Lathrop City Council
January 12, 2026

CITY MANAGER' S REPORT
JANUARY 12, 2026 CITY COUNCIL REGULAR MEETING
ITEM:

ITEM 4. 5

ACCEPTANCE OF THE CITY OF LATHROP ANNUAL

COMPREHENSIVE FINANCIAL REPORT ( ACFR) FOR
THE FISCAL YEAR ENDING JUNE 30, 2025
RECOMMENDATION: Adopt a Resolution to Accept the City of Lathrop Annual Comprehensive Financial Report ( ACFR) for
the Fiscal Year Ending June 30, 2025
SUMMARY:

The City' s auditor, Badawi and Associates, CPA, has completed the review of the annual financial statements for the fiscal year ending June 30, 2025. The audited financial statements are incorporated into an Annual Comprehensive Financial Report ACFR). The auditors have issued an unmodified (" clean") audit opinion. An unmodified opinion indicates that the financial data of the City is fairly presented in accordance with accounting principles generally accepted in the United States of America and the standards applicable to financial audits contained in Government Audit Standards, issued by the Comptroller General of the United States. These standards require that they plan and perform the audits to obtain reasonable assurance as to whether the financial statements are free of material misstatement.

BACKGROUND:

Best financial practices as well as various financing covenants and regulations associated with restricted funding sources require the City to publish a complete set of financial statements each year presented in conformance with Generally Accepted Accounting Principles ( GAAP). The Government Code of the State of California requires general law cities, such as the City of Lathrop, to have its financial statements audited by an independent certified public accountant. Accordingly, this year' s
audit was completed by the accounting firm of Badawi and Associates, CPA.

The firm was contracted to render an opinion of the City' s financial statements in accordance with auditing standards generally accepted in the United States of America. To ensure complete independence, Badawi and Associates, CPA presents the results of their assessment of the adequacy of internal accounting controls and the quality of financial reporting directly to the City Council.

The Annual Comprehensive Financial Report ( ACFR) for the fiscal year ended June 30, 2025, has been prepared by the City and audited by the certified public accounting firm of Badawi and Associates, CPA. The ACFR and audit of the City' s financial statements were completed on December 17, 2025, and posted on the City' s website at that time. Badawi and Associates, CPA has issued an unmodified (" clean") opinion of the ACFR which states that the financial statements are presented fairly, in all material respects.

CITY MANAGER' S REPORT PAGE 2
JANUARY 12, 2026 CITY COUNCIL REGULAR MEETING

ACCEPT THE CITY OF LATHROP ANNUAL COMPREHENSIVE FINANCIAL REPORT ( ACFR) FOR THE FISCAL YEAR ENDING JUNE 30, 2025 Following completion of the ACFR, it was submitted to the Governmental Finance Officers Association ( GFOA) for the Certificate for Excellence in Financial Reporting program. The GFOA is a nationally recognized nonprofit professional association serving more than 20, 000 finance professionals in the United States and Canada, and the Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting. The City of Lathrop has been awarded the prestigious Certificate for Excellence in Financial Reporting for 28 consecutive years. A Certificate of Achievement is valid for a period of one year only.

The City' sfinancial statements provide information about the finances of the City in its entirety, as well as information about individual funds. The ACFR is organized into the three sections summarized below.

The Introductory section includes this transmittal letter and general information on the City' s government structure and services provided. It includes a list of principal officials, an organizational chart, and the Government Finance Officers Associations ( GFOA) Certificate of Achievement for Excellence in Financial Reporting.

The Financial section contains the independent auditor' sreport on the financial statement audit, the MD& A, basic financial statements, required supplementary information, and combined and individual fund presentations and supplementary information.

The Statistical section includes selected financial and demographic information generally presented on a multi -year basis. This information includes financial trends, revenue capacity, debt capacity, demographics and economic and operating information.

REASON FOR RECOMMENDATION:

The auditors have issued an unmodified (" clean") audit opinion. An unmodified opinion indicates that the financial data of the City is fairly presented in accordance with accounting principles generally accepted in the United States of America and the standards applicable to financial audits contained in Government Audit Standards, issued by the Comptroller General of the United States.

FISCAL IMPACT:

There is no fiscal impact associated with this action. Unmodified audit reports are an indication that City funds are being spent appropriately and as intended by the City Council, grantor agencies, and federal and State laws. They also help maintain the City' sfavorable ratings for current and future debt issuances.

CITY MANAGER' S REPORT PAGE 3
JANUARY 12, 2026 CITY COUNCIL REGULAR MEETING

ACCEPT THE CITY OF LATHROP ANNUAL COMPREHENSIVE FINANCIAL REPORT ( ACFR) FOR THE FISCAL YEAR ENDING JUNE 30, 2025 ATTACHMENTS:

A. Resolution to Accept the City of Lathrop Annual Comprehensive Financial Report ( ACFR) for Fiscal Year Ending June 30, 2025.

B. City of Lathrop Annual Comprehensive Financial Report ( ACFR) for the Fiscal Year Ending June 30, 2025.

CITY MANAGER' S REPORT PAGE 4
JANUARY 12, 2026 CITY COUNCIL REGULAR MEETING

ACCEPT THE CITY OF LATHROP ANNUAL COMPREHENSIVE FINANCIAL REPORT ( ACFR) FOR THE FISCAL YEAR ENDING JUNE 30, 2025 APPROVALS:

Ca ri s
Directo f Finance
Th/ omas Hedegard
Deputy City Manager
1 &/. 20. 24
Date
1/ SJZdZU,
Date
AS-- z -o z
Salvador Navarrete Date
City Attorney
Ste r.#iJ Salvatore
City Manager
Date
RESOLUTION NO. 26 -

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LATHROP TO

ACCEPT THE ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
WHEREAS, the financial statements of the City of Lathrop for the fiscal year ended June 30, 2025, have been prepared by the City' s Finance Department; and WHEREAS, the annual financial statements were examined by the independent public accounting firm of Badawi and Associates, CPA; and WHEREAS, the City prepared the Annual Comprehensive Financial Report ACFR) for the fiscal year ended June 30, 2025 and the auditor' sopinion is included therein; and
WHEREAS, it is the opinion of the auditors that the financial statements present fairly the financial position of the City as of June 30, 2025, and that the statements were prepared in accordance with accounting principles generally accepted in the United States of America; and
WHEREAS, the auditors have issued an unmodified (" clean") audit opinion; and
WHEREAS, the ACFR and audit of the City' s
financial statements were
completed on December 17, 2025, and posted on the City' s website; and WHEREAS, following completion of the ACFR, it was submitted to the Governmental Finance Officers Association ( GFOA) for the Certificate for Excellence in Financial Reporting program. The City of Lathrop has been awarded the prestigious Certificate for Excellence in Financial Reporting for 28 consecutive years. A Certificate of Achievement is valid for a period of one year only.

NOW, THEREFORE, BE IT RESOLVED that the City Council does hereby accept the Annual Comprehensive Financial Report for the Fiscal Year ended June 30, 2025 that accompanied the City Manager' sreport for this resolution.

The foregoing resolution was passed and adopted this 12th day of January 2026, by the following vote of the City Council, to wit:

AYES:

NOES:

ABSENT:

ABSTAIN:

Paul Akinjo, Mayor
ATTEST: APPROVED AS TO FORM:

Teresa Vargas, City Clerk Salvador Navarrete, City Attorney

CITY OF LATHROP, CALIFORNIA

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

Finance Department
Cari James, Director of Finance
City of Lathrop
For the Year Ended June 30, 2025
Table of Contents
INTRODUCTORY SECTION: Page
Letter of Transmittal vii
Certificate of Achievement for Excellence in Financial Reporting xii Organizational Chart xiii
Directory of Officials and Advisory Bodies xiv
FINANCIAL SECTION:

INDEPENDENT AUDITORS' REPORT 1
MANAGEMENT DISCUSSION AND ANALYSIS 5

BASIC FINANCIAL STATEMENTS
Government -wide Financial Statements:

Statement of Net Position 25
Statement of Activities 26
Governmental Fund Financial Statements:

Balance Sheet - Governmental Funds 32
Reconciliation of the Balances Sheet of Governmental Funds to the Statement of Net Position 34
Statement of Revenues Expenditures and Changes in Fund
Balances - Governmental Funds 36
Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the
Statement of Activities 38
Proprietary Fund Financial Statements:

Statement of Net Position - Proprietary Funds 40
Statement of Revenues, Expenses and Changes in Fund
Net position - Proprietary Funds 41
Statement of Cash Flows - Proprietary Funds 42
Fiduciary Fund Financial Statements:

Statement of Fiduciary Net Position 44
Statement of Changes in Fiduciary Net Position 45
Notes to Financial Statements 49
City of Lathrop
For the Year Ended June 30, 2025
Table of Contents
FINANCIAL SECTION, Continued:

REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Proportionate Share of the Net Pension Liability - Cost -Sharing Multiple Employer Plan 90
Schedule of Plan Contributions - Cost -Sharing Multiple Employer Plan 92 Schedule of Changes in the Net OPEB Liability and Related Ratios 94 Schedule of OPEB Contributions 96
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual:

General Fund 98
Developer Projects Special Revenue Fund 100
Capital Facility Fees Special Revenue Fund 101
Notes to the Required Supplementary Information 102

SUPPLEMENTARY INFORMATION
General Fund:

Description of General Funds 105
Combining Balance Sheet 106
Combining Schedule of Revenues, Expenditures and Changes in Fund Balance 107
Schedules of Revenues, Expenditures and Change in Fund Balances - Budget and Actual General Purpose Fund 108
Economic Development 110
Measure C 111
Major Funds:

Schedules of Revenues, Expenditures and Change in Fund Balances - Budget and Actual Street and Roads 112
General CIP Projects Capital Project Fund 113
Park in Lieu 114
Non -Major Governmental Funds:

Description of Non -Major Funds 115
Combining Balance Sheet 120
Combining Statement of Revenues, Expenditures and Changes in Fund Balance 130 Schedules of Revenues, Expenditures and Change in Fund Balances - Budget and Actual Building Safety & Inspection 139
ii
City of Lathrop
For the Year Ended June 30, 2025
Table of Contents
FINANCIAL SECTION, Continued:

SUPPLEMENTARY INFORMATION, Continued
Non -Major Governmental Funds, Continued:

Schedules of Revenues, Expenditures and Change in Fund Balances - Budget and Actual, Continued:

Developer Engineering 140
Developer Deposits 141
Landscape Maintenance 142
Gas Tax 143
Traffic Safety 144
Local Street 145
Public Nuisance 146
Measure K Fund 147
Transit LTF 148
Streets and Roads 149
Federal Grant 150
Historic Lathrop Loan Program (HLLP) 151
Storm Drain 152
Street Light 153
AB939 Recycling Fund 154
Community Development Block Grant 155
Scholarship Fund 156
COPS 157
Office of Traffic Safety 158
RTIF San Joaquin County 159
RTIF Lathrop Local West 160
RTIF SJCOG 161
RTIF Lathrop Local East 162
LMFD Measure C
163
State Grants 164
North Lathrop Transportation 165
Citywide Economic Dev Fee 20% 166
River Islands CFD 2013- 1
167
Lathrop Land Acquisitions 168
ULOP RD -17 Levee Impact 169
DWR Grant - ULOP Project 170
CLSP Off -Site Roadway Improvement Fund 171
South Lathrop CFD 2019- 1Fund 172
iii
City of Lathrop
For the Year Ended June 30, 2025
Table of Contents
FINANCIAL SECTION, Continued:

SUPPLEMENTARY INFORMATION, Continued
Non -Major Governmental Funds, Continued:

Schedules of Revenues, Expenditures and Change in Fund Balances - Budget and Actual, Continued:

Central Lathrop CFD 2019- Fund 173
Stewart Economic Dev Fee 80% 174
TOT Trust 175
Gateway Business Park 176
River Islands CFD 2023- 1
177
Storm Drain 178
Custodial Funds:

Combining Statement of Fiduciary Net Position 180
Combining Statement of Changes in Fiduciary Net Position 182 STATISTICAL SECTION:

Financial Trends:

Net Position by Component 186
Changes in Net Position 188
Fund Balances of Governmental Funds 190
Changes in Fund Balances of Governmental Funds 192
Revenue Capacity Information:

Property Tax Levies and Collections 194
Assessed Value and Estimated Actual Value of Taxable Property 195 Principal Property Taxpayers 196
Debt Capacity Information:

Property Tax Rates - Direct and Overlapping Governments 197 Sales Tax Rates - Direct and Overlapping Governments 198 Taxable Sales by Category 200
Legal Debt Margin Information 202
Outstanding Debt 204
Computation of Direct and Overlapping Debt 206
Pledged -Revenue Coverage 208
iv
City of Lathrop
For the Year Ended June 30, 2025
Table of Contents
STATISTICAL SECTION, Continued:

Demographic and Economic Information:

Demographic and Economic Statistics 210
Principal Employers 211
Operating Information:

Full -Time and Part -Time City Employees by Function 212 Operating Indicators by Function 214
Capital Asset Statistics by Function 215
Water Sold by Type of Customer 216
Water Rates 217
Ten Largest Water Customers 218
Top 25 Sales Tax Producers 219
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vi
December 17, 2025
Department of -Finance
390 Towne Centre Drive
Lathrop, California 95330
209- 941- 7320
www. cilatlirol. ca. us
To the Honorable Mayor, Members of the City Council and Citizens of Lathrop Lathrop, California 95330
The Annual Comprehensive Financial Report of the City of Lathrop for the fiscal year (FY) ended June 30, 2025 is hereby submitted. Responsibility for both the accuracy of the data and the completeness and fairness of the presentation, including all disclosures, rests with the City of Lathrop. To the best of our knowledge and belief, the enclosed data is accurate in all material respects and is reported in a manner that presents fairly the financial position and results of operations of the various funds of the City of Lathrop. All disclosures necessary to enable the reader to gain an understanding of the City' sfinancial activities have been included.

This Annual Comprehensive Financial Report includes a summary of funds for the City of Lathrop and reports all activities considered to be a part of, controlled by, and dependent on the City. The accounts of the City are organized on the basis of fund accounting with each fund considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self -balancing accounts that comprise its assets, liabilities, deferred outflows/ inflows of resources, fund equity, revenues and expenditures, or expenses as appropriate.

Government resources are allocated to, and accounted for, in individual funds based upon the purpose for which they are to be spent and the means by which spending activities are controlled.

The Annual Comprehensive Financial Report is prepared in accordance with Generally Accepted Accounting Principles ( GAAP) as set forth in pronouncements by the National Council of Governmental Accounting ( NCGA) and the Governmental Accounting Standards Board ( GASB) and includes the report of the City' s independent certified public accountants, Badawi and Associates. Based on the audit, the independent auditors concluded that there was reasonable basis for rendering an unmodified opinion which states that the City' s financial statements
for the fiscal year ended June 30, 2025, are fairly presented in conformity with GAAP. The independent auditors report is presented as the first component of the financial section of this report.

Management' sdiscussion and analysis ( MD& A) is required supplementary information and provides information and analysis that users need to interpret the basic financial statements. This transmittal letter is designed to complement the MD& A, and, therefore, should be read with it. The City' s MD& Acan be found immediately following the independent auditor' sreport.

INTERNAL CONTROLS
To provide a reasonable basis for making these representations, City management has established a comprehensive internal control framework that is designed to ensure that the assets of the government are protected from loss, theft, or misuse and to ensure that adequate accounting data are compiled to allow for the preparation of financial statements in conformity with GAAP in the United States of America.

The internal control structure is designed to provide reasonable, but not absolute, assurance these objectives are met. The concept of reasonable assurance recognizes that ( 1) the cost of control should not exceed the benefits likely to be derived from the control, and (2) the valuation of costs and benefits requires estimates and judgments by management. All internal control evaluations occur within the above stated framework. We believe our internal accounting controls adequately safeguard assets and provide reasonable assurance that financial transactions are properly recorded.
vii

INDEPENDENT AUDIT REPORT
The City Council is responsible for: 1) assuring the City administration fulfills its responsibilities in the preparation of the financial statements and 2) engaging certified public accountants to ensure sound audit and the accounting principles are applied in financial reporting.

The Government Code of the State of California requires general law cities, such as the City of Lathrop, to have its financial statements audited by an independent certified public accountant. Accordingly, this year' s audit was completed by the accounting firm of Badawi and Associates. The firm was engaged by the City Administration to render an opinion of the City' sfinancial statements in accordance with auditing standards generally accepted in the United States of America. To ensure complete independence, Badawi and Associates presents the results of their assessment of the adequacy of internal accounting controls and the quality of financial reporting directly to the City Council. The auditor' sreport on the basic financial statements is the first item in the accompanying Financial Section.

In addition to meeting the requirements set forth in state statutes, the audit was also designed to meet the requirements of the Federal Single Audit Act, Title 2 U. S. Code of Federal Regulations ( CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards ( Uniform Guidance).

The standards governing Single Audit engagements require the independent auditor to report not only on the fair presentation of the financial statements, but also on the audited government' s internal controls and compliance
with legal requirements.

REPORT ORGANIZATION:

The report is organized in three sections: introductory, financial, and statistical.

1. The Introductory section includes this transmittal letter and general information on the City' s government structure and services provided. It includes a list of principal officials, an organizational chart, and the Government Finance Officers Associations ( GFOA) Certificate of Achievement for Excellence in Financial Reporting.

2. The Financial section contains the independent auditor' sreport on the financial statement audit, the MD& A, basic financial statements, required supplementary information, and combined and individual fund presentations and supplementary information.

3. The Statistical section includes selected financial and demographic information generally presented on a multi -year basis. This information includes financial trends, revenue capacity, debt capacity, demographics and economic and operating information.

PROFILE OF LATHROP
The City of Lathrop encompasses approximately 22 square miles. The City of Lathrop is located in San Joaquin County at the center of the Northern California metro market, close to the San Francisco Bay Area and Greater Sacramento regions, at the interchange of three major freeways: Interstate 5 ( I-5), Interstate 205 ( I-205), and the Highway 120 Freeway. As of January 1, 2025, the City had an estimated population of 38, 596.

The City of Lathrop is a general - law city incorporated under California law July 1, 1989. The City operates under the City Council / Manager form of government. Beginning with the municipal election in November 1996, the position of the Mayor is elected for a two- year term. Four Council Members are elected at -large and serve alternating four- year terms. Every two years in December, the Mayor and Council Members select a Council Member to serve as Vice -Mayor. The City Manager also serves as City Treasurer and the City Clerk is appointed by the City Manager. All municipal elections are non- partisan.

The City of Lathrop provides a wide range of municipal services, including police public safety, water and sewer utilities, street maintenance, community services, parks and recreation, planning, building, code enforcement, and other general government services.

Fire services such as fire suppression and prevention are provided for the City by Lathrop -Manteca Fire Protection District and are funded separately by the Fire District. The Fire District provides specialized equipment and trained personnel 24 hours a day for emergency assistance to all residents. The Fire District and the City work together for the mutual benefit of both agencies and the citizens they serve. viii

ECONOMIC CONDITION AND FINANCIAL OUTLOOK
Historically, Lathrop has been an agricultural - based community, however, the continuing dynamic outward growth of the San Francisco Bay Area has pushed industrial, warehousing, and logistics growth into the Northern San Joaquin Valley. This has benefited Lathrop due to its strategic location at the intersection of three major freeways.

The City continues to experience a period of growth with consistently strong demand in residential construction to accommodate continuing job growth in the Northern San Joaquin Valley and in the neighboring Tri Valley Area of the East Bay. Permit issuance remained strong in FY 2024/5 with building permits continuing to be issued at a rate consistent with an agency that is one of the fastest growing in the State. Revenues, such as property tax, development related fees, community facility district revenues and sales tax are all positively impacted from increased development activity either directly from fees received or indirectly due to increased population.

The City has recently begun to enjoy a strong economic base from years of smart growth and planning initiatives resulting in stable property tax revenue, modest transient occupancy taxes and diverse sales tax revenues. The City' s sales tax revenues remain stable and, over the past several years, have continued to experience annual increases. The City' s sales tax revenues are expected to show modest annual increases as population and consumer activity continue to rise and businesses continue to view Lathrop as an attractive location.

Like all government agencies throughout California, the City is faced with increased ongoing annual operating costs and rising retirement related liabilities. For Lathrop, some of these challenges include increased funding needs for pavement maintenance, facility and park maintenance, new programs and departments, additional personnel, retiree health care costs, and rising pension costs due to new funding policies adopted by the California Public Employees Retirement System ( CaIPERS). While the City has been successful over the years in balancing these issues with its strategic use of contract staffing and services, the City will continue to experience rising costs. Additionally, with the anticipation of significant impacts to revenues in the coming year, coupled with ongoing growth in expenditures over the next five years, the City will be challenged.

Sales tax growth in Lathrop was moored to commercial development throughout 2025 and is expected to stabilize throughout 2026. Sales tax is the General Fund' slargest source of revenue and has largely recovered to pre - pandemic levels, however, the state of the economy from high inflation, supply chain challenges and ongoing world events remains concerning as we head into FY 2026. The City is currently navigating an unprecedented inflation situation that has not been encountered in recent history. The ability to budget conservatively has paid dividends with the uncertainty that has come with recent economic events. This creates challenges but we remain vigilantly optimistic about Lathrop' slong- term outlook.

City Council and Staff are dedicated to the Community and our commitment to prudently manage the City' s finances. This commitment has contributed to our ability to endure challenging times. The financial impacts of the pandemic have largely subsided compared to the prior fiscal year.

BALANCED BUDGET
The City' sBudget and Fiscal Policy requires the City to maintain a balanced General Fund budget over the annual period of the financial plan. This means that each fiscal year, current revenues must meet or exceed operating expenditures, including debt service. Use of fund balance commitments to offset non -operating expenditures may allow for current expenditures to exceed current revenues in the fiscal year. City staff presents General Fund budgets for City Council consideration that maintain an unassigned fund balance between 10- 50% of the annual operating appropriations and transfers. Lathrop maintains adequate fund balances for emergencies in a majority of its governmental operations funds and proprietary funds.

The adopted budget serves as the foundation for the City of Lathrop' sfinancial planning and control system. All departments of the City submit requests for appropriations to the City Manager. The City Manager uses these requests as a starting point for developing a proposed budget. The Council holds public hearings on the proposed budget and then ultimately adopts a formal budget. The budget is adopted by fund, department, program, and line - item.

The Council periodically reviews the City' s actual financial activity in relation to the original budget, and as necessary, adjustments are made to ensure that expenditures are not outpacing anticipated revenues. The level of budgetary control ( the level at which expenditures cannot legally exceed the appropriated amount) is at the fund and department level with more stringent control over capital assets and fund balance categories, which are maintained at the line item level. The City Council must approve amendments or transfers of appropriations between funds or departments as well as items related to capital assets or fund balances. The City Council has delegated authority to the City Manager to approve transfers of appropriations between programs and divisions ix
within a City department and between appropriation units ( e.g., salaries and benefits, services and supplies, and capital outlay) within programs, excluding special designation or project appropriations.

LONG- TERM FINANCIAL PLANNING
The City incorporates long- term financial planning into its budget process in several ways. During the biennial budget process the City Council receives an updated General Fund Ten -Year Forecast and CIP Five -Year Forecast that includes all special revenue funds associated with each project. The long- term financial model used for the General Fund and CIP looks forward ten years, because of the volatile nature of tax revenues in a commercial growth -based economy, and various one- time special revenue funds associated with development activity making it difficult to predict revenues with any certainty beyond the immediate term. The forecast is used as a tool and maintained by Finance staff.

These projections allow management to see what the future could look like given a set of assumptions and is evaluated in the context of whether decisions are sustainable over the long term. The ten- year financial forecast is a tool for strategic decision making and presents further context for balancing short- tem and long- term goals and provides an " order of magnitude" feel for the General Fund' s ability to continue services and preserve fiscal sustainability. Management encourages its departments to project their resource needs for a period longer than the traditional biennial budget period. In addition, the City faces increasing expenses in several areas of operations, including the creation of the Police Department. The City has elected to proactively address its unfunded OPEB obligation by establishing an irrevocable trust and significantly increasing its contributions. At the same time, rising pension contribution requirements, while helping to reduce the unfunded pension liability, result in a decrease of financial resources available for other uses. The City will need to continue to explore options to increase its revenue base, while keeping expenses manageable.

Moving forward, staff is cautiously optimistic. It was originally anticipated that the economy would start to see a slowdown in 2025, due to a multitude of factors, including inflation, but as the City moves into FY 2025-6, inflation seems to have cooled, and the Federal Reserve Bank has begun to reduce interest rates. Staff and the City' s consultants will continue monitoring any signs of an economic slowdown, carefully following discussions on inflation, interest rates, and the uncertainty of the economy' sreaction to world affairs. Vulnerable to an economic downturn are sales tax, TOT and development -related revenues. Economic development continues to thrive as new businesses are motivated to locate in Lathrop due to its location, amenities, economic vibrancy, and high quality of life for residents.

Lastly, on November 6, 2012, the Citizens of Lathrop approved Measure C by 77%. Measure C is a general purpose 1`)/ 0 additional sales tax Measure to be used for the purpose of maintaining and enhancing essential City services, such as police and fire protection and youth and senior services within the City. Measure C supports personnel and operating expenditures to manage the Lathrop Generations Center, a multipurpose facility aimed to promote healthy recreational opportunities for our youth. Furthermore, Measure C partially funded the startup of Lathrop' s own Police Department, as well as additional Lathrop Police personnel to strengthen prevention and intervention services around the community.

CERTIFICATE OF ACHIEVEMENT
The Government Finance Officers Association of the United States and Canada ( GFOA) has awarded the Certificate of Achievement for Excellence in Financial Reporting to City of Lathrop for its annual comprehensive financial report ( ACFR) for the fiscal year ended June 30, 2024. The ACFR has been judged by an impartial panel to meet the uppermost standards of the program, which includes demonstrating a constructive " spirit of full disclosure" to clearly communicate its financial story and motivate potential users and user groups to read the ACFR. The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management. This was the 28th consecutive year that the City of Lathrop has received this prestigious award.

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' srequirements and we are submitting it to the GFOA to determine its eligibility for another certificate. x

ACKNOWLEDGEMENTS
The preparation of the Annual Comprehensive Financial Report was made possible by the special efforts of the entire staff of the Finance Department, working in conjunction with the City' s independent auditors and departmental staff. We would like to express our appreciation to the Mayor and City Councilmembers for their continued efforts in stewarding the financial operations of the City in a responsible and enterprising manner.

Respectfully submitted,
Stephen J. Salvatore Cari Jam' s
City Manager Director of Finance
xi
0 Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Lathrop
California
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2024
Executive Director/ CEO
xii

CITY OF LATHROP ORGANIZATIONAL CHART
Fiscal Year 2024/5
Citizens of Lathrop
City Council
City Attorney City Manager
Community
Development
Government
Services & City Clerk
Human Resources
Public Works
Building
Police
Information Systems
Parks, Recreation &
Maintenance
Services
Finance
Commissions
Planning
Commission
Parks & Recreation
Commission
Senior Advisory
Commission
Youth Advisory
Commission
Measure C Oversight
Committee

DIRECTORY OF OFFICIALS AND ADVISORY BODIES

CITY COUNCIL
Paul Akinjo, Mayor
Jennifer Torres - O' Callaghan, Vice Mayor
Minnie Diallo, Council Member
Stephen Dresser, Council Member
Diane Lazard, Council Member

ADVISORY BODIES
Lathrop/ Manteca Fire District
Measure C Oversight Committee
Parks and Recreation Commission
Planning Commission
Senior Advisory Commission
Youth Advisory Commission

APPOINTED OFFICIALS AND DEPARTMENT HEADS
City Manager/ Treasurer
City Attorney
Assistant City Manager
Deputy City Manager
Director of Government Services/ City Clerk
City Engineer
Director of Information Systems
Director of Finance
Director of Human Resources
Director of Community Development
Director of Parks and Recreation
Chief of Police
Chief Building Official
Stephen J. Salvatore
Salvador Navarrete
Michael King
Thomas Hedegard
Teresa Vargas
Brad Taylor
Tony Fernandes
Cari James
Juliana Burns
Rick Caguiat
Todd Sebastian
Stephen Sealy
Ed Short
ill BADAWI & ASSOCIATES
Certified Public Accountants

INDEPENDENT AUDITOR' SREPORT
To the Honorable Mayor and Members of the City Council
of the City of Lathrop
Lathrop, California
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the governmental activities, the business - type activities, each major fund, and the aggregate remaining fund information of the City of Lathrop ( City), as of and for the year ended June 30, 2025, and the related notes to the financial statements, which collectively comprise City' s
basic financial statements as listed in the table of contents.

In our opinion, the accompanying financial statements 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 ( GAAS) 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' sResponsibilities 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 opinions.

Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the 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 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.

Address: Phone: Fax:

To the Honorable Mayor and Members of the City Council
of the City of Lathrop
Lathrop, California

Auditor' sResponsibilities 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' sreport that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a
guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may 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 GAAS, 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' sability to continue as a going concern for a reasonable period of time.

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

Required Supplementary Information
Accounting principles generally accepted in the United States of America discussion and analysis, budgetary comparison schedules for the General Fund require
and
that
major
the
special
management' s
revenue
funds, and the required pension and OPEB schedules on pages 5- 19 and 90- 102 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 2 To the Honorable Mayor and Members of the City Council of the City of Lathrop
Lathrop, California

information and comparing the information for consistency with management' sresponses 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 combining General Fund schedules and budgetary comparison schedules, combining and individual nonmajor fund statements, and the budgetary comparison schedules for the major capital projects funds and nonmajor governmental funds are presented for purposes of additional analysis and are not a
required part of the basic financial statements.

The General Fund schedules and budgetary comparison schedules, combining and individual nonmajor fund statements, and the budgetary comparison schedules for the major capital projects funds and nonmajor governmental funds are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and 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 General Fund schedules and budgetary comparison schedules, combining and individual nonmajor fund statements, and the budgetary comparison schedules for the major capital projects funds and nonmajor governmental funds are fairly stated, in all material respects, in relation to the basic financial statements as a whole.

Other Information
Management is responsible for the other information included in the annual comprehensive financial report. The other information comprises the information included in the annual comprehensive financial report but does not include the basic financial statements and our auditor' sreport thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.

Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 17, 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 3 To the Honorable Mayor and Members of the City Council of the City of Lathrop
Lathrop, California

reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of 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.

Badawi &
3, 1.

Associates,
4A. 4
CPAs
Emeryville, California
December 17, 2025
4 December 17, 2025
Department ofFinance
390 Towne Centre Drive
Lathrop, California 95330
209- 941- 7320
www. ci. lathroD. ca. us

MANAGEMENT' SDISCUSSION AND ANALYSIS
The Management' s
Discussion and Analysis (" MD& A") provides an overview of the City of Lathrop' s City') activities and financial performance for the year ended June 30, 2025. Readers are encouraged to read the MD& Ain conjunction with the basic financial statements that immediately follow, along with the letter of transmittal at the beginning of the Introductory Section and other portions of the Annual Comprehensive Financial Report (" ACFR').

FINANCIAL HIGHLIGHTS
The government -wide statement of net position for the City' s governmental and business - type activities indicates that as of June 30, 2025, total assets and deferred outflows of resources exceed total liabilities and deferred inflows of resources by $ 1. 0 billion. Of this amount, governmental activities accounts for $ 654. 3 million and business -type activities accounts for $ 347. 0 million. In addition, the City' s restricted net position totals $ 190. 0 million ($ 188. 5 million for governmental activities and $ 1. 5 million for business -type activities) based on restrictions imposed by the enabling legislations or debt covenants.

Lastly, net position of $660. 8 million is the City' s net investment in capital assets, which includes $ 396. 5 million from governmental activities and $ 264. 3 million from business type activities.

The net position increased by $ 111. 0 million or 12. 5 percent during FY 2025 to $ 1. 0 billion from $ 890. 2 million. Governmental activities accounted for $ 70. 1 million of the increase and business -type activities accounted for $ 40. 9 million of the increase. The largest contributing factor of both increases is due to the acceptance of completed development infrastructure.

The overall assessed property values in the City increased $ 900. 0 million or 11. 5 percent, from $ 7. 8 billion in FY 2024 to $ 8. 7 billion in FY 2025. As a result, the City' s property tax revenue grew by $ 1. 5 million in FY 2025, driven by the 2% increase on all classes of property, as well as the increase in property values, driven by the local real estate market.

Governmental funds reported a combined ending fund balance of $259. 8 million at June 30, 2025, which is $ 30. 5 million or 13. 3 percent higher than the June 30, 2024 balance. The change is attributable to increases in the Capital Facility Fees Fund of $ 18. 6 million, attributed to an increase in development activity, and the Streets and Roads Capital projects fund of $ 10. 3 million attributed to an increases in streets and roads projects.

Unassigned fund balance of governmental funds is $ 22. 6 million, which is 36. 9 percent of the combined governmental fund balances as of June 30, 2025. 5 Total long- term liabilities decreased by $ 2. 6 million to $ 25. 1 million, which represents a decrease of 9. 4 percent compared to $ 27. 7 million at June 30, 2024. The primary factors leading to the decrease in long- term liabilities for governmental activities of $0. 9 million was primarily due to decreases in long term debt and leases payable as a result of annual debt service payments. The primary factor leading to the decrease in long- term liabilities for business —type activities of $1. 7 million is a result of a decrease in long term debt for annual debt service payments made in the fiscal year.

OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis introduce the City' s basic financial statements, which are comprised of four components:

Government -wide Financial Statements
Fund Financial Statements
Notes to Basic Financial Statements
In addition, this report contains required and other supplementary information.

GOVERNMENT -WIDE FINANCIAL STATEMENTS
Government -wide Financial Statements provide readers with a broad overview of the City' sfinances that include two different views of the City' s financial position. The government - wide financial statements provide both long- term and short- tem information about the City' s overall financial status.

The statement of net position presents information on all assets, deferred outflows of resources, liabilities, and deferred inflows of resources. The difference between total assets and deferred outflows of resources and total liabilities and deferred inflows of resources is the City' s net position.

Over time increases or decreases in net position may serve as a useful indicator of whether the City' s financial position is improving or deteriorating.

The statement of activities presents information showing how the net positions 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 cash flows in future fiscal periods. Examples include revenues pertaining to uncollected taxes and expenses pertaining to earned but unused vacation and other leaves.

Both government - wide financial statements address functions principally supported by taxes and intergovernmental revenues (" governmental activities") and other functions that intend to recover all or in part a portion of their costs through user fees and charges (" business -type activities"). The governmental activities of the City include general government, public safety, capital facilities, building safety and inspection, general capital projects and street capital projects. The City' s business -type activities include water system and wastewater system.

FUND FINANCIAL STATEMENTS
Fund financial statements report information about groupings of related accounts used to maintain control over resources segregated for specific activities or objectives. As do other state and local governments, the City uses fund accounting to ensure and demonstrate finance -related legal compliance. Each City fund falls into one of three categories: governmental funds, proprietary funds, or fiduciary funds.
6 Governmental funds account for essentially the same functions reported as governmental 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 available at the end of the fiscal year. Such information may be useful in evaluating the City' scapacity to finance its programs in the near future.

Because the focus of governmental funds is narrower than that of the government - wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government - wide financial statements. By doing some readers may better understand the long- term impact of the government' s near -term financing decisions. Both the Governmental funds balance sheet and statement of revenues, expenditures and changes in fund balances provide a reconciliation to facilitate comparison between governmental funds and governmental activities.

The governmental funds balance sheet and statement of revenues, expenditures and changes in fund balances present information separately for the General Fund, Developer Projects Fund, Capital Facilities Fee Fund, Streets and Roads Capital Projects Fund, General CIP Projects Fund, and the Park in Lieu Capital Projects Fund, which are all classified as major funds. These statements also report several individual governmental funds classified as nonmajor funds such as special revenue funds and capital project funds, which are aggregated into a single presentation. Individual fund data for each of the nonmajor governmental funds is provided in the form of combining statements elsewhere in this ACFR.

Proprietary funds generally account for services charged to external or internal customers through fees. Proprietary funds provide the same type of information as shown in the government - wide financial statements for business -type activities, only in more detail. The City accounts for its water system and wastewater system in proprietary funds.

Fiduciary funds account for resources held for the benefit of parties outside of the governments in a similar manner as that of proprietary funds. The government -wide financial statements do not include fiduciary funds as their resources are not available to support City programs.

The financial statements also include notes that explain the information in the financial statements and provide more detailed data. In addition to the required elements, combining statements are presented that provide details about the City' s
non -major governmental funds and agency funds,
each of which are presented in consolidated columns in the basic financial statements.

Notes to Basic Financial Statements provide additional information that is essential to a full understanding of the data provided in the government - wide fund financial statements.

Required Supplementary Information includes the budgetary schedules for the General Fund, Developer Projects Fund, and Capital Facility Fees Fund. In addition, pension and other postemployment healthcare schedules present the City' s progress toward funding its obligations to provide future pension and other postemployment healthcare benefits for its active and retired employees.

Combining and individual fund statements and schedules provide information for nonmajor governmental funds, internal service funds, and fiduciary funds and are presented immediately following the required supplementary information.
7 GOVERNMENT - WIDE FINANCIAL ANALYSIS
Analysis of Net Position
As noted earlier, net position may serve as a useful indicator of a government' sfinancial position. As of June 30, 2025, the City' stotal assets and deferred out flows of resources exceed total liabilities and deferred inflows of resources by $ 1. 0 billion. The following table is a condensed summary of the City' s net position for governmental and business type activities:

City of Lathrop Summary of Net Position
For the Fiscal Years Ended June 30, 2024 and 2025
in Thousands)
Governmental Business -Type Total Primary
Activities Activities Government
2024 2025 2024 2025 2024 2025
Total
Percent
Change
Assets:

Capital assets
Other assets
Total Assets
Deferred Outflows
Pension
OPEB
Total Deferred Outflows
Liabilities:

Current liabilities
Long- term liabilities
Net Pension liability
Net OPEB liability
Total Liabilities
Deferred Inflows
Pensions
OPEB
Total Deferred Inflows
359, 764 $ 398, 874 $ 239, 161 $ 276,31 $ 598, 925 $ 675, 105 250, 183 281,46 89, 363 100, 722 339, 546 381, 968

12. 72%

12. 49%
609, 947 680, 120 328, 524 376, 953 938, 471 1, 057,73 12. 64% 5, 086 4, 838 749 762 5, 835 5, 600
1, 062 1, 699 168 268 1, 230 1, 967

4. 03%

59. 92%
6, 148 6, 537 917 1, 030 7, 065 7, 567 7. 11%
16, 651 18, 569 10,78 19, 303 26, 829 37, 872
5, 123 3, 875 11, 971 10, 211 17, 094 14, 086
7, 918 7, 850 1,43 1,32 9, 061 8, 982
1, 315 1, 769 207 279 1, 522 2, 048
31, 007 32, 063 23, 499 30, 925 54,06 62, 988

41. 16%

17. 60%

0. 87%

34. 56%

15. 56%
187 72 29 11 216 83
328 246 52 39 380 285

61. 57%

25. 00%
515 318 81 50 596 368 38. 26%
Net Position:

Net Investment
in Capital Assets 356, 772 396, 481 225, 626 264, 359 582, 398 660, 840 13. 47% Restricted 142, 915 188, 520 1, 431 1, 486 144, 36 190, 06 31. 63% Unrestricted 84,86 69, 275 78, 802 81, 161 163, 688 150, 436 - 8. 10% Total Net Position $ 584,73 $ 654, 276 $ 305, 89 $ 347, 006 $ 890, 432 $1, 001, 282 12. 45% At June 30, 2025, the City reported positive balances in net position on a total basis. Net investment in capital assets ( infrastructure, land, buildings, other improvements, vehicles, equipment, lease assets and SBITA less outstanding debt used to acquire assets and deferred inflows and outflows related to debt) of $660. 8 million comprises 66. 0percent of the City' stotal net position. These capital assets facilitate providing services to the Lathrop community, but are not liquid, and therefore are not available for future spending. During FY 2025 net investment in capital assets increased $ 78. 4 million primarily due to an increase of $ 39. 7 million in governmental activities and an increase of

38. 8 million in business -type activities, due to an increase in infrastructure acceptance from 8 development. A portion of the City' s net position, $ 190. 0 million or 19. 0 percent, is subject to legal restriction of their use, including $188. 5 million in governmental activities and $ 1. 5 million in business - type activities. Of the total net position at June 30, 2025, a balance of $150. 4 million or 15. 0 percent represents unrestricted net position, which comprises a balance of $ 69. 2 million for governmental activities and a balance of $81. 2 million for business -type activities.

During FY 2025, the City' s total net position increased by $ 111. 0 million. Notable changes in the statement of net position between June 30, 2025, and June 30, 2024 include:

Assets
Capital assets increased by $ 76. 2 million compared to the prior fiscal year. Governmental capital assets increased by $ 39. 2 million and business -type capital assets increased by $37. 0 million. The increase is result of the addition of major infrastructure in both Governmental and Business -type funds. Governmental capital assets recorded additions of $39. 1 million, which included $ 11. 6 million in capital projects, $2. 1 million in property acquisitions, $ 3. 8 million in vehicles and equipment, $4. 2 million in improvements other than building, and $ 35. 2 million in donated developer infrastructure, offset by $ 16. 2 million of depreciation and the sale of land in the amount of $ 1. 5 million. Business - type capital assets recorded additions of

37. 0 million, which included $ 3. million in water system improvements, $1. 0 million in water capital projects, $8. 9 million in sewer system improvements, $ 30. 4 million in sewer capital projects and $ 0. 2 million in vehicles and equipment, offset by depreciation of $6. 5 million and asset retirements of $0. 3 million.

Current and other assets increased by $ 42. million or 12. 5 percent due to an increase of

31. 1 million in governmental activities and an increase of $ 11. 3 million in business -type activities. The increase in governmental activities is mainly due to an increase in cash and investments held with fiscal agents from higher sales and property tax revenues. The increase in current assets for business -type activities is mainly due to higher cash and investments resulting from more revenue received through charges for services.

Liabilities
Total long- term liabilities decreased by $ 3. 0 million to $ 14. million at June 30, 2025, which represents an decrease of 17. 5 percent compared to $ 17. million at June 30, 2024. The primary factors leading to the decrease in long- term liabilities is due to decreases in compensated absences of $ 0. 7 million, and long term debt and loans payable and leases payable of $2. 3 million due to annual debt service payments.

Current and other liabilities increased $ 11. million or 41. percent due to increases of $2. 0 million in governmental activities, and $ 9. 1 million in business -type activities. Governmental activities recorded increases of $ 1. 5 million in compensated absences as a result of the implementation of GASB Statement 101. The primary factor leading to an increase in business -type activities is an increase of $9. 3 million in accounts payable attributed to accrued payables for the phase 3 wastewater treatment plant expansion.

Deferred Outflows/ Inflows
Deferred outflows of resources increased $ 0. 5 million to $ 7. 6 million at June 30, 2025, which represents an increase of 7. 0 percent compared to $ 7. 1 million at June 30, 2024. The primary factor leading to the increase in deferred outflows is an increase of $0. 7 million in OPEB offset 9 by a decrease of $ 0. 2 million pension outflows. The increases are a direct result of adding additional employees and increases in salaries.

Deferred inflows decreased by $ 0. 2 million to $ 0. 4 million at June 30, 2025, which represents a decrease of 33. percent compared to $ 0. 6 million at June 30, 2024. The decrease of deferred inflows was primarily due to the decrease in deferred inflows related to staffing changes.

Net Position
Unrestricted net position for governmental activities decreased by $ 15. 5 million or 18. 3 percent with an ending balance of $ 69. 3 million at June 30, 2025. For business - type activities, unrestricted net position increased by $2. 4 million or 3. 0 percent with a balance of

81. 2 million at June 30, 2025. The following pages will provide additional discussion and analysis of the changes in net position.

Analysis of Activities
The following table indicates the changes in net position for governmental and business -type activities:
10 City of Lathrop Changes in Net Position
For the Fiscal Years Ended June 30, 2024 and 2025
in Thousands)
Revenues:

Program revenues:

Charges for services
Operating grants and contributions
Capital grants and contributions
General revenues:

Sales and use taxes
Property taxes
Franchise taxes
Transient occupancytaxes
Other taxes
Other miscellaneous
Unrestricted investment earnings
Total Revenues
Expenses:

Governmental activities:

General government
Communitydevelopment
Public safety
Public works
Culture and leisure
Interest on long- term debt
Business -type activities:

Water enterprise
Sewer enterprise
Total expenses
Excess before transfers
Transfers
Change in Net Position
Net Position - Beginning
Restatements
Net Position, Beginning, Restated
Net Position - Ending
Governmental
Activities
2024 2025
Business -Type
Activities
2024 2025
Total Primary
Government
2024 2025
Total
Percent
Change
20, 165 22, 059 22, 649 25, 018 42, 814 47, 077 9.6%
5, 756 3, 703 5, 756 3, 703 35. 67%
58, 107 83,05 24, 530 14, 316 82, 637 98, 121 18. 74%
21, 039 19, 809 21, 039 19, 809 5. 85%
12,78 13, 217 12,78 13, 217 8. 53%
2, 773 2, 979 2, 773 2, 979 7. 43%
1, 097 1, 046 1, 097 1, 046 4. 65%
2, 656 2, 865 2, 656 2, 865 7. 87%
1, 026 537 620 1, 501 1, 646 2, 038 23. 82%
10, 282 12, 948 3, 603 4, 269 13, 885 17, 217 24. 00%
135, 079 162, 968 51, 402 45, 104 186, 481 208, 072 11. 58% 11, 905 14, 094 11, 905 14, 094 18. 39%
1, 240 1, 071 1, 240 1, 071 13. 63%
19, 911 23, 027 19, 911 23, 027 15. 65%
25, 161 28, 341 25, 161 28, 341 12. 64%
4, 895 5, 921 4, 895 5, 921 20. 96%
218 209 218 209 4.13%
8,09 9, 534 8,09 9, 534 8. 23%
11, 907 14, 838 11, 907 14, 838 24. 62%
63, 330 72, 663 20, 716 24, 372 84, 046 97, 035 15. 45% 71,49 90, 305 30, 686 20, 732 102, 435 111, 037 8. 40%
1, 808 20, 154) 1, 808) 20, 154 0.0%
73, 557 70, 151 28, 878 40, 886 102, 435 111, 037 8.40% 505, 301 584,73 280, 120 305, 89 785, 421 890, 432 13. 37% 5, 714 446) 3, 139) 258 2, 575 188) 0.0%
511, 05 584, 127 276, 981 306, 117 787, 996 890, 244 12. 98% 584,73 654, 279 305, 89 347, 003 S 890, 431 1, 001, 281 12. 45% Governmental Activities
The change in net position for governmental activities decreased by $3. 4 million during FY 2025 from

73. 6 million to $ 70. 2 million. Total expenses increased $ 9. 4 million and total revenues increased

27. 9 million. The major factors contribution to the increase in net position in FY 2025 compared to FY 2024 are as follows:

Revenues
Fees, fines and charges for service increased by $ 1. 9 million or 9. 4 percent, mainly due to developer paid plan check and inspection fees collected as a result of development.

Operating grants and contributions decreased by $ 2. 1 million or 36. 2 percent mainly due to a one- time transit funding received in previous fiscal year.

Capital grants and contributions increased by $25. 7 million or 44. 2percent mainly due to the decrease in donation of infrastructure from developers. 11 General revenue increased $ 2. 3 million or 4. 5 percent. The increase is primary due to increases of $1 million in property tax revenue, which grew as a result of the 2% rate increase on all classes of property, as well as an increase in taxable property values, driven by the local real estate market and an increase of $2. 6 million in investment earnings as a result of higher investment returns in Fiscal Year 2025.

Expenses
General government expenses increased $ 2. million or 18. 5 percent during FY 2025. This increase is due to annual cost of living adjustments for all employees, and increased expenses in cyber security, general liability and property insurance, and information technology equipment.

Public safety expenses increased $ 3. 1 million or 15. 6 percent primarily due to expenses for establishing the animal center and hiring staff, adding an additional 5 patrol officers including salary, benefits and equipment, and an increase in overtime due to reduced staffing.

Public Works expenses increased $ 3. 1 million, primarily due to the reallocation of staff from culture and leisure to the public works department.

Net transfers reduced net position by $ 22. 0 million in FY 2025, primarily due to increased transfers out in the developer project fund for the expansion of the consolidated wastewater treatment facility.
12 The chart below shows the primary components of governmental activities revenue sources for FY 2025. Of the $ 163. 0 million in total revenues ( not including transfers) generated by governmental activities, 77 percent is attributable to three categories: capital grants and contributions ( 51 percent), charges for service ( 14 percent) and sales and use tax ( 12 percent).

GOVERNMENTAL ACTIVITIES
FY 2025 Revenues by Source
Capital grants and
contributions
51%
Operating grants and
contributions
2%
Charges for services
14%
Unrestricted
investment earnings
8%
Other miscellaneous
0%
Other taxes
2%
Sales and use taxes
12%
Property taxes
8%
Franchise taxes
2%
Transient occupancy
taxes
1%
The chart below shows the major categories of the FY 2025 expenses for governmental activities. Of the $ 72. million in total expenses incurred by governmental activities, 90. 0 percent is attributable to three categories: public works ( 39 percent), public safety ( 32 percent) and general government 19 percent).

Public safety
32%
Community
development
2%
General government
19%
Interest on long- term
debt
0%

GOVERNMENTAL ACTIVITIES
FY 2025 Expense by Source
Culture and leisure
8%
Public works
39%
13 Business -type Activities
The change in net position for business -type activities increased by $ 12. 0 million or 41. 5 percent to

40. 9 million in FY 2025.

The notable components of the changes in net position for business -type activities in FY 2025 are:

Water
Water net position increased by $ 9. 2 million or 8. 3 percent from $ 111. 5 million to $ 120. 8 million.

The increase is primarily due to capital infrastructure contributions of $1. 6 million from development, operating revenues of $ 13. 6 million, attributed to the City' scontinued growing customer base and

3. 2 million in non -operating revenues from increased investment earnings, offset by operating expenses of $9. 2 million, which includes operating and maintenance and depreciation expense for the City' s water system. The largest portion of net position, $73. 0 million or 60. 4 percent, is net investment in capital assets ( e.g. land, buildings, and infrastructure). Approximately $ 46. 3 million or

38. percent of the total net position, constitutes unrestricted net position, which may be used to finance day- to- day operations without constraints.

Operating revenues increased by $ 2. 1 million primarily due to an increase in the customer base due to new construction. Operating expenses of $ 9. 2 million increased by $ 0. 7 million or 8. 2 percent largely due to an increase in operation and maintenance costs to support the water system.

Sewer
Sewer net position increased by $ 31. 6 million or 16. 2 percent from $ 194. 6 million to $226. million.

The increase is primarily attributed to capital infrastructure contributions of $8. 9 million and transfers in of $23. 6 million from development to fund the expansion of the City' s Consolidated Wastewater
Treatment Plant. The largest portion of net position, $191. 4 million or 84. 6percent, is net investment in capital assets ( e.g. land, buildings, and infrastructure). Approximately $34. 8 million or 15. 4percent of the total net position, constitutes unrestricted net position, which may be used to finance day- today operations without constraints.

FINANCIAL ANALYSIS OF THE CITY' SFUNDS
As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance - related legal requirements.

As of June 30, 2025, the City' s governmental funds reported combined fund balances of $ 259. 8 million compared to $ 229. 3 million in FY 2024. The governmental fund balances are categorized as nonspendable, restricted, committed, assigned, or unassigned.

8. 3 million consists of nonspendable fund balance related to advances and deposits longterm in nature that are not intended to convert into cash and do not represent currently available resources.
188. 5 million is reported as restricted fund balance that includes restrictions imposed by external parties or enabling legislation. This amount includes unspent grant revenues and restricted tax revenues.
14 40. million is reported as committed fund balance that has been limited by formal Council action for a specific purpose.

22. 6 million is reported as unassigned fund balance that represents the residual classification for the City' s
General Fund and includes all spendable amounts not contained in other classifications.

General Fund
The General Fund is the chief operating fund of the City. At June 30, 2025 the General Fund unassigned fund balance is $ 22. 6 million or 36. 8 percent of the $ 61. 3 million total General Fund balance. Comparing unassigned fund balance and total fund balance to total fund expenditures may be useful as a measure of the General Fund' scapacity to meet future obligations. At June 30, 2025 unassigned fund balance represented 57. 7 percent of total General Fund expenditures of $ 39. 2 million, while total fund balance represents 196. 4 percent of total General Fund expenditures. At June 30, 2024, the same measures were 48. 0 percent and 194. 4percent, respectively.

The General Fund ending fund balance decreased by $0. 7 million from $ 62. 0 million to $61. 3 million at June 30, 2025.

In FY 2025, the General Fund revenues stayed flat at $ 42. 6 million. While the City did see growth of

1. 0 million in property tax revenue, the growth was offset by a decrease of $1. 2 million in sales tax revenue.

FY 2025 General Fund expenditures of $39. 2 million were $ 5. 3 million or 15. 6 percent higher than FY 2024 expenditures of $33. 9 million. The increase was primarily due to an increase of $2. 6 million in general government due to annual cost of living adjustments for all employees, and increased expenses in cyber security, general liability and property insurance, and information technology equipment, and $ 2. million in public safety, which was a direct result of creating the animal center and hiring staff, adding an additional 5 patrol officers including salary, benefits and equipment, and an increase in overtime due to reduced staffing.

Developer Projects
The Developer Project Fund accounts for funds collected from developers to build city project, including parks, water and wastewater infrastructure. At June 30, 2025, the fund has an ending fund balance of $1. million, which is $ 0. 5 million or 83. 3 percent higher than FY 2025. In FY 2025, the City collected money from developers to complete phase 3 of the City' s Consolidated Wastewater
Treatment Plant Expansion.

Capital Facility Fees Fund
The Capital Facilities Fees Fund accounts for fees collected for traffic mitigation ( including regional traffic), storm drain, culture and leisure, city services and administration. At June 30, 2025, the fund has an ending fund balance of $ 67. 1 million, which is $ 18. 6 million or 38. 4 percent higher than FY 2024. The monies in this fund are collected from builders and developers at building permit to construct City infrastructure.
15 Streets and Roads Capital Proiect Fund
The Streets and Roads Capital Projects Fund accounts for capital project expenditures related to streets and roads occurring over more than one fiscal year. As of June 30, 2025, the fund balance of the Streets and Roads fund is $ 32. 2 million, which $ 10. 4 million or 47. 7 percent higher than FY 2024. Revenue is transferred into this fund from capital facility funds, the general fund, grants, and sometime developers to maintain, repair or build new streets throughout the City.

General CIP Projects Fund
The General CIP Projects Fund accounts for capital projects funded by the General Fund occurring over more than one fiscal year. The fund balance of the General CIP project fund on June 30, 2025 is $ 18. million, which is $ 1. 5 million or 7. 6 percent lower than FY 2024. The City fund many projects in FY 2025, including the Historic Lathrop Beautification Project and Corporation Yard Improvements that were expensed from this fund.

Park in Lieu Fund
The Park in Lieu fund collects revenue from development in lieu of the development dedicating land and/ or constructing the park infrastructure required by the new development. The fund balance of the Park in Lieu Fund on June 30, 2025 is $ 0. 6 million, which is $ 2. 5 million or 416. 7percent less than FY 2024. In FY 2025, the City reimbursed a master developer for funds received from merchant builders in prior fiscal years, for park improvements constructed by the master developer.

Proprietary Funds
The City' s proprietary funds provide similar information to that which is found in the government - wide financial statements, but in more detail. Each fund' sfinancial transactions, both near -term and historic, are provided in the statement of net position and the statement of revenues, expenses, and changes in net position. In addition, these proprietary funds also present a statement of cash flows.

In FY 2025, the water utility enterprise fund increased its net position from $ 111. 5 million to $ 120. 8 million. Unrestricted net assets at the end of the fiscal year amounted to $ 46. 3 million, and are available for future capital water system improvements. $73. 0 million of the Water Fund' s net position are net investment in capital assets and are not available for liquidation to support operations. The remaining $ 1. 5 million is restricted to satisfy debt service obligations and covenants.

In FY 2025, the sewer utility fund increased its net position from $ 194. 6 million to $ 226. million.

Unrestricted net position at the end of the fiscal year amounted to $ 34. 8 million and is available for future capital sewer system improvements. $ 191. 4 million of the Sewer Fund' s net position is net investment in capital asset and are not available for liquidation to support operations.

Other factors concerning the finances of these funds have already been reviewed in the discussion of the City' s business -type activities. The capital assets section on the following pages will provide additional discussion and analysis of the business -type financial activities.

GENERAL FUND BUDGETARY HIGHLIGHTS
Staff submits a balanced operating and capital budget biennially to the City Council for approval. The Biennial FY 2023/024 and FY 2024/025 was presented to Council in June of 2023. 16 Over the course of the year, the City Council revised the City budget with adjustments that are comprised within the following two categories:

Changes made in the mid -year report to adjust revenues, augment current year expenditure appropriations, and establish or increase designation of fund balance.

Other revenue adjustments and expenditure appropriations approved after the original budget is adopted, and before or after the mid -year report is approved.

During the year ended June 30, 2025, there was a $ 1. 8 million increase in budgeted revenues between the orginal and final amended operating budget for the General Fund. The increase in budgeted revenues was primarily due to an increase in property tax revenues of $ 1. 5 million and motor vehicle in lieu revenues of $0. 3 million, both are a direct result of increased property values.

Actual revenues of $ 32. 1 million were $ 7. 4 million more than the amended budget as of June 30, 2025 and $ 9. 2 million more than the original budget. The increase in revenue is attributed to the increase in property values, increase in home sales and higher than expected investment returns.

During the year ended June 30, 2025, there was a $ 10. 0 million increase in budgeted expenses between the orginal and final amended operating budget for the General Fund. The increase in budgeted expenses was primarily due to an increases in general government of $ 2. 5 million, as a result of annual cost of living adjustments for all employees, and increased expenses in cyber security, general liability and property insurance, and information technology equipment, $1. 3 million in public safety, which was a direct result of creating the animal center and hiring staff, adding an additional 5 patrol officers including salary, benefits and equipment, and an increase in overtime due to reduced staffing, and $ 3. 7 million in public work, which is a result of reassigning parks maintenance from culture and leisure to public works and hiring additional staff to assist with the work load.

Actual budgetary expenditures of $ 38A million were $ 3. 9 million less than the amended budget as of June 30, 2025 and $ 6. 1 million more than the original budget.

CAPITAL ASSET AND DEBTADMINISTRATION
Capital Assets
The City' scapital assets net of accumulated depreciation, for its governmental and business -type activities together amounted to $ 675. 1 million at June 30, 2025. This investment includes land, infrastructure, improvements, vehicles, equipment, and construction in progress. For the year ended June 30, 2025, net capital assets increased $ 76. 1 million ($ 39. 1 million in governmental activities and

37. million in business -type activities) compared to net capital assets on June 30, 2024. The increase in both governmental activities and business -type activities is primarily due to the acceptance of infrastructure and improvements from development and construction in progress of many capital improvement projects.

Total construction in progress increased by $ 34. 4 million from $ 34. 8 million on June 30, 2024, to

69. 2 million on June 30, 2025. Construction in progress for governmental activities increased by

3. 1 million primarily due $ 11. 6 million of additions in general CIP and streets projects, offset by $8. 5 million of projects being transferred into service. Business -type activities contributed an increase of

31. million to the total CIP as additions to the Water and Sewer Systems totaling $ 31. 4 million were offset by $ 0. 1 million in projects that were completed and placed into service. The largest construction in progress sewer project is the phase 3 consolidated treatment plant expansion. 17 The City records infrastructure assets at historical costs in the government -wide financial statement and depreciates assets from acquisition date to the end of the current fiscal year as required by GASB Statement No. 34. For governmental fund financial statements recording purposes, capital asset purchases are recorded as expenditures, rather than capitalizing and recording related depreciation.

Capital assets, net of depreciation for governmental and business -type activities in the government - wide financial statements are presented below to illustrate changes between FY 2024 and FY 2025 in thousands):

For the Fiscal Years Ended June 30, 2024 and 2025
in Thousands)
Governmental Business - Type Total Primary
Activities Activities Government
2024 2025 2024 2025 2024 2025
Land
Construction in Progress
Buildings
Improvements other than
building
Infrastructure
Equipment and vehicles
Right to use Assets
Total Capital Assets
13, 472 14, 070 3, 739 3, 739 17, 211 17, 809
30, 952 34, 039 3, 895 35, 163 34, 847 69, 202
20, 816 20, 164 0 0 20, 816 20, 164
71, 691 74,56 230, 430 236,06 302, 11 310, 962
218, 332 248, 509 0 0 218, 332 248, 509
3, 619 6, 723 1, 097 1,22 4, 716 7, 845
882 613 0 0 882 613
359, 764 398, 874 239, 161 276,30 598, 925 675, 104
Additional information about the City' scapital assets can be found in the Notes to Basic Financial Statements, Note 4.

Debt Administration
The City' slong- term debt service obligation include revenue bonds, lease revenue bonds and private placement debt. During the current fiscal year, the City' s outstanding long- term debt decreased by

2. 3 million to $ 14. 3 million, comprising $ 0. 6 million in governmental activities and $ 1. 7 million in business -type activities. The decrease of in both governmental and business -type activities is a result of debt service payments and no new bond issuances.

For the Fiscal Years Ended June 30, 2024 and 2025
in Thousands)
Governmental Business - Type Total Primary
Activities Activities Government
2024 2025 2024 2025 2024 2025
2017 Bank Loan $ $ $ $ $
6 6, 724 5, 966 6, 724 5, 966
State Revolving Fund
Loan 4, 588 4, 099 4, 588 4, 099
Compass Bank Loan 2,22 1, 807 2,22 1, 807
Financed Purchases
2, 992 2, 393 - - 2, 992 2, 393
Total Long Term Debt 2, 992 2, 393 13, 534 11, 872 16, 526 14, 265 18 Additional information about the City' s long- term outstanding debt can be found in the notes to the Basic Financial Statements, Note 6.

ECONOMIC FACTORS AND NEXT YEAR' SBUDGETS AND RATES
The City Council considered many factors when setting the Fiscal Year 2025/6 budget. The City primarily relies on property tax and sales tax revenues to provide services and amenities to the community. Lathrop' s population has experienced significant growth over the last several years. In 2024 and 2025 the city experienced an 5. 4 percent and 4. 2 percent, respectively, increase in its population making it one of the fastest growing city with a population over 30, 000 in California, for three years in a row. While higher population is an exciting sign of growth, the City also recognizes some of the challenges such growth brings in the planning and management of serving our new residents. With City Council' sguidance, the City has built strong financial reserves to draw from in unknown times, and continues to maintain a sound financial position.

Over the past decade, the City Council and City staff have focused on ensuring a sustainable economic future for the City of Lathrop supporting steady growth projections for the future. The City has a goal to provide an environment for strong industrial, commercial and residential growth that has resulted in a solid financial foundation. This has been possible because of stability in City Hall staffing, with a skilled and committed City staff team. These factors have positioned the City to be able to stand up a new Police Department in 2022, to provide services that continue to meet the needs of residents, businesses, schools, community groups and visitors in Lathrop in a cost- effective manner.

Building permit issuance by the City for new residential and commercial development is the key driver used to estimate various revenue streams. These revenues are deposited into various funds.

Examples of these revenues include: sales and use taxes on construction materials and equipment; capital facility fees charged to mitigate the impact of new development -driving a need for more parks and street capital investments; system development charges ( investment/ tapfees) assessed to finance future capital investment for water, sewer, and storm drainage systems.

As mentioned above, the level of single- family dwelling unit building permits issued, measured at 554 in FY 2025, this level exceeds the 334 issued years earlier in Fiscal Year 2006/ 07 during the height of the previous housing boom.

These major economic indicators were all considered when adopting the General Fund budget for FY 2025/6 budget.

CONTACTING THE CITY FINANCIAL MANAGEMENT
This financial report is designed to provide our residents, taxpayers, customers, investors and creditors with a general overview of the City' s finances and to show the City' s accountability and transparency for the money it receives. If you have questions about this report or need additional financial information, contact the City of Lathrop - Finance Department, 390 Towne Centre Drive, Lathrop, California 95330, ( 209) 941- 7320.
19 This page intentionally left blank.
20 BASIC

FINANCIAL STATEMENTS
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22 GOVERNMENT -WIDE

FINANCIAL STATEMENTS
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24 City of Lathrop
Statement of Net Position
June 30, 2025
Primary Government
ASSETS
Current assets:

Cash and investments
Receivables:

Accounts ( net of allowance for uncollectibles)
Notes and loans
Accrued interest
Internal balances
Restricted assets:

Cash with fiscal agent
Prepaids
Governmental Business - type
Activities Activities Total
272, 597,04 $ 95, 425, 323 $ 368, 022, 827
7, 185, 698 4,20, 634 11, 606, 332
20, 350 20, 350
611, 779 197, 601 809, 380
808, 16 ( 808, 16) -
1, 486, 322 1, 486, 322
22, 034 - 22, 034
Total current assets 281,45, 551 100, 721, 694 381, 967, 245 Noncurrent assets:

Capital assets:

Nondepreciable
Depreciable
Less accumulated depreciation
Total noncurrent assets
Total assets

DEFERRED OUTFLOWS OF RESOURCES
Deferred pension related items
Deferred OPEB related items
Total deferred outflows of resources

LIABILITIES
Current liabilities:

Accounts payable
Accrued liabilities
Accrued interest
Unearned revenue
Deposits payable
Compensated absences
Long- term debt & loans payable
Leases payable
48, 108, 479 38, 902, 668 87, 011, 147
500, 270, 862 317, 133, 279 817, 404, 141
149, 505, 336) ( 79, 805, 005) ( 229, 310,41)
398, 874, 005
680, 119, 556
276,30, 942 675, 104, 947
376, 952, 636 1, 057,72, 192
4, 838, 020
1, 699, 347
6, 537, 367
761, 541 5,99,61
267, 944 1, 967, 291
1, 029, 485 7, 566, 852
11, 495, 601
149, 466
243, 306
4, 006, 510
1, 975, 189
340, 00
358, 80
16, 370, 540
21, 562
1, 093, 783
101, 489
1, 716, 112
27, 866, 141
149, 466
21, 562
243, 306
5, 100, 293
2, 076, 678
2, 056, 112
358, 80
Total current liabilities 18, 568, 952 19, 303, 486 37, 872, 438 Noncurrent liabilities:

Compensated absences 2, 180, 216 54, 648 2,34, 864
Long- term debt & loans payable 1, 440, 000 10,56, 303 11, 596, 303 Leases payable 254, 568 - 254, 568
Net pension liability 7, 850, 213 1,32, 225 8, 982, 438 Net OPEB liability 1, 768, 693 278, 576 2, 047, 269
Total noncurrent liabilities
Total liabilities

DEFERRED INFLOWS OF RESOURCES
Deferred pension related items
Deferred OPEB related items
Total deferred inflows of resources

NET POSITION
Net investment in capital assets
Restricted for:

Community development
Public safety
Culture and leisure
Public works
Capital projects
Debt service
Unrestricted
Total net position
13, 493, 690
32, 062, 642
71, 978
246, 518
11, 621, 752 25, 115, 442
30, 925, 238 62, 987, 880
11, 328 83, 306
39, 463 285, 981
318, 496 50, 791 369, 287
396, 480, 557 264, 358, 527 660, 839, 084
2, 125, 082 2, 125, 082
89, 385, 102 89, 385, 102
558, 446 558, 446
23,07, 051 - 23,07, 051
73, 244, 317 73, 244, 317
1, 486, 322 1, 486, 322
69, 275,30 81, 161, 243 150, 436,73
654, 275, 785 $ 347, 006,92 1, 001, 281, 877
See accompanying Notes to Basic Financial Statements.
25 City of Lathrop
Statement of Activities
For the year ended June 30, 2025
Program Revenues
Functions/ Programs
Operating Capital
Charges for Grants and Grants and
Expenses Services Contributions Contributions Total
Governmental activities:

General government
Public safety
Community development
Culture and leisure
Public works
Interest on long- term debt
Total governmental activities
Business -type Activities:

Water
Sewer
Total business - type activities
14, 094, 572 $ 9, 862, 458 $ 1, 670,79 $ 5, 015, 201 $ 16, 548, 338 23, 027, 105 171, 44 129, 049 94, 663 395, 126
1, 071, 454 6, 708, 195 134, 358 3, 200,90 10, 042, 843 5, 921, 321 364, 280 - 4, 039,96 4,03, 376
28, 341, 417 4, 952, 767 1, 768,36 71, 455, 764 78, 177, 267 209, 452 - -
72, 665, 321 22, 059, 114 3, 702, 822 83,05, 014 109, 566, 950 9, 534, 309 12, 441,30
14, 838, 044 12, 577, 405
4, 506, 876 16, 948, 306
9, 809, 428 22, 386, 833
24, 372,53 25, 018, 835 14, 316,04 39,35, 139
Total primary government $ 97, 037, 674 $ 47, 077, 949 $ 3, 702, 822 $ 98, 121, 318 $ 148, 902, 089 General Revenues:

Taxes:

Property taxes, levied for general purpose
Transient occupancy taxes
Sales taxes
Franchise taxes
Other taxes Sr assessments
Use of money and property
Other
Transfers
Total general revenues and transfers
Change in net position
Net position - beginning of year
Restatements
Net position - beginning of year, as restated
Net position - end of year
See accompanying Notes to Basic Financial Statements.
26 Net ( Expense) Revenue
and Changes in Net Position
Governmental Business - Type
Activities Activities Total
2, 453, 766 $ - $ 2, 453, 766
22, 631, 979) ( 22, 631, 979)
8, 971, 389 8, 971, 389
1, 517, 945) ( 1, 517, 945)
49, 835,50 49, 835,50
209, 452) ( 209, 452)
36, 901, 629 36, 901, 629
7, 413, 997 7, 413, 997
7, 548, 789 7, 548, 789
14, 962, 786 14, 962, 786
36, 901, 629 14, 962, 786 51, 864, 415
13, 217, 096 - 13, 217, 096
1, 046, 702 - 1, 046, 702
19, 809, 001 - 19, 809, 001
2, 979, 604 - 2, 979, 604
2, 864, 672 - 2, 864, 672
12, 948, 015 4, 269, 570 17, 217, 585
536, 691 1, 501, 418 2, 038, 109
20, 154, 571) 20, 154, 571
33, 247,10 25, 925, 559 59, 172, 769
70, 148, 839 40, 888, 345 111, 037, 184
584,73, 128 305, 89, 347 890, 432,75
446, 182) 258, 400 ( 187, 782)
584, 126, 946 306, 117, 747 890, 244, 693
654, 275, 785 $ 347, 006,92 $ 1, 001, 281, 877
See accompanying Notes to Basic Financial Statements.
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28 FUND

FINANCIAL STATEMENTS
Governmental Fund Financial Statements
Proprietary Fund Financial Statements
Fiduciary Fund Financial Statements
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30 City of Lathrop
Major Governmental Funds
Year Ended June 30, 2025
The funds described below were determined to be Major Funds by the City in fiscal year 2024. Individual non -major funds may be found in the Supplementary Information section

GENERAL FUND
This fund accounts for all financial resources except those accounted for in another fund. It is the general operating fund of the City.

DEVELOPER PROJECTS
This fund accounts for revenues received and expenditures spent associated with various developer projects.

CAPITAL FACILITY FEE SPECIAL REVENUE FUND
To account for the financial resources associated with the capital facility fees for Traffic Mitigation ( includes Regional Traffic), Storm Drain, Culture and Leisure, City Service, and Administration.

STREETS AND ROADS CAPITAL PROJECTS FUND
To account for capital project expenditures related to streets and roads occurring over more than one fiscal year.

GENERAL CIP PROJECTS CAPITAL PROJECTS FUND
To account for the expenditure of funds for projects funded from the General Fund.

PARK IN LIEU CAPITAL PROJECTS FUND
To account for revenues and expenditures which can legally be made under the Quimby Act. The revenue is collected from residential developers to offset the impact on parks and can only be used for new park development. 31 City of Lathrop
Balance Sheet
Governmental Funds
June 30, 2025
ASSETS
Cash and investments
Receivables:

Accounts ( net of allowance for uncollectibles)
Notes and loans
Accrued interest
Prepaids
Advances to other funds
Total assets

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
Liabilities:

Accounts payable
Accrued liabilities
Unearned revenue
Deposits payable
Advances from other funds
Total liabilities
Special Revenue Funds
Capital Project
Funds
General Fund Developer Projects Capital Facility Fees Streets and Roads 51, 310, 983 $ 2,36, 163 $ 76, 880, 580 $ 33,24, 028
4, 088, 155 29,07 3, 194 73
110, 830 21, 764 170, 02 70, 565
22, 034 - - -
8, 306, 186
63, 838, 188 $ 2,87, 134 $ 77, 053, 776 $ 33,94, 666
1,66, 447 $ - $ 2, 486,79 $ 1, 219, 884
149, 466 - -
243, 306 -
924, 354 1,46, 437
7, 498, 000 -
2, 483, 573 1,46, 437 9,84, 479 1, 219, 884
Deferred Inflows of Resources
Unavailable revenue 56, 618
Total deferred inflows of resources 56, 618
Fund Balances:

Nonspendable
Restricted
Committed
Unassigned
Total fund balances
Total liabilities, deferred inflows of
resources and fund balances
8, 328, 220 - -
1,40, 697 67, 069, 297 30, 959, 375
30, 410, 317 1, 215, 407
22, 559, 460 -
61, 297, 997 1,40, 697 67, 069, 297 32, 174, 782
63, 838, 188 $ 2,87, 134 $ 77, 053, 776 $ 33,94, 666
See accompanying Notes to Basic Financial Statements.
32 Capital Project
Funds
General CIP
Projects Park in Lieu
Nonmajor Total
Governmental Governmental
Funds Funds
19,29, 902 $ 3, 800, 249 $ 82, 212, 944 $ 268, 894,49
6, 548
42, 997 8, 550
3, 058, 521 7, 185, 698
20, 350 20, 350
187, 01 611, 779
22, 034
8, 306, 186
19,79, 447 $ 3, 808, 799 $ 85, 478, 886 $ 285, 040, 896 1, 075,61 $ 3, 250, 353 $ 2,97, 377 $ 11, 495, 601
149, 466
243, 306
1, 935, 719 4, 006, 510
7, 498, 000
1, 075,61 3, 250, 353 4, 233, 096 23, 392, 883
1, 796, 428 1, 853, 046
1, 796, 428 1, 853, 046
9, 341,15
8, 763, 071
8, 328, 220
558, 446 79, 450, 868 188, 519, 998
40, 388, 795
1, 506) 22, 557, 954
18,04, 386 558, 446 79, 449, 362 259, 74, 967
19,79, 447 $ 3, 808, 799 $ 85, 478, 886 $ 285, 040, 896 See accompanying Notes to Basic Financial Statements.
33 City of Lathrop
Reconciliation of the Governmental Funds Balance Sheet
to the Government -Wide Statement of Net Position
June 30, 2025
Total Fund Balances - Total Governmental Funds $ 259, 74, 967 Amounts reported for governmental activities in the statement of net position are different because:

Capital assets used in governmental activities were not current financial resources. Therefore, they were not reported in the Governmental Funds Balance Sheet. Except for the internal service funds reported below, the capital assets were adjusted as follows:

Nondepreciable
Depreciable, net
48, 108, 479
350, 765, 526
Total capital assets 398, 874, 005
Unavailable revenues recorded in the fund financial statements resulting from activities in which revenues were earned but were not available are reclassified as revenues in the Government -Wide Financial Statements.

In the Government - Wide Financial Statements, deferred employer contributions for pension and OPEB, certain differences between actuarial estimates and actual results, and other adjustments resulting from changes in assumptions and benefits are deferred in the current year.

Deferred outflows of resources related to pension
Deferred outflows of resources related to OPEB
Deferred inflows of resources related to pension
Deferred inflows of resources related to OPEB
Long- term liabilities were not due and payable in the current period. Therefore, they were not reported in the Governmental Funds Balance Sheet.

Compensated absences - due within one year
Long- term debt - due within one year
Leases payable - due within one year
Compensated absences - due in more than one year
Long- term debt - due in more than one year
Leases payable - due in more than one year
Net pension liability
Net OPEB liability
Total long- term liabilities
1, 853, 046
4, 838, 020
1, 699, 347
71, 978)
246, 518)
294,88)
340, 000)
358, 80)
158, 462)
L440, 000)
254, 568)
7, 850, 213)
1, 768, 693)
12, 465, 104)
Net Position of Governmental Activities $ 654, 275, 785 See accompanying Notes to Basic Financial Statements.
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35 City of Lathrop
Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds
For the year ended June 30, 2025
REVENUES:

Taxes and assessments
Licenses and permits
Intergovernmental
Charges for services
Use of money and property
Fines and forfeitures
Developer participation
Miscellaneous
Total revenues
EXPENDITURES:

Current:

General government
Public safety
Community development
Culture and leisure
Public works
Capital outlay
Debt service:

Principal retirement
Lease principal retirement
Interest and fiscal charges
Total expenditures

REVENUES OVER ( UNDER)

EXPENDITURES
OTHER FINANCING SOURCES ( USES):

Transfers in
Transfers out
Lease and software subscription issuance
Proceeds from sale of capital assets
Total other financing sources ( uses)
Net change in fund balances
FUND BALANCES:

Beginning of year
Restatement
Beginning of year, as restated
End of year
Special Revenue Funds
Capital Project
Funds
General Fund Developer Projects Capital Facility Fees Streets and Roads 33,60, 814 $
273, 823
4, 997,18
641, 286
2, 892,57
135, 38
265, 519
17, 336, 960 $
512, 182 3,39, 679 1,09, 486
23, 909, 629
563, 022
42, 567,75 24, 421, 811 21,39, 661 1,09, 486
13, 680, 470
15, 366, 699
1, 076,39
1, 889, 440
3, 079, 815
3, 140, 389
330, 00
591,63
49, 598
9, 327, 964
39, 204, 013 - 9, 327, 964
3,63, 562 24, 421, 811 21,39, 661 ( 8, 218, 478)
8, 342, 914 -
12, 784,01) ( 23, 911, 809) ( 2, 686, 523)
322, 790
8, 415
18, 561, 650
4, 110, 582) ( 23, 911, 809) ( 2, 686, 523) 18, 561, 650 747, 020)
62, 045,17
62, 045,17
510, 02
630,95
630,95
18, 553, 138 10, 343, 172
48, 516, 159
48, 516, 159
21, 831, 610
21, 831, 610
61, 297, 997 $ 1,40, 697 $ 67, 069, 297 $ 32, 174, 782
See accompanying Notes to Basic Financial Statements.
36 Capital Project
Funds
General CIP
Projects Park in Lieu
Nonmajor Total
Governmental Governmental
Funds Funds
860, 657 170, 985
14, 370, 684 $ 65, 068, 458
27, 580 301, 403
7, 963, 841 12, 961, 759
10, 790, 044 11, 431, 330
4, 059, 243 12, 945, 089
1, 613, 589 1, 748, 947
444, 007 24, 353, 636
262,05 1, 090, 746
860, 657 170, 985 39, 531, 193 129, 901, 368
7, 195)
9, 144,43 2, 739,60
13, 680, 470
4, 352, 688 19, 719, 387
429 1, 076, 468
183, 901 2, 073, 341
14, 288, 811 17, 361, 431
218, 024 24, 570, 280
159, 854
330, 00
591,63
209, 452
9, 136, 948 2, 739,60 19, 203, 707 79, 612, 392
8, 276,91) ( 2, 568, 775) 20, 327, 486 50, 288, 976
6, 732, 447 6, 426, 899 40, 063, 910
20, 835, 448) ( 60, 218, 481)
322, 790
8, 415
6, 732, 447 14, 408, 549) ( 19, 823, 366)
1, 543, 844) ( 2, 568, 775) 5, 918,37 30, 465, 610
19, 648, 230 - 99, 119, 951 229, 329,57
3, 127, 221 ( 25, 589,26)
19, 648, 230 3, 127, 221 73, 530, 425 229, 329,57
18,04, 386 $ 558, 446 $ 79, 449, 362 $ 259, 74, 967
See accompanying Notes to Basic Financial Statements.
37 City of Lathrop
Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Government -Wide Statement of Activities For the year ended June 30, 2025
Net Change in Fund Balances - Total Governmental Funds
Amounts reported for governmental activities in the Government - Wide Statement of Activities were different because:

Governmental funds reported capital outlay as expenditures. However, in the Government -Wide Statement of Activities, the cost of those assets was allocated over their estimated lives as depreciation expense. This was the amount of capital assets recorded in the current period.

Donated capital assets are not recorded in the governmental funds, but are recognized as revenue at the acquisition value of the assets.

Depreciation expense on capital assets was reported in the Government - Wide Statement of Activities, but did not require the use of current financial resources. Therefore, depreciation expense was not reported as expenditures in the governmental funds.

Compensated leave payments were reported as expenditures in the governmental funds, however expense is recognized in the Government - Wide Statement of Activities based on earned leave accruals.

Debt proceeds provide current financial resources to governmental funds, but issuing debt increased longterm liabilities in the Government - Wide Statement of Net Position. Repayment of debt was an expenditure in governmental funds, but the repayment reduced long- term liabilities in the Government -Wide Statement of Net Position.

Long- term debt repayments
Lease and subsciption payments
Acquisition of new leases and subscriptions
Current year employer pension contributions are recorded as expenditures in the governmental funds, however, these amounts are reported as a deferred outflow of resources in the Government - Wide Statement of Net Position.
30, 465, 610
23,23, 661
33, 627, 939
16, 224, 760)
1, 517, 011)
11, 466
330, 00
591,63
322, 790)
2, 319, 602
Pension expense is reported in the Government - Wide Statement of Activities does not require the use of current financial resources, and therefore is not reported as expenditures in governmental funds. ( 2, 384, 289) OPEB income ( expense) is reported in the Government - Wide Statement of Activities does not require the use of current financial resources, and therefore is not reported as expenditures in governmental funds.

Unavailable revenues recorded in the fund financial statements resulting from activities in which revenues were earned but were not available are reclassified as revenues in the Government -Wide Financial Statements. This is the change in unavailable revenues from the prior year.

Internal service funds were used by management to charge the costs of certain activities, such as insurance and fleet management, to individual funds. The net revenue of the internal service funds was reported with governmental activities.

Change in Net Position of Governmental Activities
265,07
568, 991)
331, 632
70, 148, 839
See accompanying Notes to Basic Financial Statements.
38 This page intentionally left blank
39 City of Lathrop
Statement of Net Position
Proprietary Funds
June 30, 2025
ASSETS
Current Assets:

Cash and investments
Receivables:

Accounts ( net of allowance for uncollectibles)
Accrued interest
Restricted:

Cash and with fiscal agent
Total current assets
Noncurrent:

Capital assets:

Nondepreciable capital assets
Depreciable capital assets
Accumulated depreciation
Net capital assets
Total noncurrent assets
Total assets

DEFERRED OUTFLOWS OF RESOURCES
Deferred pension related items
Deferred OPEB related items
Business - Type Activities - Enterprise Funds
Governmental
Activities
Water
Compensated
Absences Internal
Sewer Totals Service Fund
46, 239, 941 $ 49, 185, 382
2, 870, 570 1, 550, 064
102, 940 94, 661
1, 486, 322
95, 425, 323 $
4,20, 634
197, 601
1, 486, 322
3, 702, 655
50, 699, 773 50, 830, 107 101, 529, 880 3, 702, 655
3, 744, 569
119, 806, 955
38, 700, 855)
35, 158, 099
197, 326,24
41, 104,50)
38, 902, 668
317, 133, 279
79, 805, 005)
84,50, 669 191, 380, 273 276,30, 942
84,50, 669 191, 380, 273 276,30, 942
135, 50, 442 242,10, 380 377, 760, 822 3, 702, 655
464, 764
163, 589
296, 777 761, 541
104, 355 267, 944
Total deferred outflows of resources 628, 353

LIABILTITES
Current liabilities:

Accounts payable
Accrued interest
Deposits payable
Accrued compensated absences
Loans payable
Total current liabilities
Noncurrent liabilities:

Advances from other funds
Accrued compensated absences
Net pension liability
Net OPEB liability
Loans payable
Total noncurrent liabilities
Total liabilities

DEFERRED INFLOWS OF RESOURCES
Deferred pension related items
Deferred OPEB related items 24, 179
401, 132 1, 029, 485
1, 433, 525
21, 562
1, 062, 495
70, 851
1, 716, 112
14, 937, 015
31, 288
30, 638
16, 370, 540
21, 562
1, 093, 783
101, 489
1, 716, 112
1, 680, 901
4, 304, 545 14, 998,41 19, 303, 486 1, 680, 901
38, 150
687,35
170, 037
10,56, 303
808, 16
16, 498
444, 590
108, 539
808, 16
54, 648
1,32, 225
278, 576
10,56, 303
2, 021, 754
11, 052, 125 1, 377, 813 12, 429, 938 2, 021, 754
15, 356, 670 16, 376, 754 31, 733, 424 3, 702, 655
6, 914 4,14 11, 328
15, 284 39, 463
Total deferred inflows of resources 31, 093

NET POSITION
Net investment in capital assets
Restricted for debt service
Unrestricted
Total net position
19, 698 50, 791
72, 978, 254
1, 486, 322
46, 326, 456
191, 380, 273
34, 834, 787
264, 358, 527
1, 486, 322
81, 161, 243
120, 791, 032 $ 226,15, 060 $ 347, 006,92 $
See accompanying Notes to Basic Financial Statements.
40 City of Lathrop
Statement of Revenues, Expenses and Changes in Net Position Proprietary Funds
For the year ended June 30, 2025
Governmental
Business - Type Activities - Enterprise Funds Activities OPERATING REVENUES:

Sales and service charges
Other income
Total operating revenues
OPERATING EXPENSES:

General and administrative
Maintenance and operations
Depreciation expense
Total operating expenses
Operating income ( loss)
NONOPERATING REVENUES ( EXPENSES):

Taxes and assessments
Investment earnings
Interest expense
Water
Compensated
Absences Internal
Sewer Totals Service Fund
12, 441,30 $ 12, 577, 405 $ 25, 018, 835 $ 822, 01
1,52, 381 349, 037 1, 501, 418
13, 593, 811 12, 926, 442 26, 520, 253 822, 01
1, 775, 181 1, 038,10 2, 813, 191
4, 889, 196 9, 785, 660 14, 674, 856
2, 498, 551 4, 014, 374 6, 512, 925
490, 389
9, 162, 928 14, 838, 044 24, 000, 972 490, 389
4,30, 883 ( 1, 911, 602) 2, 519, 281 331, 632
1, 285, 169
2,51,11
371,81)
894, 166
2, 018, 359
2, 179, 335
4, 269, 570
371,81)
Total nonoperating revenues ( expenses) 3, 164, 999 2, 912, 525 6, 077, 524 Income before contributions and transfers
CONTRIBUTIONS AND TRANSFERS:

Contributions
Transfers in
Transfers out
7, 595, 882 1, 000, 923 8, 596, 805 331, 632
3, 221, 707 8, 915, 262 12,36, 969
130,22 23, 622, 305 23, 752, 427
1, 709, 800) ( 1, 888, 056) ( 3, 597, 856)
Total contributions and transfers 1, 642, 029 30, 649, 511 32, 291, 540 Change in net position
NET POSITION:

Beginning of year
Restatements
Beginning of year, as restated
End of year
9, 237, 911 31, 650, 434 40, 888, 345 331, 632
111, 280, 762 194, 578,85 305, 89, 347
272, 359 ( 13, 959) 258, 400
111, 553, 121 194, 564, 626 306, 117, 747
331, 632)
331, 632)
120, 791, 032 $ 226,15, 060 $ 347, 006,92 $
See accompanying Notes to Basic Financial Statements.
41 City of Lathrop
Statement of Cash Flows
Proprietary Funds
For the year ended June 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:

Cash received from customers and users
Cash paid to suppliers for goods and services
Cash paid to employees for services
Cash received from (payments to) others
Net cash provided (used) by operating activities

CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES:

Cash transfers in
Cash transfers out
Repayment made to other funds
Net cash provided ( used) by
non - capital financing activities

CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:

Acquisition and construction of capital assets
Taxes and assessments
Principal paid on capital debt
Interest paid on capital debt
Net cash provided (used) by
capital and related financing activities:

CASH FLOWS FROM INVESTING ACTIVITIES:

Interest received
Net cash provided ( used) by investing activities
Net increase ( decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Business -Type Activities
Governmental
Activities
Water
Compensated
Absences Internal
Sewer Totals Service Fund
11, 976, 774 $ 12, 439, 646 $ 24, 416,20 $
9, 468, 193) 4, 054, 309 ( 5, 413, 884)
1, 823,38) ( 1, 074, 854) ( 2, 898, 692)
1,52, 381 349, 037 1, 501, 418
1, 837, 124 15, 768, 138 17, 605, 262
822, 01
822, 021
130,22
1, 709, 800)
1, 579, 678)
23, 622, 305 23, 752, 427
1, 888, 056) ( 3, 597, 856)
532,60 ( 532,60)
21,01, 689 19, 622, 011
949,44) ( 30, 495, 990) ( 31, 445, 934) -
1, 285, 169 894, 166 2, 179, 335
1, 662,70) - ( 1, 662,70)
355, 590) 11, 455 ( 344, 135)
1, 683, 05) ( 29, 590, 369) ( 31, 273, 404)
2,51,11 2, 018, 359 4, 269, 570
2,51,11 2, 018, 359 4, 269, 570
825, 622 9, 397, 817 10, 223, 439 822, 01
46, 900, 641 39, 787, 565 86, 688, 206 2, 880, 634
47, 726, 263 $ 49, 185, 382 $ 96,11, 645 $ 3, 702, 655

RECONCILIATION OF OPERATING INCOME ( LOSS) TO NET
CASH PROVIDED ( USED) BY OPERATING ACTIVITIES:

Operating income (loss) $ 4,30, 883 $ ( 1, 911, 602) $ 2, 519, 281 $ Adjustments to reconcile operating income ( loss) to
net cash provided by ( used in) operating activities:

Depreciation 2, 498, 551 4, 014, 374 6, 512, 925
Increase) decrease in accounts receivable ( 533, 866) ( 96, 415) ( 630, 281) Increase ( decrease) in accounts payable ( 4, 578, 997) 13, 839, 969 9, 260, 972 Increase (decrease) in accrued liabilities - ( 41, 344) ( 41, 344) Increase ( decrease) in deposits payable 69, 210 - 69, 210 Increase ( decrease) in compensated absences 216 ( 2, 822) ( 2, 606) Increase (decrease) in pension and OPEB ( 48, 873) ( 34, 022) 82,95) Total Adjustments ( 2, 593, 759) 17, 679, 740 15, 085, 981 331, 632
490, 389
490, 389
Net cash provided ( Used) by operating activities $ 1, 837, 124 $ 15, 768, 138 $ 17, 605, 262 $ Non -Cash Investing, Capital, and Financing Activities:

Donated assets $ 3, 221, 707 $ 8, 915, 262 12,36, 969 $ 822, 01
See accompanying Notes to Basic Financial Statements.
42 This page intentionally left blank
43 City of Lathrop
Statement of Fiduciary Net Position
Fiduciary Funds
June 30, 2025
Custodial
Funds
ASSETS
Cash and investments
Receivables:

Accrued interest
Restricted assets:

Cash and with fiscal agent
6, 584,59
12, 697
4, 716, 896
Total assets 11, 314, 152
Accounts payable
Deposits payable
Total liabilities

LIABILITIES

NET POSITION
358, 923
30, 747
389, 670
Restricted for:

Individuals, organizations, and other governments 10, 924, 482 Total Net Position 10, 924, 482
See accompanying Notes to Basic Financial Statements.
44 City of Lathrop
Statement of Changes in Fiduciary Net Position
Fiduciary Funds
For the year ended June 30, 2025
Custodial
Funds
ADDITIONS:

Collections for assessment districts
Investment earnings
7, 570,29
417, 906
Total additions 7, 988, 435
DEDUCTIONS:

Administrative expenses 220, 632
Debt service 7, 033,65
Total deductions
Change in net position
NET POSITION:

Beginning of year
End of year
7, 253, 697
734,38
10,89, 744
10, 924, 482
See accompanying Notes to Basic Financial Statements.
45 This page intentionally left blank
46 NOTES TO BASIC

FINANCIAL STATEMENTS
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48 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. Reporting Entity
The City of Lathrop, California, (the City) was incorporated July 1, 1989, under the general laws of the State of California. The City operates under a Council -Manager form of government and provides the following services: general government, public safety, public ways and facilities/ transportation, culture and leisure, and public utilities.

The financial statements of the primary government of the City of Lathrop include the activities of the City as well as the Lathrop Public Facilities Financing Corporation, which is controlled by and dependent on the City. While it is a
separate legal entity, its financial activities are integral to those of the City. Its financial activities have been aggregated and merged ( termed " blending") with those of the primary government of the City in the accompanying financial statements.

On April 11, 2000, the City Council formed the Lathrop Public Facilities Financing Corporation Corporation), a non- profit public benefit corporation. The Corporation was formed to assist the City in financing the acquisition, construction, and improvement of municipal facilities. The Corporation is also empowered to acquire property. The Corporation is governed by a Board of Directors consisting of the City Council members.

B. Basis of Presentation
The City' s
Basic Financial Statements are prepared in conformity with accounting principles generally accepted in the United States of America. The Government Accounting Standards Board is the acknowledged standard setting body for establishing accounting and financial reporting standards followed by governmental entities in the U. S. A.

These Standards require that the financial statements described below be presented.

Government -wide Statements: The Statement of Net Position and the Statement of Activities display information about the primary government (the City and its component unit). These statements include the financial activities of the overall City government, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. However, the 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. Business -type activities are financed in whole or in part by fees charged to external parties. 49 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued B. Basis of Presentation, Continued
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 operational needs of a particular program and (c) fees, grants and contributions that are restricted to financing the acquisition or construction of capital assets. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues.

Fund Financial Statements - The fund financial statements provide information about the City' sfunds, including fiduciary funds and blended component units. Separate statements for each fund category - 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.

Proprietary fund operating revenues, such as charges for services, result from exchange transactions associated with the principal activity of the fund. Exchange transactions are those in which each party receives and gives up essentially equal values. Nonoperating revenues, such as subsidies and investment earnings, result from nonexchange transactions or ancillary activities.

C. Major Funds
Major funds are defined as funds that have either assets, liabilities, revenues or expenditures/ expenses equal to ten percent of their fund -type total and five percent of the grand total. Major governmental and business - type funds are identified and presented separately in the fund financial statements. All other funds, called non -major funds, are combined and reported in a single column, regardless of their fund -
type. The General Fund is always a major fund. The City may also select other funds it believes should be presented as major funds.

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

General Fund
This fund accounts for all financial resources except those accounted for in another fund. It is the general operating fund of the City.

Developer Projects
This fund accounts for revenues received and expenditures spent associated with various developer projects.
50 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued C. Major Funds, Continued
Capital Facility Fees Special Revenue Fund
To account for the financial resources associated with the capital facility fees for Traffic Mitigation includes Regional Traffic), Storm Drain, Culture and Leisure, City Service, and Administration.

Streets and Roads Capital Projects Fund
This fund accounts for capital project expenditures related to streets and roads occurring over more than one fiscal year.

General CIP Projects Fund
To account for capital project expenditures related to streets and roads occurring over more than one fiscal year.

Park in Lieu Capital Projects Fund
The Park in Lieu Capital Projects Fund accounts for revenues and expenditures which can legally be made under the Quimby Act. The revenue is collected from residential developers to offset the impact on parks and can only be used for new park development.

The City reported both of its enterprise funds as major funds in the accompanying financial statements:

Water Fund
This fund accounts for the revenues and expenses of the City' s water operations.

Sewer Fund
This fund accounts for the revenues and expenses of the City' s sewer operations.

The City also reports the following fund types:

Internal Service Fund
The fund accounts for compensated absences activities, which are provided to other departments on a cost -reimbursement basis.

Fiduciary Funds
Custodial funds are used to account for assets held by the City as a custodian for certain special assessment districts. The financial activities of these funds are excluded from the entity -wide financial statement but are presented in separate Fiduciary Fund financial statements. 51 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued D. Basis ofAccounting
The government - wide, proprietary, and fiduciary fund financial statements are reported using the economic resources measurement focus and the full accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place.

Governmental funds are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Under this method, revenues are recognized when measurable and available.

The City considers all revenues reported in the governmental funds to be available if the revenues are collected within sixty days after year- end. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on long- term debt, claims and judgments, and compensated absences, which are recognized as expenditures to the extent they have matured. Governmental capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of governmental long- term debt and acquisitions under leases, software subscriptions, and financed purchases are reported as otherfinancing sources.

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 water fund, sewer fund, and internal service funds are charges to customers for sales and services.

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.

Non -exchange transactions, in which the City gives or receives value without directly receiving or giving equal value in exchange, include taxes, grants, entitlements, and donations. On the accrual basis, revenue from taxes is recognized in the fiscal year for which the taxes are levied or assessed. Revenue from grants, entitlements, and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied.

The City may fund programs with a combination of cost -reimbursement 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.

Certain indirect costs are included in program expenses reported for individual functions and activities.

Those revenues susceptible to accrual are use of money and property revenue, charges for services and fines and penalties. Sales taxes collected and held by the State at year- endon behalf of the City also are recognized as revenue.
52 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued E. Property Tax
The City' s property taxes are levied each July 1, on the assessed values as of the prior January 1 for all real and personal property located in the City. Property sold after the assessment date ( January 1) is reassessed and the amount of property tax levied is prorated.

The City has elected to receive property taxes from the County of San Joaquin ( County) under the Teeter Plan. Under this program, the City receives 100% of the levied property taxes in periodic payments with the County assuming responsibility for delinquencies. Secured property taxes are due in two equal installments; the first is due November 1 and delinquent with penalties after December 10; the second is due February 1 and delinquent with penalties after April 10. Unsecured personal property taxes do not constitute a lien against real property unless the taxes become delinquent. Payment must be made in one installment, which is delinquent if not paid by August 31. The City accrues only taxes which are received from the County within 60 days after fiscal year end.

F. Use ofEstimates
The preparation of the financial statements in conformity with generally accepted accounting principles GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

G. Cash and Cash Equivalents
The City' scash and cash equivalents are considered to be cash on hand, demand investments deposits, and short- tem
with original maturities of three months or less from the date of acquisition.

H. Accounts Receivable
In the government -wide statements, receivables consist of all revenues earned at year- end and not yet received. Receivables are recorded in the financial statements net of any allowance for doubtful accounts if applicable, and estimated refunds due. Major receivable balances for the governmental activities include sales and use taxes, franchise taxes, grants, police fines and other fees. Federal and state grants are considered receivable and accrue as revenue when reimbursable costs are incurred. Business - type activities report utilities and interest earnings as their major receivables.

In the fund financial statements, material receivables in governmental funds include revenue accruals such as sales tax, franchise tax, and grants and other similar intergovernmental revenues since they are usually both measurable and available.
53 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued L Prepaid Expenses
Prepaid items are also recognized under the consumption method. Payments to vendors that reflect costs applicable to future accounting periods are recorded as prepaid items in both government - wide and fund financial statements.

J. Capital Assets
The accounting treatment over property, plant and equipment depends on whether the assets are used in governmental fund operations or proprietary fund operations and whether they are reported in the government -wide or fund financial statements.

Donated capital assets, donated works of art and similar items, and capital assets received in a service concession arrangement are reported at the estimated acquisition value on the date contributed. All other capital assets are valued at historical cost or estimated historical cost if actual historical cost is not available. The City' s policy is to capitalize all capital assets with costs exceeding certain minimum thresholds.

The City has recorded all its public domain (infrastructure) capital assets placed in service, which include roads, bridges, curbs and gutters, streets and sidewalks, drainage systems, and lighting systems.

The purpose of depreciation is to spread the cost of capital assets equitably among all users over the life of these assets. The amount charged to depreciation expense each year represents that year' s pro rata share of the cost of capital assets. Generally accepted accounting principles require that all capital assets with limited useful lives be depreciated over their estimated useful lives. Depreciation is provided using the straight line method which means the cost of the capital asset is divided by its expected useful life in years and the result is charged to expense each year until the capital asset is fully depreciated. The City has assigned the useful lives listed below to capital assets.

Buildings 10 - 30 years
Improvements 5 - 50 years
Equipment and Vehicles 5 - 30 years
Infrastructure 5 - 40 years
Leases and Subsciptions Lease/ Subscription Term
54 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued J. Capital Assets, Continued
The City capitalizes all capital assets with a useful life of more than one year. Prior to July 1, 2019, the City capitalized all capital assets with a cost greater than $3, 000. Subsequent to that date, the City capitalizes all land purchases and all other capital assets as follows:

Land
Land Improvements
Buildings and Building Improvements
Infrastructure
Equipment, Furniture and Vehicles
Leases and Subscriptions ( GASBS 87 and 96)
Leasehold Improvements
Construction in Progress for Year End Reporting
50, 000
50, 000
50, 000
10, 000
100, 00
50, 000
50, 000 will exceed amount at completion
K. Compensated Absences
City employees accumulate earned, but unused, compensatory, management, vacation, and sick leaves which will be used in the next 12 months ( sick leave), converted to vacation leave ( management leave), or paid out upon termination of employment ( compensatory, and vacation leaves). Accrual amounts are determined on a first -in first -out basis. For governmental funds, a liability for these amounts is recorded
only if they have matured, for example, as a result of employee resignations and retirements. The remaining amounts are reported as a
liability in the Statement of Net Position. Proprietary funds' liability for compensated absences is recorded in each proprietary fund. The liability for compensated absences is determined annually.

L. Long Term Liabilities
In the government -wide financial statements and the proprietary fund types in the fund financial statements, long- term liabilities, and other long- term obligations are reported as liabilities in the applicable governmental activities, business - type activities, or proprietary fund type statement of net position.

In the fund financial statements, the face amount of debt issued is reported as other financing sources.

Premiums received are reported as other financing sources, while discounts are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures.
55 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued M. Net Pension Liability
For purposes of measuring the net pension liability, deferred outflows and inflows of resources related to pensions, and pension expense, information about the fiduciary net position and additions to/ deductions from the fiduciary net position have been determined on the same basis as they are reported by the CaIPERS Financial Office. 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. The liability is typically liquidated by the General Fund. Ca1PERS audited financial statements are publicly available reports that can be obtained from Ca1PERS' website under Forms and Publications.

N. Other Post -Employment Benefits ( OPEB)
For purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense have been determined by an independent actuary. For this purpose, benefit payments are recognized when currently due and payable in accordance with the benefit terms. The liability is typically liquidated by the General Fund.

Generally accepted accounting principles require that the reported results must pertain to liability information within certain defined timeframes. For this report, the following timeframes are used:

Valuation Date
Measurement Date
Measurement Period
June 30, 2023
June 30, 2024
June 30, 2023 to June 30, 2024
O. Deferred Outflows/ Inflows of Resources
In addition to assets, the statement of net position reports a separate section for deferred outflows of
resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net assets that applies to a future period( s) and so will not be recognized as an outflow of resources ( expense/ expenditure) until then.

In addition to liabilities, the statement of net position reports 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.
56 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued P. Interfund Transactions
Interfund transactions are reflected as either loans, services provided, reimbursements, or transfers. Loans are reported as receivables and payables as appropriate, are subject to elimination upon consolidation and 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 noncurrent portion of interfund loans). Any residual balances outstanding between the governmental activities and the business -type activities are reported in the government -wide financial statements as " internal balances". Advances between funds, as reported in the fund financial statements, are offset by a fund balance reserve account in applicable governmental funds to indicate that they are not available for appropriation and are not available financial resources.

Services provided, deemed to be at market or near market rates, are treated as revenues and expenditures/ expenses. Reimbursements are when one fund incurs a cost, charges the appropriate benefiting fund, and reduces its related cost as a reimbursement. All other interfund transactions are treated as transfers. Transfers between governmental or proprietary funds are netted as part of the reconciliation to the government -wide presentation.

Q. Net Position and Fund Balance
Net Position
Net position is the excess of all the City' s
assets all deferred outflows over all its liabilities and deferred inflows, regardless of fund. Net position is divided into three captions on the Statement of Net Position.

These captions apply only to net position, which is determined only at the Government - wide level, and business -type activities and are described below:

Net Investment in Capital Assets describes the portion of Net Position which is represented by the current net book value of the City' scapital assets, less the outstanding balance of any debt issued to finance these assets and related deferred inflow of resources.

Restricted describes the portion of Net Position which is restricted as to use by the terms and conditions of agreements with outside parties, governmental regulations, laws, or other restrictions which the City cannot unilaterally alter.

Unrestricted describes the portion of Net Position which is not restricted to use.

Fund Balance
Governmental fund balances represent the net current assets of each fund. Net current assets generally represent a fund' scash and receivables, less its liabilities. 57 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued Q. Net Position and Fund Balance, Continued
Fund Balance, Continued
The City' sfund balances are classified based on spending constraints imposed on the use of resources.

For programs with multiple funding sources, the City prioritizes and expends funds in the following order: Restricted, Committed, Assigned, and Unassigned. Each category in the following hierarchy is ranked according to the degree of spending constraint:

Nonspendables represents balances set aside to indicate items do not represent available, spendable resources even though they are a
component of assets. Fund balances required to be maintained intact, such as Permanent Funds, and assets not expected to be converted to cash, such as prepaids, notes receivable, and land held for redevelopment are included. However, if proceeds realized from the sale or collection of nonspendable assets are restricted, committed or assigned, then nonspendable amounts are required to be presented as a component of the applicable category.

Restricted fund balances have external restrictions imposed by creditors, grantors, contributors, laws, regulations, or enabling legislation which requires the resources to be used only for a specific purpose.

Nonspendable amounts subject to restrictions are included along with spendable resources.

Committed fund balances include amounts that can be used only for the specific purposes determined by a formal action of the City Council' s
highest level of decision -making authority. The City Council can, by adoption of a resolution prior to the end of the fiscal year, commit fund balance. Once adopted, the limitation imposed by the resolution remains in place until a similar action is taken ( the adoption of another resolution) to remove or revise the limitation.

Assigned fund balances are amounts constrained by the City' s intent to be used for a specific purpose but
are neither restricted nor committed. The Authority for assigning fund balance is expressed by the City Council or its designee ( i.e., City Manager), as established in the City' s Reserve Policy. This category
includes nonspendables, when it is the City' s
intent to use proceeds or collections for a specific purpose, and residual fund balances, if any, of Special Revenue, Capital Projects and Debt Service Funds which have not been restricted or committed.

Unassigned fund balance represents residual amounts that have not been restricted, committed, or assigned. This includes the residual general fund balance and residual fund deficits, if any, of other governmental funds.

Further detail about the City' s
fund balance classification is described in Note 9.
58 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued R. New Accounting Pronouncements
GASB Statement No. 101, Compensated Absences — The objective of this Statement is to better meet the information needs of financial statement users by updating the recognition and measurement guidance for compensated absences. That objective is achieved by aligning the recognition and measurement guidance under a unified model and by amending certain previously required disclosures. The City restated its beginning compensated absence balances and updated its current year accounting and disclosures as part of the implementation of this Statement.

GASB Statement No. 102, Certain Risk Disclosures - The objective of this Statement is to provide users of government
vulnerabilities
financial
due to
statements
certain concentrations
with essential
or
information
constraints. No
about
new
risks
disclosures
related to
resulted
a government' s
from the
implementation of this Statement.

2. CASH AND INVESTMENTS
A. Policies
The City invests in individual investments and in investment pools. Individual investments are evidenced by specific identifiable pieces of paper called securities instruments, or by an electronic entry registering the owner in the records of the institution issuing the security, called the book entry system.

California Law requires banks and savings and loan institutions to pledge government securities with a fair value of 110% of the City' s
cash on deposit or first trust deed mortgage notes with a value of 150% of the City' scash on deposit as collateral for these deposits. Under California Law this collateral is held in an investment pool by an independent financial institution in the City' s name and places the City ahead
of general creditors of the institution pledging the collateral. As of June 30, 2025, $69,44 of the cash with financial institutions was collateralized.

The City' s
investments are carried at fair value, as required by generally accepted accounting principles.

The City adjusts the carrying value of its investments to reflect their fair value at each fiscal year end, and it includes the effects of these adjustments in income for that fiscal year.

Investment income is allocated among funds on the basis of average monthly cash and investment balances in these funds. Interest income on certain investments is allocated based on the source of the investment and legal requirements which apply.

Cash and investments with an original maturity of three months or less are used in preparing proprietary fund statements of cash flows because these assets are highly liquid and are expended to liquidate liabilities arising during the year.
59 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

2. CASH AND INVESTMENTS, Continued
B. Classification
Cash and investments are classified in the financial statements as shown below, based on whether or not their use is restricted under the terms of City debt instruments. Cash and investments as of June 30, 2025, are as follows:

City cash and investments in primary government:

Cash and investments
Cash and investments, restricted, with fiscal agents
Total primary government cash and investments
Cash and investments in Fiduciary Funds ( separate statement):

Cash and investments
Cash and investments, restricted, with fiscal agents
Total Fiduciary Funds cash and investments
368, 022, 827
1, 486, 322
369, 509, 149
6, 584,59
4, 716, 896
11, 301, 455
Total cash and investments $ 380, 810, 604
Cash and Investments as of June 30, 2025, consist of the following:

Cash on hand $ 3, 260
Cash with financial institutions 68, 890, 593
Investments 311, 96, 751
Total Cash and Investments $ 380, 810, 604
C. Investments Authorized by the California Government Code and the City' s Investment Policy
The City' s
Investment Policy and the California Government Code allow the City to invest in the following, provided the credit ratings of the issuers are acceptable to the City and approved percentages and maturities are not exceeded. The table below also identifies certain provisions of the California Government Code or the City' s
Investment Policy where it is more restrictive that addresses interest rate risk, credit risk and concentration of credit risk. This table does not address investments of debt proceeds held by bond trustees that are governed by the provisions of debt agreements of the City, rather than the general provisions of the California Government Code or the City' s investment policy.
60 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

2. CASH AND INVESTMENTS, Continued
C. Investments Authorized by the California Government Code and the City' s Investment Policy,
Continued
The City' s
investment policy states that all investments and deposits shall be made in accordance with the California Government Code Sections 16429., 53600-3609 and 53630-3686, except for the reserve funds from proceeds of debt issues may be invested in permitted investments specified in the indenture of the debt issue. The City has further restricted authorized investments to the following:

Maximum Maximum
Percentage/ Investment Minimum
Maximum Amount of in One Credit
Authorized Investment Type Maturity Portfolio Issuer Ratings Local Government Bonds 5 years 30% None A
State Bonds 5 years 30% None A
US Treasury Obligations 5 years None None N/ A
US Government Agency Issues 5 years None None N/ A
Banker' sAcceptance 180 days 40% 30% A
Commercial Paper, Prime Quality 270 days 25% 10% A
Negotiable Certificates of Deposit 5 years 30% None N/ A Repurchase and Reverse Repurchase Agreements 30 days None None A Medium - Term Notes 5 years 30% 10% AAA
Money Market Funds N/ A 20% None AAAm
Mutual Funds 5 years 20% 10% AAAm
Local Agency Investment Fund (" LAIF") N/ A None None N/ A Joint Power Authority Pool N/ A None None N/ A
Supranational Obligations 5 years 30% None AA
61 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

2. CASH AND INVESTMENTS, Continued
D. Investments Authorized by Debt Agreements
The City must maintain required amounts of cash and investments with trustees or fiscal agents under the terms of certain debt issues. These funds are unexpended bond proceeds or are pledged reserves to be used if the City fails to meet its obligations under these debt issues. The California Government Code requires these funds to be invested in accordance with City resolutions, bond indentures or State statutes.

The table below identifies the investment types that are authorized for investments held by fiscal agents.

The bond indentures contain no limitations for the maximum investment in any one issuer or the maximum percentage of the portfolio that may be invested in any one investment type. The table also identifies certain provisions of these debt agreements:

Maximum Maximum
Percentage/ Investment
Maximum Amount of in One
Authorized Investment Type Maturity Portfolio Issuer
US Treasury Obligations None None None
US Agency Securities None None None
Mortgage - caked Securities 3 years None None
Banker' sAcceptance ( must be dollar denominated) 360 days None None Certificates of Deposit None None None
Commercial Paper 180 days None None
Money Market Funds N/ A None None
Local Government Bonds None None None
County Pool N/ A None None
Local Agency Investment Fund (" LAIF") N/ A None None
E. Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market interest rates. One of the ways that the City manages its exposure to interest rate risk is by purchasing a combination of shorter term and longer term investments and by timing cash flows from maturities so that a portion of the portfolio is maturing or coming close to maturity evenly over time as necessary to provide the cash flow and liquidity needed for operations. 62 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

2. CASH AND INVESTMENTS, Continued
E. Interest Rate Risk, Continued
Information about the sensitivity of the fair values of the City' s investments ( including investments held
by bond trustees) to market interest rate fluctuations is provided by the following table that shows the distribution of the City' s
investments by maturity or earliest call date:

Maturities
Investment Type
U. S. Treasury Obligations
U. S. Government Agencies Issues
Supranational Obligations
Local Agency Investment Fund
California Asset Management Program
Money Market Mutual Funds
Total Investments
Cash in Banks and On Hand
Total City Cash and Investments
12 Months or
Less 13 to 24 Months 25 to 60 Months Total
75, 089, 873
95, 830, 946
10, 008, 588
180, 929, 407
3,60, 498 $ 111, 467, 694
2, 984,56 8, 415, 022
1, 757, 842 3, 001, 332
8, 103, 296 $ 122, 884, 048
114, 828, 192
11, 399, 978
4, 759, 174
75, 089, 873
95, 830, 946
10, 008, 588
311, 96, 751
68, 893,53
380, 810, 604
The City is a 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. The City reports its investment in LAIF at the fair value amount provided by LAIF. For the year ended June 30, 2025, the fair value factor for the City' s
investments in LAIF was 1. 00119831. The balance is available for withdrawal on demand and is based on the accounting records maintained by LAIF, which are recorded on an amortized cost basis. Each regular LAIF account is permitted to have up to 15 transactions per month, with a minimum transaction amount of $5, 000, a maximum transaction amount of $75 million and at least 24 hours advance notice for withdrawals of $10 million or more.

Included in LAIF' s investment portfolio are collateralized mortgage obligations, mortgage -backed securities, other asset - backed securities, loans to certain state funds, United States Treasury Notes and Bills and floating rate securities issued by federal agencies, government - sponsored enterprises, and corporations. At June 30, 2025, LAIF had 3. 81% of its portfolio invested in structured notes and asset - backed securities as compared to 3. 00% in the prior year.

At June 30, 2025, the City' sinvestment position in the California Asset Management Program ( CAMP) was $ 95, 830, 946. The CAMP Pool is a short- tem cash reserve portfolio and cash management vehicle.

The Pool is managed to maintain a dollar -weighted average portfolio maturity of 60 days or less and seeks to maintain a constant net asset value (NAV) per share of $1. 00. CAMP is rated AAAm by Standard & Poor' s. At June 30, 2025, the total net asset value per share was $ 1. 00 and the 7 -day yield was 4.3%. 63 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

2. CASH AND INVESTMENTS, Continued
E. Interest Rate Risk, Continued
Bond proceeds accounts are subject to a one- time deposit with no cap and are set up with a monthly draw down schedule.

F. Fair Value Hierarchy
The City categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure fair value of the assets. Level 1 inputs are quoted prices in an active market for identical assets; Level 2 inputs are significant other observable inputs; and Level 3 inputs are significant unobservable inputs.

The following is a
summary of the fair value hierarchy of the fair value of investments of the City as of June 30, 2025:

Investments by Fair Value Level: Level 1
U. S. Treasury Obligations
U. S. Government Agencies Issues
Supranational Obligations
Level 2 Total
114, 828, 192 $ 114, 828, 192
11, 399, 978 11, 399, 978
4, 759, 174 4, 759, 174
Total Investments by Fair Value Level $ 130, 987, 344 130, 987, 344 Investments Measured at Amortized Cost:

Local Agency Investment Fund
California Asset Management Program
Money Market Mutual Funds
Cash in Banks and On Hand
75, 089, 873
95, 830, 946
10, 008, 588
68, 893,53
Total Cash and Investments $ 380, 810, 604
For investments classified within Level 2 of the fair value hierarchy, the City' s custodians generally use a
multi -dimensional relational model. Inputs to their pricing models are based on observable market inputs in active markets. The inputs to the pricing models are typically benchmark yields, reported trades, broker dealer quotes, issuer spreads and benchmark securities, among others. Fair value is defined as the quoted market value on the last trading day of the period. These prices are obtained from various pricing sources by the custodian bank.

G. Credit Risk
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical
rating organization. The actual ratings as of June 30, 2025, as provided by Standard and Poor' s, are as follows:
64 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

2. CASH AND INVESTMENTS, Continued
G. Credit Risk, Continued
Investment Type AAAm AA1 AAA Total
Supranational Obligations $ - $ $ 4, 759, 174 $ 4, 759, 174 U. S. Government Agencies Issues - 11, 399, 978 11, 399, 978 US Treasury Obligations - 114, 828, 192 114, 828, 192
California Asset Management Program 95, 830, 946 - 95, 830, 946 Money Market Mutual Funds 10, 008, 588 - 10, 008, 588
Totals
Not Rated:

Local Agency Investment Fund
105, 839, 534 $ 126, 228, 170 $ 4, 759, 174 236, 826,78 75, 089, 873
Total Investments $ 311, 96, 751
H. Concentration of Credit Risk
There were no investments in any one issuer, other than U. S. Treasury securities, money market mutual funds, and California Local Agency Investment Funds that represent 5% or more of total City- wide investments at June 30, 2025.

3. INTERFUND TRANSACTIONS
A. Long -Term Advances
As of June 30, 2025, the Sewer Enterprise Fund had a
remaining balance of $808, 16 owed to the General
Fund, which was used to cover capital construction and other related costs. The advances are repaid with future operating revenues over several years.

In the fiscal year ended June 30, 2023, the City loaned the Capital Facility Fees Fund $7, 498, 000 for the purpose of funding an animal shelter. The loan will be repaid through fee revenues. The remaining balance was $7, 498, 000 as of June 30, 2025.
65 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

3. INTERFUND TRANSACTIONS, Continued
B. Transfers Between Funds
With Council approval, resources may be transferred from one City fund to another. Transfers between funds during the fiscal year ended June 30, 2025, were as follows:

Transfers In
Transfers Out
General Non -Major
General Streets Sr CIP Governmental
Fund Roads Projects Funds Water Sewer Total
Major Funds:

General Fund
Developer Projects
Capital Facilities Fees
Non -Major Governmental Funds
Major Enterprise Funds:

Water
Sewer
5, 405, 261 $ 2, 762, 542 $ 4, 616, 898 $ - $ - $ 12, 784,01 2, 180 272, 34 15, 000 - 23, 622, 305 23, 911, 809
479, 58 636, 925 1, 570, 000 - - 2, 686, 523
4,12, 216 12, 247, 140 2,35, 969 1, 810, 001 130,22 - 20, 835, 448 1, 645, 970
1, 802, 950
63, 830
85, 106
1, 709, 800
1, 888, 056
Total $ 8, 342, 914 $ 18, 561, 650 $ 6, 732, 447 $ 6, 426, 899 $ 130,22 $ 23, 622, 305 $ 63, 816, 337 The purpose of the General Fund transfers out were to fund various capital projects and, to a lesser extent, to subsidize special revenue funds' operations. Transfers from the Capital Facilities Fee Special Revenue Fund were to fund operations and contribute to capital projects. Transfers from the Water and Sewer Enterprise Funds to the General Fund were to help pay for overhead costs. Transfers from Non -Major Governmental Funds to the General Fund to pay for overhead costs and projects.

C. Internal Balances
Internal balances are presented in the entity -wide financial statements only. They represent the net interfund receivables and payables remaining after the elimination of all such balances within governmental and business -type activities.
66 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

4. CAPITAL ASSETS
A. Capital Asset Additions and Retirements
Capital assets activity for the year ended June 30, 2025, is as follows:

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

Land $ 13, 472, 040 $ 2, 076, 956 $ (1, 479, 294) $ - $ 14, 069, 702 Construction in Progress 30, 951, 580 11, 579, 836 - ( 8, 492, 639) 34, 038, 777 Total capital assets not being depreciated 44,23, 620 13, 656, 792 ( 1, 479, 294) ( 8, 492, 639) 48, 108, 479 Capital assets being depreciated/ amortized:

Buildings 26, 525, 780 172 26, 525, 952
Improvements 109, 250, 188 4, 206, 971 - 3, 573, 867 117, 031,26 Equipment and Vehicles 8, 200, 519 3, 448, 231 ( 171, 091) 2, 418, 853 13, 896, 512 Infrastructure 303, 118, 343 35, 216, 644 - 2, 499, 919 340, 834, 906 Equipment and Vehicles Right -to -use Assets 1, 659,76 322, 790 - 1, 982, 466 Total capital assets being depreciated/ amortized 448, 754, 506 43, 194, 808 ( 171, 091) 8, 492, 639 500, 270, 862 Less accumulated depreciation/ amortization:

Buildings ( 5, 709,46) ( 652, 125) ( 6, 361, 871)
Improvements ( 37, 559, 166) ( 4, 715, 49) - ( 42, 274, 625) Equipment and Vehicles ( 4, 581, 643) ( 2, 725, 066) 133, 374 ( 7, 173, 335) Infrastructure ( 84, 785, 940) ( 7, 540,47) - - ( 92, 326, 487) Equipment and Vehicles - Right -to -use Assets ( 777, 455) ( 591, 563) - ( 1, 369, 018) Total accumulated depreciation/ amortization ( 133, 413, 950) ( 16, 224, 760) 133, 374 ( 149, 505, 336) Net capital assets being depreciated/ amortization 315,40, 556 26, 970, 048 ( 37, 717) 8, 492, 639 350, 765, 526 Governmental Activities Capital Assets, Net $ 359, 764, 176 $ 40, 626, 840 $ ( 1, 517, 011) $ - $ 398, 874, 005 67 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

4. CAPITAL ASSETS, Continued
A. Capital Asset Additions and Retirements, Continued
Balance Balance
Business -type Activities July 1, 2024 Additions Retirements Transfers June 30, 2025 Capital assets not being depreciated:

Land
Construction in Progress
Total capital assets not being depreciated
Capital assets being depreciated:

Buildings
Improvements
Equipment and Vehicles
Net capital assets being depreciated
Less accumulated depreciation:

Buildings
Improvements
Equipment and Vehicles
Total accumulated depreciation
Net capital assets being depreciated
3, 739, 227 $ - $ 3, 739, 227
3, 895, 075 31, 400, 963 - ( 132, 597) 35, 163, 441
7, 634, 302 31, 400, 963 ( 132, 597) 38, 902, 668
3, 072 -
302,95, 595 12, 280, 381 ( 303, 266)
2, 441,84 204, 825 ( 21, 409)
304, 80, 151 12, 485, 206 ( 324, 675) 132, 597 317, 133, 279 3, 072
132, 597 314, 505, 307
2, 624, 900
3, 072) - - ( 3, 072)
71, 966, 038) ( 6, 334, 615) 1, 650 ( 78, 299, 003)
1, 344,79) ( 178, 310) 19, 759 - ( 1, 502, 930)
73, 313, 489) ( 6, 512, 925) 21, 409 ( 79, 805, 005)
231, 526, 662 5, 972, 281 ( 303, 266) 132, 597 237, 328, 274 Business -type Activities Capital Assets, Net $ 239, 160, 964 $ 37,73, 244 $ ( 303, 266) $ - $ 276,30, 942 B. Capital Asset Contributions
Some capital assets may be acquired using federal and State grant funds, or they may be contributed by developers or other governments. These contributions are required to be accounted for as revenues at the time the capital assets are contributed.

C. Depreciation Allocation
Depreciation expense is charged to functions and programs based on their usage of the related assets.

The amounts allocated to each function or program are as follows:

Governmental Activities:

General government
Public safety
Public works
Culture and leisure
782, 279
3, 196, 039
11, 048, 689
1,97, 753
Total Governmental Activities $ 16, 224, 760
68 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

4. CAPITAL ASSETS, Continued
C. Depreciation Allocation, Continued
Business -Type Activities:

Water
Sewer

5. COMPENSATED ABSENCES
2, 498, 551
4, 014, 374
Total Business -Type Activities $ 6, 512, 925
The following is a
summary of changes in the City' scompensated absences for the fiscal year ended June 30, 2025:

Balance
June 30, 2024, Balance Due within
as restated Net Changes June 30, 2025 one year
Governmental activities $ 3, 676, 482 $ 478, 923 $ 4, 155, 405 $ 1, 975, 189 Business -type activities 158, 743 ( 2, 606) 156,37 101, 489 Total $ 3, 835, 225 $ 476, 317 $ 4, 311, 542 $ 2, 076, 678

6. LOANS PAYABLE & OTHER LONG- TERM DEBT
A. The City' sLoans Payable & Other Long -Term Debt
The City' slong- term debt activities for the year ended June 30, 2025, are as follows:

Balance Balance
Governmental Activities Long -Term Debt June 30, 2024 Additions Retirements June 30, 2025 Current Portion Financing Agreement Obligation
2016 Financing Agreement

2. 55%, due 07/ 15/ 2029
Leases and SBITAS ( See Note 8)
2, 110, 000 $ - $ ( 330, 00) $ 1, 780, 000 $ 340, 00
882, 21 322, 790 ( 591,63) 613, 448 358, 80
Total Governmental Activities $ 2, 992, 221 $ 322, 790 $ ( 921, 563) $ 2, 393, 448 $ 698, 80 69 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

6. LOANS PAYABLE & OTHER LONG- TERM DEBT, Continued
A. The City' s
Loans Payable & Other Long -Term Debt, Continued
Balance Balance
Business -type Activities Long -Term Debt June 30, 2024 Retirements June 30, 2025 Current Portion Capital Loan Obligation
2017 Bank Loan

2. 89%, due 06/1/ 2032 $ 6, 724, 497 $ ( 758, 602) $ 5, 965, 895 $ 780, 686 State Revolving Fund Loan

2. 3086%, due 07/1/ 2032 4, 588, 144 ( 488, 846) 4, 099, 298 505, 970 Compass Bank Loan

3. 50%, due 06/1/ 2029 2,77, 444 ( 415, 222) 1, 807, 222 429,56 Total Business -type Activities 13, 535, 085 $ ( 1, 662,70) $ 11, 872, 415 $ 1, 716, 112 B. Debt Service Requirements
Future principal and interest payments on all governmental and business -type long- term debt are as follows at June 30, 2025:

Business -Type Activities:

For the Year
Ending June 30
Governmental Activities:

For the Year
Ending June 30
Direct Borrowings
2016 Financing Agreement
Principal Interest
2026
2027
2028
2029
2030
340, 00
345, 000
360, 00
360, 00
375, 000
41, 055
32,21
23, 333
14,53
4, 781
Total $ 1, 780, 000 $ 115, 643
Direct Borrowings
2017 Bank Loan State Revolving Fund Loan Compass Bank Loan Principal Interest Principal Interest Principal Interest 2026
2027
2028
2029
2030
2031-033
780, 686
803, 412
826,00
850,69
875, 638
1, 828, 490
166, 774
144, 08
120, 660
96, 592
71, 823
66, 433
505, 970
517, 719
529, 740
542, 040
554, 626
1, 449, 203
97, 376
85, 762
73, 878
55,33
24, 344
68, 975
429,56
444, 618
460, 316
472, 832
59,44
44, 382
28, 684
12, 432
Total $ 5, 965, 895 $ 666, 330 $ 4, 099, 298 $ 405, 868 $ 1, 807, 222 $ 145, 042 70 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

6. LOANS PAYABLE & OTHER LONG- TERM DEBT, Continued
C. Description of the City' s
Loans Payable & Other Long -Term Debt Issues
City Hall Loan - On June 1, 2016, the City entered into a financed purchase with the Lathrop Financing Authority ( Authority) for the existing City Hall building, in the amount of $4, 190, 000 with a 2. 55% annual interest rate. On the same date, the Authority assigned its rights under the purchase agreement to Capital One Public Funding, LLC. The proceeds of the financed purchase obligation, together with available funds from the City, were used to advance refund the outstanding 2004 Obligation amounting to 6,40, 000. A total of $6, 787, 680 was deposited into an irrevocable trust with an escrow agent to provide funds for the future debt service payment on the refunded 2004 Obligation. As a result, the 2004 Obligation was considered defeased and the liability for the 2004 Obligation has been removed from the Statement of Net Position as of June 30, 2016. On July 15, 2016, the 2004 Obligation was prepaid fully. This advance refunding reduced the City' s
total debt service payments over 15 years by $ 2, 901, 765 and obtained an economic gain (difference between the present values of the debt service payments on the old and new debt) of $950, 783. Due to the timing of debt service payments on July 15th of each year, the City prepays the principal and interest.

The 2016 City Hall Financing Obligation is secured by the City Hall building at 390 Towne Centre Drive, Lathrop, California. The outstanding amount contains a provision that in an event of default, Lathrop Financing Authority may terminate the agreement, rent out all or any portion of the property, or hold the City liable for the payment of all base rental obligations and be reimbursed for any deficiency arising out of re -renting the property.
2017 Bank Loan - On May 18, 2017, the City entered into a loan agreement with Opus Bank, in the amount of $11, 455, 000 with a 2. 89% annual interest rate. The purpose of the loan proceeds was to refinance the 2003 Revenue Bonds. A total of $11, 328, 241 was deposited into an irrevocable trust with an escrow agent to provide funds for the future debt service payment on the refunded 2003 Bonds. As a result, the 2003 Bonds were considered defeased and the liability for the 2003 Bonds had been removed from the Statement of Net Position as of June 30, 2017. On June 1, 2017, the 2003 Bonds were repaid fully. This refunding reduced the City' s
total debt service payments over 15 years by $6, 829, 468 and obtained an economic gain ( difference between the present values of the debt service payments on the old and new debt) of $ 3, 857, 309. The interest and principal payments are due June 1 and December 1.

State Revolving Fund Loan - The City entered into an agreement with the California Department of Public Health in the amount of $10, 929, 000. Funds are for the Water Supply Arsenic Reduction Project.

Repayment of this loan started on January 1, 2013. Terms of the note include a twenty- year repayment
period and a 2.3% interest rate. Principal and interest payments are paid semiannually. The City' s net
water system revenues have been pledged for the repayment of debt service on loan.

The State Revolving Fund Loan is secured by a promissory note. The outstanding loan amount contains a provision that in an event of default, the State can declare the City' s obligation immediately due and payable.
71 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

6. LOANS PAYABLE & OTHER LONG- TERM DEBT, Continued
C. Description of the City' s
Loans Payable & Other Long -Term Debt Issues, Continued Compass Bank Loan - During fiscal year 2011- 12, the City entered into a loan agreement with Compass Bank in the amount of $6, 203, 000. The proceeds from the loan were used to refund the 2000A Certificates of Participation ( 2000A COPs). Interest on the Compass Loan is payable semi- annually on December 1 and June 1 of each year through the year 2029. Repayment of this loan started on December 1, 2012.

The 2017 Bank Loan and Compass Bank Loan are secured by a pledge of and lien on the net revenues of the Water System. The outstanding loan amount contains a provision that in an event of default, the loans will bear interest at the default rate, a rate of interest equal to the interest rate plus 3 percent and 5 percent, respectively, or the outstanding loan amount may become immediately due and payable.

For the fiscal year June 30, 2025, net revenues of the Water Enterprise Fund amounted to $ 5, 468, 712 which represented coverage of 3. 54 times the $ 1, 545, 205 debt service on the 2017 Bank Loan and Compass Bank Loan.

7. SPECIAL ASSESSMENT/ COMMUNITY FACILITY DISTRICT DEBT WITHOUT CITY

COMMITMENT
Special Assessment Districts in various parts of the City have issued debt to finance infrastructure improvements and facilities within their boundaries. The City is the collecting and paying agent for the debt issued by these Districts but has no direct or contingent liability or moral obligation for the payment of this debt. Therefore, this debt is not included as long- term debt of the City. The outstanding balance of each of these issues as of June 30, 2025 is as follows:

Mossdale Assessment District Refunding 2015
Mossdale Village Refundings 2023 Series A
Crossroad Assessment District Series 2015
Joint Wastewater Project CFD 2003-
Lathrop Sanitary Sewer Assessment District No. 1
Community Facilities District No. 2018- 1
4, 005,00
8, 680, 000
9, 250, 000
4, 180, 000
130, 00
45, 080,00
72 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

8. LEASES AND SUBSCRIPTION - BASED INFORMATION TECHNOLOGY ARRANGEMENTS The City records several leases payable for tangible assets, as well as on software subscriptions SBITAs).

Lease and SBITA agreements are summarized as follows:

Payment Annual Interest Balance
Description Date Terms Payment Rate June 30, 2025
Police cameras and tasers Various, starting November 2021 3- 5 years 123,52 0.0% $ 199, 354 Camera software Various, starting November 2021 3- 5 years 125, 728 0.0% 194, 094 Integrated police software 3/ 13/ 2023 5 years 110, 00 0.0% 220, 00 Total Leases and SBITAs 613, 448
Integrated police software - original subscription amount: $ 550, 00 - The software provided by Peregrine Technologies Inc. provides a real time data analysis and visualization systems that integrates data from a broad range of law enforcement software, including Computer Aided Dispatch ( CAD) provided by RIMS, Records Management System ( RMS) provided by RIMS, License Plate Readers ( LPR) provided by Vigilant insight, and Flock Fleet 3, Video Management System ( VMS) provided by Avigilon and Digital Evidence Management System ( DEMS) provided by Evidence. com.

Police cameras and tasers, and related camera software - original lease amount: $ 591, 397, original subscription amount: $598, 02 - Axon Enterprises, Inc. provides body cameras, tasers and in car video equipment to the City' s police force. The Axon system unifies the operation of body cameras, tasers and in car video and provides storage for all the data gathered from them. The system allows retrieval and use that complies with all legal requirements and is easily retrievable by all authorized personnel. The equipment will be maintained by Axon and will be replaced when necessary, avoiding the need for highly technical staff support and assuring the equipment remains functional and evidence produced will be legally viable. Axon also provides training and support for all their products leased by the City.

Annual requirements to amortize long- term obligations and related interest are as follows:

Year Ending
June 30 Principal Interest
2026 $ 358, 80 $
2027 254, 568
613, 448 $
73 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

9. FUND BALANCE
A. Minimum Fund Balance Policies
The City Council has established a fund balance reserve policy with the adoption of resolution 10- 3102 that deemed it desirable for the City to retain a contingency reserve level of 50% of the adjusted appropriation for any given year. The reserve balance shall not be reduced below 10% of the General Fund' s
adjusted appropriations. The contingency reserve is allocated to two categories: Economic Uncertainty Reserve, and Exposure and Emergency Reserves.

The Economic Uncertainty Reserve consists of 75% of the Contingency Reserve Balance. It is maintained to minimize the effects of major economic uncertainties, including local disasters, State budget deficits and other severe financial hardships or unforeseen changes in revenues and/ or expenditures and is available for budget stabilization. At June 30, 2025, the Economic Uncertainty Reserve amounted to 5, 284, 153.

The Exposure and Emergency Reserves consist of 25% of the Contingency Reserve Balance. Exposure Reserves are maintained to minimize the immediate financial impact of potential costs not covered by the City' s
insurance program, such as claim costs within the City' s deductibles, major costs associate with disasters and other events which will not be reimbursable by insurance, or Federal or State Government.

Emergency Reserve is maintained to minimize all unforeseen events not covered in the Economic Uncertainty Reserve and Exposure Reserves. At June 30, 2025, the Exposure and Emergency Reserves amounted to $1, 761, 384.
74 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

9. FUND BALANCE, Continued
B. Fund Balances
Detailed classifications of the City' s
fund balances, as of June 30, 2025, are below:

Nonspendables:

Items not in spendable form:

Advances to other funds
Prepaids
Total Nonspendable
Restricted for:

Recycling projects
Capital Projects
Public safety
Traffic and transportation
Parks and recreation
Streets and roads contracts
Measure K
Community improvements
Total Restricted
Committed to:

Capital projects
Street reserves
Sidewalk reserves
Landscape reserves
Public safety
Parks and recreation
Retirement stability
Capital equipment
Corporation yard reserves
Measure C essential city services
Economic development
Streets Other
Developer Capital and Roads General CIP Governmental
General Fund Projects Facilities Fee Capital Projects Projects Park in Lieu Funds 8, 306, 186 $
22, 034
Total
8, 306, 186
22, 034
8, 328, 220 - - - 8, 328, 220
5, 052, 634
1, 200, 000
3, 060, 368
5, 700, 000
2,00,49
6, 200, 000
6, 507, 903
489, 163
Total Committed 30, 410, 317
Unassigned:

Contingency/ emergency 7, 045, 537
Fiscal stabilization 5, 750, 000
Fund deficits
Residual fund balance 9, 763, 923
Total Unassigned
1,40, 697 14, 733, 483
26,09, 670
26, 126,44
20, 047, 623
10, 911, 752
271, 875
7, 178, 274
1, 891, 166
2, 118, 646 2, 118, 646
31, 911, 116 48, 057, 171
23, 603, 546 30, 781, 820
14, 584, 728 60, 842, 021
558, 446 29, 957 28, 605, 713
6, 509, 174 17, 420, 926
505, 021 505, 021
188, 60 188, 60
1,40, 697 67, 069, 297 30, 959, 375 9, 341,15 558, 446 79, 450, 868 188, 519, 998 1,31, 407
84, 000
6,47, 172
256, 540
265, 842
1, 593,17
6,47, 172
6, 184, 041
1, 284, 000
3, 060, 368
256, 540
265, 842
5, 700, 000
2,00,49
6, 200, 000
8, 101, 420
489, 163
1, 215, 407 8, 763, 071 - - 40, 388, 795
7, 045, 537
5, 750, 000
1, 506) ( 1, 506)
9, 763, 923
22, 559, 460 - ( 1, 506) 22, 557, 954
Total Fund Balances $ 61, 297, 997 $ 1440, 697 $ 67, 069, 297 $ 32, 174, 782 $ 18,04, 386 $ 558, 446 $ 79, 449, 362 $ 259, 74, 967 75 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

9. FUND BALANCE, Continued
C. Encumbrances
The City utilized an encumbrance system during fiscal year 2025 to assist in controlling expenditures.

Under this system, governmental funds are encumbered when purchase orders, contracts, or other commitments are signed or approved. The following are encumbrances at June 30, 2025, that will be carried over to the following fiscal year:

General Fund
Streets and Roads Capital Project Fund
General CIP Projects
Non -Major Funds

10. PENSION PLAN
1, 887, 128
6, 135, 709
1, 644,47
499, 841
A. General Information about the Pension Plan
Plan Description - All qualified permanent and probationary employees are eligible to participate in the Public Agency Cost -Sharing Multiple -Employer Defined Benefit Pension Plan (Plan) administered by the California Public Employees' Retirement System ( Ca1PERS). The Plan consists of individual rate plans benefit tiers) within a
safety risk pool ( police and fire) and a miscellaneous risk pool ( all other). Plan assets may be used to pay benefits for any employer rate plan of the safety and miscellaneous risk pools.

Accordingly, rate plans within the safety or miscellaneous pools are not separate plans under GASB Statement No. 68. Individual employers may sponsor more than one rate plan in the miscellaneous or safety risk pools. The City sponsors 4 rate plans ( 3 miscellaneous and 1 safety). Benefit provisions under the Plan are established by State statute and City resolution. Ca1PERS issues publicly available reports that include a full description of the pension plan regarding benefit provisions, assumptions, and membership information that can be found on the Ca1PERS website.

Benefits Provided - Ca1PERS provides 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. The death benefit is one of the following:
the Basic Death Benefit, the 1957 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. 76 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

10. PENSION PLAN, Continued
A. General Information about the Pension Plan, Continued The Plan' sprovisions and benefits in effect at June 30, 2025, are summarized as follows:

Miscellaneous
Classic Tier 2
Hire Date
Benefit formula
Benefit vesting schedule
Benefit payment
Retirement age
Monthly benefits, as a % of annual salary
Required employee contribution rates
Required employer contribution rates
Required UAL payment
Prior to
January 1, 2013
2% 55
5 years service
Monthly for life
55 2. 00%

6. 93%

11. 88%
621, 595
July 1, 2010 to
December 31, 2012
2% @ 60
5 years service
Monthly for life
60 2. 00%

6. 93%

10.5%
14, 776
Hire Date
Benefit formula
Benefit vesting schedule
Benefit payment
Retirement age
Monthly benefits, as a % of annual salary
Required employee contribution rates
Required employer contribution rates
Required UAL payment
Safety - PEPRA
On or after
January 1, 2013
2% @57
5 years service
Monthly for life
57 2. 70%

14. 50%

14. 72%
1, 331
PEPRA
After
December 31, 2012
2% @ 62
5 years service
Monthly for life
62 2. 00%

7.5%

7. 87%
9, 885
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 achange in the rate. Funding contributions for the Plan are determined annually on an actuarial basis as of June 30 by Ca1PERS. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The City is required to contribute the difference between the actuarially determined rate and the contribution rate of employees.

For the measurement period ended June 30, 2024, the City' stotal contributions to the Plan were $ 2, 013, 295.

B. Pension Liabilities, Pension Expenses and Deferred Outflows/ Inflows of Resources Related to Pensions As of June 30, 2025, the City reported a net pension liability for its proportionate share of the net pension liability ( asset) of the Plan of $8, 982, 438.
77 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

10. PENSION PLAN, Continued
B. Pension Liabilities, Pension Expenses and Deferred Outflows/ Inflows of Resources Related to Pensions, Continued
The City' s
net pension liability for the Plan is measured as the proportionate share of the total pension liability for the Plan. The net pension liability of the Plan is measured as of June 30, 2023 rolled forward to June 30, 2024 using standard update procedures. The City' s proportionate share of the net pension liability was based on the City' s plan liability and asset - related information where available, and proportional allocations of individual plan amounts as of the valuation date where not available.

The City' s proportionate share of the net pension liability for the Plan as of the measurement dates June 30, 2024 and 2023 were as follows:

Proportion - June 30, 2023
Proportion - June 30, 2024

0.7263%

0.7407%
Change - Increase (Decrease) 0.0144%
For the year ended June 30, 2025, the City recognized pension expense of $2, 708, 256. At June 30, 2025 the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:

Deferred Deferred
Outflows of Inflows of
Resources Resources
Pension contributions subsequent to measurement date $ 2, 684, 725 $ Changes in assumptions 230, 866
Differences between actual and expected experience 776, 607 Changes in employer' sproportion 401, 60
Difference in proportionate share of contributions 988, 657 Net difference projected and actual investment earnings 517, 096 Total
30,02
53, 004
5,99,61 $ 83, 306
2, 684, 725 reported as deferred outflows of resources related to contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended June 30, 2026. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized as pension expense as follows:

Year Ending Annual
June 30 Amortization
2026 $ 1,20, 525
2027 1, 649, 401
2028 238, 807
2029 ( 177, 203)
78 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

10. PENSION PLAN, Continued
B. Pension Liabilities, Pension Expenses and Deferred Outflows,/ Inflows of Resources Related to Pensions, Continued
Actuarial Assumptions - For the measurement period ended June 30, 2024, the total pension liability was determined using the following assumptions:

Valuation date
Measurement date
Actuarial cost method
Actuarial Assumptions:

Discount rate
Inflation
Projected salary increase
Mortality rate table ( 1)
Post retirement benefit increase
June 30, 2023
June 30, 2024
Entry -Age Normal Cost Method

6. 90%

2. 30%
Varies by Entry Age and Service
Derived using Ca1PERS Membership Data for all Funds
Contract COLA up to 2. 30% until Purchasing Power Protection Allowance Floor on Purchasing Power applies 2. 30% thereafter. 1) The mortality table used was developed based on Ca1PERS' specific data. The rates incorporate Generational Mortality to caputure ongoing mortality improvements using 80% of Scale MP 2020 published by Society of Actuaries. For more details on this table, please refer to the December 2021 experience study report that can be found on the CaIPERS website.

Discount Rate - The discount rate used to measure the total pension liability as of the measurement date of June 30, 2024 for the Plan was 6. 90%. The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers will be made at statutorily required rates, actuarially determined.

Based on those assumptions, the Plan' sfiduciary 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. A detailed report testing these projections can be obtained from the Ca1PERS website.

In determining the long- term expected rate of return, Ca1PERS took into account long- term market return expectations as well as the expected pension fund cash flows. Projected returns for all asset classes are estimated and, combined with risk estimates, are used to project compound ( geometric) returns over the long term. The discount rate used to discount liabilities was informed by the long- term projected portfolio return.
79 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

10. PENSION PLAN, Continued
B. Pension Liabilities, Pension Expenses and Deferred Outflows/ Inflows of Resources Related to Pensions, Continued
The expected real rate of return by asset class are as follows:

Asset Class
Global Equity - cap -weighted
Global Equity - non -cap -weighted
Private Equity
Treasury
Mortgage -backed Securities
Investment Grade Corporates
High Yield
Emerging Market Debt
Private Debt
Real Assets
Leverage
Current Target Real Return
Allocation ( a, b)

30. 00% 4. 54%

12. 00% 3. 84%

13. 00% 7. 28%

5. 00% 0. 27%

5. 00% 0. 50%

10. 00% 1. 56%

5. 00% 2.7%

5. 00% 2. 48%

5. 00% 3. 57%

15. 00% 3. 21%

5. 00% - 0. 59%
Total 100%
a) - An expected inflation of 2. 30% used for this period. b) - Figures are based on the 2021-2 Asset Liability Management study.

Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount Rate - The following presents the City' s proportionate share of the net pension liability for the Plan, calculated using the discount rate for the Plan, as well as what the City' s proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1 -percentage point lower ( 5. 90%) or 1 - percentage point higher ( 7. 90%) than the current rate:
1% Decrease
Net Pension Liability
Current Discount Rate
Net Pension Liability
1% Increase
Net Pension Liability

5. 90%
15,79, 477

6. 90%
8, 982, 438

7. 90%
3, 882, 516
Pension Plan Fiduciary Net Position - Detailed information about the pension plan' s fiduciary net position is available in the separately issued Ca1PERS financial reports.

At June 30, 2025, the City reported a payable of $56,59 for the outstanding amount of contributions to the pension plan required for the year ended June 30, 2025. 80 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

11. OTHER POST - EMPLOYMENT BENEFITS
A. General Information about the City' s
Other Post - Employment Benefit ( OPEB) Plan
Plan Description - The City' s
Post - Employment Benefit Plan is an agent multiple -employer defined benefit OPEB plan.

By resolution and through agreements with its labor units, the City provides certain health care benefits for retired employees. The City in the CalPERS health care plan, which is governed under the California Public Employees Health and Medical Care Act ( PEMCHA). The City also participates in the California Employers Retirees Benefit Trust ( CERBT), an irrevocable trust established to fund OPEB. CERBT is an agent multiple -employer defined benefit other postemployment benefits plan administrated by CalPERS, and is managed by an appointed board not under the control of the City Council. CERBT consists of participating employers of the State of California and public agencies. Individual employers may establish more than one plan.

The CERBT was established by Chapter 331 of the 1988 California Statutes, and employers elect to participate in the CERBT to pre -fund health, dental, and other non -pension postemployment benefits for their retirees and survivors. The CERBT has pooled administrative and investment functions, while separate employer accounts are maintained to prefund and pay for health care or other postemployment benefits in accordance with the terms of the participating employers' plans. There are three CalPERS Board approved investment strategies for employers to choose from depending on their expected levels of return and volatility. Benefit provisions are established by participating employers.

The CERBT Trust is not considered a component unit by the City and has been excluded from these financial statements. Separately issued financial statements for CERBT may be obtained from CALPERS at P. O. Box 942709, Sacramento, California 94229- 2709. 81 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

11. OTHER POST - EMPLOYMENT BENEFITS, Continued
A. General Information about the City' s
Other Post - Employment Benefit ( OPEB) Plan, Continued Benefits Provided - The following is a
summary of Plan benefits by employee group as of June 30, 2025:

Tier Hire Date Retirement Date Eligibility
Benefit Prior to Retiree' s (or Surviving
Spouse' s) Eligibility for Medicare
Benefit After Retiree' s (or Surviving
Spouse' s) Eligibility for Medicare
1 Before 7/ 1/ 2014
On or before
12/ 31/ 2014
Age 50 within 5
years of PERS
service
Benefit accourding to previous Unequal PEMHCA Resolution (i.e., no change for this group). 100% of premium for the retiree and any eligible covered dependents, up to $ 1, 536 per month in 2018, increasing by $100 each calendar year until such time as it is equal to active employee per month in each City contribution.
2 Before 7/ 1/ 2014 After 12/ 31/ 2014
Age 50 within 5
years of PERS
service
PEMHCA Minimum Employer
Contribution (MEC) PEMHCA Minimum Employer
Age 55 within 5 Contribution (MEC)
years of PERS
service
100% of the premium for retiree plus
one up to the monthly cap for active
employees*
2 After 7/ 1/ 2014 Any
Age 50 within 5
years of PERS
service
PEMHCA Minimum Employer
Contribution (MEC)
PEMHCA Minimum Employer
Age 55 within 5 Contribution ( MEC)
years of PERS
service
100% of the premium for retiree and
dependants, up to the following
percantages of the monthly cap for
active employees*
5 years of service: 25%
10 years of service: 50%
15 years of service: 100%
In 2025, the City contributed a maximum of $2, 093 per month toward medical coverage for active employees and their dependents. This amount will increase annually by 50% of premium increase for the median cost medical plan, not to exceed

5.% per year.

For the measurement period ended June 30, 2024, the City' s contributions to the Plan were $ 342, 016, which
were comprised of contributions to the trust of $220, 192 and implicit subsidy payments of $121, 824.

Employees Covered by Benefit Terms - Membership in the plan consisted of the following at the valuation date of June 30, 2023:

Active Employees
Inactive employees or beneficiaries currently receiving benefits Inactive employees entitled to but not yet receiving benefits Total
141
26 11
178
82 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

11. OTHER POST - EMPLOYMENT BENEFITS, Continued
B. Net OPEB Liability
Actuarial Methods and Assumptions - The City' s
net OPEB liability was measured as of June 30, 2024,
and the total OPEB liability was determined by an actuarial valuation dated June 30, 2023. These are the following actuarial methods and assumptions:

Actuarial Assumptions
Valuation Date
Measurement Date
Actuarial Cost Method
Actuarial Assumptions:

Discount Rate
Inflation
Payroll Growth
Investment Rate of Return
Mortality Improvement
Healthcare Trend Rate
June 30, 2023
June 30, 2024
Entry -Age Normal Cost, level percent of pay

6. 15%

2. 50%

3. 00%

6. 15%
MacLeod Watts Scale 2022 applied generationally from 2017

9.0% in 2025, then 6.0% decreasing to 3.9% in 2075 and later Demographic actuarial assumptions used in this valuation are based on the 2021 experience study of the California Public Employees Retirement System using data from 1997 to 2019, except for a different basis used to project future mortality improvements.

Ca1PERS last updated the projected future investment returns for CERBT Strategy 1 in June 2024. The returns were determined using a building- block method and best -estimate ranges of expected future real rates of return for each major asset class ( expected returns, net of OPEB plan investment expense and inflation). The target allocation and best estimates of geometric real rates of return published by Ca1PERS for each major class are split for years 1-5 and years 6 - 20. The target allocation for each major asset class are summarized in the following table:

Asset Class Target Allocation
Global Equity
Fixed Income
Real Estate Investment Trusts
Treasury Inflation Protection Securities
Commodities

49. 00%

23. 00%

20. 00%

5. 00%

3. 00%
Total 100%
83 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

11. OTHER POST - EMPLOYMENT BENEFITS, Continued
B. Net OPEB Liability, Continued
Discount Rate - The discount rate used to measure the total OPEB liability was 6. 15%. 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.

C. Changes in Net OPEB Liability
The changes in the total OPEB liability follows:

Increase (Decrease)
Net OPEB
Total OPEB Plan Fiduciary Liability/( Asset)
Liability ( a) Net Position (b) ( c) = (a) - (b)
Balance at Measurement Date 6/ 30/ 223
Changes Recognized for the Measurement Period:

Service Cost
Interest on the total OPEB liability
Investment income
Contributions from the employer
Changes in benefit terms
Administrative expenses
Other Expenses ( one time)
Benefit payments
Changes of assumptions
Plan experience
Net changes
6, 734, 194 $ 5, 212, 364 $ 1, 521, 830
800, 533
450, 560
800, 533
450, 560
309, 107 ( 309, 107)
418, 251 ( 418, 251)
1, 704) 1, 704
417, 092) ( 417, 092)
834, 001 308, 562 525, 439
Balance at Measurement Date 6/ 30/ 224 $ 7, 568, 195 $ 5,20, 926 $ 2, 047, 269 84 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

11. OTHER POST - EMPLOYMENT BENEFITS, Continued
D. Sensitivity ofthe Net OPEB Liability to Changes in the Discount Rate and Healthcare Cost Trend Rates
The following presents the total OPEB liability of the City, as well as what the City' stotal OPEB liability would be if it were calculated using a discount rate that is 1 -percentage -point lower ( 5. 15%) or 1 - percentage - point higher ( 7. 15%) than the current discount rate:

Net OPEB Liability/( Asset)
Discount Rate Discount Rate
1% ( 5. 15%)
Discount Rate

6. 15%) + 1% ( 7. 15%)
2, 860, 789 $ 2, 047, 269 $ 1, 350, 521
The following presents the net OPEB liability of the City, as well as what the City' snet OPEB liability would be if it were calculated using healthcare cost trend rates that are 1 -percentage - point lower or 1 - percentage - point higher than the current healthcare cost trend rates:

Net OPEB Liability/( Asset)
Healthcare Cost Trend Rates
1% Decrease Current Rate 1% Increase
1, 239, 679 $ 2, 047, 269 $ 3, 023, 259
E. OPEB Expenses and Deferred Outflows/ Inflows of Resources Related to OPEB For purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the City' s OPEB Plan and additions to/ deductions from the OPEB Plan' s fiduciary net position have been
determined on the same basis as they are reported by Ca1PERS. For this purpose, benefit payments are recognized when currently due and payable in accordance with the benefit terms. Investments are reported at fair value.

For the year ended June 30, 2025, the City recognized OPEB expense of $1, 005650. At June 30, 2025, the City reported deferred outflows and inflows of resources related to OPEB from the following sources:

Deferred Deferred
Outflows of Inflows of
Resources Resources
Employer contributions subsequent to measurement date $ 1, 312, 600 $ - Differences between actual and expected experience 265, 588 Changes in assumptions 275, 109 20, 393
Net difference projected and actual earnings on plan investments 379, 582 - Total 1, 967, 291 $ 285, 981
1, 312, 600 reported as deferred outflows of resources related to contributions subsequent to the measurement date will be recognized as a reduction of the OPEB liability in the year ended June 30, 2026. 85 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

11. OTHER POST - EMPLOYMENT BENEFITS, Continued
E. OPEB Expenses and Deferred Outflows/ Inflows of Resources Related to OPEB, Continued Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized as part of OPEB expense as follows:

Year Ending
June 30
2026
2027
2028
2029
2030
Thereafter

12. RISK MANAGEMENT
Annual
Amortization
66, 778
267, 821
7, 690)
14, 850
12, 561
14, 390
The City is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. The City participates in the Central San Joaquin Valley Risk Management Authority ( CSJVRMA), a public entity risk poor currently operating as a common risk management and insurance program for 55 cities. The purpose of CSJVRMA is to spread the adverse effect of losses among the members and to purchase excess insurance as a group, thereby
reducing its expense. The City is also a member of Employment Risk Management Authority ( ERMA), which covers wrongful employment practices.

The City' s
deductibles and maximum coverage follows:

Coverage
Workers compensation
General liability
Property damage
Low value auto program
High value auto program
Employment practices liability
Deductible CSJVRMA
25, 000
25, 000
5, 000
500
5, 000
25, 000
500, 00
1, 000,00
100, 00
25, 000
25, 000 to 250, 00
Excess Liability ERMA
Statutory Limits $
98, 000,00
23, 000,00 1, 000,00
The City contributes its pro rata share of anticipated losses to a pool administered by CSJVRMA. Should actual losses among participants be greater than the anticipated losses, the City will be assessed its pro rata share of that deficiency. Conversely, if the actual losses are less than anticipated, the City will be refunded its pro rata share of the excess. The City paid CSJVRMA premiums and ERMA premiums totaling $ 3, 565, 937 during the fiscal year ended June 30, 2025. Settled claims have not exceeded commercial excess liability coverage in any of the past three fiscal years.

The City did not record a
liability for outstanding claims at fiscal year- end, as the claims were minimal. 86 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

13. COMMITMENTS AND CONTINGENCIES
The City participates in several Federal and State grant programs. These programs are subject to audits by the City' sindependent accountants in accordance with the provisions of the Federal Single Audit Act as amended and applicable State requirements. No cost disallowances have been proposed as a result of these audits. However, these programs are still subject to further examination by the grantors and the amount, if any, of expenditures which may be disallowed by the granting agencies cannot be determined at this time. The City expects such amounts, if any, to be immaterial.

The City is subject to litigation arising in the normal course of business. These matters do not have a determined effect on the financial statements at this time.

14. RESTATEMENTS
During the fiscal year ended June 30, 2025, the City had various purposes for restatements. The City had a change in accounting principle. Three funds met the requirements to be reported as major during the year, whereas they were reported as nonmajor in fiscal year 2023-4. Lastly, the City made one error correction during the fiscal year.

A. Change in Accounting Principle
The City implemented GASB Statement 101 - Compensated Absences, which restated the beginning balances for the Governmental Activities, Business -Type Activities, Water Fund and Sewer Fund, due to the inclusion of sick leave in the liability.

B. Correction of an Error in Previously Issued Financial Statements:

The City determined that a
liability, " due to other governments", had been incorrectly recorded in the Water fund since the fiscal year ended June 30, 2019. It was used as a temporary holding account for debt
service and was not cleared out starting in fiscal year 2018- 19. Expenses were incorrectly overstated in that year. Net position was incorrectly understated by $298, 77 since then.

C. Table of Changes
The tables on the following page display the prior fund balances and net positions at June 30, 2024, and the changes made as a result of accounting changes, error corrections and changes in reporting unit for funds moving from major to nonmajor.
87 City of Lathrop
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

14. RESTATEMENTS, Continued
C. Table of Changes, Continued
June 30, 2024, Change from
as previously nonmajor to June 30, 2024,
reported major fund as restated
Governmental Funds:

Major Governmental Funds
Developer Projects
Streets and Roads Capital Projects Fund
Park in Lieu Capital Projects Fund
Nonmajor Governmental Funds
Proprietary Funds:

Major Enterprise Funds
Water Fund
Sewer Fund
Internal Service Fund
99, 119, 951
630,95 $ 630,95
21, 831, 610 21, 831, 610
3, 127, 221 3, 127, 221
25, 589,26) 73, 530, 425
Total Governmental Funds $ 99, 119, 951 $ - $ 99, 119, 951 June 30, 2024, Error
as previously GASB 101 Correction June 30, 2024,
reported Implementation ( Note A) as restated
111, 280, 762 $ ( 26, 428) $ 298, 77 $ 111, 553, 121
194, 578,85 ( 13, 959) - 194, 564, 626
331, 632) - ( 331, 632)
Total Proprietary Funds $ 305, 89, 347 $ ( 372, 019) $ 298, 77 $ 305, 786, 115 Government -Wide:

Governmental Activities
Business -Type Activities
584,73, 128 $ ( 446, 182) $ $ 584, 126, 946
305, 89, 347 ( 40, 387) 298, 77 306, 117, 747
Total Primary Government $ 890, 432,75 $ ( 486, 59) $ 298, 77 $ 890, 244, 693 88 REQUIRED

SUPPLEMENTARY INFORMATION
City of Lathrop
Required Supplementary Information
For the year ended June 30, 2025
Cost -Sharing Multiple Employer Plan
Schedule ofProportionate Share of the Net Pension Liability - Last 10 Fiscal Years Fiscal year reporting date
Measurement date
Proportion of the net pension liability
Proportionate share of the net pension liability
Covered payroll
Proportionate share of the net pension
liability as percentage of covered payroll
Plan' s (PERF- C) fiduciary net position
as a percentage of the total pension liability
6/ 30/ 216 6/ 30/ 217 6/ 30/ 218 6/ 30/ 219
6/ 30/ 215 6/ 30/ 216 6/ 30/ 217 6/ 30/ 218

0.4556% 0.4980% 0.5243% 0.5269%
3, 127, 249 $ 4, 309, 662 $ 5, 199, 968 $ 5, 077, 307
4, 364,10 $ 5, 148, 017 $ 5,68, 372 $ 6, 004, 176

71. 66% 83. 71%

78. 40% 74. 06%

93. 38% 84. 56%

73. 31% 75. 26%
Notes to the schedule:

The Ca1PERS discount rate was increased from 7.5% to 7. 65% in fiscal year 2016, decreased from 7. 65% to 7. 15% in fiscal year 2018, and then decreased from 7. 15% to 6.9% in fiscal year 2023.

The Ca1PERS mortality assumptions were adjusted in fiscal year 2019. 90 6/ 30/ 220 6/ 30/ 221 6/ 30/ 222 6/ 30/ 223 6/ 30/ 224 6/ 30/ 225 6/ 30/ 219 6/ 30/ 220 6/ 30/ 2021 6/ 30/ 222 6/ 30/ 223 6/ 30/ 224

0.5586% 0.5897% 0.5487% 0.6897% 0.7263% 0.7407%
5, 723,99 $ 6, 416, 539 $ 2, 967, 660 $ 7, 966, 383 $ 9, 061, 319 $ 8, 982, 438 6, 384, 728 $ 6, 808, 162 $ 7, 021, 189 $ 8, 113, 507 $ 12, 345, 922 $ 16, 478, 751

89. 65% 94. 25% 42. 27% 98. 19% 73. 40% 54.1%

75. 26% 75. 10% 88. 29% 76. 68% 76. 21% 78. 08%
City of Lathrop
Required Supplementary Information
For the year ended June 30, 2025
Cost Sharing Multiple Employer Plan
Schedule Of Plan Contributions - Last 10 Fiscal Years
Miscellaneous Rate Plan
Actuarially determined contribution
Contributions in relation to actuarially
determined contributions
Contribution deficiency ( excess)
Covered payroll
Contributions as a
percentage of
covered payroll
Note to Schedule:
2016 2017 2018 2019
369, 225 $ 434, 033 $ 465, 746 $ 766, 989
369, 225) ( 434, 033) ( 465, 746) ( 766, 989)
5, 148, 017 $ 5,68, 372 $ 6, 004, 176 $ 6, 384, 728

7. 17% 7.9% 7.6% 12. 01%
Methods and assumptions used to determine contribution rates:

Valuation date ( for contractually required 6/ 30/ 213 6/ 30/ 214 6/ 30/ 215 6/ 30/ 216 contribution):

Actuarial cost method: Entry Age Entry Age Entry Age Entry Age Amortization method: ( 1) ( 1) ( 1) ( 1)
Assets valuation method Market Value Market Value Market Value Market Value Inflation 2. 75% 2. 75% 2. 75% 2. 75%
Salary Increases ( 2) ( 2) ( 2) ( 2)
Investment rate of return 7. 50% 7. 50% 7. 50% 7. 375%
Retirement age ( 3) ( 3) ( 3) ( 3)
Mortality ( 4) ( 4) ( 4) ( 4)
1) Level percentage of payroll, closed
2) Depending on age, service, and type of employment
3) 50 for all plans, with the exception of 52 for Miscellaneous PEPRA 2%@62 4) Mortality assumptions are based on mortality rates resulting from the most recent Ca1PERS Experience Study adopted by the Ca1PERS Board. 92 2020 2021 2022 2023 2024 2025
917, 56 $ 1, 062, 215 $ 1, 200,71 $ 2, 013, 295 $ 2,95, 039 $ 2, 684, 725 917, 576) ( 1, 062, 215) ( 1, 200,71) ( 2, 013, 295) ( 2,95, 039) ( 2, 684, 725) 6, 808, 162 $ 7, 021, 189 $ 8, 113, 507 $

13. 48% " 15.3%
12, 345, 922 $ 16, 478, 751 $ 18, 548, 334

14. 79% 16. 31% 13. 93% 14. 47%
6/ 30/ 217 6/ 30/ 218 6/ 30/ 219 6/ 30/ 220 6/ 30/ 221 6/ 30/ 222 Entry Age Entry Age Entry Age Entry Age Entry Age Entry Age 1) ( 1) ( 1) ( 1) ( 1) ( 1)
Market Value Market Value Market Value Market Value Market Value Market Value

2. 63% 2. 50% 2. 50% 2. 50% 2. 30% 2. 30%
2) ( 2) ( 2) ( 2) ( 2) ( 2)

7. 25% 7. 00% 7. 00% 7. 00% 6. 80% 6. 80%
3) ( 3) ( 3) ( 3) ( 3) ( 3)
4) ( 4) ( 4) ( 4) ( 4) ( 4)
93 City of Lathrop
Required Supplementary Information
For the year ended June 30, 2025
Schedule of Changes in the Net OPEB Liability and Related Ratios - Last 10 Fiscal Years* Fiscal year End
Total OPEB Liability
Service cost
Interest on the total OPEB liability
Differences between expected and actual experience
Changes of assumptions
Benefit payments
Net change in the total OPEB liability
Total OPEB liability - beginning
Total OPEB liability - ending ( a)
Plan Fiduciary Net Position
Contribution - employer
Net investment income
Benefit payments
Other expense
Administrative expense
Net change in plan fiduciary net position
Plan fiduciary net position - beginning
Plan fiduciary net position - ending ( b)
Net OPEB Liability - ending (a) - (b)
Plan fiduciary net position as a percentage of the total OPEB liability Covered -employee payroll
Net OPEB liability as a percentage of covered -employee payroll Assumptions used to develop the results are shown below:

Measurement Date
Discount Rate
Valuation Date
Actuarial Cost method
Amortization method:

Assets valuation method
Inflation
Healthcare cost trend rates
Salary Increases
Discount Rate
Retirement age
Mortality
Mortality Improvement
6/ 30/ 218 6/ 30/ 219 6/ 30/ 220 6/ 30/ 221
228, 075 $ 231, 377 $ 238, 897
366, 257 359, 416 378, 925
430, 189) ( 134, 660)
42, 010 ( 62, 441)
299, 940) ( 314, 423) ( 324, 785)
247, 448
372, 499
404, 32)
93, 787) 276, 370 95,36 215, 605
5, 154,31 5, 060, 344 5, 336, 714 5, 432, 650
5, 060, 344 $ 5, 336, 714 $ 5, 432, 650 $ 5, 648, 255
471, 077 $
307, 58
299, 940)
1, 576)
495, 719
276, 193
314, 423)
4, 582)
1, 813)
459, 510
230, 777
324, 785)
486, 383
151,73
404, 32)
825) ( 2, 094)
451, 094
2, 984, 872 3, 462, 011
364, 677 231, 120
3, 913, 105 4, 277, 782
2, 984, 872 $ 3, 913, 105 $ 4, 277, 782 $ 4, 508, 902
2, 075, 472 $ 1, 423, 609 $ 1,54, 868 $ 1,39, 353

58. 99% 73. 32% 78.4% 79. 83%
5, 982, 337 $ 6, 377,87 $ 6, 358, 722 $ 6, 549, 484

34. 69% 22. 32% 18.6% 17. 40%
6/ 30/ 217 6/ 30/ 218

7. 00% 7. 00%
6/ 30/ 219 6/ 30/ 220

6. 80% 6. 80%
6/ 30/ 217 6/ 30/ 219
Entry Age Normal Entry Age Normal
Closed 30 years Closed 30 years
Market Value Market Value

2. 75% 2. 50%

7.5% in Jan 2019, step down
5% per year to 5.0% by 2024

5.4% in Jan 2021, Fluctuates
down to 4.0% by 2076

3. 25% 3%

7. 00% 6. 80%
From 50 to 75 From 50 to 75
2014 Ca1PERS Experience 2017 Ca1PERS Experience
MacLeod Watts Scale 2017 MacLeod Watts Scale 2018
Historical information is required only for measurement periods for which GASB 75 is applicable. Future years' information will be displayed up to 10 years as information becomes available. 94 6/ 30/ 222 6/ 30/ 223 6/ 30/ 224 6/ 30/ 225
254, 871 $ 301, 667 $ 310, 717 $ 800, 533
388, 811 374, 65 395,39 450, 560
94, 590 - ( 203, 641)
231, 797 -
370, 644) ( 351, 661) ( 340, 552) ( 417, 092)
367, 628 324, 651 393, 660 834, 001
5, 648, 255 6, 015, 883 6, 340, 534 6, 734, 194
6, 015, 883 $ 6, 340, 534 $ 6, 734, 194 $ 7, 568, 195
435, 828 $ 517, 163 $ 342, 016 $ 418, 251
308, 766 ( 1, 030, 633) 311, 004 309, 107
370, 644) ( 351, 661) ( 340, 552) ( 417, 092)
886, 742 -
1, 642) ( 1, 453) ( 1, 472) ( 1, 704)
1, 259, 050 ( 866, 584) 310, 996 308, 562
4, 508, 902 5, 767, 952 4, 901, 368 5, 212, 364
5, 767, 952 $ 4, 901, 368 $ 5, 212, 364 $ 5,20, 926
247, 931 $ 1, 439, 166 $ 1, 521, 830 $ 2, 047, 269

95. 88% 77. 30% 77. 40% 72. 95%
7, 838, 544 $ 9,31, 244 $ 15, 989, 632 $ 18, 558, 796

3. 16% 14. 49% 9. 52% 11. 03%
6/ 30/ 221 6/ 30/ 222 6/ 30/ 223 6/ 30/ 224

6. 10% 6. 10%
6/ 30/ 221
Entry Age Normal
Closed 30 years
Market Value

2. 50%

5.8% in Jan 2023, decreasing to

3.9% by 2076
3%

6. 10%
From 50 to 75
Ca1PERS 2021 Experience
MacLeod Watts Scale 2022

6. 15% 6. 15%
6/ 30/ 223
Entry Age Normal
Closed 30 years
Market Value

2. 50%

9.0% in 2025, decreasing to 3.9%
by 2075
3%

6. 10%
From 50 to 75
Ca1PERS 2021 Experience
MacLeod Watts Scale 2022
95 City of Lathrop
Required Supplementary Information
For the year ended June 30, 2025
Schedule of OPEB Contributions - Last 10 Fiscal Years*
Fiscal Year Ended 2018 2019 2020 2021 2022
Actuarially determined contribution
Contributions in relation to actuarially determined
contributions
Contribution deficiency ( excess)
Covered employee payroll
389, 509 $ 359, 460 $ 369, 969 $ 361, 138 $ 368, 85
495, 719) ( 459, 510) ( 396, 085) ( 435, 828) ( 517, 163) 106, 210) $ ( 100, 050) $ ( 26, 116) $ ( 74, 690) $ ( 148, 278) 6, 377,87 $ 6, 358, 722 $ 6, 549, 484 $ 7, 838, 544 $ 9,31, 244 Contributions as a percentage of covered employee 6. 11% payroll
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.

5. 65% 5. 65% 4. 61% 3. 71%
Notes to Schedule - assumptions used to develop Actuarially determined contribution Valuation Data
Actuarial Cost method
Amortization method:

Amortization Period:

Assets valuation method
Inflation
Healthcare cost trend rates
Salary Increases
Investment rate of return
Retirement age
Mortality
Mortality Improvement
7/ 1/ 2015
Entry Age
Normal Level %
of pay
Closed 30 Years
23 Yrs remain
Market Value

2. 75%

7.5% in Jan 2017,
step down to
5% per year to

4.5% by 2023

3. 25%

7. 00%
From 50 to 75
2014 Ca1PERS
Experience
Study
MacLeod Watts
Scale 2014
6/ 30/ 217
Entry Age Normal Level % of pay
Closed 30 Years
22 Yrs remain 21 Yrs remain
Market Value

2. 75%

7.5% in Jan 2019, step down to .5%
per year to 5.0% by 2024

3. 25%

7. 00%
From 50 to 75
2014 Ca1PERS Experience Study
MacLeod Watts Scale 2017
6/ 30/ 219
Entry Age Normal Level % of pay
Closed 30 Years
20 Yrs remain 19 Yrs remain
Market Value

2. 50%

5.4% in Jan 2021, flucates down to

4.0% by 2076

3. 00%

6. 70%
From 50 to 75
2017 Ca1PERS Experience Study
MacLeod Watts Scale 2018
96 2023 2024 2025
405, 006 $ 418, 251 $ 1, 043, 710
405, 006) ( 418, 251) ( 1, 312, 600)
268, 890)
15, 989, 632 $ 18, 558, 796 $ 21,78, 085

2. 53% 2.5% 4. 91%
6/ 30/ 221
Entry Age Normal Level % of pay
Closed 30 Years
18 Yrs remain 17 Yrs remain
Market Value

2. 50%

5.8% in 2023 decreasing to 3.9% by
2076

3. 00%

6. 10%
From 50 to 75
2017 Ca1PERS Experience Study
MacLeod Watts Scale 2022
6/ 30/ 223
Entry Age
Normal
Closed 30 Years
16 Yrs remain
Market Value

2. 50%
6% in 2026
decreasing to

3.9% by 2075

3. 00%

6. 15%
From 50 to 75
2021 Ca1PERS
Experience
Study
MacLeod Watts
Scale 2022
97 City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual General Fund
For the year ended June 30, 2025
REVENUES:

Taxes and assessments
Licenses and permits
Intergovernmental
Charges for services
Use of money and property
Fines and forfeitures
Miscellaneous
Total revenues
EXPENDITURES:

Current:

General government
City council
City manager
City clerk
City attorney
Personnel
Central services
Finance
Information technology
Measure C
Total general government
Public safety
Administration
Community services
Operations
Support
Total public safety
Community development
Planning
Total community development
Budgeted Amounts
Original Final
Variance with
Final Budget
Actual Positive
Amounts ( Negative)
27, 740, 000 $ 29,40, 000 $ 33,60, 814 $ 4, 120, 814
292, 306 292, 306 273, 823 ( 18, 483)
3, 860, 000 4, 160, 000 4, 997,18 837, 918
526, 494 573, 157 641, 286 68, 129
304, 964 268, 832 2, 892,57 2, 624, 025
100, 40 100, 40 135, 38 34, 958
413, 800 413, 800 265, 519 ( 148, 21)
33, 237, 964 35, 048, 495 42, 567,75 7, 519, 080
80, 160 311, 630 301, 462
1, 071, 421 1, 497, 177 1, 467, 619
449,1 527, 422 480, 297
852, 236 869, 552 861, 476
806,37 803, 743 801, 587
1, 836, 490 2,65,67 2, 316, 107
2, 003, 313 2, 147, 699 2, 147, 698
3, 549, 668 4, 667, 725 4,67, 269
850, 498 1, 027, 374 836, 955
10,68
29, 558
47, 125
8, 076
2, 156
50, 840)
1 200, 456
190, 419
11, 500, 114 14,17, 589 13, 680, 470 437, 119
3, 617, 057 1, 861,90 1, 734, 479
891, 273 840, 684
1, 548,94 1,86, 585 1,81,47
7, 254, 754 8, 777, 051 8, 423, 028
2,56, 863 3,32, 713 3, 187, 361
127, 411
50,89
5, 438
354, 023
145, 32
14, 677, 268 16, 049, 512 15, 366, 699 682, 813
1, 018, 558 1, 278, 697 1, 076,39 202, 658
1, 018, 558 1, 278, 697 1, 076,39 202, 658
98 City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual General Fund, continued
For the year ended June 30, 2025
Culture and leisure
Administration
Senior center
Recreation programs
Special events
Youth development
Sports
Facilitates and library
City hall
Building maintenance
Park and landscape maintenance
Budgeted Amounts
Original Final
Variance with
Final Budget
Actual Positive
Amounts ( Negative)
503, 015
164, 894
99, 554
239, 688
391, 904
356, 76
223, 852
418, 641
407, 725
1, 353, 673
505,05
194, 45
139, 254
289, 178
366, 178
356, 26
235, 962
470, 578
185, 947
135, 48
263, 172
321, 752
310,73
202, 160
34, 927
8, 498
3, 796
26, 006
44,26
45, 893
33, 802
Total culture and leisure 4, 159, 712 2, 086, 788 1, 889, 440 197, 348 Public works
Administration 798, 128 1, 005, 291 749, 375 255, 916
Building maintenance - 499, 825 423,50 76, 375
City hall - 618, 576 477, 186 141, 390
Parks and landscape maintenance - 2,47, 577 1,47, 636 1, 099, 941 Utility engineering 265,0 314,55 282, 168 32, 187
Total public works 1, 063, 378 4, 685,24 3, 079, 815 1, 605, 809 Capital outlay 330, 00 4, 183, 355 3, 140, 389 1, 042, 966 Debt service:

Principal retirement 330, 00 330, 00 330, 00 -
Lease principal retirement - 591,63 591,63
Interest and fiscal charges 49, 600 49, 598 49, 598 -
Total expenditures 33, 128, 630 43, 372, 726 39, 204, 013 4, 168, 713

REVENUES OVER (UNDER)
EXPENDITURES 109, 334 ( 8, 324, 231) 3,63, 562
OTHER FINANCING SOURCES ( USES):

Transfers in
Transfers out
Lease and software subscription issuance
Proceeds from sale of capital assets
Total other financing sources ( uses)
Net change in fund balances
FUND BALANCES:

Beginning of year
End of year
11, 687, 793
10, 618, 080 11, 286, 883 8, 342, 914 ( 2, 943,69)
7, 185, 410) ( 15, 511, 623) ( 12, 784,01) 2, 726, 922
322, 790 322, 790
8, 415 8, 415
3, 432, 670 ( 4, 224, 70) ( 4, 110, 582) 114,58
3, 542, 004 $ ( 12, 548, 971) 747, 020) $ 11, 801, 951
62, 045,17
61, 297, 997
99 City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Developer Projects
For the year ended June 30, 2025
Budgeted Amounts
Original Final
Variance with
Final Budget
Actual Positive
Amounts ( Negative)
REVENUES:

Use of money and property $
Developer participation
Total revenues

REVENUES OVER ( UNDER)

EXPENDITURES
OTHER FINANCING SOURCES ( USES):

Transfers out
Total other financing sources ( uses)
Net change in fund balances
FUND BALANCES:

Beginning of year
Restatement
Beginning of year, as restated
End of year
512, 182 $ 512, 182
300, 00 40, 591, 378 23, 909, 629 ( 16, 681, 749)
300, 00 40, 591, 378 24, 421, 811 ( 16,69, 567)
300, 00 40, 591, 378 24, 421, 811 ( 16,69, 567)
304, 830) ( 40, 678, 748) ( 23, 911, 809) 16, 766, 939
304, 830) ( 40, 678, 748) ( 23, 911, 809) 16, 766, 939
4, 830) $ ( 87, 370) 510, 02 $ 597, 32
630,95
630,95
1,40, 697
100
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Capital Facility Fees
For the year ended June 30, 2025
REVENUES:

Taxes and assessments
Use of money and property
Miscellaneous
Total revenues
EXPENDITURES:

Current:

Public works
Budgeted Amounts
Original Final
Variance with
Final Budget
Actual Positive
Amounts ( Negative)
28, 760,93 $ 28, 760,93 $ 17, 336, 960 $ ( 11, 423, 833) 3,39, 679 3,39, 679
563, 022 563, 022
28, 760,93 28, 760,93 21,39, 661 ( 7, 521, 132)
243, 763 943, 763 943, 763
Total expenditures 243, 763

REVENUES OVER (UNDER)

EXPENDITURES
OTHER FINANCING SOURCES ( USES):

Transfers out
Total other financing sources ( uses)
Net change in fund balances
FUND BALANCES:

Beginning of year
End of year
943, 763 943, 763
28, 517, 030 27, 817, 030 21,39, 661 ( 6, 577, 369)
3, 483, 006) ( 2, 686, 525) ( 2, 686, 523) 2
3, 483, 006) ( 2, 686, 525) ( 2, 686, 523) 2
18, 553, 138 $ 18, 553, 138
48, 516, 159
67, 069, 297
101
City of Lathrop
Notes to Required Supplementary Information
For the Year Ended June 30, 2025

BUDGETS AND BUDGETARY ACCOUNTING
The City establishes annual budgets for the General and certain special revenue funds, which are adopted on a basis consistent with accounting principles generally accepted in the United States of America. The budgets for the General and certain special revenue funds are the only legally adopted budgets. Budgets for the capital project funds are used for management and control purposes only. All appropriations remaining at fiscal year- end lapse. Budgeted amounts are reflected after all applicable amendments and revisions.

The legal level of control ( level at which expenditures may not legally exceed budget appropriations) is at the department level. If the expenditures exceed the appropriations, the City Manager is authorized to transfer budgeted amounts between the line items within any department or between divisions within the department.

During the fiscal year, the City made a number of supplemental budget amendments totaling $134, 001, 661 in revenues and $ 239, 89, 172 in expenditures.

ADOPTED BUDGETS
For the fiscal year ending June 30, 2025, the Public Nuisance, the Historic Lathrop Loan Program (HLLP), the North Lathrop Transportation, the Lathrop Land Acquisitions, the Stewart Economic Dev Fee 80%, and the TOT Trust Special Revenue Funds did not adopt an annual budget. 102

SUPPLEMENTARY INFORMATION
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104
City of Lathrop
General Fund
Year Ended June 30, 2025
The general Fund is the City' s primary Operating fund. It accounts for all financial resources of the general government, except those required to be accounted for in another fund. The General Fund is comprised of the following:

GENERAL PURPOSE FUND
This fund accounts for all financial resources except those to be accounted for in another fund. It is the general operating fund of the City.

ECONOMIC DEVELOPMENT FUND
To account for small business assistance grants approved by Council. The fund was reactivated in fiscal year 2020 due to the impacts of COVID- 19.

MEASURE C ESSENTIAL CITY SERVICES FUND
To account for revenue and expenditures for the city' s Measure C Essential City Services portion.
105
City of Lathrop
Combining Balance Sheet
General Funds
For the year ended June 30, 2025
ASSETS
Cash and investments
Receivables:

Accounts ( net of allowance for uncollectibles)
Accrued interest
Prepaids
Advances to other funds
Total assets

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
Liabilities:

Accounts payable
Accrued liabilities
Unearned revenue
Deposits payable
Total liabilities
Fund Balances:

Nonspendable
Committed
Unassigned
Total fund balances
Total liabilities, deferred inflows of
resources and fund balances
General Economic
Purpose Fund Development Measure C
Total
General
Funds
46, 173, 740 $ 488, 058 $ 4, 649, 185 $ 51, 310, 983
2,17, 535 1,05 1, 869, 515 4, 088, 155
93, 859 16, 971 110, 830
22, 034 22, 034
8, 306, 186 - 8, 306, 186
56, 813, 354 $ 489, 163 $ 6, 535, 671 $ 63, 838, 188
1,38, 679 $
149, 466
243, 306
924, 354
27, 768 $ 1,66, 447
149, 466
243, 306
924, 354
2, 455, 805 27, 768 2, 483, 573
8, 328, 220
23, 413, 251
22, 559, 460
489, 163
8, 328, 220
6, 507, 903 30, 410, 317
22, 559, 460
54, 300, 931 489, 163 6, 507, 903 61, 297, 997
56, 813, 354 $ 489, 163 $ 6, 535, 671 $ 63, 838, 188
106
City of Lathrop
Combining Schedule of Revenues, Expenditures and Changes in Fund Balances General Funds
For the year ended June 30, 2025
REVENUES:

Taxes and assessments
Licenses and permits
Intergovernmental
Charges for services
Use of money and property
Fines and forfeitures
Miscellaneous
General Economic
Purpose Fund Development Measure C
Intrafund
Transactions
Elimination
Total
General
Funds
23,71, 143 $
273, 823
4, 997,18
641, 286
2, 508, 832
135, 38
265, 519
10, 089, 671 $
23, 746 360, 279
33,60, 814
273, 823
4, 997,18
641, 286
2, 892,57
135, 38
265, 519
Total revenues 32, 093, 879
EXPENDITURES:

Current:

General government
Public safety
Community development
Culture and leisure
Public works
Capital outlay
Debt service:

Principal retirement
Lease principal retirement
Interest and fiscal charges
23, 746 10, 449, 950 - 42, 567,75
12, 843, 515
15, 366, 699
1, 076,39
1, 889, 440
3, 079, 815
3, 140, 389
836, 955 - 13, 680, 470
15, 366, 699
1, 076,39
1, 889, 440
3, 079, 815
3, 140, 389
330, 00 - - - 330, 00
591,63 - - 591,63
49, 598 - - 49, 598
Total expenditures 38,67, 058

REVENUES OVER ( UNDER)

EXPENDITURES
OTHER FINANCING SOURCES (USES):

Transfers in
Transfers out
Lease and software subscription issuance
Proceeds from sale of capital assets
836, 955 39, 204, 013
6, 273, 179) 23, 746 9, 612, 995 3,63, 562
10, 597, 780
6, 095, 903)
322, 790
8, 415
2,54, 866) 8, 342, 914
8, 943, 664) 2,54, 866 ( 12, 784,01)
322, 790
8, 415
Total other financing sources ( uses) 4, 833, 082 - ( 8, 943, 664) Net change in fund balances ( 1, 440, 097) 23, 746 669, 331 FUND BALANCES:

Beginning of year
End of year
55, 741, 028 465,17 5, 838, 572
4, 110, 582)
747, 020)
62, 045,17
54, 300, 931 $ 489, 163 $ 6, 507, 903 $ 61, 297, 997
107
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual General Purpose Fund
For the year ended June 30, 2025
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts ( Negative)
REVENUES:

Taxes and assessments
Licenses and permits
Intergovernmental
Charges for services
Use of money and property
Fines and forfeitures
Miscellaneous
Total revenues
EXPENDITURES:

Current:

General government
City council
City manager
City clerk
City attorney
Personnel
Central services
Finance
Information technology
Total general government
Public safety
Administration
Animal Center
Community services
Operations
Support
Total public safety
Community development
Planning
Total community development
17, 440, 000 $ 18, 940, 000 $ 23,71, 143 $ 4, 331, 143
292, 306 292, 306 273, 823 ( 18, 483)
3, 860, 000 4, 160, 000 4, 997,18 837, 918
526, 494 573, 157 641, 286 68, 129
254, 964 218, 832 2, 508, 832 2,90, 000
100, 40 100, 40 135, 38 34, 958
413, 800 413, 800 265, 519 ( 148, 21)
22, 887, 964 24, 698, 495 32, 093, 879 7, 395,84
80, 160 311, 630 301, 462
1, 071, 421 1, 497, 177 1, 467, 619
449,1 527, 422 480, 297
852, 236 869, 552 861, 476
806,37 803, 743 801, 587
1, 836, 490 2,65,67 2, 316, 107
2, 003, 313 2, 147, 699 2, 147, 698
3, 549, 668 4, 667, 725 4,67, 269
10,68
29, 558
47, 125
8, 076
2, 156
50, 840)
1 200, 456
10, 649,16 13, 090, 215 12, 843, 515 246, 700
3, 617, 057 1, 861,90 1, 734, 479
891, 273 840, 684
1, 548,94 1,86, 585 1,81,47
7, 254, 754 8, 777, 051 8, 423, 028
2,56, 863 3,32, 713 3, 187, 361
127, 411
50,89
5, 438
354, 023
145, 32
14, 677, 268 16, 049, 512 15, 366, 699 682, 813
1, 018, 558 1, 278, 697 1, 076,39 202, 658
1, 018, 558 1, 278, 697 1, 076,39 202, 658
108
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual General Purpose Fund, Continued
For the year ended June 30, 2025
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts ( Negative)
Culture and leisure
Administration
Senior center
Recreation programs
Special events
Youth development
Sports
Facilitates and library
City hall
Building maintenance
Park and landscape maintenance
503, 015
164, 894
99, 554
239, 688
391, 904
356, 766
223, 852
418, 641
407, 725
1, 353, 673
505,05
194, 45
139, 254
289, 178
366, 178
356, 26
235, 962
470, 578
185, 947
135, 48
263, 172
321, 752
310,73
202, 160
34, 927
8, 498
3, 796
26, 006
44,26
45, 893
33, 802
Total culture and leisure 4, 159, 712 2, 086, 788 1, 889, 440 197, 348 Public works
Administration 798, 128 1, 005, 291 749, 375 255, 916
Building maintenance - 499, 825 423,50 76, 375
City hall - 618, 576 477, 186 141, 390
Parks and landscape maintenance - 2,47, 577 1,47, 636 1, 099, 941 Utility engineering 265,0 314,55 282, 168 32, 187
Total public works 1, 063, 378 4, 685,24 3, 079, 815 1, 605, 809 Capital outlay 330, 00 4, 155, 445 3, 140, 389 1, 015,56 Debt service:

Principal retirement 330, 00 330, 00 330, 00
Lease principal retirement 591,63 591,63
Interest and fiscal charges 49, 600 49, 598 49, 598 -
Total expenditures 32, 278, 132 42, 317, 442 38,67, 058 3, 950, 384

REVENUES OVER ( UNDER)

EXPENDITURES
OTHER FINANCING SOURCES ( USES):

Transfers in
Transfers out
Lease and software subscription issuance
Proceeds from sale of capital assets
Total other financing sources (uses)
Net change in fund balances
FUND BALANCES:

Beginning of year
End of year
9, 390, 168) ( 17, 618, 947) ( 6, 273, 179) 11, 345, 768 10, 618, 080 11, 286, 883 10, 597, 780
415, 530) ( 6, 295, 923) ( 6, 095, 903)
322, 790
8, 415
689, 103)
200, 020
322, 790
8, 415
10, 202, 550 4, 990,60 4, 833, 082 ( 157, 88)
812, 382 $ ( 12, 627, 987) ( 1, 440, 097) $ 11,87, 890
55, 741, 028
54, 300, 931
109
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Economic Development
For the year ended June 30, 2025
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts ( Negative)
REVENUES:

Use of money and property
Total revenues

REVENUES OVER ( UNDER)

EXPENDITURES
23, 746 $ 23, 746
23, 746 23, 746
23, 746 23, 746
Net change in fund balances $
FUND BALANCES:

Beginning of year
End of year
23, 746 $ 23, 746
465,17
489, 163
110
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Measure C
For the year ended June 30, 2025
REVENUES:

Taxes and assessments
Use of money and property
Total revenues
EXPENDITURES:

Current:

General government
City council
Measure C
Total general government
Capital outlay
Total expenditures

REVENUES OVER ( UNDER)

EXPENDITURES
OTHER FINANCING SOURCES ( USES):

Transfers out
Total other financing sources ( uses)
Net change in fund balances
FUND BALANCES:

Beginning of year
End of year
Budgeted Amounts
Original Final
Variance with
Final Budget
Actual Positive
Amounts ( Negative)
10, 300, 000 $ 10, 300, 000 $ 10, 089, 671 $ ( 210, 329) 50, 000 50, 000 360, 279 310, 279
10, 350, 000 10, 350, 000 10, 449, 950 99,50
850, 498 1, 027, 374 836, 955 190, 419
850, 498 1, 027, 374 836, 955 190, 419
27, 910 - 27, 910
850, 498 1, 055, 284 836, 955 218, 329
9, 499, 502 9, 294, 716 9, 612, 995 318, 279
6, 769, 880) ( 9, 215, 700) ( 8, 943, 664) 272, 036
6, 769, 880) ( 9, 215, 700) ( 8, 943, 664) 272, 036
2, 729, 622 $ 79, 016 669, 331 $ 590, 315
5, 838, 572
6, 507, 903
111
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Streets and Roads
For the year ended June 30, 2025
REVENUES:

Use of money and property
Total revenues
EXPENDITURES:

Current:

Capital outlay
Total expenditures

REVENUES OVER ( UNDER)

EXPENDITURES
OTHER FINANCING SOURCES ( USES):

Transfers in
Total other financing sources ( uses)
Net change in fund balances
FUND BALANCES:

Beginning of year
Restatement
Beginning of year, as restated
End of year
Budgeted Amounts
Original Final
Variance with
Final Budget
Actual Positive
Amounts ( Negative)
1,09, 486 $ 1,09, 486
1,09, 486 1,09, 486
2, 006, 812 42, 573, 652 9, 327, 964 33, 245, 688
2, 006, 812 42, 573, 652 9, 327, 964 33, 245, 688
2, 006, 812) ( 42, 573, 652) ( 8, 218, 478) 34,55, 174
2, 006, 812 24, 793, 362 18, 561, 650 ( 6, 231, 712)
2, 006, 812 24, 793, 362 18, 561, 650 ( 6, 231, 712)
17, 780, 290) 10, 343, 172 $ 28, 123, 462
21, 831, 610
21, 831, 610
32, 174, 782
112
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual General CIP Projects
For the year ended June 30, 2025
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts ( Negative)
REVENUES:

Use of money and property
Total revenues
EXPENDITURES:

Current:

Public works
Capital outlay
Total expenditures

REVENUES OVER (UNDER)

EXPENDITURES
OTHER FINANCING SOURCES ( USES):

Transfers in
Total other financing sources ( uses)
Net change in fund balances
FUND BALANCES:

Beginning of year
End of year
860, 657 $ 860, 657
860, 657 860, 657
7, 195) 7, 195
3, 165, 000 27, 391, 099 9, 144,43 18, 246, 956
3, 165, 000 27, 391, 099 9, 136, 948 18, 254, 151
3, 165, 000) ( 27, 391, 099) ( 8, 276,91) 19,14, 808
3, 165, 000 8, 080, 478 6, 732, 447 ( 1, 348, 031)
3, 165, 000 8, 080, 478 6, 732, 447 ( 1, 348, 031)
19, 310, 621) ( 1, 543, 844) $ 17, 766,77
19, 648, 230
18,04, 386
113
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Park in Lieu
For the year ended June 30, 2025
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts ( Negative)
REVENUES:

Use of money and property
Total revenues
EXPENDITURES:

Current:

Capital outlay
170, 985 $ 170, 985
170, 985 170, 985
2, 739, 800 $ 2, 739,60 $ 40
Total expenditures 2, 739, 800 2, 739,60 40

REVENUES OVER ( UNDER)
EXPENDITURES 2, 739, 800) ( 2, 568, 775) 171, 025
Net change in fund balances $
FUND BALANCES:

Beginning of year
Restatement
Beginning of year, as restated
End of year
2, 739, 800) ( 2, 568, 775) $ 171, 025
3, 127, 221
3, 127, 221
558, 446
114
City of Lathrop
Non -Major Governmental Funds
Year Ended June 30, 2025

SPECIAL REVENUE FUNDS
These funds account for the proceeds derived from specific revenue sources that are legally restricted to expenditures for specified purposes.

BUILDING SAFETY & INSPECTION SPECIAL REVENUE FUND
This fund accounts for building safety and inspection permit fee revenue and activity.

DEVELOPMENT ENGINEERING SPECIAL REVENUE FUND
This fund accounts for the development engineering fee revenue and activity.

DEVELOPER DEPOSITS SPECIAL REVENUE FUND
This fund accounts for the activity relating to developer deposits for development projects ongoing within the City.

LANDSCAPE MAINTENANCE FUND
To account for revenues received and expenditures spent associated with specific park maintenance and operations of the Woodfield Landscape, Stonebridge Landscape and Mossdale Landscape Districts.

GAS TAX FUND
To account for revenues and expenditures apportioned to the City under the Streets and Highway Code, Sections 2105, 2106, 2107, and 2107. 5of the State of California. Expenditures for administration, maintenance, and construction must be street related.

TRAFFIC SAFETY FUND
To account for the fines and forfeitures received under Section 1463 of the Penal Code. These funds are restricted for the use of official traffic control devices and for some street construction purposes.

LOCAL STREET FUND
To account for revenues and expenditures for the City' s street division.

PUBLIC NUISANCE FUND
To account for revenues and expenditures for code enforcement activities.

MEASURE K FUND
To account for revenues generated from a 2 -cent sales tax for local street repairs. These funds are restricted for maintenance and construction on street -related projects.

TRANSIT LTF FUND
To account for local transportation funds received for transit purposes from the San Joaquin County Council of Governments.
115
City of Lathrop
Non -Major Governmental Funds
Year Ended June 30, 2025
SPECIAL REVENUE FUNDS, Continued

STREETS AND ROADS FUND
To account for local transportation funds received for street and road purposes from the San Joaquin County Council of Governments.

FEDERAL GRANT FUND
To account for federal grant expenditures and activity.

HISTORIC LATHROP LOAN PROGRAM ( HLLP) FUND
To account for building permit loans granted to Historic Lathrop residences.

STORM DRAIN FUND
To account for revenues and expenditures related to the maintenance and operations of storm drains and improvements within the created district.

STREET LIGHT FUND
To account for revenues and expenditures associated with the maintenance and operations of the street lighting within the area known as City Zone 2, which is in the City Wide Landscaping and Lighting Assessment District.

AB939 RECYCLING FUND
To account for the financial resources associated with the preparation, implementation, and administration of the City' sIntegrated Solid Waste Management Plan in accordance with AB939.

COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG) FUND
To account for the annual federal grant that provides for development of viable urban communities.

SCHOLARSHIP FUND
To account for the revenues provided by businesses/ organizations to provide assistance with tuition of qualified parks and recreation participants.

COPS FUND
To account for local aw enforcement grants funded by the office of Community Oriented Policing Services ( COPS).

RTIF SAN JOAQUIN COUNTY FUND
To account for San Joaquin County' s
10% share of Regional Traffic Impact Fees collected from builders.

RTIF LATHROP LOCAL WEST FUND
To account for the City' s75% share of Regional Traffic Impact Fees collected from builders on the West side.

RTIF SJCOG FUND
To account for San Joaquin Council of Government' s15% share of Regional Traffic Impact Fees collected from builders.
116
City of Lathrop
Non -Major Governmental Funds
Year Ended June 30, 2025
SPECIAL REVENUE FUNDS, Continued

RTIF LATHROP LOCAL EAST FUND
To account for the City' s
75% share of Regional Traffic Impact Fees collected from builders on the East side.

LATHROP MANTECA FIRE DISTRICT MEASURE C FUND
To account for revenues and expenditures associated with the sales tax collections specific from Measure C.

STATE GRANTS FUND
To account for revenues and expenditures associated with state grants.

NORTH LATHROP TRANSPORTATION CFF FUND
To account for capital facility fees collected for North Lathrop area.

CITYWIDE ECONOMIC DEVELOPMENT 20% CFF FUND
To account for capital facility fees, collected to support development both on and off the Stewart Tract, that will provide to the City and its citizens.

RIVER ISLANDS CFD 2013- 1 FUND
To account for revenue and expenditures related to the maintenance of the River Island community.

LATHROP LAND ACQUISITIONS FUND
To account for revenues and expenditures associated with the CLSP Community Facilities District 2006- 1.

URBAN LEVEL OF FLOOD PROTECTION RECLAMATION DISTRICT ( ULOP RD -17) LEVEE IMPACT FUND To account for capital facility fees collected for the Urban Level of Flood Protection plan in the Reclamation District RD) 17.

DEPARTMENT OF WATER RESOURCES ( DWR) GRANT - URBAN LEVEL OF FLOOD PROTECTION ( ULOP)

PROJECT FUND
To account for revenues and expenditures associated with the Urban Level of Flood Protection plan.

CLSP OFF - SITE ROADWAY IMPROVEMENTS FUND
To account for improvements in the Central Lathrop Development.

SOUTH LATHROP CFD 2019- 1 FUND
To account for revenue and expenditures related to the maintenance of South Lathrop.

CENTRAL LATHROP CFD 2019- FUND
To account for revenue and expenditures related to the maintenance of Central Lathrop. 117
City of Lathrop
Non -Major Governmental Funds
Year Ended June 30, 2025
SPECIAL REVENUE FUNDS, Continued
STEWART ECONOMIC DEVELOPMENT 80% CFF FUND
To account for capital facility fees, collected to support development both on and off the Stewart Tract, that will provide to the City and its citizens.

TOT TRUST FUND
To account for 1% of the 9% TOT from the City as a whole, to help finance regional infrastructure.

GATEWAY BUSINESS PARK
To account for the maintenance costs for the Lathrop Gateway Business Park and resulting Community Facilities District.

RIVER ISLANDS CFD 2023- 1 FUND
To account for revenue and expenditures related to the maintenance of the River Island community.

CAPITAL PROJECTS FUNDS
Capital Projects Funds are utilized to account for resources used for the acquisition and construction of capital facilities by the City, with the exception of those assets financed by proprietary funds.

STORM DRAIN FUND
To account for expenditures for storm drain capital projects. 118
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119
City of Lathrop
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2025
Special Revenue Funds
Building Safety & Developer Landscape
Inspection Engineering Developer Deposits Maintenance
ASSETS
Cash and investments
Receivables:

Accounts (net of allowance for uncollectibles)
Notes and loans
Accrued interest
Total assets

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
Liabilities:

Accounts payable
Deposits payable
Total liabilities
22, 192,07 $ 17, 728, 410 $ 1, 978,35 $ 3, 289, 034
741, 807
49, 504 39,70 5, 069 9, 318
22,41, 611 $ 17, 767,80 $ 2, 725, 811 $ 3, 298, 352
228, 711 $
101, 893
53, 650 $ 256, 526 $
1, 749, 826
89, 639
330, 64 53, 650 2, 006, 352 89, 639
Deferred Inflows of Resources
Unavailable revenue - - 52, 137
Total deferred inflows of resources - 52, 137
Fund Balances:

Restricted
Unassigned
Total fund balances
Total liabilities, deferred inflows of
resources and fund balances
21, 911, 007 17, 714, 130 667, 322 3, 208, 713
21, 911, 007 17, 714, 130 667, 322 3, 208, 713
22,41, 611 $ 17, 767,80 $ 2, 725, 811 $ 3, 298, 352
120
Special Revenue Funds
Gas Tax Traffic Safety Local Street Public Nuisance Measure K 1, 495, 737 $
173, 095
3, 174
183, 364 $
1, 791
409
1, 688, 476 $
7, 430
3, 227
11, 459 $ 283, 951
220, 098
26 972
1, 672, 006 $ 185, 564 $ 1, 699, 133 $ 11, 485 $ 505, 021 100, 854 $
100, 854 - -
1, 672, 006 185, 564 1, 598, 279 11, 485 505, 021
1, 672, 006 185, 564 1, 598, 279 11, 485 505, 021
1, 672, 006 $ 185, 564 $ 1, 699, 133 $ 11, 485 $ 505, 021 City of Lathrop
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2025
Special Revenue Funds
Historic Lathrop
Loan Program
Transit LTF Streets and Roads Federal Grant ( HLLP)
ASSETS
Cash and investments
Receivables:

Accounts ( net of allowance for uncollectibles)
Notes and loans
Accrued interest
Total assets

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
Liabilities:

Accounts payable
Deposits payable
Total liabilities
1, 792, 805 $ 1, 413, 046 $
54,76
4, 511 3, 198
551) $ 258,14
55, 317
20, 350
584
1, 797, 316 $ 1, 470, 820 $ 54, 766 $ 279, 148
29,47 $
29,47
Deferred Inflows of Resources
Unavailable revenue - 55, 317
Total deferred inflows of resources - 55, 317
Fund Balances:

Restricted
Unassigned
Total fund balances
Total liabilities, deferred inflows of
resources and fund balances
1, 768, 069 1, 470, 820 - 279, 148
551)
1, 768, 069 L470, 820 551) 279, 148
1, 797, 316 $ 1, 470, 820 $ 54, 766 $ 279, 148
122
Special Revenue Funds
Storm Drain
Community
Development
Street Light AB939 Recycling Block Grant Scholarship Fund COPS Office of Traffic
and Safety
436, 713 $ 1, 419, 042 $ 2, 108, 435 $
589 28, 192
444 3, 059 4, 781
6, 422 $ 28, 324 $ 408, 66 $ 862
1, 566 12, 500 12, 728
14 67 1, 008
437, 157 $ 1, 422, 690 $ 2, 141, 408 $ 6, 436 $ 29, 957 $ 422, 194 $ 13, 590 31, 998 $ 137,6 $ 22, 762 $ - $ 4, 896 $
31, 998 137,6 22, 762 4, 896
12, 500
12, 500
405, 19 1, 285, 514 2, 118, 646 6, 436 29, 957 404, 798 13, 590 405, 19 1, 285, 514 2, 118, 646 6, 436 29, 957 404, 798 13, 590 437, 157 $ 1, 422, 690 $ 2, 141, 408 $ 6, 436 $ 29, 957 $ 422, 194 $ 13, 590 123
City of Lathrop
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2025
Special Revenue Funds
RTIF San Joaquin RTIF Lathrop Local RTIF Lathrop Local
County West RTIF SJCOG East
ASSETS
Cash and investments
Receivables:

Accounts ( net of allowance for uncollectibles)
Notes and loans
Accrued interest
Total assets

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
Liabilities:

Accounts payable
Deposits payable
Total liabilities
Deferred Inflows of Resources
Unavailable revenue
Total deferred inflows of resources
Fund Balances:

Restricted
Unassigned
Total fund balances
Total liabilities, deferred inflows of
resources and fund balances
248, 963 $ 10, 840, 983 $ 373, 42 $ 1, 723, 886
458 23, 805 685 3, 894
249, 421 $ 10, 864, 788 $ 374, 117 $ 1, 727,80
249, 630 $ 8, 233 $ 374, 430 $
249, 630 8, 233 374, 430
10, 856, 555 - 1, 727,80
209) - ( 313)
209) 10, 856, 555 313) 1, 727,80
249, 421 $ 10, 864, 788 $ 374, 117 $ 1, 727,80
124
Special Revenue Funds
North Lathrop Citywide Economic River Islands CFD Lathrop Land LMFD Measure C State Grants Transportation Dev Fee 20% 2013- 1 Acquisitions 1, 087, 851 $
736
9 $ 704 $ 3,77, 077 $
186, 908
2 7, 556
168, 868 $
1, 561, 924
2, 691
2, 013
1, 088, 587 $ 186, 917 $ 706 $ 3,84, 633 $ 1, 733, 483 $ 2, 013 800 $ ( 5)
800 5)
114, 550 1, 561, 924
114, 550 1, 561, 924
1, 088, 587 72, 367 706 3,84, 633 170, 759 2, 018
1, 088, 587 72, 367 706 3,84, 633 170, 759 2, 018
1, 088, 587 $ 186, 917 $ 706 $ 3,84, 633 $ 1, 733, 483 $ 2, 013 125
City of Lathrop
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2025
Special Revenue Funds
CLSP Off -Site
ULOP RD -17 Levee DWR Grant - ULOP Roadway South Lathrop CFD Impact Project Improvement 20194
ASSETS
Cash and investments
Receivables:

Accounts ( net of allowance for uncollectibles)
Notes and loans
Accrued interest
Total assets

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
Liabilities:

Accounts payable
Deposits payable
Total liabilities 538, 960
537,83 $ 1) $ 357, 440 $ 1, 847, 707
945 - 806 4, 115
538,28 $
538, 960 $
1) $ 358, 246 $ 1, 851,22
184 $ 25, 907
Deferred Inflows of Resources
Unavailable revenue
Total deferred inflows of resources
Fund Balances:

Restricted
Unassigned
Total fund balances
Total liabilities, deferred inflows of
resources and fund balances
184 25, 907
432)
432)
538,28 $
358, 062 1, 825, 915
1) - -
1) 358, 062 1, 825, 915
1) $ 358, 246 $ 1, 851,22
126
Special Revenue Funds
Capital
Projects Fund
Central Lathrop
CFD 2019-
Stewart Economic
Dev Fee 80% TOT Trust
Gateway Business River Islands CFD 2023 -
Park 1 Storm Drain
1, 899, 201 $ 104,0 $ 1, 421, 648 $ 451, 022 $
4, 092 343 3, 218 977
45, 807 $ 1, 001, 140
56 3, 957
1, 903, 293 $ 104, 483 $ 1, 424, 866 $ 451, 999 $ 45, 863 $ 1, 005,97 89,45 $ - $
84, 000
892 $ 63 $ 52, 979
89,45 84, 000 892 63 52, 979
1, 813, 448 20, 483 1, 424, 866 451, 107 45, 800 952, 118 1, 813, 448 20, 483 1, 424, 866 451, 107 45, 800 952, 118 1, 903, 293 $ 104, 483 $ 1, 424, 866 $ 451, 999 $ 45, 863 $ 1, 005,97 127
City of Lathrop
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2025
Total Nonmajor
Governmental
Funds
ASSETS
Cash and investments
Receivables:

Accounts ( net of allowance for uncollectibles)
Notes and loans
Accrued interest
Total assets

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
Liabilities:

Accounts payable
Deposits payable
Total liabilities
82, 212, 944
3, 058, 521
20, 350
187, 01
85, 478, 886
2,97, 377
1, 935, 719
4, 233, 096
Deferred Inflows of Resources
Unavailable revenue 1, 796, 428
Total deferred inflows of resources 1, 796, 428
Fund Balances:

Restricted
Unassigned
Total fund balances
Total liabilities, deferred inflows of
resources and fund balances
79, 450, 868
1, 506)
79, 449, 362
85, 478, 886
128
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129
City of Lathrop
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the year ended June 30, 2025
Special Revenue Funds
Building Safety & Developer
Developer Projects Inspection Engineering Developer Deposits REVENUES:

Taxes and assessments
Licenses and permits
Intergovernmental
Charges for services
Use of money and property
Fines and forfeitures
Developer participation
Miscellaneous
Total revenues
EXPENDITURES:

Current:

Public safety
Community development
Culture and leisure
Public works
Capital outlay
Debt service:

Interest and fiscal charges
Total expenditures

REVENUES OVER ( UNDER)

EXPENDITURES
OTHER FINANCING SOURCES (USES):

Transfers in
Transfers out
Total other financing sources ( uses)
Net change in fund balances
FUND BALANCES:

Beginning of year
Restatement
Beginning of year, as restated
End of year
6,21, 877 4, 168,67
986, 013 825, 21
5, 891 220, 966
93, 536
444, 007
7, 613, 781 5, 214, 384 537,43
2, 445,82
149, 808
429
2, 742, 954
56,62
507, 236
159, 854
2, 595, 290 2, 799, 945 667, 090
5, 018, 491 2, 414,39 ( 129, 547)
498, 620)
498, 620)
4, 519, 871 2, 414,39 129, 547)
630,95 17, 391, 136 15, 299, 691 796, 89
630,95)
17, 391, 136 15, 299, 691 796, 89
21, 911, 007 $ 17, 714, 130 $ 667, 322
130
Special Revenue Funds
Landscape
Maintenance Gas Tax Traffic Safety Local Street Public Nuisance Measure K 3, 577, 143 $
162, 455
2, 041, 336
68, 922 8, 340
24, 608
47, 207 557
18, 992 -
1, 081, 159
34,00
3, 739, 598 2, 110, 258 32, 948 66, 199 557 1,15, 49
1,87, 978
11, 654
1,28,70 -
1,99, 632 1,28,70 - -
2, 539, 966 2, 110, 258 32, 948 ( 1, 061, 971) 557 1,15, 459 92, 210
1, 646,15) ( 1, 074, 640)
1, 965, 500 -
2, 440) ( 318, 590) 1,31, 288)
1, 554, 405) ( 1, 074, 640) 2, 440) 1, 646, 910 1,31, 288) 985, 561 1, 035, 618
2,23, 152 636, 388
2,23, 152 636, 388
30, 508 584, 939
155, 06 1, 013, 340
155, 06 1, 013, 340
557 ( 15, 829)
10, 928 520, 850
10, 928 520, 850
3, 208, 713 $ 1, 672, 006 $ 185, 564 $ 1, 598, 279 $ 11, 485 $ 505, 021 131
City of Lathrop
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the year ended June 30, 2025
Special Revenue Funds
Historic Lathrop
Loan Program
Transit LTF Streets and Roads Federal Grant ( HLLP)
REVENUES:

Taxes and assessments
Licenses and permits
Intergovernmental
Charges for services
Use of money and property
Fines and forfeitures
Developer participation
Miscellaneous
Total revenues
EXPENDITURES:
105, 693
1,24,09
62, 708
3, 131, 408
604) 12, 580
105, 693 1,86, 817 3, 130, 804 12, 580
Current:

Public safety
Community development -
Culture and leisure
Public works 439, 889
Capital outlay
Debt service:

Interest and fiscal charges
Total expenditures 439, 889 -

REVENUES OVER ( UNDER)

EXPENDITURES
OTHER FINANCING SOURCES (USES):

Transfers in
Transfers out ( 218, 802) ( 185, 391) ( 3, 131, 408) -
Total other financing sources ( uses) ( 218, 802) ( 185, 391) ( 3, 131, 408) - 334, 196) 1,86, 817 3, 130, 804 12, 580
Net change in fund balances ( 552, 998) 1, 001, 426 ( 604) 12, 580 FUND BALANCES:

Beginning of year
Restatement
Beginning of year, as restated
End of year
2, 321, 067 469, 394 53 266, 58
2, 321, 067 469, 34 53 266, 58
1, 768, 069 $ 1, 470, 820 $ ( 551) $ 279, 148
132
Special Revenue Funds
Storm Drain
Community
Development
Street Light AB939 Recycling Block Grant Scholarship Fund COPS Office of Traffic
and Safety
13, 866
352, 590
351, 06 $
27, 580
67, 556 98, 260
1, 236, 391
4, 508
3, 136
3, 070
1, 390
2, 750
182,63
22, 348
29, 049
316
366, 456 1, 308, 455 476, 856 3, 136 7, 210 204, 511 29, 365 275, 614 -
183, 901
418, 918 1, 000,37 -
79, 279 3, 832
418, 918 1, 275, 651 183, 901 79, 279 3, 832
52, 462) 32, 804 292, 955 3, 136 7, 210 125, 232 25, 533 228, 520 34, 800
140, 283)
88, 237
186, 28) ( 36, 550) 105, 78) ( 2, 181) 100, 00) ( 23, 159) 151, 468) ( 36, 550) 105, 78) ( 2, 181) ( 100, 00) ( 23, 159) 35, 775
369,84
118, 664) 256, 405
1, 404, 178 1, 862, 241
369,84 1, 404, 178 1, 862, 241
102, 62) 5, 029
109, 058 24, 928
109, 058 24, 928
25,32 2, 374
379, 566 11, 216
379, 566 11, 216
405, 19 $ 1, 285, 514 $ 2, 118, 646 $ 6, 436 $ 29, 957 $ 404, 798 $ 13, 590 133
City of Lathrop
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the year ended June 30, 2025
Special Revenue Funds
RTIF San Joaquin RTIF Lathrop Local RTIF Lathrop Local
County West RTIF SJCOG East
REVENUES:

Taxes and assessments
Licenses and permits
Intergovernmental
Charges for services
Use of money and property
Fines and forfeitures
Developer participation
Miscellaneous
Total revenues
EXPENDITURES:

Current:

Public safety
Community development
Culture and leisure
Public works
Capital outlay
Debt service:

Interest and fiscal charges
Total expenditures

REVENUES OVER ( UNDER)

EXPENDITURES
OTHER FINANCING SOURCES ( USES):

Transfers in
Transfers out
445, 964 $ 3, 211, 140 $ 668, 947 $
8, 632 734, 863 12, 933
37,15
133,17
454, 596 3, 946, 003 681, 880 170, 432
453, 879 - 680, 84
453, 879 - 680, 84
717 3, 946, 003 1, 076 170, 432
7,35, 185)
Total other financing sources (uses) ( 7,35, 185)
Net change in fund balances
FUND BALANCES:

Beginning of year
Restatement
Beginning of year, as restated
End of year
717 ( 3, 789, 182)
926) 14, 645, 737
926) 14, 645, 737
1, 287, 784)
1, 287, 784)
1, 076 ( 1,17, 352)
1, 389) 2, 845, 132
1, 389) 2, 845, 132
209) $ 10, 856, 555 $ 313) $ 1, 727,80
134
Special Revenue Funds
North Lathrop Citywide Economic River Islands CFD Lathrop Land LMFD Measure C State Grants Transportation Dev Fee 20% 2013- 1 Acquisitions 19,74
280, 049
291, 000 $ 1, 248, 893 $
66) 56 195,24 30, 609 127
19,74 279, 983 56 486, 124 1, 279, 502 127
3, 993,63 -
28,85
3, 993,63 28,85
3, 974, 789) 279, 983 56 486, 124 1, 251,17 127
4, 035, 869
266, 415)
4, 035, 869 ( 266, 415)
61, 080 13, 568
1, 027, 507 58, 799
1, 027, 507 58, 799
1, 000,0) ( 1, 226, 402)
1, 000,0) ( 1, 226, 402)
56 ( 513, 876) 24, 815
650 3, 898, 509 145, 944
650 3, 898, 509 145, 944
127
1, 891
1, 891
1, 088, 587 $ 72, 367 $ 706 $ 3,84, 633 $ 170, 759 $ 2, 018 135
City of Lathrop
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the year ended June 30, 2025
Special Revenue Funds
CLSP Off -Site
ULOP RD -17 Levee DWR Grant - ULOP Roadway South Lathrop CFD Impact Project Improvement 2019- 1
REVENUES:

Taxes and assessments
Licenses and permits
Intergovernmental
Charges for services
Use of money and property
Fines and forfeitures
Developer participation
Miscellaneous
Total revenues
EXPENDITURES:

Current:

Public safety
Community development
Culture and leisure
Public works
Capital outlay
Debt service:

Interest and fiscal charges
Total expenditures

REVENUES OVER (UNDER)

EXPENDITURES
OTHER FINANCING SOURCES ( USES):

Transfers in
Transfers out
Total other financing sources ( uses)
Net change in fund balances
FUND BALANCES:

Beginning of year
Restatement
Beginning of year, as restated
End of year
1, 749, 314 $ - $ 93, 603 $ 450, 00
91, 498
2, 584 ( 4) 14, 963 87, 259
1, 751, 898 91, 494 108, 566 537, 259
1, 749, 315 238, 072
1, 749, 315 - 238, 072
2, 583 91, 494 108, 566 299, 187
130,22) ( 181, 968)
130,22) ( 181, 968)
2, 583 ( 38, 628) 108, 566 117, 219
3, 015) 38, 627 249, 46 1, 708, 696
3, 015) 38, 627 249, 46 1, 708, 696
432) $ ( 1) $ 358, 062 $ 1, 825, 915
136
Special Revenue Funds Capital Project Funds
Central Lathrop Stewart Economic Gateway Business River Islands CFD CFD 2019- Dev Fee 80% TOT Trust Park 2023- 1 Streets and Roads Storm Drain 2, 051, 360 $
59, 137
9, 098
145, 904 $ 49, 085 $ - $
5, 689 69, 168 17, 617 416 54, 015
2, 119, 595 5, 689 69, 168 163, 521 49, 501 - 54, 015
1, 051, 386 25, 797 3, 701 186, 908
1, 051, 386 25, 797 3, 701 - 186, 908
1, 068, 209 5, 689 69, 168 137, 724 45, 800 - ( 132, 893) 202, 739) - - ( 2, 840)
202, 739) - - ( 2, 840)
865, 470 5, 689 69, 168 134, 884
947,8 14, 794 1, 355, 698 316, 223
947,8 14, 794 1, 355, 698 316, 223
70, 000
70, 000
45, 800 ( 62, 893)
21, 831, 610
21, 831, 610)
1, 015,11
1, 015,11
1, 813, 448 $ 20, 483 $ 1, 424, 866 $ 451, 107 $ 45, 800 $ 952, 118 137
City of Lathrop
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the year ended June 30, 2025
Capital Project
Funds
REVENUES:

Taxes and assessments
Licenses and permits
Intergovernmental
Charges for services
Use of money and property
Fines and forfeitures
Developer participation
Miscellaneous
Park in Lieu
Total Nonmajor
Governmental
Funds
14, 370, 684
27, 580
7, 963, 841
10, 790, 044
4, 059, 243
1, 613, 589
444, 007
262,05
Total revenues - 39, 531, 193
EXPENDITURES:

Current:

Public safety 4, 352, 688
Community development
429
Culture and leisure 183, 901
Public works 14, 288, 811
Capital outlay 218, 024
Debt service:

Interest and fiscal charges 159, 854
Total expenditures 19, 203, 707

REVENUES OVER ( UNDER)
EXPENDITURES 20, 327, 486
OTHER FINANCING SOURCES ( USES):

Transfers in
Transfers out
6, 426, 899
20, 835, 448)
Total other financing sources ( uses) - ( 14, 408, 549) Net change in fund balances - 5, 918,37
FUND BALANCES:

Beginning of year
Restatement
Beginning of year, as restated
End of year
3, 127, 221 99, 119, 951
3, 127, 221) ( 25, 589,26)
73, 530, 425
79, 449, 362
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Building Safety & Inspection
For the year ended June 30, 2025
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts ( Negative)
REVENUES:

Licenses and permits
Charges for services
Use of money and property
Miscellaneous
Total revenues
EXPENDITURES:

Current:

Public works
Capital outlay
Total expenditures

REVENUES OVER ( UNDER)

EXPENDITURES
OTHER FINANCING SOURCES ( USES):

Transfers out
Total other financing sources (uses)
Net change in fund balances
FUND BALANCES:

Beginning of year
End of year
2, 877, 064 $ 2, 877, 064 $ - $ ( 2, 877, 064)
3, 143,89 3, 143,89 6,21, 877 3, 478, 688
986, 013 986, 013
5, 891 5, 891
6, 020, 253 6, 020, 253 7, 613, 781 1, 593,28
3, 408, 806 4, 177, 735 2, 445,82 1, 732, 253
174, 81 149, 808 25, 033
3, 408, 806 4, 352, 576 2, 595, 290 1, 757, 286
2, 611, 447 1, 667,77 5, 018, 491 3,50, 814
633, 20) 498, 620) ( 498, 620)
633, 20) 498, 620) ( 498, 620)
1, 978, 217 $ 1,69, 057 4, 519, 871 $ 3,50, 814
17, 391, 136
21, 911, 007
139
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Developer Engineering
For the year ended June 30, 2025
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts ( Negative)
REVENUES:

Charges for services
Use of money and property
Miscellaneous
Total revenues
EXPENDITURES:

Current:

Community development
Public works
Capital outlay
Total expenditures

REVENUES OVER ( UNDER)

EXPENDITURES
Net change in fund balances
FUND BALANCES:
2, 460,13 $ 2, 802, 451 $ 4, 168,67 $ 1, 365, 716
825, 21 825, 21
83, 639 220, 966 137, 327
2, 460,13 2, 886, 090 5, 214, 384 2, 328, 294
3, 000 3, 000 429
2, 605, 183 3, 611, 961 2, 742, 954
60, 000 56,62
2, 571
869, 007
3, 438
2, 608, 183 3, 674, 961 2, 799, 945 875, 016
147, 70) ( 788, 871) 2, 414,39 3, 203, 310
147, 70) $ ( 788, 871) 2, 414,39 $ 3, 203, 310
Beginning of year
15, 299, 691
End of year
17, 714, 130
140
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Developer Deposits
For the year ended June 30, 2025
Budgeted Amounts
Original Final
Variance with
Final Budget
Actual Positive
Amounts ( Negative)
REVENUES:

Use of money and property $
Developer participation
Total revenues
EXPENDITURES:

Current:

Public works
Debt service:

Interest and fiscal charges
Total expenditures

REVENUES OVER ( UNDER)

EXPENDITURES
19,00 $
331, 900
19,00 $
583, 400
93, 536 $
444, 007
74, 436
139, 33)
351, 000 602, 500 537,43 ( 64, 957)
191, 000 544, 304 507, 236 37, 068
160, 000 160, 00 159, 854 146
351, 000 704, 304 667, 090 37, 068
101, 804) ( 129, 547) ( 27, 743)
Net change in fund balances $
FUND BALANCES:
101, 804) ( 129, 547) $ ( 27, 743)
Beginning of year
796, 89
End of year
667, 322
141
Net change in fund balances
FUND BALANCES:

Beginning of year
End of year
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Landscape Maintenance
For the year ended June 30, 2025
REVENUES:

Taxes and assessments
Use of money and property
Total revenues
EXPENDITURES:

Current:

Public works
Capital outlay
Total expenditures

REVENUES OVER ( UNDER)

EXPENDITURES
OTHER FINANCING SOURCES (USES):

Transfers in
Transfers out 1, 741, 180)
Budgeted Amounts
Original Final
Variance with
Final Budget
Actual Positive
Amounts ( Negative)
3, 460, 227 $ 3, 460, 227 $ 3, 577, 143 $ 116, 916
6, 500 6, 500 162, 455 155, 95
3, 466, 727 3, 466, 727 3, 739, 598 272, 871
1, 317, 603 1, 492, 516 1,87, 978 304, 538
32, 001 11, 654 20, 347
1, 317, 603 1, 524,17 1,99, 632 324, 885
2, 149,24 1, 942, 210 2, 539, 966 597, 756
92, 210 92, 210 92, 210
1, 646,15) ( 1, 646,15)
Total other financing sources ( uses) ( 1, 648, 970) ( 1, 554, 405) ( 1, 554, 405) 500, 154 $ 387, 805 985, 561 $ 597, 756
2,23, 152
3, 208, 713
142
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Gas Tax
For the year ended June 30, 2025
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts ( Negative)
REVENUES:

Intergovernmental
Use of money and property
Total revenues

REVENUES OVER ( UNDER)

EXPENDITURES
OTHER FINANCING SOURCES (USES):

Transfers out
Total other financing sources ( uses)
Net change in fund balances
FUND BALANCES:

Beginning of year
End of year
1, 667,44 $ 1, 667,44 $ 2, 041, 336 $ 373, 692
68, 922 68, 922
1, 667,44 1, 667,44 2, 110, 258 442, 614
1, 667,44 1, 667,44 2, 110, 258 442, 614
1, 000, 60) 1, 074, 60) ( 1, 074, 640)
1, 000, 60) 1, 074, 640) ( 1, 074, 60)
667, 044 $ 593, 004 1, 035, 618 $ 442, 614
636, 388
1, 672, 006
143
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Traffic Safety
For the year ended June 30, 2025
Budgeted Amounts
Original Final
Variance with
Final Budget
Actual Positive
Amounts ( Negative)
REVENUES:

Use of money and property $ - $ - $
8, 340 $ 8, 340
Fines and forfeitures 30, 000 30, 000 24, 608 ( 5, 392) Total revenues
EXPENDITURES:

Current:

Public safety
Capital outlay
Total expenditures

REVENUES OVER ( UNDER)

EXPENDITURES
OTHER FINANCING SOURCES (USES):

Transfers out
Total other financing sources ( uses)
Net change in fund balances
FUND BALANCES:

Beginning of year
End of year
30, 000 30, 000 32, 948 2, 948
28, 350 28, 350
30, 000 30, 000
28, 350
30, 000
58, 350 58, 350 58, 350
28, 350) ( 28, 350) 32, 948 61, 298
2, 460) ( 2, 440) 2, 440)
2, 460) ( 2, 440)
30, 810) $ ( 30, 790)
2, 440)
30, 508 $ 61, 298
155, 06
185, 564
144
Net change in fund balances
FUND BALANCES:

Beginning of year
End of year
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Local Street
For the year ended June 30, 2025
Budgeted Amounts
Original Final
Variance with
Final Budget
Actual Positive
Amounts ( Negative)
REVENUES:

Use of money and property $
Miscellaneous
Total revenues
EXPENDITURES:

Current:

Public works
Capital outlay
Total expenditures

REVENUES OVER (UNDER)

EXPENDITURES
OTHER FINANCING SOURCES (USES):

Transfers in
Transfers out
47, 207 $
18, 992
47, 207
18, 992
66, 199 66, 199
1, 451, 323 1, 951, 492 1,28,70
10, 000 29, 700 -
823, 322
29, 700
1, 461, 323 1, 981, 192 1,28,70 853, 022
1, 461, 323) ( 1, 981, 192) ( 1, 061, 971) 919, 221
1, 850, 000 1, 965, 500 1, 965, 500
245, 800) ( 318, 590) ( 318, 590) -
Total other financing sources ( uses) 1, 604, 200 1, 646, 910 1, 646, 910 142, 877 $ ( 334, 282) 584, 939 $ 919, 221
1, 013, 340
1, 598, 279
145
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Public Nuisance
For the year ended June 30, 2025
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts ( Negative)
REVENUES:

Use of money and property
Total revenues

REVENUES OVER ( UNDER)

EXPENDITURES
557 $ 557
557 557
557 557
Net change in fund balances $
FUND BALANCES:

Beginning of year
557 $
10, 928
End of year $
11, 485
557
146
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Measure K
For the year ended June 30, 2025
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts ( Negative)
REVENUES:

Intergovernmental
Use of money and property
Total revenues

REVENUES OVER ( UNDER)

EXPENDITURES
OTHER FINANCING SOURCES ( USES):

Transfers out
Total other financing sources ( uses)
Net change in fund balances
FUND BALANCES:

Beginning of year
End of year
901, 80 $ 1, 033,98 $ 1, 081, 159 $ 48, 061
34,00 34,00
901, 80 1, 033,98 1,15, 459 82, 361
901, 80 1, 033,98 1,15, 459 82, 361
1, 000,00) ( 1,56, 796) ( 1,31, 288) 25, 508
1, 000,00) ( 1,56, 796) ( 1,31, 288) 25, 508
98, 190) $ ( 123, 698) 15, 829) $ 107, 869
520, 850
505, 021
147
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Transit LTF
For the year ended June 30, 2025
REVENUES:

Intergovernmental
Use of money and property
Total revenues
EXPENDITURES:

Current:

Public works
Total expenditures

REVENUES OVER ( UNDER)

EXPENDITURES
OTHER FINANCING SOURCES ( USES):

Transfers out
Total other financing sources (uses)
Net change in fund balances
FUND BALANCES:

Beginning of year
End of year
Budgeted Amounts
Original Final
Variance with
Final Budget
Actual Positive
Amounts ( Negative)
1, 018, 735 $ 1, 018, 735 $ - $ ( 1, 018, 735)
105, 693 105, 693
1, 018, 735 1, 018, 735 105, 693 ( 913, 042)
1,25,61 439, 889 685, 272
1,25,61 439, 889 685, 272
1, 018, 735 ( 106, 426) ( 334, 196) ( 227, 70)
200, 00) ( 661, 598) ( 218, 802) 442, 796
200, 00) ( 661, 598) ( 218, 802) 442, 796
818, 735 $ ( 768, 024) ( 552, 998) $ 215, 026
2, 321, 067
1, 768, 069
148
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Streets and Roads
For the year ended June 30, 2025
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts ( Negative)
REVENUES:

Intergovernmental
Use of money and property
Total revenues

REVENUES OVER ( UNDER)

EXPENDITURES
OTHER FINANCING SOURCES (USES):

Transfers out
Total other financing sources ( uses)
Net change in fund balances
FUND BALANCES:

Beginning of year
End of year
1, 066, 678 $ 1, 266, 678 $ 1,24,09 $ ( 142, 569)
62, 708 62, 708
1, 066, 678 1, 266, 678 1,86, 817 ( 79, 861)
1, 066, 678 1, 266, 678 1,86, 817 ( 79, 861)
1, 682, 906) ( 185, 391) 1, 497, 515
1, 682, 906) ( 185, 391) 1, 497, 515
1, 066, 678 $ ( 416, 228) 1, 001, 426 $ 1, 417, 654
469, 34
1, 470, 820
149
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Federal Grant
For the year ended June 30, 2025
Budgeted Amounts
Original Final
Variance with
Final Budget
Actual Positive
Amounts ( Negative)
REVENUES:

Intergovernmental $
Use of money and property
Total revenues

REVENUES OVER (UNDER)

EXPENDITURES
OTHER FINANCING SOURCES ( USES):

Transfers out
Total other financing sources ( uses)
Net change in fund balances
FUND BALANCES:

Beginning of year
End of year
7, 276, 659 $ 3, 131, 408 $ ( 4, 145, 251)
604) ( 604)
7, 276, 659 3, 130, 804 ( 4, 145, 855)
7, 276, 659 3, 130, 804 ( 4, 145, 85)
7, 276, 659) 3, 131, 408) 4, 145, 251
7, 276, 659) ( 3, 131, 408) 4, 145, 251
604) $ ( 604)
53 551)
150
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Historic Lathrop Loan Program (HLLP)
For the year ended June 30, 2025
REVENUES:

Use of money and property
Total revenues

REVENUES OVER ( UNDER)

EXPENDITURES
Budgeted Amounts
Original Final
Variance with
Final Budget
Actual Positive
Amounts ( Negative)
12, 580 $ 12, 580
12, 580 12, 580
12, 580 12, 580
Net change in fund balances $
FUND BALANCES:

Beginning of year
End of year
12, 580 $ 12, 580
266, 58
279, 148
151
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Storm Drain
For the year ended June 30, 2025
REVENUES:

Use of money and property
Fines and forfeitures
Total revenues
EXPENDITURES:

Current:

Public works
Total expenditures

REVENUES OVER ( UNDER)

EXPENDITURES
Budgeted Amounts
Original Final
Variance with
Final Budget
Actual Positive
Amounts ( Negative)
13, 866 $
352, 503 352, 503 352, 590
13, 866
87 352, 503 352, 503 366, 456 13, 953
496, 66 599, 918 418, 918 181, 000
496, 66 599, 918 418, 918 181, 000
144,63) ( 247, 415) 52, 462) 194, 953
OTHER FINANCING SOURCES ( USES):

Transfers in 228, 520
Transfers out ( 80, 480)
228, 520
140, 283)
228, 520
140, 283)
Total other financing sources ( uses) 148, 040 88, 237
Net change in fund balances $ 3, 877 $
FUND BALANCES:

Beginning of year
End of year
159,78)
88, 237
35, 775 $ 194, 953
369,84
405, 19
152
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Street Light
For the year ended June 30, 2025
REVENUES:

Use of money and property
Fines and forfeitures
Miscellaneous
Total revenues
EXPENDITURES:

Current:

Public safety
Public works
Total expenditures

REVENUES OVER ( UNDER)

EXPENDITURES
OTHER FINANCING SOURCES (USES):

Transfers in
Transfers out
Total other financing sources ( uses)
Net change in fund balances
FUND BALANCES:

Beginning of year
End of year
Budgeted Amounts
Original Final
Variance with
Final Budget
Actual Positive
Amounts ( Negative)
67, 556 $ 67, 556
1, 236, 450 1, 236, 450 1, 236, 391 ( 59)
4, 508 4, 508
1, 236, 450 1, 236, 450 1, 308, 455 72, 005
199, 544 289, 156 275, 614 13, 542
941, 403 1,66, 241 1, 000,37 166, 204
1,40, 947 1, 455, 397 1, 275, 651 179, 746
95, 503 ( 218, 947) 32, 804 251, 751
34, 800
183, 210)
34, 800
186, 28)
34, 800
186, 268)
148, 410) 151, 468) 151, 468)
52, 907) $ ( 370, 415) 118, 664) $ 251, 751
1, 404, 178
1, 285, 514
153
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual AB939 Recycling
For the year ended June 30, 2025
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts ( Negative)
REVENUES:

Taxes and assessments
Licenses and permits
Use of money and property
Total revenues
EXPENDITURES:

Current:

Culture and leisure
Total expenditures

REVENUES OVER ( UNDER)

EXPENDITURES
OTHER FINANCING SOURCES (USES):

Transfers out
Total other financing sources ( uses)
Net change in fund balances $ 30,53 $ ( 98, 201)
170, 000 $ 170, 000 $ 351, 06 $ 181, 06
27, 580 27, 580
98, 260 98, 260
170, 00 170, 00 476, 856 306, 856
108, 967 231, 651 183, 901 47, 750
108, 967 231, 651 183, 901 47, 750
61, 033 ( 61, 651) 292, 955 354, 606
30, 680) ( 36, 550) 36, 550)
30, 680) ( 36, 550) 36, 550)
FUND BALANCES:

Beginning of year
End of year
256, 405 $ 354, 606
1, 862, 241
2, 118, 646
154
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Community Development Block Grant
For the year ended June 30, 2025
Budgeted Amounts
Original Final
Variance with
Final Budget
Actual Positive
Amounts ( Negative)
REVENUES:

Intergovernmental $
Use of money and property
Total revenues

REVENUES OVER ( UNDER)

EXPENDITURES
OTHER FINANCING SOURCES (USES):

Transfers out
Total other financing sources ( uses)
Net change in fund balances
FUND BALANCES:

Beginning of year
End of year
194, 719 $ - $ ( 194, 719)
3, 136 3, 136
194, 719 3, 136 ( 191, 583)
194, 719 3, 136 ( 191, 583)
194, 719) ( 105, 78) 88, 961
194, 719) ( 105, 78) 88, 961
102, 62) $ ( 102, 62)
109, 058
6, 436
155
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Scholarship Fund
For the year ended June 30, 2025
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts ( Negative)
REVENUES:

Intergovernmental
Use of money and property
Miscellaneous
Total revenues

REVENUES OVER (UNDER)

EXPENDITURES
OTHER FINANCING SOURCES (USES):

Transfers out
Total other financing sources ( uses)
Net change in fund balances
FUND BALANCES:

Beginning of year
End of year
5, 000 $ 10, 846 $ 3, 070 $ ( 7,76)
1, 390 1, 390
2, 750 2, 750
5, 000 10, 846 7, 210 ( 3, 636)
5, 000 10, 846 7, 210 ( 3, 636)
5, 000) 10, 846) 2, 181) 8, 665
5, 000) 10, 846) 2, 181) 8, 665
5, 029 $
24, 928
29, 957
5, 029
156
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual COPS
For the year ended June 30, 2025
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts ( Negative)
REVENUES:

Intergovernmental
Use of money and property
Total revenues
EXPENDITURES:

Current:

Public safety
Total expenditures

REVENUES OVER ( UNDER)

EXPENDITURES
OTHER FINANCING SOURCES ( USES):

Transfers out
Total other financing sources ( uses)
Net change in fund balances
FUND BALANCES:

Beginning of year
End of year
150, 00 $ 194, 664 $ 182,63 $ ( 12, 501)
22, 348 22, 348
150, 000 194, 664 204, 511 9, 847
100, 00 129, 007 79, 279 49, 728
100, 00 129, 007 79, 279 49, 728
50, 000 65,57 125, 232 59,75
100, 00) ( 100, 00) ( 100, 00)
100, 000) ( 100, 00) ( 100, 00)
50, 000) $ ( 34,43) 25,32 $
379, 566
404, 798
59,75
157
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Office of Traffic and Safety
For the year ended June 30, 2025
REVENUES:

Intergovernmental
Use of money and property
Total revenues
EXPENDITURES:

Current:

Public safety
Total expenditures

REVENUES OVER ( UNDER)

EXPENDITURES
OTHER FINANCING SOURCES (USES):

Transfers out
Total other financing sources (uses)
Net change in fund balances
FUND BALANCES:

Beginning of year
End of year
Budgeted Amounts
Original Final
Variance with
Final Budget
Actual Positive
Amounts ( Negative)
78, 000 $ 81, 500 $ 29, 049 $ ( 52, 451)
316 316
78, 000 81, 500 29, 365 ( 52, 135)
26, 150 3, 832 22, 318
26, 150 3, 832 22, 318
78, 000 55, 350 25, 533 ( 29, 817)
78, 000) 55, 350) 23, 159) 32, 191
78, 000) 55, 350) 23, 159) 32, 191
2, 374 $
11, 216
13, 590
2, 374
158
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual RTIF San Joaquin County
For the year ended June 30, 2025
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts ( Negative)
REVENUES:

Taxes and assessments
Use of money and property
Total revenues
EXPENDITURES:

Current:

Public works
Total expenditures

REVENUES OVER (UNDER)

EXPENDITURES
Net change in fund balances
FUND BALANCES:

Beginning of year
End of year
506, 121 $ 506, 121 $ 445, 964 $ ( 60, 157)
8, 632 8, 632
506, 121 506, 121 454, 596 ( 51,25)
506, 121 506, 121 453, 879 52, 242
506, 121 506, 121 453, 879 52, 242
717 717
717 $ 717
926)
209)
159
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual RTIF Lathrop Local West
For the year ended June 30, 2025
REVENUES:

Taxes and assessments
Use of money and property
Total revenues
EXPENDITURES:

Current:

Public works
Budgeted Amounts
Original Final
Variance with
Final Budget
Actual Positive
Amounts ( Negative)
2, 637,68 $ 2, 637,68 $ 3, 211, 140 $ 573, 472
734, 863 734, 863
2, 637,68 2, 637,68 3, 946, 003 1, 308,35
6, 000 6, 000 - 6, 000
Total expenditures 6, 000 6, 000 - 6, 000

REVENUES OVER (UNDER)

EXPENDITURES
OTHER FINANCING SOURCES (USES):

Transfers out
Total other financing sources (uses)
Net change in fund balances
FUND BALANCES:

Beginning of year
End of year
2, 631,68 2, 631,68 3, 946, 003 1, 314,35
503, 406) 7,35, 185) ( 7,35, 185)
503, 406) 7,35, 185) ( 7,35, 185)
2, 128, 262 $ ( 5, 103, 517) ( 3, 789, 182) $ 1, 314,35 14, 645, 737
10, 856, 555
160
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual

RTIF SJCOG
For the year ended June 30, 2025
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts ( Negative)
REVENUES:

Taxes and assessments
Use of money and property
Total revenues
EXPENDITURES:

Current:

Public works
Total expenditures

REVENUES OVER ( UNDER)

EXPENDITURES
Net change in fund balances
FUND BALANCES:

Beginning of year
End of year
759, 181 $ 759, 181 $ 668, 947 $ ( 90, 234)
12, 933 12, 933
759, 181 759, 181 681, 880 ( 77, 301)
759, 181 759, 181 680, 84 78, 377
759, 181 759, 181 680, 84 78, 377
1, 076 1, 076
1, 076 $ 1, 076
1, 389)
313)
161
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual RTIF Lathrop Local East
For the year ended June 30, 2025
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts ( Negative)
REVENUES:

Taxes and assessments
Use of money and property
Total revenues
EXPENDITURES:

Current:

Public works
1, 082, 318 $ 1, 082, 318 $ 37,15 $ ( 1, 045,03)
133,17 133,17
1, 082, 318 1, 082, 318 170, 432 ( 911, 886)
5, 000 5, 000 5, 000
Total expenditures 5, 000

REVENUES OVER ( UNDER)

EXPENDITURES
OTHER FINANCING SOURCES ( USES):

Transfers out
Total other financing sources ( uses)
Net change in fund balances
FUND BALANCES:

Beginning of year
End of year
5, 000 5, 000
1, 077, 318 1, 077, 318 170, 432 ( 906, 886)
1, 287, 784) ( 1, 287, 784)
1, 287, 784) ( 1, 287, 784)
1, 077, 318 $ ( 210, 466) ( 1,17, 352) $ ( 906, 886)
2, 845, 132
1, 727,80
162
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual LMFD Measure C
For the year ended June 30, 2025
REVENUES:

Use of money and property
Total revenues
EXPENDITURES:

Current:

Public safety
Total expenditures

REVENUES OVER ( UNDER)

EXPENDITURES
OTHER FINANCING SOURCES ( USES):

Transfers in
Total other financing sources ( uses)
Net change in fund balances
Budgeted Amounts
Original Final
Variance with
Final Budget
Actual Positive
Amounts ( Negative)
19,74 $ 19,74
19,74 19,74
4, 120, 000 4, 120, 000 3, 993,63 126, 037
4, 120, 000 4, 120, 000 3, 993,63 126, 037
4, 120, 000) ( 4, 120, 000) ( 3, 974, 789) 145, 211
4, 120, 000 4, 120, 000 4, 035, 869 ( 84, 131)
4, 120, 00 4, 120, 000 4, 035, 869 ( 84, 131)
61, 080 $ 61, 080
FUND BALANCES:

Beginning of year
1, 027, 507
End of year
1, 088, 587
163
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual State Grants
For the year ended June 30, 2025
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts ( Negative)
REVENUES:

Intergovernmental
Use of money and property
Total revenues

REVENUES OVER (UNDER)

EXPENDITURES
OTHER FINANCING SOURCES (USES):

Transfers out
Total other financing sources ( uses)
Net change in fund balances
FUND BALANCES:

Beginning of year
End of year
3, 000,00 $ 1, 022, 557 $ 280, 049 $ ( 742, 508)
66) ( 66)
3, 000,00 1, 022, 557 279, 983 ( 742, 574)
3, 000,00 1, 022, 557 279, 983 ( 742, 574)
3, 000,00) ( 941, 281) ( 266, 415) 674, 866
3, 000,00) ( 941, 281) ( 266, 415) 674, 866
81, 276 13, 568 $ ( 67, 708)
58, 799
72, 367
164
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual North Lathrop Transportation
For the year ended June 30, 2025
Budgeted Amounts
Original Final
Variance with
Final Budget
Actual Positive
Amounts ( Negative)
REVENUES:

Use of money and property $
Total revenues

REVENUES OVER ( UNDER)

EXPENDITURES
Net change in fund balances
FUND BALANCES:

Beginning of year
End of year
56 $
56 56
56 56 56
56 $ 56
650
706
165
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Citywide Economic Dev Fee 20%
For the year ended June 30, 2025
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts ( Negative)
REVENUES:

Taxes and assessments
Use of money and property
Total revenues

REVENUES OVER ( UNDER)

EXPENDITURES
OTHER FINANCING SOURCES ( USES):

Transfers out
Total other financing sources (uses)
Net change in fund balances
FUND BALANCES:

Beginning of year
End of year
340, 00 $ 340, 00 $ 291, 000 $ ( 49, 000)
195,24 195,24
340, 00 340, 00 486, 124 146,24
340, 00 340, 00 486, 124 146,24
1, 000,0) ( 1, 000,00)
1, 000,0) ( 1, 000,00)
340, 00 $ ( 660, 00) 513, 876) $ 146,24
3, 898, 509
3,84, 633
166
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual River Islands CFD 2013- 1
For the year ended June 30, 2025
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts ( Negative)
REVENUES:

Taxes and assessments
Use of money and property
Miscellaneous
Total revenues
EXPENDITURES:

Current:

Public works
Total expenditures

REVENUES OVER ( UNDER)

EXPENDITURES
OTHER FINANCING SOURCES ( USES):

Transfers out
Total other financing sources ( uses)
Net change in fund balances $ ( 2, 340) $ ( 3, 950)
1,82, 800 $ 1,82, 800 $ 1, 248, 893 $ 66, 093
30, 609 30, 609
120, 00 120, 00 ( 120, 00)
1, 302, 800 1, 302, 800 1, 279, 502 ( 23,98)
19, 800 20, 300 28,85 ( 7, 985)
19, 800 20, 300 28,85 ( 7, 985)
1, 283, 000 1, 282, 500 1, 251,17 ( 31, 283)
1, 285, 340) ( 1, 286, 450) ( 1, 226, 402) 60, 048
1, 285, 340) ( 1, 286, 450) ( 1, 226, 402) 60, 048
FUND BALANCES:

Beginning of year
End of year
24, 815 $ 28, 765
145, 944
170, 759
167
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Lathrop Land Acquisitions
For the year ended June 30, 2025
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts ( Negative)
REVENUES:

Use of money and property
Total revenues

REVENUES OVER ( UNDER)

EXPENDITURES
Net change in fund balances
FUND BALANCES:

Beginning of year
End of year
127 $ 127
127 127
127 127
127 $
1, 891
2, 018
127
168
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual ULOP RD -17 Levee Impact
For the year ended June 30, 2025
REVENUES:

Taxes and assessments
Use of money and property
Total revenues
EXPENDITURES:

Current:

Public works
Total expenditures

REVENUES OVER ( UNDER)

EXPENDITURES
Net change in fund balances
FUND BALANCES:

Beginning of year
End of year
Budgeted Amounts
Original Final
Variance with
Final Budget
Actual Positive
Amounts ( Negative)
2,34, 863 $ 2,34, 863 $ 1, 749, 314 $ ( 485, 549)
2, 584 2, 584
2,34, 863 2,34, 863 1, 751, 898 ( 482, 965)
1, 754, 003 1, 749, 315 4, 688
1, 754, 003 1, 749, 315 4, 688
2,34, 863 480, 860 2, 583 ( 478, 277)
2,34, 863 $ 480, 860 2, 583 $ ( 478, 277)
3, 015)
432)
169
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual DWR Grant - ULOP Project
For the year ended June 30, 2025
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts ( Negative)
REVENUES:

Intergovernmental $
Use of money and property
Total revenues

REVENUES OVER (UNDER)

EXPENDITURES
OTHER FINANCING SOURCES ( USES):

Transfers out
Total other financing sources ( uses)
3, 972, 015 $ 91, 498 $ ( 3, 880, 517)
4) ( 4)
3, 972, 015 91, 494 ( 3, 880, 521)
3, 972, 015 91, 494 ( 3, 880, 521)
3, 972, 015) ( 130, 122) 3, 841,93
Net change in fund balances $
FUND BALANCES:

Beginning of year
End of year
3, 972, 015) ( 130,22) 3, 841,93
38, 628) $ ( 38, 628)
38, 627
1)
170
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual CLSP Off -Site Roadway Improvement
For the year ended June 30, 2025
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts ( Negative)
REVENUES:

Taxes and assessments
Use of money and property
Total revenues

REVENUES OVER ( UNDER)

EXPENDITURES
Net change in fund balances
FUND BALANCES:

Beginning of year
End of year
144, 963 $ 144, 963 $ 93, 603 $ ( 51, 360)
14, 963 14, 963
144, 963 144, 963 108, 566 ( 36, 397)
144, 963 144, 963 108, 566 ( 36, 397)
144, 963 $ 144, 963 108, 566 $ ( 36, 397)
249, 46
358, 062
171
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual South Lathrop CFD 2019- 1
For the year ended June 30, 2025
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts ( Negative)
REVENUES:

Taxes and assessments
Use of money and property
Total revenues
EXPENDITURES:

Current:

Public works
Capital outlay
Total expenditures

REVENUES OVER ( UNDER)

EXPENDITURES
OTHER FINANCING SOURCES ( USES):

Transfers out
Total other financing sources ( uses)
Net change in fund balances
FUND BALANCES:

Beginning of year
End of year
581, 280 $ 581, 280 $ 450, 00 $ ( 131, 280)
87, 259 87, 259
581, 280 581, 280 537, 259 ( 44, 021)
365, 712 382, 993 238, 072 144, 921
50, 000 50, 000 50, 000
415, 712 432, 993 238, 072 194, 921
165, 568 148, 27 299, 187 150, 90
64, 230) 181, 968) 181, 968)
64, 230) 181, 968) 181, 968)
101, 338 $ ( 33, 681) 117, 219 $ 150, 90
1, 708, 696
1, 825, 915
172
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Central Lathrop CFD 2019-
For the year ended June 30, 2025
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts ( Negative)
REVENUES:

Taxes and assessments
Use of money and property
Miscellaneous
Total revenues
EXPENDITURES:

Current:

Public works
Total expenditures

REVENUES OVER (UNDER)

EXPENDITURES
OTHER FINANCING SOURCES (USES):

Transfers out
Total other financing sources ( uses)
Net change in fund balances
FUND BALANCES:

Beginning of year
End of year
2, 488, 380 $ 2, 488, 30 $ 2, 051, 360 $ ( 437, 020)
59, 137 59, 137
9, 098 9, 098
2, 488, 380 2, 488, 380 2, 119, 595 ( 368, 75)
1, 227, 170 1, 463, 289 1, 051, 386 411, 903
1, 227, 170 1, 463, 289 1, 051, 386 411, 903
1, 261,10 1, 025,91 1, 068, 209 43, 118
175, 380) ( 202, 739) ( 202, 739)
175, 380) ( 202, 739) ( 202, 739)
1, 085, 830 $ 822, 352 865, 470 $
947,8
1, 813, 448
43, 118
173
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Stewart Economic Dev Fee 80%
For the year ended June 30, 2025
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts ( Negative)
REVENUES:

Use of money and property
Total revenues

REVENUES OVER ( UNDER)

EXPENDITURES
5, 689 $ 5, 689
5, 689 5, 689
5, 689 5, 689
Net change in fund balances $
FUND BALANCES:

Beginning of year
End of year
5, 689 $ 5, 689
14, 794
20, 483
174
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual TOT Trust
For the year ended June 30, 2025
Budgeted Amounts
Original Final
Variance with
Final Budget
Actual Positive
Amounts ( Negative)
REVENUES:

Use of money and property $
Total revenues

REVENUES OVER (UNDER)

EXPENDITURES
Net change in fund balances
FUND BALANCES:

Beginning of year
End of year
69, 168 $
69, 168
69, 168
69, 168
69, 168 69, 168
69, 168 $ 69, 168
1, 355, 698
1, 424, 866
175
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Gateway Business Park
For the year ended June 30, 2025
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts ( Negative)
REVENUES:

Taxes and assessments
Use of money and property
Total revenues
EXPENDITURES:

Current:

Public works
Total expenditures

REVENUES OVER ( UNDER)

EXPENDITURES
OTHER FINANCING SOURCES (USES):

Transfers out
Total other financing sources ( uses)
Net change in fund balances
FUND BALANCES:

Beginning of year
End of year
161, 000 $ 161, 000 $ 145, 904 $ ( 15, 096)
17, 617 17, 617
161, 000 161, 000 163, 521 2, 521
88, 196 115, 578 25, 797 89, 781
88, 196 115, 578 25, 797 89, 781
72, 804 45,22 137, 724 92, 302
510) 2, 840) 2, 840)
510) 2, 840) 2, 840)
72, 294 $ 42, 582 134, 884 $ 92, 302
316, 223
451, 107
176
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual River Islands CFD 2023- 1
For the year ended June 30, 2025
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts ( Negative)
REVENUES:

Taxes and assessments $
Use of money and property
Total revenues
EXPENDITURES:

Current:

Public works
49, 513 $ 49, 085 $
416
428)
416
49, 513 49, 501 ( 12)
3, 728 3, 701 27
Total expenditures 3, 728 3, 701 27

REVENUES OVER ( UNDER)
EXPENDITURES 45, 785 45, 800 15
Net change in fund balances $
FUND BALANCES:

Beginning of year
End of year
45, 785 45, 800 $ 15
45, 800
177
City of Lathrop
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Storm Drain
For the year ended June 30, 2025
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts ( Negative)
REVENUES:

Use of money and property
Total revenues
EXPENDITURES:

Current:

Public works
Total expenditures

REVENUES OVER ( UNDER)

EXPENDITURES
OTHER FINANCING SOURCES ( USES):

Transfers in
Total other financing sources (uses)
Net change in fund balances $
54, 015 $ 54, 015
54, 015 54, 015
70, 000 1, 593, 983 186, 908 1, 407, 05
70, 000 1, 593, 983 186, 908 1, 407, 075
70, 000) ( 1, 593, 983) ( 132, 893) 1, 461, 090
70, 000 741, 983 70, 000 ( 671, 983)
70, 000 741, 983 70, 000 ( 671, 983)
FUND BALANCES:

Beginning of year
End of year
852, 000) ( 62, 893) $ 789, 107
1, 015,11
952, 118
178
City of Lathrop
Custodial Funds
Year Ended June 30, 2025
Custodial Funds account for assets held by the City as agent for individuals governmental entities and non- public organizations. These funds include the following:

MOSSDALE VILLAGE ASSESSMENT DISTRICT FUND
To account for the special assessments associated with the payment of the limited -obligation improvement bonds for the Mossdale Village Assessment District.

CROSSROADS ASSESSMENTS FUND
To account for the special assessments associated with the payment of the limited -obligation improvement bonds for the Crossroads Assessment District.

JOINT WASTEWATER COMMUNITY FACILITIES DISTRICT FUND
To account for the special assessments associated with the payment of the limited -obligation improvement bonds for the Joint Wastewater Community Facilities District.

NORTH HARLAN WATER IMPROVEMENT FUND
To account for special assessments associated with the payment of limited obligation improvement bonds for the North Harlan Water Improvement District.

COMMUNITY FACILITIES DISTRICT CLSP INFRASTRUCTURE FUND
To account for special assessments associated with the infrastructure in the Central Lathrop Specific Plan area.

SEWER ASSESSMENT DISTRICT NO. 1FUND
1' o account tor the special assessments associated with the payments of the limited - obligation improvement bonds tor the Lathrop Sanitary Sewer Assessment District No. l
MOSSDALE VILLAGE REASSESSMENT 2015 - 1 FUND
To account for the special assessments associated with the payment of bonds for the Mossdale Village District.

MOSSDALE VILLAGE COMMUNITY FACILITIES DISTRICT 2003 - 1 FUND To account for the special assessments associated with the payment of bonds for the Mossdale Village District. 179
City of Lathrop
Combining Statement of Fiduciary Net Position
Custodial Funds
June 30, 2025
Joint Wastewater
Mossdale Village Crossroads Community North Harlan Water Assessment District Assessments Facilities District Improvement ASSETS
Cash and investments
Receivables:

Accrued interest
Restricted assets:

Cash and investments with fiscal agents
Total assets
Accounts payable
Deposits payable
Total liabilities

LIABILITIES

NET POSITION
Restricted for:

Individuals, organizations, and other governments
Total Net Position
678, 278 $ 621, 830 $ 522, 802 $
1, 243 1,22 982
639, 756 845, 584 736, 407
398
1 1, 319, 277 1, 468, 536 1, 260, 191 399
270 70
270 70
1, 319, 007 1, 468, 536 1, 260, 121 399
1, 319, 007 $ 1, 468, 536 $ 1, 260, 121 $ 399
180
Community Mossdale Village
Facilities District Sewer Assessment Reassessment 2015- Mossdale Village CLSP Infrastructure District #1 1 CFD 2003- 1
Total
Custodial
Funds
2,46, 584 $ 2, 929 $
3, 951 25
1, 714, 904 312, 687
722, 07 $
1, 458
243, 881
1, 789,11 $ 6, 584,59
3, 915 12, 697
223, 677 4, 716, 896
3, 965, 439 315, 641 967, 366 2, 017, 303 11, 314, 152
270
30, 747
303 358, 010 358, 923
30, 747
31, 017 303 358, 010 389, 670
3, 934, 422 315, 641 967, 063 1, 659, 293 10, 924, 482
3, 934, 422 $ 315, 641 $ 967, 063 $ 1, 659, 293 $ 10, 924, 482 City of Lathrop
Combining Statement of Changes in Fiduciary Net Position Custodial Funds
For the year ended June 30, 2025
Joint Wastewater
Mossdale Village Crossroads Community North Harlan Water Assessment District Assessments Facilities District Improvement ADDITIONS:

Collections for assessment districts
Investment earnings
Total additions
DEDUCTIONS:

Administrative expenses
Debt service
Total deductions
Change in net position
NET POSITION:

Beginning of year
End of year
1, 477, 926 $ 757, 361 $ 641, 964 $
46, 158 56, 018 40, 679 39)
1, 524, 084 813, 379 682,43 ( 39)
32,04 20, 935 29, 695
1, 361,35 733,00 587,5
1, 393, 639 754, 635 617, 20
130, 445 58, 744 65, 373 ( 39)
1,88, 562 1, 409, 792 1,94, 748 438
1, 319, 007 $ 1, 468, 536 $ 1, 260, 121 $ 399
182
Community Mossdale Village
Facilities District Sewer Assessment Reassessment 2015- Mossdale Village CLSP Infrastructure District # 1 1 CFD 2003- 1
Total
Custodial
Funds
2, 827, 291 $ 146, 521 $ 947,81 $ 771, 485 $ 7, 570,29
136, 731 11, 654 37, 058 89, 647 417, 906
2, 964, 022 158,75 985, 039 861, 132 7, 988, 435
44, 358
2, 714, 095
28, 651 34, 639
35, 768 904,27
30, 050 220, 632
695,65 7, 033,65
2, 758, 453 64, 419 939, 566 725,15 7, 253, 697
205, 569
3, 728, 853
93, 756 45,73 135, 417 734,38
221, 885 921, 590 1, 523, 876 10,89, 744
3, 934, 422 $ 315, 641 $ 967, 063 $ 1, 659, 293 $ 10, 924, 482 This page intentionally left blank
184

STATISTICAL SECTION
This part of the City' 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 contrast to the financial section, the statistical section information is not subject to independent audit.

Financial Trends
These schedules contain trend information to help the reader understand how the City' s financial performance and well being have changed over time:

1. Net Position by Component

2. Changes in Net Position

3. Fund Balances of Governmental Funds

4. Changes in Fund Balance of Governmental Funds
Revenue Capacity
These schedules contain information to help the reader assess the City' s most significant local revenue source, the property tax:

1. Property Tax Levies and Collections

2. Assessed Value and Estimated Actual Value of Taxable Property

3. Principal Property Taxpayers
Debt Capacity
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:

1. Direct and Overlapping Property Tax Rates

2. Direct and Overlapping Governments Sales Tax Rates

3. Legal Debt Margin Information

4. Outstanding Debt

5. Computation of Direct and Overlapping Debt

6. Pledged -Revenue Coverage
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader understand the environment within which the City' s
financial activities take place:

1. Demographic and Economic Statistics

2. Principal Employers
Operating Information
These schedules contain service and infrastructure data to help the reader understand how the information in the City' sfinancial report relates to the services the City provides and the activities it performs:

1. Full- time and Part- time City Employees by Function

2. Operating Indicators by Function

3. Capital Asset Statistics by Function

4. Water Sold by Type of Customer

5. Water Rates

6. Ten Largest Water Customers

7. Top 25 Sales Tax Producers
Sources
Unless otherwise noted, the information in these schedules is derived from the Annual Comprehensive Financial Reports for the relevant year.
185

CITY OF LATHROP
Net Position by Component
Last Ten Fiscal Years
accrual basis of accounting)
Governmental activities:

Net investments in
capital assets
Restricted
Unrestricted
Total governmental activities net position
Business - type activities:

Net investments in
capital assets
Restricted
Unrestricted
2016 2017
148, 474, 931
10, 223, 760
38, 941, 548
155, 971, 046
11, 858, 920
47, 769, 952
197, 640, 239 $ 215, 599, 918
93,06,14
2, 698, 250
26, 437, 255
103, 695, 833
1, 706, 637
37, 146, 214
Total business - type activities net position $ 123, 042, 419 $ 142, 548, 684 Primary government:

Net investments in
capital assets
Restricted
Unrestricted
Total Primary government net position
242, 381, 845
12, 922, 010
65, 378, 803
259, 666, 879
13, 565,57
84, 916, 166
320, 682,58 $ 358, 148, 602
Source: City of Lathrop, California Annual Comprehensive Financial Reports. 2018
159, 727, 304
10, 376, 172
52, 396, 920
2019
179, 501, 255
13, 552, 647
72, 645, 973
222, 500, 396 $ 265, 699, 875
120, 279, 431
1, 650, 031
30, 919, 752
150, 452, 677
1, 652, 234
34, 710, 083
152, 849, 214 $ 186, 814, 994
280, 06, 735
12, 026, 203
83, 316, 672
329, 953,32
15, 204, 881
107, 356, 056
375,49, 610 $ 452, 514, 869
186

CITY OF LATHROP
Net Position by Component
Last Ten Fiscal Years
accrual basis of accounting)
2020 2021 2022 2023 2024 2025
206,11, 349 $ 218, 894, 403 $ 250, 65, 011 $ 320, 475, 208 $ 356, 771, 955 $ 396, 480, 557 16, 013,46 103, 964,23 122, 949,90 125, 033, 370 142, 915, 495 188, 519, 998 87, 005, 385 33, 463, 086 47, 696, 013 59, 792, 854 84,85, 678 69, 275,30 309, 229, 780 $ 356,22, 412 $ 421, 251, 014 $ 505, 301, 432 $ 584,73, 128 $ 654, 275, 785 160, 481, 074 $ 156, 93, 462 $ 174, 059, 421 $ 206,99, 495 $ 225, 625, 879 $ 264, 358, 527 1, 651, 396 1, 650,48 1, 652, 915 1, 408, 865 1, 431, 530 1, 486, 322 43, 373,59 62, 502, 764 70,85, 536 72, 411, 962 78, 801, 938 81, 161, 243 205, 505, 829 $ 221, 16, 874 $ 246, 497, 872 $ 280, 120, 322 $ 305, 89, 347 $ 347, 006,92 366, 692, 423 $ 375, 87,65 $ 424, 664, 432 $ 526, 774,03 $ 582, 397, 834 $ 660, 839, 084 17, 664, 442 105, 615, 571 124, 602, 905 126, 442, 235 144, 37, 025 190, 06, 320 130, 378, 744 95,65, 850 118, 481, 549 132, 204, 816 163, 687,16 150, 436,73 514, 735, 609 $ 577, 439, 286 $ 667, 748, 886 $ 785, 421, 754 $ 890, 432,75 $ 1, 001, 281, 877 187

CITY OF LATHROP
Changes in Net Position
Last Ten Fiscal Years
accrual basis of accounting)
2016 2017 2018 2019
Expenses:

Governmental activities:

General government $ 5, 614, 173 $ 4, 580, 381 $ 4, 917, 617 $ 5, 307, 052 Public safety 8, 048, 625 9, 683,36 10, 965, 814 11, 284, 963 Public works 7, 864, 470 13,25, 373 13, 066, 756 16, 835, 406 Culture and leisure 1, 395, 287 1, 300, 832 1, 331, 811 1, 442, 202 Community development 1, 712, 156 993, 885 1, 256, 506 977, 552 Interest on long- term debt 880, 036 319, 164 100, 088 46,10 Total governmental activities expense $ 25, 514, 747 $ 30, 003, 271 $ 31, 638, 592 $ 35, 893, 585 Business - type activities:

Water $ 4, 941, 845 $ 5, 828, 411 $ 4, 969, 618 $ 6, 303, 489 Wastewater 3, 587, 602 5, 393, 728 1, 204, 762 9, 206, 503 Total business - type activities expenses $ 8, 529, 447 $ 11, 222, 139 $ 6, 174, 380 $ 15, 509, 992 Total primary government expenses $ 34, 044, 194 $ 41, 225, 410 $ 37, 812, 972 $ 51, 403, 577 Program revenues:

Governmental activities:

Charges for services:

General Government $ 551, 63 $ 462, 696 $ 438, 974 $ 528, 673 Public Safety 365, 009 231, 164 424, 909 775, 581
Public Works 258, 005 1, 697, 831 1,84, 297 1, 874, 445 Culture and leisure 205, 376 283, 662 279, 505 341, 06
Community development 3, 947, 881 3, 131, 768 2, 916, 089 3, 880, 593 Operating grants and contributions 5, 016, 283 4, 841, 037 5, 459, 511 5, 674, 834 Capital grants and contributions 9, 759, 080 30, 838, 179 10, 069, 773 40, 920, 445 Total governmental activities
program revenues $ 20, 103, 247 $ 41,86, 337 $ 20, 773, 058 $ 53, 995, 587 Business -type activities:

Charges for services:

Water $ 5, 849, 963 $ 6, 856, 028 $ 8, 331, 835 $ 9, 052, 906 Wastewater 5, 233, 840 5, 791, 155 6, 533, 098 7, 923,42 Operating grants and contributions - - -
Capital grants and contributions 159, 854 159, 854 159, 854 32, 556, 339 Total business -type activities
program revenues $ 11, 243, 657 $ 12, 807, 037 $ 15, 024, 787 $ 49, 533, 187 Total primary government
program revenues $ 31,46, 904 $ 54, 293, 374 $ 35, 797, 845 $ 103, 528, 774 Net revenues ( expenses):

Governmental activities $ ( 5, 411, 500) $ 11, 483, 066 $ ( 10, 865, 534) $ 18,02, 002 Business -type activities 2, 714, 210 1, 584, 898 8,50, 407 34, 023, 195 Total net revenues ( expenses) $ ( 2, 697, 290) $ 13, 067, 964 $ ( 2, 015, 127) $ 52, 125,97 General revenues and other changes in net position:

Governmental activities:

Taxes:

Property tax
Sales and use taxes
Franchise taxes
Other taxes
Motor vehicle in lieu, unrestricted
Investment income
Other general revenues
Transfers
Total governmental activities
Business -type activities:

Investment income
Miscellaneous
Transfers
Total business - type activities
Total primary government
Changes in net position
Governmental activities
Business -type activities
Total primary government
3, 566, 656 $ 3, 980, 606 $ 4, 285, 832 $ 4, 710, 374
6, 209, 105 6, 337, 138 9, 211,28 12, 001, 476
518, 13 771, 288 877, 633 1, 204, 106
743, 896 565, 715 634, 335 666, 791
1, 324, 094 1, 555, 026 1, 794, 526 1, 898, 011
346, 915 19, 282 979, 43 1, 996, 503
1, 745, 978 10, 090,96 379, 51 149, 364
421, 353) ( 16, 842, 538) ( 137, 582) 2439, 302
14, 033, 474 $ 6, 476, 613 $ 18, 025,56 $ 25, 065, 927
200, 063 $ 214, 510 $ 405, 014 $ 782, 839
416, 119 864, 319 907, 527 1, 599, 048
421, 353 16, 842, 538 137, 582 ( 2, 439, 302)
1, 037, 535 1, 450, 123 ( 57, 415)
15, 071,09
17, 921, 367
24, 397, 980 19, 475, 179 25, 008, 512
8, 621, 974 $ 17, 959, 679 $ 7, 159, 522 $ 43, 167, 929 3, 751,45 19, 506, 265 10, 300, 530 33, 965, 780
12, 373, 719 $ 37, 465, 944 $ 17, 460, 052 $ 77, 133, 709 188

CITY OF LATHROP
Changes in Net Position
Last Ten Fiscal Years
accrual basis of accounting)
2020 2021 2022 2023 2024 2025
5, 944, 111 $ 6, 544, 720 $ 6, 994, 053 $ 9, 350, 898 $ 11, 905, 173 $ 14, 094, 572 12,21, 072 11, 729, 668 11, 628, 050 15, 350, 996 19, 911, 396 23, 027, 105 19,95, 792 19, 892, 748 14, 711, 011 36, 027, 481 25, 161, 304 28, 341, 417 1, 468,71 1, 466, 177 11, 559, 470 3, 999, 365 4, 895, 105 5, 921, 321 1, 317, 693 8, 227, 717 1, 805, 271 1, 537, 163 1, 240, 390 1, 071, 454 89, 123 241, 454 233, 740 225, 835 217, 739 209, 452
40, 136, 262 $ 48, 102, 484 $ 46, 931, 595 $ 66, 491, 738 $ 63, 331, 107 $ 72, 665, 321 6, 906, 021 $ 6, 767, 503 $ 7, 099, 213 $ 9, 130, 486 $ 8,09, 160 $ 9, 534, 309 7, 476,39 7, 926, 063 7, 853, 576 9, 457,06 11, 907, 501 14, 838, 044 14, 382, 460 $ 14, 693, 566 $ 14, 952, 789 $ 18, 587, 892 $ 20, 716, 661 $ 24, 372,53 54,18, 722 $ 62, 796, 050 $ 61, 884, 384 $ 85, 079, 630 $ 84, 047, 768 $ 97, 037, 674 465, 303 $ 6, 961, 502 $ 9, 212, 336 $ 8, 753, 003 $ 9, 244, 857 $ 9, 862, 458 504, 277 243, 05 139,11 51, 938 390,30 171, 44
473, 06 3, 581, 829 2, 816, 090 3, 250, 469 4, 672, 841 4, 952, 767 285, 143 124, 652 363, 671 379, 681 401, 65 364, 280
6, 507, 913 3, 880, 053 8, 161, 272 6, 041, 251 5, 455, 638 6, 708, 195 6, 105, 531 2, 709, 984 5, 236, 622 7, 477, 256 5, 756, 573 3, 702, 822 43, 291, 735 16, 740, 299 25, 390, 248 66, 235, 438 58, 107, 420 83,05, 014 57, 632, 938 $ 34, 241, 354 $ 51, 319,50 $ 92, 189, 036 $ 84, 029, 274 $ 109, 566, 950 10, 352, 614 $ 10, 239, 976 $ 10, 758, 681 $ 10, 765, 615 $ 11, 263, 135 $ 12, 441,30 8, 633, 545 8, 776, 287 9, 141, 235 10, 428, 292 11, 386, 277 12, 577, 405 11, 691, 580 6, 862,37 - 29, 098, 366 24, 529, 892 14, 316,04 30, 677, 739
88, 310, 677
17, 496, 676
16, 295,79
33, 791, 955
25, 879, 100
60, 120, 454
13, 861, 130)
11,85, 534
2, 675, 596)
19, 899, 916 $ 50, 292,73 $ 47, 179, 304 $ 39,35, 139
71, 219,66 $ 142, 481, 309 $ 131, 208, 578 $ 148, 902, 089 4, 387, 755 $ 25, 697, 298 $ 20, 698, 167 $ 36, 901, 629 4, 947, 127 31, 704, 381 26, 462, 643 14, 962, 786
9, 334, 882 $ 57, 401, 679 $ 47, 160, 810 $ 51, 864, 415 5, 333, 918 $ 8, 613, 482 $ 8, 613, 482 $ 10, 509, 687 $ 12,78, 582 $ 13, 217, 096 10, 501, 615 18,90, 475 18,90, 475 21,85, 429 21, 039, 383 19, 809, 001 1, 241, 635 1, 530, 878 1, 530, 878 2,85, 062 2, 772, 994 2, 979, 604 582,52 30, 620, 998 30, 620, 998 15, 842, 524 3, 752, 539 3, 911, 374 2, 193, 976 738,08 738,08 3, 413, 255 4, 330, 413 4, 862, 283 2, 786, 291 701, 941 701, 941 3, 901, 381 5, 951, 704 8, 085, 732 184, 705 945, 547 945, 547 381, 860 1, 026, 228 536, 691 3, 255, 411 1, 777, 930 1, 777, 930 3, 143, 911 1, 808, 102 ( 20, 154, 571) 26, 080, 103 $ 63, 119, 959 $ 63, 119, 959 $ 60, 763, 109 $ 52, 859, 945 $ 33, 247,10 741, 372 $ 364, 403 $ 364, 403 $ 952, 746 $ 3, 603, 153 $ 4, 269, 570 4, 909, 595 5, 692, 221 5, 692, 221 6, 526, 718 620, 278 1, 501, 418 3, 255, 411 ( 1, 777, 930) ( 1, 777, 930) ( 3, 143, 911) ( 1, 808, 102) 20, 154, 571 2, 395, 556 $ 4, 278, 694 $ 4, 278, 694 $ 4, 335, 553 $ 2, 415, 329 $ 25, 925, 559 28, 475, 659 $ 67, 398, 653 $ 67, 398, 653 $ 65, 098, 662 $ 55, 275,74 $ 59, 172, 769 43, 576, 779 $ 49, 258, 829 $ 67, 507, 714 $ 86, 460,07 $ 73, 558, 112 18, 690, 835 15, 464, 228 9, 225, 821 36, 039, 934 28, 877, 972 62, 267, 614 $ 64, 723, 057 $ 76,33, 535 $ 122, 500, 341 $ 102, 436, 084 70, 148, 839
40, 888, 345
111, 037, 184
189

CITY OF LATHROP
Fund Balances of Governmental Funds
Last Ten Fiscal Years
modified accrual basis of accounting)
General fund:

Nonspendable
Restricted
Committed
Assigned
Unassigned
Total general fund
All other governmental funds:

Restricted
Committed
Assigned
Unassigned
Total all other governmental funds
2016 2017 2018 2019
6,65,77 $ 6, 180, 434 $ 5, 650, 104 $ 5, 225, 742
2,33,4
12, 861, 107 16, 496, 212 21, 538, 365 31, 169, 562
21, 760, 018 $ 22, 676,46 $ 27, 188, 469 $ 36,95,04
4, 513, 322
25, 829, 474
975, 042
233)
31,17, 605
FY2021 reflects the implementation of GASB 84.

Source: City of Lathrop, California
4, 701, 300 $ 3, 797, 087 $ 4, 701, 645
35, 779, 675 36, 015, 106 49, 619, 728
784, 139 663,74 549, 720
120) ( 163, 756)
41, 264, 994 $ 40,75, 867 $ 54, 707, 337
190

CITY OF LATHROP
Fund Balances of Governmental Funds
Last Ten Fiscal Years
modified accrual basis of accounting)
2020 2021* 2022 2023 2024 2025
3, 470, 982 $ 3, 282, 311
29, 678, 802 29, 664, 824
2, 616, 835
4, 289,78 6,79, 913
2, 405, 864
44, 763, 906
5, 704, 542
9, 766, 137
40,47, 513
6, 145, 676
8,60, 658
37, 882, 299
15, 302, 060
8, 328, 220
30, 410, 317
22, 559, 460
40, 055, 897 $ 39, 627, 048 $ 52, 874, 312 $ 56, 359,26 $ 62, 045,17 $ 61, 297, 997 9, 116, 860 $ 41, 955, 830 $ 41,19, 819 $ 125, 033, 370 58, 214, 668 - 7, 556, 009
572, 817
2, 500) ( 169, 617) ( 521, 256) ( 409, 608)
67, 901, 845 $ 41, 786, 213 $ 40, 898, 563 $ 132,79, 771 143, 048, 173
24,41, 497
5, 330)
167, 284, 340
188, 519, 998
9,78, 478
1, 506)
198, 496, 970
191

CITY OF LATHROP
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
modified accrual basis of accounting)
2016 2017
Revenues:

Taxes and assessments
Licenses and permits
Fines, forfeitures, and penalties
Intergovernmental
Use of Money & Property
Charges for current services
Contributions ( Developer)
Other
Total revenues
Expenditures
Current:

General government
Community development
Public safety
Public works
Culture and leisure
Capital Outlay
Debt service:

Principal retirement
Lease principal retirement
Interest and fiscal charges
Total expenditures
Excess ( deficiency) of
revenues over ( under)
expenditures
18, 494,60
1, 283, 193
1, 658,39
5, 489, 546
382, 74
3, 725, 964
3, 523,48
34, 558, 074
4, 675, 898
1, 657, 178
7, 297, 872
6,87, 275
1, 296, 370
4, 361, 924
1, 683, 347
390, 710
22, 885, 183
1, 808, 623
1, 949,10
3, 134, 272
392, 493
3, 605, 846
19, 675, 946
1, 353, 215
54, 805, 488
4,06, 106
784,63
9, 560, 119
7, 616, 246
1, 226, 638
2, 920, 897
2018
22, 571, 206
1, 266, 197
2,37, 680
4,20, 261
1, 366, 160
3, 508, 608
2, 751, 850
813, 74
38, 935, 696
4, 770, 853
1,09, 714
10, 724, 423
7, 048,16
1, 275, 334
9, 761, 990
2019
35,07, 490
1, 823, 951
2, 542,51
4, 373, 978
2, 433, 126
4, 656, 065
536, 277
550, 982
52, 224, 420
5, 137, 588
838, 993
11, 222, 012
9,84, 165
1, 384, 798
2, 643, 451
265, 000 285, 000
319, 164 100, 088 46,10
28, 050, 574 $ 27, 098, 933 $ 35, 075, 418 $ 31, 257, 417 6, 507,00 $ 27, 706, 555
Other financing sources ( uses):

Proceeds from issuance of long- term de $
Transfers in
Transfers out
Lease and Software Subscriptions
Proceeds from sale of capital assets
1,91, 652)
12, 971, 420
13, 392, 773)
10, 394, 523
27,37, 061)
3, 860, 278 $ 20, 967, 003
12, 389, 403
12, 526, 985)
14, 380, 867
11, 941, 565)
Total other financing
sources ( uses) $ ( 1, 613, 005) $ (16, 842, 538) $ ( 137, 582) $ 2, 439, 302 Net change in fund balances $ 4, 894, 495 $ 10, 864, 017 $ 3, 722, 696 $ 23, 406, 305 Debt service as a percentage of
noncapital expenditures 9.6%
FY20/ 21 reflects the implementation of GASB 84.

Source: City of Lathrop, California

2.5% 1.5% 0.2%
192

CITY OF LATHROP
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
modified accrual basis of accounting)
2020 2021* 2022 2023
32, 969, 640
2, 930, 344
1, 973, 138
5, 281, 487
3, 299, 084
4, 523, 327
357, 105
657, 995
51, 992, 120
5, 748, 979
1,53,19
12, 001, 225
10, 701, 329
1, 411, 336
6, 950, 445
290, 00
89, 123
59, 694, 541
3, 191, 727
1, 628, 103
7, 045,36
701, 941
6, 208, 805
7, 595,47
945, 547
87, 011, 247
6, 241, 381
1, 220, 515
11, 507, 852
19, 627, 773
1, 323, 042
11, 300, 021
300, 00
241, 454
38,45, 556 $ 51, 762, 038
13, 646, 564 $ 35, 249,09
24, 940,59 35, 131, 963
21, 685, 548) ( 33,54, 033)
3, 255, 411 $ 1, 777, 930
67, 116,03 $ 53, 295,37
386, 46 2,05,03
1, 588, 616 1, 529, 724
10, 094, 787 18,40,97
2, 101, 280) 4, 030, 511
13, 859, 233 8, 654, 509
10, 621, 451 2, 017, 292
1, 344, 184 374,77
102, 909, 560 $ 90, 247, 050
7, 124, 908
1, 722, 885
11, 552, 853
16, 617, 416
3, 405,73
24,67, 638
352,16
233, 740
65, 277,29
37, 632, 331
26, 553,63
32, 233, 805)
9, 372, 651
1, 282, 370
14, 956, 148
25, 566, 909
3, 921, 574
22, 666, 952
315, 000
367, 507
225, 835
78, 674, 946
2024
65, 425, 623
382, 588
1, 680, 006
12, 045, 766
10, 292, 129
9, 771,62
4, 198, 284
1, 014, 518
104, 810, 676
11,45, 202
1, 235, 413
17, 502,13
15, 582,58
3, 555, 970
21, 770, 137
320, 00
357, 610
217, 739
71, 687, 142
11, 572, 104 $ 33, 123, 534
43, 691, 356
40, 547, 445)
1, 462, 298
45,15, 512
43, 607, 410)
145, 040
2025
65, 068, 458
301, 403
1, 748, 947
12, 961, 759
12, 945, 089
11, 431, 330
24, 353, 636
1, 090, 746
129, 901, 368
13, 680, 470
1, 076, 468
19, 719, 387
17, 361, 431
2, 073, 341
24, 570, 280
330, 00
591,63
209, 452
79, 612, 392
50, 288, 976
40, 063, 910
60, 218, 481)
322, 790
8, 415
5, 680, 242) $ 4, 606, 209 $ 1, 953, 142 $ (19, 823, 366) 16, 901,75 $ 37, 027, 139 $ 31, 952, 089 $ 16,78, 313 $ 35, 076, 676 $ 30, 465, 610

1.2% 1.4% 1.4% 1.6% 1.8% 2.1%
193

CITY OF LATHROP
Property Tax Levies and Collections
Last Ten Fiscal Years
Collected within the Fiscal
Year of Levy Total Collection to Date
Taxes Levied Collection in
Fiscal for the Fiscal Percent Subsequent Percent
Year Year Amount of Levy Years Amount of Levy
2016 3,53, 607 3,53, 607 100. 00% 3,53, 607 100. 00%
2017 3, 727, 479 3, 727, 479 100. 00% 3, 727, 479 100. 00% 2018 4, 125, 753 4, 125, 753 100. 00% 4, 125, 753 100. 00% 2019 4, 309, 587 4, 309, 587 100. 00% 4, 309, 587 100. 00% 2020 4, 812, 631 4, 812, 631 100. 00°/ 4, 812, 631 100. 00°/ 2021 5, 326, 609 5, 326, 609 100. 00°/ 5, 326, 609 100. 00`)/ 2022 5, 853, 282 5, 853, 282 100. 00°/ 5, 853, 282 100. 00% 2023 6,97,06 6,97,06 100. 00% 6,97,06 100. 00`)/
2024 7, 330, 491 7, 330, 491 100. 00% 7, 330, 491 100. 00°/ 2025 8,07, 010 8,07, 010 100. 00% 8,07, 010 100. 00%
Source: County of San Joaquin, California, Office of the Controller. 194

CITY OF LATHROP
Assessed Value and Estimated Actual Value of Taxable Property Last Ten Fiscal Years
in thousands)
City
Gross Taxable Assessed Value Net Taxable Total
Less: Assessed Direct Tax
Fiscal Year Secured Unsecured SBE Nonunitary Exemptions Value Rate 2016 2, 188, 540, 780 198,30, 929 5, 070, 340 ( 18, 624, 42) 2, 373, 117, 607 0. 141% 2017 2, 559, 643, 198 163, 451, 777 6, 170, 020 ( 18, 624, 442) 2, 710, 640, 553 0. 138% 2018 2, 941, 872, 358 174,27, 391 6, 170, 020 ( 18, 831, 913) 3, 103, 337, 856 0. 133% 2019 3, 117, 97, 243 190, 538, 705 6, 170, 020 3,14, 685, 968 0. 130% 2020 3, 554, 886, 516 282,02, 562 6, 170, 020 3, 843, 259, 098 0. 125% 2021 4, 139, 024, 746 280, 821, 500 15, 952, 158 4,35, 798, 404 0. 120% 2022 4, 787, 945, 754 304, 082, 430 15, 952, 158 5, 107, 980, 342 0. 115% 2023 5, 732, 986, 696 363, 749, 894 15, 952, 158 6, 112, 688, 748 0. 110% 2024 7, 186,76, 227 553, 069, 576 15, 952, 158 7,55, 197, 961 0.95% 2025 8, 087,25, 683 603, 508, 724 17,72, 429 - 8, 707,06, 836 0. 101% NOTE:

In 1978 the voters of the State of California passed Proposition 13 which limited property taxes to a total maximum rate 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 of2%). With few exceptions, property is only reassessed at the time that it is sold to a new owner. At that point, the new assessed value is re -assessed at 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.

Source: County of San Joaquin, California, Office of the County Assessor. 195

CITY OF LATHROP
Principal Property Taxpayers
Current Year and Nine Years Ago
Taxpayer

TESLA MOTORS INC

LIT INDUSTRIAL LP
EXETER 5150 GLACIER LP
DPIF4 CALIFORNIA GLACIER LP
YOSEMITE LATHROP 2 LLC

J R SIMPLOT COMPANY CORPORATION

CALIFIA LLC

ASP AND RWM PROPERTIES ETAL

PW FUND ALP

DG SOUTH HARLAN PROP OWNERS

CENTERPOINT PROPERTIES TRUST

SUPER STORES INDUSTRIES

CALIFORNIA NATURAL PRODUCTS

LBA REALTY FUND

LATHROP LAND ACQUISITION LLC

LCP REMAINDER TRUST ETAL
700 D' ARCY PARKWAY INVESTORS LLC
Total
2025
Taxable
2016
Percent of Percent of
Total City Total City
Taxable Taxable
Assessed Taxable Assessed
Assessed Value Rank Value Assessed Value Rank Value
398, 01,44
244, 353, 490
195, 000,00
138, 314, 070
117, 616, 965
89, 160,99
89, 057,49
80, 348, 030
78, 006,40
77, 576, 100
1, 507,12, 987
1 4. 57% $ 67, 457, 784 1
2 2. 81%
3 2.4%
4 1. 59%
5 1. 35%
6 1. 02%
7 1. 02%
8 0. 92%
9 0. 90%
10 0. 89%
Source: County of San Joaquin, California, Office of the County Assessor.

2. 84%
54, 861, 994 2 2. 31%
41, 504, 810 5 1. 75%
48, 074, 600 3 2. 03%
39, 873, 217 6 1. 68%
43, 739, 665 4 1. 84%
38, 435, 164 7 1. 62%
32, 044, 962 8 1. 35%
29, 815, 956 9 1. 26%
29, 000,00 10 1. 22%

17. 31% $ 424, 808, 152 17. 90%
196

CITY OF LATHROP
Property Tax Rates
Direct and Overlapping Governments
Last Ten Fiscal Years
rate per $ 100 of assessed value)
Fiscal Basic
Year County -wide Levy (1) School (2) All Other Total Rate 2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
NOTE:

1. 00000% 0. 14200% 0.0000% 1.4200%

1. 00000% 0. 12820% 0.0000% 1.2820%

1. 00000% 0. 13030% 0.0000% 1.3030%

1. 00000% 0. 12280% 0.0000% 1.2280%

1. 00000% 0. 11400% 0.0000% 1.1400%

1. 00000% 0. 10490% 0.0000% 1.0490%

1. 00000% 0. 13820% 0.0000% 1.3820%

1. 00000% 0. 13660% 0.0000% 1.3660%

1. 00000% 0. 12940% 0.0000% 1.2940%

1. 00000% 0. 12940% 0.0000% 1.2940%
1) In 1978, California voters passed Proposition 13 which sets the property tax rate at a

1. 00% fixed amount. This 1. 00% is shared by all taxing agencies, including the City of Lathrop, for which the subject property resides within. The City of Lathrop' s portion varies by several Tax Rate Areas (TRAs) within the City.

Source: San Joaquin County Assessor 2018/ 16 - 2024/5 Tax Rate Table 197

CITY OF LATHROP
Sales Tax Rates
Direct and Overlapping Governments
Last Ten Fiscal Years
Measure
City Measure C Transportation State of
Fiscal Direct K General Development San Joaquin California Year Rate Rate Purpose Act Rate County Rate Rate Total
2016 1. 00% 0. 50% 1. 00%
2017 1. 00% 0. 50% 1. 00%
2018 1. 00% 0. 50% 1. 00%
2019 1. 00% 0. 50% 1. 00%
2020 1. 00% 0. 50% 1. 00%
2021 1. 00% 0. 50% 1. 00%
2022 1. 00% 0. 50% 1. 00%
2023 1. 00% 0. 50% 1. 00%
2024 1. 00% 0. 50% 1. 00%
2025 1. 00% 0. 50% 1. 00%

0. 25% 1. 00% 5. 25% 9. 00%

0. 25% 1. 00% 5. 00% 8. 75%

0. 25% 1. 00% 5. 00% 8. 75%

0. 25% 1. 00% 5. 00% 8. 75%

0. 25% 1. 00% 5. 00% 8. 75%

0. 25% 1. 00% 5. 00% 8. 75%

0. 25% 1. 00% 5. 00% 8. 75%

0. 25% 1. 00% 5. 00% 8. 75%

0. 25% 1. 00% 5. 00% 8. 75%

0. 25% 1. 00% 5. 00% 8. 75%
NOTE:

A 1. 00% increase in Sales and Use Tax became effective as of April 1, 2009 to augment the State of California' s budget. On May 19, 2009, the voters did not approve the proposed " Budget Stabilization" constitutional amendment and the expiration date of this 1. 00% increase was on July 1, 2011.

On November 6, 2012 the voters of Lathrop approved Measure C. Measure C is an additional 1% sales tax to be used for Public Safety and essential City services.

Source: City of Lathrop, California Finance Department
County of San Joaquin, California, Office of the Auditor -Controller 198
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199

CITY OF LATHROP
Taxable Sales by Category
Last Ten Calendar Years
in thousands of dollars)
Adjusted for Economic Data
2015 2016 2017 2018 2019
Apparel Stores
Eating and Drinking Places
Building Materials
Auto Dealers and Supplies
Service Stations
Other Retail Stores
All Other Outlets
139 $ 158 $ 170 $ 168 $ 144
20, 908 23, 903 28, 457 30, 705 34, 609
18, 952 24, 498 24,08 52, 600 34, 920
20, 853 23,41 50,70 64, 383 71, 514
58, 064 51, 774 65, 073 104, 988 109, 926
54,94 56, 292 55, 085 56, 151 60, 348
86,60 73, 171 95, 495 162,71 144, 818
Total Positions $ 260, 370 $ 253, 07 $ 319, 058 $ 471, 166 $ 456, 279 Source: State Board of Equalization, California Department of Taxes and Fees Administration, State Conttroller' s Office, & The HdL Companies Note: Due to confidentiallity issues, the names of the ten largest revenue payers are not available. The categories presented are intended to provide alternative information regarding the sources of the the City' s
revenue.
200

CITY OF LATHROP
Taxable Sales by Category
Last Ten Calendar Years
in thousands of dollars)
Adjusted for Economic Data
2020 2021 2022 2023 2024
78 $ 70 $ 117 $ 106 $ 127
40, 337 53, 796 59, 154 63, 985 64, 754
29, 890 33, 764 38, 075 35, 477 64, 569
55, 105 51, 310 53, 718 72, 457 53, 402
91, 861 130,48 172, 62 148,38 140, 361
70, 847 78,61 81, 979 82, 164 83, 278
346, 76 640, 965 776,82 754, 910 621, 402
634, 884 $ 988, 814 $ 1,82, 447 $ 1,57, 237 $ 1, 027, 893

CITY OF LATHROP
Legal Debt Margin Information
Last Ten Fiscal Years
Gross Assessed Valuation
Debt Margin Ratio ( 1)
Debt Margin ( Limit)
Less: total net debt applicable to limit:

General obligation bonds
2016
2, 373, 117, 607
2017
2, 710, 640, 553

3. 75% 3. 75%
2018
3, 103, 37, 856
2019
3,14, 685, 968

3. 75% 3. 75%
88, 991,10 $ 101, 649, 021 $ 116, 375, 170 $ 124, 300, 724 Net Legal Debt Margin $ 88, 991,10 $ 101, 649, 021 $ 116, 375, 170 $ 124, 300, 724 Total debt applicable to the the limit
as a percentage of debt limit
Notes
0% 0%
1) The Government Code of the State of California provides for a legal debt limit of 15% of gross assessed valuation. However, this provision was enacted when assessed valuation was based upon 25% of market value. Effective with the 1981- 82fiscal year, each parcel is now assessed at 100% of market value ( as of the most recent change in ownership for that parcel.) The computation shown above reflects a conversion of assessed valuation data for each fiscal year from the current full valuation perspective to the 25% level that was in effect at the time that the legal debt margin was enacted by the State of California for local governments located within the state. The limit shown is 3. 75% ( one- fourth of the previous limit of 15%).
0% 0%
Source: City of Lathrop, California Finance Department and the County of San Joaquin, California, Office of the Controller 202

CITY OF LATHROP
Legal Debt Margin Information
Last Ten Fiscal Years
2020 2021 2022 2023 2024 2025
3, 843, 259, 098 $ 4,35, 798, 404 $ 5, 107, 980, 342 $ 6, 112, 688, 748 $ 7,55, 197, 961 $ 8, 707,06, 836

3. 75% 3. 75% 3. 75% 3. 75% 3. 75% 3. 75%
144,22, 216 $ 166, 342, 440 $ 191, 549, 263 $ 229,25, 828 $ 290, 819, 924 $ 326, 539, 006 144,22, 216 $ 166, 342, 440 $ 191, 549, 263 $ 229,25, 828 $ 290, 819, 924 $ 326, 539, 006 0% 0% 0% 0% 0% 0%
203

CITY OF LATHROP
Outstanding Debt
Last Ten Fiscal Years
Governmental Activities Business -type Activities
Total
Fiscal Financed Leases and Governmental Water Revenue
Year Purchases SBITAS ( 1) Activities Bonds Notes
2016 4, 190, 000 4, 190, 000 12, 635, 000
2017 3, 925, 000 3, 925, 000 11, 455, 000 ( 3)
2018 3, 640, 000 3, 640, 000 10, 846, 145
2019 3, 640, 00 3, 640, 000 10, 207, 524
2020 3,50, 000 3,50, 000 9, 550, 312
2021 3, 050,00 3, 050,00 8,73, 969
2022 2, 745, 000 129,35 2, 874, 135 8, 177, 936
2023 2, 430, 000 1, 094, 791 3, 524, 791 7, 461, 642
2024 2, 110, 000 882, 221 2, 992, 221 6, 724, 497
2025 1, 780, 000 613, 448 2, 393, 448 5, 965, 895
1) Implementation of GASB 87 and GASB 96
3) These ratios are calculated using personal income and population for the prior calendar year. 3) On May 2017, the City refunded the Water Revenue Bonds.

Source: City of Lathrop, California Finance Department
204

CITY OF LATHROP
Outstanding Debt
Last Ten Fiscal Years
Business -type Activities
State Percentage
PNC Bank Revolving Total Business- Total Primary of Personal Debt Per Loan Fund Loan type Activities Government Income Capita ( 2) 5, 070, 256 8, 160, 773 25, 866, 029 30, 056,29 82. 47% 1, 301 4, 755, 863 7,49, 237 23, 960, 100 27, 885, 100 69. 04% 1,49 4,30,88 7, 328, 146 22, 604, 779 26,44, 779 57. 43% 1, 081 4, 093, 638 6, 897, 278 21, 198, 440 24, 838, 440 47. 89% 996 3, 744, 895 6, 456,06 19, 751, 613 23, 101, 613 44. 54% 861 3,83, 839 6, 005, 297 18, 263, 105 21, 313, 105 37. 65% 748 3, 010,37 5,54, 128 16, 742, 101 19, 616, 236 31. 08% 626 2, 623, 175 5, 071, 412 15,56, 229 18, 681, 020 22. 54% 533 2,22, 444 4, 588, 144 13, 535, 085 16, 527, 306 16. 41% 446 1, 821, 713 4, 099, 298 11, 886, 906 14, 280, 354 12.2% 370 205

CITY OF LATHROP
Computation of Direct and Overlapping Debt
June 30, 2025
FY 2024/5 City Assessed Valuation
Redevelopment Agency Incremental Valuation
Adjusted Assessed Valuation
8, 707,06, 836
8, 707,06, 836
Overlapping Tax and Assessment Debt
San Joaquin Delta Community College District
Manteca Unified School District
Tracy Unified School District
Banta School District
Manteca Unified School District Community Facility District No. 1989- 2 Manteca Unified School District Community Facility District No. 2005- 4 Banta School District Community Facilities District No. 2011- 1 River Islands Public Financing Authority Community Facilities District No. 2003- 1, I.A. No. 1 River Islands Public Financing Authority Community Facilities District No. 2003- 1, I.A. No. 2 River Islands Public Financing Authority Community Facilities District No. 2015- 1 River Islands Public Financing Authority Community Facilities District No. 2016- 1 River Islands Public Financing Authority Community Facilities District No. 2019- 1 River Islands Public Financing Authority Community Facilities District No. 2020- 1 River Islands Public Financing Authority Community Facilities District No. 2021- 1 River Islands Public Financing Authority Community Facilities District No. 2023- 1, I.A. No. 1 River Islands Public Financing Authority Community Facilities District No. 2023- 1, I.A. No. 2 City of Lathrop Community Facilities District No 2003- 1 City of Lathrop Community Facilities District No 2003-
City of Lathrop Community Facilities District No 2018- 1, I.A. s1- 5 City of Lathrop 1915 Act Bonds
Reclamation District No. 17 Assessment District
California Statewide Community Development Authority 1915 Act Bonds Total Overlapping Tax and Assessment Debt
Ratios to FY 2024/5Assessed Valuation:

Total Overlapping Tax and Assessment Debt
Direct and Overlapping General Fund Obligation Debt
San Joaquin County Certificates of Participation
Manteca Unified School District General Fund Obligations City of Lathrop General Fund Obligations
Lathrop - Manteca Rural Fire Protection District Certificates of Participation Total Direct and Overlapping General Fund Debt
Total Direct Debt
Total Overlapping Debt
Combined Total Debt

11. 80%
Percentage
Applicable to
Total Debt City of City' s
Share of
6/ 30/ 25 Lathrop ( 1) Debt 6/ 30/ 225
148, 565, 000 6. 928%
378, 163, 008 24.17%
23, 065,00 0.01%
205, 000 78. 216%
13, 770, 000 20. 749%
4, 345, 000 100. 000%
1, 976, 000 100. 000%
314, 860, 000 100. 000%
27, 385, 000 100. 00%
185,10, 000 100. 000%
68, 340, 000 100. 000%
62, 150, 000 100. 000%
48, 115, 000 100. 000%
35, 100, 000 100. 000%
28,30, 000 100. 000%
60, 405, 000 100. 000%
3, 285, 000 100. 000%
3, 895, 000 100. 000%
45, 080,00 100. 000%
17, 455, 000 100. 000%
19, 320, 000 59. 647%
5,10, 000 100. 000%
10, 292, 583
91, 579, 736
231
160, 343
2, 857, 137
4, 345, 000
1, 976, 000
314, 860, 000
27, 385, 000
185,10, 000
68, 340, 000
62, 150, 000
48, 115, 000
35, 100, 000
28,30, 000
60, 405, 000
3, 285, 000
3, 895, 000
45, 080,00
17, 455, 000
11, 523, 800
5,10, 000
1, 494, 329, 008 $ 1, 027, 654, 830
43, 190, 000
9,85, 000
1, 780, 000
3, 245, 000

7. 477% 3, 229, 316

24.17% 2, 418, 067
100. 000% 1, 780, 000

82. 157% 2, 665, 995
10, 093, 378
1, 780, 000
1, 035, 968, 208
1, 037, 748, 208 (2)
1) For all outside agency debt referenced on this sttement, the city' s overlapping debt obligation is based upon the proration of the aggregate issuance as directed by each issue' underlying funding agreement. The proration is generally based on the percentae of the overlapping agency' s assessed
valuation located within boundaries of the city.
2) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and non -bonded financed purchased obligations.

Ratios to Adjusted Assessed Valuation
Total Direct Debt
Combined Total Debt
Source: Califomia Municipal Statistics, Inc.

0.2%

11. 92%
206
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207

CITY OF LATHROP
Pledged - Revenue Coverage
Last Ten Fiscal Years
2000 Certificates of Participation/ PNC Bank Loan (1)
Debt Service
Less Net
Fiscal Water Operating Available
Year Revenue ( 3) Expenses ( 4) Revenue Principal Interest Coverage 2016 6, 385, 191 3, 479, 010 2, 906, 181 303, 550 185, 40 5. 94 2017 7, 834,87 4, 366, 161 3, 468, 726 314,93 174, 733 7. 09 2018 8, 491, 689 4, 969, 618 3, 522, 071 325,63 163, 67 7. 20 2019 9, 212, 760 6, 303, 489 2, 909, 271 336, 850 152,50 5. 95 2020 10, 949, 739 5,39, 228 5, 410, 511 348, 743 140, 257 11. 06 2021 10, 241, 182 6, 216, 829 4, 024, 353 361, 056 127, 944 8. 23 2022 10, 763, 857 6, 591,91 4, 172, 266 373, 803 115,97 8. 53 2023 11, 085, 970 8, 667, 182 2, 418, 788 386, 82 101, 900 4. 95 2024 13, 474, 602 8, 470,98 5, 004, 104 400, 664 88, 336 10. 23 2025 15, 845, 022 9, 162, 928 6,82, 094 414, 810 74, 190 13. 66 Note: Details regarding the City' s outstanding debt can be found in the notes to the financial statements.

Operating expenses do not include interest or depreciation expenses. 1) The 2000 COP' s were refunded by the PNC Bank Loan on May 4, 2012.

The Required Debt coverage ratio for the PNC Bank Loan is 1.0%. 2) The Required Debt coverage ratio for 2003 COP' s/ Pacific Premier Bank Loan & SRF Loan is 1. 00°/. 3) Gross revenues include interest earnings and connection fees. 4) Operating expenses from Statement of Revenues, Expenses and Changes. 5) Source: Debt Service Schedule. The Water Revenue Certificates of Deposit Series 1993A were funded on May 24, 2000. On May 24, 2000 the City issued the Installment Purchase Certificates of Participation, 2000 Series A. On July 16, 2003 the City issued Revenue Bonds (Water Supply Project), Series 2003. On May 4, 2012 the Compass Bank Loan refunded the 2000 COPs ( Compass Bank Loan Cash Flow and Yield Verification Report)
Source: City of Lathrop, California Finance Department
208

CITY OF LATHROP
Pledged -Revenue Coverage
Last Ten Fiscal Years
2003 COP' s/ Pacific Premier Bank Loan & SRF Loan (2)
Debt Service
Net Available
Revenue ( 5) Principal Interest Coverage
2, 417, 181 402, 196 945, 592 1. 79
2, 979, 600 411, 536 936, 254 2.1
3, 033,71 421, 091 926, 699 2.5
2, 420, 271 1, 069, 489 475, 545 1. 57
4, 921, 511 1, 093,53 451, 981 3. 19
3, 535, 353 1,22, 305 422, 79 2.9
3, 683, 266 1,52, 348 392, 686 2. 38
1, 930, 026 1,93, 631 361, 403 1. 24
4, 515, 104 1, 220, 413 324, 621 2. 92
6, 193, 094 1, 231, 634 313, 400 4. 01
209

CITY OF LATHROP
Demographic and Economic Statistics
Last Ten Calendar Years
Personal
Income (in Per Capita
Calendar Population thousands) Personal Unemployment
Year ( 1) ( 2) Income (2) Rate (2)
2015 22, 112 354, 280 16, 022
2016 23, 110 364, 434 15, 769
2017 24,68 403, 896 16, 643
2018 24, 936 457, 006 18, 327
2019 26, 833 518, 675 19, 329
2020 28, 503 566, 02 19, 859
2021 31,31 631, 164 20, 145
2022 35, 080 828,00 23, 625
2023 37, 033 1, 006, 915 27, 189
2024 38, 596 1,78, 274 30, 528

8.5%

7.8%

6.3%

5.2%

4.3%

9.6%

8.4%

5.1%

7.0%

5.%
Sources: ( 1) California State Department of Finance
2) 2010 and later - Income, Age and Education Data - US Census Bureau, most recent American Community Survey
210

CITY OF LATHROP
Principal Employers
Current Year and Nine Years Ago
Employer
Tesla
United Parcel Service ( UPS)
Wayfair
California Natural Products ( CNP)
Lathrop Logistics
Manteca Unified SD ( Lathrop Schools)
Army Air Force Exchange Service
Banta Unified SD ( Lathrop Schools)
In -N -Out Burger
Simwon America
Diamond Pet Foods
Pratt Industries
Ashley Furniture
City of Lathrop
CBC Steel Buildings
Target
Medline
Pfug Packaging
Home Depot
Swiss American Sausage
Dragon Products
Crosslink Professional Tax Solutions
Kraft Heinz
Smart Refridgerated Transport
Kaiser Permanente
Carpenter Company
Cen Cal Plastering
Food 4 Less
JC Penney Distribution Center
JR Simplot Company
Pilkington North America Inc
Super Store Industries (SSI)
Total Employment" as used above represents the Estimated located within City limits.

Source: California Labor Market Information, California EDD City of Lathrop Community Development Department
2025
Number of
Employees
2016
Percent of Percent of
Total Number of Total
Rank Employment Employees Rank Employment
2, 176 1 16. 38%
1, 460 2 10. 99%
431 3 3. 24%
419 4 3. 15%
386 5 2. 91%
383 6 2. 88%
356 7 2. 68%
353 8 2. 66%
353 8 2. 66%
353 8 2. 66%
202 9 1. 52%
200 10 1. 51%
180 11 1. 36%
178 12 1. 34%
175 13 1. 32%
172 14 1. 29%
158 15 1.9%
150 16 1.3%
132 17 0. 99%
115 18 0. 87%
111 19 0. 84%
110 20 0. 83%
100 21 0. 75%
100 21 0. 75%
92 22 0. 69%
100 5
100 5
150 4
200 2
150 4
175 3
100 5
100 5
100 5
700 1
200 2
150 4
total employment of all employers
Website ( www. ca. gov)

1. 39%

1. 39%

2. 08%

2. 78%

2. 08%

2. 43%

1. 39%

1. 39%

1. 39%

9. 72%

2. 78%

2. 08%
211

CITY OF LATHROP
Full -Time and Part -Time City Employees by Function
Last Ten Fiscal Years
Function
General Government
Public Safety ( 1)
Public Works
Community Development
Culture & Leisure
Total Positions
2016 2017 2018 2019 2020 2021

24. 60 23. 60 23. 60 24. 60 26. 60 28. 63

36. 98 37. 98 35. 98 36. 98 36. 98 36. 98

29. 50 30. 80 33. 80 40.7 40.7 42.7

4. 00 3. 10 4. 10 4.3 4.3 4.0

21. 00 20. 56 21. 01 21. 01 21. 01 28. 60
116. 08 116. 04 118. 49 127. 49 129. 49 141. 08
1) In June of 2022 the City launched its own police department. San Joaquin County Sheriff provided police protection prior to June 2022 Fire Service is provided by Lathrop Manteca Fire District.

Source: City of Lathrop, California Annual Adopted Budgets. 212

CITY OF LATHROP
Full -Time and Part -Time City Employees by Function
Last Ten Fiscal Years
2022 2023 2024 2025

30. 63 35. 25 36. 25 38. 25

53. 68 57. 00 63. 00 69. 00

45.7 44. 65 45. 65 54. 65

5. 40 4. 10 4. 10 4. 10

30. 60 36. 45 36. 45 26. 45
165. 78 177. 45 185. 45 192. 45

CITY OF LATHROP
Operating Indicators by Function
Last Ten Fiscal Years
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Police:

Arrests
Parking Citations Issued
572 705 550 558 554 624
696 1, 385 1, 084 1, 389 1, 237 1, 489
989 1,14 901
953 1,08 1,09
Code Enforcement
Housing Cases 29 28 54 74 64 55 62 19 13 156
Public Nuisance Cases 287 345 204 126 165 210 176 46 61 347 Vehicle Cases 67 193 140 118 129 145 133 31 24 370
Weed Abatement Cases 2 108 122 126 124 120 123 26 34 465 Building Permits
Single Family Dwellings 220 291 392 381 649 879 924 601 696 545 Parks and recreation:

Number of recreation classes 56 67 116 126 95 72 176 208 217 253 Number of facility rentals 450 390 1, 598 1, 388 1, 041 617 206 315 254 420 Water:

New connections 179 163 392 381 649 879 924 658 631 877 Average daily consumption 3, 052 3, 274 4, 200 4, 128 4, 128 4, 742 4, 812 4, 926 5, 118 5, 696 thousands of gallons)
Sewer:

New connections 179 163 392 381 649 879 924 658 631 877 Transition to City of Lathrop, Police Department
Source: City of Lathrop
214

CITY OF LATHROP
Capital Assets Statistics by Function
Last Ten Fiscal Years
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Police:

Stations
Fire:

Fire Stations ( 1)
Public works:

Streets (miles)
Streetlights
Parks and recreation:

Parks ( 2)
Community centers
Senior centers
Water:

Water mains (miles)
Maximum daily capacity
thousands of gallons)
1 1 1 1 1 1 1 1 1 1

84. 20 84. 20 92.0 92.0 97.0 109. 70 113. 70 128. 94 139. 48 144. 75 1, 472 1, 472 1, 835 1, 835 1, 835 2, 135 2, 135 2,21 2,67 2,50 16 16 18 20 22 25 25 26 29 33
2 2 2 2 2 2 2 2 2 2
1 1 1 1 1 1 1 1 1 1
101. 80 101. 80 101. 80 142. 00 147. 00 159. 00 163. 00 179 189 184 15, 250 15, 250 15, 250 16, 500 16, 500 16, 500 16, 500 13, 000 10, 632 12, 660 Wastewater:

Sanitary sewer ( miles) 71. 00 71. 00 71. 00 91. 80 96. 80 108. 80 111. 80 126.5 135. 40 132. 00 Miles of Reclaimed Water Lines 21. 80 21. 80 21. 80 21. 80 25. 80 27. 80 29. 80 29.6 29.6 29.6 Maximum daily treatment capacity 2,00 1, 450 1, 450 3, 140 3, 140 3, 140 3, 140 3, 950 3, 950 3, 950 thousands of gallons)
NOTE:
1) The City of Lathrop' sfire protection is provided by the Lathrop -Manteca Fire District. 2) Soure: City of Lathrop, Parks and Recreation Guide
Source: City of Lathrop, California departmental sources. 215

CITY OF LATHROP
Water Sold by Type of Customer
Last Ten Fiscal Years
in thousands of gallons)
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Type of Customer:

Residential 628, 208 625, 187 745, 39 738, 530 794, 181 907, 150 939, 163 950, 154 1, 009, 692 1,66, 543 Industrial 283, 410 278, 95 395, 110 415,71 406, 181 435, 637 433, 258 530, 793 439,78 389, 62 Commercial 71, 396 101, 549 139, 20 135,30 145,95 152, 476 157, 053 150, 318 169, 354 162,0 Governmental 177, 791 139, 511 149, 952 126, 761 144, 421 199, 28 187, 615 154, 425 137, 806 162, 809 Construction 49, 923 103, 309 91, 038 85, 601 36, 154 39,57 17,22 23, 082 22, 027 Total 1,60, 805 1,95,55 1, 533, 020 1, 506, 930 1, 575,79 1, 730,15 1, 756, 446 1, 802,12 1, 779, 412 1, 903, 191 Total direct rate 3. 99
per 1, 000 gallons $ 3. 04 $ 3. 49 $ 3. 99 $ 3. 99 $ 3. 99 $ 3. 99 $ 3. 99 $ 3. 99 $ 3. 99 $ Source: City of Lathrop, California Public Works Department 216

CITY OF LATHROP
Water Rates
Last Ten Fiscal Years
SCSWSP
Monthly Rate per CSCDA Facility
Fiscal Year Base Rate 1, 000 Gallons Loan ( 1) Charge ( 2) 2016
2017
2018
2019
2020
2021
2022
2023
2024
2025

12. 80 3. 04

14. 40 3. 49

16. 30 3. 99

16. 30 3. 99

16. 30 3. 99

16. 30 3. 99

16. 30 3. 99

16. 30 3. 99

16. 30 3. 99

16. 30 3. 99

9. 10

9. 10

9. 10

9. 10

9. 10

9. 10

9. 10

9. 10

9. 10

9. 10
NOTE:

Rates are based on 5/ 8" meter, which is the standard household meter size. 1) State of California Loan under the Safe Drinking Water Bond Law of 1976 was paid off on March 1, 2001.
2) On July 16, 2003, The City of Lathrop issued $ 32, 530, 000 in Revenue Bonds to finance the acquisition and construction of water system improvements and related facilities, including water treatment facilities and distribuiton pipelines and to pay cost of issuance. The bonds have an ascending interest rate ranging from 3% to 6% and a final maturity date of June 1, 2035.

Source: City of Lathrop, California Finance Department
217

CITY OF LATHROP
Ten Largest Water Customers
Current Year and Ten Years Ago
2025 2016
Water Customer
Percent of Percent of
Water Total Water Water Total Water
Charges Rank Revenues Charges Rank Revenue
California Natural Products $ 968, 347 1 8. 24%
City of Lathrop 463,02 2 3. 95% 343, 424 2 6. 38%
Manteca Unified School District 273, 14 3 2. 33% 164,92 3 3. 05% UPS 117, 918 4 1. 00%
Mossdale Landing 106, 293 5 0. 91%
River Islands Public Finance Authority 82, 528 6 0. 70% 41, 917 6 0. 78% Sansome Skyline Lathrop, LP 78, 593 7 0. 67%
Super Store Industries 78, 273 8 0. 67% 105, 616 4 1. 96% 72, 273 9 0. 62% 41, 125 8 0. 76%
Tesla Motors Inc °
IN -N -OUT Burger # 804 68, 053 10 0. 62% 39, 576 9 0. 74% 5 0. 88%
4 , 325 Banta Elementary School District 47, 325
7 0. 77%
Crossroads 447, 37 Commerce Ctr Assoc
3 1 8. 32%
Camino Real Mobile Estates
39, 061
3 10 8. 32%
DSRG
Source: City of Lathrop, California Finance Department
218

CITY OF LATHROP
Top 25 Sales Tax Producers
Current Year and Nine Years Ago
2024
Business Name Business Category
Percent of Fiscal Year Total Paid By Top 25 Accounts = 79. 86% Arco AM PM
Ashley Furniture Distribution
Bizon Group
Boral Roofing
CBS Steel
Chevron
Chevron Fast & Easy
Chevron Power Mart
CHI Overhead Doors
Eagles Nest Harley Davidson
Fast Lane
Flying J Travel Plaza
In N Out Burger
Joes Travel Plaza
Johns Manville
Pape Kenworth
Raymond Handling Concepts
Target
TEC Equipment
Tesla
Top Gun Drywall Supply
Tuff Boy Sales
Two Guys Food & Fuel Inc
Wayfair
Western Pacific Crane & Equip
Service Stations
Fulfillment Centers
Warehouse/ Farm/ Const Equip
Contractors
Contractors
Service Stations
Service Stations
Service Stations
Contractors
Boats/ Mortorcycles
Service Stations
Service Stations
Quick - Service Restaruant
Service Stations
Contractors
New Motor Vehicle Dealers
Warehouse/ Farm/ Const Equip
Discount Department Store
Trailers/ Auto Parts
Trailers/ Auto Parts
Building Materials
Trailers/ RVs
Service Stations
Fulfillment Centers
2015
Business Name Business Category
Percent of Fiscal Year Total Paid By Top 25 Accounts = 82. 37% Arco AM PM
Boral Roofing
Carpenter Co
CBC Steel Buidlings
Chevron
Eagles Nest Harley Davidson
Fast Lane
FleetPride
Interior Specialists
Joes Travel Plaza
McDonalds
Medcal Sales
Mikasa Japanese Bistro
Nationwide Fleet
Power Automation Systems
Save Mart
Shell
Target
Top Gun Drywall Supply
Totten Tubes
Tower Mart
Two Guys Food & Fuel Inc
USA Motors
Utility Trailer Sales
Heavy Industrial Walgreens
Service Stations
Contractors
Textile/ Furnishings
Contractors
Service Stations
Boats/ Motorcycles
Service Stations
Tralers/ Auto Parts
Home Furnishings
Service Stations
Quick Service Restaurants
Medical/ Biotech
Casual Dining
Boats/ Motorcycles
Light Industrial/ Printers
Grocery Stores Liquor
Service Stations
Discount Dept Stores
Building Materials
Heavy Industrial
Service Stations
Service Stations
Used Automotive Dealers
Trailer/ RVs
Drug Store
Firms Listed Alphabetically
Period: January 2024 thru December 2024
Source: State Board of Equalization, California Department of Taxes and Fees Administration, State Controller' sOffice. 219

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