assets District
ASSETS:

Cash, cash equivalents, and investments (Note 3) 72,929,897 $ 2,530,786 $ 2,649,606 $ 654,047 $ Cash, cash equivalents, and investments with fiscal agents (Note 3) 13,035,415 - - - Receivables:

Accounts 2,170,420 571,451 948 89,324
Taxes 3,552,232 - - 5,528
Due from other governments 105,715 1,749,125 - -
Accrued interest 268,738 11,104 8,332 6,202
Prepaid costs 72,326 - - -
Due from other funds (Note 4B) 2,535 - - -
Lease receivable (Note 5) - - - -
Land held for resale (Note 1D) - - 17,943,395 -
Total Assets $ 4,862,466 92,137,278 $ 20,602,281 $ 755,101 $ LIABILITIES:

Accounts payable $ 653,366 3,778,533 $ 4,035 $ - $
Accrued liabilities 537,865 138,721 - -
Unearned revenue 3,076,982 539,031 - 89,287
Deposits payable 930,910 - - -
Total Liabilities 8,324,290 1,331,118 4,035 89,287
DEFERRED INFLOWS OF RESOURCES:

Leases (Note 5) - - - -
Unavailable revenue 595,035 1,749,125 - -
Total Deferred Inflows of Resources 595,035 1,749,125 - - FUND BALANCES (Note 1D):

Nonspendable:

Prepaid costs 72,326 - - -
Restricted for:

Community development projects - - 20,598,246 -
Public safety - - - -
Public works - - - -
Capital projects - 1,782,223 - -
Debt service - - - -
Small business incentive - - - -
Community services - - - -
Environmental programs - - - -
Pensions 125,904 - - -
Committed to:

Community development projects - - - -
Capital projects - - - -
Measure O 1,080,683 - - -
Facility maintenance - - - -
Vehicle replacement - - - -
Information technology - - - -
Economic uncertainty 23,504,352 - - -
PERS liability 15,649,837 - - -
Economic development 3,442,035 - - -
Community programs 351,752 - - 665,814
Assigned to:

Potential Social Security Settlement 3,300,000 - - -
Capital projects - - - -
Community services - - - -
Unassigned 35,691,064 - - -
Total Fund Balances 83,217,953 1,782,223 20,598,246 665,814 Total Liabilities, Deferred Inflows of Resources
and Fund Balances $ 92,137,278 $ 4,862,466 $ 20,602,281 $ 755,101 See accompanying notes to basic financial statements
Special Revenue Funds

CITY OF EMERYVILLE

GOVERNMENTAL FUNDS

BALANCE SHEET
JUNE 30, 2025
24 Measure General Nonmajor Total
Affordable C Housing Capital Governmental Governmental
Housing Bond Improvements RDA Bond Funds Funds
$ 1,918,666 21,968,160 $ 41,320,616 $ 1,401,667 $ 52,010,385 $ 197,383,830 $ 50,884,428 - - - - 63,919,843
- 3,400,000 10,000 - 689,002 6,931,145
13,424 - - - 542,724 4,113,908
- - - - 98,484 1,953,324
63,242 5,875 134,973 4,474 123,395 626,335
- - - - 21,727 94,053
- - - - - 2,535
- - - - 430,195 430,195
- - - - - 17,943,395
$ 52,822,393 25,431,402 $ 41,465,589 $ 1,406,141 $ 53,915,912 $ 293,398,563 $ $ 549,670 29,907 $ 727,120 $ - $ 2,355,431 $ 8,098,062 $ - - 17,256 - 10,044 703,886
- - - - 275,204 3,980,504
- - - - 549,358 1,480,268
29,907 549,670 744,376 - 3,190,037 14,262,720
- - - - 430,195 430,195
3,400,000 - - - - 5,744,160
3,400,000 - - - 430,195 6,174,355
- - - - 21,727 94,053
- 52,272,723 - - 10,904,750 83,775,719
- - - - 7,408,117 7,408,117
- - - - 2,095,157 2,095,157
- - - 1,406,141 12,372,925 15,561,289
- - - - 3,051 3,051
- - - - 108,528 108,528
- - - - 114,275 114,275
- - - - 162,590 162,590
- - - - - 125,904
22,001,495 - - - - 22,001,495
- - 40,721,213 - - 40,721,213
- - - - - 1,080,683
- - - - 5,024,035 5,024,035
- - - - 4,810,777 4,810,777
- - - - 2,864,338 2,864,338
- - - - - 23,504,352
- - - - - 15,649,837
- - - - - 3,442,035
- - - - - 1,017,566
- - - - - 3,300,000
- - - - 3,592,358 3,592,358
- - - - 813,052 813,052
- - - - - 35,691,064
22,001,495 52,272,723 40,721,213 1,406,141 50,295,680 272,961,488 $ 25,431,402 $ 52,822,393 $ 41,465,589 $ 1,406,141 $ 53,915,912 $ 293,398,563 Special Revenue Funds Capital Projects Funds
25 This Page Intentionally Left Blank

CITY OF EMERYVILLE

GOVERNMENTAL FUNDS

BALANCE SHEET - RECONCILIATION OF GOVERNMENTAL

FUND BALANCES TO NET POSITION OF GOVERNMENTAL ACTIVITIES JUNE 30, 2025
Total Fund Balances - Governmental Funds $ 272,961,488
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. 142,979,635
Pension contributions made subsequent to the measurement date of the net pension liability are deferred and recognized in the subsequent period. These include:

Miscellaneous pension plan $ 1,050,471
Safety pension plan 1,304,130 2,354,601
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. 612,257 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 4,076,237
Safety pension plan 6,617,126
Emeryville Police Officers' Association retirement enhancement plan 314,492 11,007,855 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. (1,698,864) 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 (50,091,400)
Lease Liabilities (2,983,221)
Settlement Liability (3,300,000)
Governmental funds report all pension contributions as expenditures, however, in the statement of net position, the excess of the plan proportionate share of the total pension liability over the proportionate share of the plan fiduciary net position is reported as a net pension liability. These include:

Miscellaneous pension plan (20,897,665)
Safety pension plan (39,382,984)
Emeryville Police Officers' Association retirement enhancement plan (973,889) (61,254,538) 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 (1,762,083)
Safety pension plan (3,789,257)
Emeryville Police Officers' Association retirement enhancement plan (68,325) (5,619,665) Governmental funds report all OPEB contributions as expenditures, however, in the statement of net position, the excess of the plan proportionate share of the total OPEB liability over the proportionate share of the plan fiduciary net position is reported as a net OPEB liability. (5,641,867) Adjustments that reduce net OPEB liability are recorded as deferred inflows of resources and are amortized over their remaining service life. (1,599,923)
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. 5,744,160
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. 15,572,555 NET POSITION OF GOVERNMENTAL ACTIVITIES 319,043,073 $
See accompanying notes to basic financial statements

ALLOCATION OF INTERNAL SERVICE FUND NET POSITION
27 Property
Based
Housing Improvement
General Other Grants Assets District
REVENUES:

Taxes $ 54,846,701 $ - $ - $ 4,643,751
Licenses and permits 2,750,058 - - -
Intergovernmental 2,507,878 13,001,954 - -
Charges for services 560,462 - 47,804 -
Investment income 5,807,367 146,651 152,664 58,312
Rental income 448,149 - 16,408 -
Contributions 390,575 - - -
Miscellaneous 1,549,497 - 220,022 -
Total Revenues 68,860,687 13,148,605 436,898 4,702,063
EXPENDITURES:

Current:

City council 257,928 - - 17,600
City manager 1,539,831 - - -
City attorney 532,864 - - -
Finance 1,449,017 - - -
Human resources 912,692 - - -
Information technology 889,014 - - -
General government-non-departmental operations 4,623,284 2,500,000 - - Police 18,389,662 310,550 - -
Fire 12,032,432 - - -
Planning and building 1,992,864 - - -
Economic development and housing 713,156 39,096 4,055 - Property based improvement district - - - 5,295,859
Community services 788,272 - - -
Child development - - - -
Youth services 2,468,105 - - -
Adult services 695,212 50,000 - -
Public works 4,659,769 37,500 - -
Capital outlay 1,500 2,117,418 - -
Debt service:

Principal retirement - - - -
Interest and fiscal charges - - - -
Total Expenditures 51,945,602 5,054,564 4,055 5,313,459

EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER)
EXPENDITURES 16,915,085 8,094,041 432,843 (611,396)
OTHER FINANCING SOURCES (USES):

Transfers in (Note 4A) 2,061,500 - 639,966
Transfers (out) (Note 4A) (1,069,324) - - -
Total Other Financing Sources (Uses) 992,176 - - 639,966 CHANGE IN FUND BALANCES 17,907,261 8,094,041 432,843 28,570 BEGINNING FUND BALANCES 65,310,692 (6,311,818) 20,165,403 637,244 ENDING FUND BALANCES $ 83,217,953 $ 1,782,223 $ 20,598,246 $ 665,814 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, 2025
28 Measure General Nonmajor Total
Affordable C Housing Capital Governmental Governmental
Housing Bond Improvements RDA Bond Funds Funds
$ - $ 3,066,584 $ - $ - $ 3,241,374 $ 65,798,410
- - - - 846,109 3,596,167
- - - - 1,553,618 17,063,450
- - - - 1,217,368 1,825,634
811,633 2,820,400 1,931,100 59,064 1,783,609 13,570,800 - - - - 484,587 949,144
- - - - 644,919 1,035,494
3,300,000 - 150,000 - 3,349,444 8,568,963
4,111,633 5,886,984 2,081,100 59,064 13,121,028 112,408,062 - - - - - 275,528
- - - - - 1,539,831
- - - - - 532,864
- - - - - 1,449,017
- - - - - 912,692
- - - - 489,526 1,378,540
- - - - 1,258,718 8,382,002
- - - - 455,282 19,155,494
- - - - 209,858 12,242,290
- - - - 916,728 2,909,592
442,993 427,920 - - 456,413 2,083,633
- - - - - 5,295,859
- - - - 143,819 932,091
- - - - 2,818,822 2,818,822
- - - - - 2,468,105
- - - - - 745,212
- - 692,338 - 888,386 6,277,993
- - 2,767,355 - 9,349,678 14,235,951
- - 421,196 - 1,275,900 1,697,096
- - - - 2,581,645 2,581,645
442,993 427,920 3,880,889 - 20,844,775 87,914,257
3,668,640 5,459,064 (1,799,789) 59,064 (7,723,747) 24,493,805 - - - - 5,748,410 8,449,876
(3,490,433) - (2,535,496) - (1,303,123) (8,398,376)
(3,490,433) - (2,535,496) - 4,445,287 51,500
3,668,640 1,968,631 (4,335,285) 59,064 (3,278,460) 24,545,305 18,332,855 50,304,092 45,056,498 1,347,077 53,574,140 248,416,183 $ 22,001,495 $ 52,272,723 $ 40,721,213 $ 1,406,141 $ 50,295,680 $ 272,961,488 Special Revenue Funds Capital Projects Funds
29 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, 2025
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 24,545,305 $ 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 14,235,951 Non-capitalized capital outlay expenditures are reclassified to various governmental activities (904,656) Depreciation and amortization expense is deducted from fund balance (4,174,696)

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 1,275,900 Repayment of lease principal is added back to fund balance 421,196 Accrual of debt interest is deducted from fund balance (455,089)

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 (4,423,779)
Net pension liabilities and pension-related deferred outflows/inflows of resources (8,470,221) Net OPEB liability and OPEB related deferred outflows/inflows or resources 30,674

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 1,269,217 CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES 23,349,802 $ See accompanying notes to basic financial statements
30 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 CITY OF EMERYVILLE

PROPRIETARY FUNDS

STATEMENT OF NET POSITION
JUNE 30, 2025
Business-type
Activities -
Proprietary Fund Governmental
Activities -
Internal Service
Sewer Funds
ASSETS:

Current Assets:

Cash and investments (Note 3) 9,931,701 $ 22,563,197 $
Receivables:

Accounts 120,998 5,229
Accrued interest 31,576 71,340
Prepaid costs - 4,168
Total Current Assets 10,084,275 22,643,934
Noncurrent Assets:

Capital assets (Note 6):

Nondepreciable capital assets 1,177,566 -
Depreciable capital assets, net 6,857,974 -
Total Noncurrent Assets 8,035,540 -
Total Assets 18,119,815 22,643,934

DEFERRED OUTFLOWS OF RESOURCES
Related to pensions (Note 9) 97,776 -
Related to OPEB (Note 11) 4,938 -
Total Deferred Outflows of Resources 102,714 -
LIABILITIES:

Current Liabilities:

Due to other funds - 2,535
Accounts payable 3,107 72,094
Deposits payable - 6,161
Unearned revenue - 9,209
Compensated absences (Note 7) - 1,848,418
Claims and judgements (Note 12) - 595,897
Total Current Liabilities 3,107 2,534,314
Noncurrent Liabilities:

Compensated absences (Note 7) - 1,681,962
Claims and judgements (Note 12) - 2,855,103
Net pension liabilities, due in more than one year (Note 9) 311,779 - Net OPEB liabilities (Note 11) 45,499 -
Total Noncurrent Liabilities 357,278 4,537,065
Total Liabilities 360,385 7,071,379
DEFERRED INFLOWS OF RESOURCES:

Related to pensions (Note 9) 26,289 -
Related to OPEB (Note 11) 12,903 -
Total deferred inflows of resources 39,192 -
NET POSITION (Note 1D):

Net investments in capital assets 8,035,540 -
Restricted for capital projects 9,787,412 -
Unrestricted - 15,572,555
Total Net Position 17,822,952 $ 15,572,555 $
See accompanying notes to basic financial statements
32 CITY OF EMERYVILLE

PROPRIETARY FUNDS

STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION FOR THE YEAR ENDED JUNE 30, 2025
Business-type
Activities -
Proprietary Fund Governmental
ActivitiesInternal Service
Sewer Funds
OPERATING REVENUES:

Charges for services 1,158,757 $ 19,578,459 $
Total Operating Revenues 1,158,757 19,578,459
OPERATING EXPENSES:

Administrative and general 487,950 18,081,046
Cost of sales and services 89,614 -
Claims expense - 1,157,585
Depreciation (Note 6) 190,877 -
Total Operating Expenses 768,441 19,238,631
Operating Income 390,316 339,828
NONOPERATING REVENUES:

Investment income 408,122 929,389
Net Nonoperating Revenues 408,122 929,389
Income Before Transfers 798,438 1,269,217

TRANSFERS
Transfers (out) (Note 4A) (51,500) -
Net Transfers (51,500) -
CHANGE IN NET POSITION 746,938 1,269,217
BEGINNING NET POSITION 17,076,014 14,303,338
ENDING NET POSITION $ 17,822,952 $ 15,572,555
See accompanying notes to basic financial statements
33 CITY OF EMERYVILLE

PROPRIETARY FUNDS

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED JUNE 30, 2025
Business-type
Activities -
Proprietary Fund
Governmental
ActivitiesInternal Service
Sewer Funds
CASH FLOWS FROM OPERATING ACTIVITIES:

Receipts from customers and users 1,142,845 $ 19,584,290 $ Payments to suppliers and providers (112,370) (635,852) Payments for claims - (863,796)
Payments to employees for salaries and benefits (450,831) (17,491,411) Net Cash Flows From Operating Activities 579,644 593,231

CASH FLOWS FROM NONCAPITAL AND
RELATED FINANCING ACTIVITIES:

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

CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:

Acquisition of capital assets (33,474) -
Net Cash Flows From NonCapital and Related Financing Activities (33,474) - CASH FLOWS FROM INVESTING ACTIVITIES:

Investment on cash and investments 397,860 895,460
Net Cash Flows From Investing Activities 397,860 895,460 NET CASH FLOWS 892,530 1,488,691
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 9,039,171 21,074,506 CASH AND EQUIVALENTS AT END OF PERIOD 9,931,701 $ 22,563,197 $

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

Operating income 390,316 $ 339,828 $
Adjustments to reconcile operating income to net cash
provided by operating activities:

Depreciation 190,877 -
Change in assets and liabilities:
(Increase) in prepaid costs - (4,168)
Decrease (increase) in accounts receivable (15,912) 5,831 (Decrease) in accounts payable (22,756) (51,589)
Increase in deposits payable - 941
(Decrease) in compensated absences - (15,495)
Increase in claims and judgements - 317,883
Increase in salaries and benefits payable 37,119 -
Net Cash Flows From Operating Activities $ 579,644 $ 593,231 See accompanying notes to basic financial statements
34 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 Successor Agency
Private-Purpose
Trust Funds
CURRENT ASSETS:

Cash and investments (Notes 3 and 14A) 30,367,505 $
Cash and investments with fiscal agents (Notes 3 and 14A) 10,797,991 Receivables:

Accounts 170,777
Accrued interest 313,999
Total Current Assets 41,650,272
NONCURRENT ASSETS:

Loans receivable (Note 14C) 8,100,973
Land held for resale 24,818,694
Capital assets (Note 14E):

Capital assets not being depreciated 11,333,991
Total Noncurrent Assets 44,253,658
Total Assets 85,903,930
CURRENT LIABILITIES:

Accounts payable 4,697,986
Accrued interest 563,108
Bonds due in one year (Note 14F) 9,710,000
Pollution remediation obligations due in one year (Note 14G) 235,000 Total Current Liabilities 15,206,094
NONCURRENT LIABILITIES:

Bonds due in more than one year (Note 14F) 26,515,944
Pollution remediation obligations due in more than one year (Note 14G) 115,000 Total Non-Current Liabilities 26,630,944
Total Liabilities 41,837,038
DEFERRED INFLOW OF RESOURCES:

Deferred gain on refunding 6,624,970
Total deferred inflow of resources 6,624,970

NET POSITION RESTRICTED FOR OTHER
PURPOSES 37,441,922 $
See accompanying notes to basic financial statements

CITY OF EMERYVILLE

FIDUCIARY FUNDS

STATEMENT OF FIDUCIARY NET POSITION
JUNE 30, 2025
36 Successor Agency
Private-Purpose
Trust Funds
ADDITIONS:

Taxes 12,960,022 $
Investment income 2,309,788
Miscellaneous 2,500,441
Total Additions 17,770,251
DEDUCTIONS:

Administrative expenses 426,474
Contractual services 16,560,171
Interest expense 974,752
Total Deductions 17,961,397
Net change in position (191,146)
Net position - beginning 37,633,068
Net position - ending 37,441,922 $

CITY OF EMERYVILLE

STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED JUNE 30, 2025
See accompanying notes to basic financial statements
37 This Page Intentionally Left Blank

CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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 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. Effective January 2026, MESA will be legally dissolved, and the City will provide all personnel and payroll services, as applicable.

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 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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
48 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
• Economic uncertainties, local disasters and other hardships, or downturns in the local economy
• 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 $59,195,416 or approximately 100% of $59,169,471 budgeted operating expenditures for fiscal year 2024-25. The General Fund is the only fund that reports a positive unassigned fund balance.

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 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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, 2025, the City did not have any subscriptions that met the City’s threshold.

E. New Accounting Standards
GASB Statement No. 101 – In June 2022, GASB issued Statement No. 101, Compensated Absences.

This Statement requires that liabilities for compensated absences be recognized for leave that has not been used and leave that has been used but not yet paid in cash or settled through noncash means. The provisions of this Statement were implemented during fiscal year 2025. The implementation had no material effect on the financial statements.

GASB Statement No. 102 – In December 2023, GASB issued Statement No. 102, Certain Risk Disclosures. 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. The provisions of this Statement were implemented during fiscal year 2025. The implementation of this Statement had no material effect on the financial statements.

51 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
F. Revenues and Expenditures/Expenses

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

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

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.

52 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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, 2023 June 30, 2023 June 30, 2024 Measurement Date (MD) June 30, 2024 June 30, 2024 June 30, 2025 July 1, 2023 to July 1, 2023 to July 1, 2024, to
June 30, 2024 June 30, 2024 June 30, 2025 Measurement Period (MP)

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 and Closed Funds
During fiscal year 2024-25, the City created two new funds. The 2024 A & B Debt Service Private Purpose Trust Funds were created as a result of the refunding for the 2014 A & B Successor Agency Bonds and issuance of the 2024 A & B Successor Agency Refunding Bonds. At June 30, 2025, the 2014 A & B Debt Service Private Purpose Trust Funds were considered to be closed.

Deficit Fund Balance/Net Position
As of June 30, 2025, the Dental Self Insurance Internal Service Fund had a net position deficit $16,997.

The City plans to cure the deficits through collecting of future charges for services for the Dental Self Insurance Internal Service Fund.
53 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
NOTE 3 – CASH AND INVESTMENTS
A. Summary of Cash and Investments
Cash and investments as of June 30, 2025, are reported in the accompanying financial statements as follows:

Governmental Activities
Cash and investments 219,947,027 $
Restricted cash and investments 63,919,843
Business-Type Activities
Cash and investments 9,931,701
Fiduciary Funds
Cash and investments 30,367,505
Restricted cash and investments with fiscal agents 10,797,991 Total 334,964,067 $
Cash and investments as of June 30, 2025, consist of the following:

Cash on hand $ 1,950
Deposits with financial institutions 6,369,800
Investments 328,592,317
Total 334,964,067 $
B. Deposits
At June 30, 2025, the carrying amount of the City’s deposits was $6,373,522 and the bank balance was $10,960,175. The $4,586,653 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.

54 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
NOTE 3 – CASH AND INVESTMENTS (Continued)
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

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 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
NOTE 3 – CASH AND INVESTMENTS (Continued)

5. Investment Balances
Investments as of June 30, 2025, consist of the following:

Fair Value
Local Agency Investment Fund (LAIF) 96,894,251 $
U.S. Treasuries 125,359,827
Corporate Notes 19,151,573
Government Agency Securities 40,039,198
Money Market Funds 3,988,753
Total Investments Authorized by CA Government Code/City Investment Policy 285,433,602 Investments Authorized by Debt Agreements
Money Market Funds 43,158,715
Total Investments Authorized by Debt Agreements 43,158,715 Total Investments 328,592,317 $
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 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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, 2025:

Value Level 1 Level 2
City Investments
U.S. Treasuries $ 125,359,827 $ 125,359,827 $ -
Corporate Notes 19,151,573 19,151,573 -
Government Agency Securities 40,039,198 40,039,198 -
Money Market Funds 3,988,753 3,988,753 -
Total City Investments 188,539,351 125,359,827 63,179,524 Investments with Fiscal Agents
Money Market Funds 43,158,715 43,158,715 -
Total Investments with Fiscal Agents 43,158,715 43,158,715 - Total Leveled Investments 231,698,066 $ 125,359,827 $ 106,338,239 Local Agency Investment Fund (LAIF) 96,894,251
Total Investments $ 328,592,317
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, 2025, none of the City’s deposits or investments were exposed to custodial credit risk. 57 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
NOTE 3 – CASH AND INVESTMENTS (Continued)

8. Credit Risk
Credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Presented below is the actual rating as of June 30, 2025, for each of the City’s investment types as provided by Standard and Poor’s or Moody’s investment rating systems, except as noted:

Percentage
Amount of
Investments Invested Investments NRSRO Rating
City:

Local Agency Investment Fund $ 68,200,013 24% Not Rated U.S. Treasuries 125,359,827 44% Aa1/ AA+
Corporate Notes 19,151,573
7%
AAA, AA2, AA3, AA1, A1 / AA+,
A+, A -, AA+, AA, AA-
Government Agency Securities 40,039,198 14% Aaa / AA+
Money Market Funds 31,560,288 11% Aaa / AAAm
Total City Investments 284,310,899
City Successor Agency:

Local Agency Investment Fund 28,694,238 65% Not Rated
Money Market Funds 15,587,180 35% N/A
Total City Successor Agency Investments 44,281,418
Total Investments $ 328,592,317

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, 2025, 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 Farm Credit Bank Government Agency Securities 25,488,983 $ 7.76% Investments guaranteed by the U.S. government and investments in mutual funds and external investment pools are excluded from this requirement.

58 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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, 2025, 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) 96,894,251 $ 96,894,251 $ - $ - $ US Treasuries 125,359,827 64,079,617 42,971,352 18,308,858 Corporate Notes 19,151,573 7,487,826 9,024,155 2,639,592 Government Agency Securities 40,039,198 8,015,326 28,006,720 4,017,152 Money Market Funds 3,988,753 3,988,753 - -
Total City Investments 285,433,602 180,465,773 80,002,227 24,965,602 Investments with Fiscal Agents
Money market funds 43,158,715 43,158,715 - -
Total Investments with Fiscal Agents 43,158,715 43,158,715 - - Total Investments 328,592,317 $ 223,624,488 $ 80,002,227 $ 24,965,602 $ Investment Maturities (in Months)
Investment Type
59 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
NOTE 4 – INTERFUND ACTIVITIES
A. Transfers In/Out
Transfers are reported in the accompanying financial statements as of June 30, 2025, 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 - $ - $ 2,000,000 $ 10,000 $ 51,500 $ 2,061,500 $ Property Based Improvement District Special Revenue Fund 639,966 - - - - 639,966 Nonmajor Governmental Funds 429,358 3,490,433 535,496 1,293,123 - 5,748,410 Total 1,069,324 $ 3,490,433 $ 2,535,496 $ 1,303,123 $ 51,500 $ 8,449,876 $ Transfers In
Governmental Activities
The General Fund received $2,000,000, $10,000, and $51,500 from the General Capital Improvements Capital Projects Fund, Nonmajor Governmental Funds, and Sewer Fund, respectively. These funds were transferred to the General Fund for support of facility maintenance and community programs.

The General Fund transferred $639,966 to the Property Based Improvement District Special Revenue Fund to help fund the Emeryville shuttle services. In addition, the General Fund transferred $429,358 to various Nonmajor Governmental Funds.

The Measure C Housing Bond (Special Revenue Fund) transferred $3,490,433 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 $535,496 to the Nonmajor Governmental Funds to support operation costs for the Parking Program and Road and Maintenance Fund.

The Nonmajor Governmental Funds transferred $1,293,133 to Nonmajor Governmental Funds, to help support the Childcare Program.

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, 2025, there was a Due To/From in the General Fund from the Dental Insurance Internal Service Fund in the amount of $2,535. 60 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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, 2025, 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 43,866
Home Rehabilitation and Assistance 148,641
Bay Bridge Corporation (AIDS Housing) Deferred 608,742
Avalon Senior Housing, LP 3,230,766
Bakery Lofts 250,000
3706 San Pablo 3,274,010
Help Housing Loan Program 1,004,568
3600 San Pablo Ave-Evoy L.P. Predevelopment 6,396,969
Allowance on Uncollectible Loans (20,675,388)
Total Housing Assets -
Affordable Housing Special Revenue Fund
First-Time Home Buyer Program 64,705
3600 San Pablo Ave-Evoy L.P. Predevelopment 6,900,134
Allowance on Uncollectible Loans (6,964,839)
Total Affordable Housing -
Measure C Housing Bond Special Revenue Fund
Evoy L.P. - Nellie Hannon Gateway 3,615,229
First Home Emeryville loans 300,000
Allowance on Uncollectible Loans (3,915,229)
Total Measure C Housing Bond -
Nonmajor Governmental Funds
Home Rehabilitation and Assistance 90,016
Cal Home Loan Program 991,725
EAH Housing 3706 San Pablo 2,780,915
Grant Fund EALI Program 499,076
Allowance on Uncollectible Loans (4,361,732)
Total Nonmajor Governmental Funds -
Total Notes and Loans Receivables - $
61 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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 simple interest at 3% annually or an amount equal to the City’s proportional investment share of the home’s appreciation, whichever is greater. 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 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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, 2025, the developer had drawn down all of the loan funds and the balances amounted to the following: $6,396,969 from the Housing Assets Special Revenue Fund, $6,900,134 from the Affordable Housing Special Revenue Fund and $3,615,229 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 $77,878 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, 2025, the balance of the lease receivable and deferred inflows of resources was $430,195.
64 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
NOTE 5 – NOTES, LOANS AND LEASE RECEIVABLE (Continued)
N. Emeryville Accessible Living Initiative Program
In June 2024, the City approved the Emeryville Accessible Living Initiative Program (EALI). The objective of the Accessibility Program is to make accessibility modifications in individual homeowners’ homes, and in the common areas of multiunit buildings, to address the needs of disabled individuals residing at (or visiting) the property or those senior residents seeking to age in place. The loans are secured by a deed of trust, and bears interest at 3% accruing for a 5-year period. The loan can be repaid at any time without prepayment penalty. Otherwise, principal and accrued interest will become due at property sale or transfer.

NOTE 6 – CAPITAL ASSETS
Governmental Activities capital asset activity as of June 30, 2025, is as follows:

Balance at Balance at
July 1, 2024 Additions Retirements Transfers June 30, 2025 Governmental Activities
Capital assets not being depreciated:

Land $ 29,297,979 $ - $ - $ 29,297,979 - $
Construction in progress 53,249,902 11,947,215 (47,059,177) - 18,137,940 Total Capital Assets Not
Being Depreciated 82,547,881 11,947,215 (47,059,177) - 47,435,919 Capital assets being depreciated and amortized:

Park and other improvements 24,401,502 - 1,656,338 - 26,057,840 Buildings and improvements 52,473,114 - 28,902,959 - 81,376,073 Furnishings, vehicles and equipment 9,115,472 1,384,080 (1,315,539) 1,862,239 11,046,252 Marina improvements 9,930,228 - - 9,930,228 -
Grading, curbs, gutters, sidewalks
and driveway approaches 39,159,051 - 14,637,641 - 53,796,692 Right to use lease asset - parking garage 4,206,563 - - 4,206,563 - Total Capital Assets
Being Depreciated and Amortized 139,285,930 1,384,080 (1,315,539) 47,059,177 186,413,648 Less accumulated depreciation and amortization for:

Park and other improvements 15,345,588 1,090,390 - 16,435,978 - Buildings and improvements 27,721,966 1,046,582 - 28,768,548 - Furnishings, vehicles and equipment 7,279,719 493,955 1,315,539 - 6,458,135 Marina improvements 7,239,094 129 - 7,239,223 -
Grading, curbs, gutters, sidewalks
and driveway approaches 29,583,096 1,122,984 - 30,706,080 - Right to use lease asset - parking garage 841,312 420,656 - 1,261,968 - Total Accumulated Depreciation 88,010,775 4,174,696 1,315,539 90,869,932 - Net Capital Assets
Being Depreciated 51,275,155 (2,790,616) 47,059,177 - 95,543,716 Governmental Activity Capital
Assets, Net $ 133,823,036 $ 9,156,599 $ - $ 142,979,635 - $

65 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
NOTE 6 – CAPITAL ASSETS (Continued)
Depreciation expense was charged to functions and programs based on their usage of the related assets. The amounts allocated to each function or programs are as follows:

Governmental Activities:

Building $ 2,632
General government-non-departmental operations 1,316,138 Police 254,393
Fire 92,580
Child development 49,562
Community services 38,492
Youth services 28,090
Adult services 72,510
Public works 2,320,299
Total Governmental Activities Depreciation Expense 4,174,696 $ Business-Type Activities capital asset activity as of June 30, 2025, is as follows:

Balance at Balance at
June 30, 2024 Additions Retirements June 30, 2025
Business-Type Activities
Capital Assets, not being depreciated
Construction in progress $ 1,144,092 $ 33,474 $ 1,177,566 - $ Total Capital Assets Not Being
Depreciated: 1,144,092 33,474 1,177,566 -
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 165,745 9,748 175,493 -
Automobile and equipment 5,396 - 5,396
Sewer improvements 3,216,415 181,129 3,397,544 -
Total Accumulated Depreciation 3,387,556 190,877 3,578,433 - Net Capital Assets
Being Depreciated 7,048,851 (190,877) 6,857,974 -
Business-Type Activity Capital
Assets, Net $ 8,192,943 $ (157,403) $ 8,035,540 - $
Depreciation expense of $190,877 was charged to the Sewer Fund for the year ended June 30, 2025.

66 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
NOTE 7 – LONG-TERM LIABILITIES
The following is a summary of the changes in long-term debt for the fiscal year ended June 30, 2025:

Balance at Balance at Current
June 30, 2024 Additions Retirements June 30, 2025 Portion Governmental Activities
Private Placement Bonds:

Public Financing Authority, Lease
Revenue Bonds, 2013 Series A $ 1,367,300 $ 325,900 - $ $ 1,041,400 $ 336,900 General Obligations Bonds:

Measure C General Obligation
Bonds, 2023 Series 50,000,000 950,000 - 49,050,000 1,035,000 Total Bonds 51,367,300 1,275,900 - 50,091,400 1,371,900 Total Governmental Activities
Long-Term Liabilities $ 51,367,300 $ 1,275,900 - $ $ 50,091,400 $ 1,371,900 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, 2025, including interest, are as follows:

Principal Interest
2026 $ 336,900 $ 31,450
2027 347,400 21,276
2028 357,100 10,784
$ 1,041,400 $ 63,510
Lease Revenue Bonds
2013 Series A

67 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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, 2025, including interest, are as follows:

Principal Interest
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 1,310,000 2,200,533
2031-2035 7,810,000 9,702,302
2036-2040 10,050,000 7,450,126
2041-2045 12,735,000 4,693,409
2046-2049 12,610,000 1,272,531
$ 49,050,000 $ 34,842,383
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, 2025:

Balance at Balance at Current
June 30, 2024 Additions Reductions June 30, 2025 Portion Compensated absences: $ 3,545,875 $ 429,060 $ 444,555 $ 3,530,380 $ 1,848,418

68 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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 2025, the City made principal and interest payments of $421,196 and $25,533 on the lease, respectively. As of June 30, 2025, the balance of the lease liability was $2,983,221 and the net value of the right-to-use asset was $2,944,595 including accumulated amortization of $1,261,968 as shown in Note 6. As of June 30, 2025, the current portion of the lease liability is $425,552 and the long-term portion of the lease liability is $2,557,669. The future principal and interest lease payments as of June 30, 2025 are as follows:

For the Year
Ended June 30 Principal Interest Total
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 425,552 25,533 451,085
2031-2032 855,461 51,067 906,528
Totals $ 2,983,221 $ 178,732 $ 3,161,953
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 21,209,444 $ 5,224,484 $ 1,788,372 $ 3,890,038 $ CalPERS Safety Rate Plan 39,382,984 7,921,256 3,789,257 7,007,524 Emeryville Police Officers’ Association
Retirement Enhancement Plan (EPOA) 973,889 314,492 68,325 376,460 $ 61,566,317 $ 13,460,232 $ 5,645,954 $ 11,274,022
Pension-related liabilities are primarily liquidated by the General Fund and other funds that have recorded the liabilities.

69 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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 13.31% 10.93% 8.180% Required employer payment of unfunded liability $ 1,336,392 $ 15,277 $ 14,843 *Closed to new entrants
Miscellaneous Plan

70 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)
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 26.29% 24.96% 14.72% N/A Required employer payment of unfunded liability $ 1,510,720 $ 8,710 $ 17,462 $ 2,192,084 *Closed to new entrants
Safety Plan
** There were no active employees in this plan; therefore no employee contributions were made during the measurement period.

Contributions
Section 20814(c) of the California Public Employees’ Retirement Law requires that the employer contribution rates for all public employers be determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. Funding contributions for all 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. Employer contribution rates may change if plan contracts are amended. Payments made by the employer to satisfy contribution requirements that are identified by the pension plan terms as plan member contribution requirements are classified as plan member contributions.

For the year ended June 30, 2025, the contributions recognized as a reduction to the total pension liability for the Plans was $1,087,432 for Miscellaneous and $1,304,130 for Safety, respectively.

71 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)
Actuarial Methods and Assumptions Used to Determine Total Pension Liabilities The total pension liabilities in the June 30, 2024 actuarial valuations were determined using the following actuarial assumptions:

Valuation Date June 30, 2023
Measurement Date June 30, 2024
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 and Review of Actuarial Assumptions. Mortality rates incorporate full 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 2021 experience study report from November 2021 that can be found on the CalPERS website.

Discount Rate
The discount rate used to measure the total pension liability was 6.90%. The projection of cash flows used to determine the discount rate assumed that contributions from all plan members in the Public Employees Retirement Fund (PERF) 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.

72 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)
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, CalPERS took into account both short-term and long-term market return expectations. Using historical returns of all the funds’ asset classes, expected compound (geometric) returns were calculated over the next 20 years using a building-block approach.

The expected rate of return was then adjusted to account for assumed administrative expenses of 10 basis points.

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

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)

73 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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, 2025, the City reported net pension liabilities for its proportionate shares of the net pension liability of each Plan as follows:

Miscellaneous Plan $ 21,209,444
Safety Plan 39,382,984
Total Cost-Sharing Plans Net Pension Liability $ 60,592,428 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, 2024, 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, 2023 rolled forward to June 30, 2024 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, 2023, and 2024, was as follows:

Miscellaneous
Plan
Proportion - June 30, 2023 0.41987%
Proportion - June 30, 2024 0.43852%
Change - Increase/(Decrease) 0.01865%
The City’s proportionate share of the net pension liability for each of the City’s Safety Rate Plan as of June 30, 2023, and 2024, was as follows:

Safety
Plan
Proportion - June 30, 2023 0.53896%
Proportion - June 30, 2024 0.54017%
Change - Increase/(Decrease) 0.00121%
For the year ended June 30, 2025, the City recognized total pension expense of $3,890,038 for the Miscellaneous Plan and $7,007,524 for the Safety Plan, respectively.

74 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)
At June 30, 2025, 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 $ - 1,087,432 $ Changes in assumptions 545,127 -
Differences between expected and actual experiences 1,833,751 71,552 Net difference between projected and actual earnings of pension plan investments - 1,221,002
Difference between employer contribution and the plans
proportionate share of aggregate employer contributions 1,716,820 - Adjustment due to differences in proportions 537,172 -
Total Miscellaneous Plan $ 5,224,484 $ 1,788,372
At June 30, 2025, 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 1,304,130 $ - $ Changes in assumptions 970,316 -
Differences between expected and actual experiences 3,214,002 104,501 Net difference between projected and actual earnings of pension plan investments - 1,903,594
Difference between employer contribution and the plans
proportionate share of aggregate employer contributions 3,033,138 - Adjustment due to differences in proportions 529,214 651,618 Total Safety Plan $ 7,921,256 $ 3,789,257

75 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)
$1,087,432 for the Miscellaneous Plan and $1,304,130 for the Safety Plan, reported as deferred outflows of resources related to contributions subsequent to the measurement date will be recognized as a reduction of the total pension liability in the year ended June 30, 2026. 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
2026 744,861 $ 1,113,815 $ 1,858,676 $
2027 2,245,352 3,040,501 5,285,853
2028 (223,110) (675,124) (898,234)
2029 (418,423) (651,323) (1,069,746)
Total 2,348,680 $ 2,827,869 $ 5,176,549 $
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 32,598,116 $ 21,209,444 $ 11,834,890 $ Safety Plan 58,444,568 39,382,984 23,793,287
Total 91,042,684 $ 60,592,428 $ 35,628,177 $
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.
76 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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, 2025, 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, 2025 (the measurement date), the employer’s contribution rate is 5.80% 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.

77 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)
Actuarial Methods and Assumptions Used to Determine Total Pension Liability The June 30, 2025 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.

78 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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, 2025.

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 2.00% 0.83% 0.80%
US Core Fixed Income (Aggregate) Bloomberg Barclays Aggregate 44.50% 2.91% 2.65% US High Yield Bonds ICE BofA US High Yield 3.50% 4.03% 3.48% US Large Cap Equity S&P 500 28.50% 5.39% 3.78%
US Small Cap Equity Russell 2000 1.5% 6.80% 4.22%
Foreign Developed Equity MSCI EAFE NR 11.25% 6.61% 4.79% Emerging Markets Equity MSCI EM NR 3.75% 8.78% 5.73%
US REITs FTSE Nareit All Equity REITs 2.50% 6.71% 4.46% Infrastructure - Public S&P Global Infrastructure TR 2.50% 5.68% 4.18% Assumed Inflation - Mean 2.28% 2.28%
Assumed Inflation - Standard Deviation 1.47% 1.47%
Portfolio Real Mean Return 4.47% 3.86%
Portfolio Nominal Mean Return 6.75% 6.25%
Portfolio Standard Deviation 10.55%
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 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.

79 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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, 2024 3,502,652 $ 2,485,906 $ 1,016,746 $ Changes for the year:

Service Cost - 84,765 84,765
Interest - 230,191 230,191
Benefit Payments (93,498) (93,498) -
Employer Contributions 259,949 - (259,949)
Net Investment Income 241,722 - (241,722)
Administrative Expenses (8,986) - 8,986
Economic/demographic - 134,872 134,872
Balance as of June 30, 2025 3,858,982 $ 2,885,093 $ 973,889 $ 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.

As of the start of the measurement period, July 1, 2024, the net pension liability was $1,016,746. For the measurement period ending June 30, 2025, the City of Emeryville incurred a pension expense of $116,511 for the Plan. As of the measurement date, June 30, 2025, the net pension liability was $973,889.
80 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
NOTE 9 – DEFINED BENEFIT PENSION PLANS (Continued)
As of June 30, 2025, 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 $ 252,824 $ - Net difference between projected and actual earnings of pension plan investments - 42,911
Changes of Assumptions 61,668 25,414
Total $ 314,492 $ 68,325
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,
2026 254,186 $
2027 42,812
2028 (35,810)
2029 (15,021)
Total 246,167 $
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.

Discount Rate Current Discount Rate
- 1% Discount Rate + 1%
(5.50%) (6.50%) (7.50%)
Total Pension Liability $ 4,512,295 $ 3,858,982 $ 3,339,391 Fiduciary Net Position 2,885,093 2,885,093 2,885,093
Net Pension Liability $ 1,627,202 $ 973,889 $ 454,298
81 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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 2025, 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.

As of the June 30, 2024 measurement date, the following current and former employees were covered by the benefit terms under the HC Plan:

Active employees 130
Inactive employees or beneficiaries currently receiving benefits 103 Inactive employees or beneficiaries entitled to,
but not currently receiving benefits 33
Totals 266
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, 2024, the City’s contributions were $385,651 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. 82 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
NOTE 11 – POST-EMPLOYMENT BENEFITS OTHER THAN PENSIONS (OPEB) (Continued) Net OPEB Liability
The City’s net OPEB liability was measured as of June 30, 2024 and the total OPEB liability used to calculate the net OPEB liability was determined by an actuarial valuation dated June 30, 2024 that was used to determine the June 30, 2024 total OPEB liability, based on the following actuarial methods and assumptions.

Valuation date June 30, 2024
Measurement date June 30, 2024
Actuarial funding method
Asset Valuation Method
Actuarial assumptions:

Discount rate 3.95%
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
Fair 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
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%
83 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
NOTE 11 – POST-EMPLOYMENT BENEFITS OTHER THAN PENSIONS (OPEB) (Continued) Discount Rate
The discount rate used to measure the total OPEB liability was 3.95%. 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, 2024 (2023 Measurement Date) 8,118,075 $ 2,267,349 $ 5,850,726 $ Change in the year:

Service Cost 322,713 - 322,713
Interest on total OPEB liability 306,619 - 306,619
Changes in assumptions (197,055) - (197,055)
Actual vs. expected experience (194,237) - (194,237)
Contribution-employer - 385,651 (385,651)
Net investment income - 31,087 (31,087)
Administrative Expenses - (15,338) 15,338
Benefit payments, including refunds of employee
contributions (440,884) (440,884) -
Net changes (202,844) (39,484) (163,360)
Balance at June 30, 2025 (2024 Measurement Date) $ 7,915,231 $ 2,227,865 $ 5,687,366 Increase (Decrease)
Changes in Assumptions
During the measurement year ended June 30, 2024, the discount rate was increased from 3.73% to 3.95%.

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, 2024:
1% Decrease
(2.95%)
Current Discount
Rate (3.95%)
1% Increase
(4.95%)
Net OPEB Liability 6,652,066 $ 5,687,366 $ 4,883,575 $
84 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
NOTE 11 – POST-EMPLOYMENT BENEFITS OTHER THAN PENSIONS (OPEB) (Continued) Sensitivity of the Net OPEB Liability to Changes in the Health Care Cost Trend Rates The following presents the net OPEB liability of the City if it were calculated using health care cost trend rates that are one percentage point lower or one percentage point higher than the current rate, for measurement period ended June 30, 2024:
1% Decrease
Current Healthcare
Cost Trend Rates 1% Increase
Net OPEB Liability 5,034,117 $ 5,687,366 $ 6,570,379 $
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, 2025, the City recognized OPEB expense of $393,052. As of the fiscal year ended June 30, 2025, 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 $ - 420,248 $ Changes of assumptions 1,190,042 114,669
Differences between expected and actual experience 422,784 - Net difference between projected and actual earnings on OPEB plan investments - 82,278
Total $ 1,612,826 617,195 $
The $420,248 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, 2026. 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
2026 $ (333,562)
2027 (389,889)
2028 (403,421)
2029 (198,706)
2030 (65,849)
Thereafter (24,452)
Total $ (1,415,879)

85 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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.

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.

86 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
NOTE 12 – RISK MANAGEMENT (Continued)
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.

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, 2025:

Workers' General
Compensation Liability Total Total
Claims Claims 2025 2024
Beginning balance $ 3,084,000 $ 49,117 $ 3,133,117 $ 2,983,358 Liability for current fiscal year claims 1,088,714 138,597 1,227,311 976,596 Change in liability for prior fiscal year claims and
claims incurred but not reported (IBNR) (468,548) 208,903 (259,645) (523,017) Claims paid (307,166) (342,617) (649,783) (303,820)
Ending balance $ 3,397,000 $ 54,000 $ 3,451,000 $ 3,133,117 Current portion $ 541,897 $ 54,000 $ 595,897 $ 716,784
87 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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, 2025. 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, 2025.

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.

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 $ 30,367,505
Restricted cash and investments with fiscal agents 10,797,991 Total $ 41,165,496

88 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
NOTE 14 – SUCCESSOR AGENCY TRUST FOR ASSETS OF THE FORMER REDEVELOPMENT AGENCY (Continued)
B. Transfers In/Out
The 2014A Debt Service Private-Purpose Trust Fund and 2014B Debt Service Private-Purpose Trust Fund, received $9,739,686 and $1,366,381 from the RDA Retirement Private-Purpose Trust Fund, respectively, for support of debt service payments. All other transfers in and out in the Private-Purpose Trust Funds were to support the refunding of the 2014A Debt Service Private-Purpose Trust Fund and the 2014B Debt Service Private-Purpose Trust Fund, which are closed at June 30, 2025.

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, 2025, as follows:

Successor Agency of the Former RDA
Business Development $ 7,996
Emeryville Town Center (Bay Street) 7,094,000
Avalon Commercial LLC 998,977
Total Notes and Loans Receivables $ 8,100,973

1. 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.

2. 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.

89 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
NOTE 14 – SUCCESSOR AGENCY TRUST FOR ASSETS OF THE FORMER REDEVELOPMENT AGENCY (Continued)
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.

3. 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.2 above.

90 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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, 2025, is as follows:

Balance at Balance at
June 30, 2024 Additions June 30, 2025
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 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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, 2025, is as follows:

Balance at Balance at Current
Successor Agency of the former RDA June 30, 2024 Additions Retirements June 30, 2025 Portion Public Offering Bonds:

Tax Allocation Refunding
Bonds, Series 2014A $ 39,565,000 $ 39,565,000 - $ $ - $ - Tax Allocation Refunding
Bonds, Series 2014B 5,675,000 5,675,000 - - -
Tax Allocation Refunding
Bonds, Series 2024A 29,550,000 - 29,550,000 - 5,130,000 Tax Allocation Refunding
Bonds, Series 2024B 4,580,000 - 4,580,000 - 4,580,000
Total Bonds 45,240,000 34,130,000 45,240,000 34,130,000 9,710,000 Unamortized Bond Premium/(Discount)
Tax Allocation Refunding
Bonds, Series 2014A 7,991,776 7,991,776 - - -
Tax Allocation Refunding
Bonds, Series 2014B (41,147) (41,147) - - -
Tax Allocation Refunding
Bonds, Series 2024A 2,328,827 - 232,883 2,095,944 -
Total Unamortized Bond
Premium/(Discount) 7,950,629 2,328,827 8,183,512 2,095,944 - Total Successor Agency of the
Former RDA Long-Term Liabilities 53,190,629 $ $ 36,458,827 $ 53,423,512 $ 36,225,944 $ 9,710,000

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.

On November 14, 2024, the Successor Agency refunded the Tax Allocation Refunding Bonds, Series 2014A and Series 2014B using the proceeds from the Tax Allocation Refunding Bonds, 2024A Series and Tax Allocation Refunding Bonds, 2024B Series.

92 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
NOTE 14 – SUCCESSOR AGENCY TRUST FOR ASSETS OF THE FORMER REDEVELOPMENT AGENCY (Continued)

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.

On November 14, 2024, the Successor Agency refunded the Tax Allocation Refunding Bonds, Series 2014A and Series 2014B using the proceeds from the Tax Allocation Refunding Bonds, 2024A Series and Tax Allocation Refunding Bonds, 2024B Series.

3. Tax Allocation Refunding Bonds Series 2024A
On November 14, 2024, the Successor Agency to the Emeryville Redevelopment Agency issued $29,550,000 of Tax Allocation Refunding Bonds. Proceeds from the issuance were used to refund the following Public Financing Authority Revenue Bonds Series 2014A. Interest on the Bonds is payable on March 1 and September 1 of each year and the interest rate is 5.0%. The Bonds mature starting September 1, 2025, 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. The refunding resulted in a net present value savings in debt services in the amount of $2,004,154 and economic gain in the amount of $7,741,188, which is being amortized over the life of the bonds.

93 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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, 2025, including interest, are as follows:

Principal Interest
2026 $ 5,130,000 $ 1,349,250
2027 9,090,000 993,750
2028 1,995,000 716,625
2029 2,095,000 614,375
2030 1,650,000 520,750
2031-2035 9,590,000 1,245,750
$ 29,550,000 $ 5,440,500
Tax Allocation Refunding Bonds
Series 2024A

4. Tax Allocation Refunding Bonds Series 2024B
On November 14, 2024, the Successor Agency to the Emeryville Redevelopment Agency issued $4,580,000 of Tax Allocation Refunding Bonds. Proceeds from the issuance were used to refund the Public Financing Authority Revenue Bonds, Series 2014B. Interest on the Bonds is payable on March 1 and September 1 of each year and the interest rate is 4.625%. The Bonds mature on September 1, 2025. 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. The refunding resulted in a net present value savings in debt services in the amount of $46,479 and economic loss in the amount of $74,278, which is being amortized over the life of the bonds.

The annual requirements to amortize the outstanding bond indebtedness as of June 30, 2025, including interest, are as follows:

Principal Interest
2026 $ 4,580,000 $ 105,913
$ 4,580,000 $ 105,913
Tax Allocation Refunding Bonds
Series 2024B

94 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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 $32,527,157 as of June 30, 2025. Of the total clean-up costs, $30,702,157 for the Corporation Yard and $1,475,000 for Bay Street-Site B have been determined to be capitalizable because remediation outlays are necessary to place these assets into their intended location and condition for use. Therefore, these amounts are not reported on the face of the financial statements. At June 30, 2025, the pollution remediation liability totals to $350,000, which represents the non-capitalizable remediation outlays related to Bay Street - Site A.

95 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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 $12,960,022 and the debt service obligation on the bonds was $502,105.

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.

96 CITY OF EMERYVILLE

NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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 since the settlement agreement funds have been listed on the approved Recognized Obligation Payment Schedule (the “ROPS”), beginning in fiscal year July 1, 2023 through June 30, 2024. As of June 30, 2025, the Successor Agency has spent $16,184,717 of settlement funds to date.
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CITY OF EMERYVILLE

GENERAL FUND

SCHEDULE OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES

BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Budget Amounts Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 65,310,692 $ 65,310,692 $ 65,310,692 $ - $ Resources (Inflows)
Taxes 38,742,623 50,485,160 54,846,701 4,361,541
Licenses and permits 7,705,886 3,102,593 2,750,058 (352,535) Intergovernmental 2,156,488 2,128,851 2,507,878 379,027 Charges for services 592,818 542,255 560,462 18,207
Investment income 1,068,400 3,910,474 5,807,367 1,896,893 Rental income 475,675 459,998 448,149 (11,849)
Contributions 267,600 354,074 390,575 36,501
Miscellaneous 624,325 813,025 1,549,497 736,472
Transfers in 155,000 7,155,000 2,061,500 (5,093,500)
Total Resources 51,788,815 68,951,430 70,922,187 1,970,757 Amounts Available for Appropriations 117,099,507 134,262,122 136,232,879 1,970,757 Charges to Appropriation (Outflows)
City Council 240,303 258,731 257,928 803
City Manager 1,689,095 1,731,152 1,539,831 191,321
City Attorney 729,913 697,653 532,864 164,789
Finance 1,597,705 1,735,815 1,449,017 286,798
Human Resources 1,054,533 1,266,338 912,692 353,646
Information Technology 920,603 1,005,581 889,014 116,567 General Government - non-departmental operations 4,218,321 8,055,243 4,623,284 3,431,959 Police 17,450,961 18,993,130 18,389,662 603,468
Fire 11,491,130 12,237,425 12,032,432 204,993
Planning and Building 3,281,968 3,016,641 1,992,864 1,023,777 Economic Development and Housing 1,025,995 1,028,413 713,156 315,257 Community Services 855,013 889,961 788,272 101,689
Youth Services 2,453,505 2,607,083 2,468,105 138,978
Adult Services 722,377 691,966 695,212 (3,246)
Public Works 4,490,262 4,949,839 4,659,769 290,070
Capital Outlay 5,000 4,500 1,500 3,000
Transfers (out) 1,160,413 11,518,965 1,069,324 10,449,641 Total Charges to Appropriations 53,387,097 70,688,436 53,014,926 17,673,510 Fund Balance, June 30 $ 63,573,686 63,712,410 $ 83,217,953 $ 19,644,267 $ 99 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, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 (6,311,818) $ (6,311,818) $ (6,311,818) $ - $ Resources (Inflows)
Intergovernmental 2,000,000 2,653 13,001,954 12,999,301 Investment income 36,000 146,651 146,651 -
Amounts Available for Appropriations (4,275,818) (6,162,514) 6,836,787 12,999,301 Charges to Appropriation (Outflows)
General government-non-departmental operations - 2,500,000 2,500,000 - Police - 294,950 310,550 (15,600)
Economic development and housing - 2,653 39,096 (36,443) Adult Services - 50,000 50,000 -
Public works - - 37,500 (37,500)
Capital outlay 2,000,000 2,206,961 2,117,418 89,543
Total Charges to Appropriations 2,000,000 5,054,564 5,054,564 - Fund Balance, June 30 $ (6,275,818) $ (11,217,078) $ 1,782,223 $ 12,999,301 Budget Amounts
100
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 20,165,403 $ 20,165,403 $ 20,165,403 $ - $ Resources (Inflows)
Charges for services 47,804 47,804 47,804 -
Investment income 60,000 101,930 152,664 50,734
Rental income 16,408 16,408 16,408 -
Miscellaneous 250,000 152,300 220,022 67,722
Amounts Available for Appropriations 20,539,615 20,483,845 20,602,301 118,456 Charges to Appropriation (Outflows)
Economic development and housing 4,711 27,019 4,055 22,964 Total Charges to Appropriations 4,711 27,019 4,055 22,964 Fund Balance, June 30 $ 20,456,826 20,534,904 $ 20,598,246 $ 141,420 $ 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, 2025
101
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 637,244 $ 637,244 $ 637,244 $ - $ Resources (Inflows)
Taxes 4,798,265 4,798,265 4,643,751 (154,514)
Investment income 20,000 42,596 58,312 15,716
Transfers in 500,000 814,687 639,966 (174,721)
Amounts Available for Appropriations 5,955,509 6,292,792 5,979,273 (313,519) Charges to Appropriation (Outflows)
City council 17,600 17,600 17,600 -
Property based improvement district 5,371,536 5,371,536 5,295,859 75,677 Total Charges to Appropriations 5,389,136 5,389,136 5,313,459 75,677 Fund Balance, June 30 $ 903,656 566,373 $ 665,814 $ (237,842) $ 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, 2025
102
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 18,332,855 $ 18,332,855 $ 18,332,855 $ - $ Resources (Inflows)
Taxes 1,239,500 - - -
Investment income 30,000 621,636 811,633 189,997
Miscellaneous - - 3,300,000 3,300,000
Amounts Available for Appropriations 19,602,355 18,954,491 22,444,488 3,489,997 Charges to Appropriation (Outflows)
Economic development and housing 753,895 1,143,500 442,993 700,507 Total Charges to Appropriations 753,895 1,143,500 442,993 700,507 Fund Balance, June 30 $ 17,810,991 18,848,460 $ 22,001,495 $ 4,190,504 $ 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, 2025
103
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 50,304,092 $ 50,304,092 $ 50,304,092 $ - $ Resources (Inflows)
Taxes 3,490,433 3,490,433 3,066,584 (423,849)
Investment income 150,000 1,766,442 2,820,400 1,053,958 Amounts Available for Appropriations 53,944,525 55,560,967 56,191,076 630,109 Charges to Appropriation (Outflows)
Economic development and housing 24,955,000 3,077,616 342,155 2,735,461 Interest and fiscal charges 349,500 415,330 85,765 329,565 Transfers out 3,490,433 3,490,433 3,490,433 -
Total Charges to Appropriations 28,794,933 6,983,379 3,918,353 3,065,026 Fund Balance, June 30 $ 48,577,588 25,149,592 $ 52,272,723 $ 3,695,135 $ 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, 2025
104
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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 2024 2023 2022 2021
Plan's Proportion of the Net Pension Liability 0.43852% 0.41987% 0.41103% 0.41993% Plan's Proportionate Share of the Net Pension Liability $ 21,209,444 $ 20,995,400 $ 19,232,872 $ 7,973,731 Plan's Covered Payroll 11,031,571 9,902,328 10,129,480 10,436,301 Plan's Proportionate Share of the Net Pension Liability as a Percentage of Covered Payroll 192.26% 212.02% 189.87% 76.40% The Pension Plan's (PERF-C) Fiduciary Net Position as
a Percentage of the Total Pension Liability 78.08% 77.97% 78.19% 90.49% 106

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)
2020 2019 2018 2017 2016 2015

0.36372% 0.13257% 0.12092% 0.11846% 0.10969% 0.08757%
$ 15,341,913 $ 13,584,578 $ 11,652,402 $ 11,747,763 $ 9,491,366 $ 6,010,619 8,882,221 8,614,042 8,333,650 8,122,643 7,489,145 7,484,785 172.73% 157.70% 139.82% 144.63% 126.73% 80.30%

78.04% 75.26% 75.26% 73.31% 74.06% 78.40%
107

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 2024 2023 2022 2021
Plan's Proportion of the Net Pension Liability 0.54017% 0.53896% 0.55268% 0.55940% Plan's Proportionate Share of the Net Pension Liability $ 39,382,984 $ 40,286,887 $ 37,978,179 $ 19,631,975 Plan's Covered Payroll 7,670,500 6,632,310 6,438,327 6,251,423 Plan's Proportionate Share of the Net Pension Liability as a Percentage of Covered Payroll 513.43% 607.43% 589.88% 314.04% The Pension Plan's (PERF-C) Fiduciary Net Position as
a Percentage of the Total Pension Liability 76.67% 74.87% 75.53% 86.61% 108

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) 2020 2019 2018 2017 2016 2015

0.49710% 0.31524% 0.29242% 0.51479% 0.44882% 0.35246%
$ 33,118,423 $ 30,377,824 $ 28,178,105 $ 32,032,873 $ 27,927,528 $ 21,931,706 5,390,900 5,522,414 5,396,885 5,077,077 4,641,902 4,249,620 614.34% 550.08% 522.12% 630.93% 601.64% 516.09%

73.36% 75.26% 75.26% 73.31% 74.06% 78.40%
109

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
Measurement Date June 30 2025 2024 2023 2022

TOTAL PENSION LIABILITY
Service Cost 84,765 $ 67,589 $ 65,748 $ 49,935 $
Interest on Total Pension Liability 230,191 216,197 164,343 154,925 Effect of Plan Changes - - - -
Effect of Economic/Demographics Gains or Losses 134,872 - 350,200 - Effect of Assumptions Changes or Inputs - - 292,920 -
Benefit Payments (93,498) (78,072) (76,542) (75,041)
Net Change in Total Pension Liability 356,330 205,714 796,669 129,819 Total Pension Liability - Beginning 3,502,652 3,296,938 2,500,269 2,370,450 Total Pension Liability - Ending (a) $ 3,858,982 $ 3,502,652 $ 3,296,938 $ 2,500,269

PLAN FIDUCIARY NET POSITION
Benefit Payments (93,498) (78,072) $ $ (76,542) $ (75,041) Employer Contributions 259,949 243,028 159,271 152,560
Net Investment Income 241,722 244,478 136,846 (285,058) Administrative Expenses (8,986) (8,502) (8,030) (8,240) Net Change in Fiduciary Net Position 399,187 400,932 211,545 (215,779) Plan Fiduciary Net Position - Beginning 2,485,906 2,084,974 1,873,429 2,089,208 Plan Fiduciary Net Position - Ending (b) $ 2,885,093 $ 2,485,906 $ 2,084,974 $ 1,873,429 Plan Net Pension Liability - Ending (a) - (b) $ 973,889 $ 1,016,746 $ 1,211,964 $ 626,840 Plan Fiduciary Net Position as a Percentage of the
Total Pension Liability 74.76% 70.97% 63.24% 74.93%
Covered Payroll $ 4,482,308 $ 3,266,375 $ 3,177,408 $ 3,221,809 Plan Net Pension Liability as a Percentage of
Covered Payroll 21.73% 31.13% 38.14% 19.46%
Notes to Schedule:

Changes of Assumptions: In 2022 and 2024, 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).
110

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 (Continued)
2021 2020 2019 2018 2017 2016
$ 48,599 $ 52,616 $ 70,230 $ 68,184 $ 67,969 $ 65,989
129,923 121,264 111,940 126,160 113,800 102,162
- 102,056 - - - -
277,556 - (387,260) - - -
(203,340) 133,479 - - - -
(70,581) (45,817) (17,754) (6,962) (3,919) (3,842)
385,497 26,779 297,895 (199,878) 177,850 164,309
1,984,953 1,835,539 1,537,644 1,737,522 1,559,672 1,395,363 $ 2,370,450 $ 1,862,318 $ 1,835,539 $ 1,537,644 $ 1,737,522 $ 1,559,672 $ (70,581) $ (45,817) $ (17,754) $ (6,962) $ (3,919) $ (3,842) 124,410 133,865 134,840 181,897 102,789 111,064
372,140 91,722 74,533 101,720 58,983 16,626
(7,757) (6,465) (6,076) (5,350) (4,246) (3,662)
418,212 173,305 185,543 271,305 153,607 120,186
1,670,996 1,378,948 1,193,405 922,100 768,493 648,307
$ 2,089,208 $ 1,552,253 $ 1,378,948 $ 1,193,405 $ 922,100 $ 768,493 $ 281,242 $ 310,065 $ 456,591 $ 344,239 $ 815,422 $ 791,179

88.14% 83.35% 75.12% 77.61% 53.07% 49.27%
$ 3,135,581 $ 3,241,206 $ 3,154,458 $ 3,786,204 $ 3,675,926 $ 3,568,860

8.97% 9.57% 14.47% 9.09% 22.18% 22.17%
111

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 2025 2024 2023 2022
Actuary Determined Contribution $ 1,087,432 $ 1,023,781 $ 1,526,236 $ 1,783,332 Contribution in Relation to the
Actuarially Determined Contribution (1,087,432) (1,023,781) (1,526,236) (1,783,332) Contribution Deficiency (Excess) $ - $ - $ - $ -
Actual Contributions as a Percentage of
Actuarial Determined Contributions 100.00% 100.00% 100.00% 100.00% Covered Payroll $ 11,309,361 $ 11,031,571 $ 9,902,328 $ 10,129,480 Contributions as a Percentage of Covered Payroll 9.62% 9.28% 15.41% 17.61% 112

CITY OF EMERYVILLE

REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF PLAN CONTRIBUTIONS – MISCELLANEOUS PLAN
COST SHARING – EMPLOYER DEFINED BENEFIT PENSION PLAN
LAST TEN YEARS (Continued)
2021 2020 2019 2018 2017 2016
$ 1,334,665 $ 1,369,757 $ 1,124,374 $ 730,186 $ 715,234 $ 621,417 (1,334,665) (1,369,757) (1,124,374) (730,186) (715,234) (687,044) $ - $ - $ - $ - $ - $ (65,627)
100.00% 100.00% 100.00% 100.00% 100.00% 110.56%
$ 10,436,301 $ 8,882,221 $ 8,614,042 $ 8,333,650 $ 8,122,643 $ 7,489,145

12.79% 15.42% 13.05% 8.76% 8.81% 9.17%
113

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 2025 2024 2023 2022
Actuary Determined Contribution 1,304,130 $ 1,263,050 $ 1,745,976 $ 3,613,298 $ Contribution in Relation to the
Actuarially Determined Contribution (1,304,130) (1,263,050) (1,745,976) (3,613,298) Contribution Deficiency (Excess) - $ - $ - $ - $
Actual Contributions as a Percentage of
Actuarial Determined Contributions 100.00% 100.00% 100.00% 100.00% Covered Payroll 8,331,895 $ 7,670,500 $ 6,632,310 $ 6,438,327 $ Contributions as a Percentage of Covered Payroll 15.65% 16.47% 26.33% 56.12% 114

CITY OF EMERYVILLE

REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF PLAN CONTRIBUTIONS – SAFETY PLAN
COST SHARING – EMPLOYER DEFINED BENEFIT PENSION PLAN
LAST TEN YEARS (Continued)
2021 2020 2019 2018 2017 2016
$ 3,508,756 $ 3,030,829 $ 2,658,885 $ 2,307,196 $ 1,523,991 $ 821,621 (3,508,756) (3,030,829) (2,658,885) (6,307,196) (2,260,671) (1,823,955) $ - $ - $ (4,000,000) - $ $ (736,680) $ (1,002,334)
100.00% 100.00% 100.00% 273.37% 148.34% 221.99%
$ 6,251,423 $ 5,390,900 $ 5,522,414 $ 5,396,885 $ 5,077,077 $ 4,641,902

56.13% 56.22% 48.15% 116.87% 44.53% 39.29%
115

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
Fiscal Year Ended June 30 2025 2024 2023 2022
Actuarially Determined Contribution 259,433 $ 189,056 $ 126,725 $ 128,559 $ Contribution in Relation to the
Actuarially Determined Contribution (259,949) (243,028) (159,271) (152,560) Contribution Deficiency (Excess) $ (516) $ (53,972) $ (32,546) $ (24,001) Actual Contributions as a Percentage of
Actuarial Determined Contributions 100.20% 128.55% 125.68% 118.67% Covered Payroll $ 4,482,308 $ 3,266,375 $ 3,177,408 $ 3,221,809 Contributions as a Percentage of Covered Payroll 5.80% 7.44% 5.01% 4.74% Note to Schedule:

Valuation Date: June 30, 2024
Methods and assumptions used to
determine contribution rates:

Actuarial cost method Entry age normal
Amortization method Level dollar, closed
Remaining amortization period 15 years 19 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 Kime 3-. 2-21 (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 85% of participants are assumed to have an eligible spouse or domestic partner, with males three years older than their female partners.
116

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 (Continued)
2021 2020 2019 2018 2017 2016
$ 124,410 $ 129,347 $ 133,865 $ 134,840 $ 152,747 $ 158,946 (136,068) (147,759) (151,057) (151,248) (204,481) (176,393) $ (11,658) $ (18,412) $ (17,192) $ (16,408) $ (51,734) $ (17,447) 109.37% 114.23% 112.84% 112.17% 133.87% 110.98%
$ 3,135,581 $ 3,241,206 $ 3,154,458 $ 3,786,204 $ 3,675,926 $ 3,568,860

4.34% 4.56% 4.79% 3.99% 5.56% 4.94%
117

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 2024 2023 2022
Total OPEB Liability
Service cost $ 322,713 $ 319,557 $ 497,020
Interest on the total OPEB liability 306,619 296,163 262,312 Actual and expected experience difference (194,237) - (389,381) Changes in assumptions (197,055) (75,317) (1,809,863)
Benefit payments (440,884) (433,616) (437,878)
Net change in total OPEB liability (202,844) 106,787 (1,877,790) Total OPEB liability - beginning 8,118,075 8,011,288 9,889,028 Total OPEB liability - ending (a) 7,915,231 8,118,075 8,011,238 Plan Fiduciary Net Position
Contribution - employer 385,651 376,185 373,142
Net investment income 31,087 71,736 57,634
Benefit payments (440,884) (433,616) (437,878)
Administrative expense (15,338) (24,861) (24,007)
Net change in plan fiduciary net position (39,484) (10,556) (31,109) Plan fiduciary net position - beginning 2,267,349 2,277,905 2,309,014 Plan fiduciary net position - ending (b) 2,227,865 2,267,349 2,277,905 Net OPEB Liability/(Assets) - ending (a) - (b) $ 5,687,366 $ 5,850,726 $ 5,733,333 Plan fiduciary net position as a percentage of
the total OPEB liability 28.15% 27.93% 28.43%
Covered-employee payroll (contributions not
based on measure of pay) $ 16,534,638 $ 16,567,807 $ 16,889,108 Net OPEB liability as a percentage of
covered-employee payroll 34.40% 35.31% 33.95%
(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%. In 2025, the discount rate increased from 3.73% to 3.93%.
118

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)
2021 2020 2019 2018 2017
$ 484,899 $ 547,252 $ 495,745 $ 130,287 $ 126,800
253,206 340,517 338,652 356,143 348,921
- (205,089) - (78,733) -
(27,318) 280,736 369,238 1,391,116 -
(455,517) (430,059) (449,192) (342,960) (467,946)
255,270 533,357 754,443 1,455,853 7,775
9,633,758 9,100,401 8,345,958 6,890,105 6,882,330
9,889,028 9,633,758 9,100,401 8,345,958 6,890,105
388,037 365,205 381,084 266,889 368,550
50,654 69,156 70,036 73,206 78,423
(455,517) (430,059) (449,192) (342,960) (467,946)
(29,879) (32,563) (32,209) (32,172) (18,535)
(46,705) (28,261) (30,281) (35,037) (39,508)
2,355,719 2,383,980 2,414,261 2,449,298 2,488,806
2,309,014 2,355,719 2,383,980 2,414,261 2,449,298
$ 7,580,014 $ 7,278,039 $ 6,716,421 $ 5,931,697 $ 4,440,807

23.35% 24.45% 26.20% 28.93% 35.55%
$ 16,687,723 $ 15,912,848 $ 15,549,049 $ 14,414,822 $ 15,318,041

45.42% 45.74% 43.20% 41.15% 28.99%
119

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 2025 2024 2023 2022 2021 2020 2019 2018 Actuarially Determined Contribution $ 420,248 $ 381,926 $ 373,862 $ 370,788 $ 388,037 $ 365,205 $ 381,084 $ 368,550 Contribution in Relation to the Actuarially
Determined Contributions (420,248) (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) $ 18,702,071 $ 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 2.25% 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 2025 were from the June 30, 2024 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 Fair 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 CalPERS 2000-2019 E
(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. 120
This Page Intentionally Left Blank

CITY OF EMERYVILLE

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
FOR THE YEAR ENDED JUNE 30, 2025
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, 2025 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, 2025 exceeded the appropriations in the following funds:

Emergency Medical Services Special Revenue Fund $2,858
Recycling/Source Reduction Special Revenue Fund 1,468
The funds had sufficient revenues to cover the expenditures that exceeded the final budget. 122

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. 123

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.

124

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. 125
Housing
Community
Development
Cal-Home
Loan Program
Police
Impound
Catellus
Contingent
ASSETS:

Cash, cash equivalents, and investments $ 199,122 $ 1,205,072 $ 10,125 $ 13,922 Receivables:

Accounts - - - -
Taxes - - - -
Due from other governments 98,484 - - -
Accrued interest 639 3,847 33 44
Prepaid costs - - - -
Lease receivable - - - -
Total Assets $ 298,245 $ 1,208,919 $ 10,158 $ 13,966
LIABILITIES:

Accounts payable $ - $ - $ - $ -
Accrued liabilities - - - 231
Unearned revenue/deferred revenue 98,484 - - -
Deposits payable - - - -
Total Liabilities 98,484 - - 231
DEFERRED INFLOWS OF RESOURCES:

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

Nonspendables:

Prepaid costs - - - -
Restricted for:

Community development projects 1,208,919 199,761 - -
Public safety - 10,158 - -
Public works - - - -
Capital projects - - 13,735 -
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 199,761 1,208,919 10,158 13,735
Total Liabilities and Fund Balances $ 298,245 $ 1,208,919 $ 10,158 $ 13,966

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEETS
JUNE 30, 2025

SPECIAL REVENUE FUNDS
126
Special Gas
Tax Street
Improvement
General Plan
Maintenance
Child
Development Measure B
ASSETS:

Cash, cash equivalents, and investments $ 134,013 $ 3,698,982 $ 822,949 $ 351,796 Receivables:

Accounts 34,835 8,611 2,336 -
Taxes - - - -
Due from other governments - - - -
Accrued interest 382 11,951 2,620 1,120
Prepaid costs - - - -
Lease receivable - - - -
Total Assets $ 169,230 $ 3,719,544 $ 827,905 $ 352,916
LIABILITIES:

Accounts payable $ 82,839 $ 926 $ 14,853 $ 2,430
Accrued liabilities - - - -
Unearned revenue/deferred revenue - - - -
Deposits payable - - - -
Total Liabilities 82,839 926 14,853 2,430
DEFERRED INFLOWS OF RESOURCES:

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

Nonspendables:

Prepaid costs - - - -
Restricted for:

Community development projects 3,718,618 - - -
Public safety - - - -
Public works 86,391 - - 350,486
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 - 813,052 - -
Total Fund Balances 86,391 3,718,618 813,052 350,486
Total Liabilities and Fund Balances $ 169,230 $ 3,719,544 $ 827,905 $ 352,916 (Continued)

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEETS
JUNE 30, 2025

SPECIAL REVENUE FUNDS
127

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEETS
JUNE 30, 2025
Measure BB
Transportation
Impact Fee
Park/Rec
Impact Fee
Affordable
Housing
Impact Fee
ASSETS:

Cash, cash equivalents, and investments 976,633 $ 2,020,617 $ 242,063 $ 771,411 $ Receivables:

Accounts 29,782 346,931 177,370 -
Taxes 133,005 - - -
Due from other governments - - - -
Accrued interest 2,798 6,466 768 2,462
Prepaid costs - - - -
Lease receivable - - - -
Total Assets $ 1,142,218 $ 2,374,014 $ 420,201 $ 773,873 LIABILITIES:

Accounts payable $ 389,987 $ 415,986 $ - $ -
Accrued liabilities - - - -
Unearned revenue/deferred revenue - - - -
Deposits payable - - - -
Total Liabilities 389,987 415,986 - -
DEFERRED INFLOWS OF RESOURCES:

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

Nonspendables:

Prepaid costs - - - -
Restricted for:

Community development projects - 420,201 - 773,873
Public safety - - - -
Public works - - - -
Capital projects 646,019 1,958,028 - -
Debt service - - - -
Small business incentive - - - -
Community services 106,212 - - -
Environmental programs - - - -
Committed to:

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

Capital projects - - - -
Community services - - - -
Total Fund Balances 752,231 1,958,028 420,201 773,873
Total Liabilities and Fund Balances $ 1,142,218 $ 2,374,014 $ 420,201 $ 773,873

SPECIAL REVENUE FUNDS
128
Supplemental
Law
Enforcement
Emergency
Medical
Services
Recycling/
Source
Reduction Measure D
ASSETS:

Cash, cash equivalents, and investments $ 95,592 $ 27,031 - $ $ 57,073 Receivables:

Accounts 1,121 - 9,266 -
Taxes - - - -
Due from other governments - - - -
Accrued interest 305 - 88 179
Prepaid costs - - - -
Lease receivable - - - -
Total Assets $ 95,897 $ 1,121 $ 27,119 $ 66,518
LIABILITIES:

Accounts payable $ - $ - $ - $ -
Accrued liabilities - - - -
Unearned revenue/deferred revenue - 13,103 - -
Deposits payable - - - -
Total Liabilities - 13,103 - -
DEFERRED INFLOWS OF RESOURCES:

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

Nonspendables:

Prepaid costs - - - -
Restricted for:

Community development projects - - - -
Public safety 95,897 1,121 - -
Public works - 14,016 - 66,518
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 95,897 1,121 14,016 66,518
Total Liabilities and Fund Balances $ 95,897 $ 1,121 $ 27,119 $ 66,518 (Continued)

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEETS
JUNE 30, 2025

SPECIAL REVENUE FUNDS
129
Emeryville
Public Art
Information
Technology PEG Program
Urban
Forestry Fee
ASSETS:

Cash, cash equivalents, and investments 2,383,729 $ 4,271,155 $ 7,969 $ 1,140,438 $ Receivables:

Accounts - 1,722 69 17,500
Taxes - - - -
Due from other governments - - - -
Accrued interest 7,624 4,478 25 3,657
Prepaid costs 21,727 - - -
Lease receivable - - - -
Total Assets $ 2,391,353 $ 4,299,082 $ 1,161,595 8,063 $ LIABILITIES:

Accounts payable $ 5,900 $ 101,400 $ $ 1,873 -
Accrued liabilities - - - -
Unearned revenue/deferred revenue - - - -
Deposits payable 286,237 - - 257,660
Total Liabilities 292,137 101,400 - 259,533
DEFERRED INFLOWS OF RESOURCES:

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

Nonspendables:

Prepaid costs 21,727 - - -
Restricted for:

Community development projects 2,099,216 1,311,617 - -
Public safety - - - -
Public works - - - 902,062
Capital projects - - - -
Debt service - - - -
Small business incentive - - - -
Community services - 8,063 - -
Environmental programs - - - -
Committed to:

Community development projects - - - -
Facility maintenance - - - -
Vehicle replacement - - - -
Information technology 2,864,338 - - -
Assigned to:

Capital projects - - - -
Community services - - - -
Total Fund Balances 2,099,216 4,197,682 8,063 902,062
Total Liabilities and Fund Balances $ 2,391,353 $ 4,299,082 $ 1,161,595 8,063 $

SPECIAL REVENUE FUNDS

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEETS
JUNE 30, 2025
130
Opioid
Settlement
Environmental
Program
Small Local
Bus Support
Road
Maintenance
&
Rehabilitation
ASSETS:

Cash, cash equivalents, and investments $ 171,873 $ 161,865 $ 108,183 $ 565,977 Receivables:

Accounts - 203 30,451 -
Taxes - - - -
Due from other governments - - - -
Accrued interest 549 522 345 1,742
Prepaid costs - - - -
Lease receivable - - - -
Total Assets $ 172,422 $ 162,590 $ 108,528 $ 598,170
LIABILITIES:

Accounts payable $ - $ - $ 439,125 - $
Accrued liabilities - - - -
Unearned revenue/deferred revenue 163,617 - - -
Deposits payable - - - -
Total Liabilities 163,617 - 439,125 -
DEFERRED INFLOWS OF RESOURCES:

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

Nonspendables:

Prepaid costs - - - -
Restricted for:

Community development projects - - - -
Public safety 8,805 - - -
Public works - - 159,045 -
Capital projects - - - -
Debt service - - - -
Small business incentive - 108,528 - -
Community services - - - -
Environmental programs 162,590 - - -
Committed to:

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

Capital projects - - - -
Community services - - - -
Total Fund Balances 8,805 162,590 108,528 159,045
Total Liabilities and Fund Balances $ 172,422 $ 162,590 $ 108,528 $ 598,170 (Continued)

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEETS
JUNE 30, 2025

SPECIAL REVENUE FUNDS
131

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEETS
JUNE 30, 2025
Measure BVRF
Code
Enforcement
Reserve Measure F
Parking
Program
ASSETS:

Cash, cash equivalents, and investments $ 162,209 $ 349,835 $ 6,298,945 $ 588,802 Receivables:

Accounts 9,475 - - 621
Taxes - - 409,719 -
Due from other governments - - - -
Accrued interest 503 1,117 19,852 1,818
Prepaid costs - - - -
Lease receivable - - - -
Total Assets $ 172,187 $ 350,952 $ 6,728,516 $ 591,241
LIABILITIES:

Accounts payable $ 6,500 $ - $ - 27,621 $
Accrued liabilities - - - -
Unearned revenue/deferred revenue - - - -
Deposits payable - - - -
Total Liabilities 6,500 - - 27,621
DEFERRED INFLOWS OF RESOURCES:

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

Nonspendables:

Prepaid costs - - - -
Restricted for:

Community development projects - - - -
Public safety - - 6,728,516 563,620
Public works 165,687 350,952 - -
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 165,687 350,952 6,728,516 563,620
Total Liabilities and Fund Balances $ 172,187 $ 350,952 $ 6,728,516 $ 591,241

SPECIAL REVENUE FUNDS
132
1999
Revenue
Bond
Marina
Improvement
Emeryville
Center of
Community
Life
Implementation
Plan 2010-14
ASSETS:

Cash, cash equivalents, and investments $ 142,384 $ 3,659,652 $ 654,623 $ 4,583,433 Receivables:

Accounts - 16,759 - -
Taxes - - - -
Due from other governments - - - -
Accrued interest 455 11,968 2,082 14,632
Prepaid costs - - - -
Lease receivable - 430,195 - -
Total Assets $ 142,839 $ 4,118,574 $ 656,705 $ 4,598,065 LIABILITIES:

Accounts payable $ - 90,560 $ $ - $ -
Accrued liabilities 9,813 - - -
Unearned revenue/deferred revenue - - - -
Deposits payable - 5,461 - -
Total Liabilities 9,813 96,021 - -
DEFERRED INFLOWS OF RESOURCES:

Leases - 430,195 - -
Total Deferred Inflows of Resources - 430,195 - -
FUND BALANCES:

Nonspendables:

Prepaid costs - - - -
Restricted for:

Community development projects - - - -
Public safety - - - -
Public works - - - -
Capital projects 133,026 - 656,705 4,598,065
Debt service - - - -
Small business incentive - - - -
Community services - - - -
Environmental programs - - - -
Committed to:

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

Capital projects - 3,592,358 - -
Community services - - - -
Total Fund Balances 133,026 3,592,358 656,705 4,598,065 Total Liabilities and Fund Balances $ 142,839 $ 4,118,574 $ 656,705 $ 4,598,065 (Continued)

CAPITAL PROJECTS FUNDS

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEETS
JUNE 30, 2025
133

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEETS
JUNE 30, 2025

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

Cash, cash equivalents, and investments 265,773 $ 5,500,381 $ $ 4,888,886 $ 4,306,007 Receivables:

Accounts - 1,950 - -
Taxes - - - -
Due from other governments - - - -
Accrued interest 848 - - 13,745
Prepaid costs - - - -
Lease receivable - - - -
Total Assets $ 266,621 $ 5,502,331 $ 4,888,886 $ 4,319,752 LIABILITIES:

Accounts payable $219,026 478,296 $ $ 78,109 $ -
Accrued liabilities - - - -
Unearned revenue/deferred revenue - - - -
Deposits payable - - - -
Total Liabilities 219,026 478,296 78,109 -
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 47,595 - - 4,319,752
Debt service - - - -
Small business incentive - - - -
Community services - - - -
Environmental programs - - - -
Committed to:

Community development projects - - - -
Facility maintenance - 5,024,035 - -
Vehicle replacement - - 4,810,777 -
Information technology - - - -
Assigned to:

Capital projects - - - -
Community services - - - -
Total Fund Balances 47,595 5,024,035 4,810,777 4,319,752 Total Liabilities and Fund Balances $ 266,621 $ 5,502,331 $ 4,888,886 $ 4,319,752 134

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEETS
JUNE 30, 2025

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 1,168,814 $ 3,051 $ - $ $ 52,010,385 Receivables:

Accounts - - - 689,002
Taxes - - - 542,724
Due from other governments - - - 98,484
Accrued interest 3,731 - - 123,395
Prepaid costs - - - 21,727
Lease receivable - - - 430,195
Total Assets $ 1,172,545 $ 3,051 $ - $ 53,915,912
LIABILITIES:

Accounts payable $ - $ - $ - $ 2,355,431
Accrued liabilities - - - 10,044
Unearned revenue/deferred revenue - - - 275,204
Deposits payable - - - 549,358
Total Liabilities - - - 3,190,037
DEFERRED INFLOWS OF RESOURCES:

Leases - - - 430,195
Total Deferred Inflows of Resources - - - 430,195
FUND BALANCES:

Nonspendables:

Prepaid costs - - - 21,727
Restricted for:

Community development projects - 1,172,545 - 10,904,750 Public safety - - - 7,408,117
Public works - - - 2,095,157
Capital projects - - - 12,372,925
Debt service 3,051 - - 3,051
Small business incentive - - - 108,528
Community services - - - 114,275
Environmental programs - - - 162,590
Committed to:

Community development projects - - - -
Facility maintenance - - - 5,024,035
Vehicle replacement - - - 4,810,777
Information technology - - - 2,864,338
Assigned to:

Capital projects - - - 3,592,358
Community services - - - 813,052
Total Fund Balances 1,172,545 3,051 - 50,295,680
Total Liabilities and Fund Balances $ 1,172,545 $ 3,051 $ - $ 53,915,912

DEBT SERVICE FUNDS
135
Housing
Community
Development
Cal-Home
Loan Program
Police
Impound
Catellus
Contingent
REVENUES:

Taxes $ - $ - $ - $ -
Licenses and permits - - - -
Intergovernmental - - - -
Charges for services - - - -
Investment income 9,095 50,780 427 586
Rental income - - - -
Contributions - - - -
Miscellaneous - - - -
Total Revenues 9,095 50,780 427 586
EXPENDITURES:

Current:

Information technology - - - -
General governmental-non-departmental operations - - - - Police - - - -
Fire - - - -
Planning and building - - - -
Economic development and housing - - - -
Community services 31,501 - - -
Child development - - - -
Public works - - - -
Capital outlay - - - -
Debt service:

Principal retirement - - - -
Interest and fiscal charges - - - -
Total Expenditures 31,501 - - -

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (22,406) 50,780 427 586

OTHER FINANCING SOURCES (USES)
Transfers in - - - -
Transfers (out) - - - -
Total Other Financing Sources (Uses) - - - -
NET CHANGE IN FUND BALANCES (22,406) 50,780 427 586
BEGINNING FUND BALANCES 222,167 1,158,139 9,731 13,149
ENDING FUND BALANCES 199,761 $ 1,208,919 $ $ 10,158 $ 13,735

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, 2025
136
Special Gas
Tax Street
Improvement
General Plan
Maintenance
Child
Development Measure B
REVENUES:

Taxes - $ - $ - $ - $
Licenses and permits - 262,428 - -
Intergovernmental 373,613 - 448,449 -
Charges for services - - 860,706 -
Investment income 7,416 165,242 36,118 15,210
Rental income - - - -
Contributions - - - -
Miscellaneous - - - -
Total Revenues 381,029 427,670 1,345,273 15,210
EXPENDITURES:

Current:

Information technology - - - -
General governmental-non-departmental operations - - - - Police - - - -
Fire - - - -
Planning and building - 733,035 - -
Economic development and housing - - - -
Community services - - - 3,248
Child development - - 2,818,822 -
Public works 344,864 - - 3,316
Capital outlay 113,670 - 17,477 -
Debt service:

Principal retirement - - - -
Interest and fiscal charges - - - -
Total Expenditures 458,534 733,035 2,818,822 24,041

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (77,505) (305,365) (1,473,549) (8,831)

OTHER FINANCING SOURCES (USES)
Transfers in - 1,293,123 - 1,555
Transfers (out) (10,000) - - -
Total Other Financing Sources (Uses) (10,000) - 1,293,123 1,555 NET CHANGE IN FUND BALANCES (77,505) (315,365) (180,426) (7,276) BEGINNING FUND BALANCES 163,896 4,033,983 993,478 357,762 ENDING FUND BALANCES $ 86,391 $ 3,718,618 $ 813,052 $ 350,486 (Continued)

SPECIAL REVENUE FUNDS

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENTS OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2025
137

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENTS OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2025
Measure BB
Transportation
Impact Fee
Park/Rec Impact
Fee
Affordable
Housing
Impact Fee
REVENUES:

Taxes 758,130 $ - $ - $ - $
Licenses and permits - 348,621 182,040 -
Intergovernmental 169,759 - - -
Charges for services 1,181 - 17,708 -
Investment income 50,535 109,695 28,956 32,506
Rental income - - - -
Contributions - - - -
Miscellaneous - - - -
Total Revenues 979,605 458,316 228,704 32,506
EXPENDITURES:

Current:

Information technology - - - -
General governmental-non-departmental operations - - - - Police - - - -
Fire - - - -
Planning and building - - - -
Economic development and housing - - - -
Community services 109,070 - - -
Child development - - - -
Public works 6,095 - - -
Capital outlay 1,531,293 998,920 1,705,635 -
Debt service:

Principal retirement - - - -
Interest and fiscal charges - - - -
Total Expenditures 1,646,458 998,920 1,705,635 -

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (666,853) (540,604) (1,476,931) 32,506

OTHER FINANCING SOURCES (USES)
Transfers in 37,246 - - -
Transfers (out) - - - -
Total Other Financing Sources (Uses) 37,246 - - -
NET CHANGE IN FUND BALANCES (629,607) (540,604) (1,476,931) 32,506 BEGINNING FUND BALANCES 1,381,838 2,498,632 1,897,132 741,367 ENDING FUND BALANCES $ 752,231 $ 1,958,028 $ 420,201 $ 773,873

SPECIAL REVENUE FUNDS
138
Supplemental
Law
Enforcement
Emergency
Medical
Services
Recycling/
Source
Reduction Measure D
REVENUES:

Taxes - $ 209,639 $ - $ - $
Licenses and permits - - - -
Intergovernmental 134,169 - 9,018 -
Charges for services - - - -
Investment income 2,297 - 1,165 2,996
Rental income - - - -
Contributions - - - -
Miscellaneous - 258 - 37,600
Total Revenues 136,466 209,897 10,183 40,596
EXPENDITURES:

Current:

Information technology - - - -
General governmental-non-departmental operations - - - - Police 99,999 - - -
Fire - 209,858 - -
Planning and building - - - -
Economic development and housing - - - -
Community services - - - -
Child development - - - -
Public works - - 9,018 66,651
Capital outlay - - - -
Debt service:

Principal retirement - - - -
Interest and fiscal charges - - - -
Total Expenditures 99,999 209,858 9,018 66,651

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 36,467 39 1,165 (26,055)

OTHER FINANCING SOURCES (USES)
Transfers in - - - -
Transfers (out) - - - -
Total Other Financing Sources (Uses) - - - -
NET CHANGE IN FUND BALANCES 36,467 39 1,165 (26,055)
BEGINNING FUND BALANCES 59,430 1,082 12,851 92,573
ENDING FUND BALANCES $ 95,897 $ 1,121 $ 14,016 $ 66,518 (Continued)

SPECIAL REVENUE FUNDS

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENTS OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2025
139

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENTS OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2025
Emeryville
Public Art
Information
Technology PEG Program
Urban Forestry
Fee
REVENUES:

Taxes - $ - $ 283 $ - $
Licenses and permits - 52,455 - -
Intergovernmental - - - -
Charges for services - - - -
Investment income 105,331 58,419 331 50,064
Rental income - - - -
Contributions - - - -
Miscellaneous 1,429 910,000 - 10,900
Total Revenues 106,760 1,020,874 614 60,964
EXPENDITURES:

Current:

Information technology - 489,526 - -
General governmental-non-departmental operations - - - - Police - - - -
Fire - - - -
Planning and building - - - -
Economic development and housing 265,591 - - -
Community services - - - -
Child development - - - -
Public works - - - -
Capital outlay 42,176 282,570 61,104 -
Debt service:

Principal retirement - - - -
Interest and fiscal charges - - - -
Total Expenditures 307,767 772,096 61,104 -

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (201,007) 248,778 614 (140)

OTHER FINANCING SOURCES (USES)
Transfers in - - - -
Transfers (out) - - - -
Total Other Financing Sources (Uses) - - - -
NET CHANGE IN FUND BALANCES (201,007) 248,778 614 (140) BEGINNING FUND BALANCES 2,300,223 3,948,904 7,449 902,202 ENDING FUND BALANCES $ 2,099,216 $ 4,197,682 $ 8,063 $ 902,062

SPECIAL REVENUE FUNDS
140
Opioid
Settlement
Funds
Environmental
Program
Small Local
Bus Support
Road
Maintenance &
Rehabilitation
REVENUES:

Taxes - $ - $ - $ - $
Licenses and permits - - - -
Intergovernmental - 3,325 - 360,407
Charges for services - - - -
Investment income 6,695 7,003 4,558 34,017
Rental income - - - -
Contributions - - - -
Miscellaneous - - - -
Total Revenues 6,695 10,328 4,558 394,424
EXPENDITURES:

Current:

Information technology - - - -
General governmental-non-departmental operations - - - - Police - - - -
Fire - - - -
Planning and building - - - -
Economic development and housing - - - -
Community services - - - -
Child development - - - -
Public works - 8,246 - -
Capital outlay - - 1,149,026 -
Debt service:

Principal retirement - - - -
Interest and fiscal charges - - - -
Total Expenditures 8,246 - 1,149,026 -

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 6,695 2,082 4,558 (754,602)

OTHER FINANCING SOURCES (USES)
Transfers in - - 70,941 -
Transfers (out) - - - -
Total Other Financing Sources (Uses) - - 70,941 -
NET CHANGE IN FUND BALANCES 6,695 2,082 4,558 (683,661) BEGINNING FUND BALANCES 2,110 160,508 103,970 842,706
ENDING FUND BALANCES $ 8,805 $ 162,590 $ 108,528 $ 159,045 (Continued)

SPECIAL REVENUE FUNDS

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENTS OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2025
141

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENTS OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2025
Measure BVRF
Code
Enforcement
Reserve Measure F
Parking
Program
REVENUES:

Taxes $ - $ - 2,273,322 $ $ -
Licenses and permits - - - 565
Intergovernmental 54,878 - - -
Charges for services - - 337,773 -
Investment income 6,287 14,742 251,881 19,577
Rental income - - - -
Contributions - - - -
Miscellaneous - - - -
Total Revenues 61,165 14,742 2,525,203 357,915
EXPENDITURES:

Current:

Information technology - - - -
General governmental-non-departmental operations - - - - Police - - 355,283 -
Fire - - - -
Planning and building - - 183,693 -
Economic development and housing - - 190,822 -
Community services - - - -
Child development - - - -
Public works 3,237 - 149,672 -
Capital outlay 100,000 - - -
Debt service:

Principal retirement - - - -
Interest and fiscal charges - - - -
Total Expenditures 103,237 - 333,365 546,105

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (42,072) 14,742 2,191,838 (188,190)

OTHER FINANCING SOURCES (USES)
Transfers in 50,000 - 413,000 -
Transfers (out) - - (1,293,123) -
Total Other Financing Sources (Uses) 50,000 - (1,293,123) 413,000 NET CHANGE IN FUND BALANCES 7,928 14,742 898,715 224,810 BEGINNING FUND BALANCES 157,759 336,210 5,829,801 338,810 ENDING FUND BALANCES $ 165,687 $ 350,952 $ 6,728,516 $ 563,620

SPECIAL REVENUE FUNDS
142
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 6,000 246,808 27,090 193,141
Rental income - 484,587 - -
Contributions - - - -
Miscellaneous - - - -
Total Revenues 6,000 731,395 27,090 193,141
EXPENDITURES:

Current:

Information technology - - - -
General governmental-non-departmental operations - - - - Police - - - -
Fire - - - -
Planning and building - - - -
Economic development and housing - - - -
Community services - - - -
Child development - - - -
Public works - 297,287 - -
Capital outlay 966,333 - - -
Debt service:

Principal retirement - - - -
Interest and fiscal charges - - - -
Total Expenditures 1,263,620 - - -

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 6,000 (532,225) 27,090 193,141

OTHER FINANCING SOURCES (USES)
Transfers in - 25,000 - -
Transfers (out) - - - -
Total Other Financing Sources (Uses) - 25,000 - -
NET CHANGE IN FUND BALANCES 6,000 (532,225) 52,090 193,141 BEGINNING FUND BALANCES 127,026 4,124,583 604,615 4,404,924 ENDING FUND BALANCES $ 133,026 $ 3,592,358 $ 656,705 $ 4,598,065 (Continued)

CAPITAL PROJECT FUNDS

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENTS OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2025
143

CITY OF EMERYVILLE

NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENTS OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2025
Pedestrian Path
Improvement
Major
Maintenance
Vehicle
Replacement
Developer
Contributions
REVENUES:

Taxes - $ - $ - $ - $
Licenses and permits - - - -
Intergovernmental - - - -
Charges for services - - - -
Investment income 14,535 - - 174,854
Rental income - - - -
Contributions - - - 644,919
Miscellaneous - 1,514,755 874,502 -
Total Revenues 14,535 1,514,755 874,502 819,773
EXPENDITURES:

Current:

Information technology - - - -
General governmental-non-departmental operations - 1,258,718 - - Police - - - -
Fire - - - -
Planning and building - - - -
Economic development and housing - - - -
Community services - - - -
Child development - - - -
Public works - - - -
Capital outlay 219,042 1,398,380 649,028 115,024
Debt service:

Principal retirement - - - -
Interest and fiscal charges - - - -
Total Expenditures 219,042 2,657,098 649,028 115,024

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (204,507) (1,142,343) 225,474 704,749

OTHER FINANCING SOURCES (USES)
Transfers in - - - -
Transfers (out) - - - -
Total Other Financing Sources (Uses) - - - -
NET CHANGE IN FUND BALANCES (204,507) (1,142,343) 225,474 704,749 BEGINNING FUND BALANCES 252,102 6,166,378 4,585,303 3,615,003 ENDING FUND BALANCES $ 47,595 $ 5,024,035 $ 4,810,777 $ 4,319,752

CAPITAL PROJECT FUNDS
144

CAPITAL

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

Taxes - $ - $ - $ 3,241,374 $
Licenses and permits - - - 846,109
Intergovernmental - - - 1,553,618
Charges for services - - - 1,217,368
Investment income 49,252 - - 1,783,609
Rental income - - - 484,587
Contributions - - - 644,919
Miscellaneous - - - 3,349,444
Total Revenues 49,252 - - 13,121,028
EXPENDITURES:

Current:

Information technology - - - 489,526
General governmental-non-departmental operations - - - 1,258,718 Police - - - 455,282
Fire - - - 209,858
Planning and building - - - 916,728
Economic development and housing - - - 456,413
Community services - - - 143,819
Child development - - - 2,818,822
Public works - - 888,386 -
Capital outlay - - 9,349,678 -
Debt service:

Principal retirement 325,900 - 950,000 1,275,900
Interest and fiscal charges 41,212 - 2,540,433 2,581,645 Total Expenditures 367,112 - 3,490,433 20,844,775

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 49,252 (367,112) (3,490,433) (7,723,747)

OTHER FINANCING SOURCES (USES)
Transfers in 367,112 - 3,490,433 5,748,410
Transfers (out) - - (1,303,123) -
Total Other Financing Sources (Uses) 367,112 - 3,490,433 4,445,287 NET CHANGE IN FUND BALANCES 49,252 - (3,278,460) -
BEGINNING FUND BALANCES 1,123,293 3,051 53,574,140 -
ENDING FUND BALANCES $ 1,172,545 $ 3,051 $ 50,295,680 - $

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, 2025
145

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 222,167 $ 222,167 $ 222,167 $ - $ Resources (Inflows)
Intergovernmental 49,576 47,629 - (47,629)
Investment income 2,400 7,334 9,095 1,761
Amounts Available for Appropriations 274,143 277,130 231,262 (45,868) Charges to Appropriation (Outflow)
Community services 49,576 50,129 31,501 18,628
Capital Outlay - 48,000 - 48,000
Total Charges to Appropriations 49,576 98,129 31,501 66,628 Fund Balance, June 30 $ 179,001 224,567 $ 199,761 $ 20,760 $

CITY OF EMERYVILLE
Budget Amounts

HOUSING COMMUNITY DEVELOPMENT SPECIAL REVENUE FUND
146

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 1,158,139 $ 1,158,139 $ 1,158,139 $ - $ Resources (Inflows)
Investment income 12,000 39,411 50,780 11,369
Miscellaneous 50,000 - - -
Amounts Available for Appropriations 1,220,139 1,197,550 1,208,919 11,369 Fund Balance, June 30 $ 1,220,139 $ 1,197,550 $ 1,208,919 $ 11,369

CITY OF EMERYVILLE

CAL - HOME LOAN PROGRAM SPECIAL REVENUE FUND
Budget Amounts
147

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 9,731 $ 9,731 $ 9,731 $ - $ Resources (Inflows)
Investment income - 330 427 97
Amounts Available for Appropriations 9,731 10,061 10,158 97 Fund Balance, June 30 $ 10,061 9,731 $ 10,158 $ 97 $

CITY OF EMERYVILLE

POLICE IMPOUND SPECIAL REVENUE FUND
Budget Amounts
148

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 13,149 $ 13,149 $ 13,149 $ - $ Resources (Inflows)
Investment income 100 456 586 130
Amounts Available for Appropriations 13,249 13,605 13,735 130 Charges to Appropriation (Outflow)
Capital outlay - 2,978 - 2,978
Total Charges to Appropriations - 2,978 - 2,978
Fund Balance, June 30 $ 13,249 $ 10,627 $ 13,735 $ 3,108

CITY OF EMERYVILLE

CATELLUS CONTINGENT SPECIAL REVENUE FUND
Budget Amounts
149

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 163,896 $ 163,896 $ 163,896 $ - $ Resources (Inflows)
Intergovernmental 368,268 368,268 373,613 5,345
Investment income 500 7,083 7,416 333
Amounts Available for Appropriations 532,664 539,247 544,925 5,678 Charges to Appropriations (Outflows)
Public works 348,140 348,140 344,864 3,276
Capital outlay - 133,044 113,670 19,374
Total Charges to Appropriations 348,140 481,184 458,534 22,650 Fund Balance, June 30 $ 58,063 184,524 $ 86,391 $ 28,328 $

CITY OF EMERYVILLE

SPECIAL GAS TAX STREET IMPROVEMENT SPECIAL REVENUE FUND Budget Amounts
150

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 4,033,983 $ 4,033,983 $ 4,033,983 $ - $ Resources (Inflows)
Licenses and permits 434,780 250,000 262,428 12,428
Investment income 5,000 131,451 165,242 33,791
Amounts Available for Appropriations 4,473,763 4,415,434 4,461,653 46,219 Charges to Appropriations (Outflows)
Planning and building and economic development
and housing 931,218 905,792 733,035 172,757
Transfers out 10,000 10,000 10,000 -
Total Charges to Appropriations 941,218 915,792 743,035 172,757 Fund Balance, June 30 $ 3,499,642 3,532,545 $ 3,718,618 $ 218,976 $

CITY OF EMERYVILLE

GENERAL PLAN MAINTENANCE SPECIAL REVENUE FUND
Budget Amounts
151

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 993,478 $ 993,478 $ 993,478 $ - $ Resources (Inflows)
Intergovernmental 183,700 376,149 448,449 72,300
Charges for services 1,122,800 970,300 860,706 (109,594) Investment income 1,000 28,616 36,118 7,502
Transfers in 1,293,123 1,293,123 1,293,123 -
Amounts Available for Appropriations 3,594,101 3,661,666 3,631,874 (29,792) Charges to Appropriations (Outflows)
Child development 2,600,622 2,958,402 2,818,822 139,580 Total Charges to Appropriations 2,600,622 2,958,402 2,818,822 139,580 Fund Balance, June 30 $ 703,264 993,479 $ 813,052 $ 109,788 $

CITY OF EMERYVILLE

CHILD DEVELOPMENT SPECIAL REVENUE FUND
Budget Amounts
152

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 357,762 $ 357,762 $ 357,762 $ - $ Resources (Inflows)
Investment income 100 12,138 15,210 3,072
Transfers in - 1,555 1,555 -
Amounts Available for Appropriations 357,862 371,455 374,527 3,072 Charges to Appropriations (Outflows)
Community services - 2,160 3,248 (1,088)
Public works 12,732 12,732 3,316 9,416
Capital outlay - 17,477 17,477 -
Total Charges to Appropriations 12,732 32,369 24,041 8,328 Fund Balance, June 30 $ 339,086 345,130 $ 350,486 $ 11,400 $

CITY OF EMERYVILLE

MEASURE B SPECIAL REVENUE FUND
Budget Amounts
153

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 1,381,838 $ 1,381,838 $ 1,381,838 $ - $ Resources (Inflows)
Taxes 945,689 761,020 758,130 (2,890)
Intergovernmental 155,017 170,406 169,759 (647)
Charges for services - 1,800 1,181 (619)
Investment income 1,150 55,597 50,535 (5,062)
Transfers in - 37,246 37,246 -
Amounts Available for Appropriations 2,483,694 2,407,907 2,398,689 (9,218) Charges to Appropriations (Outflows)
Community services 70,738 111,200 109,070 2,130
Public works 631,857 431,844 6,095 425,749
Capital outlay 12,875 1,420,609 1,531,293 (110,684)
Total Charges to Appropriations 715,470 1,963,653 1,646,458 317,195 Fund Balance, June 30 $ 1,768,224 $ 444,254 $ 752,231 $ 307,977

CITY OF EMERYVILLE

MEASURE BB SPECIAL REVENUE FUND
Budget Amounts
154

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 2,498,632 $ 2,498,632 $ 2,498,632 $ - $ Resources (Inflows)
Licenses and permits 111,264 348,621 348,621 -
Investment income 10,000 109,695 109,695 -
Amounts Available for Appropriations 2,619,896 2,956,948 2,956,948 - Charges to Appropriation (Outflow)
Capital outlay 75,000 998,920 998,920 -
Total Charges to Appropriations 75,000 998,920 998,920 - Fund Balance, June 30 $ 2,544,896 $ 1,958,028 $ 1,958,028 $ -

CITY OF EMERYVILLE

TRANSPORTATION IMPACT FEE SPECIAL REVENUE FUND
Budget Amounts
155

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 1,897,132 $ 1,897,132 $ 1,897,132 $ - $ Resources (Inflows)
Licenses and permits 25,000 5,000 182,040 177,040
Charges for services - - 17,708 17,708
Investment income 2,500 36,144 28,956 (7,188)
Amounts Available for Appropriations 1,924,632 1,938,276 2,125,836 187,560 Charges to Appropriation (Outflow)
Capital outlay - 1,708,969 1,705,635 3,334
Total Charges to Appropriations - 1,708,969 1,705,635 3,334 Fund Balance, June 30 $ 229,307 1,924,632 $ 420,201 $ 190,894 $

CITY OF EMERYVILLE

PARK / REC IMPACT FEE SPECIAL REVENUE FUND
Budget Amounts
156

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 741,367 $ 741,367 $ 741,367 $ - $ Resources (Inflows)
Licenses and permits 25,000 12,000 - (12,000)
Investment income 2,500 25,229 32,506 7,277
Amounts Available for Appropriations 768,867 778,596 773,873 (4,723) Fund Balance, June 30 $ 778,596 768,867 $ 773,873 $ (4,723) $

CITY OF EMERYVILLE

AFFORDABLE HOUSING IMPACT FEE SPECIAL REVENUE FUND
Budget Amounts
157

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 59,430 $ 59,430 $ 59,430 $ - $ Resources (Inflows)
Intergovernmental 100,000 100,000 134,169 34,169
Investment income - 1,878 2,297 419
Amounts Available for Appropriations 159,430 161,308 195,896 34,588 Charges to Appropriation (Outflow)
Police 100,000 100,000 99,999 1
Total Charges to Appropriations 100,000 100,000 99,999 1 Fund Balance, June 30 $ 61,308 59,430 $ 95,897 $ 34,589 $

CITY OF EMERYVILLE

SUPPLEMENTAL LAW ENFORCEMENT SPECIAL REVENUE FUND
Budget Amounts
158

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 1,082 $ 1,082 $ 1,082 $ - $ Resources (Inflows)
Taxes 193,013 213,013 209,639 (3,374)
Miscellaneous - - 258 258
Amounts Available for Appropriations 194,095 214,095 210,979 (3,116) Charges to Appropriation (Outflow)
Fire 193,013 207,000 209,858 (2,858)
Total Charges to Appropriations 193,013 207,000 209,858 (2,858) Fund Balance, June 30 $ 7,095 1,082 $ 1,121 $ (5,974) $

CITY OF EMERYVILLE

EMERGENCY MEDICAL SERVICES SPECIAL REVENUE FUND
Budget Amounts
159

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 12,851 $ 12,851 $ 12,851 $ - $ Resources (Inflows)
Intergovernmental 5,000 5,000 9,018 4,018
Investment income 50 954 1,165 211
Amounts Available for Appropriations 17,901 18,805 23,034 4,229 Charges to Appropriation (Outflow)
Public works 5,050 7,550 9,018 (1,468)
Total Charges to Appropriations 5,050 7,550 9,018 (1,468) Fund Balance, June 30 $ 11,255 12,851 $ 14,016 $ 2,761 $

CITY OF EMERYVILLE

RECYCLING / SOURCE REDUCTION SPECIAL REVENUE FUND
Budget Amounts
160

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 92,573 $ 92,573 $ 92,573 $ - $ Resources (Inflows)
Investment income 50 2,762 2,996 234
Miscellaneous 30,500 30,500 37,600 7,100
Amounts Available for Appropriations 123,123 125,835 133,169 7,334 Charges to Appropriation (Outflow)
Public works 30,000 66,700 66,651 49
Total Charges to Appropriations 30,000 66,700 66,651 49 Fund Balance, June 30 $ 93,123 $ 59,135 $ 66,518 $ 7,383

CITY OF EMERYVILLE

MEASURE D SPECIAL REVENUE FUND
Budget Amounts
161

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 2,300,223 $ 2,300,223 $ 2,300,223 $ - $ Resources (Inflows)
Taxes 154,900 - - -
Investment income 12,000 84,339 105,331 20,992
Miscellaneous 60,000 2,000 1,429 (571)
Amounts Available for Appropriations 2,527,123 2,386,562 2,406,983 20,421 Charges to Appropriations (Outflows)
Economic development and housing 208,000 397,350 265,591 131,759 Capital outlay 250,000 494,125 42,176 451,949
Total Charges to Appropriations 458,000 891,475 307,767 583,708 Fund Balance, June 30 $ 1,495,087 2,069,123 $ 2,099,216 $ 604,129 $

CITY OF EMERYVILLE

EMERYVILLE PUBLIC ART SPECIAL REVENUE FUND
Budget Amounts
162

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 3,948,904 $ 3,948,904 $ 3,948,904 $ - $ Resources (Inflows)
Licenses and permits - - 52,455 52,455
Investment income 2,500 44,880 58,419 13,539
Miscellaneous 996,956 955,000 910,000 (45,000)
Amounts Available for Appropriations 4,948,360 4,948,784 4,969,778 20,994 Charges to Appropriation (Outflow)
Information technology 584,170 907,500 489,526 417,974
Capital outlay 380,000 1,145,905 282,570 863,335
Total Charges to Appropriations 964,170 2,053,405 772,096 1,281,309 Fund Balance, June 30 $ 2,895,379 3,984,190 $ 4,197,682 $ 1,302,303 $

CITY OF EMERYVILLE

INFORMATION TECHNOLOGY SPECIAL REVENUE FUND
Budget Amounts
163

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 7,449 $ 7,449 $ 7,449 $ - $ Resources (Inflows)
Taxes 1,000 300 283 (17)
Investment income 150 255 331 76
Amounts Available for Appropriations 8,599 8,004 8,063 59 Fund Balance, June 30 $ 8,004 8,599 $ 8,063 $ 59 $

CITY OF EMERYVILLE

PEG PROGRAM SPECIAL REVENUE FUND
Budget Amounts
164

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 902,202 $ 902,202 $ 902,202 $ - $ Resources (Inflows)
Charges for services 1,500 1,500 - (1,500)
Investment income 500 39,522 50,064 10,542
Miscellaneous - - 10,900 10,900
Amounts Available for Appropriations 904,202 943,224 963,166 19,942 Charges to Appropriation (Outflow)
Capital outlay - 786,869 61,104 725,765
Total Charges to Appropriations - 786,869 61,104 725,765 Fund Balance, June 30 $ 156,355 904,202 $ 902,062 $ 745,707 $

CITY OF EMERYVILLE

URBAN FORESTRY FEE SPECIAL REVENUE FUND
Budget Amounts
165

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1- $ 1,000 $ 2,110 $ 1,110 $ Resources (Inflows)
Investment income - 4,859 6,695 1,836
Miscellaneous - 114,029 - (114,029)
Amounts Available for Appropriations - 119,888 8,805 (111,083) Fund Balance, June 30 $ 119,888 - $ $ 8,805 $ (111,083)

CITY OF EMERYVILLE

OPIOID SETTLEMENT FUND
Budget Amounts
166

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 160,508 $ 160,508 $ 160,508 $ - $ Resources (Inflows)
Intergovernmental 28,000 28,000 3,325 (24,675)
Investment income 100 5,463 7,003 1,540
Amounts Available for Appropriations 188,608 193,971 170,836 (23,135) Charges to Appropriation (Outflow)
Public works 15,515 10,515 8,246 2,269
Total Charges to Appropriations 15,515 10,515 8,246 2,269 Fund Balance, June 30 $ 183,456 173,093 $ 162,590 $ (20,866) $

CITY OF EMERYVILLE

ENVIRONMENTAL PROGRAM SPECIAL REVENUE FUND
Budget Amounts
167

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 842,706 $ 842,706 $ 842,706 $ - $ Resources (Inflows)
Intergovernmental 330,300 330,300 360,407 30,107
Investment income 250 30,819 34,017 3,198
Transfers in - 70,941 70,941 -
Amounts Available for Appropriations 1,173,256 1,274,766 1,308,071 33,305 Charges to Appropriations (Outflows)
Capital outlay 225,000 1,189,891 1,149,026 40,865
Total Charges to Appropriations 225,000 1,189,891 1,149,026 40,865 Fund Balance, June 30 $ 84,875 948,256 $ 159,045 $ 74,170 $

CITY OF EMERYVILLE

ROAD MAINTENANCE & REHABILITATION SPECIAL REVENUE FUND
Budget Amounts
168

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 157,759 $ 157,759 $ 157,759 $ - $ Resources (Inflows)
Intergovernmental 49,000 49,000 54,878 5,878
Investment income 180 5,543 6,287 744
Transfers in - 50,000 50,000 -
Amounts Available for Appropriations 206,939 262,302 268,924 6,622 Charges to Appropriations (Outflows)
Public works 3,648 3,648 3,237 411
Capital outlay - 100,000 100,000 -
Total Charges to Appropriations 3,648 103,648 103,237 411 Fund Balance, June 30 $ 158,654 203,291 $ 165,687 $ 7,033 $

CITY OF EMERYVILLE

MEASURE B - VRF SPECIAL REVENUE FUND
Budget Amounts
169

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 5,829,801 $ 5,829,801 $ 5,829,801 $ - $ Resources (Inflows)
Taxes 2,848,000 2,170,000 2,273,322 103,322
Investment income 40,000 190,131 251,881 61,750
Amounts Available for Appropriations 8,717,801 8,189,932 8,355,004 165,072 Charges to Appropriations (Outflows)
Planning and building - - 183,693 (183,693)
Public works 390,642 430,498 149,672 280,826
Transfers out 1,293,123 1,293,123 1,293,123 -
Total Charges to Appropriations 1,683,765 1,723,621 1,626,488 97,133 Fund Balance, June 30 $ 6,466,311 7,034,036 $ 6,728,516 $ 262,205 $

CITY OF EMERYVILLE

MEASURE F SPECIAL REVENUE FUND
Budget Amounts
170

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 338,810 $ 338,810 $ 338,810 $ - $ Resources (Inflows)
Charges for services 336,000 324,000 337,773 13,773
Licenses and permits - 600 565 (35)
Investment income - 13,171 19,577 6,406
Transfers in 413,000 413,000 413,000 -
Amounts Available for Appropriations 1,087,810 1,089,581 1,109,725 20,144 Charges to Appropriations (Outflows)
Police 467,668 506,353 355,283 151,070
Economic development and housing 281,255 220,615 190,822 29,793 Total Charges to Appropriations 748,923 726,968 546,105 180,863 Fund Balance, June 30 $ 362,613 338,887 $ 563,620 $ 201,007 $

CITY OF EMERYVILLE

PARKING PROGRAM SPECIAL REVENUE FUND
Budget Amounts
171

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 45,056,498 $ 45,056,498 $ 45,056,498 $ - $ Resources (Inflows)
Taxes 1,500,697 - - -
Investment income 400,000 1,571,567 1,931,100 359,533
Miscellaneous - 150,000 150,000 -
Amounts Available for Appropriations 46,957,195 46,778,065 47,137,598 359,533 Charges to Appropriations (Outflows)
Public works 709,654 832,853 692,338 140,515
Capital outlay 1,075,000 26,137,591 2,767,355 23,370,236 Principal retirement 415,319 415,319 421,196 (5,877)
Transfers out 413,000 2,535,496 2,535,496 -
Total Charges to Appropriations 2,612,973 29,921,259 6,416,385 23,504,874 Fund Balance, June 30 $ 16,856,806 44,344,222 $ 40,721,213 $ 23,864,407 $

CITY OF EMERYVILLE

GENERAL CAPITAL IMPROVEMENTS CAPITAL PROJECTS FUND
Budget Amounts
172

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 127,026 $ 127,026 $ 127,026 $ - $ Resources (Inflows)
Investment income 100 4,656 6,000 1,344
Amounts Available for Appropriations 127,126 131,682 133,026 1,344 Charges to Appropriation (Outflow)
Capital outlay - 81,861 - 81,861
Total Charges to Appropriations - 81,861 - 81,861
Fund Balance, June 30 $ 49,821 127,126 $ 133,026 $ 83,205 $

CITY OF EMERYVILLE
1999 REVENUE BOND CAPITAL PROJECTS FUND
Budget Amounts
173

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 4,124,583 $ 4,124,583 $ 4,124,583 $ - $ Resources (Inflows)
Taxes 29,800 29,800 - (29,800)
Investment income 135,483 135,483 246,808 111,325
Rental income 535,000 575,000 484,587 (90,413)
Amounts Available for Appropriations 4,824,866 4,864,866 4,855,978 (8,888) Charges to Appropriation (Outflow)
Public works 352,427 388,381 297,287 91,094
Capital outlay 390,000 2,539,950 966,333 1,573,617
Total Charges to Appropriations 742,427 2,928,331 1,263,620 1,664,711 Fund Balance, June 30 $ 1,936,535 4,082,439 $ 3,592,358 $ 1,655,823 $

CITY OF EMERYVILLE

MARINA IMPROVEMENT CAPITAL PROJECTS FUND
Budget Amounts
174

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 604,615 $ 604,615 $ 604,615 $ - $ Resources (Inflows)
Investment income 20,819 20,819 27,090 6,271
Transfers in 25,000 25,000 25,000 -
Amounts Available for Appropriations 650,434 650,434 656,705 6,271 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 $ 614,434 614,434 $ 656,705 $ 42,271 $

CITY OF EMERYVILLE

EMERYVILLE CENTER OF COMMUNITY LIFE CAPITAL PROJECTS FUND Budget Amounts
175

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 4,404,924 $ 4,404,924 $ 4,404,924 $ - $ Resources (Inflows)
Investment income 149,900 149,900 193,141 43,241
Amounts Available for Appropriations 4,554,824 4,554,824 4,598,065 43,241 Charges to Appropriation (Outflow)
Capital outlay - 3,800,000 - 3,800,000
Total Charges to Appropriations - 3,800,000 - 3,800,000 Fund Balance, June 30 $ 754,824 4,554,824 $ 4,598,065 $ 3,843,241 $

CITY OF EMERYVILLE
IMPLEMENTATION PLAN 2010-14 CAPITAL PROJECTS FUND
Budget Amounts
176

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 252,102 $ 252,102 $ 252,102 $ - $ Resources (Inflows)
Investment income 13,695 13,695 14,535 840
Amounts Available for Appropriations 265,797 265,797 266,637 840 Charges to Appropriation (Outflow)
Capital outlay - 228,026 219,042 8,984
Total Charges to Appropriations - 228,026 219,042 8,984 Fund Balance, June 30 $ 37,771 265,797 $ 47,595 $ 9,824 $

CITY OF EMERYVILLE

PEDESTRIAN PATH IMPROVEMENT CAPITAL PROJECTS FUND
Budget Amounts
177

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 6,166,378 $ 6,166,378 $ 6,166,378 $ - $ Resources (Inflows)
Miscellaneous 1,514,755 1,514,755 1,514,755 -
Amounts Available for Appropriations 7,681,133 7,681,133 7,681,133 - Charges to Appropriations (Outflows)
General government-non-departmental operations 989,080 1,099,080 1,258,718 (159,638) Capital outlay 700,000 5,843,010 1,398,380 4,444,630
Total Charges to Appropriations 1,689,080 6,942,090 2,657,098 4,284,992 Fund Balance, June 30 $ 739,043 5,992,053 $ 5,024,035 $ 4,284,992 $

CITY OF EMERYVILLE

MAJOR MAINTENANCE CAPITAL PROJECTS FUND
Budget Amounts
178

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 4,585,303 $ 4,585,303 $ 4,585,303 $ - $ Resources (Inflows)
Miscellaneous 825,100 825,100 874,502 49,402
Amounts Available for Appropriations 5,410,403 5,410,403 5,459,805 49,402 Charges to Appropriations (Outflows)
Capital outlay 200,000 751,685 649,028 102,657
Total Charges to Appropriations 200,000 751,685 649,028 102,657 Fund Balance, June 30 $ 5,210,403 $ 4,658,718 $ 4,810,777 $ 152,059

CITY OF EMERYVILLE

VEHICLE REPLACEMENT CAPITAL PROJECTS FUND
Budget Amounts
179

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 1,347,077 $ 1,347,077 $ 1,347,077 $ - $ Resources (Inflows)
Investment income 45,842 45,842 59,064 13,222
Amounts Available for Appropriations 1,392,919 1,392,919 1,406,141 13,222 Charges to Appropriation (Outflow)
Capital outlay - 689,813 - 689,813
Total Charges to Appropriations - 689,813 - 689,813
Fund Balance, June 30 $ 703,106 1,392,919 $ 1,406,141 $ 703,035 $

CITY OF EMERYVILLE

RDA BOND CAPITAL PROJECTS FUND
Budget Amounts
180

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 3,615,003 $ 3,615,003 $ 3,615,003 $ - $ Resources (Inflows)
Investment income 127,626 127,626 174,854 47,228
Contributions - 550,000 550,000 -
Miscellaneous 55,000 255,000 94,919 (160,081)
Amounts Available for Appropriations 3,797,629 4,547,629 4,434,776 (112,853) Charges to Appropriation (Outflow)
Capital outlay 55,000 5,103,549 115,024 4,988,525
Total Charges to Appropriations 55,000 5,103,549 115,024 4,988,525 Fund Balance, June 30 $ (555,920) 3,742,629 $ 4,319,752 $ 4,875,672 $

CITY OF EMERYVILLE

DEVELOPER CONTRIBUTIONS CAPITAL PROJECTS FUND
Budget Amounts
181

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 1,123,293 $ 1,123,293 $ 1,123,293 $ - $ Resources (Inflows)
Investment income 2,000 38,226 49,252 11,026
Amounts Available for Appropriations 1,125,293 1,161,519 1,172,545 11,026 Fund Balance, June 30 $ 1,161,519 1,125,293 $ 1,172,545 $ 11,026 $

CITY OF EMERYVILLE
1999 BAY/SM CAPITAL PROJECTS FUND
Budget Amounts
182

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 3,051 $ 3,051 $ 3,051 $ - $ Resources (Inflows)
Transfers in 367,192 367,192 367,112 (80)
Amounts Available for Appropriations 370,243 370,243 370,163 (80) Charges to Appropriations (Outflows)
Debt service:

Principal retirement 325,900 325,900 325,900 -
Interest and fiscal charges 41,292 41,292 41,212 80
Total Charges to Appropriations 367,192 367,192 367,112 80 Fund Balance, June 30 $ 3,051 3,051 $ 3,051 $ - $

CITY OF EMERYVILLE
1998 LEASE REVENUE SERIES A BOND DEBT SERVICE FUND
Budget Amounts
183

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Budgetary Fund Balance, July 1 - $ - $ - $ - $
Resources (Inflows)
Transfers in 3,490,433 3,490,433 3,490,433 -
Amounts Available for Appropriations 3,490,433 3,490,433 3,490,433 - Charges to Appropriations (Outflows)
Debt service:

Principal retirement 950,000 950,000 950,000 -
Interest and fiscal charges 2,540,433 2,540,433 2,540,433 - Total Charges to Appropriations 3,490,433 3,490,433 3,490,433 - Fund Balance, June 30 $ - $ - $ - $ -

CITY OF EMERYVILLE

MEASURE C BOND DEBT SERVICE FUND
Budget Amounts
184

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. 185

CITY OF EMERYVILLE

INTERNAL SERVICE FUNDS

COMBINING STATEMENT OF NET POSITION
JUNE 30, 2025
Litigation MESA
Workers'
Compensation SelfInsurance
ASSETS:

Current Assets:

Cash and investments 1,776,338 $ - $ 8,290,104 $
Receivables:

Accounts - - -
Accrued interest 5,730 - 25,915
Prepaid costs - - -
Total Assets 1,782,068 - 8,316,019
LIABILITIES:

Current Liabilities:

Due to other funds - - -
Accounts payable 9,261 - 48,420
Unearned revenue 9,209 - -
Deposits payable - - -
Compensated absences - - -
Claims and judgements 54,000 - 541,897
Total Current Liabilities 72,470 - 590,317
Noncurrent Liabilities:

Compensated absences - - -
Claims and judgements - - 2,855,103
Total Noncurrent Liabilities - - 2,855,103
Total Liabilities 72,470 - 3,445,420
NET POSITION (DEFICIT):

Unrestricted 1,709,598 - 4,870,599
Total Net Position (Deficit) 1,709,598 $ - $ 4,870,599 $ 186

Dental Self
Insurance
Unemployment
Insurance Accrued Benefits Post-Employment Total
$ 444,078 - $ 3,913,979 $ 8,138,698 $ 22,563,197 $
- - - 5,229 5,229
1,368 (55) 12,392 25,990 71,340
- - - 4,168 4,168
445,446 (55) 3,926,371 8,174,085 22,643,934
2,535 - - - 2,535
- 14,407 - 6 72,094
- - - - 9,209
- - - 6,161 6,161
- - 1,848,418 - 1,848,418
- - - - 595,897
- 16,942 1,848,418 6,167 2,534,314
- - 1,681,962 - 1,681,962
- - - - 2,855,103
- - 1,681,962 - 4,537,065
- 16,942 3,530,380 6,167 7,071,379
(16,997) 445,446 395,991 8,167,918 15,572,555
$ (16,997) $ 445,446 $ 395,991 $ 8,167,918 $ 15,572,555 187

CITY OF EMERYVILLE

INTERNAL SERVICE FUNDS

COMBINING STATEMENTS OF REVENUES, EXPENSES AND

CHANGES IN FUND NET POSITION
FOR THE YEAR ENDED JUNE 30, 2025
Litigation MESA
Workers'
Compensation SelfInsurance
OPERATING REVENUES:

Charges for services - $ 17,046,855 $ 1,362,049 $
Total Operating Revenues - 17,046,855 1,362,049
OPERATING EXPENSES:

Administration and general - 17,046,855 341,935
Claim expense 347,500 - 620,166
Total Operating Expenses 347,500 17,046,855 962,101
Operating Income (Loss) (347,500) - 399,948
NONOPERATING REVENUES (EXPENSES):

Investment income 82,982 - 324,845
Total Nonoperating Revenues (Expenses) 82,982 - 324,845 Income (Loss) (264,518) - 724,793
CHANGE IN NET POSITION (264,518) - 724,793
BEGINNING NET POSITION (DEFICIT) 1,974,116 - 4,145,806
ENDING NET POSITION (DEFICIT) 1,709,598 $ - $ 4,870,599 $ 188

Dental Self Insurance
Unemployment
Insurance Accrued Benefits Post-Employment Total
$ 104,559 201,253 $ 581,928 $ 281,815 $ 19,578,459 $
104,559 201,253 581,928 281,815 19,578,459
- 26,937 429,061 236,258 18,081,046
12,157 177,762 - - 1,157,585
12,157 204,699 429,061 236,258 19,238,631
92,402 (3,446) 152,867 45,557 339,828
16,870 (488) 163,207 341,973 929,389
16,870 (488) 163,207 341,973 929,389
109,272 (3,934) 316,074 387,530 1,269,217
109,272 (3,934) 316,074 387,530 1,269,217
336,174 (13,063) 79,917 7,780,388 14,303,338
$ 445,446 (16,997) $ 395,991 $ 8,167,918 $ 15,572,555 $ 189

CITY OF EMERYVILLE

INTERNAL SERVICE FUNDS

COMBINING STATEMENTS OF CASH FLOW
FOR THE YEAR ENDED JUNE 30, 2025
Litigation MESA
Workers'
Compensation
Self-Insurance
CASH FLOWS FROM OPERATING ACTIVITIES:

Receipts from customers and users $ 17,046,855 - $ $ 1,362,049 Payments to suppliers and providers - - (369,836)
Payments to employees for salaries and benefits (17,046,855) - - Payments for claims (366,711) - (307,166)
Cash Flows from Operating Activities (366,711) - 685,047 CASH FLOWS FROM INVESTING ACTIVITIES:

Interest on cash and cash investments 82,126 - 315,671
Cash Flows from Investing Activities 82,126 - 315,671
Net increase (decrease) in cash and cash equivalents (284,585) 1,000,718 - Cash and cash equivalents at beginning of period 2,060,923 7,289,386 - Cash and cash equivalents at end of period $ 1,776,338 $ 8,290,104 - $ Reconciliation of operating income (loss) to net cash provided by operating activities:

Operating income (loss) $ (347,500) $ - $ 399,948
Adjustments to reconcile operating income to net cash provided by operating activities:

Decrease (increase) in prepaid costs - - -
Decrease (increase) in accounts receivable - - -
(Decrease) increase in accounts payable (24,094) - (27,901) Increase in deposits payable - - -
Increase (decrease) in compensated absences - - -
Increase in claims and judgments 4,883 - 313,000
Cash Flows from Operating Activities $ (366,711) $ - $ 685,047 190

Dental Self-Insurance
Unemployment
Insurance Accrued Benefits Post-Employment Total
$ 104,559 201,253 $ 581,928 $ 287,646 $ 19,584,290 $
- (26,537) - (239,479) (635,852)
- - (444,556) - (17,491,411)
(12,157) (177,762) - - (863,796)
92,402 (3,046) 137,372 48,167 593,231
16,252 (462) 159,240 322,633 895,460
(462) 16,252 159,240 322,633 895,460
108,654 (3,508) 296,612 370,800 1,488,691
335,424 3,508 3,617,367 7,767,898 21,074,506
$ 444,078 - $ 3,913,979 $ 8,138,698 $ 22,563,197 $
$ 92,402 (3,446) $ 152,867 $ 45,557 $ 339,828 $
- - - (4,168) (4,168)
- - - 5,831 5,831
- 400 - 6 (51,589)
- - - 941 941
- - (15,495) - (15,495)
- - - - 317,883
$ (3,046) $ 92,402 $ 137,372 $ 48,167 $ 593,231
191
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CITY OF EMERYVILLE

PRIVATE-PURPOSE TRUST FUNDS
The Private-Purpose Trust Funds are used to account for the assets and liabilities of the Successor Agency of the former Redevelopment Agency per the Redevelopment dissolution laws AB 1X 26 and AB 1484.

The funds receive revenue to pay estimated installment payments of the enforceable obligations until obligations of the former Redevelopment Agency are paid in full and assets have been liquidated.

The RDA Retirement Fund accounts for the redevelopment property tax trust fund (RPTTF) revenues allocated to the Successor Agency to pay for approved recognized obligations of the former redevelopment agency. During fiscal year 2015, most of the other redevelopment project funds have been consolidated into this fund to complete the process of winding down the Agency.

The 2014A Debt Service Fund receives transfers from the RDA Retirement Fund and accounts for payments of principal and interest on the Tax Allocation Refunding Bonds Series 2014A. This fund was closed at June 30, 2025.

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. This fund was closed at June 30, 2025.

The 2024A 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 2024A.

The 2024B 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 2024B. 193

CITY OF EMERYVILLE

PRIVATE-PURPOSE TRUST FUNDS

COMBINING STATEMENT OF NET POSITION
FOR THE YEAR ENDED JUNE 30, 2025
2014A Debt 2014B Debt 2024ADebt
RDA Retirement Service Service Service
ASSETS:

Cash and investments 30,367,505 $ - $ - $ - $
Cash and investments with fiscal agents - - - 9,475,343 Receivables:

Accounts 170,777 - - -
Accrued interest 313,999 - - -
Loans receivable 8,100,973 - - -
Land held for resale 24,818,694 - - -
Capital assets:

Capital assets, not being depreciated 11,333,991 - - -
Total Assets 75,105,939 - - 9,475,343
LIABILITIES:

Accounts payable 4,697,986 - - -
Accrued interest - - - 492,500
Long-term liabilities:

Bonds due in one year - - - 5,130,000
Pollution remediation obligations due in one year 235,000 - - - Bonds due in more than one year - - - 26,515,944
Pollution remediation obligation due
in more than one year 115,000 - - -
Total Liabilities 5,047,986 - - 32,138,444
DEFERRED INFLOW OF RESOURCES:

Deferred gain on refunding - - - 6,679,717
Total deferred inflow of resources - - - 6,679,717

NET POSITION HELD IN TRUST FOR
Restricted for other purposes 70,057,953 - - (29,342,818) Total Net Position (Deficit) 70,057,953 $ - $ - $ (29,342,818) $

PRIVATE PURPOSES
194
Total Private2024B Debt Purpose Trust
Service Funds
$ 30,367,505 - $
1,322,648 10,797,991
170,777 -
313,999 -
8,100,973 -
24,818,694 -
11,333,991 -
85,903,930 1,322,648
4,697,986 -
70,608 563,108
4,580,000 9,710,000
235,000 -
26,515,944 -
115,000 -
4,650,608 41,837,038
(54,747) 6,624,970
(54,747) 6,624,970
(3,273,213) 37,441,922
$ 37,441,922 (3,273,213) $
195

CITY OF EMERYVILLE

PRIVATE-PURPOSE TRUST FUNDS

COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION FOR THE YEAR ENDED JUNE 30, 2025
2014A Debt 2014B Debt 2024A Debt 2024B Debt
RDA Retirement Service Service Service Service
ADDITIONS:

Taxes 12,960,022 $ - $ - $ - $ - $
Investment income 1,986,274 164,210 8,705 132,089 18,510 Miscellaneous 2,500,441 - - - -
Transfers in - 38,856,971 4,459,422 9,741,523 1,366,381 Total Additions 17,446,737 39,021,181 4,468,127 9,873,612 1,384,891 DEDUCTIONS:

Administrative expenses 426,474 - - - -
Contractual services 16,560,171 - - - -
Interest expense - 326,709 40,373 359,459 248,211
Transfers out 11,107,905 49,528 - 38,856,971 4,409,893
Total Deductions 28,094,550 376,237 40,373 39,216,430 4,658,104 Net change in position (10,647,813) 38,644,944 4,427,754 (29,342,818) (3,273,213) Net position (deficit) - beginning 80,705,766 (38,644,944) (4,427,754) - - Net position (deficit) - ending 70,057,953 $ - $ - $ (29,342,818) $ (3,273,213) $ 196
Total PrivatePurpose Trust
Elimination Funds
$ 12,960,022 - $
2,309,788 -
2,500,441 -
- (54,424,297)
(54,424,297) 17,770,251
426,474 -
16,560,171 -
974,752 -
(54,424,297) -
(54,424,297) 17,961,397
(191,146) -
37,633,068 -
$ 37,441,922 - $
197
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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 - X
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 XI - XV
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 XVI - XVIII
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 XIX - XX
These schedules contain service and infrastructure data to help the reader understand how the information in the City's financial report relates to the services the City provides and the activities it performs.

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. In contract to the financial section, the statistical section information is not subject to independent audit.

Schedule
199
City of Emeryville
Statistical Section - Table I
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)
2016 2017 2018 2019
Governmental activities
Net investment in capital assets 68,973,451 $ 1 $ 67,638,982 $ 69,236,908 $ 86,768,020 Restricted 51,000,633 60,752,375 90,047,586 94,720,674
Unrestricted 65,389,801 2 65,636,489 38,781,480 46,880,616 Total governmental activities net position $ 185,363,885 $ 194,027,846 $ 198,065,974 $ 228,369,310 Business-type activities
Net investment in capital assets $ 8,112,330 $ 8,385,897 $ 8,199,975 $ 8,008,915 Restricted 2,063,866 2,024,388 2,641,903 2,343,339
Unrestricted 1,488,977 1,775,733 1,733,373 2,694,264
Total business-type activities net position $ 11,665,173 $ 12,186,018 $ 12,575,251 $ 13,046,518 Primary government
Net investment in capital assets $ 77,085,781 $ 76,024,879 $ 77,436,883 $ 94,776,935 Restricted 53,064,499 62,776,763 92,689,489 97,064,013
Unrestricted 66,878,778 67,412,222 40,514,853 49,574,880 Total primary government net position $ 197,029,058 $ 206,213,864 $ 210,641,225 $ 241,415,828 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. 200
2020 2021 2022 2023 2024 2025
$ 94,116,338 $ 107,889,826 $ 110,589,119 $ 120,690,251 $ 129,051,319 $ 138,955,014 56,084,907 49,200,357 51,421,948 101,639,863 57,007,777 60,304,630 88,435,683 91,861,373 100,133,727 68,557,892 109,634,175 119,783,429 $ 238,636,928 $ 248,951,556 $ 262,144,794 $ 290,888,006 $ 295,693,271 $ 319,043,073 $ 7,817,855 $ 7,626,795 $ 7,898,736 $ 7,786,475 $ 8,192,943 $ 8,035,540 2,756,937 7,179,901 7,616,796 8,548,957 8,883,071 9,787,412 3,741,587 - - - - -
$ 14,316,379 $ 14,806,696 $ 15,515,532 $ 16,335,432 $ 17,076,014 $ 17,822,952 $ 101,934,193 $ 115,516,621 $ 118,487,855 $ 128,476,726 $ 137,244,262 $ 146,990,554 58,841,844 56,380,258 59,038,744 110,188,820 65,890,848 70,092,042 92,177,270 91,861,373 100,133,727 68,557,892 109,634,175 119,783,429 $ 252,953,307 $ 263,758,252 $ 277,660,326 $ 307,223,438 $ 312,769,285 $ 336,866,025 201
City of Emeryville
Statistical Section - Table II
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
2016 2017 2018 2019
Expenses
Governmental activities:

City council $ 202,159 187,581 $ 222,581 $ 219,654 $
City manager 1,181,250 1,408,437 1,392,176 1,137,782
City attorney 585,501 416,252 534,354 600,453
Finance 1,144,663 897,179 1,093,976 1,118,840
Human resources 804,087 888,463 790,400 728,794
Information technology (1) 951,426 1,135,305 1,205,716 1,174,675 Non-departmental operations 4,016,297 3,792,532 3,275,291 3,779,538 Police 13,087,370 11,851,855 13,518,734 14,009,706
Fire 7,763,651 6,730,833 8,134,164 8,895,473
Plannning and building 4,163,311 3,149,159 3,047,003 4,284,383 Economic development and housing 20,356,084 1,256,037 5,975,087 1,254,963 Redevelopment 41,299 146,400 135,711 97,523
Property based improvement district 3,761,548 3,863,878 4,064,405 4,263,247 Community services 560,878 920,268 1,062,542 996,837
Child development 2,425,147 2,410,524 2,308,874 2,293,295 Youth services 1,239,033 1,344,674 1,422,486 1,548,998
Adult services 651,986 1,052,711 1,041,631 1,067,215
Public works 6,250,213 13,547,948 9,013,050 7,532,228
Interest on long-term debt 127,351 125,557 101,435 88,945 Total governmental activities expenses 66,613,610 57,825,237 58,339,616 55,092,549 Business-type activities:

Sewer 550,046 772,290 564,159 544,936
Total business-type activities expenses 550,046 772,290 564,159 544,936 Total primary government expenses $ 67,163,656 $ 58,597,527 $ 58,903,775 $ 55,637,485 Program Revenues
Governmental activities:

Charges for services:

General Government $ 9,780,050 $ 9,432,477 $ 6,472,435 $ 7,685,851 Public Safety 798,029 1,017,546 994,626 783,767
Redevelopment 40,000 40,000 84,064 16,331
Property Based Improvement District 3,220,017 3,368,624 3,735,926 3,765,814 Child Development 1,087,616 1,137,338 1,311,260 1,426,793 Operating grants and contributions 3,472,039 5,472,374 4,980,866 2,934,567 Capital grants and contributions 2,763,083 2,498,959 784,752 114,227 Total governmental activities program revenues 21,160,834 22,967,318 18,363,929 16,727,350 Business-type activities:

Charges for services:

Sewer 845,356 1,265,566 996,519 967,840
Capital grants and contributions 400,000 - - -
Total business-type activities program revenues 1,245,356 1,265,566 996,519 967,840 Total primary government program revenues $ 22,406,190 $ 24,232,884 $ 19,360,448 $ 17,695,190 202
2020 2021 2022 2023 2024 2025
$ 205,422 $ 209,478 $ 197,243 $ 235,006 $ 250,383 $ 269,138 1,170,384 1,115,048 934,960 1,460,129 1,489,317 1,699,986 622,553 648,922 607,030 718,182 738,887 976,494
1,353,480 1,114,110 974,606 1,398,423 1,436,057 1,617,565 764,058 771,678 772,882 828,328 895,117 1,027,893
1,507,232 1,386,556 1,320,056 1,388,214 1,669,431 1,523,033 3,760,939 3,200,319 3,612,909 4,216,391 10,630,439 9,788,113 16,129,575 16,437,792 13,098,319 15,527,007 21,706,953 25,180,367 10,041,674 9,508,535 9,864,213 10,494,648 11,975,911 12,334,870 3,525,039 4,021,359 5,139,274 5,097,727 3,669,270 3,241,848 3,435,320 2,122,080 2,292,520 9,409,911 7,364,121 2,170,044 99,971 - - - - -
4,648,962 4,687,374 4,859,599 5,058,497 5,166,321 5,295,859 629,765 600,318 833,438 1,119,930 925,581 966,200
2,592,826 2,552,161 2,144,936 2,215,807 2,875,269 3,243,483 1,543,285 1,237,409 1,410,175 1,832,945 2,303,604 2,546,123 1,086,775 683,041 643,265 638,171 991,803 882,703
8,959,551 9,638,507 8,240,855 8,572,292 10,288,331 9,814,917 89,646 78,455 66,308 826,325 3,166,988 3,036,734
62,166,457 60,013,142 57,012,588 71,037,933 87,543,783 85,615,370 522,049 632,196 496,337 620,593 634,953 768,441
522,049 632,196 496,337 620,593 634,953 768,441
$ 62,688,506 $ 60,645,338 $ 57,508,925 $ 71,658,526 $ 88,178,736 $ 86,383,811 $ 8,042,722 $ 7,040,241 $ 9,900,266 $ 17,430,539 $ 7,550,933 $ 3,909,940 3,094,764 1,662,227 2,584,296 2,563,389 3,362,333 1,837,353 44,945 45,836 46,746 10,146,222 3,346,866 3,896,173
4,025,621 4,013,995 4,172,977 4,370,443 4,480,232 4,554,362 1,016,238 959,502 1,003,981 1,337,232 1,367,292 1,250,950 3,518,339 5,219,090 6,256,113 5,454,282 8,366,376 5,917,709 1,541,090 354,207 391,727 1,914,603 766,383 13,883,955
21,283,719 19,295,098 24,356,106 43,216,710 29,240,415 35,250,442 1,737,964 1,270,560 1,239,790 1,310,519 1,167,841 1,158,757 - - - - - -
1,737,964 1,270,560 1,239,790 1,310,519 1,167,841 1,158,757 $ 23,021,683 $ 20,565,658 $ 25,595,896 $ 44,527,229 $ 30,408,256 $ 36,409,199 203
City of Emeryville
Statistical Section - Table II (continued)
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
2016 2017 2018 2019
Net (Expense)/Revenue
Governmental activities (45,452,776) $ (34,857,919) $ (39,975,687) $ (38,365,199) $ Business-type activities 695,310 493,276 432,360 422,904 Total primary government net expense (44,757,466) $ (34,364,643) $ (39,543,327) $ (37,942,295) $ General Revenues and Other Changes in Net Position
Governmental activities:

Taxes
Property taxes 9,299,477 $ 7,393,808 $ 8,453,487 $ 8,920,973 $ Transient occupancy taxes 6,894,846 7,426,301 8,321,942 8,687,505 Sales taxes 8,507,880 8,632,015 8,729,795 9,327,118
Franchise taxes 1,643,944 1,694,244 1,789,616 1,863,560 Business license taxes 8,172,325 8,711,004 8,984,641 9,567,421 Other taxes 5,959,825 6,639,571 9,398,190 7,769,284
Motor Vehicle in lieu 759,623 807,327 853,910 905,486
Use of money and property 2,220,381 1,978,664 2,520,500 6,229,843 Miscellaneous 731,945 238,946 94,115 106,793
Special item - - - 14,976,044
Transfers 81,500 - 51,500 51,500
Total governmental activities 44,271,746 43,521,880 49,197,696 68,405,527 Business-type activities:

Use of money and property 21,929 27,569 51,443 99,863
Miscellaneous - - - -
Transfers (81,500) - (51,500) (51,500)
Total business-type activities (59,571) 27,569 (57) 48,363 Total primary government $ 44,212,175 $ 43,549,449 $ 49,197,639 $ 68,453,890 Change in Net Position
Governmental activities $ (1,181,030) $ 8,663,961 $ 9,222,009 $ 30,040,328 Business-type activities 635,739 520,845 432,303 471,267 Total primary government $ (545,291) $ 9,184,806 $ 9,654,312 $ 30,511,595 204
2020 2021 2022 2023 2024 2025
$ (40,882,738) $ (40,718,044) $ (32,656,482) $ (27,821,223) $ (58,303,368) $ (50,364,928) 1,215,915 638,364 743,453 689,926 532,888 390,316
$ (39,666,823) $ (40,079,680) $ (31,913,029) $ (27,131,297) $ (57,770,480) $ (49,974,612) $ 9,979,951 $ 20,780,101 $ 12,040,438 $ 12,579,847 $ 12,640,228 $ 25,047,605 6,027,857 2,278,249 4,500,562 5,893,468 5,444,341 5,516,739 7,839,940 10,371,518 12,020,818 11,807,186 10,688,542 11,020,510 1,989,366 1,983,038 2,239,676 2,394,385 2,444,636 2,482,111 8,658,838 6,524,869 9,614,930 10,038,758 9,485,171 9,247,853 10,559,305 3,030,308 3,381,368 3,985,102 4,244,643 4,632,015 963,890 1,029,008 1,090,015 1,172,691 1,253,753 1,288,167 5,075,406 2,454,252 (1,905,456) 3,940,039 11,640,819 10,076,410 84,553 2,395,529 2,815,869 4,701,459 5,161,700 4,351,820 - - - - - -
51,500 185,800 51,500 51,500 104,800 51,500
51,230,606 51,032,672 45,849,720 56,564,435 63,108,633 73,714,730 105,446 37,753 16,883 181,474 312,494 408,122
- - - -
(51,500) (185,800) (51,500) (51,500) (104,800) (51,500) 53,946 (148,047) (34,617) 129,974 207,694 356,622
$ 51,284,552 $ 50,884,625 $ 45,815,103 $ 56,694,409 $ 63,316,327 $ 74,071,352 $ 10,347,868 $ 10,314,628 $ 13,193,238 $ 28,743,212 $ 4,805,265 $ 23,349,802 1,269,861 490,317 708,836 819,900 740,582 746,938
$ 11,617,729 $ 10,804,945 $ 13,902,074 $ 29,563,112 $ 5,545,847 $ 24,096,740 205
City of Emeryville
Statistical Section - Table III
Fund Balance of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
2016 2017 2018 2019
General Fund
Nonspendable 565,502 $ 319,095 $ 38,877 $ 43,363 $
Restricted 100,000 100,000 180,000 363,652
Committed 35,920,416 35,529,250 33,631,564 38,186,648
Assigned 1,344,194 2,354,457 3,382,403 3,451,939
Unassigned 1,271,572 2,404,324 1 3,843,833 7,759,918
Total General Fund 39,201,684 $ 40,707,126 $ 41,076,677 $ 49,805,520 $ All other government funds:

Nonspendable: - 605 - -
Restricted for: 50,900,633 60,652,375 89,867,586 94,357,022 Committed to: 44,398,585 44,888,763 17,238,821 18,493,798 Assigned to: 3,440,097 3,907,818 4,476,972 5,050,415
Unassigned - - - -
Total all other governmental funds 98,739,315 $ 109,449,561 $ 111,583,379 $ 117,901,235 $

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

Notes:
206
2020 2021 2022 2023 2024 2025
$ 67,583 $ 48,546 $ 41,786 $ 54,493 $ 57,808 $ 72,326
343,371 319,323 293,956 251,462 129,504 125,904
39,451,092 40,336,617 39,176,083 41,427,560 44,749,654 44,028,659 3,137,915 3,135,503 3,142,251 3,211,094 8,513,813 3,300,000 9,997,255 10,460,005 16,229,351 22,258,469 11,859,913 35,691,064 $ 52,997,216 $ 54,299,994 $ 58,883,427 $ 67,203,078 $ 65,310,692 $ 83,217,953 20,434 - - 20,587 33,450 21,727
55,741,536 48,881,034 51,068,818 101,388,401 106,878,273 109,228,726 59,670,444 65,609,682 67,343,107 75,683,881 77,387,525 76,087,672 5,219,885 5,616,979 5,840,622 6,164,451 5,118,061 4,405,410 - - (2,889,945) - (6,311,818) -
$ 120,652,299 $ 120,107,695 $ 124,252,547 $ 180,367,375 $ 183,105,491 $ 189,743,535 207
City of Emeryville
Statistical Section - Table IV
Changes in Fund Balance of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
2016 2017 2018 2019
Revenues
Taxes $ 43,865,567 44,338,425 $ 49,115,972 $ 49,921,074 $ Licenses, fees, and permits 8,627,186 8,345,892 4,809,917 5,803,734 Intergovernmental 3,572,596 4,697,180 4,759,150 4,275,288 Charges for services 1,914,563 1,944,900 2,110,315 2,256,270 Investment income 1,318,846 884,800 1,219,899 4,772,564 Rent 982,184 809,172 1,108,614 1,102,264
Contributions 1,762,756 1,742,497 362,726 130,416
Developer participation 73,771 - 3,060
Miscellaneous 4,274,525 3,632,418 2,869,907 2,801,351
Total revenues 66,691,840 66,095,438 66,359,560 71,062,961 Expenditures
City council 173,094 188,481 208,890 214,559
City manager 1,159,302 1,264,541 1,298,346 1,124,576
City attorney 410,125 539,571 509,639 594,489
Finance 1,028,922 875,409 1,028,306 1,103,089
Human resources 788,536 783,842 732,127 722,633
Information technology 859,896 852,415 987,075 1,137,306 Non-departmental operations 3,635,154 3,493,521 3,185,740 3,558,762 Police 11,658,176 10,538,221 16,265,427 12,896,563
Fire 6,405,297 7,079,486 7,888,892 8,380,914
Planning and building 3,767,846 3,058,630 3,041,482 4,363,993 Economic development and housing 20,343,610 1,199,277 5,947,215 1,249,415 Property based improvement district 3,761,548 3,863,878 4,064,405 4,263,247 Community services 551,581 865,999 1,026,324 994,020
Child development 1,997,610 2,149,360 2,121,898 2,261,778 Youth services 1,189,876 1,263,087 1,356,466 1,495,713
Adult services 643,700 963,650 961,012 987,296
Public works 3,248,768 9,814,017 6,189,128 5,502,678
Capital outlay 7,190,599 2,783,709 4,884,123 5,096,276
Debt service:

Principal retirement 252,700 258,100 263,200 272,900
Interest and fiscal charges 128,199 121,088 102,731 94,783 Total expenditures 67,921,071 53,229,750 62,062,426 56,314,990 Excess of revenues over
(under) expenditures (1,229,231) 12,865,688 4,297,134 14,747,971 Other Financing Sources (Uses)
Transfers in 9,275,128 18,249,921 3,273,326 2,244,824
Transfers out (9,773,628) (18,899,921) (5,091,826) (2,223,324) Other debt issued - - - -
Proceeds from the sale capital assets - - 24,735 14,220 Total other financing
sources (uses) (498,500) (650,000) (1,793,765) 35,720
Extraordinary gain/(loss) on dissolution
of redevelopment agency (Note 18) - - - -
Net change in Fund Balance $ (1,727,731) $ 12,215,688 $ 2,503,369 $ 14,783,691 Debt service as a percentage of noncapital expenditures 0.6% 0.8% 0.6% 0.7% 208
2020 2021 2022 2023 2024 2025
$ 49,121,004 $ 49,187,821 $ 48,188,028 $ 51,297,918 $ 53,873,594 $ 65,798,410 7,150,661 7,462,296 10,313,353 12,622,335 5,196,291 3,596,167 3,303,809 5,224,423 6,232,890 6,074,608 4,408,509 17,063,450 1,704,087 1,304,852 1,811,058 1,925,778 1,988,927 1,825,634 3,848,306 1,968,687 (2,114,891) 3,720,677 11,640,819 13,570,800 893,139 689,319 912,044 963,222 982,382 949,144
357,468 331,814 320,708 354,706 417,232 1,035,494
1,442,000 - - - - -
3,656,696 4,086,315 4,750,000 17,165,604 9,450,975 8,568,963 71,477,170 70,255,527 70,413,190 94,124,848 87,958,729 112,408,062 204,213 202,931 202,598 237,903 253,964 275,528
1,037,140 999,183 942,544 1,474,781 1,297,700 1,539,831 546,763 491,405 536,178 655,935 561,894 532,864
1,204,350 982,305 984,478 1,415,175 1,273,503 1,449,017 664,688 681,387 780,633 839,362 783,536 912,692
1,251,103 1,242,404 1,295,472 1,376,042 1,514,429 1,378,540 3,587,004 3,029,929 3,561,641 4,170,794 7,178,588 8,382,002 14,145,368 14,026,356 14,668,785 15,382,789 17,650,313 19,155,494 8,884,529 9,410,896 9,766,574 10,397,429 11,878,677 12,242,290 3,334,957 3,794,177 5,165,162 5,126,998 3,355,667 2,909,592 3,357,737 2,055,180 2,302,995 9,425,271 7,284,064 2,083,633 4,648,962 4,687,374 4,859,599 5,058,497 5,166,321 5,295,859 630,543 600,352 833,780 1,120,367 926,049 932,091
2,331,071 2,273,418 2,142,038 2,246,278 2,474,272 2,818,822 1,452,827 1,148,805 1,386,293 1,797,328 2,197,417 2,468,105 948,164 548,505 567,395 568,509 854,660 745,212
4,675,419 4,754,410 4,838,128 5,699,157 6,376,976 6,277,993 11,952,431 18,884,781 6,533,917 11,237,889 13,513,316 14,235,951 282,100 290,900 299,200 683,495 744,751 1,697,096
86,541 78,455 68,995 827,870 1,931,702 2,581,645
65,225,910 70,183,153 61,736,405 79,741,869 87,217,799 87,914,257 6,251,260 72,374 8,676,785 14,382,979 740,930 24,493,805 2,901,232 5,047,854 5,699,686 3,294,076 5,700,480 8,449,876 (3,209,732) (4,362,054) (5,648,186) (3,242,576) (5,595,680) (8,398,376) - - 50,000,000 - - -
- - - - - -
(308,500) 685,800 51,500 50,051,500 104,800 51,500
- - - - - -
$ 5,942,760 $ 758,174 $ 8,728,285 $ 64,434,479 $ 845,730 $ 24,545,305

0.7% 0.7% 0.7% 2.2% 3.6% 5.8%
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City of Emeryville
Statistical Section - Table V
Assessed Value and Estimated Actual Value of Taxable Property Last Ten Fiscal Years
City
Less: Total Taxable Direct
Fiscal Real Personal Tax-Exempt Assessed Tax
Year Property Property Property Value Rate (%) (1)
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% 2024-25 7,269,232,303 883,048,617 (294,874,401) 7,857,406,519 0.2182% Notes:
(1) City 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.
211
City of Emeryville
Statistical Section - Table VI
Assessed Value of Property by Use Code, Citywide
Last Ten Fiscal Years
Category 2015-16 2016-17 2017-18 2018-19 2019-20
Commercial 2,230,128,700 $ 2,323,635,087 $ 2,488,581,968 $ 2,576,533,502 $ 2,696,121,934 $ Residential 1,768,921,200 2,020,530,350 2,123,374,518 2,207,853,346 2,322,356,929 Industrial 279,149,179 306,056,222 294,520,921 321,736,794 338,489,520 Vacant 108,079,740 73,760,581 71,795,067 94,997,916 177,460,587 Government - - - - -
Recreation 26,144,934 26,884,461 18,541,311 19,221,983 19,861,495 Institution 12,504,542 12,695,142 16,050,662 25,721,587 25,886,260 Public - - - - 71,400
Unitary 74,276 74,276 71,063 71,063 71,063
Unknown 44,002,953 6,988 6,918 6,849 6,781
Gross Secured Value 4,469,005,524 4,763,643,107 5,012,942,428 5,246,143,040 5,580,325,969 Unsecured Value 331,063,497 374,017,423 407,061,644 478,110,415 547,532,578 Less: All Exemptions 94,880,198 136,247,060 129,349,135 113,400,217 154,063,581 Total Taxable Value 4,705,188,823 $ 5,001,413,470 $ 5,290,654,937 $ 5,610,853,238 $ 5,973,794,966 $ Notes:

Use code categories are based on Alameda County Assessor’s data Source: Alameda County Assessor data, Avenu Insights & Analytics 212
2020-21 2021-22 2022-23 2023-24 2024-25
$ 2,978,043,691 $ 3,103,593,299 $ 3,113,813,872 $ 3,201,027,298 $ 3,071,948,830 2,298,074,948 2,347,341,239 2,665,744,808 2,756,213,675 2,914,951,027 326,542,844 348,616,269 467,140,877 506,457,027 536,532,378 133,954,753 271,003,549 222,077,137 414,857,493 426,971,368 39,553,561 40,209,675 44,216,910 74,901,198 123,902,977 1,501,690 1,517,243 1,547,582 - -
31,852,375 31,703,789 42,550,709 46,350,584 47,277,536
- - - - -
71,063 77,162 77,162 77,162 77,162
130,627,880 132,500,678 138,016,515 142,589,161 147,571,025 5,940,222,805 6,276,562,903 6,695,185,572 7,142,473,598 7,269,232,303 593,865,301 617,612,700 651,516,441 831,565,467 883,048,617 212,001,263 212,001,263 156,590,229 297,198,345 294,874,401 $ 6,322,086,843 $ 6,682,174,340 $ 7,190,111,784 $ 7,676,840,720 $ 7,857,406,519 213
City of Emeryville
Statistical Section - Table VII
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
(rate per $100 of assessed value)
2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 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 0.0112 0.0108 0.0036 0.0041 0.0103 0.0088 0.0089 Emery Unified School District 0.0682 0.0680 0.0656 0.0594 0.0614 0.0593 0.0532 0.0463 0.0496 0.0421 Peralta Community College 0.0337 0.0256 0.0310 0.0269 0.0257 0.0452 0.0407 0.0409 0.0418 0.0394 Bay Area Rapid Transit 0.0026 0.0080 0.0084 0.0070 0.0120 0.0139 0.0060 0.0140 0.0134 0.0148 East Bay Regional Park I 0.0067 0.0032 0.0021 0.0057 0.0060 0.0014 0.0020 0.0058 0.0057 0.0013 EBMUD Special District I 0.0034 0.0028 0.0011 0.0000 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 0.0598 0.0437

0.1146 0.1076 0.1082 0.1102 0.1159 0.1234 0.1060 0.1173 0.1791 0.1502 Total Tax Rate 1.1146 1.1076 1.1082 1.1102 1.1159 1.1234 1.1060 1.1173 1.1791 1.1502

1. The above tax rates are applied per $100 of assesed valuation for TRA 14-00.

Source: Alameda County Assessor 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. 214
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
(%)
BRE Properties Inc 396,771,937 $ 5.05% 114,243,828 $ 2.43% Emery Station Joint Venture LLC 327,211,968 4.16% 127,066,844 2.70% LMV II Emeryville Holdings Lp 288,375,344 3.67%
Pixar 270,682,661 3.44% 251,913,455 5.35%
KBSIII Towers Emeryville LLC 212,597,751 2.71% 248,000,000 5.27% Courtyards At 65th Lp 190,800,296 2.43%
SPUS8 2100 Powell Lp 190,633,260 2.43%
Avalon Public Market Lp 150,537,278 1.92%
Bcore Emerytech Owner LLC 135,632,035 1.73%
Bay Center Investor LLC 133,928,662 1.70% 104,252,700 2.22% G C Diagnostics Corp 130,299,149 1.66% 154,778,519 3.29% Prime Us Tower Emeryville LLC 129,842,209 1.65%
BCSP Hollis Property LLC 125,398,283 1.60%
Windsor Metropolitan Lp 111,937,857 1.42% 117,507,225 2.50% ES East LLC 106,258,003 1.35% 90,761,404 1.93%
East Bay Bridge Retail LLC 105,077,616 1.34% 75,854,501 1.61% Zymergen Inc 103,529,619 1.32%
Bay Street Centercal LLC 102,038,000 1.30%
Bayview Emeryville LLC 95,496,456 1.22%
SFF 1650 65Th Street LLC 95,330,800 1.21%
Archstone Emeryville Residential LLC 90,855,306 1.16% 50,426,412 1.07% Emeryville Parcel CFG (de) LLC 89,214,287 1.14%
Rockwood Christie LLC 82,391,097 1.05% 42,076,650 0.89% HCP Emeryville Partners I LLC 81,650,355 1.04%
Holiday Garden EV Corporation 62,377,309 0.79%
5616 Bay Street Investors LLC 302,435,000 6.43%
Novartis Vaccines Diagnostics 155,630,786 3.31%
Hines Reit Watergate Lp 123,458,508 2.62%
STRS Ohio CA Real Estate Investors 106,755,192 2.27%
AG CCRP Public Market Lp 65,977,935 1.40%
Mach I Emery Tech LLC 64,038,124 1.36%
Health Care Reit Inc. 60,970,465 1.30%
Griffin Capital Atrium Investors 55,690,109 1.18%
ASN Emeryville LLC 1.06% 49,997,736
Catellus Residential Group Inc. 46,213,311 0.98%
Regency Centers Lp 46,093,112 0.98%
Ikea Property Inc. 0.97% 45,469,293
HPTMI Properties Trust 44,000,000 0.94%
Amyris Fuels LLC 0.77% 36,005,605
Total Top 25 Taxpayers 3,808,867,538 48.47% 2,579,616,714 54.83% Total Taxable Value 7,857,406,519 $ 100.00% 4,705,114,547 $ 100.00% 2024-25 2015-16
Source: Alameda County Assessor data, Avenu Insights & Analytics 215
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) 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% 2025 2,205,730 1,870,506 84.80% 180,437 2,050,942 92.98% 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
216
City of Emeryville
Statistical Section - Table X
Principal Sales Tax Producers
Current Year and Nine Years Ago
Taxpayer Business Type Taxpayer Business Type
Airport Home Appliance Furniture/Appliance Apple Stores Furniture/Appliance Apple Stores Furniture/Appliance Cal-Steam A Wolseley Company Bldg.Matls-Whsle Beverages & More Liquor Stores Chevron Service Stations Service Stations Chevron Service Stations Service Stations Granite Expo Bldg.Matls-Retail Fare Resources Restaurants Guitar Center Recreation Products Fogo De Chao Restaurants H & M Apparel Stores
George M Martin Co. Heavy Industry Home Depot Bldg.Matls-Retail Granite Expo Bldg.Matls-Retail Ikea Home Furnishings Furniture/Appliance Guitar Center Recreation Products Interior Motions Heavy Industry Home Depot Bldg.Matls-Retail Jamba Juice Food Markets
Hong Kong East Ocean Seafood Restaurant Restaurants Marshall's Stores Apparel Stores Ikea Home Furnishings Furniture/Appliance Michael's Art & Crafts Miscellaneous Retail Lumibuild Office Equipment New Logic Research Heavy Industry Marshall's Stores Apparel Stores Nordstrom Rack Apparel Stores Nordstrom Rack Apparel Stores Old Navy Clothing Co. Apparel Stores Novartis Institutes For Biomedical Research Biotechnology Paula Le Duc Catering Restaurants Old Navy Clothing Co. Apparel Stores Pixar Office Equipment Paula Le Duc Catering Restaurants Ross Stores Apparel Stores Ross Stores Apparel Stores Safeway Stores Food Markets
Safeway Stores Food Markets Sephora Miscellaneous Retail Sephora Miscellaneous Retail Shell Service Stations Service Stations Shell Service Stations Service Stations The Sports Authority Recreation Products Trader Joe's Food Markets Union 76 Service Stations Service Stations Trader Vic's Restaurants Uniqlo Apparel Stores
Uniqlo Apparel Stores West Elm Miscellaneous Retail
Source: MuniServices / Neumo
2024-25 2015-16
217
City of Emeryville
Statistical Section - Table XI
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
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
2025 50,091,400 2,978,865 - 53,070,265 0.68% 3,940
Notes:

Details regarding the city's outstanding debt can be found in Note 7 (Long-Term Liabilities) in the financial statements.

Source: County of Alameda Auditor-Controller; City of Emeryville Governmental Activities
Lease
Revenue &
Measure C
General
Obligation
218
City of Emeryville
Statistical Section - Table XII
Ratios of General Bonded Debt Outstanding
Last Ten Fiscal Years
Fiscal
Percent of
Assessed Debt Per
Year Bonds Total Value Capita
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
2025 50,091,400 50,091,400 0.64% 3,718
Source: County of Alameda Auditor-Controller; City of Emeryville Outstanding General Debt
Lease Revenue &
Measure C
General
Obligation
219
City of Emeryville
Statistical Section - Table XIII
Statement of Direct and Overlapping Bonded Debt
As of June 30, 2025
2024-25 Assessed Valuation: $7,868,722,719
Total Debt City’s Share of
OVERLAPPING TAX INCREMENT DEBT (Successor Agency): 6/30/2025 % Applicable (1) Debt 6/30/2025 Series 2024 A Tax Allocation Refunding Bonds $ 29,550,000 100.000% $ 29,550,000 Series 2024 B Tax Allocation Refunding Bonds 100.000% 4,580,000 4,580,000 TOTAL OVERLAPPING TAX INCREMENT DEBT 34,130,000
DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT:

Alameda County $ 1.871% 8,960,687 478,925,000 $
Bay Area Rapid Transit District 2,391,260,000 0.751% 17,958,363 Peralta Community College District 492,130,000 5.049% 24,847,644 Emery Unified School District 75,922,013 100.000% 75,922,013 Oakland Unified School District 1,075,465,000 0.001% 10,755 City of Emeryville - Measure C General Obligation Bonds 49,050,000 100.000% 49,050,000 East Bay Regional Park District 1.172% 1,710,300 145,930,000 TOTAL DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT $ 178,459,762 DIRECT AND OVERLAPPING TAX AND ASSESSMENT AND TAX INCREMENT DEBT $ 212,589,762 DIRECT AND OVERLAPPING GENERAL FUND DEBT:

Alameda County General Fund Obligations $ 622,687,500 1.871% 11,650,483 $ Alameda-Contra Costa Transit District Certificates of Participation 9,600,000 2.201% 211,296 Peralta Community College District Pension Obligation Bonds 107,467,802 5.049% 5,426,049 City of Emeryville General Fund Obligations - Lease Payable 2,978,865 100.000% 2,978,865 City of Emeryville General Fund Obligations - 2013A Lease Revenue Bonds 1,041,400 100.000% 1,041,400 TOTAL OVERLAPPING GENERAL FUND DEBT $ 21,308,093
TOTAL DIRECT DEBT $ 53,070,265
TOTAL OVERLAPPING DEBT $ 180,827,590
COMBINED TOTAL DEBT $ 233,897,855 (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. 220
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City of Emeryville
Statistical Section - Table XIV
Legal Debt Margin Information
Last Ten Fiscal Years
2016 2017 2018 2019
Total assessed value for fiscal year $ 5,001,339,194 4,705,114,547 $ 5,290,654,937 $ 5,610,853,238 $ Debt limit (15% of assessed value) 705,767,182 750,200,879 793,598,241 841,627,986 Total general obligation bonds - - - -
Legal debt margin 705,767,182 $ 750,200,879 $ 793,598,241 $ 841,627,986 $ 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. 222
2020 2021 2022 2023 2024 2025
$ 5,973,794,966 $ 6,322,086,843 $ 6,666,844,658 $ 7,190,111,784 $ 7,676,840,720 $ 7,857,406,519 896,069,245 948,313,026 1,000,026,699 1,078,516,768 1,151,526,108 1,178,610,978 - - - - - -
$ 896,069,245 $ 948,313,026 $ 1,000,026,699 $ 1,078,516,768 $ 1,151,526,108 $ 1,178,610,978

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
223
City of Emeryville
Statistical Section - Table XV
Pledged-Revenue Coverage
Last Ten Fiscal Years
Fiscal Tax
Year Increment Principal Interest Coverage
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
2025 12,960,022 9,710,000 1,346,767 1.17
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. 224
City of Emeryville
Statistical Section - Table XVI
Demographic and Economic Statistics,
Last Ten Fiscal Years
Public
Per Capita School City
Fiscal Personal Personal Median Enrollment Unemployment Year Population (1) Income (2) Income (2) Age (3) Rate (%)(4) 2015-16 11,721 634,351,538 $ 54,121 $ 35.1 698 3.0%
2016-17 11,854 672,427,278 56,726 35.8 687 2.7%
2017-18 11,994 723,657,990 60,335 35.5 690 2.6%
2018-19 11,885 756,366,986 63,640 35.3 743 2.1%
2019-20 12,298 814,004,866 66,190 35.3 721 9.8%
2020-21 12,617 899,206,518 71,445 35.8 698 4.2%
2021-22 12,497 950,112,543 76,027 34.8 613 1.8%
2022-23 12,610 1,040,406,208 82,506 34.8 627 3.2%
2023-24 13,314 1,228,952,099 92,305 35.8 600 3.4%
2024-25 13,471 1,340,664,364 99,522 35.5 590 4.1%
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. 225
City of Emeryville
Statistical Section - Table XVII
Principal Employers
Current Year and Nine Years Ago
2016
Percentage Percentage
Number of of Total City Number of of Total City
Employer Employees Rank Employment Employees Employment Pixar Animation Studios 1,145 1 12.87% 1,220 5.68%
AC Transit 300 2 3.37% 601 2.80%
Peet's Coffee & Tea Inc. 282 3 3.17% 282 1.31%
IKEA 268 4 3.01% 380 1.77%
Grocery Outlet Headquarters 253 5 2.84%
Oaks Card Club 217 6 2.44% 374 1.74%
City of Emeryville* 173.28 7 1.95%
Amyris Inc. 171 8 1.92% 200 0.93%
Novartis Corp 155 9 1.74% 350 1.63%
Grifols Diagnostic Solutions 154 10 1.73% 450 2.10%
Clif Bar & Co 388 1.81%
AAA of Northern CA, Nevada, Utah 378 1.76%
Total Principal Employers 3,118 35.04% 4,623 21.53%
Total Labor Force (1) 8,900
Notes:

Source: Avenu Insights & Analytics, FY2016, City of Emeryville -- ACFR Publication Report (1) Total City Labor Force provided by EDD Labor Force Data *City of Emeryville - FY24-25 Budget.

The following employers have not responded to Avenu's employee count inquires:

Ginkgo Bioworks
Geltor, Inc.

Whole Foods Market Regional Office
2025
Results based on direct correspondence with City’s local businesses. 226
City of Emeryville
Statistical Section - Table XVIII
Full-time Equivalent City Government Employees by Function/Program Last Ten Fiscal Years
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
City Manager/City Clerk 5.0 6.0 6.0 5.0 5.0 5.0 5.0 6.0 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 3.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0
Finance 7.5 7.8 6.8 6.8 6.8 6.3 6.3 6.3 7.0 7.0
Human Resources 4.5 5.2 5.2 4.2 4.7 4.2 4.2 4.2 4.6 4.6 Community Development
Planning and Building 10.0 10.0 10.0 10.0 12.5 10.5 10.5 11.5 13.5 13.5 Economic Development
and Housing 4.0 5.0 5.0 5.0 6.0 6.0 6.0 6.0 5.0 5.0
Public Works 17.0 20.0 18.5 20.0 21.5 20.5 20.5 20.5 21.5 21.5 Police Department
Sworn 38.0 42.0 41.0 41.0 41.0 41.0 41.0 41.0 41.0 41.0 Unsworn 16.0 17.0 17.0 17.0 19.0 17.0 17.0 17.0 17.0 17.0 Community Services
Administration 5.7 2.0 2.0 2.0 - - - - -
Youth & Adult Services 16.0 9.0 8.0 7.0 35.3 30.0 30.0 27.1 33.2 33.2 Child Development Center 24.8 25.0 24.0 24.0 23.6 23.6 23.6 23.6 18.5 18.5 Total 154.5 156.0 149.5 148.0 181.4 170.1 170.1 169.2 173.3 173.3 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. 227
2016 2017 2018 2019
Function/Program
General government
Commercial Construction permits issued 889 835 136 89
Value $ 121,865,050 $ 115,200,224 $ 104,465,013 $ 68,031,991 Residential Construction number of
dwelling units 2 313 73 72
Value $ 8,262,777 $ 113,670,075 $ 29,233,329 $ 9,664,486 Police
Physical arrests 1,104 718 820 796
Traffic collisions 272 210 263 319
Citations 4,450 1,360 3,812 1,739
Investigations 7,065 5,782 6,523 4,658
Total responses 33,738 29,130 33,526 30,271
Fire
Fire Responses 58 73 17 24
Medical Responses 1,701 1,584 1,734 1,068
Total Emergency Responses 2,458 2,389 2,356 2,461
Community Services
Child Development Program (enrollment in 12 month period) 921 897 951 834 Source: Various city departments.

City of Emeryville
Statistical Section - Table XIX
Operating Indicators by Function/Program
Last Ten Fiscal Years
228
2020 2021 2022 2023 2024 2025
140 197 318 287 189 171
$ 94,671,085 $ 94,413,658 $ 255,261,222 $ 325,089,028 $ 38,451,362 $ 31,827,824 507 189 2 98 23 5
$ 202,487,180 $ 88,404,305 $ 16,224,373 $ 56,587,409 $ 9,080,054 $ 5,684,847 609 476 581 521 675 846
307 242 382 228 432 309
1,404 1,591 2,351 4,303 3,439 6,991
1,200 2,881 4,643 3,086 4,349 1,001
31,888 29,668 28,214 24,744 36,178 37,391
17 13 70 79 80 68
1,879 1,311 1,486 1,618 1,378 1,507
1,856 1,324 1,324 1,697 2,543 2,591
707 516 580 2,351 3,604 3,493
229
City of Emeryville
Statistical Section - Table XX
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Function/Program
Police Stations 11111 1 11111
Police vehicles, including
motorcycles 32 34 34 32 32 # 33 37 36 38 42
Fire stations 22222 2 22222
Apparatus and vehicles 777777 7 7 7 7
Public Works
Streets (miles) 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 1,580 Traffic controllers 27 27 27 29 30 27 30 32 32 32
Miles of Sewer Lines 15 15 15 15 15 15 15 15 15 15
Parks and Community Facilities
Parks 12 12 12 12 12 12 12 13 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 111111 1 1 1 1
Child Development Center 111111 1 1 1 1
Recreation Center 111111 1 1 1 1
Source: Various City departments.
230

CITY OF EMERYVILLE

REQUIRED COMMUNICATIONS
FOR THE YEAR ENDED JUNE 30, 2025
This Page Left Intentionally Blank

CITY OF EMERYVILLE

REQUIRED COMMUNICATIONS
For the Year Ended June 30, 2025
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 This Page Left Intentionally Blank

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, 2025. 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 in our engagement letter dated June 11, 2025. Professional standards also require that we communicate to you the following information related to our audit.

Significant Audit Matters
Qualitative Aspects of Accounting Practices
Accounting Policies - Management is responsible for the selection and use of appropriate accounting policies. The significant accounting policies used by the City are described in Note 1 to the financial statements. No new accounting policies were adopted and the application of existing policies was not changed during the year, except as follows:

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

GASB 101 – Compensated Absences
GASB 102 – Certain Risk Disclosures
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, 2025, the City held approximately $335 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, 2025. These fair values are not required to be adjusted for changes in general market conditions occurring subsequent to June 30, 2025.
1 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 26, 2025.
2 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 26, 2025
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CITY OF EMERYVILLE

MEMORANDUM ON INTERNAL CONTROL
FOR THE YEAR ENDED JUNE 30, 2025

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CITY OF EMERYVILLE

MEMORANDUM ON INTERNAL CONTROL
For the Year Ended June 30, 2025
Table of Contents
Page
Memorandum on Internal Control ........................................................................................................................... 1 Schedule of Other Matters................................................................................................................................ 3 Status of Prior Year Significant Deficiencies .................................................................................................. 7 Status of Prior Year Other Matters ................................................................................................................... 9

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MEMORANDUM ON INTERNAL CONTROL
To the City Council of
the City of Emeryville, California
In planning and performing our audit of the basic financial statements of the (City) as of and for the year ended June 30, 2025, 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.

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.

Our consideration of internal control was for the limited purpose described in the first paragraph and was not designed to identify all deficiencies in internal control that might be material weaknesses. 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. Given these limitations during our audit, we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

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

This communication is intended solely for the information and use of management, City Council, others within the organization, and agencies and pass-through entities requiring compliance with Government Auditing Standards, and is not intended to be and should not be used by anyone other than these specified parties.

Pleasant Hill, California
December 26, 2025
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CITY OF EMERYVILLE

MEMORANDUM ON INTERNAL CONTROL

SCHEDULE OF OTHER MATTERS
2025-01: Review of Child Development Center Attendance Reporting Criteria: In order to ensure accuracy and maintain segregation of duties, attendance records entered into the Child Development Center’s reporting system with the State should be reviewed by someone other than the preparer.

Condition: During our current year audit of the Child Development Center, we noted that there is no process in place for a secondary staff to review the attendance records entered into the reporting system.

Furthermore, we noted that one absence in the sign in sheets in April 2025 was not recorded in the system correctly.

Cause: The City has not delegated this task within the Child Development Center.

Effect: Without ensuring accuracy in the reporting of attendance, there is a risk that an error will go unnoticed into the reporting system with the State.

Recommendation: The City must develop procedures to ensure that a review process is in place over the attendance records which are entered into the Child Development Center’s reporting system.

Management’s Response:

The Child Development Center will continue to cross check absences and require a note for documentation for excused absences (illness, family emergency, etc.) per our title 5 regulations.

We will assign staff such as the center manager to review attendance against schedules weekly.

Then before submitting attendance to the State quarterly, we will cross-check daily sign-in/outs, to the total days of operation. Lastly when we update our attendance program kinder system, we will set up alerts for missing sign in/outs, duplicate entries, or unverified absences. 3 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 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.

4 CITY OF EMERYVILLE

MEMORANDUM ON INTERNAL CONTROL

SCHEDULE OF OTHER MATTERS
GASB 103 – Financial Reporting Model Improvements (Continued) 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.

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.

5 CITY OF EMERYVILLE

MEMORANDUM ON INTERNAL CONTROL

SCHEDULE OF OTHER MATTERS
EFFECTIVE FISCAL YEAR 2026/27:

GASB 104 – Disclosure of Certain Capital Assets
State and local governments are required to provide detailed information about capital assets in notes to financial statements. GASB Statement No. 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments, requires certain information regarding capital assets to be presented by major class. The objective of this Statement is to provide users of government financial statements with essential information about certain types of capital assets.

This Statement requires certain types of capital assets to be disclosed separately in the capital assets note disclosures required by Statement 34. Lease assets recognized in accordance with GASB Statement No. 87, Leases, and intangible right-to-use assets recognized in accordance with GASB Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements, should be disclosed separately by major class of underlying asset in the capital assets note disclosures. Subscription assets recognized in accordance with GASB Statement No. 96, Subscription-Based Information Technology Arrangements, also should be separately disclosed. In addition, this Statement requires intangible assets other than those three types to be disclosed separately by major class.

This Statement also requires additional disclosures for capital assets held for sale. A capital asset is a capital asset held for sale if (a) the government has decided to pursue the sale of the capital asset and (b) it is probable that the sale will be finalized within one year of the financial statement date. Governments should consider relevant factors to evaluate the likelihood of the capital asset being sold within the established time frame. This Statement requires that capital assets held for sale be evaluated each reporting period. Governments should disclose (1) the ending balance of capital assets held for sale, with separate disclosure for historical cost and accumulated depreciation by major class of asset, and (2) the carrying amount of debt for which the capital assets held for sale are pledged as collateral for each major class of asset.

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 about certain types of capital assets in order to make informed decisions and assess accountability. Additionally, the disclosure requirements will im-prove consistency and comparability between governments.
6 CITY OF EMERYVILLE

MEMORANDUM ON INTERNAL CONTROL

STATUS OF PRIOR YEAR 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.

Current Status: The City is awaiting guidance from CalPERS to determine how to address the reconciled variance in the CalPERS reports to the City’s payroll reconciliations performed in 2023.

Management’s Response:

The City anticipates making a payment to CalPERS that includes the identified variance of $38,440, which will reconcile and balance the general ledger in FY 25-26. 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.

Current Status: Implemented.

7 CITY OF EMERYVILLE

MEMORANDUM ON INTERNAL CONTROL

STATUS OF PRIOR YEAR SIGNIFICANT DEFICIENCIES
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.
8 CITY OF EMERYVILLE

MEMORANDUM ON INTERNAL CONTROL

STATUS OF PRIOR YEAR 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.

Current Status: Implemented.
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CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

BASIC FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
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i

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

BASIC FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
Table of Contents
Page
INTRODUCTORY SECTION:

Table of Contents .......................................................................................................................................... i FINANCIAL SECTION:

Independent Auditor’s Report ................................................................................................................. 1 Basic Financial Statements
Governmental Fund Balance Sheet ...................................................................................................... 5 Statement of Governmental Fund Revenues,
Expenditures and Change in Fund Balance ...................................................................................... 6 Notes to the Basic Financial Statements ............................................................................................... 7 Supplementary Information
Schedule of Expenditures of Federal and State Awards .................................................................. 12 Schedule of Expenditures by State Categories ................................................................................... 13 Reconciliation of CDE and GAAP Expense Reporting ................................................................... 14 Schedule of Claimed Administrative Costs ........................................................................................ 15 Schedule of Claimed Equipment Expenditures .................................................................................. 16 Schedule of Claimed Expenditures for Renovation and Repairs ..................................................... 17 Audited Enrollment, Attendance and Fiscal Report/Audited Fiscal Reports CSPP-4009 – California State Preschool Programs ........................................................................ 18 Center Based Programs – Summary of Meals Reported ................................................................. 29 Schedule of CACFP Reported, Adjusted and Allowed Enrollment ............................................... 35 Notes to the Child Development Program 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 ............................................................. 43

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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, 2025, 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, 2025, 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 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, 2025, 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 Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 5, 2025, 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 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 Center’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 Center’s internal control over financial reporting and compliance.

Pleasant Hill, California
December 5, 2025
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CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

GOVERNMENTAL FUND BALANCE SHEET
JUNE 30, 2025
Governmental
Fund
Assets
Cash and investments (Note 2) 822,949 $
Accounts receivable 2,336
Interest receivable 2,620
Total Assets $ 827,905
Liabilities and Fund Balance
Liabilities
Accounts payable 14,853 $
Total Liabilities 14,853
Fund Balance
Restricted:

Child development 813,052
Total Fund Balance 813,052
Total Liabilities and Fund Balance $ 827,905
See accompanying notes to financial statements
5 CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

STATEMENT OF GOVERNMENTAL FUND REVENUES, EXPENDITURES

AND CHANGE IN FUND BALANCE
FOR THE YEAR ENDED JUNE 30, 2025
CSPP - 4009
Revenues and Support
Restricted:

Grants:

State Department of Education
Current Year Contract (including American Rescue Plan Act Grant) 420,834 $ Child Care Food Program 24,625
Quality Counts Grant 2,990
Unrestricted:

City of Emeryville Measure F Special Revenue Fund Contribution (Note 3) 1,293,123 Parent fees:

Full cost child 830,116
Subsidy child 30,590
Other revenue and donations 36,115
Total Revenues 2,638,393
Expenditures/Expenses
Certified personnel salaries 700,400
Classified personnel salaries 535,284
Employee benefits 1,057,685
Books and supplies 2,710
Services other than operating expenses 522,740
Total Expenditures/Expenses 2,818,819
Change in Fund Balance/Net Position (180,426)
Fund Balance/Net Position
Beginning of year 993,478
End of year $ 813,052
6 CITY OF EMERYVILLE

CHILD DEVELOPMENT CENTER
Notes to the Basic Financial Statements
For the Year Ended June 30, 2025
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. The Financial Reporting Entity
The Emeryville Child Development Center (the Center) of the City of Emeryville, California, (the City) provides 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 Center. The Center 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 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.
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 Center 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 CITY OF EMERYVILLE

CHILD DEVELOPMENT CENTER
Notes to the Basic Financial Statements
For the Year Ended June 30, 2025
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, 2025, 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 CITY OF EMERYVILLE

CHILD DEVELOPMENT CENTER
Notes to the Basic Financial Statements
For the Year Ended June 30, 2025
NOTE 2 – CASH AND INVESTMENTS
The Center's cash and investments 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 – MEASURE F CONTRIBUTION
The City of Emeryville Measure F Contribution of $1,293,123 represents funds transferred from the Measure F Special Revenue 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 This Page Left Intentionally Blank

SUPPLEMENTARY INFORMATION

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

SCHEDULE OF EXPENDITURES OF FEDERAL AND STATE AWARDS
FOR THE YEAR ENDED JUNE 30, 2025
Program
Federal
Assistance
Listing
Number
Grantor's
Number Federal State County Total Federal State County 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 Not available 24,625 $ - $ - $ 24,625 $ 24,625 $ - $ - $ 24,625 $ Alameda County
Quality Counts Grant FY25 N/A Not available - $ - $ 2,990 $ 2,990 $ - $ - $ 2,990 $ 2,990 $ US Department of Health and Human Services
Pass-through from State of California, Department of Education Child Care and Development Block Grant 93.575
COVID 19 -- ARPA -- Stabilization Stipend Not available 15,100 - - 15,100 - - - - State of California Department of Education:

Child State Preschool Program N/A CSPP-4009 - 377,249 - 377,249 - 2,791,204 - 2,791,204 Cost of Care Award Funds N/A Not applicable - 28,485 - 28,485 - -- - Total Current Year Contract 15,100 $ 405,734 $ 2,990 $ 423,824 $ - $ 2,791,204 $ 2,990 $ 2,794,194 $ Total Federal and State Awards 39,725 $ 405,734 $ 2,990 $ 448,449 $ 24,625 $ 2,791,204 $ 2,990 $ 2,818,819 $ Award Amount Expenditures
12 CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

SCHEDULE OF EXPENDITURES BY STATE CATEGORIES
FOR THE YEAR ENDED JUNE 30, 2025
CSPP-4009
EXPENDITURES*
1000 Certified salaries 700,400 $
2000 Classified salaries 535,284
3000 Employee benefits 1,057,685
4000 Books and supplies 2,710
5000 Services and other operating expenditures 522,740
Total Expenditures Claimed for Reimbursement 2,818,819
Total Expenditures $ 2,818,819
* 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.
13 CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

RECONCILIATION OF CDE AND GAAP EXPENSE REPORTING
FOR THE YEAR ENDED JUNE 30, 2025
CSPP-4009
Schedule of Expenditures by State Categories (CDE) 2,818,819 $ Adjustment to Reconcile Differences in Reporting -
Combining Statement of Activities (GAAP) 2,818,819 $
14 CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

SCHEDULE OF CLAIMED ADMINISTRATIVE COSTS
FOR THE YEAR ENDED JUNE 30, 2025
Reimbursable Administrative Costs CSPP-4009
Administrative Costs
Salaries and Benefits 157,179 $
Services and other operating expenses 33,367
Total $ 190,546
15 CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

SCHEDULE OF CLAIMED EQUIPMENT EXPENDITURES
FOR THE YEAR ENDED JUNE 30, 2025
Reimbursable Equipment Expenditures CSPP-4009
None $ -
Total $ -
16 CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

SCHEDULE OF CLAIMED EXPENDITURES FOR RENOVATIONS AND REPAIRS FOR THE YEAR ENDED JUNE 30, 2025
Reimbursable Expenditures for Renovations and Repairs CSPP-4009 None $ -
Total $ -
17 Contract Number:

Fiscal Year Ended: June 30, 2025
Vendor Code:

Contractor Name:

California Department of EducationAudited Enrollment, Attendance and Fiscal Report for California State Preschool Program 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  Audit Report Page 18
Emeryville Child Development Center CSPP 4009
2178
1 0
1 0
2 3,493 3,493 5,123.4375
0 3,493 3,4935,716 5,716 8,347.2000
0 248 (2) 246
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 Exceptional Needs/Severely Disabled Service Level Exemption Credit County Maintenance of Effort (EC Section 8260)
American Rescue Plan Act (ARPA)
Other: Other:

TOTAL RESTRICTED INCOME
Transfer from Reserve Column A – Cumulative FY per CPARIS Column B – Audit Adjustments Column C – Cumulative FY per Audit Transfer from Preschool Reserve Account
Other Income Column A – Cumulative FY per CPARIS Column B – Audit Adjustments Column C – Cumulative FY per Audit Family Fees for Certified Children Interest Earned on Apportionment Payments Unrestricted Income: Fees for Non-Certified Children Unrestricted Income: Head Start Other:

AUD 8501 Page 2 of  Audit Report Page 19
Emeryville Child Development Center CSPP 4009
22,289 2,336 24,625
000
CDE Quality Control Grants 2,990 2,990
0 22,289 5,326 27,615
0 30,590 30,590
0 824,392 5,724 830,116
00 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) 6600 Lease Assets (used in governmental funds only) Depreciation or Use Allowance Start-up Expenses (service level exemption) Indirect Costs (included in Total Administrative Cost)

TOTAL REIMBURSABLE EXPENSES
AUD 8501 Page 3 of  Audit Report Page 20
CSPP 4009 Emeryville Child Development Center
00 702,752 (2,352) 700,400537,082 (1,798) 535,284
1,058,039 (354) 1,057,685
2,681 29 2,710
488,384 34,356 522,740
0000000
2,788,938 29,881 2,818,819
Contractor Name: Contract Number:

Section 4 - Reimbursable Expenses (cont.)
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) Total Program Closure Only (Management Bulletin 19-05) Total Exceptional Needs/Severely Disabled Service Level Exception Credit Expense (included in Reimbursable Expenses) AUD 8501 Page 4 of  Audit Report Page 21
CSPP 4009 Emeryville Child Development Center
190,546 190,546
00 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 5 of  Audit Report Page 22
Emeryville Child Development Center CSPP 4009
000
000
000000000
000
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 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 Total Exceptional Needs/Severely Disabled Service Level Exemption Credit Expenses (included in total Reimbursable Expenses) Non-Reimbursable Cost (State Use Only) N/A N/A AUD 8501 Page 6 of  Audit Report Page 23
CSPP 4009 Emeryville Child Development Center
3,493 0 3,493
248 (2) 246
3,493 0 3,493
5,123.43758,347.2000
22,289 5,326 27,615
000
30,590 0 30,590
000000000
2,788,938 29,881 2,818,819
190,546 0 190,546
00 0000
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 1RReimbursable 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 7 of  Audit Report Page 24 Emeryville Child Development Center CSPP 4009
✔
✔
Adjustments in Column B to tie to City's trial balance at FYE June 30, 2025 and to change the days of operation to match actual recordsfrom the City.

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
7ZR<HDUV2OGDQGThree Years Old Full-time-plus 2.1240 7ZR<HDUV2OGDQGThree Years Old Full-time 1.8000 7ZR<HDUV2OGDQGThree 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 $FWLYH,(3,)632QO\

2.8320 Exceptional Needs Full-time
$FWLYH,(3,)632QO\

2.4000 Exceptional Needs Part-time
$FWLYH,(3,)632QO\

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 25
Emeryville Child Development Center CSPP 4009
Alameda
0 0.0000
1,492 1,492 2,685.6000
0 1.0827 0.00000 0.0000
1,230 1,230 1,230.0000
5 5 0.6015 3.0075
0 0.0000
248 248 595.2000
0 1.4436 0.00000 0.0000
498 498 597.6000
20 20 0.6015 12.0300
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 $FWLYH,(3,)632QO\

2.8320 Severely Disabled Full-time
$FWLYH,(3,)632QO\

2.4000 Severely Disabled Part-time
$FWLYH,(3,)632QO\

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 26
CSPP 4009 Emeryville Child Development Center
0 0.00000 0.00000 0.6015 0.00000 0.00000 0.00000 1.4436 0.0000 3,493 0 3,493 5,123.43753,493 3,493
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
Two Years Old and Three Years Old Full-time-plus 2.1240 Two Years Old and Three Years Old Full-time 1.8000 Two Years Old and 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 3 (FY 24–25) Audit Report Page Page 1 of 2 27 Emeryville Child Development Center CSPP 4009
Alameda
0 0.0000
3,289 3,289 5,920.2000
0 1.0827 0.00000 0.0000
2,427 2,427 2,427.0000
0 0.6015 0.00000 0.00000 0.00000 1.4436 0.00000 0.00000 0.00000 0.6015 0.0000 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 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 24–25) Audit Report Page Page 2 of 2 28 CSPP 4009 Emeryville Child Development Center
0 0.00000 0.00000 0.6015 0.00000 0.00000 0.00000 1.4436 0.0000 5,716 0 5,716 8,347.2000

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

CENTER BASED PROGRAMS - SUMMARY OF MEALS REPORTED
FOR THE YEAR ENDED JUNE 30, 2025
Statutory Meal Statutory Meal Cash In Meal
Reported Adjustments * Allowed Rate Reimbursement Rate Reimbursement Lieu Reimbursement July 2024
Breakfast
Full price/base rate 448 - 448 0.3900 175 $ 0.0000 - $ 0.0000 - $ Reduced price 10 - 10 2.0700 21 0.0000 - 0.0000 -
Free 125 - 125 2.3700 296 0.0000 - 0.0000 -
State reimbursement 135 135 0.2160 29
Lunch
Full price/base rate 704 - 704 0.4200 296 0.0000 - 0.3000 211 Reduced price 16 - 16 4.0300 64 0.0000 - 0.3000 5
Free 196 - 196 4.4300 868 0.0000 - 0.3000 59
State reimbursement 212 212 0.2160 46
Supplement
Full price/base rate 655 - 655 0.1100 72 0.0000 - 0.0000 - Reduced price 15 - 15 0.6000 9 0.0000 - 0.0000 -
Free 183 - 183 1.2100 221 0.0000 - 0.0000 -
$ 75 2,023 $ 275 $
August 2024
Breakfast
Full price/base rate 306 - 306 0.3900 119 $ 0.0000 - $ 0.0000 - $ Reduced price 7 - 7 2.0700 14 0.0000 - 0.0000 -
Free 86 - 86 2.3700 204 0.0000 - 0.0000 -
State reimbursement 93 93 0.2160 20
Lunch
Full price/base rate 515 - 515 0.4200 216 0.0000 - 0.3000 155 Reduced price 12 - 12 4.0300 48 0.0000 - 0.3000 4
Free 144 - 144 4.4300 638 0.0000 - 0.3000 43
State reimbursement 156 156 0.2160 34
Supplement
Full price/base rate 501 - 501 0.1100 55 0.0000 - 0.0000 - Reduced price 12 - 12 0.6000 7 0.0000 - 0.0000 -
Free 140 - 140 1.2100 169 0.0000 - 0.0000 -
$ 54 1,472 $ 201 $
Meals
Federal State
29 Statutory Meal Statutory Meal Cash In Meal
Reported Adjustments * Allowed Rate Reimbursement Rate Reimbursement Lieu Reimbursement September 2024
Breakfast
Full price/base rate 335 - 335 0.3900 131 $ 0.0000 - $ 0.0000 - $ Reduced price 8 - 8 2.0700 17 0.0000 - 0.0000 -
Free 93 - 93 2.3700 220 0.0000 - 0.0000 -
State reimbursement 101 101 0.2160 22
Lunch
Full price/base rate 554 - 554 0.4200 233 0.0000 - 0.3000 166 Reduced price 13 - 13 4.0300 52 0.0000 - 0.3000 4
Free 155 - 155 4.4300 687 0.0000 - 0.3000 47
State reimbursement 168 168 0.2160 36
Supplement
Full price/base rate 529 - 529 0.1100 58 0.0000 - 0.0000 - Reduced price 12 - 12 0.6000 7 0.0000 - 0.0000 -
Free 147 - 147 1.2100 178 0.0000 - 0.0000 -
$ 58 1,583 $ 217 $
October 2024
Breakfast
Full price/base rate 466 - 466 0.3900 182 $ 0.0000 - $ 0.0000 - $ Reduced price 11 - 11 2.0700 23 0.0000 - 0.0000 -
Free 108 - 108 2.3700 256 0.0000 - 0.0000 -
State reimbursement 119 119 0.2160 26
Lunch
Full price/base rate 888 - 888 0.4200 373 0.0000 - 0.3000 266 Reduced price 21 - 21 4.0300 85 0.0000 - 0.3000 6
Free 206 - 206 4.4300 913 0.0000 - 0.3000 62
State reimbursement 227 227 0.2160 49
Supplement
Full price/base rate 680 - 680 0.1100 75 0.0000 - 0.0000 - Reduced price 16 - 16 0.6000 10 0.0000 - 0.0000 -
Free 158 - 158 1.2100 191 0.0000 - 0.0000 -
$ 75 2,106 $ 335 $
Meals
Federal State
30 Statutory Meal Statutory Meal Cash In Meal
Reported Adjustments * Allowed Rate Reimbursement Rate Reimbursement Lieu Reimbursement November 2024
Breakfast
Full price/base rate 397 - 397 0.3900 155 $ 0.0000 - $ 0.0000 - $ Reduced price 9 - 9 2.0700 19 0.0000 - 0.0000 -
Free 92 - 92 2.3700 218 0.0000 - 0.0000 -
State reimbursement 101 101 0.2160 22
Lunch
Full price/base rate 587 - 587 0.4200 247 0.0000 - 0.3000 176 Reduced price 14 - 14 4.0300 56 0.0000 - 0.3000 4
Free 136 - 136 4.4300 602 0.0000 - 0.3000 41
State reimbursement 150 150 0.2160 32
Supplement
Full price/base rate 512 - 512 0.1100 56 0.0000 - 0.0000 - Reduced price 12 - 12 0.6000 7.2 0.0000 - 0.0000 -
Free 119 - 119 1.2100 144 0.0000 - 0.0000 -
$ 54 1,504 $ 221 $
December 2024
Breakfast
Full price/base rate 356 - 356 0.3900 139 $ 0.0000 - $ 0.0000 - $ Reduced price 8 - 8 2.0700 17 0.0000 - 0.0000 -
Free 83 - 83 2.3700 197 0.0000 - 0.0000 -
State reimbursement 91 91 0.2160 20
Lunch
Full price/base rate 506 - 506 0.4200 213 0.0000 - 0.3000 152 Reduced price 12 - 12 4.0300 48 0.0000 - 0.3000 4
Free 118 - 118 4.4300 523 0.0000 - 0.3000 35
State reimbursement 130 130 0.2160 28
Supplement
Full price/base rate 421 - 421 0.1100 46 0.0000 - 0.0000 - Reduced price 10 - 10 0.6000 6 0.0000 - 0.0000 -
Free 98 - 98 1.2100 119 0.0000 - 0.0000 -
$ 48 1,307 $ 191 $
Federal State
Meals
31 Statutory Meal Statutory Meal Cash In Meal
Reported Adjustments * Allowed Rate Reimbursement Rate Reimbursement Lieu Reimbursement January 2025
Breakfast
Full price/base rate 417 - 417 0.3900 163 $ 0.0000 - $ 0.0000 - $ Reduced price 10 - 10 2.0700 21 0.0000 - 0.0000 -
Free 97 - 97 2.3700 230 0.0000 - 0.0000 -
State reimbursement 107 107 0.2160 23
Lunch
Full price/base rate 674 - 674 0.4200 283 0.0000 - 0.3000 202 Reduced price 16 - 16 4.0300 64 0.0000 - 0.3000 5
Free 157 - 157 4.4300 696 0.0000 - 0.3000 47
State reimbursement 173 173 0.2160 37
Supplement
Full price/base rate 600 - 600 0.1100 66 0.0000 - 0.0000 - Reduced price 14 - 14 0.6000 8 0.0000 - 0.0000 -
Free 140 - 140 1.2100 169 0.0000 - 0.0000 -
$ 60 1,700 $ 254 $
February 2025
Breakfast
Full price/base rate 321 - 321 0.3900 125 $ 0.0000 - $ 0.0000 - $ Reduced price 7 - 7 2.0700 14 0.0000 - 0.0000 -
Free 75 - 75 2.3700 178 0.0000 - 0.0000 -
State reimbursement 82 82 0.2160 18
Lunch
Full price/base rate 512 - 512 0.4200 215 0.0000 - 0.3000 154 Reduced price 12 - 12 4.0300 48 0.0000 - 0.3000 4
Free 119 - 119 4.4300 527 0.0000 - 0.3000 36
State reimbursement 131 131 0.2160 28
Supplement
Full price/base rate 445 - 445 0.1100 49 0.0000 - 0.0000 - Reduced price 10 - 10 0.6000 6 0.0000 - 0.0000 -
Free 103 - 103 1.2100 125 0.0000 - 0.0000 -
$ 46 1,288 $ 193 $
Federal State
Meals
32 Statutory Meal Statutory Meal Cash In Meal
Reported Adjustments * Allowed Rate Reimbursement Rate Reimbursement Lieu Reimbursement March 2025
Breakfast
Full price/base rate 451 - 451 0.3900 176 $ 0.0000 - $ 0.0000 - $ Reduced price 10 - 10 2.0700 21 0.0000 - 0.0000 -
Free 105 - 105 2.3700 249 0.0000 - 0.0000 -
State reimbursement 115 115 0.2160 25
Lunch
Full price/base rate 727 - 727 0.4200 305 0.0000 - 0.3000 218 Reduced price 17 - 17 4.0300 69 0.0000 - 0.3000 5
Free 169 - 169 4.4300 749 0.0000 - 0.3000 51
State reimbursement 186 186 0.2160 40
Supplement
Full price/base rate 663 - 663 0.1100 73 0.0000 - 0.0000 - Reduced price 15 - 15 0.6000 9 0.0000 - 0.0000 -
Free 154 - 154 1.2100 186 0.0000 - 0.0000 -
$ 65 1,836 $ 274 $
April 2025
Breakfast
Full price/base rate 515 - 515 0.3900 201 $ 0.0000 - $ 0.0000 - $ Reduced price 12 - 12 2.0700 25 0.0000 - 0.0000 -
Free 120 - 120 2.3700 284 0.0000 - 0.0000 -
State reimbursement 132 132 0.2160 29
Lunch
Full price/base rate 760 - 760 0.4200 319 0.0000 - 0.3000 228 Reduced price 18 - 18 4.0300 73 0.0000 - 0.3000 5
Free 177 - 177 4.4300 784 0.0000 - 0.3000 53
State reimbursement 195 195 0.2160 42
Supplement
Full price/base rate 665 - 665 0.1100 73 0.0000 - 0.0000 - Reduced price 15 - 15 0.6000 9 0.0000 - 0.0000 -
Free 155 - 155 1.2100 188 0.0000 - 0.0000 -
$ 71 1,956 $ 287 $
Federal State
Meals
33 Statutory Meal Statutory Meal Cash In Meal
Reported Adjustments * Allowed Rate Reimbursement Rate Reimbursement Lieu Reimbursement May 2025
Breakfast
Full price/base rate 523 - $ 523 0.3900 204 $ 0.0000 - $ 0.0000 - $ Reduced price 12 - 12 2.0700 25 0.0000 - 0.0000 -
Free 121 - 121 2.3700 287 0.0000 - 0.0000 -
State reimbursement 133 133 0.2160 29
Lunch
Full price/base rate 823 - 823 0.4200 346 0.0000 - 0.3000 247 Reduced price 19 - 19 4.0300 77 0.0000 - 0.3000 6
Free 191 - 191 4.4300 846 0.0000 - 0.3000 57
State reimbursement 210 210 0.2160 45
Supplement
Full price/base rate 727 - 727 0.1100 80 0.0000 - 0.0000 - Reduced price 17 - 17 0.6000 10 0.0000 - 0.0000 -
Free 169 - 169 1.2100 204 0.0000 - 0.0000 -
$ 74 2,079 $ 310 $
June 2025
Breakfast
Full price/base rate 486 - 486 0.3900 190 $ 0.0000 - $ 0.0000 - $ Reduced price 11 - 11 2.0700 23 0.0000 - 0.0000 -
Free 113 - 113 2.3700 268 0.0000 - 0.0000 -
State reimbursement 124 124 0.2160 27
Lunch
Full price/base rate 779 - 779 0.4200 327 0.0000 - 0.3000 234 Reduced price 18 - 18 4.0300 73 0.0000 - 0.3000 5
Free 181 - 181 4.4300 802 0.0000 - 0.3000 54
State reimbursement 199 199 0.2160 43
Supplement
Full price/base rate 720 - 720 0.1100 79 0.0000 - 0.0000 - Reduced price 17 - 17 0.6000 10 0.0000 - 0.0000 -
Free 167 - 167 1.2100 202 0.0000 - 0.0000 -
$ 70 1,973 $ 293 $
Adjustments
GRAND TOTAL 29,006 $ 20,826 $ 750 $ 3,050 $
* 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 CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

SCHEDULE OF CACFP REPORTED, ADJUSTED AND ALLOWED ENROLLMENT FOR THE YEAR ENDED JUNE 30, 2025
Month Total Free Reduced Based
July Reported 56 12 1 43
Allowed 56 12 1 43
August Reported 56 12 1 43
Allowed 56 12 1 43
September Reported 56 12 1 43
Allowed 56 12 1 43
October Reported 54 10 1 43
Allowed 54 10 1 43
November Reported 54 10 1 43
Allowed 54 10 1 43
December Reported 54 10 1 43
Allowed 54 10 1 43
January Reported 54 10 1 43
Allowed 54 10 1 43
February Reported 54 10 1 43
Allowed 54 10 1 43
March Reported 54 10 1 43
Allowed 54 10 1 43
April Reported 54 10 1 43
Allowed 54 10 43 1
May Reported 54 10 1 43
Allowed 54 10 1 43
June Reported 54 10 1 43
Allowed 54 10 1 43
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CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER
Notes to the Child Development Program Supplementary Information For the Year Ended June 30, 2025
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, 2025. 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, 2025.
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, 2025.
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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, 2025, and have issued our report thereon dated December 5, 2025. 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. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that have not been identified. 39 Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Program's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. Our procedures included the applicable audit procedures contained in the California Department of Education Audit Guide (July 2025) and tests of compliance with the Program requirements. 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 one instance of noncompliance that is required to be reported under Government Auditing Standards as shown in the Schedule of Findings and Questioned Costs Other Matter 2025-01.

We have also issued a separate Memorandum on Internal Control dated December 5, 2025, which is an integral part of our audit and should be read in conjunction with this report.

City’s Response to Findings
Government Auditing Standards require the auditor to perform limited procedures on the City’s response to the findings identified in our audit and described in our separately issued Memorandum on Internal Control dated December 5, 2025, which is an integral part of our audit and should be read in conjunction with this report. The City’s response was not subjected to the other auditing procedures applied in the audit of the financial statements and, accordingly, we express no opinion on the response.

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

Accordingly, this communication is not suitable for any other purpose.

Pleasant Hill, California
December 5, 2025
40 CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

SCHEDULE OF FINDINGS AND QUESTIONED COSTS
Other Matter 2025-01: Review of Child Development Center Attendance Reporting Criteria: In order to ensure accuracy and maintain segregation of duties, attendance records entered into the Child Development Center’s reporting system with the State should be reviewed by someone other than the preparer.

Condition: During our current year audit of the Child Development Center, we noted that there is no process in place for a secondary staff to review the attendance records entered into the reporting system.

Furthermore, we noted that one absence in the sign in sheets in April 2025 was not recorded in the system correctly.

Cause: The City has not delegated this task within the Child Development Center.

Effect: Without ensuring accuracy in the reporting of attendance, there is a risk that an error will go unnoticed into the reporting system with the State.

Recommendation: The City must develop procedures to ensure that a review process is in place over the attendance records which are entered into the Child Development Center’s reporting system.

Management’s Response:

The Child Development Center will continue to cross check absences and require a note for documentation for excused absences (illness, family emergency, etc.) per our title 5 regulations.

We will assign staff such as the center manager to review attendance against schedules weekly.

Then before submitting attendance to the State quarterly, we will cross-check daily sign-in/outs, to the total days of operation. Lastly when we update our attendance program kinder system, we will set up alerts for missing sign in/outs, duplicate entries, or unverified absences. 41 This Page Left Intentionally Blank

CITY OF EMERYVILLE

EMERYVILLE CHILD DEVELOPMENT CENTER

CURRENT STATUS OF PRIOR YEAR FINDINGS AND QUESTIONED COSTS Not findings in the prior year.
43 This Page Left Intentionally Blank

CITY OF EMERYVILLE, CALIFORNIA

MEASURE B PROGRAM

FINANCIAL STATEMENTS

FOR THE YEAR ENDED
JUNE 30, 2025
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CITY OF EMERYVILLE

MEASURE B PROGRAM
Financial Statements
For the Year Ended June 30, 2025
Table of Contents
Page
Independent Auditor’s Report ........................................................................................................ 1 Financial Statements:

Balance Sheet ........................................................................................................................ 5

Statement of Revenues, Expenditures and Changes in Fund Balances .................................. 6 Notes to Financial Statements ................................................................................................. 7 Independent Auditor’s Report on Measure B Compliance ..................................................... 11 This Page Left Intentionally Blank
INDEPENDENT AUDITOR’S REPORT
To the Honorable Members of the City Council
City of Emeryville, California
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements of the Alameda County Transportation Commission Measure B Program (Measure B Program) of the City of Emeryville (City), California, as of and for the year ended June 30, 2025, and the related notes to the financial statements, which collectively comprise the Measure B Program’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 Measure B Program as of June 30, 2025, and the respective change in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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 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.

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.

Emphasis of Matter
As discussed in Note 1, the financial statements present only the Measure B Program and do not purport to, and do not present fairly the financial position of the City as of June 30, 2025, the changes in the financial position 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. 2 Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 23, 2025 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 Measure B Program’s internal control over financial reporting and compliance.

Pleasant Hill, California
December 23, 2025
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CITY OF EMERYVILLE
JUNE 30, 2025
Local Streets Bicycle and
Paratransit and Roads Pedestrian Totals
ASSETS
Cash and investments $ - $ 211,168 $ 122,100 $ 333,268
Interest receivable 671 399 1,070
Total Assets $ - $ 211,839 $ 122,499 $ 334,338

LIABILITIES
Accounts payable and accrued liabilities $ 1,430 - $ $ 500 $ 1,930 Total Liabilities 1,430 - 500 1,930

FUND BALANCE
Restricted for Measure B Programs 210,409 121,999 332,408 - Total Fund Balance - 210,409 121,999 332,408
Total Liabilities and Fund Balance $ 211,839 - $ $ 122,499 $ 334,338 See accompanying notes to financial statements

BALANCE SHEET

MEASURE B PROGRAM
5 CITY OF EMERYVILLE

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES FOR THE YEAR ENDED JUNE 30, 2025
Paratransit
Local Streets
and Roads
Bike and
Pedestrian Totals

REVENUES
Interest income $ - 9,215 $ $ 5,288 $ 14,503
Total Revenues - 9,215 5,288 14,503

EXPENDITURES
Public works 19,135 1,658 20,793
Total Expenditures - 19,135 1,658 20,793

OTHER FINANCING SOURCES (USES)
Transfers in from City of Emeryville (Note 1I) - 1,554 - 1,554 Total other financing sources (uses) - 1,554 - 1,554
Net Change in Fund Balance - (8,366) 3,630 (4,736)
Beginning Fund Balance - 218,775 118,369 337,144
Ending Fund Balance $ - 210,409 $ $ 121,999 $ 332,408
See accompanying notes to financial statements

MEASURE B PROGRAM
6 CITY OF EMERYVILLE

MEASURE B PROGRAM

NOTES TO FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. Reporting Entity
All transactions of the Alameda County Transportation Commission (Alameda CTC) – Measure B Funds (Measure B Program) of the City of Emeryville (City), California, are included in a special revenue fund in the basic financial statements of the City. The Measure B Fund is used to account for the City’s share of revenues earned and expenditures incurred under the City’s paratransit, local streets and roads, and bicycle and pedestrian programs.

The accompanying financial statements are for Measure B Program only and are not intended to fairly present the financial position of the City and the results of its operations and cash flows of its proprietary fund type.

B. Basis of Accounting
The accompanying financial statements are prepared on the modified accrual basis of accounting.

Revenues are generally recorded when measurable and available, and expenditures are recorded when the related liabilities are incurred.

The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds are accounted for using a “current financial resources” measurement focus, wherein only current assets, and deferred outflows of resources, and current liabilities, and deferred inflows of resources, generally are included on the balance sheets. Operating statements of governmental funds present increased (revenues and other financing sources) and decreased (expenditures and other financing uses) in net current assets.

C. Description of Funds
The accounts are maintained on the basis of fund accounting. A fund is a separate accounting entity with a self-balancing set of accounts. The City uses Special Revenue Funds to account for the proceeds of specific revenues (other than for capital projects) that are legally restricted to be expended for specified purposes (specifically, the paratransit program).

D. Capital Assets
Capital assets, consisting primarily of infrastructure, are recorded as expenditures and are not capitalized since they will be maintained by the City.

E. Cash and Investments
Cash and cash equivalents are considered to be cash on hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition. 7 CITY OF EMERYVILLE

MEASURE B PROGRAM

NOTES TO FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) F. Fund Balance
Measure B fund balance is restricted. A restricted fund balance represents amounts that can be spent only for specific purposes because of constitutional provisions or enabling legislation or because of constraints that are externally imposed by creditors, grantors, contributors, or the laws or regulations of other governments.

When expenditures are incurred for purposes for which both restricted and unrestricted fund balance is available, the City considers restricted funds to have been spent first.

G. Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Measure B Program categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The fair value hierarchy categorizes the inputs to valuation techniques used to measure fair value into three levels based on the extent to which inputs used in measuring fair value are observable in the market.

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 inputs are inputs – other than quoted prices included within level 1 – that are observable for an asset or liability, either directly or indirectly.

Level 3 inputs are unobservable inputs for an asset or liability.

If the fair value of an asset or liability is measured using inputs from more than one level of the fair value hierarchy, the measurement is considered to be based on the lowest priority level input that is significant to the entire measurement.

H. Use of Estimates
Management uses estimates and assumptions in preparing the financial statements. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities, and the reported revenues and expenditures. Actual results could differ from those estimates.

I. Transfers from the City
During fiscal year 2025, the City transferred $1,554 into the Local Streets and Roads Measure B Program Fund to support streets and roads projects.
8 CITY OF EMERYVILLE

MEASURE B PROGRAM

NOTES TO FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
NOTE 2 – CASH AND INVESTMENTS
The investment fair value measurements within the fair value hierarchy are established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure fair value of the assets. Level 1 inputs are quoted prices in an active market for identical assets; Level 2 inputs are significant other observable inputs; and Level 3 inputs are significant unobservable inputs.

Cash and investments are maintained on a pooled basis with those of other funds of the City. Pooled cash and investments consist of U.S. Treasury or its agencies, money market funds investing in such obligations, negotiable certificates of deposit, commercial paper and medium term corporate notes that meet specified rating requirements, mutual funds, guaranteed investment contracts, repurchase agreements, reverse repurchase agreements when authorized by the City’s Council, the State Treasurer’s investment pool (Local Agency Investment Fund), and banker's acceptances. All investments are stated at fair value. Pooled investment earnings are allocated quarterly based on the average quarterly cash and investment balances of the various funds are related entities of the City.

See the City’s Annual Comprehensive Financial Report for disclosures related to cash and investments and the related custodial risk categorization.

NOTE 3 – MEASURE B PROGRAM
Under Measure B, approved by the voters of Alameda County in 1986 and 2000, the City receives a portion of the proceeds of an additional one-half cent sales tax to be used for transportation-related expenditures. These measures were adopted with the intention that the funds generated by the additional sales tax will not fund expenditures previously paid by property taxes but, rather, would be used for additional projects and programs.

Projects funded by Measure B were as follows:

Paratransit – To provide transit services for seniors and people with disabilities.

Local Streets and Roads – To improve, repair, and overlay city streets.

Bike and Pedestrian – To provide sidewalk and ADA improvements and to implement the bikeway network.

From a pool of funds held by the County, 10.45% is allocated for distribution as a subsidy to cities with paratransit programs. Funds allocated to the City for the paratransit program are received separately from funds received for transportation improvement projects, and they are recorded in a special revenue fund.

An additional 27.34% of the pool is allocated among the cities in the County, based on the cities’ populations and the number of roads within their city limits for other transportation-related projects.

Funds allocated for streets are roads; bike lanes and pedestrian lanes are recorded as a capital projects fund.
9 CITY OF EMERYVILLE

MEASURE B PROGRAM

NOTES TO FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
NOTE 4 – COMMITMENTS AND CONTINGENCIES
The City participates in several grant programs. These programs may be subject to further examination by the grantors and the amount of expenditures, if any, which may be disallowed by the granting agencies, and cannot be determined at this time. The City expects such amounts, if any, to be immaterial.
10 INDEPENDENT AUDITOR’S

REPORT ON MEASURE B COMPLIANCE
To the Honorable Members of the City Council
City of Emeryville, California
Report on Compliance for Measure B Program
Opinion on Compliance for Measure B Program
We have audited the City of Emeryville’s (City) compliance with the requirements of laws, regulations, contracts, and grants specified in the Master Programs Funding Agreement between the City and the Alameda County Transportation Commission (Funding Agreement) that could have a direct and material effect on the Alameda County Transportation Commission Measure B Program for the year ended June 30, 2025.

In our opinion, the City complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on Measure B Program for the year ended June 30, 2025.

Basis for Opinion on the Measure B Program
We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America (GAAS); the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States (Government Auditing Standards), and requirements specified in the Funding Agreement. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of Compliance section of our report.

We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on compliance for the Measure B Program.

Our audit does not provide a legal determination of the City’s compliance with the compliance requirements referred to above.

Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the design, implementation, and maintenance of effective internal control over compliance with the requirements of laws, statutes, regulations, rules and provisions of contracts or grant agreements applicable to the Measure B Program.
11 Auditor’s Responsibilities for the Audit of Compliance Our objectives are to obtain reasonable assurance about whether material noncompliance with the compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion on the City’s compliance based on our audit. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS, Government Auditing Standards and requirements specified in the Funding Agreement will always detect material noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Noncompliance with the compliance requirements referred to above is considered material if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a reasonable user of the report on compliance about the City’s compliance with the requirements of the Measure B Program as a whole.

In performing an audit in accordance with GAAS, Government Auditing Standards and the Funding Agreement, we
• Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material noncompliance, 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 City’s compliance with the compliance requirements referred to above and performing such other procedures as we considered necessary in the circumstances. • Obtain an understanding of the City’s internal control over compliance relevant to the audit in order to design audit procedures that are appropriate in the circumstances and to test and report on internal control over compliance in accordance with the requirements referred to above, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control over compliance. Accordingly, no such opinion is expressed.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal control over compliance that we identified during the audit.

Report on Internal Control Over Compliance
A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of the Measure B Program on a timely basis. A material weakness in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of the Measure B Program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of the Measure B Program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance.
12 Our consideration of internal control over compliance was for the limited purpose described in the Auditor’s Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies in internal control over compliance. Given these limitations, during our audit we did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. However, material weaknesses or significant deficiencies in internal control over compliance may exist that were not identified.

Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, no such opinion is expressed.

We have also issued a separate Memorandum on Internal Control dated December 23, 2025 which is a critical part of our audit and should be read in conjunction with this report.

The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements, specified in the Master Programs Funding Agreement between the City and the Alameda County Transportation Commission. Accordingly, this report is not suitable for any other purpose.

Pleasant Hill, California
December 23, 2025
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CITY OF EMERYVILLE, CALIFORNIA

MEASURE BB PROGRAM

FINANCIAL STATEMENTS

FOR THE YEAR ENDED
JUNE 30, 2025
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CITY OF EMERYVILLE

MEASURE BB PROGRAM
Financial Statements
For the Year Ended June 30, 2025
Table of Contents
Page
Independent Auditor’s Report ............................................................................................................... 1 Financial Statements:

Balance Sheet ................................................................................................................................ 3

Statement of Revenues, Expenditures and Changes in Fund Balances .......................................... 4 Notes to Financial Statements ......................................................................................................... 5 Independent Auditor’s Report on Measure BB Compliance ............................................................. 9 This Page Left Intentionally Blank
INDEPENDENT AUDITOR’S REPORT
To the Honorable Members of the City Council
Emeryville, California
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements of the Alameda County Transportation Commission Measure BB Program of the City of Emeryville (City), California, as of and for the year ended June 30, 2025, and the related notes to the financial statements, which collectively comprise the Measure BB Program’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 Measure BB Program as of June 30, 2025, 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 Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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.

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. 1 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.

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.

Emphasis of Matter
As discussed in Note 1, the financial statements present only the Measure BB Program and do not purport to, and do not present fairly the financial position of the City as of June 30, 2025, the changes in the financial position 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.

Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 23, 2025 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 Measure BB Program’s internal control over financial reporting and compliance.

Pleasant Hill, California
December 23, 2025
2 Local Streets Bike and
Paratransit and Roads Pedestrian Totals
ASSETS
Cash and investments 92,145 $ $ 564,680 $ 307,661 $ 964,486 Direct local distribution program receivable - Measure BB 14,003 133,005 15,779 162,787 Total Assets 106,148 $ 697,685 $ $ 323,440 $ 1,127,273

LIABILITIES
Accounts payable $ 14,880 $ 128,307 $ 246,800 $ 389,987 Total Liabilities 14,880 128,307 246,800 389,987

FUND BALANCE
Restricted for Measure BB Program 91,268 569,378 76,640 737,286 Total Fund Balance 91,268 569,378 76,640 737,286
Total Liabilities and Fund Balance $ 106,148 $ 697,685 $ 323,440 $ 1,127,273 See accompanying notes to financial statements

BALANCE SHEET

CITY OF EMERYVILLE

MEASURE BB PROGRAM
JUNE 30, 2025
3 Paratransit
Local Streets
and Roads
Bike and
Pedestrian Totals

REVENUES
Measure BB Direct Local Distributions $ 79,816 $ 758,130 $ 89,943 $ 927,889 Interest Income 4,642 35,179 10,714 50,535
Total Revenues 84,458 793,309 100,657 978,424

EXPENDITURES
Community services 109,070 - - 109,070
Public works - 1,298,409 238,979 1,537,388
Total Expenditures 109,070 1,298,409 238,979 1,646,458

OTHER FINANCING SOURCES (USES)
Transfers in from the City of Emeryville (Note 1I) 37,246 - - 37,246 Total other financing sources (uses) 37,246 - - 37,246
Net Change in Fund Balance 12,634 (505,100) (138,322) (630,788) Beginning Fund Balance 78,634 1,074,478 214,962 1,368,074 Ending Fund Balance $ 91,268 $ 569,378 $ 76,640 $ 737,286 See accompanying notes to financial statements

MEASURE BB PROGRAM

CITY OF EMERYVILLE

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES FOR THE YEAR ENDED JUNE 30, 2025
4 CITY OF EMERYVILLE

MEASURE BB PROGRAM

NOTES TO FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. Reporting Entity
All transactions of the Alameda County Transportation Commission - Measure BB Program (Measure BB Program) of the City of Emeryville, California (City), are included in a special revenue fund in the basic financial statements of the City. The Measure BB Program is used to account for the City’s share of revenues earned and expenditures incurred under the City’s Paratransit, Local Streets and Roads, and Bike and Pedestrian programs. The accompanying financial statements are for the Measure BB Program only and are not intended to fairly present the financial position of the City and the results of its operations.

B. Basis of Accounting
The accompanying financial statements are prepared on the modified accrual basis of accounting.

Revenues are generally recorded when measurable and available, and expenditures are recorded when the related liabilities are incurred.

The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds are accounted for using a “current financial resources” measurement focus, wherein only current assets and current liabilities generally are included on the balance sheets.

Operating statements of governmental funds present increased (revenues and other financing sources) and decreased (expenditures and other financing uses) in net current assets.

C. Description of Funds
The accounts are maintained on the basis of fund accounting. A fund is a separate accounting entity with a self-balancing set of accounts. The City uses Special Revenue Funds to account for the proceeds of specific revenues (other than for capital projects) that are legally restricted to be expended for specified purposes.

D. Capital Assets
Capital assets, consisting primarily of infrastructure, are recorded as expenditures and are not capitalized since they will be maintained by the City.

E. Cash and Investments
Cash and cash equivalents are considered to be cash on hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition.

F. Fund Balance
Measure BB fund balance is restricted. A restricted fund balance represents amounts that can be spent only for specific purposes because of constitutional provisions or enabling legislations or because of constraints that are externally imposed by creditors, grantors, contributors, or the laws or regulations of other governments.

When an expenditure is incurred for purposes for which both restricted and unrestricted fund balance is available, the City considers restricted funds to have been spent first. 5 CITY OF EMERYVILLE

MEASURE BB PROGRAM

NOTES TO FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) G. Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Measure BB Program categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The fair value hierarchy categorizes the inputs to valuation techniques used to measure fair value into three levels based on the extent to which inputs used in measuring fair value are observable in the market.

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 inputs are inputs – other than quoted prices included within level 1 – that are observable for an asset or liability, either directly or indirectly.

Level 3 inputs are unobservable inputs for an asset or liability.

If the fair value of an asset or liability is measured using inputs from more than one level of the fair value hierarchy, the measurement is considered to be based on the lowest priority level input that is significant to the entire measurement.

H. Use of Estimates
Management uses estimates and assumptions in preparing the financial statements. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities, and the reported revenues and expenditures. Actual results could differ from those estimates.

I. Transfers from the City
During fiscal year 2025, the City transferred $37,246 into the Paratransit Measure BB Program Fund to support community programs.

NOTE 2 – MEASURE BB PROGRAM
Under Measure BB, approved by the voters of Alameda County in 2014, the City receives a portion of the proceeds of an additional one percent sales tax to be used for transportation-related expenditures.

These measures were adopted with the intention that the funds generated by the additional sales tax will not fund expenditures previously paid by property taxes but, rather, would be used for additional projects and programs.

Projects funded by Measure BB 2014 were as follows:

Paratransit – To provide transit services for seniors and people with disabilities.

Local Streets and Roads – To improve, repair, and overlay city streets.

Bike and Pedestrian – To provide sidewalk and ADA improvements and to implement the bikeway network.
6 CITY OF EMERYVILLE

MEASURE BB PROGRAM

NOTES TO FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
NOTE 3 – CASH AND INVESTMENTS
The investment fair value measurements within the fair value hierarchy are established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure fair value of the assets. Level 1 inputs are quoted prices in an active market for identical assets; Level 2 inputs are significant other observable inputs; and Level 3 inputs are significant unobservable inputs.

Cash and investments are maintained on a pooled basis with those of other funds of the City. Pooled cash and investments consist of U.S. Treasury or its agencies, money market funds investing in such obligations, negotiable certificates of deposit, commercial paper and medium term corporate notes that meet specified rating requirements, mutual funds, guaranteed investment contracts, repurchase agreements, reverse repurchase agreements when authorized by the City’s Council, the State Treasurer’s investment pool (Local Agency Investment Fund), and banker's acceptances. All investments are stated at fair value. Pooled investment earnings are allocated quarterly based on the average quarterly cash and investment balances of the various funds are related entities of the City.

See the City’s Annual Comprehensive Financial Report (ACFR) for disclosures related to cash and investments as prescribed by Governmental Accounting Standards Board Statement No. 40. The ACFR may be obtained from the City of Emeryville, 1333 Park Ave, Emeryville, CA 94608.

NOTE 4 – COMMITMENTS AND CONTINGENCIES
The City participates in several grant programs. These programs may be subject to further examination by the grantors and the amount of expenditures, if any, which may be disallowed by the granting agencies, and cannot be determined at this time. The City expects such amounts, if any, to be immaterial.
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INDEPENDENT AUDITOR’S REPORT ON MEASURE BB COMPLIANCE
To the Honorable Members of the City Council
City of Emeryville, California
Report on Compliance for Measure BB Program
Opinion on Compliance for Measure BB Program
We have audited the City of Emeryville’s (City) compliance with the requirements of laws, regulations, contracts, and grants specified in the Master Programs Funding Agreement between the City and the Alameda County Transportation Commission (Funding Agreement) that could have a direct and material effect on the Alameda County Transportation Commission Measure BB Program for the year ended June 30, 2025.

In our opinion, the City complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on Measure BB Program for the year ended June 30, 2025.

Basis for Opinion on the Measure BB Program
We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America (GAAS); the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States (Government Auditing Standards), and requirements specified in the Funding Agreement. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of Compliance section of our report.

We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on compliance for the Measure BB Program.

Our audit does not provide a legal determination of the City’s compliance with the compliance requirements referred to above.

Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the design, implementation, and maintenance of effective internal control over compliance with the requirements of laws, statutes, regulations, rules and provisions of contracts or grant agreements applicable to the Measure BB Program.
9 Auditor’s Responsibilities for the Audit of Compliance Our objectives are to obtain reasonable assurance about whether material noncompliance with the compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion on the City’s compliance based on our audit. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS, Government Auditing Standards and requirements specified in the Funding Agreement will always detect material noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Noncompliance with the compliance requirements referred to above is considered material if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a reasonable user of the report on compliance about the City’s compliance with the requirements of the Measure BB Program as a whole.

In performing an audit in accordance with GAAS, Government Auditing Standards and the Funding Agreement, we
• Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material noncompliance, 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 City’s compliance with the compliance requirements referred to above and performing such other procedures as we considered necessary in the circumstances. • Obtain an understanding of the City’s internal control over compliance relevant to the audit in order to design audit procedures that are appropriate in the circumstances and to test and report on internal control over compliance in accordance with the requirements referred to above, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control over compliance. Accordingly, no such opinion is expressed.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal control over compliance that we identified during the audit.

Report on Internal Control Over Compliance
A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of the Measure BB Program on a timely basis. A material weakness in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of the Measure BB Program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of the Measure BB Program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance.
10 Our consideration of internal control over compliance was for the limited purpose described in the Auditor’s Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies in internal control over compliance. Given these limitations, during our audit we did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. However, material weaknesses or significant deficiencies in internal control over compliance may exist that were not identified.

Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, no such opinion is expressed.

We have also issued a separate Memorandum on Internal Control dated December 23, 2025 which is a critical part of our audit and should be read in conjunction with this report.

The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements, specified in the Master Programs Funding Agreement between the City and the Alameda County Transportation Commission. Accordingly, this report is not suitable for any other purpose.

Pleasant Hill, California
December 23, 2025
11 This Page Left Intentionally Blank

CITY OF EMERYVILLE, CALIFORNIA

ALAMEDA COUNTY TRANSPORTATION COMMISSION

VEHICLE REGISTRATION FEE (VRF)

MEASURE F PROGRAM

FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
This Page Left Intentionally Blank

CITY OF EMERYVILLE

ALAMEDA COUNTY TRANSPORTATION COMMISSION

VEHICLE REGISTRATION FEE (VRF)

MEASURE F PROGRAM

FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
Table of Contents
Page
Independent Auditor’s Report .................................................................................................................... 1 Financial Statements:

Balance Sheet ........................................................................................................................ 5

Statement of Revenues, Expenditures and Changes in Fund Balance ................................... 6 Notes to the Financial Statements ........................................................................................... 7 Independent Auditor’s Report on Vehicle Registration Fee (VRF) Measure F Program Compliance ................................................................................................................... 11 This Page Left Intentionally Blank
INDEPENDENT AUDITOR’S REPORT
To the Honorable Members of the City Council
City of Emeryville, California
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements of the Alameda County Transportation Commission Vehicle Registration Fee (VRF) Measure F Program (Measure F Program) of the City of Emeryville (City), California, as of and for the year ended June 30, 2025, and the related notes to the financial statements, which collectively comprise the Measure F Program’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 Measure F Program as of June 30, 2025, and the respective change in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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 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.

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.

Emphasis of Matter
As discussed in Note 2, the financial statements present only the Measure F Program and do not purport to, and do not present fairly the financial position of the City as of June 30, 2025, the changes in the financial position 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. 2 Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 23, 2025 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 Measure F Program’s internal control over financial reporting and compliance.

Pleasant Hill, California
December 23, 2025
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CITY OF EMERYVILLE

ALAMEDA COUNTY TRANSPORTATION COMMISSION
JUNE 30, 2025
Local
Streets and
Roads
ASSETS
Cash and investments $ 162,209
Direct local distribution program receivable - Measure F 9,475 Interest receivable 503
Total Assets $ 172,187
Liabilities
Accounts payable $ 6,500
Total liabilities 6,500

FUND BALANCE
Restricted for vehicle registration fee program and projects 165,687 Total Fund Balance 165,687
Total Liabilities and Fund Balance $ 172,187
See accompanying notes to financial statements

BALANCE SHEET

VEHICLE REGISTRATION FEE MEASURE F PROGRAM
5 CITY OF EMERYVILLE

ALAMEDA COUNTY TRANSPORTATION COMMISSION

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE FOR THE YEAR ENDED JUNE 30, 2025
Local
Streets and
Roads

REVENUES
Measure F direct local distribution funds allocation $ 54,878 Interest income 6,287
Total Revenues 61,165

EXPENDITURES
Public works and transportation 103,237
Total Expenditures 103,237

OTHER FINANCING SOURCES (USES)
Transfers in from City of Emeryville (Note 4) 50,000
Total other financing sources (uses) 50,000
Net Change in Fund Balance 7,928
Beginning Fund Balance 157,759
Ending Fund Balance $ 165,687
See accompanying notes to financial statements

VEHICLE REGISTRATION FEE MEASURE F PROGRAM
6 CITY OF EMERYVILLE, CALIFORNIA

ALAMEDA COUNTY TRANSPORTATION COMMISSION

VEHICLE REGISTRATION FEE (VRF) MEASURE F PROGRAM
Notes to the Financial Statements
For The Year Ended June 30, 2025
NOTE 1 – BACKGROUND
Measure F Program – Alameda County Transportation Commission Vehicle Registration Fee Measure F Program (Measure F Program) was approved by the voters in November 2010, with 63 percent of the vote. The fee will generate about $10.7 million per year by a $10 per year vehicle registration fee. The collection of the $10 per year vehicle registration fee started in the first week of May 2011. The goal of the VRF Program is to sustain the County’s transportation network and reduce traffic congestion and vehicle related pollution. The program includes four categories of projects:
• Local Road Improvement and Repair Program (60 percent) • Transit for Congestion Relief (25 percent)
• Local Transportation Technology (10 percent)
• Pedestrian and Bicyclist Access and Safety Program (5 percent) The Alameda County Transportation Commission administers the program and distributes an equitable share of the funds among the four planning areas of the county over successive five year cycles. Geographic equity will be measured by a formula, weighted 50 percent by population of the planning area and 50 percent of registered vehicles of the planning area.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES
Reporting Entity – All transactions of the Measure F Program of the City of Emeryville, California (City), are included in a special revenue fund in the basic financial statements of the City.

The accompanying financial statements include the Measure F Program only and are not intended to fairly present the financial position, results of operations and cash flows of the City in conformity with accounting principles generally accepted in the United States of America.

Basis of Accounting – The accompanying financial statements are prepared on the modified accrual basis of accounting. Revenues are generally recorded when measurable and available, and expenditures are recorded when the related liabilities are incurred.

The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds are accounted for using a “current financial resources” measurement focus, wherein only current assets, and deferred outflows of resources, and current liabilities, and deferred inflows of resources, generally are included on the balance sheets. Operating statements of governmental funds presents increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. 7 CITY OF EMERYVILLE, CALIFORNIA

ALAMEDA COUNTY TRANSPORTATION COMMISSION

VEHICLE REGISTRATION FEE (VRF) MEASURE F PROGRAM
Notes to the Financial Statements
For The Year Ended June 30, 2025
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES
Description of Funds – The accounts are maintained on the basis of fund accounting. A fund is a separate accounting entity with a self-balancing set of accounts.

Special Revenue Fund – to account for the proceeds of specific revenues (other than for capital projects) that are legally restricted to be expended for specified purposes.

Cash and Investments – The Measure F Program’s cash and cash equivalents are considered to be cash on hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition.

Fund Balance – The Measure F Program’s fund balance is restricted. A restricted fund balance represents amounts that can be spent only for specific purposes because of constitutional provisions or enabling legislation or because of constraints that are externally impose by creditors, grantors, contributors, or the laws or regulations of other governments.

When an expenditure is incurred for purposes for which both restricted and unrestricted fund balance is available, the City considers restricted funds to have been spent first.

Fair Value Measurements - Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The City categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The fair value hierarchy categorizes the inputs to valuation techniques used to measure fair value into three levels based on the extent to which inputs used in measuring fair value are observable in the market.

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 inputs are inputs – other than quoted prices included within level 1 – that are observable for an asset or liability, either directly or indirectly.

Level 3 inputs are unobservable inputs for an asset or liability.

If the fair value of an asset or liability is measured using inputs from more than one level of the fair value hierarchy, the measurement is considered to be based on the lowest priority level input that is significant to the entire measurement.

Use of Estimates – Management uses estimates and assumptions in preparing the financial statements. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates.
8 CITY OF EMERYVILLE, CALIFORNIA

ALAMEDA COUNTY TRANSPORTATION COMMISSION

VEHICLE REGISTRATION FEE (VRF) MEASURE F PROGRAM
Notes to the Financial Statements
For The Year Ended June 30, 2025
NOTE 3 – CASH AND INVESTMENTS
The investment fair value measurements within the fair value hierarchy are established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure fair value of the assets. Level 1 inputs are quoted prices in an active market for identical assets; Level 2 inputs are significant other observable inputs; and Level 3 inputs are significant unobservable inputs.

Cash and investments are maintained on a pooled basis with those of other funds of the City. Pooled cash and investments consist of U.S. government securities, bankers’ acceptances, commercial paper, medium term notes, repurchase agreements, deposits with banks, and participation in the California Local Agency Investment Fund. All investments are stated at fair value. Pooled investment earnings are allocated monthly based on the average monthly cash and investment balances of the various funds and related entities of the City.

See the City’s Annual Comprehensive Financial Report (ACFR) for disclosures related to cash and investments as prescribed by Governmental Accounting Standards Board Statement No. 40. The ACFR may be obtained from the City of Emeryville, 1333 Park Ave, Emeryville, CA 94608.