ATT 2 - ACFR and Independent Auditor’s Reports — Mountain View City Council, December 17, 2024 (part 1 of 2)

ANNUAL COMPREHENSIVE

FINANCIAL REPORT

FOR THE FISCAL YEAR ENDED
JUNE 30, 2024
Mountain View, CA
Attachment 2

City of
Mountain View
Mountain View, California

Annual Comprehensive Financial Report

For the Fiscal Year Ended June 30, 2024

Prepared by:

Finance and Administrative Services Department

City of Mountain View
Annual Comprehensive Financial Report
Table of Contents
Exhibit
INTRODUCTORY SECTION
Letter of Transmittal ...................................................................................................................................................................... 1 City Officials .................................................................................................................................................................................. 2 City Government Organization................................................................................................................... .................................... 3
GFOA Certificate of Achievement for Excellence in Financial Reporting ....................................................................................... 4 Page
FINANCIAL SECTI
ON
Independent A
uditor’s Report ....................................................................................................................................................... 1 Management’s Discussion and Analysis (Required Supplementary Information) (Unaudited) ..................................................... 5 Basic Financial Statements:

Government‐wide Financial Statements:

Statement of Net Position ..................................................................................................................................................... 27 Statement of Activities .......................................................................................................................................................... 28 Fund Financial Statements: Governmental Funds:

Balance Sheet ........................................................................................................................................................................ 32 Reconciliation of the Balance Sheet of Govern mental Funds to the Government‐ wide Statement of Net Position – Governmental Activities .............................................................................................. 35 Statement of Revenues, Expenditures, and Changes in Fund Balances ............................................................................... 36 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Government‐wide Statement of Activities ‐ Governmental Activities ......................................................... 39 Statements of Revenues, Expe
nditures, and Changes in Fund Balance – Budget and Actual:

General Fund ..................................................................................................................................................................... 40 Shoreline Regional Park Community Fund ........................................................................................................................ 41 Housing Fund ..................................................................................................................................................................... 42 Proprietary Funds:

Statement of Net Position ................................................................................................................................................. 43 Statement of Revenues, Expenses, and Ch anges in Net Position ..................................................................................... 44 Statement of Cash Flows ................................................................................................................................................... 45 Custodial Funds:

Statement of Fiduciary Net Position .................................................................................................................................. 46 Statement of Changes in Fiduciary Net Position ............................................................................................................... 47 Notes to Basic Financial Statements ......................................................................................................................................... 51 i
City of Mountain View
Annual Comprehensive Financial Report
Table of Contents
Page
FINANCIAL SECTION, Continued
Required Su
pplemental Information:

Schedule of Changes in Net Pension Liability and
Related Ratios – Miscellaneous Plan ...................................................................................................................................... 106 Schedule of Changes in Net Pension Liability and Related Ratios – Safety Plan .................................................................... 108 Schedule of Employer Pension Contributions – Miscellaneous and Safety Plans .................................................................. 110 Schedule of Changes in Net OPE B Liability and Related Ratios .............................................................................................. 112 Schedule of Employer OPEB Contributions ............................................................................................................................ 114 Other Supplementary Information:

Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual – Park Land Dedication Capital Projects Fund ...................................................................................... 119 Nonmajor Governmental Funds:

Gas Tax130 ..................................................................................................................................................................... 132 Other Streets and Transportation .................................................................................................................................. 133 Construction & Conveyance Tax ..................................................................................................................................... 134 Other Developer Fees ...................................................................................................................................................... 13 5 CSFRA / Rental Housing Committee ............................................................................................................................... 136 Mobile Home Rent Stabilization Ordinance (MHRSO) .................................................................................................... 137 Housing Successor .......................................................................................................................................................... 138 Shoreline Golf Links ........................................................................................................................................................ 139 Downtown Benefit Assessment District ......................................................................................................................... 140 General Special Purpose .................................................................................................................................................. 141 Police Asset Forfeitures .................................................................................................................................................. 142 Grants ............................................................................................................................................................................. 143 Cable
Television ............................................................................................................................................................... 144 Deferred Assessments ..................................................................................................................................................... 145 Storm Drain Construction ................................................................................................................................................ 146 Internal Service Funds:

Combining Statement of Net Position ................................................................................................................................ 148 Combining Statement of Revenues, Expenses, and Changes in Net Position ..................................................................... 150 Combining Statement of Cash Flows .................................................................................................................................. 152 Custodial F
unds:

Combining Statement of Fiduciary Net Position ................................................................................................................. 156 Combining Statement of Changes in Fiduciary Net Position............................................................................................... 157 ii
City of Mountain View
Annual Comprehensive Financial Report
Table of Contents
Page
STATISTICAL SECTION
Financial Tre
nds:

Net Position by Component – Last Ten Fiscal Years ............................................................................................................... 162 Changes in Net Position – Last Ten Fiscal Years ..................................................................................................................... 164 Fund Balances of Governmental Funds – Last Ten Fiscal Years .............................................................................................. 168 Changes in Fund Balances of Governmental Funds – Last Ten Fiscal Years ........................................................................... 170 Revenue Capacity:

Assessed Val
ue of Taxable Property – Last Ten Fiscal Years .................................................................................................. 172 Direct and Overlapping Property Tax Rates – Last Ten Fiscal Years ....................................................................................... 174 Principal Property Tax Payers – Current Year and Nine Years Ago ......................................................................................... 175 Property Tax Levies and Collections – Last Ten Fiscal Years ................................................................................................... 17 6 Debt Capacity:

Ratio of Outstanding Debt by Type – Last Ten Fiscal Years .................................................................................................... 178 Ratio of General Bonded Debt Outstanding – Last Ten Fiscal Years ...................................................................................... 180 Direct and Overlapping Governmental Activities Debt .......................................................................................................... 181 Legal Debt Margin Information – Last Ten Fiscal Years .......................................................................................................... 182 Debt Pled
ged–Revenue Coverage – Last Ten Fiscal Years ...................................................................................................... 184 Demographic and Economic Information:

Demographic Statistics – Last Ten Fiscal Years ....................................................................................................................... 188 Principal Employers – Current Year and Nine Years Ago ........................................................................................................ 189 Operating Information:

Full‐Time Equivalent City Government Employees by
Function – Last Ten Fiscal Years
............................................................................................................................................. 190 Operating Indicators by Function/Program – Last Ten Fiscal Years ....................................................................................... 192 Capital Asset Statistics by Function/Program – Last Ten Fiscal Years .................................................................................... 194 COMPONENT UNIT FINANCIAL STATEMENTS SECTION
Mountain View Shoreline Regional Park Community ............................................................................................................. 197 iii
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iv
OFFICE OF THE CITY MANAGER
500 Castro Street, P.O. Box 7540
Mountain View, CA 94039‐7540
650‐903‐6301 | MountainView.gov
November 22, 2024
Honorable Mayor, City Council, and Members of the Mountain View Community:

I submit for your information and consideration the Annual Comprehensive Financial Report (ACFR) of the City of Mountain View (City) for the fiscal year ended June 30, 2024.

FACTORS AFFECTING FINANCIAL CONDITION
The local economy has fully recovered to COVID‐19 prepa ndemic levels. The City’s major revenues have generally remained strong and have benefited from inflation as well as the increase in interest rates but are not increasing at the same rate as prior fiscal years. Thanks to the leadership of the City Council and through the support and hard wo rk of the Executive Leadership team and our outstanding City employees, we have provided an exceptional level of service to our community while maintaining fiscal stability during the fiscal year.

While revenues have recovered, expenditures are outpacing revenue growth. As a result, we are cautiously optimistic about the future fiscal health of the Ci ty. However, continued uncertainty surrounding inflationary pressures, elevated interest rates, transitioning national economic policies, and geopolitical conflicts cloud the economic picture. These all contribute to the likelihood of slower‐ paced growth in the future.

The current General Operating Fund Forecast indicates sufficient financial resources to maintain the Mountain View of today, but buildin
g the Mountain View of tomorrow will require that we continue to enhance and diversify the City’s revenue streams to maintain ongoing fiscal stability and accomplish bold initiatives the City is advancing.

On November 5, 2024, Mountain View residents overwhelmingly supported the vision for the Mountain View of tomorrow and passed a proposed ballot measure, Measure G, by 72% to create an additional tier to the existing property transfer tax for transactions over $6.0 million. Per City Council direction, this additional source of revenue will be dedicated to the following funding priorities for the next 10 years:
• Public Safety Facilities;
• Parks, Open Space, and Biodiversity;
• Affordabl
e Housing; and
• Other general governmental services, including road maintenance, active transportation, small business support, and homeless support services, among others. v
Honorable Mayor, City Council, and
Members of the Mountain View Community
November 22, 2024

Page 2 of 14 ends

FINANCIAL INFORMATION
As
we move ahead, it is my pleasure to present the City’s Annual Comprehensive Financial Report (ACFR) for the fiscal year ended June 30, 2024. The ACFR has been prepared in conformity with the principles and standards for financial reporting set forth by the Governmental Accounting Standards Board (GASB) and in compliance with the City Charter, Section 1106.

Though the audit is
conducted by an independent certified public accounting firm, City management assumes full responsibility for both the accuracy of the data and the completeness and fairness of the presentation, including all disclosures. We believe the data, as presented, is accurate in all material resp
ects, that its presentation fairly shows the financial position and the results of the City’s operations as measured by the financial activity of the City’s various funds, and, in conjunction with the included notes, will provide the reader with an understanding of the City’s financial activities and status.

To provide a
basis for making these representations, City management has established a comprehensive internal control framework that is designed to protect the government’s assets from loss, theft, or misuse and to compile sufficiently reliable information for the preparation of the City’s financial statements in accordance with accounting principles generally accepted in the United States of America (GAAP). Because the cost of internal cont
rols should not outweigh its benefits, the City’s
comprehensive framework of internal controls has been designed to provide reasonable, rather than absolute, assurance that the financial statements will be free from material misstatement.

The City’s books, financial reco rds, and financial statements have been audited by Badawi & Associates, a firm of independent licensed certified public accountants, selected by and reporting to the City Council. The objective of the independent audit is to provide reasonable assurance that the financial statements of the City and related entities are free of material misstatement. The independent auditor concluded, based upon their audit, that there was a reasonable basis for rendering an unmodified “clean” opinion on the City’s basic financial statements as of, and for, the fiscal year ended June 30, 2024, and they are fairly presented in conformity with GAAP. The independent audit or’s report is presented at the beginning of the financial section of this report, on Page 1.

GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in a section entitled Management’s Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it.

The City’s MD&A can be found immediately following the report of the independent auditors. The notes to the financial statements are provided in the financial section and are considered essential to fair presentation and adequate disclosure. vi
Honorable Mayor, City Council, and
Members of the Mountain View Community
November 22, 2024

Page 3 of 14 ends

The ACFR is divided into the following sections:

The Introductory Section includes this letter of transmittal, an overview of the organizational structure of the City, and prior awards received.

The Financial Section includes the following:
• In
dependent Auditor’s Report.
• Management’s Discussion and Analysis.
• Basic Financial Statements—Includes the government‐wide financial statements that present an overview of the City’s entire financial operations and the fund financial statements that present financial information for each of the City’s major funds as well as other governmental, proprietary, and custodial funds.
• Notes to Basic
Financial Statements—The notes provide additional information that is essential to a full understanding of the data provided in the government‐wide and fund financial statements.
• Required Supplementary Information—Includes schedules required to be presented, showing information related to the City’s pension plans and other postemployment bene fits plan. • Other Supplementary Information—Includes the Budgetary Schedule of the Park Land Dedication Capital Projects Fund, Combining Statements and Schedules of the nonmajor governmental funds, internal service funds, and custodial funds.

The Statistical Section includes tables containing historical financial data, debt statistics, and miscellaneous social and economic data of the City that may be of interest to potential investors in the City’s bonds and to other readers. The data includes 10‐year revenue and expenditure information as well as 10 years of net position/fund balance information.

This ACFR includes the results of financial activities of the primar y government, which encompasses several enterprise activities as well as all of its component units: the Mountain View Shoreline Regional Park Community (Shoreline Community) and the City of Mountain View Capital Improvements Financing Authority (Financing Authority). Separate financial statements for the Shoreline Community are included following the Statistical Section. There is no legal requirement for a separate component unit report for the Financing Authority. vii
Honorable Mayor, City Council, and
Members of the Mountain View Community
November 22, 2024

Page 4 of 14 ends

PROFILE OF THE GOVERNMENT
Th
e City was incorporated on November 7, 1902.  The City Charter was originally approved by voters in 1952 and requires the City to operate under a Council‐Manager form of government.  Seven Councilmembers are elected at‐large for four‐year terms that are staggered, so three or four seats are filled at the general municipal election
in November of every even‐numbered year.  Continuous
service on the City Council is limited to two consecutive terms.  Each year, in January, Council elects one of its members as Mayor and another as Vice Mayor.

With a population of approximately 86,535 and occupying just over 12 square miles, Mountain View is situated in Silicon Vall
ey, about 36 miles southeast of the City of San Francisco and 15 miles northwest of the City of San Jose.

The City provides the following full range of municipal services, which are reflected in this report:
• General governme
nt (city management, legal, human resources, information technology, and financial activities);
• Public safety (police and fire services);
• Public works (engineering, design, and utility maintenance); • Community development (land use, development review, inspections, and affordable housing); and
• Culture and recreation (library, parks, recreation, performing arts, and golf course).

Th
e City also provides water, wastewater, and solid waste utility enterprise activities, and the financial information regarding these activities is included in this report.

The financial reporting entity includes all funds of the primary government (i.e., the City) as well as its component units. The seven‐member City Council serves as the governing body of the Mountain View Shoreline Regional Park Comm
unity and the City of Mountain View Capital Improvements Financing Authority, although these agencies are legal entities separate from the City. These two agencies are considered component units of the City and are blended in the reporting entity.

However, this does not mean the City assumes the obligations or liabilities of these entities, and they are bu
dgeted and accounted for separately from the City.

No other agencies or activities associated with the City, or utilizing a name similar to the City, meet the established criteria for inclusion in the reporting entity and, accordingly, are excluded from this report.
viii
Honorable Mayor, City Council, and
Members of the Mountain View Community
November 22, 2024

Page 5 of 14 ends

The City Cou ncil is required by the City Charter to adopt a budget by June 30 to be in effect for the ensuing fiscal year, which begins July 1. Budgets are approved at the fund and department level (legal level of control) and may not be exceeded without City Council approval. Transfers and adjustments between
funds and capital projects must be submitted to the City Council for approval. The City Charter requires approval by five votes of the seven‐member City Council to amend the budget.

LOCAL ECONOMY
The City is centrally located in Silicon Valley and is serviced by several major freeways (U.S. 101, Interstate 280, State Ro
ute 85, and State Route 237) connecting the City to three international airports, shipping, and rail lines in the Bay Area. Mountain View is also a regional transportation hub and has transit stops for the Caltrain commuter train and Santa Clara Valley Transportation Authority (VTA) light rail system.

Even though the local economy has fully recover
ed to COVID‐19 prepandemic levels, the City is not
experiencing revenue growth at the same level as the prior fiscal year. The only General Fund revenues that are significantly higher than expected are property taxes and use of money and property (investment and rental inco
me). Overall, total General Fund revenue decreased from $234.0 million in Fiscal Year 2022‐23 to $221.1 million in Fiscal Year 2023‐24, a decrease of $12.9 million, or 5.5%. Except for property taxes and use of money and property, all major General Fund revenues expe rienced a decline in Fiscal Year 2023‐24, when compared to Fiscal Year 2022‐23.

Even though the City finances have fully recovered, the local business community continues to see lingering impacts from the COVID‐19 pandemic. As businesses grapple with hybrid and remote workforce strategies, commercial real estate vacancy rates continue to remain elevat ed and corporate layoffs persist. Office vacancy rates in Silicon Valley were estimated to be 16.8% between July and September 2024, with Mountain View estimated to be 21.6% for the same time period, according to Colliers, a commercial real estate firm.

Another indicator of the local economy’s health is unemploym ent. The unemployment rate in Mountain View in September 2024 was estimated to be 3.3% compared to the prior‐year rate of 2.8% for the same month, reflecting the relative continued strength of employment in the local region, especially when compared to the unemployment rate of the State of California as a whole.

Unemployme
nt rates in the area are expected to continue to increase as corporate layoffs continue to occur. In addition, a tight labor market could also push the unemployment rate up. Per the UCLA Anderson forecast, the “labor force decline is attributable to retirements, migration out‐of‐state, and individuals choosing to spen
d their time in nonmarket activities, such as child‐raising.” ix
Honorable Mayor, City Council, and
Members of the Mountain View Community
November 22, 2024

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Despit
e various financial challenges that have arisen in the past, the City has a history of maintaining prudent fiscal practices and budget discipline that has enabled the City to consistently maintain its AAA credit rating. The rating reflects the City’s sizeable property tax base, substantial revenue generated annually by the numerous commercial and residential leases in wh ich the City is the lessor, and a positive financial position supported by strong reserve levels and a very modest debt burden.

The economic vitality of the City relies upon a strong and diversified business community that is flexible enough to withstand economic challenges. As part of the City’s economic deve lopment efforts, the City works to attract and retain companies with growth potential and make the City a desirable location for the corporate community. As a result, Mountain View continues to be recognized as a prime location in Silicon Valley in which to live and work. Mountain Vi ew’s innovation economy includes major technology companies, including Google, Intuit, LinkedIn, Microsoft, Samsung, Siemens Medical Solutions, and Synopsys. Downtown Mountain View is a key location for businesses, especially start‐up companies, because of the diverse number of retailers, restaurants, and convenient access to public transportation.

The City is also committed to preserving its existing services and programs while investing in the future through prudent budgeting and infrastructure development. During the past decade, the City experienced a strong economy that, together with sound fiscal planning, has allowed the City to increase resources where needed and to pay down pension and other postemployment benefit obligations. It has also allowed for the maintenance of adequate reserves for times of economic downturn.

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%
Unemployment Rates
Mountain View California
x
Honorable Mayor, City Council, and
Members of the Mountain View Community
November 22, 2024

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Property Tax
Property tax accounts for

36.7% of total General Fund revenues and is a key indicator of the City’s economic outlook. For reference, property tax revenue accounted for 33.8% of total General Fund revenues in Fiscal Year 2022‐23. Property tax revenue in the General Fund totaled $81.1 million in Fiscal Year 2023‐24
compared to $79.0 million in Fiscal Year 2022‐23, an increase of $2.1 million, or

2.6%. Even though property tax revenue has experienced significant growth over the past five years, future growth is expected to be nominal.
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
$80.0
$90.0
FY 2018‐19 FY 2019‐20 FY 2020‐21 FY 2021‐22 FY 2022‐23 FY 2023‐24 Property Tax Revenue ‐ General Fund
(in millions)
xi
Honorable Mayor, City Council, and
Members of the Mountain View Community
November 22, 2024

Page 8 of 14 ends

The median sales price of single‐family residences was $2.5 million for the quarter ended September 30, 2024. As can be seen in the chart below, this price has remained relatively stable since decreasing from a high of $2.9 million for the quarter ended March 31, 2022.

Source: HdL Coren & Cone
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
3/31/2021 9/30/2021 3/31/2022 9/30/2022 3/31/2023 9/30/2023 3/31/2024 9/30/2024 Mountain View Detached Single‐Family Residential Full Value Sales Median Price Average Price
xii
Honorable Mayor, City Council, and
Members of the Mountain View Community
November 22, 2024

Page 9 of 14 ends

Even though median sales prices continue to hover around $2.5 million and 30‐year fixed mortgage rates hit a high of nearly 8% in October 2023, the number of home sales in the local housing market have rebounded, after experiencing a decrease in Fiscal Year 2022‐23. There were 262 single‐family home sales in Fiscal Year 2022‐23, compared to 227 in Fiscal Yea r 2021‐22, an increase of 35, or

15.4%.

Source: HdL Coren & Cone
0 20
40 60
80 100
120
140
3/31/2021 9/30/2021 3/31/2022 9/30/2022 3/31/2023 9/30/2023 3/31/2024 9/30/2024 Number of Mountain View Detached Single‐Family Residential Full Value Sales
xiii
Honorable Mayor, City Council, and
Members of the Mountain View Community
November 22, 2024

Page 10 of 14 ends

Use of Mon ey and Property
Use of money and property, which consists primarily of lease revenue and investment earnings, is an important source of General Fund revenue and accounts for 23.3% of total General Fund revenues.

For reference, use of money and property revenue accounted for 20.3% of total General Fund revenues in Fiscal Year 2
022‐23. This revenue source generated $51.4 million in Fiscal Year 2023‐24, an increase of $3.9 million, or 8.2%, when compared to Fiscal Year 2022‐23. Use of Money and Property revenue is projected to experience a nominal increase in Fiscal Year 2024‐25 as the City’s investme
nt portfolio continues to earn higher investment returns. $0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
FY 2018‐19 FY 2019‐20 FY 2020‐21 FY 2021‐22 FY 2022‐23 FY 2023‐24 Use of Money and Property Revenue ‐ General Fund
(in millions)
xiv
Honorable Mayor, City Council, and
Members of the Mountain View Community
November 22, 2024

Page 11 of 14 ends

Sales Tax
Sales
tax is another important source of General Fund revenue as it accounts for 11.1% of total General Fund revenues. For reference, sales tax revenue accounted for 10.9% of total General Fund revenues in Fiscal Year 2022‐23. Sales tax revenue in the General Fund totaled $24.5 million in Fiscal Year 2023‐24
compared to $25.4 million in Fiscal Year 2022‐23, a decrease of $0.9 million, or 3.5%.

Sales tax revenue is projected to stay relatively flat for Fiscal Year 2024‐25. $0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
FY 2018‐19 FY 2019‐20 FY 2020‐21 FY 2021‐22 FY 2022‐23 FY 2023‐24 Sales Tax Revenue ‐ General Fund
(in millions)
xv
Honorable Mayor, City Council, and
Members of the Mountain View Community
November 22, 2024

Page 12 of 14 ends

LONG‐TE RM FINANCIAL PLANNING
The City annually prepares a five‐year forecast for its General Operating Fund and, periodically, a Long‐Range Financial Forecast to project revenue and expenditure trends for the next 10 years. As part of the Fiscal Year 2024‐25 Adopted Budget, a Five‐Year Financial Forecast (Forecast) was develope
d for Fiscal Years 2024‐25 through 2028‐29. A financial forecast, even with fluctuating economic variables, can assist with the identification of long‐term financial trends, causes of fiscal imbalances, future fiscal challenges, opportunities, and potential requirements; all of which may assist in keeping the City on a continuing path of fiscal su stainability. While it is challenging to accurately forecast revenues due to the variable nature of the revenue sources and their connection to regional, state, national, and international economic conditions, it is possible to identify reasonable financial trends and provide a conceptual financial picture that will be useful to the City’s decision‐ making.

The Forecast guides the City as it continues to confront the need to balance expenditures and revenues.

The General Fund Forecast projects a modest positive‐ending operating balance for Fiscal Year 2024‐

25. However, subsequent fiscal years are projected to result in modest operating deficits. Should the projected deficits come to fruitio
n, maintaining operating and emergency reserves during the period will help the City withstand possible future economic downturns.

In summary, the City weathered a challenging fiscal environment and has emerged stronger as key City revenues have surpassed prepandemic levels. However, local economic indicators are projecting a
flattening of revenues with slower‐paced growth anticipated in Fiscal Year 2024‐25, following strong revenue growth in the past several fiscal years. Uncertainty with inflation, interest rates, national and state economic policies, and geopolitical conflicts all contribute to the projected slower‐paced growth. In contrast, expenditures are expected to grow at a faster pace than revenues for the foreseeable future due in large part to anticipated increases in operational costs. ($5.0)
($4.0)
($3.0)
($2.0)
($1.0)
$0.0
$1.0
$2.0
FY 2024‐25 FY 2025‐26 FY 2026‐27 FY 2027‐28 FY 2028‐29 Estimated General Operating Fund
Operating Balance
(in millions)
xvi
Honorable Mayor, City Council, and
Members of the Mountain View Community
November 22, 2024

Page 13 of 14 ends

RELEVANT FI NANCIAL POLICIES
The City Council has established a financial and budgetary policy framework which is reviewed and updated as necessary by the City Council. A comprehensive and consistent set of financial and budgetary policies provides a basis for sound financial planning, identifies appropriate directions for service‐level developments, aids budgetary decision‐making, and serves as an overall framework to guide financial management and operations of the City.

The City’s adoption of financial policies also promotes public confidence and increases the City’s credibility in the eyes of bond‐rating agencies and potential investors. Such policies also provide the resources to react to potential financial emerge ncies in a prudent manner.

APPROPRIATIONS LIMIT
Article XIIIB of the California State Constitution, which became effective in Fiscal Year 1979‐80, and which was modified (by Proposition 111) in November 1989, establishes, by formula, an appropriation limit for governmental agencies. Using the appropriations of Fiscal Year 1978‐79 as the base yea
r, the limit is modified by the growth in inflation and population during each fiscal year.

Inflation is measured as the year‐over‐year growth in per‐capita personal income while population growth is based on a weighted growth measure that blends growth in the civilian population with growth in K‐12
and community college average daily attendance. Article XIIIB also sets the guidelines as to what is to be included in the appropriation limits.

The City’s appropriation limit for Fiscal Year 2023‐24 was $356,727,282; the City’s actual appropriations subject to the limit were $133,942,950, far below the limit. The Fiscal Year 2023‐24 appropriation limit increased from $342,417,977 in Fiscal Year 2022‐23 due primarily to the increase of 4.44% in California’s per‐capita personal income over the prior year, one of the factors used in calculating the change in the appropriation limit.
$0
$75
$150
$225
$300
$375
FY 2020‐21 FY 2021‐22 FY 2022‐23 FY 2023‐24
Millions
Appropriations Limit
(in millions)
Limit Subject to Limit
xvii
Honorable Mayor, City Council, and
Members of the Mountain View Community
November 22, 2024

Page 14 of 14 ends

AWARDS AND ACKNOWL EDGMENTS
The Government Finance Officers Association (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City for its Annual Comprehensive Financial Report for the fiscal year ended June 30, 2023. This was the 34th consecutive year the City has received this prestigious award. In order to be awarded a Certificate of Achievem ent, the City had to publish an easily readable and efficiently organized ACFR that satisfied both GAAP and applicable legal requirements. The GFOA award is valid for a one‐year period only. I believe our current ACFR continues to meet the program’s requirements, and we are submitting it to the GFOA to determine its eligibility for another cer
tificate.

In addition, the City also received the GFOA’s Distinguished Budget Presentation Award for the City’s annual budget document for Fiscal Year 2023‐24. In order to qualify for this Distinguished Budget Presentation Award, the government’s budget document had to be judged proficie nt as a policy document, a financial plan, an operations guide, and a communication device.

Special recognition is extended to Arn Andrews, Assistant City Manager; Derek Rampone, Finance and Administrative Services Director; Grace Zheng, Assistant Finance and Administrative Services Director; and the entire staff of the Finance and Administrative Services Departm ent for their dedication to all City departments, residents, and customers on a daily basis. The preparation of this report could not have been achieved without the skillful, dedicated, and efficient services of the entire staff of the Finance and Administrative Services Department. In particular, Helen He, Accounting Manager; Janet Shum, Senior Accountant; and Marichi Valle, Accountant, were
instrumental in preparing the ACFR accurately and in a timely manner. Every member of the department deserves recognition and thanks for their commitment to the City and their profession.

I would also like to thank the members of the City Council and Council Finance Committee for their leadership and policy guidance in managing the fi
nancial operations of the City in a fiscally responsible manner that continues to serve in the best interests of the residents of the City.

Respectfully submitted,
Kimbra McCarthy
City Manager
xviii

CITY OF MOUNTAIN VIEW

CALIFORNIA

CITY OFFICIALS

CITY COUNCIL
Patricia S
howalter Mayor
Lisa Matichak Vice Mayor
Margaret Abe-Koga Councilmember
Alison Hicks Councilmember
Ellen Kamei Councilmember
Lucas Ramirez Councilmember
Emily Ann Ramos Councilmember

EXECUTIVE STAFF
Kimbra McC
arthy City Manager
Jennifer Logue City Attorney
Heather Glaser City Clerk
Audrey Seymour Ramberg Assistant City Manager
Arn Andrews Assistant City Manager
Lenka Wright Chief Communications Officer
Danielle Lee Chief Sustainability and Resiliency Officer Christian Murdock Community Development Director
Roger Jensen CIO/Information Technology Director
John Marchant Community Services Director
Kimberly Thomas Deputy City Manager
Derek Rampone Finance and Administrative Services Director Juan Diaz Fire Chief
Wayne Chen Housing Director
Maxine Gullo Human Resources Director
Tracy Gray Library Director
Michael Canfield Police Chief
Dawn Cameron Public Works Director
Exhibit 2
xix
Mountain View
Residents
Mountain View
City Council
City Manager City ClerkCity Attorney
City
Manager’s
Office
Community
Development
Community
Services
Finance and
Administrative
Services
Fire
Human
Resources
Information
Technology
Library Police Public
Works
City Boards, Commissions & Committees
Housing
City Auditor
Environmental Planning Commission
Board of Library Trustees
Parks and Recreation Commission
Rental Housing Committee
Bicycle/Pedestrian Advisory Committee
Downtown Committee
Human Relations Commission
Performing Arts Committee
Public Safety Advisory Board
Senior Advisory Committee
Tennis Advisory Board
Visual Arts Committee
Youth Advisory Committee
Charter Non-Charter
City Government Organization
*
Finance and Administrative Services Director
serves as City Auditor as appointed by City
Council.
*
Exhibit 3
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Mountain
View
California
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June
30, 2023
Executive Director/CEO
Exhibit 4
xxi
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xxii
INDEPENDENT AUDITOR’S REPORT
To the Honorable Mayor and Members of the City Council
of the City of Mountain View
Mountain View, California
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the governme ntal activities, the busine ss-type activities, each major fund, and the aggregate remaining fund information of the City of Mountain View (City), as of and for the year ended June 30, 2024, 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 pres ent fairly, in all material respects, the respective financial position of the governmental activities, the business-type ac tivities, each major fund, and the aggregate remaining fund information of the City, as of June 30, 2024, and the respective changes in financial position and, where applicab le, cash flows thereof and the respective budgetary comparison for the General Fund, Shoreline Regional Park Community Fund, and the Housing Fund, 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 st andards generally accepted in the United States of America (GAAS) and the standards applicab le to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the Un ited States. Our responsibilities under those standards are further described in the Auditor’s Resp onsibilities for the Audit of the Financial Statements section of our report. We are required to be inde pendent 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.

To the Honorable Mayor and Members
of the City Council of the City of Mountain View
Mountain View, California

Page 2 ends

In preparing the financial statements, management is re quired to eval uate wheth er 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 financ ial statement date, including any currently known information that may raise substantial doubt shortly thereafter.

Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issu e an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolu te assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may in volve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the 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 misstat ement of the financial statements, whether due to fraud or error, and design and pe rform 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 circ umstances, 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 polic ies used and the reasonableness of significant accounting estimates made by management, as we ll as evaluate the overall presentation of the financial statements.
 Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant au dit findings, and certain internal control–related matters that we identified during the audit.
2 To the Honorable Mayor and Members
of the City Council of the City of Mountain View
Mountain View, California

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Required Supplementary Information
Accounting princi ples generally acce pted in the
United States of America require that the management’s
discussion and analysis, and the required pension and OPEB information schedules, be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statemen ts, 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 operatio nal, economic, or historical contex t. We have applied certain limited procedures to the required supplementary informatio n in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the informat ion for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with suffi cient 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 individual and combining fund financial statements and schedules are presented for purposes of additional analysis and are not a required part of the basic financial statements.

The individual and combining fund financial statements and schedules are the responsibility of management and were derived from and relates 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 financ ial 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 acco rdance with auditing standards generally accepted in the United States of America. In our opinion, the individual and combining fund financial statements and schedules 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 informatio n a nnual financial report. The other information
comprises the introductory section, statistical sectio n, and component unit financial statements section but does not include the basic financial statements and our auditor's report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the basic financial stat ements, 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 ot her information otherwise appears to be materially misstated. If, based on the work performed, we conclu de that an uncorrected material misstatement of the other information exists, we are required to describe it in our report. 3 To the Honorable Mayor and Members
of the City Council of the City of Mountain View
Mountain View, California

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Other Repo
rting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated November 22, 2024 on our consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, cont racts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of 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 & Associates, CPAs
Berkeley, California
November 22, 2024
4 CITY OF MOUNTAIN VIEW, CALIFORNIA
Management’s Discussion and Analysis (MD&A) (Unaudited) For the Fiscal Year Ended June 30, 2024
This section of the City of Mountain View’s (City) Annual Comprehensive Financial Report (ACFR) presents a narrative overview and analysis of the financial activities of the City for the fiscal year ended June 30, 2024. We encoura
ge readers to consider the information presented here in conjunction with additional information that has been furnished in our Letter of Transmittal and Basic Financial Statements and to recognize that the financial statements focus on past results compared to the City’s operating budget, which focuses on future goals and allocation of resources.

FINANCIAL HIGHLIGHTS
Key financial highlights for the fiscal year are outlined below.  Details can be found in the Government‐Wide Financial Analysis the Financial Analysis of the City’s Funds sections of this MD&A.
• The assets and deferred outflows of resources of the City exceeded its liabilities and deferred inflows of resources at the close of the fiscal year ended June 30, 2024 by $1.6 billion (net position).  Of this amount, $229.3 million represents unrestricted net position, which may be used to meet the City’s ongoing obligations. • The City’s total net position increased by $98.8 million compared to the increase of $112.0 million in the prior fiscal year, a decrease of 11.8% in the current fiscal year when compared to the prior fiscal year. Of this amount, $85.2 million was generated by governmental activities and $13.6 million by business‐type activities. Overall, citywide expenses were up $31.1 million, while revenues were only up $17.2 million. • The City’s total outstanding long‐term debt decreased modestly by $1.5 million in the current fiscal year, primarily due to scheduled debt service payments, offset by increases in landfill containment and claims liabilities.
• The City’s net pension liabilities increased by $12.9 million, a relatively small increase compared to last year’s increase of $128.8 million.  This is primarily attributed to positive investment earnings experienced in FY 2022‐23 and realized in Fiscal Year 2023‐24. In the prior fiscal year, CalPERS experienced a negative 6.1% return on investments, which was the main driver of the large increase in the pension liability last year. Net other post‐ employment benefit (OPEB) liabilities decreased by $2.2 million due to the same reason. • The City’s governmental funds reported total fund balances of $1.0 billion, an increase of $70.0 million, or 7.2% from the prior fiscal year. The increase is mainly in the General Capital 5 Project Funds due to funding of projects that haven't started yet or are in the early stages of construction.
• The total fund balance of the General Fund was $238.7 million, an increase of $2.1 million, or 0.9% from the prior fiscal year.  Approximately $133.3 million of this amount, or 55.9%, represents unassigned fund balance which
is available to meet the City’s current and future
needs.   This unassigned fund balance has been designated for future one‐time expenditures, one‐time payments toward unfunded liabilities, and emergency funds and is

70.6% of total General Fund expenditures for the fiscal year ended June 30, 2024. This is an increase from 69.2% of total
General Fund expenditures in the prior fiscal year.

OVERVIEW OF THE FINANCIAL STATEMENTS
This Discussion and Analysis document is intended to serv e as an introduction to the City’s basic
financial statements. The City’s basic financial statements are comprised of three components:
(1) government‐wide financial statements; (2) fund financial statements; and (3) notes to the basic financial statements. This report also contains required and other supplementary information in addition to the basic financial statements themselves.

Government‐Wide Fina
ncial Statements
The government‐wide financial statements are designed to provide readers with a broad overview of the City’s finances in a manner similar to a private‐sector business.

The Statement of Net Position presents information on all of the City’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources, with the difference between them reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the overall financial position of the City is improving or deteriorating.

The Statement of Activities presents information showing how the City’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows.

Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods, such as revenues pertaining to uncollected taxes and expenses pertaining to earned, but unused, vacation and sick leave.

Both of the government‐wide financial statements distinguish functions of the City that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business‐type activities). The governmental activities of the City include general government, public safety, public works, community development, and culture and recreation. The business‐type activities of the City include water, wastewater, and solid waste operations (enterprise funds).
6 The government‐wide financial statements include not only the City itself (known as the primary government) but also two legally separate entities for which the City is financially accountable:
(1) Mountain View Shoreline Regional Park Community (Shoreline Community or SRPC); and (2) City of Mountain View Capital Improvements Financing Authority (Financing Authority).

Although legally separate from the City, these co
mponent units are blended with the primary
government because they have the same governing board as the City and because of their financial relationship with the City. In addition, separate financial statements for the Shoreline Community component unit are included within the City’s ACFR.

Fund Financ
ial Statements
The fund fi
nancial statements are designed to report information about groupings of related accounts, which are used to maintain control over resources that have been segregated for specific activities or objectives. The City, like other State and local governments, uses fund accounting to ensure and demonstrate compliance with finance‐related legal requirements. All of the funds of the City can be divided into the f
ollowing three categories: governmental funds,
proprietary funds, and fiduciary funds.

Governmental funds are used to account for essentially the same functions reported as governmental activities in the government‐wide financial statements. However, unlike the government‐wide financial statements, governmental fund financial statements focus on near‐ term inflows and outflows of spendable resources as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in determining wha t financial resources are available in the near future to finance the City’s programs.

Because the focus of governmental funds is narrower than that of the government‐wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government‐wide financial statements. By doing so, readers may better understand the long‐term imp act of the
government’s near‐term financing decisions. Both the governmental funds Balance Sheet and the governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities
.

The City maintains several individual governmental funds organized according to their type (special revenue, debt service, and capital projects funds). Information is presented separately in the governmental funds Balance Sheet and in the governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balances for the General Fund, Shoreline Re gional Park Community Fund, Housing Fund, General Capital Projects Fund, and Park Land Dedication Capital Projects Fund, all of which are considered to be major funds. Data from the remaining governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these nonmajor governmental funds is provided in the form of combining statements elsewhere in this report
.
7 The City adopts an annual appropriated budget for most of its funds except the General Capital Projects Fund, which is budgeted on a project basis. Budgetary comparison statements and schedules have been provided for these funds to demonstrate compliance with budgets.

Proprietary funds are generally used to account for services for which the City charges customers, either external customers or internal customers or departments of the City. Proprietary funds provide the same type of information as shown in the government‐wide financial statements, only in more detail. The City maintains two different types of proprietary funds.

Enterprise funds are used to report the same functions presented as business‐type activities in the government‐wide financial statements. Th
e City uses enterprise funds to account for its water, wastewater, and solid waste operations, all of which are considered to be major funds of the City.

Internal service funds are used to accumulate and allocate costs internally among the City’s various functions. The City uses internal service funds to account for its equipment maintenance and replacement, Retirees’ Health Plan, Employee Benefits Plan, and various other self‐insurance liability programs. Because these services predominantly benefit governmental rather than business‐type functions, they
have been included within governmental activities in the government‐wide financial statements. The internal service funds are combined into a single, aggregated presentation in the proprietary funds financial statements. Individual fund data for the internal service funds is provided in the form of combining statements elsewhere in this report.

Fiduciary funds are used to account for fiduciary activities and resources held for the benefit of individuals, organizations, or other governments that are not part of the City. These are comprised of custodial funds, which are not required to be reported in pension (and other employee benefit) trust funds, investment trust funds, or private‐purpose trust funds and include custodial balances and activities of the City’s labor unions, flexible benefits, and Center for Performing Arts. Since the resources of these funds are not available to support the City’s own programs, they are not reflected in the government‐wide financial statements.

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

Other
Required Supplementary Information includes schedules required to be presented showing information related to the City’s pension plans and other post‐employment benefits plan.

Other Supplementary Information includes the combining statements and schedules of the nonmajor governmental funds, internal service funds, and custodial funds. 8 GOVERNMENT‐WIDE FINANCIAL ANALYSIS
Analysis of Net Position
A condensed summary of the City’s net position for governmental and business‐type activities is as follows:
2024 2023 2024 2023 2024 2023
Assets:

Current and other assets $ 1,876,734 $ 1,826,047 $ 174,308 $ 164,903 $2,051,042 $1,990,950 Capital assets 602,825 580,981 110,350 101,943 713,175 682,924 Total assets 2,479,559 2,407,028 284,658 266,846 2,764,217 2,673,874 Deferred outflows of resources:

Pension items 82,255 82,144 7,308 7,164 89,563 89,308 OPEB Items 25,592 28,388 338 344 25,930 28,73 2 Total deferred outflows of resources 107,847 110,532 7,646 7,508 115,493 118,040 Liabilities:

Current and other liabilities 79,506 75,282 11,091 6,245 90,597 81,527 Noncurrent liabilities 410,772 401,032 33,899 34,352 444,671 435,384 Total liabilities 490,278 476,314 44,990 40,597 535,268 516,911 Deferred inflows of resources:

Pension items       436         998        147       235 583 1,233 OPEB items    9,13
9    11,125     ‐     ‐ 9,139 11,125
Leases      719,367       746,114     ‐     ‐ 719,367 746,114 Total deferred inflows of resources      728,942       758,237        147       235       729,089      758,472 Net position:

Net investment in capital assets 583,085 555,678 99,104 92,486 682,189 648,164 Restricted 703,859 626,817 ‐ ‐ 703,859 626,817 Unrestricted 81,242 100,514 148,063 141,036 229,305 241,550 $ 1,368,186 $ 1,283,009 $ 247,167 $ 233,522 $1,615,353 $1,516,531 Condensed Statement of Net Position
(Dollars in Thousands)
TotalGovernmental Activities Business ‐Type Activities

42.2% of the City’s net position, amounting to $682.2 million, reflects its investment in capital assets (e.g., land, buildings, other improvements, etc.) less any related outstanding debt used to acquire or construct those assets. The City uses these capital assets to provide services to its residents and community members. Therefore, these assets are not available for future spending. Although the City’s investment in its capital assets is reported net of related debt, it should be noted the resources needed to repay this debt must be provided from other sources since the capital assets themselves cannot be liquidated for these liabilities. The largest portion (43.6%) of the City’s net position, or $703.9 million, represents resources that are subject to external restrictions on how they may be used. The last portion of the City’s net position, $229.3 million (14.2%), represents unrestricted net position and may be used to meet the City’s ongoing obligations.
9 The City’s total noncurrent liabilities increased by $9.3 million, compared with the prior fiscal year, primarily due to an increase of net pension liability of $12.9 million, which is a moderate increase compared to the prior year’s increase of $128.8 million.

Analysis of Statement of Activities
The change
s in net position for governmental and business‐type activities are as follows:
2024 2023 2024 2023 2024 2023
Revenues:

Program Revenues:

Charges for services 75,091$ 79,004$ 92,965$ 82,418$ $168,056 $161,422 Operating grants and contributions 6,086 15,452 10 4 6,096 15,456 Capital grants and contributions 21,853 35,641 2,866 10,987 24,719 46,628 General Revenues:

Property taxes 153,598 143,153 ‐ ‐ 153,598 143,153 Sales taxes 24,492 25,394 ‐ ‐ 24,492 25,394 Transient occupancy tax 7,961 9,522 ‐ ‐ 7,961 9,522 Utility users tax 7,648 9,672 ‐ ‐ 7,648 9,672 Nonregulatory franchise and business 11,766 11,789 ‐ ‐ 11,766 11,789 Intergovernmental revenue 293 270 ‐ ‐ 293 270 Investment income 57,607 23,594 3,394 783 61,001 24,377 Total revenues 366,395 353,491 99,235 94,192 465,630 447,683 Expenses:

General government 68,714 57,508 ‐    ‐        68,714 57,508 Public safety 95,753 87,425 ‐    ‐        95,753 87,425 Public works 46,972 51,273 ‐    ‐        46,972 51,273
Community development 19,081 21,303 ‐    ‐        19,081 21,303 Culture and recreation 45,265 40,854 ‐    ‐        45,265 40,854 Interest on long‐term debt 3,918 4,303 ‐    ‐        3,918 4,303 Water ‐          ‐      43,734        35,284          43,734 35,284 Wastewater ‐          ‐      28,181        22,472          28,181 22,472 Solid Waste ‐          ‐      15,190        15,255          15,190 15,255 Total expenses 279,703 262,666 87,105 73,011 366,808 335,677 Change in net position before transfers 86,692 90,825 12,130 21,181 98,822 112,006 Transfers, net (1515) (1072) 1515 1072 ‐    ‐
Change in net position 85,177 89,753 13,645 22,253 98,822 112,006 Beginning net position 1,283,009 1,193,256 233,522 211,269 1,516,531 1,404,525 Ending net position 1,368,186 $    1,283,009$     247,167$    233,522$      $1,615,353 $1,516,531 Total
Condensed Statement of Activities
(Dollars in Thousands)
Governmental Activities Business ‐Type Activities
10 Governmental Activities
Program revenues such as charges for services, operating grants and contributions, and capital grants and contributions are generated from or restricted to each activity.  General revenues are composed of taxes and other revenues not specifically generated by, or restricted to, individual activities.  All tax revenues and investment earnings are included in general revenues .

The following charts are graphical comparisons of governmental revenues by source for Fiscal Years 2023‐24 and 2022‐23:

Total Governmental Revenues increased to $366.4 million, a $12.9 million increase when compared to the prior fiscal year.

Revenue Highlights:
• Revenues from charges for services of $75.1 million, property taxes of $153.6 million, and investment income of $57.6 million were the three largest revenue sources for gonvermental activities. Together, these accou
nted for $286.3 million, or 78.1% of total
revenue.
• Capital grants and contributions decreased by $13.8 million, primarily related to a one‐time park land dedication fee of $16.1 million received for the 777 West Middlefield Road project in Fiscal Year 2022‐23.

Charges for
Services

20.5%
Operating
Grants and
Contributions

1.7%
Capital
Grants and
Contributions

6.0%
Property
Taxes

41.9%
Other
Taxes

10.9%
Nonregulatory
Franchise and
Business

3.2%
Intergovernmental
Revenue

0.1% Investment
Income

15.7%
Fiscal Year 2023‐24 Governmental
Activities
Revenues by Source
Charges for
Services

22.3%
Operating
Grants and
Contributions

4.4%
Capital
Grants and
Contributions

10.1%
Property
Taxes

40.5%
Other Taxes

12.6%
Nonregulatory
Franchise and
Business

3.3%
Intergovernmental
Revenue

0.1% Investment
Income

6.7%
Fiscal Year 2022‐23 Governmental
Activities
Revenues by Source
11 • Property taxes increased by $10.4 million over the prior fiscal year as the residential and commercial real estate markets continued to experience strong growth in assessed values. • The investment income increased by $34.0 million over the prior fiscal year, mainly due to the unrealized gains on investments and the higher interest earnings resulting from the elevated interest rates being earned on investments.

The following charts are graphical comparison of the City’s governmental expenses by function for Fiscal Years 2023‐24 and 2022‐23. Please note the expenses do not include capital outlays as those are added to the City’s capital assets.

Expense Highlights
Total expenses increased to $279.7 million in the current fiscal year , an increase of $17.0 million,
or by 6.5% compared to the prior fiscal year. The increase is mainly due to increases in salaries and benefits that include pension and OPEB expenses related to adjustments required by GASB Statement Nos. 68 and 75. Salaries and benefits are higher in the current fiscal year as a result of an increase in authorized positions, Council‐approved cost‐of‐living adjustments, an increase in benefit costs and higher additional pension UAL (unfunded Accrued Liability) payments.

General
Government

24.6%
Public
Safety

34.2%
Public
Works

16.8%
Community
Development

6.8%
Culture and
Recreation

16.2%
Interest on
Long‐term
Debt

1.4%
Fiscal Year 2023‐24
Governmental Activities
Expenses by Function
General
Government

21.9%
Public
Safety

33.3%
Public
Works

19.5%
Community
Development

8.1%
Culture and
Recreation

15.6%
Interest on Long‐
term Debt

1.6%
Fiscal Year 2022‐23
Governmental Activities
Expenses by Function
12 Business‐Type Activities
Business‐type activities incr
eased the City’s net position by $13.6 million compared to an increase of $22.3 million from the prior fiscal year. The significant key factors are as follows:
• Water net position increased by $3.2 million, primarily due to capital contributions of $1.9 million and investment income of $1.3 million.
• Wastewater net position increased by $8.6 million, prim arily due to net operating income
of $5.3 million, investment income of $1.5 million, and developer capital contributions of $1.0 million.
• Solid waste net position increased by $1.8 million, primarily due to net operating income of $1.4 million.

FINANCIAL ANALYSIS OF THE CITY’S FUNDS
As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with
finance‐related legal requirements.

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

At June 30, 2024, the City’s governmental funds reported combined ending fund balances of $1.0 billion, an increase of $70.0 million compared to the prior fiscal year. The components for the change are increases of $2.1 million in the General Fund, $22.8 million in the Shoreline Regional Park Community Fund, $8.5 million in the Housing Fund, and $39.8 million in the Capital Projects fund, offset by a decrease of $3.1 million in the Park Land Dedication Capital Projects Fund.

Total fund balance is comprised of an unassigned fund balance of $133.3 million that is available for spending at the City’s discretion. The remainder of the fund balance is nonspendable ($7.2 million), restricted ($776.0 million), committed ($115.6 million), and assigned ($5.3 million), none of which are available for new discretionary spending.

Total revenues for governmental funds were $364.8 million while expenditures were $290.6 million. The revenues were $74.2 million more than total expenditures. 13 The General Fund is used to account for all revenues and expenditures necessary to carry out basic government activities of the City that are not accounted for through other funds.

At June 30, 2024, the unassigned fund balance of $133.3 million was $6.2 million higher than the prior fiscal year.

As a measure of the General Fund’s liquidity, it may be useful to compare both unassigned fund balance and total fund balance to total fund expenditures. Unassigned fund balance of $133.3 million represents 55.9% of total fund balance, 70.6% of fund expenditures of $189.0 million, while total fund balance represents 126.3% of that same amount.

The fund balance of the City’s General Fund increased by $2.1 million during the current fiscal year. Total General Fund revenues decreased to $221.0 million, a decrease of $13.0 million over the prior fiscal year. The decrease is primarily due to decreases in intergovernmental revenues ($9.5 million) and charges for services ($3.5 million). Intergovernmental revenue decreased, primarily due to the receipt of $9.7 million in the ARPA (American Rescue Plan Act) grant fund in Fiscal Year 2022‐23, with no comparable large grants received in Fiscal Year 2023‐24. Charges for Services decreased, primarily due to a $1.3 million decrease in plan check fees revenue, resulting from reduced project activities, and the receipt of $1.1 million under an agreement with Google to reimburse the costs of two planners and two engineer limited‐term positions in the prior fiscal year.

General Fund expenditures increased by $5.4 million over the prior fiscal year, primarily due to the increase of $12.0 million in salaries and benefits costs, offset by a decrease in capital outlay of $6.5 million. The increase in salaries and benefits is due to positions added in Fiscal Year 2023‐24, merit and market salary rate adjustments, and pension contributions. The capital outlay decreased primarily due to the City’s $3.1 million contribution to residential development project at 777 West Middlefield Road and the addition of $3.8 million in leased assets in the prior fiscal year.
14 The following charts are graphical comparison between June 30, 2024 and 2023, for General Fund revenues by sources and expenditures by function:

Property taxes

36.6%
Sales taxes

11.1%
Other taxes

9.6%
Licenses, permits
and others

8.4%
Use of money and
property

23.3%
Intergovernmental

0.6%
Charges for services

10.4%
Fiscal Year 2023‐24 General Fund
Revenues by Source
Property taxes

33.7%
Sales taxes

10.9%
Other taxes

10.8%
Licenses, permits
and others

8.4%
Use of money and
property

20.2%
Intergovernmental

4.7%
Charges for services

11.3%
Fiscal Year 2022‐23 General Fund
Revenues by Source
15 General Government

21.0%
Public Safety

44.1%
Public Works

11.7%
Community
Development

7.0%
Culture and
Recreation

14.7%
Capital outlay

0.9% Debt service

0.6%
Fiscal Year 2023‐24 General Fund
Expenses by Type
General Government

17.9%
Public Safety

42.6%
Public Works

12.0%
Community
Development

9.0%
Culture and
Recreation

13.7%
Capital outlay

4.5%
Debt service

0.3%
Fiscal Year 2022‐23 General Fund
Expenses by Type
16 The Shoreline Regional Park Community Fund receives property taxes on properties within the Shoreline Community. The fund accounts for the revenues and expenditures of the Shoreline Community.

Revenues were $78.6 million for the fiscal year ended June 30, 2024, an increase of $14.2 million over the prior fiscal year. Revenues increased, primarily due to an $8.2 million increase in property tax revenues and a $6.1 million increase in investment earn ings, driven by higher interest rates and unrealized gains during Fiscal Year 2023‐24.

Expenditures were $31.2 million compared to $28.5 million in the prior fiscal year. Of this amount, $25.4 million was expended on general government, which is $2.8 million higher when compared to the prior fiscal year.

In addition, $33.7 million was transferred out for
capital improvement projects and debt service
payments compared to $27.7 million in the prior fiscal year. The fund balance of $109.1 million as of June 30, 2024 is restricted for expenditures of the Shoreline Community.

The Housing Fund accounts for fees paid by developers to provide for increasing and improving the supply of extremely low‐, very low‐, low‐, and moderate‐income housing (affordable housing).

Revenues were $9.6 million for the fiscal year ended June 30, 2024, a decrease of $1.0 million from the prior fiscal year. The fund balance of $185.9 million is restricted for future affordable housing projects.

The General Capital Projects Fund accounts for all
general capital improvements not funded from
proprietary funds.

Revenues were $22.2 million for the fiscal year ended June 30, 2024, an increase of $19.2 million from the prior year, primarily due to $14.6 million increase in investment earnings and $5.0 million increase in intergovernmental revenue. Investment earnings increased as a result of higher interest rates and unrealized gains on investments during this fiscal year. The increase in Intergovernmental revenue was attributed to $1.7 million grants from Santa Clara County for the Magical Bridge Playground project and $2.3 million from Silicon Valley Transportation Measure B grants.

Expenditures were $54.9 million, which was $30.8 million less than the prior fiscal year. These funds were expended on capital outlay projects, including: Rengstorff Park Aquatics Center Replacement Design and Construction, All‐Inclusive Playground, and Rengstorff Park Maintenance and Tennis Buildings Replacement Design and Construction. The fund balance of $318.8 million is available to fund approved capital projects. The decrease in expenditures is attributed to the acquisition of 909 and 917 San Rafael Avenue property and the 87 East Evelyn Avenue lot, which took place in the prior fiscal year.
17 The Park Land Dedication Capital Projects Fund accounts for revenues derived from fees on residential subdivisions used for park and recreation projects.

Revenues were $3.8 million for the fiscal year ended June 30, 2024, a decrease of $13.9 million from the prior fiscal year. The decrease was primarily due to decreased developer contributions, which was partially offset by increased investment earnings. The developer contributions decreased due to the $16.1 million contribution received for the 777 West Middlefield Road project in the prior fiscal year. There was no expenditure incurred in the current year. The fund balance of $65.3 million is available for park and recreation projects.

Proprietary Funds—The City’s proprietary funds statements provide the same type of information found in the government‐wide financial statements but in more detail.

At the end of the fiscal year, the unrestricted net positions for the Water, Wastewater, and Solid Waste Funds are $61.6 million, $69.4 million, and $17.1 million, respectively. The total increase in net position for the enterprise funds from the prior fisc al year is $13.6 million. The net operating income of the Water Fund (negative $365,000) and Wastewater Fund ($5.3 million) decreased by $2.3 million and $2.4 million, respectively, when compared to the prior fiscal year.

The decrease in the Water Fund is primarily due to the $4.0 million minimum wate r obligation payment, while the reduction in the Wastewater Fund is attributed to the higher usage at the Treatment plant. The Solid Waste Fund’s net operating income ($1.4 million) increased by $915,000 over the prior year. Factors concerning the finances of the enterprise funds have also been addressed previously in the discussion of the City’s business‐type activities. The internal service funds have an unrestrict
ed net position of $38.9 million at June 30, 2024.

Fiduciary Funds—The City maintains fiduciary funds for fiduciary activities and assets held by the City in custodial capacity for the benefit of agencies outside of the City or employees. As of June 30, 2024, the assets of the custodial funds totaled $670,000, comparable to the prior fiscal year.

GENERAL FUND BUDGETARY HIGHLIGHTS
General Fund differences between the original Fiscal Year 2023‐24 budget and the final amended budget resulted in an increase of $651,000 in budgeted revenue (primarily related to Other Revenues) and a $13.4 million increase in expenditure appropriations. Approximately $7.7 million of the adjustment in expenditure appropriations is related to prior‐year encumbrances that carry forward at the beginning of the fiscal year as specified in the City Charter. An additional $1.5 million of appropriations was established for payment for building inspection and fire plan checking contract services related to development activity, which are cost‐recovered by fees paid by developers. An additional $1.7 million of appropriations was established for the payment of compensated absences. The balance of adjustments was made midyear for various operational needs not anticipated at budget adoption and grants or reimbursements received during the fiscal year.
18 General Fund actual revenues are $20.5 million or 10.2% higher than the final amended budget for the fiscal year. The variance is primarily due to the following revenues coming in higher‐than‐ expected:
• Investment and lease interest income—$20.2 million higher (primarily noncash mark‐to‐ market accounting adjustments for unrealized portfolio gains). • Property tax revenues—$6.6 million higher.
• Other revenues—$1.0 million higher.

The above in
creases were partially offset by decreases in Other Taxes, Licenses, Permits and Fees, and Charges for Services.

Also contributing to the large variance is the City’s practice of analyzing and projecting revenues throughout the fiscal year but not typically adjusting the original revenue budget to matc h projections. In addition, the City does not generally budget for uncertain or one‐time revenues, such as Excess Educational Revenue Augmentation Funds (ERAF) and reimbursements, including adjusting the budget after receiving the revenue. Both of these practices can result in budgeted amounts that are much lower than actual amoun
ts.

Actual expenditures for the General Fund are $34.4 million lower than the final amended budget for the fiscal year. The variance is primarily due to continued salary and benefit savings incurred from vacant positions and budgeted amounts for limited‐period funding, one‐time programs, and nondepartment costs being included in the final amended budget amounts, yet these types of costs are not typically fully expended within on
e year. It is anticipated that as the City ramps up
recruitment of newly authorized positions and recently vacated existing positions, actual costs of salary and benefits will be more in line with budget amounts.

As a result of the higher than expected or budgeted revenues and expenditure budgets not being fully expended, the General Fund has experienced a positive budget versus actual variance.

CAPITAL ASSETS AND DEBT ADMINISTRATION
Capital Assets
The City’s capital assets for its governmental and business‐type activities as of June 30, 2024 was $713.2 million (net of accumulated depreciation and amortization).  Capital assets include land, leased assets, construction in progress, buildings, improvements other than buildings, machinery and equipment, subscription‐based IT arrangement (SBITA) assets, and infrastructure.  The total net increase in the City’s capital assets as of June 30, 2024 is $30.3 million or 4.4%. 19 The change in capital assets, net of depreciation, for the governmental and business‐type activities are as follows:
2024 2023 2024 2023 2024 2023
Land $     182,829    $       178,935   $       220   $       220   $      183,049   $      179,155 Land easement   ‐    ‐    1,678   ‐    1,678   ‐
Construction in progress    120,658    101,558    28,129     16,483     148,787    118,041 Buildings    188,468    188,468    8,748     8,748     197,216    197,216 Improvements other than buildings    258,496    240,460    191,649    186,900     450,145    427,360 Machinery and equipment   41,603     40,389    8,956     8,860    50,559    49,249 Traffic signals   17,405     16,035   ‐   ‐    17,405    16,035 Streetlights   13,513     12,764   ‐   ‐    13,513    12,764 Bridges and culverts   18,583     18,440   ‐   ‐    18,583    18,440 Sidewalks, curbs and gutters    117,523    116,386   ‐   ‐     117,523    116,386 Streets and roads    290,062    286,273   ‐   ‐     290,062    286,273 Less accumulated depreciation (650,505) (623,944) (129,030) (119,268) (779,535) (743,212) Lease assets 4,300 3,826   ‐   ‐ 4,300 3,826
Less accumulated armortization (660) (94)   ‐   ‐ (660) (94) SBITA assets 1,590 2,047   ‐   ‐ 1,590 2,047
Le
ss accumulated armortization   (1,040) (562) ‐   ‐    (1,040)    (562) $     602,825    $       580,981   $     110,350   $     101,943   $      713,175   $      682,924 Governmental  Activities Business ‐Type Activities
Capital Assets
(Dollars in Thousands)
Total
Major capital asset activities during the current fiscal year included the fo llowing:
• Total capital assets increased by $30.3 million due to a net increase in assets of $67.6 million, offset by a $37.3 million net increases in accumulated depreciation and amortization.
• Construction in progress increased by $30.7 million.  Some of the major projects worked on and/or completed during the year included:  Rengsto
rff Park Aquatics Center Replacement
Design and Construction, All Inclusive Playground, and Water and Sewer Replacement 101 at Two Locations Construction.

Additional information about the City’s capital assets is discussed in Note 6 to the financial statements.
20 Debt Administration
As of June 30, 2024, the City had $163.6 million of outstanding noncurrent liabilities relat ed to
governmental activities and $12.5 million related to business‐type activities, for a total of $176.1 million. Noncurrent liabilities outstanding as of June 30, 2024, with a comparison to prior year and the net change, are as follows:
2024 2023 Net Change
Revenue bonds $ 87,574 $ 89,885 $ (2,311) Compensated absences 11,911 11,258 653 Landfill containment 47,963 46,297 1,666 Claims liabilities 11,794 11,343 451 Lease liabilities 3,946 3,817 129 SBITA liabilties 395 1,308 (913) Total governmental activities debt 163,583 163,908 (325) Business‐type activities 12,499 13,648 (1,149) Total $ 176,082 $ 177,556 $ (1,474) De
bt Outstanding
(Dollars in Thousands)
The decrease
s to noncurrent liabilities were primarily due to the reduction of SBITA liabilities and scheduled debt service payments offset partially by the increase in Landfill Containment and Compensated Absences.

The City Charter limits bonded indebtedness for General Obligation bonds to 15.0% of the total assessed valuation of all real and personal pr operty within the City. The City has no general obligation debt outstanding as of June 30, 2024 and has maintained its underlying “AAA” issuer credit rating from Standard & Poor’s since July 2014.

Additional information regarding the City’s noncurrent liabilities is discussed in Note 7 to the financial statements.

ECONOMIC FACTORS AND NEXT YEAR’S BUDGET AND RATES
• The local economy has fully recovered to prepandemic levels. However, local economic indicators are projecting stable revenues with slower‐paced growth anticipated in Fiscal Year 2024‐25. Uncertainty with inflation, interest rates, national and state economic policies, and geopolitical conflicts all contribute to the projected slower‐paced growth. 21 • Overall, property taxes for the City are expected to increase in the upcoming fiscal year based on increases in property taxes from new development, change in ownership, and the

2.0% increase in assessed value due to the positive California Consumer Price Index. • Sales tax revenue is expected to be about the sam e as the current fiscal year. However, a moderate increase is projected for future years.
• Business License revenue is projected to experience a 7.4% decline compared to the current fiscal year due to known and potential layoffs. Utility Users Tax (UUT) is projected to be

29.9% higher than the current fiscal year, mainly because of a potential refund claim that City has re
corded as payable in Fiscal Year 2023‐24, which significantly lowered the current year revenue. Transient Occupancy Tax (TOT) is projected to increase by 7.7% compared to the current year. This increase is primarily due to one hotel’s failure to remit taxes in the current fiscal year for three quarters, which the City did not record as TOT revenue in the current fiscal year. Business travel has stabilized and is expected to remain stable in the near future, leading us to anticipate a moderate increase in TOT revenue. • Cost‐of‐service
studies were conducted for all three utility funds during the past year. As such, rates were adjusted to reflect the cost of services rather than across‐the‐board rate increases. The Fiscal Year 2024‐25 adopted rates for the Water, Wastewater, and Solid Waste Management Funds varied due to rate structure adjustments being phased in over multiple years, with impacts differing based on account type and billed usage.

All of these factors were considered in preparing the City’s budget for Fiscal Year 2024‐25.

REQUESTS FOR INFORMATION
These financial statemen
ts are intended to provide residents, taxpayers, investors, and creditors with a general overview of the City’s finances. Questions concerning any of the information provided in this report or requests for additional financial information should be directed to the Finance and Administrative Services Department, 500 Castro Street, P.O. Box 7540, Mountain View, California, 94039‐7540, or [email protected]. 22 BASIC
FINANCIAL STATEMENTS
23 24
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GOVERNMENT‐WIDE
FINANCIAL STATEMENTS
25 26
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City of Mountain View
Statement of Net Position
June 30, 2024
(Dollars in Thousands)
Governmental Business‐type
Activities Activities Total
ASSETS
Current assets:

Cash and investments 911,929$ 106,771$ 1,018,700$
Restricted cash and investments 74,350 2 74,352
Receivables:

Accounts 6,017 16,782 22,799
Taxes 6,808 ‐ 6,808
Interest 4,382 805 5,187
Loans and
notes 131,919 ‐ 131,919
Leases 768,717 ‐ 768,717
Internal balances (49,948) 49,948 ‐
Inventories 739 ‐ 739
Deposits and
prepaid items 21,821 ‐ 21,821
Total current assets 1,876,734 174,308 2,051,042
Noncurrent assets:

Capital assets:

Nondepreciable 303,487 30,027 333,514
Depreciable 951,543 209,353 1,160,896
Less accumulated depreciation (652,205) (129,030) (781,235) Total capital assets 602,825 110,350 713,175
Total noncurrent
assets 602,825 110,350 713,175
Total assets 2,479,559 284,658 2,764,217

DEFERRED
OUTFLOWS OF RESOURCES
Pension items 82,255 7,308 89,563
OPEB items 25,592 338 25,930
Total deferred outflows of resources 107,847 7,646 115,493

LIABILITIES
Current liabilities:

Accounts
payable and accrued liabilities 33,014 9,029 42,043
Interest payable 1,666 ‐ 1,666
Refundable
deposits 6,154 459 6,613
Unearned revenue 29,997 ‐ 29,997
Compensated
absences ‐ current 1,979 179 2,158
Accrued self‐insurance costs ‐ current 3,854 ‐ 3,854 Long‐term debt ‐ current portion 2,842 1,424 4,266
Total current liabilities 79,506 11,091 90,597
Noncurrent liabilities:

Compensated
absences 9,932 1,074 11,006
Accrued self‐insurance costs 7,940 ‐ 7,940
Net pension liability 247,767 22,665 270,432
Net OPEB
liability 8,097 338 8,435
Long‐term debt 137,036 9,822 146,858
Total noncurrent liabilities 410,772 33,899 444,671
Total liabilities 490,278 44,990 535,268
DEFERRED INFLOWS OF RESOURCES
Pension items 436 147 583
OPEB items 9,139 ‐
9,139
Leases 719,367 ‐ 719,367
Total deferred inflows of resources 728,942 147 729,089 NET POSITION
Net investment in capital assets 583,085 99,104 682,189 Restricted for:

Capital projects 323,172 ‐
323,172
Debt service 45 ‐ 45
Low and moderate income housing 198,877 ‐ 198,877
Shoreline Regional Park Community 104,370 ‐ 104,370
Grants and regulations 77,395 ‐ 77,395
Total restricted 703,859 ‐ 703,859
Unrestricted 81,242 148,063 229,305
Total net position 1,368,186$ 247,167$ 1,615,353$
Primary Government
See accompanying Notes to the Basic Financial Statements. 27 City of Mountain View
Statement of Activities
For the year ended June 30, 2024
(Dollars in Thousands)
Operating Capital
Charges for Grants and Grants and
Functions/Programs Expenses Services Contributions Contributions Total Governmental activities:

General government 68,714$ 52,215$ 706$ ‐$ 52,921$ Public safety 95,753 1,099 365 ‐ 1,464 Public works 46,972 6,273 4,472 11,181 21,926 Community development 19,081 6,768 419 9,648 16,835 Culture and recreation 45,265 8,736 124 1,024 9,884 Interest on long‐term debt 3,918 ‐ ‐ ‐ ‐
Total governmental activities 279,703 75,091 6,086 21,853 103,030 Business‐
type Activities:

Water 43,734 43,175 6 1,901 45,082 Wastewater 28,181 33,247 4 965 34,216 Solid Waste 15,190 16,543 ‐ ‐ 16,543 Total business‐type activities 87,105 92,965 10 2,866 95,841 Total primary government 366,808$ 168,056$ 6,096$ 24,719$ 198,871$ General Revenues:

Taxes:

Property taxes
Sales taxes
Transient occupancy taxes
Utility users tax
Nonregulatory franchise and business, unrestricted
Intergovernmental ‐ not restricted to
specific programs
Investment income
Total taxes
Transfers
Total general revenues and transfers
Change in net position
Net position ‐ beginning of year
Net position ‐ end of year
Program Revenues
See accompanying Notes to the Basic Financial Statements. 28 Governmental Business‐Type
Activities Activities Total
(15,793)$ ‐$ (15,793)$
(94,289) ‐ (94,289)
(25,046) ‐ (25,046)
(2,246) ‐ (2,246)
(35,381) ‐ (35,381)
(3,918) ‐ (3,918)
(176,673) ‐ (176,673)
‐ 1,348 1,348
‐ 6,035 6,035
‐ 1,353 1,353
‐ 8,736 8,736
(176,673) 8,736 (167,937)
153,598 ‐ 153,598
24,492 ‐ 24,492
7,961 ‐ 7,961
7,648 ‐ 7,648
11,766 ‐ 11,766
293 ‐ 293
57,607 3,394 61,001
263,365 3,394 266,759
(1,515) 1,515 ‐
261,850 4,909 266,759
85,177 13,645                 98,822
1,283,009 233,522
1,516,531
1,368,186$ 247,167$             1,615,353$
and Changes in Net Position
Net (Expense) Revenue
29 30
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FUND
FINANCIAL STATEMENTS
Governmental Fund Financial Statements
Proprietary Fund Financial Statements
Fiduciary Fund Financial Statements
31 City of Mountain View
Balance Sheet
Governmental Funds
June 30, 2024
(Dollars in Thousands)
ASSETS
Cash and investments 218,368$              109,693$              93,335$ Restricted cash and investments ‐ 4,723 ‐
Receivables:

Accounts 2,338 109 16
Taxes 6,808 ‐ ‐
Interest 1,425 1,073 471
Loans and notes 2,033 ‐ 98,001
Leases 768,060 ‐ ‐
Inventory 642 ‐ ‐
Deposits and prepaid items 4,384 ‐ ‐
Total assets 1,004,058$ 115,598$ 191,823$ LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:

Accounts payable and accrued liabilities 17,085$                6,353$ 12$
Refundable deposits 5,095 53 891
Unearned revenue 24,502                   99 4,984
Advances from other funds ‐ ‐ ‐
Total liabilities 46,682 6,505 5,887
Deferred Inflows of Resources
Deferred inflows ‐ leases 718,722                ‐ ‐
Total deferred inflows of resources 718,722                ‐ ‐ Fund Balances:

Nonspendable 7,059 ‐ ‐
Restricted 442 109,093                185,936
Committed 92,519                   ‐ ‐
Assigned 5,293 ‐ ‐
Unassigned 133,341
‐ ‐
Total fund balances 238,654 109,093 185,936
Total liabilities, deferred inflows of
resources and fund balances 1,004,058$           115,598$              191,823$ General Fund
Shoreline
Regional Park
Community Housing Fund
Special Revenue Funds
See accompanying Notes to the Basic Financial Statements. 32 Nonmajor Total
Governmental Governmental
Funds Funds
313,096$              48,028$                79,962$                862,482$ 62,433                   ‐ 6,217 73,373
2,343 ‐ 1,211 6,017
‐ ‐ ‐ 6,808
‐ 398 757 4,124
‐ ‐ 31,885                   131,919
‐ 657 ‐ 768,717
‐ ‐ 97 739
‐ 17,000                   47 21,431
377,872$              66,083$                120,176$              1,875,610$ 9,101$                   6$ 175$ 32,732$
‐ 53 62 6,154
‐ 53 359 29,997
49,948
‐ ‐ 49,948
59,049 112 596 118,831
‐ 645 ‐ 719,367
‐ 645 ‐ 719,367
‐ ‐ 144 7,203
318,823                65,326                   96,412                   776,032 ‐ ‐ 23,024                   115,543
‐ ‐ ‐ 5,293
‐ ‐ ‐ 133,341
318,823 65,326 119,580 1,037,412
377,872$              66,083$                120,176$              1,875,610$ Capital Project
General Capital
Project
Park Land
Dedication
Capital Project
See accompanying Notes to the Basic Financial Statements. 33 34
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(Dollars in Thousands)
Total Fund Balances ‐ Total Governmental Funds 1,037,412$ Capital assets used in governmental activities were not current financial resources.

Therefore, they were not reported in the Governmental Funds Balance Sheet.

Except for the internal service funds reported below, the capital assets were adjusted as follows:

Government‐Wide
Statement of Net
Position
Internal Service
Funds Total
Nondepreciable 303,487$ ‐$ 303,487$
Depreciable, net 299,338 ‐ 299,338
Total capital assets 602,825$ ‐$ 602,825 Internal service funds were used by management to charge the costs of certain activities, such as insurance, to individual funds. The assets and liabilities of the Internal service funds were included in governmental activities in the Government ‐ Wide Statement of Net Position. 38,909
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.

Government‐Wide
Statement of Net
Position
Internal Service
Funds
Deferred outflows of resources related to pension 82,255$ ‐$ 82,255 Deferred outflows of
resources related to OPEB 25,592 ‐ 25,592
Deferred inflows of resources related to pension (436) ‐ (436) Deferred inflows of resources related to OPEB (9,139) ‐ (9,139) Long‐term liabilities were not due and payable in the current period. Therefore, they were not reported in the Governmental Funds Balance Sheet.

Government‐Wide
Statement of Net
Position
Internal Service
Funds Total
Compensated absences ‐
due within one year (1,979)$ 15$ (1,964)$
Accrued self‐insurance costs ‐ due within one year (3,854) 3,854 ‐ Interest payable (1,666) ‐ (1,666)
Long‐term debt ‐ due within one year (2,842) ‐ (2,842) Compensated absences ‐ due in more than one year (9,932) 72 (9,860) Accrued self‐
insurance costs ‐ due within one year (7,940) 7,940 ‐ Long‐term debt ‐ due in more than one year (137,036) ‐ (137,036) Net pension liability (247,767) ‐ (247,767)
Net OPEB liability (8,097) ‐ (8,097)
Total long‐term liabilities (421,113)$ 11,881$ (409,232) Net Position of Governmental Activities 1,368,186$
City of Mountain View
Reconciliation of the Governmental Funds Balance Sheet
to the Government‐Wide Statement of Net Position
June 30, 2024
Amounts reported for governmental activities in the statement of net position are different because:

See accompanying Notes to the Basic Financial Statements. 35 City of Mountain View
Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds
For the year ended June 30, 2024
(Dollars in Thousands)
REVENUES:

Property taxes 81,121$                71,154$                ‐$ Sales taxes 24,492                   ‐ ‐
Other taxes 21,205                   ‐ ‐
Licenses, permits and fees 10,784                   ‐ ‐ Fines and forfeitures 506 ‐ ‐
Use of money and property 51,441                   7,375 4,813 Intergovernmental 1,425 ‐ 257
Charges for services 22,886                   39 148
Developer fees and contributions 529 ‐ 4,256
Other 6,699 58 150
Total revenues 221,088                78,626                   9,624 EXPENDITURES:

Current:

General government 39,610                   25,405
‐
Public safety 83,433                   93 ‐
Public works 22,135                   1,162 ‐
Community development 13,224                   442 1,816 Culture and recreation 27,711                   4,107 ‐ Capital outlay 1,787 21 ‐
Debt service:

Principal 944 ‐ ‐
Interest and fiscal charges 124 ‐ ‐
Total expenditures 188,968 31,230 1,816 REVENUES OVER (UNDER)
EXPENDITURES 32,120 47,396 7,808 OTHER FINANCING SOURCES (USES):

Transfers in 6,051 9,103 650
Transfers out (36,571)
(33,734) (4)
Proceeds from Leases 474 ‐ ‐
Total other financing sources (uses) (30,046) (24,631) 646 Net change in fund balances 2,074 22,765 8,454 FUND BALANCES:

Beginning of year 236,580                86,328                   177,482 End of year 238,654$              109,093$              185,936$ General Fund
Shoreline
Regional Park
Community Housing Fund
Special Revenue Funds
See accompanying Notes to the Basic Financial Statements. 36 Nonmajor Total
Governmental Governmental
Funds Funds
‐$ ‐$ 1,322$                   153,597$
‐ ‐ ‐ 24,492
‐ ‐ 5,476 26,681
‐ ‐ 260 11,044
‐ ‐ ‐ 506
16,467                   2,780 3,739 86,615
5,310 ‐ 11,329                   18,321
‐ ‐ 4,682 27,755
‐ 1,024 590 6,399
409 ‐ 2,093 9,409
22,186                   3,804 29,491                   364,819 ‐ ‐ 123 65,138
‐ ‐ 242 83,768
‐ ‐ 132 23,429
‐ ‐
2,931 18,413
‐ ‐ 4,100 35,918
54,913                   ‐ ‐ 56,721
‐ ‐ 2,095 3,039
‐ ‐ 4,048 4,172
54,913                   ‐ 13,671                   290,598 (32,727)                 3,804 15,820                   74,221 98,452                   1,696 15,991                   131,943 (25,888)                 (8,595) (31,802)                 (136,594) ‐ ‐ ‐ 474
72,564                   (6,899) (15,811)                 (4,177) 39,837                   (3,095) 9 70,044
278,986                68,421                   119,571                967,368 318,823$              65,326$                119,580$               1,037,412$ Park Land
Dedication
Capital Project
Capital Project
General Capital
Project
See accompanying Notes to the Basic Financial Statements. 37 38
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City of Mountain View
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, 2024
(Dollars in Thousands)
Net Change in Fund Balances ‐ Total Governmental Funds 70,044$ Governmental funds reported capital outla y as expenditures. However, in the Government ‐Wide Statement of Activities, the cost of those assets was allocated over their estimated lives as depreciation expense. This was the amount of capital assets recorded in the current period, net of the amount related to internal service funds. 51,291 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, net of the amount related to internal service funds. (29,607) Accrued compensated leave payments were reported as expenditures in the governmental funds, however expense i s
recognized in the Government‐Wide Statement of Activities based on earned leave accruals. (656) Repayments of long‐term debt are recognized as expenditures in the governmental funds. In the government‐wide statements, repayments of long ‐term liabilities are reported as reductions of liabilities. Expenditures for repayment of principal portion of long‐term debt were. 3,039
Current year employe r pension contribution s are recorded as expenditure s in the governmental funds, however, these amounts are reported as a deferred outflow of resources in the Government‐Wide Statement of Net Position. 35,445 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. (46,860) OPEB expense is reported in the Government‐Wide Statement o f Activities does not require the use o f current financial resources, and therefore is not reported as expenditures in governmental funds. 1,359 Some expenses reported in the statement o f activities do not require the use o f current financial resources and therefore are not reported as expenditures in governmental funds
Change in accrued interest payable 37
Change in landfill containment (1,667)
Change in unamortized discount/premium 217
Internal service funds were used by management to charge the costs of certain activities, such as insurance and fleet management, to individual funds. The net revenue of the internal service funds was reported with governmental activities. 2,535
Change in Net Position of Governmental Activities 85,177$ Amounts reported for governmental activities in the Government‐Wide Statement of Activities were different because:

See accompanying Notes to the Basic Financial Statements. 39 City of Mountain View
Statement of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual General Fund
For the year ended June 30, 2024
(Dollars in Thousands)
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Property taxes 74,558$ 74,558$ 81,121$ 6,563$
Sales taxes 25,137 25,137 24,492 (645)
Other taxes 22,933 22,933 21,205 (1,728)
Licenses, permits and fees 14,457 14,457 10,784 (3,673) Fines and forfeitures 407 407 506 99
Use of money and property 31,282 31,282 51,441 20,159 Intergovernmental 915 926 1,425 499
Charges for services 24,366 24,449 22,886 (1,563)
Developer fees
and contributions 800 800 529 (271)
Other 5,123 5,680 6,699 1,019
Total revenues 199,978 200,629 221,088 20,459
EXPENDITURES:

Current:

General government
City council 509 534 333 201
City clerk 1,109 1,143 998 145
City attorney 3,751 4,067 2,634 1,433
City manager 15,062 19,306 10,131 9,175
Human services 5,541 7,561 6,722 839
Information technology 8,954 9,211 6,491 2,720
Finance
and administrative services 13,435 13,825 12,301 1,524 Public safety
Fire 34,823 35,295 33,929 1,366
Police 51,680 51,908 49,504 2,404
Public works 25,499 27,109 22,135 4,974
Community development
Community development 16,066 17,858 12,286 5,572
Housing 710 749 938 (189)
Culture and recreation
Community services 23,485 23,985 20,335 3,650
Library services 8,416 8,790 7,376 1,414
Capital outlay 986 2,045 1,787 258
Debt
service:

Principal ‐ ‐ 944 (944)
Interest and fiscal charges ‐ ‐ 124 (124)
Total expenditures 210,026 223,386 188,968 34,418
REVENUES OVER (UNDER)
EXPENDITURES (10,048) (22,757) 32,120 54,877
OTHER FINANCING SOURCES (USES):

Transfers in 1,914 1,914 6,051 4,137
Transfers out (26,074) (36,571) (36,571) ‐
Proceeds from long‐term debt ‐ ‐ 474 474
Total
other financing sources (uses) (24,160) (34,657) (30,046) 4,611 Net change in fund balances 185,866$ 188,729$ 2,074 59,488$ FUND BALANCES:

Beginning of year 236,580
End of year 238,654$
Budgeted Amounts
See accompanying Notes to the Basic Financial Statements. 40 City of Mountain View
Statement of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual Shoreline Regional Park Community
For the year ended June 30, 2024
(Dollars in Thousands)
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Property taxes 64,557$ 64,557$ 71,154$ 6,597$
Use of money and property 3,576 3,576 7,375 3,799
Charges for services 55 55 39 (16)
Other 40 40 58 18
Total revenues 68,228 68,228 78,626 10,398
EXPENDITURES:

Current:

General government
City attorney 20 44 ‐ 44
Finance and administrative services 23,822 25,479 25,405 74 Public safety
Fire 179 191 58 133
Police 40 40 35 5
Public works 1,695 1,703 1,162 541
Community
development 698 716 442 274
Culture and recreation
Community services 5,077 5,128 4,107 1,021
Capital outlay 43 64 21 43
Total expenditures 31,574 33,365 31,230 2,135
REVENUES OVER (UNDER)
EXPENDITURES 36,654 34,863 47,396 12,533
OTHER FINANCING SOURCES (USES):

Transfers in ‐ ‐ 9,103 9,103
Transfers
out (28,451) (32,103) (33,734) (1,631)
Total other financing sources (uses) (28,451) (32,103) (24,631) 7,472 Net change in fund balances 3,123$ 1,262$ 22,765 20,005$ FUND BALANCES:

Beginning of year 86,328
End of year 109,093$
Budgeted Amounts
See accompanying Notes to the Basic Financial Statements. 41 City of Mountain View
Statement of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual Housing Fund
For the year ended June 30, 2024
(Dollars in Thousands)
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Use of money and property 2,719$ 2,719$ 4,813$ 2,094$ Intergovernmental ‐ 5,300 257 (5,043)
Charges for services ‐ ‐ 148 148
Developer fees and contributions ‐ ‐ 4,256 4,256
Other 150 150 150 ‐
Total revenues 2,869 8,169 9,624 1,455
EXPENDITURES:

Current:

Community development 3,426 69,771 1,816 67,955
Total expenditures 3,426 69,771 1,816 67,955
REVENUES OVER
(UNDER)
EXPENDITURES (557) (61,602) 7,808 69,410
OTHER FINANCING SOURCES (USES):

Transfers in 536 536 650 114
Transfers out (4) (4) (4) ‐
Total other financing sources (uses) 532 532 646 114 Net change in fund balances 3,958$ 70,303$ 8,454 69,524$ FUND BALANCES:

Beginning of year 177,482
End of year 185,936$
Budgeted Amounts
See accompanying Notes to the Basic Financial Statements. 42 City of Mountain View
Statement of Net Position
Proprietary Funds
June 30, 2024
(Dollars in Thousands)
Governmental
Activities -
Internal Service
Totals Funds
ASSETS
Current Assets:

Cash and investments 39,261 $ 49,098 $ 18,412 $ 106,771 $ 49,447 $ Restricted cash and investments 2 - - 2 977
Receivables:

Accounts 7,041 5,493 4,248 16,782 -
Interest 362 342 101 805 258
Deposits and prepaid items - - - - 390
Total current assets 46,666 54,933 22,761 124,360 51,072 Noncurrent:

Advances to other funds 30,055 19,182 711 49,948 - Capital assets:

Nondepreciable capital assets 16,102 13,408 517 30,027 - Depreciable capital assets 121,291 77,996 10,066 209,353 178 Accumulated depreciation (74,915) (46,849) (7,266) (129,030) (178) Net capital assets 62,478 44,555
3,317 110,350 -
Total noncurrent assets 92,533 63,737 4,028 160,298 - Total assets 139,199 118,670 26,789 284,658 51,072

DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows - OPEB related 104 97 137 338 -
Deferred outflow - pension related 3,667 2,123 1,518 7,308 - Total deferred outflows of resources 3,771 2,220 1,655 7,646 -

LIABILITIES
Current liabilities:

Accounts payable and accrued liabilities 6,248 92 2,689 9,029 282 Refundable deposits 459 - - 459 -
Compensated absences - current 80 52 47 179 15
Accrued self-insurance costs - current - - - - 3,854 Long-term debt - current portion 805 619 - 1,424 -
Total current liabilities 7,592 763 2,736 11,091 4,151 Noncurrent liabilities:

Compensated absences 493 343 238 1,074 72
Accrued self-insurance costs - - - - 7,940
Net pension liability 11,445 6,360 4,860 22,665 - Net OPEB liability 104 97 137 338 -
Long-term debt 3,200 6,622 - 9,822 -
Total noncurrent liabilities 15,242 13,422 5,235 33,899 8,012 Total liabilities 22,834 14,185 7,971 44,990 12,163

DEFERRED INFLOWS OF RESOURCES
Deferred inflows - pension related 76 37 34 147 -
Total deferred inflows of resources 76 37 34 147 -

NET POSITION
Net investment in capital assets 58,473 37,314 3,317 99,104 - Unrestricted 61,587 69,354 17,122 148,063 38,909 Total net position 120,060$ 106,668$ 20,439$ 247,167$ 38,909$ Business-Type Activities
Water Wastewater Solid Waste
See accompanying Notes to the Basic Financial Statements. 43 City of Mountain View
Statement of Revenues, Expenses and Changes in Net Position Proprietary Funds
For the year ended June 30, 2024
(Dollars in Thousands)
Governmental
Activities -
Internal Service
Totals Funds
OPERATING REVENUES:

Charges for services 41,189$ 32,323 $ 16,160 $ 89,672 $ 14,363 $ Other 1,986 924 383 3,293 2,261
Total operating revenues 43,175 33,247 16,543 92,965 16,624 OPERATING EXPENSES:

Salaries and related expenses 8,051 4,811 3,386 16,248 7,667 Insurance claims and premiums - - - - 7,072
Cost of sales and services 26,259 15,855 8,642 50,756 - General and administrative 3,853 3,322 2,703 9,878 4,063 Depreciation 5,377 3,941 459 9,777 -
Total operating expenses 43,540 27,929 15,190 86,659 18,802 Operating income (loss) (365) 5,318 1,353 6,306 (2,178) NONOPERATING REVENUES (EXPENSES):

Investment income 1,328 1,464 602 3,394 1,576
Interest expense (194) (252) - (446) -
Intergovernmental revenue 6 4 - 10 -
Total nonoperating revenues (expenses) 1,140 1,216 602 2,958 1,576 Income before contributions and transfers 775 6,534 1,955 9,264 (602) CONTRIBUTIONS AND TRANSFERS:

Capital contributions - developer fees 1,273 599 - 1,872 - Capital contributions - others 628 366 - 994 -
Transfers in 938 1,641 17 2,596 6,425
Transfers out (439) (463) (179) (1,081) (3,289)
Total contributions and transfers 2,400 2,143 (162) 4,381 3,136 Change in net position 3,175 8,677 1,793 13,645 2,534 NET POSITION:

Beginning of year 116,885 97,991 18,646 233,522 36,375 End of year 120,060$ 106,668$ 20,439$ 247,167$ 38,909$ Business-Type Activities
Water Wastewater Solid Waste
See accompanying Notes to the Basic Financial Statements. 44 City of Mountain View
Statement of Cash Flows
Proprietary Funds
For the year ended June 30, 2024
(Dollars in Thousands)
Governmental
Activities ‐
Internal Service
Totals Funds
CASH FLOWS FROM OPERATING ACTIVITIES:

Cash received from customers 39,801$ 31,509$ 15,815$ 87,125$ 18,309$ Cash paid to suppliers for goods and services (26,007) (19,146) (10,732) (55,885) (4,334) Cash paid to employees for services (7,676) (4,559) (3,266) (15,501) (7,670) Claims paid ‐ ‐ ‐ ‐ (6,621)
Other receipts 1,986 924 383 3,293 ‐
Net cash provided by (used in) operating activities 8,104 8,728 2,200 19,032 (316) CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:

Transfers in 938 1,641 17 2,596 6,425
Transfers out (439) (463) (179) (1,081) (3,289)
Advances paid to other funds (646) 3,814 (409) 2,759 ‐ Intergovernmental revenue received 6 4 ‐ 10 ‐ Net cash provided by (used in)
noncapital financing activities (141) 4,996 (571) 4,284 3,136 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES:

Principal paid on capital debt (730) (599) ‐ (1,329)                  ‐ Interest paid (194) (252) ‐ (446) ‐
Acquisition of capital assets (9,270)                  (8,368) (546) (18,184) ‐ Contributions from developers 1,273 599 ‐ 1,872 ‐
Contributions from others 628 366 ‐ 994 ‐
Net cash provided by (used in)
capital and related financing activities (8,293)                  (8,254)                  (546) (17,093) ‐ CASH FLOWS FROM INVESTING ACTIVITIES:

Interest received 1,344 1,453 593 3,390 1,592
Net cash provided by (used in) investing activities 1,344 1,453 593 3,390 1,592 Net cash flows 1,014 6,923 1,676 9,613 4,412
CASH AND INVESTMENTS ‐ Beginning of year 38,249 42,175 16,736 97,160 46,012 CASH AND INVESTMENTS ‐ End of year 39,263$ 49,098$ 18,412$ 106,773$ 50,424$ RECONCILIATION OF CASH AND CASH EQUIVALENTS:

Cash and investments 39,261 49,098 18,412 106,771 49,447 Restricted cash and investments 2 ‐ ‐ 2 977
Total cash and cash equivalents 39,263$ 49,098$ 18,412$ 106,773$ 50,424$ RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:

Operating income (loss) (365)$ 5,318$ 1,353$ 6,306$ (2,178)$ Adjustments to reconcile operating income (loss) to
net cash provided by (used in) operating activities:

Depreciation 5,377 3,941 459 9,777 ‐
Changes in assets and liabilities:

Accounts receivable (1,388)                  (814) (345) (2,547)                  1,685 Deposits and prepaid items ‐ ‐ ‐ ‐ (44)
Accounts payable and accrued liabilities 4,105 31 613 4,749 (227) Accrued compensated absences 93 83 4   180 (3)
Accrued self‐insurance costs ‐ ‐ ‐ ‐ 451
Deferred outflows of resources ‐ OPEB items (7) (9) 22 6   ‐ Deferred outflows of resources ‐ pension items (88) (32) (24) (144) ‐ Deferred inflows of resources ‐ pension items (44) (26) (18) (88) ‐ Net pension liability 414 227 158 799 ‐
Net OPEB liability 7   9   (22) (6) ‐
Net cash provided by (used in) operating activities 8,104$                 8,728$                 2,200$                 19,032$               (316)$ Business‐Type Activities
Water Wastewater Solid Waste
See accompanying Notes to the Basic Financial Statements. 45 City of Mountain View
Statement of Fiduciary Net Position
Fiduciary Funds
For the year ended June 30, 2024
(Dollars in Thousands)
Custodial
Funds
55$
615
ASSETS
Cash and investments
Restricted cash and investments D
Total assets 670

LIABILITIES
Total liabilities ‐
NET POSITION
Restricted for:

Individuals, organizations, and other governments 670
Total Net Position 670$
See accompanying Notes to the Basic Financial Statements. 46 City of Mountain View
Statement of Changes in Fiduciary Net Position
Fiduciary Funds
For the year ended June 30, 2024
(Dollars in Thousands)
Custodial
Funds
ADDITIONS:

Fees and others collected 403$
Total additions 403
DEDUCTIONS:

Distribution to others 272
Total deductions 272
Change in net position 131
NET POSITION:

Beginning of year 539
End of year 670$
See accompanying Notes to the Basic Financial Statements. 47 48
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NOTES TO BASIC
FINANCIAL STATEMENTS
49 50
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City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of Mountain View (City) was incorporated in 1902 an d is a charter city, having had its charter granted
by the State of California in 1952. The City operates under the Council‐Manager form of government and provides the following services: public safety (police, fire, and paramedic), public works, utilities (water, wastewater,
and solid waste), community development, cultural and recreation services and administration and support services.

A. Reporting Entity
The accompanying basic financial statements present the financial activities of the City, which is the primary government presented, along with the financial activities of its component units, which are entities for which the City is financially acco
untable. Although they are separate legal entities, blended component units are in substance part of the City's operations and are reported as an integral part of the City's financial statements. The City's component units, which are described below, are all blended.

The Mountain View Shoreline Reg
ional Park Community (Shoreline Community) ‐ is a separate government entity created for the purpose of developing approximately 1,550 acres of bayfront lands. The Shoreline Community’s governing board is the same as the City and the City’s management has operational responsibility for the Shoreline Community. Its financial activities have been blended in the accompanying financial statements in the Shoreline Regional Park Community Special Revenue Fund and the non major debt service funds. Separate financial statements for the Shoreline Community are also included as a component of the City’s Annual Comprehensive Financial Report.

The City of Mountain View Capital Improvements Financing Authority (Financing Authority) ‐ is a separate government entity whose purpose is to assist with the financing or refinancing of certain public capital improvements within the City. The Financing Authority’s governing board is the same as the City, the Financing Authority provides services solely to the City, and a financial benefit/burden relationship exists between the City and the Financing Authority. Its financial activities have been blended in the accompanying financial statements in the nonmajor debt service funds. Separate financial statements for the Financing Authority are not required and therefore, not issued.

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 Governmental Accounting Standards Board (GASB) is the acknowledged standard setting body for establishing accounting and financial reporting standards followed by governmental entities. These standards require that the financial statements described below be presented.

Government‐Wide Financial Statements
The Statement of Net Position and the Statement of Activities display information about the primary government (the City and its component units). These statements include the financial activities of the overall City government, except for fiduciary activities. Eliminations have been made to minimize the double counting of internal activities. 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.
51 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) B. Basis of Presentation (Cont
inued)
Government‐Wide Financial Statements (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 f unction 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 arise from mandatory and voluntary nonexchange transactions with other government s, organizations, or individuals that are restricted for use in a particular program, and (c) grants and contributions of capital assets or resources that are restricted for capital purposes. 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's funds, including fiduciary funds and blended comp
onent 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 fu
nds 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 contributions and investment income, result from nonexchange transactions or ancillary activities.

C. Major Funds
Major funds are defined as funds that have either assets combined with deferred outflow of resources, liabilities combined with deferred inflow of resources, revenues or expenditures/expenses equal to 10.0 percent of their fund‐type total and 5.0 percent of the grand tota l of governmental and enterprise funds.

Major governmental and business‐type funds are identified and presented separately in the fund financial statements. All other funds, called nonmajor funds, are combined and reported in a single column, regardless of their fund‐type. The General Fund is always a major fund, and th e City may select other funds it believes should be presented as major funds.

The City reports major governmental funds in the basic financial statements as follows:

General Fund ‐ This 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.

Shoreline Regional Park Community Fund (Special Revenue) ‐ This fund receives property tax revenues on properties within the Shoreline Community. The fund accounts for the revenues and expenditures of the Shoreline Community.

Housing Fund (Special Revenue) ‐ This fund accounts for fees paid by developers to provide for increasing and improving the supply of extremely low, very low, low, and moderate income housing (affordable housing).
52 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) C. Major Funds (Continued)
General Capital
Projects Fund (Capital Projects) ‐ This fund accounts for all capital improvement projects activities not funded from proprietary funds.

Park Land Dedication Capital Projects Fund (Capital Projects) ‐ This fund accounts for revenues derived from fees on residential subdivisions used for park and recreation projects.

The City reports all of its enterprise funds as major funds in the accompanying financial statements:

Water Fund – This fund accounts for the revenues and expenses related to the operation, maintenance and capital outlay required to supply, distribute and meter water. The City has agreements with the San Francisco Public Utilities Commission and the Santa Clara Valley Water District for the supply of wholesale water.

Wastewater Fund – This fund accounts for the revenues and expenses related to the operation, maintenance and capital outlay required to provide wastewater services. The City has an agreement with the City of Palo Alto to purchase treatment capacity at the Palo Alto Regional Water Quality Control Plant (Treatment Plant).

Solid Waste Fund – This fund accounts for the revenues and expenses related to disposal services, recycling operations, other solid waste operations, capital outlay and certain costs related to maintenance of the closed landfill sites. Collection operations are provided by an outside private contractor. The City has an agreement with the Cities of Palo Alto and Sunnyvale for disposal transfer capacity at the Sunnyvale Materials and Recovery Transfer (SMaRT®) Station.

The City also reports the fo
llowing fund types:

Internal Service funds – These funds account for equipment maintenance and replacement, workers’ compensation insurance, unemployment self‐insurance, liability self‐insurance, retirees’ health plan, and employee benefits plan, all of which are provided to other funds on a cost‐reimbursement basis.

Custodial funds – These funds are fiduciary funds used to report fiduciary activities that are not required to be reported in pension (and other employee benefit) trust funds, investment trust funds, or private purpose trust funds. These include custodial balances and activities of the labor unions, flexible benefits, and Center for Performing Arts. The financial activities of these funds are excluded from the government‐wide financial statements, but are presented in separate fiduciary fund financial statements.

D. Basis of Accounting
The government‐wide, proprietary fund, 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.
53 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) D. Basis of Accounting (Continued)
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, except sales taxes, reported in the governmental funds to be available if the revenues are collected within sixty days after fiscal year end. A ninety‐day availability period is used for sales taxes in order to include the State of California (State) final distribution of sales taxes revenue for the fiscal year. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on long‐term debt, claims and judgments, landfill containment costs and compensated absences, which are recognized as expenditures to the extent they have matured and are due and payable at year end. Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds from long‐term debt issuance and leases financing are reported as other financing sources.

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

Those revenues susceptible to accrual are property taxes, sales taxes, certain intergovernmental revenues, transient occupancy taxes, utility user taxes, earned grant entitlements, special assessments due within the current fiscal year and investment revenue. All other revenue items are considered to be measurable and available only when cash is received.

Grant revenues are recognized in the fiscal year in which all eligibility requirements are met. Under the terms of grant agreements, the City may fund certain programs with a combination of cost ‐reimbursement grants, categorical block grants and general revenues. 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.

As a general rule, the effect of interfund activity has been eliminated in the preparation of the government‐ wide financial statements. Exceptions to this general rule are charges between the government’s business‐ type activities and various other functions of the government. Elimination of these charges would distort the direct costs and program revenues reported for the various functions concerned.

Amounts reported as program revenues include 1) charges to customers or applicants for goods or services, 2) operating grants and contributions and 3) capital grants and contributions, including special assessments.

Internally dedicated resources and taxes are reported as general revenues rather than as program revenues. 54 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) D. Basis of Accounting (Continued)
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 City’s enterprise funds and internal service funds are charges to customers for sales and services. The City also recognizes as operating revenue the portion of connection fees intended to recover the cost of connecting new customers to the system. 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.

When both restricted and unrestricted resources are available for use, it is the City’s policy to use restricted resources first, then unrestricted resources as they are needed.

E. Inventory
Inventories are valued at cost (first in, first out). Inventories of the General Fund consist of expendable supplies held for consumption. The cost is recorded as expenditures at the time individual inventory items are consumed. Inventories of the Shoreline Golf Links Nonmajor Special Revenue Fund consist of merchandise held for resale to consumers. The cost is recorded as expenditures at the time individual inventory items are sold.

F. Property Taxes
The County of Santa Clara (County) assesses properties and it bills, collects, and distributes property taxes to the City. The County remits to the City the entire amount levied and handles all delinquencies, retaining interest and penalties. Secured and unsecured property taxes are levied on July 1 for the fiscal year.

Secured property tax becomes a lien on January 1 and is due in two installments, on November 1 and February 1. It becomes delinquent after December 10 and April 10, respectively. Unsecured property tax bills are distributed in July and are due upon receipt, and become delinquent after August 31. Collection of delinquent accounts is the responsibility of the County, which retains all penalties.

The term “unsecured” refers to taxes on personal property other than real estate, land and buildings and are secured by liens on the property owner. Property tax revenues are recognized by the City in the fiscal year they are levied, provided they become available as defined above.

G. Compensated Absences
Compensated absences, representing earned but unused vacation, sick leave pay and related costs, are reported in the Statement of Net Position. All compensated absences and related costs are accrued when incurred in the government‐wide and proprietary fund financial statements. A liability for these amounts is reported in the governmental funds only if they become due and payable. The City uses the vesting method for the calculation of compensated absences.
55 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) H. Deferred Outflows and Inflows of Resources
In addition to assets, the Statement of Net Position and Balance Sheets report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net assets or fund balance 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 and Balance Sheets report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net assets or fund balance that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time.

I. Pension and Other Postemployment Benefits (OPEB) Items For purposes of measuring the net pension liability and net OPEB liability, deferred outflows/inflows of resources related to pension and OPEB, pension and OPEB expenses, information about the fiduciary net position of the City’s Pension and OPEB plans, and additions to/deductions from the plans’ fiduciary net positions have been determined on the same basis as they are reported by the California Public Employees’ Retirement System (CalPERS) and the California Employer’s Retiree Benefit Trust (CERBT) Fund Program, respectively. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. CalPERS plan member contributions are recognized in the period in which the contributions are due. Investments are reported at fair value. The governmental activities’ share of net pension liability and net OPEB liability are typically liquidated by the General Fund.

J. Effects of New GASB Pronouncements
The City adopted new accounting standards in order to conform to the following Governmental Accounting Standards Board Statements in Fiscal Year 2023‐24:

1. In April 2022, the GASB issued Statement No. 99, Omnibus 2022. The objectives of this statement are to enhance comparability in accounting and financial reporting and to improve the consistency of authoritative literature by addressing (a) practice issues that been identified during implementation and application of certain GASB Statements and (b) accounting and financial reporting for financial guarantees. Implementation of these requirements did not have a significant impact on the City’s financial statements for the fiscal year ended June 30, 2024.

2. In June 2022, the GASB issued Statement No. 100, Accounting Changes and Error Corrections – An Amendment of GASB Statement No. 62. The primary objective of this statement is to enhance accounting and financial reporting requirements for accounting changes and error corrections to provide more understandable, reliable, relevant consistent, and comparable information for making decisions or assessing accountability. The requirements of this statement did not have a significant impact on the City's financial statements for the fiscal year ended June 30, 2024. 56 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) J. Effects of New GASB Pronouncements (Continued)
The City is currently analyzing its accounting practices to identify the potential impact on the financial statements for the GASB statements as follows:

1. In June 2022, the GASB issued 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 requirements of this statement are going to be effective for the City’s fiscal year ending June 30, 2025.

2. In December 2023, the GASB issued Statement No. 102, Certain Risk Disclosures. The objective of this Statement is to provide users of government financial statements with essential information about risks related to a government’s vulnerabilities due to certain concentrations or constraints. The requirements of this statement are going to be effective for the City’s fiscal year ending June 30, 2025.

3. In April 2024, the GASB issued Statement No. 103, Financial Reporting Model Improvements. The objective of this Statement is to improve key components of the financial reporting model to enhance its effectiveness in providing information that is essential for decision making and assessing a government’s accountability. The requirements of this statement are going to be effective for the City’s fiscal year ending June 30, 2026.

K. Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (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 expenditures/expenses during the reporting period. Actual results could differ from those estimates.

NOTE 2 BUDGETS AND BUDGETARY ACCOUNTING
A. Budgets and Budgetary Accounting
The City adopts an annual budget on or before June 30 for the ensuing fiscal year for the General Fund and all Special Revenue Funds except for the Deferred Assessments Fund.

No annual budgets are adopted for the Debt Service Funds. Repayment of the debt is authorized by the adoption of the indenture provisions for the life of the debt.

The Storm Drain Construction and Park Land Dedication Capital Projects Funds are budgeted annually. All other Capital Projects Funds are budgeted on a project basis. Such budgets are based on a project time frame, rather than a fiscal year operating time frame, whereby unused appropriations continue until project completion.

Budget appropriations become effective on each July 1. The City Council may amend the budget during the fiscal year. The legal level of budgetary control has been established at the fund and department level.

Appropriations lapse at the end of the fiscal year to the extent they have not been expended or encumbered. 57 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 2 BUDGETS AND BUDGETARY ACCOUNTING (Continued)
A. Budgets and Budgetary Accounting (Continued)
All Governmental Fund Type annual budgets are presented on a basis consistent with the basic financial statements prepared in accordance with GAAP.

Budgeted revenue amounts represent the original budget modified by adjustments authorized during the fiscal year. Budgeted expenditure amounts represent original appropriations adjusted for supplemental appropriations during the fiscal year and reappropriated amounts for encumbrances, grants, and donations outstanding at the end of each prior fiscal year.

The City Council must approve appropriation increases to departmental budgets; however, management may transfer Council‐approved budgeted amounts within fund and departmental expenditure classifications. Judgments, settlements and certain accrual entries are not subject to budgetary control and expenditures exceeding budget due to these items do not constitute a violation of budget policy or control.

Supplemental appropriations were approved during the course of the fiscal year as needed.

B. Encumbrance Accounting
Under encumbrance accounting, purchase orders, contracts and other commitments for the expenditure of monies are recorded in order to reserve that portion of the applicable appropriation. Encumbrance accounting is employed as an extension of formal budgetary integration. Encumbrances outstanding at fiscal year‐end are automatically reappropriated for inclusion in the following fiscal year’s budget.

NOTE 3 CASH AND INVESTMENTS
The City pools cash from all sources and all funds, except restricted cash and investments, so the pool of funds can be invested consistent with goals for safety and liquidity, while maximizing yield. Cash is pooled so individual funds can make expenditures at any time.

A. Policies
For custodial credit risk, California law requires banks and savings and loan institutions to pledge government securities with a fair value of 110.0 percent of the City’s cash on deposit, or first trust deed mortgage notes with a fair value of 150.0 percent of the deposit, as collateral for these deposits. Under California law, this collateral is held in a separate investment pool by another institution in the City’s name and places the City ahead of general creditors of the institution.

The City invests in individual investments and in investment pools. Individual investments are evidenced by specific identifiable securities instruments, or by an electronic entry registering the owner in the records of the institution issuing the security, called the book entry system. In order to increase security, the City employs the trust department of a bank as the custodian of certain City managed investments, regardless of their form.

The City’s investments are carried at fair value. The carrying value of these investments are periodically adjusted to reflect their fair value at each fiscal year end and the effects of these adjustments are included as income or expense for that fiscal year.

Investment income is allocated among funds on the basis of average daily cash and investment balances in each fund, unless there are specific legal or contractual requirements to do otherwise. 58 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 3 CASH AND INVESTMENTS (Conti
nued)
A. Policies (Continued)
Cash and investments with an original maturity of three months or less are considered to be cash equivalents in the proprietary fund statements of cash flows because these assets are highly liquid and are expended to liquidate liabilities arising during the fiscal year.

B. Classification
Cash and investments are classified in the financial statements based on whe ther or not their use is
restricted under the terms of debt instruments. Investments are carried at fair value as of June 30, 2024.

Cash and investments are as follows (dollars in thousands):

Cash and investments as of June 30, 2024, consist of the following (dollars in thousands):

C. Investments Authorized by th
e California Government Code and the City’s Investment Policy The California Government Code and the City’s Investment Policy authorize the investment types in the following table, provided the credit ratings of the issuers are acceptable to the City; and approved perce
ntages and maximum maturities are not exceeded. The table also identifies certain provisions of the California Government Code, or the City’s Investment Policy where the City’s Investment Policy 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 trustee 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.

Governmental Business ‐Type Fiduciary
Acti vi ti es Acti vi ti es Funds Tota l
Ca s h and i nves tments 911,929$ 106,771$ 55$ 1,018,755$ Restricted ca s h and i nve s tments 74,350 2 615 74,967 Total ca s h and i nves tments 986,279$ 106,773$ 670$ 1,093,722$ Ca s h on hand 14 $
Deposits with financial inst it ut ions 4 , 1 8 3
Inves tments 1,089,525
Total cash and investments 1,093,722$
59 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 3 CASH AND INVESTMENTS (Cont
inued)
C. Investments Authorized by the California Government Code and the City’s Investment Policy (continued) The City’s Investment Policy and the California Government Code allow the City to invest in the following:

D. Investments Authorized by Debt Agreements
The City must maintain required amounts of cash and investments with trustees or fiscal agents u nder the terms of certain debt issues. These funds are unexpended bond proceeds or are pledged as reserves to be used if the City fails to meet its obligations under these debt issues. The investment of debt proceeds held by bond trustee is governed by provisions of the debt agreements , rather than the general provisions of the California Government Code or the City’s Investment Policy. These debt agreements do not address interest rate, credit, and concentration of credit risks.

Maximum
Maximum Investment
Maximum Percentage of in One
Authorized Investment Type Maturity Portfolio Issuer
U.S. Treasury Obligations 5 years (A) No limit
U.S. Agency Securities 5 years 50% 25%
U.S. Agency Mortgage‐backed Securities 5 years 20% 25%
Callable Securities (Treasuries, Agencies, Corp. Notes) 5 years 10% 5% Commercial Paper 180 days 15% 5%
Banker's Acceptances 180 days 20% 5%
Medium‐term Notes Issued by U.S. Corporations 5 years 15% 5% Mutual Funds Invested in U.S Government Securities N/A 10% 5% Certificates of Deposit:

FDIC Insured Time Deposits 2 yea rs 10% 5%
Collateralized Time Deposits 2 years 10% 5%
Negotiable Time Deposits 2 years 10% 5%
Municipal Bonds Issued by the City or any of its
Component Units (B) (B) (B)
Local Agency Investment Fund (LAIF) N/A 20% N/A
Joint Power Authority (JPA) Investment Pools N/A 10% N/A Supranational Securities 5 years 10% 5%
(A) The policy requires a minimum of 25 percent of the total portfolio to be invested in U.S. Treasury Obligations. The p
olicy does not specify a maximum for this type of investment. (B) The policy allows only municipal bonds issued by the City of Mountain View or its component units at limits and maturities as approved by the City Council.
60 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 3 CASH AND INVESTMENTS (Cont
inued)
D. Investments Authorized by Debt Agreements (Continued) The investment types that are authorized for investments held by bond trustee are as follows:

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 se nsitivity of its fair value
to changes in market interest rates. One of the ways 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 fro m maturities so 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. The City monitors the interest rate risk inherent in its portfolio by measuring the modified duration (modified duration is a measure of a fixed income’s cash flows using present values, weighted for cash flows as a percentage of the investments’ full price) of its portfolio. The City monitors interest rate risk inherent in investments held by the trustee by using specific identification.

Maximum
Authorized Investment Type Maturity
U.S. Treasury Obligations No Limit
U.S. Agency Securities No Limit
Deposit Accounts, Federal Funds and Banker's
Acceptances 180 days
FDIC Insured Certificates of Deposit No Limit
Commercial Paper 180 days
Money Market Mutual Funds No Limit
State and Local Agency Bonds No Limit
Insurer Approved Investment Contracts No Limit
Insurer Approved Other Forms of Investments Including
Repurchase Agreements No Limit
Local Agency Investment Fund (LA IF) No Limit
Joint Power Authority (JPA) Investment Pools No Limit
Certificate of deposit 2 years
61 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 3 CASH AND INVESTMENTS (Cont
inued)
E. Interest Rate Risk (Continued)
The City’s interest rate risk by investment type and fair value is as follows (dollars in thousands):

Through the City’s Investments Policy, the City manages its exposure to fair value losses arising from increasing interest rates by limiting the modified duration of its investment por tfolio to within 15.0 percent of the modified duration of a benchmark portfolio as defined in the Investment Policy. As of June 30, 2024, the allowed modified duration ranged from 1.62 to 2.19 years and the actual is within this range.

Investments in municipal bonds shown above represent the City’s in vestment in the Shoreline Regional Park Community 2018 Revenue Bonds. The balance as of June 30, 2024, is stated at amortized cost, which approximates fair value.

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 Tre asurer of the State. The City reports its investment in LAIF at the fair value amount provided by LAIF, which is the same as the value of the pool share. The balance available for withdrawal is based on the accounting records maintained by the State, which are recorded on an amortized cost basis. LAIF is part of the State ’s Pooled Money Investment Account
(PMIA). The total balance of the PMIA is approximately $178.0 billion as of June 30, 2024. Of that amount,

97.16 percent was invested in nonderivative financial products and 2.84 percent in structured notes and asset backed securities. As of June 30, 2
024, LAIF had an average maturity of 217 days.

Mutual Money Market Funds investments are available for withdrawal on demand and as of June 30, 2024, have an average maturity of less than 60 days.

Fair Value Modified Duration
Investment Type Amount (in years)
Held by the City:

LAIF 129,343 $ N/A
U.S. Treasury Obligations 512,030 2.50
U.S. Agency Securities 183,680 1.46
Corporate Notes 98,025 3.00
Supranational Securities 66,203 3.09
Municipal Bonds ‐ Shoreline Regional Park Community 2018 Revenue Bonds 2,312 4.47
Money Market Mutual Funds 25,751 N/A
Held by Bond Trustee:

Money Market Mutual Funds 72,181 N/A
Total Investments 1,089,525$
62 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 3 CASH AND INVESTMENTS (Conti
nued)
F. 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 City’s Investment Policy is to apply the prudent investor’s standard in managing the overall portfolio. Th
e standard states that investments shall not be made for speculation but shall be made with judgment and care, which investors of prudence, discretion and intelligence exercise considering the safety of principal, liquidity, and return on investment in this priority order. As of June 30, 2024, the City’s investment in money market mutual funds, and supranational securities are rated AAA by Standard & Poor’s.

U.S. agency se
curities are rated AA by Standard & Poor’s. The medium‐term notes are rated between A and AA by Standard & Poor’s. The U.S. Treasury obliga tions are exempt from credit rating disclosure. The Municipal Bonds ‐ Shoreline Regional Park Community 2018 Revenue Bonds are rated A+ by Standard & Poor’s. The Local Agency Investment Fund was not rated as of June 30, 2024.

G. Concentration of Credit Risk
The City’s Investment Policy regarding the amount that can be invested in any one issuer is stipulated by the California Government Code. However, the City is required to disclose investments that represent a concentration of 5.0 percent or more of investments in any one issuer other than U.S. Treasury obligations, money market mutual funds and external investment pools. As of June 30, 2024, those investments held by the City consisted
of the following (dollars in thousands):

H. 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 in
puts 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. As of June 30, 2024, All of the City’s investments are measured using level 2 inputs, exce pt for investments in LAIF and money market mutual funds, which are not subject to the fair value hierarchy. Investments measured using level 2 inputs are valued using prices determined by the use of matrix pricing techniques maintained by the pricing vendors for these investments. Matrix pricing is used to value investments based on the investments’ relationship to benchmark quoted prices.

Issue r Inve st m e nt Type Amount
Federal Home Loan Bank Federal Agency Securities 77,478$ Federal National Mortgage Association Federal Agency Securities 61,238 63 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 4 LOANS AND NOTES RECEIVABLE
As of Jun
e 30, 2024, the City’s loans and notes receivable are as follows (dollars in thousands):

The City engages in programs designed to encourage construction or improvement of housing for persons with extremely low to moderate income or other such projects. Under these programs, grants or loans are provided under favorable terms to homeowners or developer
s who agree to spend these funds in accordance with the City’s terms. The City does not expect to collect these loans in the near term, and most of the loan terms are deferred to the future. Any proceeds collected are restr icted by grant requirements and thus these balances have been offset by a restriction of fund balance in the fund financial statements. Due to the nature of the repayment structures of the City’s housing loans, the City is not accruing interest on these loans. Interest revenue is recognized upon receipt.

These loan program
s are funded by Community Development Block Grants (CDBG) funds, Home Investment Partnership Act (HOME) grant funds, Housing Fund, General Fund, and former Mountain View Revitalization Authority (Authority). With the dissolution of the Authority effective January 31, 2012, the City became the Housing Successor Agency. The balances of the loans were transferred to the Ho using Successor Special Revenue Fund (Housing Successor) of the City.

CDBG Rehabilitation 95 $
Mid‐Peninsula Support network 55
Ginzton Terrace 715
Project Match 132
Central Park Apartments 2,683
Sierra Vista Apartments Affordance Housing 238
Stoney Pine Charities 124
HomeSafe 100
San Antonio Place LP 5,465
Tyrella Gardens 1,588
Bill Wilson Center 133
San Veron Park 484
SR Fountains LP 1,136
Franklin Street Family Apartments 12,547
El Camino West Affordable Studios 3,452
Rengstorff Affordable Housing 8,166
Palo Alto Housing 8,000
Ea
st Evelyn Affordable Housing 21,700
North Shoreline Housing 8,158
950 W El Camino Real (PAH) 22,773
MV Lot 12 Housing Partners 1,045
1100 La Avenida 14,743
Montecito LP 5,007
901 E El Camino Real 6,347
Employee homebuyer Program 2,033
Housing Trust Silicon Valley‐Google 5,000
Total 131,919$
64 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 4 LOANS AND NOTES RECEIVABLE (Continued)
A. CDBG Rehabilitation
The City administers a housing rehabilitation loan program initially funded with CDBG funds. Under this program, individuals with incomes below a stated level are eligible to receive low‐interest loans for rehabilitation work on their home. These loans are secured by deeds of trust, which may be subordinated with the prior written consent of the City. The loan repayments may be amortized over the life of the loans, deferred to maturity or combination of both. There are three such loans outstanding totaling $95,000 as of June 30, 2024.

B. Mid‐Peninsula Support Network
On December 23, 1980, the City loaned $55,000 to Mid‐Peninsula Support Network for the acquisition and rehabilitation of a residential structure for the purpose of providing temporary shelter for battered parents and their children. The loan was funded by CDBG funds and becomes payable upon demand by the City upon failure to comply with the terms of the loan agreement. The loan carries a 12.0 percent annual interest rate and shall accrue beginning 30 days following the date of demand. The loan is collateralized by a first deed of trust. As of June 30, 2024, the amount of the loan outstanding is $55,000.

C. Ginzton Terrace
On December 11, 1991, the City loaned $380,000 to the Mid‐Peninsula Housing Coalition (Coalition) for predevelopment and land acquisition costs related to the development of a 107‐ unit affordable senior housing complex located at 375 Oaktree Drive. On May 1, 1993, the City amended the loan agreement and loaned the Coalition an additional $215,000 for the purpose of paying park and recreation fees required prior to occupancy of the land. On February 12, 1996, excess funds not used were returned to the City in the amount of $78,000. The loan balance of $517,000 was funded by CDBG funds.

On May 21, 2013, the City approved another modification to extend the loan term to May 31, 2038, reducing the annual simple interest rate from 6.0 percent to 3.0 percent effective June 1, 2013, and restructured the repayment to be based on 50.0 percent of the residual receipts. The loan balance and accrued interest will become payable on May 31, 2038.

On April 21, 2015, the City awarded $340,000 in CDBG funds and $185,000 in HOME funds for rehabilitation activities. The CDBG and HOME loans are to be repaid by January 31, 2066 and January 31, 2071, respectively, with zero percent interest.

As of June 30, 2024, the total outstanding amount of all loans related to Ginzton Terrace is $715,000.

D. Project Match
On May 1, 1997, the City loaned $132,000 to Project Match for the acquisition of the house located at 1675 South Wolfe Road, Sunnyvale, to provide affordable housing for low‐income seniors. The loan was funded by HOME grant funds. The loan is to be repaid over a 30‐year period at 3.0 percent annual simple interest.

Interest and principal amounts are deferred. The loan is collateralized by a second deed of trust. As of June 30, 2024, the amount of the loan outstanding is $132,000. 65 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 4 LOANS AND NOTES RECEIVABLE (Continued)
E. Central Park Apartments
On July 1, 1998, the City and Housing Successor funds loaned $2.2 million to the Coalition for the acquisition and rehabilitation of a 149‐unit apartment complex known as Central Park Apartments at 90 Sierra Vista Avenue to be used to provide housing for very‐low‐ to low income seniors. The entire project was initially funded by three loans: $388,000 from Housing set aside funds to be repaid over nine years, commencing in Fiscal Year 1998‐99 and bearing 3.0 percent annual interest; $1.2 million of CDBG funds to be repaid over 36 years commencing in Fiscal Year 2012‐13 and bearing 3.0 percent annual interest; and $612,000 from HOME grant funds to be repaid over 21 years commencing in Fiscal Year 2004‐05 and bearing 3.0 percent annual interest.

On August 19, 2004, the City loaned $498,000 to the Coalition for the rehabilitation of the Central Park Apartments. The loan was funded by CDBG funds to be repaid over 16 years commencing in Fiscal Year 2017‐ 18 and bearing 1.2 percent annual interest.

On April 17, 2006, the City approved a $748,000 loan to the Coalition for the construction of the New Central Park Apartments. The loan was funded by CDBG funds with zero percent interest and repayment is deferred until January 1, 2054, or upon the repayment of the $1.3 million HOME loans described below.

On June 1, 2007, the City approved a loan of $1.3 million to fund the development cost of 104 apartments.

The loan was funded by HOME grant funds with zero percent interest and repayment is deferred until the later of January 1, 2041, or upon repayment of the $851,000 Housing Successor’s loan. As of June 30, 2024, the outstanding HOME loan balance is fully paid.

On July 24, 2007, the City approved a $405,000 loan to the Coalition for the development of the New Central Park Apartments. The loan was funded by CDBG funds with zero percent interest and final payment is deferred until July 1, 2063. As of June 30, 2024, the amount of this CDBG loan is $367,000 On April 23, 2013, the City approved an additional loan of $275,000 from CDBG funds to the Coalition. The loan was used to upgrade the utilities and install energy‐efficient hot water heaters in the original 149‐unit apartment complex. The loan bears annual interest at 1.5 percent, with repayment deferred until calendar year 2034 or upon repayment of the $498,000 CDBG loan.

As of June 30, 2024, the total outstanding balance of all loans related to Central Park apartments is $2.7 million.

F. Sierra Vista Apartment Affordable Housing
On February 1, 1999, the City approved to loan up to $100,000 to Sierra Vista I Limited Partnership/Charities Housing Corporation for the development and renovation of a 34‐unit affordable apartment complex to low and moderate income families to be located at 1909 Hackett Avenue. An additional loan in the amount of $255,000 was approved on January 16, 2007. The loans were funded by CDBG funds with 6.0 percent interest and a term of September 2019 and January 2032, respectively.

On September 24, 2013, the City approved an amendment to the loan agreements with Charities Housing Corporation. This CDBG loan funding will bear interest at 3.3 percent, compound annually on September 1.

The term of the loan will be 57 years, maturing on October 1, 2070. As of June 30, 2024, the amount of the loans outstanding is $238,000.
66 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 4 LOANS AND NOTES RECEIVABLE (Continued)
G. Stoney Pine Charities
On August 16, 2000, the City loaned $124,000 to the Stoney Pine Charities Housing Corporation for the construction of a 23‐unit apartment complex at 212 North Mathilda Avenue and 271‐283 West California Avenue, Sunnyvale, to provide affordable housing for very low income persons with developmental disabilities. The loan was funded by $9,000 of CDBG funds and $115,000 of HOME grant funds. The loans bear simple interest at 3.0 percent, but repayment of interest and principal is deferred for 40 years. The loans and accumulated interest remain deferred unless during the term of the loan, or after 40 years, the apartments no longer meet the affordability test for very low‐income persons with developmental disabilities, or if the property is sold or transferred. The loan is collateralized by a second deed of trust. As of June 30, 2024, the amount of the loan outstanding is $124,000.

H. HomeSafe
On February 21, 2001, the City loaned $100,000 to the HomeSafe Santa Clara L.P. for the construction of a 25‐unit apartment complex at 611 El Camino Real, Santa Clara, to provide affordable housing for women and children who are victims of domestic violence. The loan was funded by $100,000 of HOME grant funds.

The loan bears simple interest at 3.0 percent, but repayment of interest and principal is deferred for 55 years unless during the term of the loan, the apartments no longer meet the affordability test for very low to low‐ income victims of domestic violence, or if the property is sold or transferred. The loan is collateralized by a first deed of trust. As of June 30, 2024, the amount of the loan outstanding is $100,000.

I. San Antonio Place LP (Charities Housing Development Corporation) On April 25, 2002, the City approved an agreement to loan up to $5.3 million to Charities Housing Development Corporation (Corporation) for development of an efficiency studios housing project to provide affordable housing for very‐low to low‐income persons. On July 1, 2004, the Corporation assigned to the San Antonio Place LP all of the rights and obligations under the agreements. The loan amount was amended to loan up to $5.5 million on December 1, 2006, which would be funded by $2.5 million of CDBG funds, $2.2 million of HOME grant funds and $809,000 of the Housing Successor funds. The loan is provided at zero percent interest with repayment deferred for 55 years unless the San Antonio Place LP no longer meets the terms and conditions of the agreement. As of June 30, 2024, the amount of the loan outstanding is $5.5 million.

J. Tyrella Gardens
On May 20, 2003, the City approved to loan up to $390,000 to MP Tyrella Associates for the development and renovation of an affordable apartment complex to low and moderate income families to be located at 449 Tyrella Avenue. The loan was funded by CDBG funds with 3.0 percent interest and a term of 55 years.

On April 22, 2014, the City awarded MP Tyrella Associates additional loans of $172,000 from CDBG funds and $653,000 from HOME funds to rehabilitate 56 existing rental units. The loan agreement for CDBG funds was executed on July 1, 2015, with 3.0 percent simple interest and is due in 50 years. The loan agreement from HOME funds was executed on July 1, 2015, with 3.0 percent simple interest and is due in 43 years. 67 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 4 LOANS AND NOTES RECEIVABLE (Continued)
J. Tyrella Gardens (Continued)
On August 1, 2022, the City entered into an amended and restated secured promissory note agreement with MP Tyrella Associates and the loan funded by CDBG funds and HOME funds were amended to $819,000 and $771,000, respectively. The loan has a 3.0 percent interest and a term of 55 years. As of June 30, 2024, the total outstanding balance of all loans related to Tyrella Gardens is $1.6 million.

K. Bill Wilson Center
On December 5, 2008, the City loaned $133,000 to The Bill Wilson Center, a nonprofit corporation, for the acquisition and operation of a youth and counseling services shelter. The loan was funded by CDBG funds and is due in 30 years and has a term of 3.0 percent simple interest. As of June 30, 2024, the amount of the loan outstanding is $133,000.

L. San Veron Park
On December 1, 2009, the City amended an agreement with San Veron Corporation to loan up to $898,000 to renovate one hundred twenty‐four affordable Town home units for very‐low and low‐ income households. The loan was funded by HOME grant funds, however, the construction did not occur until Fiscal Year 2012‐13. On July 1, 2013, the City approved and authorized the provision of increasing the loan amount to $1.1 million, and to be drawn from the HOME grant funds. As of June 30, 2024, the amount of the loan outstanding is $484,000.

M. SR Fountains LP
On December 1, 2009, the City approved to loan up to $255,000 to SR Fountains Limited Partnership for the rehabilitation of 124 existing units at The Fountains Apartments property located at 2005 San Ramon Avenue. The loan was funded by HOME grant funds with zero percent interest and repayment is deferred until December 1, 2019. In 2010 and 2012, the City approved an additional $466,000 and $305,000, respectively, loan to SR Fountains Limited Partnership.

On April 19, 2016, the City authorized an additional $675,000 loan from CDBG funds. This loan bears no interest and repayment is deferred until December 31, 2026. Subsequently on May 2, 2017, the City awarded an additional $450,000 in CDBG funding, increasing this deferred loan to a total of $1.1 million. An amendment to the loan agreement was entered on June 1, 2018, with no changes to the key loan terms.

As of June 30, 2024, the total outstanding balance of all loans related to SR Fountains LP is $1.1 million.

N. Franklin Street Family Apartments
On April 18, 2011, the City approved an agreement to loan up to $1.3 million to ROEM Development Corporation (ROEM) to acquire a long‐term ground lease of property known as 135 Franklin Street. The loan was funded by CDBG funds at 4.0 percent interest and a term of 55 years. 68 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 4 LOANS AND NOTES RECEIVABLE (Continued)
N. Franklin Street Family Apartments (Continued)
On April 18, 2011, the City approved an agreement to loan up to $10.6 million to ROEM for the development of an affordable family rental housing development to be located at the property mentioned above. The loan was funded by Housing Successor funds with 4.0 percent interest and a term of 55 years.

On April 18, 2011, the City approved an agreement to loan up to $646,000 from the Housing fund to ROEM for the same project mentioned above. The loan was funded with 4.0 percent interest and a term of 55 years.

On November 1, 2011, the full loan was assigned to Franklin Street Family Apartments. As of June 30, 2024, the total outstanding balance of all loans related to Franklin Street Family Apartments is $12.5 million.

O. El Camino West Affordable Studios
On January 22, 2013, the City approved an agreement to loan up to $3.5 million to First Community Housing to acquire 0.48 acre of property located at 1581‐1585 El Camino Real West. The loan was funded by HOME grant funds and Housing funds for the amounts of $920,000 and $2.5 million, respectively. The term of the loan is 3.0 percent interest for 55 years. As of June 30, 2024, the amount of the loan outstanding is $3.5 million.

P. Rengstorff Affordable Housing
On June 3, 2013, the City approved an agreement to loan up to $9.0 million to ROEM for the development of an affordable family rental housing development to be located at 819 North Rengstorff Avenue. The loan was funded by Housing funds with 3.0 percent interest and a term of 55 years. As of June 30, 2024, the amount of the loan outstanding is $8.2 million.

Q. Palo Alto Housing
On December 20, 2015, the City entered into a predevelopment funding agreement with Palo Alto Housing Corporation for predevelopment activities at 1701 West El Camino Real. This prefunding loan of $1.0 million was funded from Housing funds. On April 3, 2017, the City entered into a permanent loan agreement with 1701 ECR, LP where the outstanding principal balance of the predevelopment loan was rolled over into the permanent loan. The approved total amount of loan funded by Housing funds for this housing development was $8.0 million, with 3.0 percent simple interest rate commencing upon City’s issuance of a final certificate of occupancy. As of June 30, 2024, the amount of the loan outstanding is $8.0 million.

R. East Evelyn Affordable Housing
On May 31, 2016, the City entered into a loan agreement with Evelyn Avenue Family Apartments, LP for an affordable housing development at 779 East Evelyn Avenue. The total loan amount is $21.7 million and was funded by Housing funds. The loan has a 55‐year term with 3.0 percent simple interest rate. As of June 30, 2024, the amount of the loan outstanding is $21.7 million. 69 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 4 LOANS AND NOTES RECEIVABLE (Continued)
S. North Shoreline Housing
On April 1, 2019, the City entered into an agreement to loan up to $8.2 million to MP Shorebreeze Associates, L.P. for the development of an affordable multi‐family residential rental development to be located at 460 North Shoreline Boulevard. The $8.2 million loan was funded by HOME grant funds, CDBG grants funds, and Housing funds for the amounts of $421,000, $96,000, and $7.6 million, respectively. The term of the loan is

3.0 percent interest for 55 years. As of June 30, 2024, the amount of the loan outstanding is $8.2 million.

T. El Camino Real
On June 1, 2020, the City entered into a loan agreement with 950 El Camino Real, L.P. (950 ECR) for an affordable housing development at 950 West El Camino Real. The total loan amount is $22.8 million and was funded by Housing funds. The loan has a 55‐year term with 3.0 percent simple interest rate.

During the year ended June 30, 2020, 950 ECR entered into a loan agreement with a third party. The City’s loan is subordinate to the third‐party loan. 950 ECR, the third party, and the City entered into a subordination agreement in which the City is required to holdback loan proceed of $4.7 million and deposit into a segregated bank account. During Fiscal Year 2022‐23, the holdback loans proceed was disbursed to 950 ECR.

As of June 30, 2024, the amount of the loan outstanding is $22.8 million.

U. Housing Trust Silicon Valley
On May 26, 2022, the City entered into an assignment and assumption agreement with Google LLC and accepted the assignment of a promissory note of $5.0 million with Housing Trust Silicon Valley. Google LLC assigned the promissory note to the City as payment for the housing impact fees related to its development projects. The note has a final maturity date of January 31, 2025, with 1.5 percent interest rate payable semi‐ annually. As of June 30, 2024, the amount of the loan outstanding is $5.0 million.

V. MV Lot 12 Housing Partners
On March 2, 2023, the City entered into a predevelopment loan agreement of $1.3 million with MV Lot 12 Housing Partners, L.P. for funding of predevelopment activities on a 1.5‐acre real property bounded by California, Bryant, and Mercy Streets. The loan was funded by Housing funds, and the term of the loan is 3.0 percent simple interest and matures on the earlier of i) March 2, 2026, and ii) the date of closing for any construction/permanent loan provided by the City. As of June 30, 2024, the amount of the loan outstanding is $1.0 million.

W. La Avenida
On December 8, 2020, the City Council approved a prefunding of $1.3 million from Housing funds for use in predevelopment activities related to affordable housing developments at 1188 Armand Drive. The City entered into an affordable housing loan agreement, effective as of December 1, 2022, with Avenida Armand, L.P. to provide construction/permanent loan to the developer in the amount of $15.0 million. The term of the loan is 3.0 percent interest for 55 years. As of June 30, 2024, the amount of the loan outstanding is $14.7 million.
70 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 4 LOANS AND NOTES RECEIVABLE (Continued)
X. Montecito L.P.

On June 22, 2021, the City Council approved a prefunding of $1.3 million from Housing funds for use in predevelopment activities related to affordable housing developments at 1265 Montecito Ave. The City executed a predevelopment loan agreement on July 1, 2022 with Montecito, L.P. The term of the loan is no interest and matures on the earlier of i) December 31, 2024, and ii) the date of closing for any construction/permanent loan provided by the City. As of June 30, 2024, the amount of the loan outstanding is $5.0 million.

Y. Employee Homebuyer Program
The City has an Employee Homebuyer Program to provide home buying and relocation assistance to eligible City employees. The program was funded by General Fund and the notes have terms of thirty years and interest based on applicable federal rate. Payment is deducted from the employee’s biweekly paycheck. As of June 30, 2024, there is one employee loan and the outstanding balance is $2.0 million.

Z. 901 E El Camino Real
In January 2021, the City Council voted to work with the County of Santa Clara to facilitate the acquisition and rehabilitation of the Crestview Hotel, located at 901 East El Camino Real, to meet various housing needs.

Since then, the City Council has approved to loan up to $9.1 million to Jamboree Housing Corporation for this affordable housing project. This loan is to be funded by HOME grant funds, CDBG grants funds, Housing funds, and federal grants for the amounts of $3.6 million, $3.8 million, $878,000, and $750,000, respectively.

The term of the loan is 3.0 percent interest for 55 years. As of June 30, 2024, the amount of the loan outstanding is $6.3 million.

NOTE 5 INTERFUND TRANSACTIONS
A. Current Interfund Balances
Current interfund balances arise in the normal course of business and are expected to be repaid shortly after the end of the fiscal year. As of June 30, 2024, there is no outstanding interfund balances.

B. Interfund Advances
Advances are not expected to be repaid within the next fiscal year. As part of the City’s capital projects budgeting and funding process, resources from enterprise funds are advanced to the General Capital Projects Fund where the project costs are budgeted for and incurred. These advances are reduced as funds are expended on enterprise fund projects. Any unspent advances will be repaid to the enterprise fund upon the completion of the projects. As of June 30, 2024, the General Capital Projects Fund has outstanding advances of $30.1 million, $19.2 million, and $711,000 from the Water, Wastewater, and Solid Waste enterprise funds, respectively.

C. Internal Balances
Internal balances are presented only in the government‐wide financial statements. They represent the net receivables and payables remaining after the elimination of all such balances within governmental and business‐type activities.
71 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 5 INTERFUND TRANSACTIONS (Continued)
D. Transfers Be
tween Funds
With Council approval, resources may be transferred from one City fund to another. The purpose of the majority of transfers is to allocate resources from the fund that receives them to the fund where they will be spent without a requirement for repayment. Less often, a transf er may be made to open or close a fund.

Transfers between funds during the fiscal year ended June 30, 2024, are as follows (dollars in thousands):

Amount Funding
Funds Receiving Transfers Funds Making Transfers Transferred Purpose General Fund Shor eline Regional Pa rk Community 55 $      C Housing 1    C
General Ca pi ta l Projects 3,237   B
Inter nal Se rvi ce 900    C
Nonmajor Governmenta l 1,638   C
Wa ter 220    C
6,051
Shor eline Regional Pa rk C ommunity General Ca pi ta l Projects 9,103   B Housing Gener al Fund 584    C
General Ca pi ta l Proje cts 66   B
650
General Ca pi ta l Proje cts Ge ne ra l Fund 32,580   C Shor eline Regional Pa rk Communi ty 25,761    C
Pa rk La nd Dedication Ca pi ta l Projects 8,595    C
In t
er nal Se rvi ce 1,532   C
Nonmajor Governmenta l 29,984   C
98,452
Pa rk La nd Dedication Ca pi ta l Proje cts Ge ne ra l Ca pi ta l Projects 1,696   B Nonmajor Gov er nment al Shor eline Regional Pa rk Communi ty 6,053    A General Ca pi ta l Projects 9,938   B
15,991
Water Gener al Ca pi ta l Projects 916    B
Inter nal Service 22   C
938
Wastewater Gener al Ca pi ta l Projects 806    B
Inter nal Se rvi ce 835    C
1,641
Solid Waste Gener al Ca pi ta l Proje cts 17   B
Inter nal Service Funds General Fund 3,407   C
Shor eline Regional Pa rk Communi ty 1,865    C
Hou
sing 3   C
General Ca pi ta l Projects 109    B
Nonmajor Governmenta l 180    C
Wa ter 219    C
Wa s tewa ter 463    C
Solid Wa s te 179    C
6,425
Total Inter fund Tra ns fers 140,964$
72 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 5 INTERFUND TRANSACTIONS (Continued)
D. Transfers Between Funds (Continued)
The purposes for these transfers are as follows:

A. To fund debt service payments.

B. To transfer remaining balances on completed capital improvement projects, interest back to original funding source, and other funds.

C. Recurring transfers for capital, operating costs, or equipment replacement.

NOTE 6 CAPITAL ASSETS
All capital assets, including intangible assets, are valued at historical cost or estimated historical cost if actual historical cost is not available. Donated capital assets, donated works of art and similar items, and capital assets received in a service concession arrangement are valued at their acquisition value. The City defines capital assets as assets with an initial individual cost of more than $100,000 for land and infrastructure, $25,000 for buildings and improvements other than buildings, and $5,000 for others, and an estimated useful life in excess of two years.

Depreciation is provided using the straight‐line method, which means the cost of the asset is divided by its expected useful life in years and the result is charged to expense each fiscal year until the asset is fully depreciated. The City has assigned the useful lives to capital assets as follows:

Major outlays for capital assets and improvements are capitalized as projects are constructed.

Buildings 2 5 to 50 ye a rs
Impr ov ements other tha n buildings 5 to 50 ye a rs
Ma chi ne ry and equipment 3 to 20 ye a rs
Traffic signals 2 0 ye a rs
St r eet light s 5 0 ye a rs
Bridges and cul verts 60 ye a rs
Sidewalks, curbs , and gutters 40 ye a rs
Streets and roa ds 40 ye a rs
73 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 6 CAPITAL ASSETS (Co
ntinued)
A. Capital Asset Activities
Capital assets activity for the fiscal year ended June 30, 2024, is as follows (dollars in thousands):

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

Land 178,935$ ‐$ ‐$ 3,894$ 182,829$ Construction in Progress 101,558 47,676 ‐ (28,576) 120,658 Total capital assets not being depreciated 280,493 47,676 ‐ (24,682) 303,487 Capital assets being depreciated/amortized:

Buildings 188,468 ‐ ‐ ‐ 188,468 Improvements other than buildings 240,460 ‐ ‐ 18,036 258,496 Machinery and equipment 40,389 2,582 (1,55 3) 185 41,603 Traffic signals 16,035 ‐ (149) 1,519 17,405 Streetlights 12,764 143 (2) 608 13,513 Bridges and culverts 18,440 ‐ ‐ 143 18,583 Sidewalks, curbs and gutters 116,386 450 (154) 841 117,523 Streets and roads 286,273 497 (58) 3,350 290,062 Intangible right‐to‐use lease assets (Note 11) 3,826 474 ‐ ‐ 4,300 Intangible right‐to‐use SBITA assets (Note 12 ) 2,047 ‐ (457) ‐ 1,590 Total capital assets being depreciated/amortized 925,088 4,146 (2,373) 24,682 951,543 Less accumulated depreciation/amortization:

Buildings (110,276) (4,987) ‐ ‐ (115,263) Improvements other than buildings (186,243) (9,453) ‐ ‐ (195,696) Machinery and equipment (30,489) (2,806) 1,548 ‐ (31,747) Traffic signals (9,697) (538) 149 ‐ (10,086) Streetlights (7,204) (139) 2 ‐ (7,341) Bridges and culverts (6,803) (310) ‐ ‐ (7,113) Si
dewalks, curbs and gutters (81,680) (2,825) 115 ‐ (84,390) Streets and roads (191,552) (7,362) 45 ‐ (198,869) Intangible right‐to‐use lease assets (94) (566) ‐ ‐ (660) Intangible right‐to‐use SBITA assets (562) (600) 122 ‐ (1,040) Total accumulated depreciation/amortization (624,600) (29,586) 1,981 ‐ (652,205) Net capital assets being depreciated/amortized 300,488 (25,440) (392) 24,682 299,338 Governmental Activities Capit al Assets, Net 580,981$ 22,236$ (392)$ ‐$ 602,825$ 74 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 6 CAPITAL ASSETS (Co
ntinued)
A. Capital Asset Activities (Continued)
B. Depreciation Allocation
Depreciation expense is charged to functions and programs based on their usage of the related assets. The amounts allocated to each function for the fiscal year ended June 30, 2024, are as follows (dollars in thousands):

Balance Balance
Business‐type Activities June 30, 2023 Additions Retirements Transfers June 30, 2024 Capital assets not being depreciated:

Land 220$ ‐$ ‐$ ‐ $ 220$ Land easement ‐ ‐ ‐ 1,678 1,678
Construction in Progress 16,483 17,129 ‐ (5,483) 28,129 Total capital assets not being depreciated 16,703 17,129 ‐ (3,805) 30,027 Capital assets being depreciated:

Buildings 8,748 ‐ ‐ ‐ 8,748
Improvements other than buildings 186,900 995 (6) 3,760 191, 649 Machi ne ry and equipment 8,860 61 (10) 45 8,956 Net capital assets being depreciated 204,508 1,056 (16) 3,805 209,353 Less accumulated depreciation:

Buildings (8,563) (7) ‐ ‐ (8,570)
Improvements other than buildings (103,823) (9,384) 7 ‐ (113,200) Machi ne ry and equipment (6,882) (386) 8 ‐ (7,260) Total accumulated depreciation (119,268) (9,777) 15 ‐ (129,030) Net capital assets being depreciated 8 5,240 (8,721) (1) 3,805 80,323 Business‐type Activities Capital Assets, Net 101,943$ 8,408$ (1)$ ‐$ 110,350$ Governmental Activities:

General government 2,902 $
Public safety 2,017
Public works 15,866
Community development 293
Culture and recreation 8,508
Total 29,586$
Business‐type Activities:

Water 5,377$
Wastewater 3,941
Solid Waste 420
Landfill 544 Acre 39
Total 9,777$
75 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 6 CAPITAL ASSETS (Co
ntinued)
C. Construction Commitments
The City has active construction projects that include land; improvements other than buildings; buildings; infrastructure; and water, wastewater, and solid waste improvements. Commitments for construction, as of June 30, 2024, are as follows (dollars in thousands):

Commitments are funded from 1) revenues received directly by the cap ital projects fund and 2) general fund, special revenue fund and enterprise fund revenues transferred to the capital projects fund.

D. Joint Use Open Space and Recreational Facilities at a Future School Site The Los Altos School District (LASD) intended to acquire an approximately 11.65‐acre site (Property) within the City for the constructi
on of a new school facility. Of the total site, 9.65‐acre of the property (School Site) will be retained by LASD to develop as a school site and for joint use recreational purposes with the City. The remaining 2.0‐acre open space (Open Space Park) is planned to be developed into a com munity park and recreational facilities. On December 11, 2018, the City Council authorized a contribution of $43.0 million toward the site acquisition, of which $23.0 million is for the School Site and $20.0 million is for the Open Space Park.

On July 16, 2019, the City executed a funding and joint use agreement with LASD outli ning the City’s involvement in the development of the School Site and the opportunities for use of certain joint use recreational facilities during non‐school days and non‐school hours serving the community. During the year ended June 30, 2020, LASD acquired the Property and the City contribute d $23.0 million to LASD.

On November 19, 2019, the City entered into a property transfer agreement where LASD agrees to transfer the title of the Open Space Park to the City upon the acquisition of the Property and the completion of pre‐ transfer due diligence ac
tivities. As of June 30, 2024, pre‐transfer due diligence activities were not completed and the $20.0 million payment made by the City for the Open Space Park was reported as deposits and prepaid items.

Spent Remaining
to Date Commitment
Governmental activities:

Land 675$                       2,407$
Improvements other than buildings 61,053                    11,517 Buildings 30,860                    2,731
Infrastructure 28,071                    5,826
Total governmental activities 120,659$               22,481$ Business‐type activities:

Water projects 15,895$                 3,879$
Wastewater projects 13,395                    5,704
Solid Waste projects 517     4
29,807$                 9,587$
76 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 7 NONCURRENT LIABILITIES
The City generally incurs long‐term de
bt to finance projects or purchase assets, which will have useful lives equal to or greater than the related debt. The City’s debt issues and other liability transactions are summarized below and discussed in detail thereafter.

A. Composition and Changes
Noncurrent liabilities activities for the fiscal year ended Jun e 30, 2024, are as follows (dollars in thousands):

Original
Issue Balance Balance Due within
Amount June 30, 2023 Additions Retirements June 30, 2024 one year Governmental activities
Revenue Bonds:

Shoreline Regional Park Community 2018
Revenue Bonds Series A

5.0%, due Fiscal Year 2048‐49 53,485 $ 53,485$ ‐$ ‐$ 53,485$ ‐$ Add unamortized premium 6,416 5,440 ‐ (217) 5,223 ‐ Subtotal 2018 Revenue Bonds Series A 59,901 58,925 ‐ (217) 58,708 ‐ Shoreline Regional Park Community 2018
R
evenue Bonds Series B

3.36% to 4.24%, due Fiscal Year 2031‐32 10,315 9,395 ‐ (950) 8,445 985 Shoreline Regional Park Community 2022
Refunding Revenue Bonds Series A

4.83%, due Fiscal Year 2039‐40 21,565 21,565 ‐ (1,144) 20,421 875 Total Revenue Bonds 91,781 89,885 ‐ (2,311) 87,574 1,860 Compensated Absences ‐ 11,258 657 (4) 11 ,911 1,979 Landfill Containment ‐ 46,297 1,666 ‐ 47,963 ‐ Lease Liabilities (Note 11) ‐ 3,817 474 (345) 3,946 587 SBITA Liabilities (Note 12) ‐ 1,308 ‐ (913) 395 395 Claims liabilities ‐ 11,343 750 (299) 11,794 3,854 Total governmental activities 91,781$ 163,908$ 3,547$ (3,872)$ 163,583$ 8,675$ O r iginal
Issue Balance Balance Due within
Business‐type activities: Amount June 30, 2023 Addi ti ons Reti rements June 30, 2024 one ye a r Water Revenue Bonds 2004 Series A

3.0%‐4.5%, due Fiscal Year 2028‐29 9,700$ 3,235$ ‐$ (480)$ 2,755$ 505$ City of Palo Alto Loan
0%, due Fiscal Year 2028‐29 6,000 1,800 ‐ (300) 1,500 300 Les s unamortized discount (1,000) (300) ‐ 50 (250) ‐ W
astewater Direct Financing Arrangement

3.4%, due Fiscal Year 2033‐34 10,100 7,840 ‐ (599) 7,241 619 Compensated Absences ‐ 1,073 197 (17) 1,253 179 Total business‐type activities 24,800$ 13,648$ 197$ (17)$ 12,499$ 1,603$ 77 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 7 NONCURRENT LIABILITIES (Continued)
B. Descriptions of Noncurrent Liabilities
2018 Revenue Bonds Shoreline Regional Park Community ‐ On December 19, 2018, the Shoreline Community issued 2018 Revenue Bonds, Series A (Tax‐Exempt) and Series B (Taxable) (2018 Bonds) of $53.5 million and $10.3 million, respectively. Proceeds from the 2018 Bonds were used to provide funds to acquire and construct certain capital improvements of benefit to the Shoreline Community. The 2018 Bonds are special obligations of the Shoreline Community and are secured by a portion of all taxes levied upon all taxable property within the Shoreline Community. Principal payments are payable annually on August 1 and interest payments semiannually on August 1 and February 1 from property tax revenues generated within the Shoreline Community. The Shoreline Community is considered to be in default if the Shoreline Community fails to pay the principal of and interest on the outstanding bonds when they become due and payable. If an event of default has occurred and is continuing, the trustee may, and if requested in writing by the owners of a majority in aggregate principal amount of the bonds then outstanding, declare the accreted value and principal of the bonds, together with the accrued interest, to be due and payable immediately.
2022 Refunding Revenue Bonds Shoreline Regional Park Community ‐ On November 22, 2022, the Shoreline Community issued the 2022 Bonds of $21.6 million through private placement. Proceeds from the 2022 Bonds were used to fully refund the outstanding 2011 Bonds of $21,100,000. The 2022 Bonds are special obligations of the Shoreline Community and are secured by a portion of all taxes levied upon all taxable property within the Shoreline Community. Principal payments are payable annually on August 1 and interest payments semi‐annually on August 1 and February 1 from property tax revenues generated within the Shoreline Community. The refunding resulted in net present value savings of $1.1 million. The Shoreline Community is considered to be in default if the Shoreline Community fails to pay the principal of and interest on the outstanding bonds when they become due and payable. If an event of default has occurred and is continuing, the trustee may, and if requested in writing by the owners of a majority in aggregate principal amount of the bonds then outstanding, declare the accreted value and principal of the bonds, together with the accrued interest, to be due and payable immediately.

Compensated Absences ‐ Compensated absences are liquidated by the fund that has recorded the liability.

The long‐term portion of governmental activities compensated absences is liquidated by contributions from various funds, but primarily the General Fund.

Landfill Containment ‐ The City is responsible for managing and controlling methane gas and containment of leachate at three former City‐operated landfill sites.

Pursuant to a Postclosure Maintenance Plan filed with the State, the City is obligated for additional postclosure care costs for two of its landfill sites. The estimated costs of postclosure care are subject to changes such as the effects of inflation, revision of laws and other variables. The estimated amount of this obligation as of June 30, 2024, is approximately $48.0 million. Annual revenues from the Solid Waste Enterprise Fund will fund the postclosure care costs. In accordance with a State‐mandated Financial Assurance Mechanism (FAM), the City has pledged Solid Waste Enterprise Fund revenues in the amount of $3.1 million as of June 30, 2024, for postclosure care costs on these two landfill sites. A third landfill site maintained by the City did not require a FAM to be established for the closure of the site and the City’s postclosure care cost is not estimable.
78 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 7 NONCURRENT LIABILITIES (Continued)
B. Descriptions of Noncurrent Liabilities (Continued)
Claims Liabilities ‐ The City has established various self‐insurance programs to account for and finance its uninsured risks of loss. Estimated liabilities are recorded for claims when it is probable that a loss has occurred and the amount of the loss can be reasonably determined. Further discussion on the City’s claim liabilities and Risk Management is included in Note 10. 2004 Water Revenue Bonds ‐ On September 29, 2004, the City issued $9.7 million of 2004 Water Revenue Bonds, 2004 Series A, to fund the construction of Graham Reservoir. Water fund revenues are pledged to pay the debt service on the bonds. Principal payments are payable annually on June 1 and interest payments semi‐annually on June 1 and December 1 from Water Fund Revenues. The City is considered to be in default if the City fails to pay the principal of and interest on the outstanding bonds when they become due and payable and such default has continued for a period of thirty days. Upon the occurrence and during the continuance of any event of default, the trustee may, and upon written notice from the owners of a majority in aggregate principal amount of the bonds then outstanding, declare the principal of the bonds, together with the accrued interest, to be due and payable immediately.

City of Palo Alto Loan – The Cities of Palo Alto and Mountain View began a joint project to construct a reclaimed water pipeline (Project) in 2004. In October 2007, the City of Palo Alto approved a $9.0 million loan agreement with the State Water Resources Control Board (SWRCB) to finance a portion of the Project.

Under the terms of the loan agreement, the Project received $7.5 million in proceeds. The additional $1.5 million due on the loan represents in‐substance interest. Payments are due annually on the loan for twenty years following the completion of the construction. The City agreed to repay the City of Palo Alto a $6.0 million share of this loan to finance $5.0 million of the costs of the Project within the City under the same terms as the original loan agreement with SWRCB. The City will pay $300,000 annually for twenty years. The project has been completed and payments on the loan commenced on June 30, 2010. There are no acceleration provisions in the event of a payment default for this loan.

Wastewater Direct Financing Arrangement – On November 1, 2018, the City executed an Installment Sale Agreement between the City and the Financing Authority and an Assignment Agreement between the Financing Authority and Opus Bank to provide funds for Wastewater infrastructure capital projects. The financing arrangement is for up to $10.1 with a maximum term of 15 years. Wastewater fund revenues are pledged to pay the debt service on the direct financing arrangement. Principal payments are payable annually on December 1 and interest payments semi‐annually on June 1 and December 1 from Wastewater Fund Revenues. The City is considered to be in default if the City fails to pay the installment payments when they become due and payable. If an event of default has occurred and is continuing, the lender has the right to declare all unpaid installment payments, principal and accrued interest, to be due and payable immediately.

C. Debt Service Requirements
The pledge of future tax increment revenues ends upon repayment of the $142.8 million in remaining debt service on the Shoreline Community’s Revenue Bonds, which is scheduled to occur in Fiscal Year 2048‐49.

For the fiscal year ended June 30, 2024, tax increment revenues amounted to $71.2 million, which represented coverage of 11.7 over the $6.1 million in debt service. 79 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 7 NONCURRENT LIABILITIES (Continued)
C. Debt Service Requirements (Cont
inued)
The pledge of future water fund revenues ends upon repayment of the $5.6 million in remaining debt service on the Water Revenue Bonds and City of Palo Alto Loan, which are both scheduled to occur in Fiscal Year 2028‐29. For the fiscal year ended Ju ne 30, 2024, Water Fund revenues including operating revenues, non‐ operating interest earnings, capital contributions – developer fees, and transfers in amounted to $47.3 million and operating expenses, excluding depreciation or amortization amounted to $38.2 million. Net Revenues available for debt service amounted to $9.1 million, which represented coverage of 9.8 over the $926,000 in debt service.

The pledge of future wastewater fund re
venues ends upon repayment of the $9.4 million in remaining debt service on the Wastewater Direct Financing Arrangement, which are scheduled to occur in Fiscal Year 2033‐

34. For the fiscal year ended June 30, 2024, Wastewater Fun d revenues including operating revenues, non‐ operating interest earnings, capital contributions – developer fees, and transfers in amounted to $37.3 million and operating expenses, excluding depreciation or amortization amounted to $24.0 million. Net Revenues available for debt service amounted to $13.3 million, which represented coverage of 15.6 over the $852,000 in debt service.

Annual debt service requir
ements to maturity are as follows (dollars in thousands):

There are a number of limitations, covenants and restrictions contained in the various bond indentures. The City is in compliance with all material limitations, covenants and restrictions.

NOTE 8 PENSION PLANS
A. General Information about the Pension Plans
Plan Descriptions – All qualified re
gular and probationary employees are eligible to participate in either the City’s Miscellaneous (all other) or Safety (police and fire) plans (Plans), agent multiple‐employer defined benefit pension plans administered by CalPERS, which acts as a common investment and administrative agent for its participat
ing member employers. Benefit provisions under the Plans are established by State statute and City resolution. CalPERS issues publicly available reports that include a full description of the pension plans regarding benefit provisions, assumptions and membership information that can be found on the CalPERS website at www.calpers.ca.gov.

For the Fiscal Year
Ending June 30 Principal Interest Principal Interest Principal Interest 2025 1,860$     3,959$      805$      124$       619$      233$ 2026 1,940    3,878   825   101    641   212
2027 2,025    3,793   850   78    663   190
2028 2,105    3,703   875   53    685   167
2029 2,205    3,607   900   27    709   144
2030‐2034 12,520   16,404   ‐     ‐    3,924   338
2035‐2039 15,950   12,957   ‐     ‐    ‐     ‐
2040‐2044 18,240   8,836   ‐     ‐    ‐     ‐
2045‐2049 25,506   3,313   ‐     ‐    ‐     ‐
Tota l 82,351$     60,450$      4,255$      383$       7,241$       1,284$ Governmental Acti vi ti es
Business ‐type Acti vi ti es
(Excluding Wastewater
Direct Financing
Ar r angement)
Wastewater Direct
Financing Ar r angement
80 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 8 PENSION PLANS (Continued)
A. General Information about th
e Pension Plans (Continued)
Benefits Provided – CalPERS 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, age at retirement and compensation. The cost‐ of‐living adjustments for the CalPERS plans are applied as specified by the Public Employees’ Retirement Law. The California Public Employees’ Pension Reform Act (PEPRA), which became effective in January 2013, changes the way CalPERS retirement and health benefits are applied, and places compensation limits on members. As such, members who establis
hed CalPERS membership on or after January 1, 2013 are known as “PEPRA” members.

The Plans’ provisions and benefits in effect as of June 30, 2024, are summarized as follows:

Employees Covered – Employees covered by the benefit terms for each Plan as of June 30, 2023, the most recent actuarial valuations information available, are as follows:

Prior to On or after
Hire Date January 1, 2013 January 1, 2013
Benefit formula 2.7% 55 2.0% @ 62
Benefit vesting schedule 5 years service 5 years service Benefit payment Monthly for life Monthly for life
Retirement age 50+ 52+
Required employee contribution rates 8.00% 7.00%
Required employer contribution rates 12.18% 12.18%
Prior to On or after
Hire Date January 1, 2013 January 1, 2013
Benefit formula 3% @50 2.7 % @57
Benefit vesting schedule 5 years service 5 years service Benefit payment Monthly for life Monthly for life
Retirement age 50+ 50+
Required employee contribution rates 9.00% 12.00%
Required employer contribution rates 23.44% 23.44%
Miscellaneous
Safety
M isc ellaneous Safet y
Inactiv e employ ees or beneficiaries
curre ntl y r ec eiv ing be nefi ts 756 329
Inactiv e employ ees enti tl ed to but not ye t
r ec eiv ing be nefi ts 534 104
Acti ve empl oyee s 468 150
Tota l 1,758 583
81 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 8 PENSION PLANS (Continued)
A. General Information about
the Pension Plans (Continued)
Contributions – Section 20814(c) of the California Public Employees’ Retirement Law requires the employer contribution rates for all public employers to be determined on an annual basis by the CalPERS actuary and shall be effective on the July 1 following notice of a change in the rate. Th e actuarially determined rate is the projected 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 purpose of increasing the funded status of the Plans, the City contributed $4.09 million and $3.04 million in excess of the actuarially determined contributions for the Miscellaneous and Safety Plans, respectively, during the fiscal year ended June 30, 2024.

B. Net Pension Liability
The City’s net pension liabil
ity for each Plan is measured as the total pension liability, less the pension plan’s fiduciary net position. The net pension liability of each of the Plans is measured as of June 30, 2023, using an annual actuarial valuation as of June 30, 2022 using standard update p rocedures. A summary of principal assumptions and methods used to determine the net pension liability is shown below.

Actuarial Assumptions – The total pension liabilities in the June 30, 2022 actuarial valuations were determined using actuarial assumptions as follows:

All other actuarial assumptions used in the June 30, 2022 actuarial valuation were based on th e 2021 CalPERS Experience Study for the period from 2001 to 2019, including updates to salary increase, mortality and retirement rates. Further details of the 2021 CalPERS Experience Study can be found on the CalPERS website under Forms and Publications.

Change of Assumptions – There were no assumption chan ges in measurement period 2023.

M isc ellaneous and Safety Pl a ns
Valuat ion Date June 30, 2022
Me a s ure me nt Date June 30, 2023
Actua ri a l Cos t Method Entry‐Age Normal Cos t Me thod Actua ri a l A ssumpt ions:

Discount Ra te 6.90%
Infl a ti on 2.30%
Proje cte d Salary Incr ease Var ies by Entry Age and Service Pos t Retirement Benefit Incr ease The lessor of contra ct COLA or 2.30% until Purchasing Powe r Protection A llowanc e Floor on
purchasing power applies, 2.30% ther eafter .

M or t alit y Rate Table Der iv ed us i n g Ca l PERS membership Data for all Funds (1)
(1) The mortality ta bl e used was developed based on Ca l PERS’ spec ific data. The pr obabilit ies of mor t alit y ar e based on the 2021 Ca l PERS Experience Study and Review of Actua ri al A ssumpt ions. M or t alit y ra te s inc or por at e full generational mor t alit y impr ov ement using 80% of Scale MP‐2020 published by the Soc
iety of Actua ri es . For more det ails on thi s ta bl e, please re fe r to the 2021 ex per ienc e study re port from November 2021 tha t ca n be found on the Ca l PERS website. 82 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 8 PENSION PLANS (Continued)
B. Net Pension Liability (Continued)
Discount Rate – The disc
ount rate used to measure the total pension liability was 6.90 percent. The projection of cash flows used to determine the discount rate assumed that the contributions from plan members will be made at the current member contribution rates and tha t contributions from employers will be made at statutorily required rates, actuarially determined. Based on those assumptions, the plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long‐term expected rate of return on plan investments was applied to all periods of projected bene
fit payments to determine the total pension liability.

The long‐term expected rate of return on pension plan investments was determined using a building‐block method in which expected future real rates of return (expected returns, net of pension plan investment expense and inflati on) are developed for each major asset class.

In determining the long‐term expected rate of return, CalPERS took into account both short‐term and long‐ term market return expectations. Using historical returns of all of the funds’ asset classes, expected compound (geometric) returns were calculated over the next 20 years using a building‐block approach. The expected rate of return was then adjusted to account for assumed administrative expense of 10 basis points.

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

Assumed Asset
Asset Class Allocation Real Return (1, 2)
Global Equity ‐ cap‐weighted 30.00% 4.54%
Global Equity ‐ non‐cap‐weighted 12.00% 3.84%
Private Equity 13.00% 7.28%
Treasury 5.00% 0.27%
Mortgage‐backed Securities 5.00% 0.50%
Investment Grade Corporates 10.00% 1.56%
High Yield 5.00% 2.27%
Emerging Marke t Debt 5.00% 2.48%
Private Debt 5.00% 3.57%
Real Assets 15.00% 3.21%
Leverage ‐5.00% ‐0.59%
Total 100%
(1) ‐ An expected inflation of 2.30% used for this period. (2) ‐ Figures are based on the 2021 Asset Liability Management study. 83 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 8 PENSION PLANS (Continued)
C. Changes in the Net Pensi
on Liability
The changes in the net pension liability for each Plan are as follows (dollars in thousands):

Miscellaneous Plan:

Safety Plan:

Net Pension
Tota l P ension P lan Fiduc iar y L iabilit y
L iabilit y (a) Net Pos i ti on (b) (c) = (a) ‐ (b)
Balance at Me a s ure me nt Date 6/30/2022 513,888$ 388,157$ 125,731$ Cha nge s during the measurement period:

Service Cos t 9,953   ‐    9,953
Inter est on the tota l pension liabilit y 3 5 , 4 8 0   ‐    35,480 Cha nge s of Benefit Terms 472    ‐    472
Differences between ex pected and ac t ual experi ence 8,997   ‐    8,997 Contributions ‐ employ er ‐    17,839   (17,839)
Contributions ‐ em p loy ee ‐    6,214   (6,214)
Inv estment inc ome ‐    24,132   (24,132)
Admi ni s tra ti ve expenses ‐    (285) 285
Benefit payments, inc luding re funds of employ ee
contri buti ons (28,251)   (28,251)   ‐
Net cha nges 26,651   19,649   7,002
Balance at Me a s ure me nt Date 6/30/2023 540,539$      407,806$      132,733$ Incr ease (Decr ease)
Net Pension
Tota l P ension P lan Fiduc iar y L iabilit y
L iabilit y (a) Net Pos i ti on (b) (c) = (a) ‐ (b)
Balance at Me a s ure me nt Date 6/30/2022 452,699 $      320,884$      131,815$ Cha nge s during the measurement period:

Service Cos t 8,816   ‐    8,816
Inter est on the tota l pension liabilit y 3 1 , 0 8 1   ‐    31,081 Cha nge s of Benefit Terms 178    ‐    178
Differences between ex pected and ac t ual experi ence 4,742   ‐    4,742 Contributions ‐ employ er ‐    14,581   (14,581)
Contributions ‐ em p loy ee ‐    4,721   (4,721)
Inv estment inc ome ‐    19,867   (19,867)
Admi ni s tra ti ve expenses ‐    (236) 236
Benefit payments, inc luding re funds of employ ee
contri buti ons (23,139)   (23,139)   ‐
Net cha nges 21,678   15,794   5,884
Balance at Me a s ure me nt Date 6/30/2023 474,377$      336,678$      137,699$ Total Net Pe ns i on L iabilit y ‐ Al l Pl a ns at June 30, 2023 1,014,916$       744,484$      270,432$ Incr ease (Decr ease)
84 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 8 PENSION PLANS (Continued)
C. Changes in the Net Pensio
n Liability (Continued)
Sensitivity of the Net Pension Liability to Changes in the Discount Rate – The net pension liability of the City for each Plan, calculated using the discount rate for each Plan, as well as what the City’s net pension liability would be
if it were calculated using a discount rate that is one percentage point lower or one percentage point higher than the current rate are as follows (dollars in thousands):

Pension Plan Fiduciary Net Position – Detailed information about each pension plan’s fiduciary net position is available in the separately issued CalPERS financial reports.

Pension Expenses and Defe
rred Outflows/Inflows of Resources Related to Pensions
For the fiscal year ended June 30, 2024, the City recognized pension expense of $24.7 million and $25.5 million for the Miscellaneous and Safety Plans, respectively.

The City reported deferred outflows of resources related to pensions by sources for the fis cal year ended June 30, 2024 as follows (dollars in thousands):

Miscellaneous Plan:

Safety Plan:

Curre nt
Discount Rate
‐1% (5.90%)
Discount Rate
(6.90%)
Discount Rate
+1% (7.90%)
M isc ellaneous Pl a n 202,844$        132,733$       74,856$ Safety Pl a n 200,103     137,699    86,199
Tota l 402,947$        270,432$       161,055$
De fe rre d De fe rre d
Outflows of Inflows of
Resources Resources
Pe ns i on contributions subsequent to measurement da te 20,537$        ‐$ Differences between ac t ual and ex pec ted experi ence 5,998   (583) Cha nge s in assumpt ions 4 , 5 1 3   ‐
Net differences between projected and ac t ual ear nings on plan i nves tments 18,346    ‐ Total 49,394$        (583)$
De fe rre d De fe rre d
Outflows of Inflows of
Resources Resources
Pe ns i on contributions subsequent to measurement da te 17,677$       ‐$ Differences between ac t ual and ex pec ted experi ence 3,004   ‐ Cha nge s in assumpt ions 4 , 2 3 4   ‐
Net differences between projected and ac t ual ear nings on plan i nves tments 15,254    ‐ Total 40,169$       ‐$
Total ‐ Al l Pl a ns 89,563$       (583)$
85 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 8 PENSION PLANS (Continued)
C. Changes in the Net Pensi
on Liability (Continued)
As of June 30, 2024, the City reported $20.5 million and $17.7 million as deferred outflows of resources related to contributions subsequent to the measurement date for the Miscellaneous and Safety Plans, respectively, which will be recognized as a reduction of the net pension liability in the fiscal year ending June 30, 2025. Net amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized as pension expense are as follows (dollars in thousands):

NOTE 9 OTHER POSTEMPLOYMENT BENEFITS
A. General Information about the OPE B Plan
Plan Descriptions – By Council resolution and through agreements with its labor units, the City provides certain health care benefits for retirees (spouse and dependents are not included for CalPERS Miscellaneous employees, but are included for CalPERS Safety employees in the CalPERS Health Program governed by the Public Employees’ Medical and Hospital Care Act (PEHMCA)) under a single employer defi ned benefit OPEB
plan. In December 2008, the City entered into an agreement with CalPERS to participate in the CERBT, an agent multiple‐employer other postemployment benefits plan, to fund the City’s OPEB. CERBT, administrated by CalPERS, is managed by an appointed board not under the control of the City Council.

CERBT
issues a publicly available financial report that can be found on the CalPERS website at www.calpers.ca.gov.

The City also offers a Defined Contribution (DC) Plan to eligible miscellaneous employees. If an employee elects to participate in the DC Plan, the City makes contributions on behalf of the empl oyee into a Health Savings Account (HSA). Employees who have elected the DC Plan are not included in the City’s actuarial valuation for OPEB.

Employees Covered – Employees covered by the benefit terms as of June 30, 2023, the most recent actuarial valuations info
rmation available, are as follows:

Fiscal Year
Ending June 30
Miscellaneous
Plan Safety Plan Total
2025 10,195$                     8,742$           18,937$ 2026 4,885 2,786             7,671
2027 12,700 10,540           23,240
2028 494 424                 918
Total 28,274$                     22,492$         50,766$ Inactiv e employ ees or beneficiaries
curre ntl y r ec eiv ing benefits 464
Acti ve employ ees 372
Tota l 836
86 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 9 OTHER POSTEMPLOYME
NT BENEFITS (Continued)
A. General Information about the OPEB Plan (Continued)
Benefits Provided – The City provides medical and vision OPEB benefits. The City provided OPEB by group and eligibility is as follows:

Contributions – The City’s OPEB funding policy is to contribute 100 percent or more of the actuarially determined contribution each year
. For the year ended June 30, 2024, the City’s contributions totaled $5.7 million. For the purpose of increasing the funded status of the OPEB Plan, the City contributed $2.0 million in excess of the actuarially determined contributions during the fiscal year ended June 30, 2024. 87 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 9 OTHER POSTEMPLOYMENT BENEFITS (Continued)
B. Net OPEB Liability
The City’s net OPEB liability is measured as the total OPEB liability, less the OPEB plan’s fiduciary net position.

The net OPEB liability is measured as of June 30, 2023 using an annual actuarial valuation as of June 30, 2023.

Actuarial Assumptions – The total OPEB liability as of June 30, 2023 were determined using actuarial assumptions as follows:
(1) Demographic actuarial assumptions used are based on the 2021 CalPERS Experience Study for the period from 1997 to 2019, except for using the MacLeod Watts Scale 2022 applied generationally from 2015 as the basis to project future morality improvements.

Change in Assumptions – During the measurement period 2023, the healthcare cos trend rates were changed to 6.5 percent in 2025, fluctuating down to 3.9 percent by 2075, Mortality was changed to based on 2021 CalPERS Experience Study, and Mortality Improvement was changed to based on MW Scale 2022.

Discount Rate ‐ The discount rate used to measure the total OPEB liability is 5.6 percent. The projection of cash flows used to determine the discount rate assumed that the City's contribution will be made equal to the actuarially determined contribution. 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. Therefore, the long‐term expected rate of return on OEPB plan investments is applied to all periods of projected benefit payments to determine the total OPEB Liability.

Valuat ion Date June 30, 2023
M easur ement Date June 30, 2023
Actua ri a l Cos t Method Entry‐Age Normal Cos t Me thod Actua ri a l A ssumpt ions:

Discount Ra te 5.60%
Inflation 2.50%
Proje cte d Salary Increa s e 3.00%
Healthcare cos t trend ra te s 6.5% in 2025, fluctuating down to 3.9% by 2075 M or t alit y 2 0 2 1 Ca l PERS Experience Study
M or t alit y Inpr ov ement M W Scale 2022
88 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 9 OTHER POSTEMPLOYME
NT BENEFITS (Continued)
B. Net OPEB Liability (continued)
The long‐term expected rate of return for OPEB plan investments is 5.60 percent. Using historical returns of all the funds’ asset classes, expected compound geometric returns were calculated over the short‐term (1‐ 5 years) and the long‐term (6‐20 years) using a building‐block approach. The long‐term expected real rate of return by asset class and the targ
et allocation are as follows:

C. Changes in the Net OPEB Liability (Asset)
The changes in the net OPEB liability (asset) are as follows (dollars in thousands):

Curre nt
Target Real Return Real Return
A sset C lass A lloc at ion Year s 1‐5 Yea rs 6‐20
Global Equi ty 34.0% 6.80% 6.80%
Fixed Income 41.0 1.40 4.50
REITS 17.0 5.40 6.20
TIPS 5.0 0.60 3.60
Commodities 3.0 3.20 3.50
To derive the ex pected future trus t re turn spec ific ally for the Ci ty, we first adjust ed Ca l PERS' future re turn ex pectations to align with the 2.5% general inflat ion assumpt ion used in thi s re port.

Then apply ing the plan spec ific benefit payments (a s determined fro m the June 30, 2023, v aluat ion)
to Ca l PERS' bifurcated re turn ex pectation, we determined the single equiv alent long ‐term ra te of re turn to be 5.6 percent.

Total OPEB Fiducia ry Net OPEB
L iabilit y (a) Net P osit ion L iabilit y
Balance at June 30, 2022 162,152 $ 151,542$ 10,610$ Cha nge s during the measur ement period:

Service Cos t 3,927     ‐     3,927
Inter est Cos t 9,102    ‐     9,102
A ssumpt ion Cha nge s (3,800)    ‐     (3,800)
Ci ty Contributions ‐    5,387    (5,387)
Pl a n Experi ence (615) ‐ (615)
Expected Inv estment inc ome ‐    8,438    (8,438)
Admi ni s trati ve expenses ‐    (43) 43
Inv estment Experience ‐    (2,993)    2,993
Benefit pa yments (7,082)    (7,082)    ‐
Ne
t cha nges 1,532    3,707    (2,175)
Balance at M easur ement Date 6/30/2023 163,684$       155,249$       8,435$ Incr ease (Decrease)
89 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 9 OTHER POSTEMPLOYM
ENT BENEFITS (Continued)
C. Changes in the Net OPEB Liability (Asset) (Continued) Sensitivity of the Net OPEB Liability (Asset) to Changes in the Discount Rate – The net OPEB liability of the City, calculated using the discount rate of 5.60 percent, as well as what the City’s net OPEB liability would be if it were cal
culated using a discount rate that is one percentage point lower or one percentage point higher than the current rate are as follows (dollars in thousands):

Sensitivity of the Net OPEB Liability (Asset) to Changes in the Healthcare Cost Trend Rates – The net OPEB liability of the City, as
well as what the City's net OPEB liability would be if it were calculated using healthcare cost trend rates that are one percentage point lower or one percentage point higher than the current rate are as follows (dollars in thousands):

OPEB Plan Fiduciary Net Position – D etailed information about the OPEB plan’s fiduciary net position is available in the separately issued CERBT financial report.

D. OPEB Expenses and Deferred Outflows/Inflows of Resources Related to OPEB For the fiscal year ended June 30, 2024, the City recognized OPEB Expenses of $4.4 million.

The City reported deferred outflows of resources and deferred inflows of resou rces related to OPEB by sources for the fiscal year ended June 30, 2024 are as follows (dollars in thousands):

Curre nt
Discount Rate
‐1% (4.60%)
Discount Rate
(5.60%)
Discount Rate
+1% (6.60%)
30,328$        8,435$       (9,568)$
Healthcare Healthcare Healthcare
Cos t Trend Cos t Trend Curre nt Cos t Trend
Rate ‐1% Ra te Ra te +1%
(10,734)$        8,435$       31,881$
De fe rre d De fe rre d
Outfl ows of Inflows of
Resour c es Resour c es
OPEB contri buti ons subsequent to measurement da te 5,718$       ‐$ Differences between ex pected and ac t ual ex per ience 6,0 51 Cha nge s in assumpt ions 5 , 9 7 2    3,088
Net differences between projected and ac t ual
ear nings on plan i nve s tments 14,240    ‐
Tota l 25,930$       9,139$
90 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 9 OTHER POSTEMPLOYME
NT BENEFITS (Continued)
D. OPEB Expenses and Deferred Outflows/Inflows of Resources Related to OPEB (Continued) As of June 30, 2024, the City reported $5.7 million as deferred outflows of resources related to contributions for OPEB subsequent to the measurement date, which will be recognized as a reduction of the net OPEB liability in the fiscal year ending June 30, 2025. Ne
t amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized as OPEB expense are as follows (dollars in thousands):

NOTE 10 RISK MANAGEMENT
The City is exposed to various risks of loss related to torts, errors and omissions, injuries to e mployees or others, and unemployment. The City has established various self‐insurance programs to account for and finance its uninsured risks of loss. Under the self‐insurance programs, the City retains the risk of loss up to a maximum of $1.0 million for general liability and property claims, $750,000 for workers' com pensation claims with statutory
excess insurance and actual costs incurred for unemployment.

For general liability claims, the City has excess liability coverage through the Authority for California Cities Excess Liabilities (ACCEL) to cover the risk of loss for claims in excess of $1.0 million per incident. ACCEL is a joint powers authority of mediu
m‐sized California municipalities, which pools catastrophic general liability, automobile liability and public officials’ errors and omissions losses. Amounts of settlements have not exceeded insurance coverage in the past three years.

Charges to the General Fund and other insured funds are determined from an analysis of self‐ insured claims costs and reserve requirements and are recorded as operating expenditures or expenses of such funds and operating revenues of the various internal service funds.

Estimated liabilities are recorded for claims in cases where such amounts are reasonably determinable and where the liability is likely for
claims which are incurred through the end of the fiscal year but not reported until after that date. The estimated liability is determined based upon historical claims data discounted at 2.5 percent annually and independently determined estimates of the amounts needed to pay prior and current year claims.

Fiscal Year
Ending June
30 2025 1,213 $
2026 3,073
2027 7,037
2028 (250)
Tota l 11,073$
91 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 10 RISK MANAGEMENT (Continued
)
Changes in accrued self‐insurance claims for the fiscal year ended June 30 are as follows (dollars in thousands):

The City has not significantly reduced its insurance coverage from the prior fiscal year. Furthermore, settlements have not exceeded insurance coverage for the past three fiscal years.

NOTE 11 LEASES
The City entered into various lease agre
ements as either a lessor or lessee for land, equipment, and other asset classes. As a lessee, the City is required to recognize a lease liability and an intangible right‐to‐use lease asset.

As a lessor, the City is required to recognize a lease receivable and a def erred inflow of resources. The City defines leases as balances with an initial individual value of more than $200,000.

A. City as Lessor
As a lessor, the City entered into lease agreements with various lease terms. Most leases include periodic adjustments to the lease amount at determ ined intervals. For the year ended June 30, 2024, the City received an immaterial amount of variable and other payments from the lease arrangements.

Information about lease revenues and interest revenues recognized during the year ended June 30, 2024, as well as lease receivable and lease related deferred inflows of resour ces as of June 30, 2024 are as follows (dollars in thousands):
2023 2024
Beginning Ba l a nce 9,297$      11,343$
L iabilit y for curre nt and cha nge in prior fiscal ye a r cl a i ms and cl a i ms i ncurre d but not re porte d (IBNR) 3,578   2,062 Cl a i ms pa i d (1,532)    (1,611)
Ending Ba l a nce 11,343$      11,794$
Curre nt porti on 3,467$      3,854$
General Park La nd Governmental
Fund Dedication Acti vi ti es
Le a s e re ve nue for the ye a r 27,391$      387$       27,778$ Le a s e int er est re ve nue for the ye a r 15    13,286   13,301 Le a s e r ec eiv able at ye a r‐e nd 768,060   657    768,717 De fe rre d inflow of re s ource s at ye a r‐e nd 718,722   645    719,367 92 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 11 LEASES (Continued)
A. City as Le
ssor (Continued)
The annual lease receipt schedule for the lease receivables is as follows (dollars in thousands):

B. City as Lessee
As a lessee, the City entered into lease agreements with various lease terms. For the year ended June 30, 2024, the City had not paid any variable and other payment s for the lease arrangement. As of June 30, 2024, the leased liabilities balance was $3.9 million.

The annual debt service requirement for the leases liabilities is as follows (dollars in thousands):

For the Fiscal Year
Ending June 30 Principal Interest Total Principal Interest Total 2025 10,581 $      13,120$           23,701$           657$       12$           669$ 2026 11,368       12,935       24,303    ‐    ‐     ‐
2027 11,751      12,751       24,502    ‐    ‐     ‐
2028 13,032      12,551       25,583    ‐    ‐     ‐
2029 14,208      12,325       26,533    ‐    ‐     ‐
2030‐2034 79,878      57,728       137,606      ‐    ‐     ‐ 2035‐2039 106,400   49,716       156,116      ‐    ‐     ‐ 2040‐2044 145,259   38,975       184,234      ‐    ‐     ‐ 2045‐2049 195,605   24, 435       220,040      ‐    ‐     ‐ 2050‐2054 97,629      9,745     107,374      ‐    ‐     ‐ 2055‐2059 36,858      5,574     42,432    ‐    ‐     ‐
2060‐2064 33,905      2,203     36,108    ‐    ‐     ‐
2065‐2069 10,009      579    10,588    ‐    ‐     ‐
2070 1,577   11      1,588      ‐    ‐     ‐
Total 768,060$         252,648$         1,020,708$         657$       12$           669$ Governmental Activities
General Fund/ Park Land Dedication Fund/
Governmental Activities
For the Fiscal Year
Ending June 30 Principal Interest Total
2025 579$ 96 675$
2026 663 81 744
2027 705 63 768
2028 655 44 699
2029 609 28 637
2030‐2031 735 12 747
Total 3,946$ 324$     4,270$
Governmental Activities
93 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 11 LEASES (Continued)
C. Significant Lease Arrangements
SFX Entertainment, Inc. ‐ On May 10, 2006, the City, the Shoreline Community, and SFX Entertainment, Inc. (SFX), wholly owned by Live Nation, entered into an Amended and Restated Amphitheatre Ground Lease Agreement (Agreement) for the period from March 15, 2006 through December 31, 2020. SFX excised the first five‐year option to extend the lease with an expiration date of December 31, 2025. A second five‐year option is at the discretion of the City. The lessee is required to pay annual base rent to the City, due in nine equal installments in the months of April through December. Beginning March 15, 2018, the lease payment shall increase 2.0 percent annually. As of June 30, 2024, the amount of lease receivable is $14.0 million.

Google LLC. (Google) ‐ On March 7, 1995, the City, as lessor, entered into a 55‐year lease with Silicon Graphics, Inc. (SGI), an entity not affiliated with the City (1995 Lease). This lease provides for the rental of City land located within the Shoreline Community upon which SGI constructed a 500,000 square foot corporate campus. On December 12, 1996, the City, as lessor, entered into another 55‐year lease with SGI (1997 Lease). This lease provides for the rental of City land located within the Shoreline Community upon which SGI constructed a second 556,000 square foot facility. On April 19, 2001, SGI assigned the two lease agreements described above to Goldman Sachs, Inc., an entity not affiliated with SGI or the City. Goldman Sachs assigned the agreements to WXIII/Crittenden Realty C, LLC on May 22, 2001, which assigned the agreements to Google on June 29, 2006. The 1995 Lease and 1997 Lease provide for rent increases of 4.0 percent per annum and the rent is to be adjusted every 10 years to the greater of 6.0 percent of the then fair value of the property or the initial base rent. As of June 30, 2024, the amount of lease receivable for the 1995 Lease and 1997 Lease are $265.0 million and $290.3 million, respectively.

On August 31, 2007, the City, as lessor, entered into a 55‐year lease with Google (2007 Lease). The lease provides for rent increases of 3.0 percent per annum and the rent is to be adjusted every 10 years to the greater of 7.0 percent of the then fair value of the property or the initial base rent. The revalued monthly rent shall not exceed 165.0 percent of the monthly rent payable during the initial year of the prior escalation period. As of June 30, 2024, the amount of lease receivable for the 2007 Lease is $109.0 million.

On April 1, 2011, the City, as lessor, entered into a 52‐year lease with Google (termination to coincide with the 2007 Lease). Google advanced the rent for the 52‐year lease term in the amount of $30.0 million to the City. As of June 30, 2024, the amount of lease receivable is $16.4 million.

In Fiscal Year 2017‐18, the City Council approved the development for the Charleston East site and approved the sublease of Parking Lots C & D between Google and SFX through December 31, 2025 to provide temporary parking space during the Charleston East Site construction. In exchange for the City’s consent to accept the sublease between Google and SFX, starting January 1, 2021, the City receives payment of $2.3 million annually with annual adjustments of 4% through December 31, 2025. On June 29, 2023, an amendment was signed and starting July 1, 2023, the City receives payment of $930,000 annually with annual adjustments of 2% through December 31, 2025. As of June 30, 2024, the amount of lease receivable is $1.4 million.
94 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 11 LEASES (Continued)
C. Significant Le
ase Arrangements (Continued)
MV 101 Development, LLC ‐ On April 1, 2015, the City, as lessor, entered into a DDA and a 55‐year ground lease with MV 101 Development, LLC, (MV 101), an entity not affiliated with the City. The DDA provides for the development of 6.69 acres of land owned by the City, at 750 Moffett Boulevard, comm only referred to as Ameswell (formerly Moffett Gateway) in conjunction with adjacent land formerly owned by Caltrans and acquired by MV 101, with a hotel, office building and joint parking structure. The ground lease provides for the rental of the City land for 55 years with four 10‐year extensions. The agreeme nt also provides for office building minimum rent upon the issuance of a building permit at $140 per buildable square foot at 5.0 percent of the fair value of the land, with increases of 3.0 percent per annum. Commencing with the 16th operating year and every 10 years thereafter, the building minimum base rent shall be increased or decreased to the current market rate based on 5.0 percent of the then current fair value of the property or the initial base rent, whichever is higher and adjusted thereafter by the annual CPI. As of June 30, 2024, the amount of lease receivable is $62.1 million.

NOTE 12 SUBSCRIPTION‐BASED INFORMATION TECHNOLOGY ARRANGEMENTS (SBITA) The City entered into various agreements for SBITA. The City is required to recognize a SBITA liability and an intangible right‐to‐use SBITA asset. The City defines SBITA as balances with an initial individual value of more than $200,000.

For the year ended Ju
ne 30, 2024, the City had not paid any variable and other payments for the SBITA. As of June 30, 2024, the SBITA liabilities balance was $395,000.

The annual debt service requirement for the SBITA liabilities is as follows (dollars in thousands):

NOTE 13 NET POSITION AND FUND BALANCES
A. Net Position
Net position is the excess of all assets and deferred outflows of resources over all liabilities and deferred inflows of resources, regardless of fund. Net position is divided into three captions on the S tatement of Net Position. These captions apply only to net position, which is determined at the Government‐wide level and proprietary funds and are described as follows:

Net investment in capital assets – This caption groups all capital assets, including infrastructure, into one component of net position. Accumulated depr eciation and the outstanding balances of debt, including debt related deferred outflows and inflows of resources that are attributable to the acquisition, construction or improvement of these assets reduce the balance in this category.

For the Fiscal Yea r
Ending June 30 Principal Interest Total
2025 395 $ 7$ 402$
Tota l 395$ 7$ 402$
Governmental Acti vi ti es
95 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 13 NET POSITION AND FUND BALANCES (Continued)
A. Net Position (Continued)
Restricted – This caption represents net position, which is restricted as to use by the terms and conditions of agreements with outside parties, governmental regulations, laws or other restrictions which the City cannot unilaterally alter. These principally include developer fees received for use on capital projects, grant funds, funds restricted for debt service, and funds restricted to low and moderate income housing purposes.

Unrestricted – This caption represents net position of the City not restricted for any project or purpose.

B. Fund Balances
Governmental fund balances represent the assets and deferred outflows of resources less the liabilities and deferred inflows of resources of each fund. Governmental funds report fund balance in classifications based primarily on the extent to which the City is bound to honor constraints on how specific amounts in the funds can be spent. 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 as follows:

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

Restricted 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 have constraints imposed by resolution of the City Council, which may only be altered by resolution of the City Council. Nonspendable amounts subject to Council commitments are included along with spendable resources.

Assigned fund balances are amounts constrained by the City’s intent to be used for a specific purpose, but are neither restricted nor committed. Intent is expressed by the City Council or its designees and may be changed at the discretion of the City Council or its designees. The City Council has not delegated the authority to make assignments of fund balance. This category also includes residual fund balances 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.
96 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 13 NET POSITION AND FUND BALANCES (Conti
nued)
B. Fund Balances (Continued)
Detailed classifications of the City’s fund balances, as of June 30, 2024, are as follows (dollars in thousands):

Shore line Park La nd
Regional Park General Capital Dedication Other
Fund Balance Classifications Gene ral Comm unity Housing Projects Capital Proj ects Governmental Total Nonspendables:

Inve ntory 642$ ‐$ ‐$ ‐$ ‐$ 97$ 739$ Loa ns and notes receivable 2,033 ‐ ‐ ‐ ‐ ‐ 2,033 Deposits and prepaid costs 4,384 ‐ ‐ ‐ ‐ 47 4,431 Total Nonspendable 7,059 ‐ ‐ ‐ ‐ 144 7,203 Restricted for:

Shoreline Regional Park Community ‐     97,093       ‐         ‐       ‐     ‐     97,093 Landfill Containment ‐     12,000       ‐         ‐       ‐     ‐     12,000 Housing ‐     ‐        185,936     ‐       ‐     ‐     185,936 General Capital Projects ‐     ‐        ‐         318,823        ‐     ‐     318,823 Park La nd Dedication Fees ‐     ‐        ‐         ‐       65,326    ‐     65,326 Gas Tax ‐     ‐        ‐         ‐       ‐     5,000     5,000 Other Streets and Trans portati on ‐     ‐        ‐         ‐       ‐     681   681 Construction & Conveyance Tax ‐     ‐        ‐         ‐       ‐     11,091        11,091 Deve
lopment Services ‐     ‐        ‐         ‐       ‐     3,577     3,577 CSFRA/Rental Housing Commi ttee ‐     ‐        ‐         ‐       ‐     1,481     1,481 Mobile Home Rent St abilizat ion ‐     ‐        ‐         ‐       ‐     427   427 Housing Succe ssor ‐     ‐        ‐         ‐       ‐     12,941        12,941 Downtown Benefit A sse ssm e nt District ‐     ‐        ‐         ‐       ‐     23,247        23,247 Police As s et Forfeitures ‐     ‐        ‐         ‐       ‐     429   429 Grants ‐     ‐        ‐         ‐       ‐     29,805        29,805 Cabl
e Tel evi si on ‐     ‐        ‐         ‐       ‐     825   825 Deferred A sse ssm e nt s ‐     ‐        ‐         ‐       ‐     390   390 Debt Service ‐     ‐        ‐         ‐       ‐     6,201     6,201 Special A sse ssm e nt ‐     ‐        ‐         ‐       ‐     45      45 Storm Drain Construction ‐     ‐        ‐         ‐       ‐     272   272 Minor Estate Trus t 442    ‐        ‐         ‐       ‐     ‐     442 Total Restricted 442    109,093     185,936     318,823        65,326    96,412        776,032 Committed to:

Deve
lopment Services 7,835 ‐ ‐ ‐ ‐ 22,698 30,533 Budget Contingency 23,349 ‐ ‐ ‐ ‐ ‐ 23,349 Earned Lea s e Revenue 5,651 ‐ ‐ ‐ ‐ ‐ 5,651 Property Management 1,577 ‐ ‐ ‐ ‐ ‐ 1,577 Graham School Site Maintenance 383 ‐ ‐ ‐ ‐ ‐ 383 Transportati on 6,786 ‐ ‐ ‐ ‐ ‐ 6,786 Capital Improvement 10,453 ‐ ‐ ‐ ‐ ‐ 10,453 Open Space A cquisit ion 956 ‐ ‐ ‐ ‐ ‐ 956 Strategic Property Acquisition 20,575 ‐ ‐ ‐ ‐ ‐ 20,575 Childcare Commi tment 186 ‐ ‐ ‐ ‐ ‐ 186 Compensated Abs ences 7,987 ‐ ‐ ‐ ‐ ‐ 7,987 General Special Purpose ‐ ‐ ‐ ‐ ‐ 313 313 Parental Leave Abs ence 1,166 ‐ ‐ ‐ ‐ ‐ 1,166 Empl oyee Loa n 5,615 ‐ ‐ ‐ ‐ ‐ 5,615 North Bayshore Improveme nt Fee ‐ ‐ ‐ ‐ ‐ ‐ ‐ Shoreline Golf Li nks ‐ ‐ ‐ ‐ ‐ 13 13 Total Committed 92,519 ‐ ‐ ‐ ‐ 23,024 115,543 Assigned:

Contractual Obligat ions 5,293 ‐ ‐ ‐ ‐ ‐ 5,293 Unassigned: 133,341 ‐ ‐ ‐ ‐ ‐ 133,341 Total Fund Balances 238,654$ 109,093$ 185,936$ 318,823$ 65,326$ 119,580$ 1,037,412$ 97 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 13 NET POSITION AND FUND BALANCES (Continued)
C. Committed Fund Balances
The City Council adopted reserve policies and additional council actions which includes commitments of fund balances as follows:

1. The Development Services fund balances shall be used to fund the future obligations of the City’s development activity.

2. The General Fund Budget Contingency Reserve shall be used to provide one‐time financial resources during uncertain economic conditions. This reserve may be used for such things as the transitioning of positions to be eliminated, the phasing out of certain expenditures, smoothing of employee benefit changes, or anticipated or unanticipated revenue declines, as approved by City Council.

3. The General Fund Earned Lease Revenue Reserve Shall be used to accumulate the rent from the ground lease of a portion of the City’s Charleston East property to Google LLC (Google). Google prepaid $30.0 million as rent for the initial approximately 52‐year lease term. The intent is for this reserve to accumulate the rent, as it is earned, to fund one‐time expenses of the City.

4. The General Fund Property Management Reserve shall be used to provide a source of funds for obligations, which could arise from the City's leasing of property including legal services, certain responsibilities identified in land leases, environmental testing, or other costs normally incurred by a lessor.

5. The Graham Site Maintenance Reserve shall be used to fund the maintenance obligations, per the agreement with the school district, of the Graham Sports Complex, including the playing field at Graham Middle School beneath which the City has a reservoir.

6. The General Fund Transportation Reserve shall be used for the purpose of major priority transportation projects to mitigate traffic congestion, improve infrastructure, and meet the needs of the City, as authorized by the City Council.

7. The General Fund Capital Improvement Reserve, to be funded with a goal of a minimum balance of $5,000,000, shall be used for the funding of unanticipated priority capital improvement projects authorized by the City Council. To the extent possible, General Operating Fund carryovers remaining from the end of the fiscal year, not designated for other reserve purposes, may be applied to this reserve.

8. The General Fund Open Space Acquisition Reserve shall be used for the purpose of acquiring open space to meet the needs of the City and as authorized by the City Council. Proceeds from excess City‐owned properties shall fund this reserve as directed by City Council.

9. The General Fund Strategic Property Acquisition Reserve shall be used for the purpose of setting aside specific funds for the City to use for the acquisition of strategic property(ies).

10. The Childcare Commitment Reserve shall be used to fund low‐income subsidies for Childcare.

11. The Compensated Absences Reserve shall fund the disbursements of terminated or retired employees for accrued vacation and sick leave or other accrued leave as applicable. This Reserve shall be funded at a minimum of 80.0% of the accrued liabilities of the City for compensated absences such as vacation and vested sick leave.
98 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 13 NET POSITION AND FUND BALANCES (Continued)
C. Committed Fund Balances (Continued)

12. The Parental Leave Reserve will be reviewed annually and maintained at a level adequate to meet estimated benefit liabilities.

13. The Employee Loan Reserve shall be used to provide a source of funds for the employee homebuyer and relocation assistance programs administrated by Council Policy D‐13

14. The General Special Purpose Reserve is designated for resources the City has received to be spent on specific purposes, such as revenue received from the Tree Mitigation Fees, which shall be used for tree planting‐related expenses.

15. The Shoreline Golf Links Reserve shall be used to fund Shoreline Golf Links and related golf course operations and improvements.

D. Minimum Fund Balance / Net Position Policies
The City’s Financial and Budgetary Policy requires the City to strive to maintain the following fund balances/net position:

1. The General Fund Reserve at 20 to 25 percent of General Fund appropriations.

2. The General Fund Capital Improvement Reserve to be funded with a goal of a minimum balance of $5.0 million.

3. The Compensated Absences Reserve shall be funded at a minimum of 80 percent of the accrued liabilities of the City for compensated absences such as vacation and vested sick leave.

4. The Shoreline Regional Park Community Special Revenue Fund shall maintain a reserve of 25 percent of operating expenditures; the landfill reserve shall be incrementally increased to accumulate funds to rebuild the landfill system based on the most recent Landfill Master Plan. The reserve shall have adequate balance to rebuild the landfill system, in case of a catastrophic event; and the sea level rise reserve is to be incrementally increased to accumulate funds for projects identified in the most recent Shoreline Sea Level Rise Study. The contributed amount shall be determined annually based on the available resources, timeline of the projects, and results of the Shoreline Sea Level Rise Study.

5. The Enterprise Fund Reserves shall maintain a minimum 10 percent of operating budget for emergency, a minimum of 5 percent operating budget for contingency and a goal of 10 percent of operating budget for rate stabilization.

6. The Equipment Replacement Reserve shall be maintained to fund the replacement of capital equipment.

7. The Workers’ Compensation Self‐Insurance Reserve shall be maintained at 70 percent confidence level for the projected liabilities as determined by an actuarial valuation to be conducted at least once every three years.
99 City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 13 NET POSITION AND FUND BALANCES (Cont
inued)
D. Minimum Fund Balance / Net Position Policies (Continued)

8. The Liability Self‐Insurance Reserve shall be maintained at a 70 percent confidence level for the projected liabilities as determined by an actuarial valuation to be conducted at least once every three years.

9. The Unempl
oyment Self‐Insurance Reserve and the Employee Benefit Plan Reserve shall be reviewed annually and maintained at a level adequate to meet estimated benefit liabilities.

E. Landfill Containment Reserve
In 2013, CalRecycle regulations required the City to create a reserve, in whole or incrementally, for potential corrective actions associated with a non‐water release event at the landfill site. The estimated costs of the corrective actions are adjusted annually by an inflation factor approved by CalRecycle. On June 25, 2013, the City Council approved to restrict funds for landfill containment in the Landfill reserve of the Shoreline Community Fund. The City estimated the costs for the corrective actions to be $1.3 million for the fiscal year ended June 30, 2024, and $12.0 million to rebuild a new landfill system. As of June 30, 2024, the City restricted $12.0 million for landfill containment and planned to increase the balance to accumulate funds to rebuild the la
ndfill system based on the most recent Landfill Master Plan.

NOTE 14 COMMITMENTS AND CONTINGENCIES
A. Encumbrances
The City’s outstanding encumbrances as of June 30, 2024, are as follows (dollars in thousands):

B. Litigation
The City is a defendant in several lawsuits and other matters arising in the norm al course of operations. The
City's management and legal counsel are of the opinion the potential claims against the City not covered by insurance resulting from such litigation would not materially affect the financial position of the City.

Fund Balance
A mount C lassific at ion
General Fund 2,931 $       Committed
General Fund 5,293     A ssigned
Shor eline Regional Pa rk Community 332   Restricted
Hous i ng 10,258    Restricted
General Ca pi ta l Projects 64,006    Restricted
Non‐major Governmental Funds 5,354    Restricted
Tota l 88,174$
100
City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 14 COMMITMENTS AND CONTINGENCIES (Continued)
C. City of Palo Alto Regional Water Quality Control Plant The City transmits its wastewater for treatment to a system of transmission, treatment and disposal of wastewater (the “Joint System” or “Treatment Plant”) owned and administered by the City of Palo Alto. The Joint System is governed by an agreement between the City of Palo Alto, the City of Mountain View, and the City of Los Altos (the Partners) for the acquisition, construction and maintenance of the Joint System (Agreement). As part of the Agreement, the City purchases treatment capacity at the Treatment Plant. The Agreement provides that the City will purchase capacity through December 31, 2060, and for the City of Palo Alto to set service charges annually with quarterly billings based on estimated use. A reconciliation of actual to estimated charges is completed annually. For the fiscal year ended June 30, 2024, these costs totaled $14.9 million, which is included as a component of cost of sales and services expenses in the Wastewater Enterprise Fund.

The Agreement has been supplemented or amended from time to time. Addenda include provisions for improvements to the Joint System for which debt was issued by the City of Palo Alto and the Partners agreed to pay their share of debt based on capacity rights. Each Partner’s share of debt is included in the annual budget provided by the City of Palo Alto and is billed through the quarterly billings. For the fiscal year ended June 30, 2024, the City’s share of debt services totaled to $1.0 million.

D. Sunnyvale Material Recovery and Transfer (SMaRT®) Station During Fiscal Year 1992‐93, the City entered into a Memorandum of Understanding (MOU) with the City of Sunnyvale to obtain solid waste and recycling services at the SMaRT® Station. The MOU provides that the City has capacity share of 23.45 percent of this facility for 30 years which expired during Fiscal Year 2021‐

22. The City entered into a new MOU with the City of Sunnyvale with an effective date of January 1, 2022 and termination date of December 31, 2036. Annual service charges are determined based on actual per‐ ton charges. For the fiscal year ended June 30, 2024, these costs totaled $6.4 million.

E. Education Enhancement Reserve Joint Powers Agreement (JPA) On June 30, 2013, the Shoreline Community entered into an Education Enhancement JPA with the Mountain View Los Altos Unified High School District (MVLAUHSD) and the Mountain View Whisman School District (MVWSD) effective July 1, 2013, for a period of 10 years, superseding any prior agreements dating back to the first such agreement in 2006. The purpose of the Education Enhancement JPA is to create an Education Enhancement Reserve in which funds provided by the Shoreline Community are used to enhance the educational and technology capacity of students in the districts, which will contribute to the availability of a local technology workforce to further the objectives of the Shoreline Community. The agreement provides for minimum annual payments, which commenced with the fiscal year ended June 30, 2014, and have increased annually based on growth in property tax revenues in the preceding fiscal year. Each subsequent fiscal year increases based on growth in property tax revenues in the preceding fiscal year. For the fiscal year ended June 30, 2024, the Shoreline Community paid a total of $10.7 million in contributions to the school districts, including $6.5 million to MVWSD and $4.2 million to MVLAUHSD.

A one‐year successor agreement was executed in June 2023 for the period of July 1, 2023 through June 30, 2024. An amendment was subsequently executed in Oct 2024, extending the agreement through June 30, 2027.
101
City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 14 COMMITMENTS AND CONTINGENCIES (Continued)
F. Tax Revenue Sharing
Pursuant to an agreement between the City, the Shoreline Community, and the County dated June 22, 2005, the Shoreline Community is annually obligated to pay the County from tax revenues, an amount equal to the County’s total retirement tax override levies and pass‐through an additional amount of taxes that would have been allocated to the County in the absence of the existence of the Shoreline Community. For the fiscal year ended June 30, 2024, $2.4 million and $3.1 million in retirement tax override levies and pass‐through payments, respectively, were paid to the County.

G. Bay Area Water Supply and Conservation Agency Revenue Bonds Surcharge The City contracts with the City and County of San Francisco for the purchase of water from the Hetch Hetchy System operated by the San Francisco Public Utilities Commission (SFPUC). The City is also a member of the Bay Area Water Supply and Conservation Agency (BAWSCA), which represents the interests of all the 24 cities and water districts, as well as two private utilities, that purchase wholesale water from the SFPUC.

Under the 2009 25‐year agreement with the SFPUC, a minimum water delivery level is included. On June 21, 2017, the City entered an agreement to permanently transfer all rights, title and interest of 1.0 MGD of annual Individual Supply Guarantee to the City of East Palo Alto (EPA). After SFPUC approved the agreement, the City received a one‐time payment of $5.0 million in Fiscal Year 2017‐18 from EPA for the 1.0 MGD water rights. For the fiscal year ended June 30, 2024, the City made a $4.0 million payment to the SFPUC o meet the City’s minimum water purchase requirement of 8.930 MGD.

In addition, under the agreement, the SFPUC issues revenue bonds and the debt service (which also includes an interest component) is paid for through rates over the life of the bonds. Prior assets under the previous agreement were transferred to the new agreement and assigned a life with an agreed upon rate of return of 5.13 percent.

BAWSCA issued Revenue Bonds (Bonds) in the principal amount of $335.8 million in January 2013 to prepay the capital cost recovery payment obligation and fund a stabilization fund. The Bonds mature in October 2034 and are secured by surcharges to the monthly water purchase charges imposed upon the participating members. The Bonds are not a debt obligation of any member, and BAWSCA’s failure to pay its Bonds would not constitute a default by any participating member.

The City paid its surcharge of $1.3 million during the fiscal year ended June 30, 2024, which is included as a component of cost of sales and services expenses in the Water Enterprise Fund. The surcharge for Fiscal Year 2024‐25 is estimated to be $1.2 million.
102
City of Mountain View
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
NOTE 14 COMMITMENTS AND CONTINGENCIES (Continued)
H. Education Revenue Augmentation Fund
In 1992, as a way of solving its own budget shortfalls, the State enacted legislation that shifted partial financial responsibility for funding K‐14 education to local government. Property tax revenues belonging to cities, counties, and special districts were shifted to the Education Revenue Augmentation Fund (ERAF).

When the State shifts more local property tax than required, these funds are returned to cities, counties and special districts and are known as excess ERAF.

In November 2021, the County notified cities that the California School Boards Association and its Education Legal Alliance filed a lawsuit against the Controller of the State of California, disputing the calculation and disbursement of excess ERAF funds. As a result, the County estimates that 20 to 30 percent of ERAF disbursed to all cities over three years is subject to litigation. The County encouraged each agency to reserve 22 percent of the Excess ERAF distribution on an ongoing basis and going back to Fiscal Year 2020‐21. With the 22 percent calculation, the City estimated the amount at risk is approximately $7.1 million. Excess ERAF revenue for Fiscal Year 2024‐25 has been projected at $9.5 million, $2.4 million more than the at‐risk amount. To be conservative, the City recorded a liability of $2.7 million as of June 30, 2024, for potential future payments related to the litigation. The City will continue to evaluate this issue and will determine at each fiscal year‐ end if a payable should be recorded for the litigation. 103
104
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REQUIRED
SUPPLEMENTARY INFORMATION
105
City of Mountain View
Required Supplementary Information
For the year ended June 30, 2024
(Dollars in Thousands)
Schedule of Changes in the Net Pension Liability and Related Ratios ‐ Miscellaneous Plan Last Fiscal 10 Years*
Fiscal year ended 2015 2016 2017 2018
Measurement period 2014 2015 2016 2017
TOTAL PENSION LIABILITY
Service cost 6,218$             6,412$             6,675$             7,473$ Interest on the total pension liability 23,873             25,058             26,269             27,198 Changes in benefit terms ‐ ‐ ‐ ‐
Changes in assumptions ‐ (6,028)              ‐ 22,221 Differences between expected and actual experience ‐ (568) (577) (2,154) Benefit payments, including refunds of
employee contributions (13,823)            (14,861)            (15,518)            (17,303) Net change in the total pension liability 16,268             10,013             16,849             37,435 Total
pension liability ‐ beginning 322,111           338,379           348,392           365,241 Total pension liability ‐ ending (a) 338,379$         348,392$         365,241$         402,676$ PLAN FIDUCIARY NET POSITION
Contributions ‐ employer 7,796$             8,673$             11,318$           12,413$ Contributions ‐ employee 3,147 3,148 3,065 3,121
Plan to plan resource movement ‐ ‐ ‐ ‐
Investment income 38,300             5,709 1,328 29,071 Benefit payments,
including refunds of
employee contributions (13,823)            (14,861)            (15,518)            (17,303) Administrative expenses ‐ (288) (156) (378)
Net change in plan fiduciary net position 35,420             2,381 37 26,924 Plan fiduciary net position ‐ beginning 217,918           253,338           255,719           255,756 Plan fiduciary net position ‐ ending (b) 253,338$         255,719$         255,756$         282,680$ Net pension liability ‐ ending (a) ‐ (b) 85,041$           92,673$          109,485$         119,996$ Plan fiduciary net position as a percentage of the
total pension liability 74.9% 73.4% 70.0% 70.2%
Covered employee payroll 34,163$           36,233$           38,450$           39,034$ Net pension liability as a percentage of covered
payroll 248.9% 255.8% 284.7% 307.4%
Notes to the Schedule:

Benefit Changes‐ The figures above generally include any liability impact that may have resulted from voluntary benefit changes that occurred on or before the Measurement Date. However, offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes) that occurred after the Valuation Date are not included in the figures above, unless the liability impact is deemed to be material by the plan actuary. In 2022, SB 1168 increased the standard retiree lump sum death benefit from $500 to $2,000 for any death occurring on or after July 1, 2023. The impact, if any, is included in the changes of benefit terms. 106
2019 2020 2021 2022 2023 2024
2018 2019 2020 2021 2022 2023
7,669$             8,342$             8,622$             8,642$             9,639$             9,953$ 28,405             29,850             31,427             32,778             33,695             35,480 ‐ ‐ ‐ ‐ ‐ 472
(2,554)              ‐ ‐ ‐ 14,543             ‐
2,350 2,677 4,461 1,435 (1,882)              8,997
(18,056)            (19,708)            (21,764)            (23,432)            (25,927)            (28,251) 17,814             21,161             22,746             19,423             30,068             26,651 402,676           420,490           441,651           464,397           483,820           513,888 420,490$         441,651$         464,397$         483,820$         513,888$          540,539$ 17,917$           17,514$           18,696$           15,273$           17,345$           17,839$ 3,513 3,549 3,959 5,489 5,666 6,214
(1) ‐ ‐ ‐ ‐ ‐
24,062             20,477 16,690             78,758             (31,970)            24,132 (18,056)            (19,708)            (21,764)            (23,432)            (25,927)            (28,251) (1,277)              (219) (466) (347) (264) (285)
26,158             21,613             17,115             75,741             (35,150)            19,649 282,680           308,838           330,451           347,566           423,307           388,157 308,838$         330,451$         347,566$         423,307$         388,157$         407,806$ 111,652$         111,200$         116,831$         60,513$           125,731$         132,733$

73.4% 74.8% 74.8% 87.5% 75.5% 75.4%
40,657$           43,994$           46,084$           47,644$           49,915$           53,084$ 274.6% 252.8% 253.5% 127.0% 251.9% 250.0%
Change in assumptions‐ During measurement period 2014, the discount rate was 7.50%. During measurement period 2015, the discount rate was increased from 7.50% to 7.65 percent. There is no change in discount rate during measurement period 2016. During measurement period 2017, the discount rate was reduced from 7.65% to 7.15 percent. During measurement period 2018, demographic assumptions and inflation rate were changed in accordance to the 2017 CalPERS Experience Study. There were no changes in assumptions during measurement periods 2019, 2020, and 2021. During measurement period 2022, the discount rate was reduced from 7.15% to 6.90%, inflation rate was reduced from 2.50% to 2.30%, and demographic assumptions were changed in accordance with the 2021 CalPERS Experience Study. There were no changes in assumptions during measurement period 2023. 107
City of Mountain View
Required Supplementary Information
For the year ended June 30, 2024
(Dollars in Thousands)
Schedule of Changes in the Net Pension Liability and Related Ratios ‐ Safety Plan Last Fiscal 10 Years*
Fiscal year ended 2015 2016 2017 2018
Measurement period 2014 2015 2016 2017
TOTAL PENSION LIABILITY
Service cost 6,311$             6,061$             5,945$             6,857$ Interest on the total pension liability 20,641             21,792             22,704             23,599 Changes in benefit terms ‐ ‐ ‐ ‐
Changes in assumptions ‐ (5,345)              ‐ 19,688 Differences between expected and actual experience ‐ 1,234 (1,633)              (157) Benefit payments, including refunds of
employee contributions (12,416)            (13,721)            (14,765)            (15,977) Net change in the total pension liability 14,536             10,021             12,251             34,010 Total pension liability ‐ beginning 278,272           292,808           302,829           315,080 Total pension liability ‐ ending (a) 292,808$         302,829$         315,080$         349,090$ PLAN FIDUCIARY NET POSITION
Contributions ‐ employer 7,244$             8,139$             9,904$             10,572$ Contributions ‐ employee 2,924 2,656 2,697 2,709
Plan to plan resource movement ‐ 32 ‐ ‐
Investment income 32,936             4,852 1,117 24,545 Benefit
payments, including refunds of
employee contributions (12,416)            (13,721)            (14,765)            (15,977) Administrative expenses ‐ (246) (133) (321)
Net change in plan fiduciary net position 30,688             1,712 (1,180)              21,528 Plan fiduciary net position ‐ beginning 186,116           216,804           218,516           217,336 Plan fiduciary net position ‐ ending (b) 216,804$         218,516$         217,336$         238,864$ Net pension liability ‐ ending (a) ‐ (b) 76,004$           84,313$            97,744$           110,226$ Plan fiduciary net position as a percentage of the
total pension liability 74.0% 72.2% 69.0% 68.4%
Covered employee payroll1 23,051$           22,547$           22,493$           23,263$ Net pension liability as a percentage of covered
payroll 329.7% 373.9% 434.6% 473.8%
Notes to the Schedule:

Benefit Changes‐ The figures above generally include any liability impact that may have resulted from voluntary benefit changes that occurred on or before the Measurement Date. However, offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes) that occurred after the Valuation Date are not included in the figures above, unless the liability impact is deemed to be material by the plan actuary. In 2022, SB 1168 increased the standard retiree lump sum death benefit from $500 to $2,000 for any death occurring on or after July 1, 2023. The impact, if any, is included in the changes of benefit terms. 108
2019 2020 2021 2022 2023 2024
2018 2019 2020 2021 2022 2023
6,677$             7,066$             7,613$             7,933$             8,910$             8,816$ 24,593             25,815             27,043             28,366             29,621             31,081 ‐ ‐ ‐ ‐ ‐ 178
(1,385)              ‐ ‐ ‐ 16,330             ‐
1,416 2,998 2,235 2,993 74 4,742
(16,998)            (17,734)            (18,711)            (19,902)            (21,344)            (23,139) 14,303             18,145             18,180             19,390             33,591             21,678 349,090           363,393           381,538           399,718           419,108           452,699 363,393$         381,538$         399,718$         419,108$         452,699$          474,377$ 14,872$           14,385$           15,569$           12,508$           13,748$           14,581$ 2,965 2,951 3,345 4,329 4,295 4,721
(1) ‐ ‐ ‐ ‐ ‐
20,199             17,013 13,769             65,428             (26,507)            19,867 (16,998)            (17,734)            (18,711)            (19,902)            (21,344)            (23,139) (1,079)              (184) (388) (289) (219) (236)
19,958             16,431             13,584             62,074             (30,027)            15,794 238,864           258,822           275,253           288,837           350,911           320,884 258,822$         275,253$         288,837$         350,911$         320,884$         336,678$ 104,571$         106,285$         110,881$         68,197$           131,815$         137,699$

71.2% 72.1% 72.3% 83.7% 70.9% 71.0%
22,764$ 24,248$ 26,188$ 27,301$ 27,611$ 27,475$ 459.4% 438.3% 423.4% 249.8% 477.4% 501.2%
Change in assumptions‐ During measurement period 2014, the discount rate was 7.50%. During measurement period 2015, the discount rate was increased from 7.50% to 7.65%. There is no change in discount rate during measurement period 2016. During measurement period 2017, the discount rate was reduced from 7.65% to 7.15%. During measurement period 2018, demographic assumptions and inflation rate were changed in accordance to the 2017 CalPERS Experience Study. There are no change in assumptions during measurement periods 2019, 2020, and 2021. During measurement period 2022, the discount rate was reduced from 7.15% to 6.90%, inflation rate was reduced from 2.50% to 2.30%, and demographic assumptions were changed in accordance with the 2021 CalPERS Experience Study. There were no changes in assumptions during measurement period 2023. 109
City of Mountain View
Required Supplementary Information
For the year ended June 30, 2024
(Dollars in Thousands)
Schedule of Employer Pension Contributions ‐ Miscellaneous and Safety Plans Fiscal Year Ended June 30,
Miscellaneous Plan 2015 2016 2017 2018
Actuarially determined contribution (ADC) 8,073$ 8,806$ 9,925$ 11,289$ Contributions in relation to The ADC (8,673) (11,318) (12,413) (17,917) Contribution deficiency (excess) (600)$ (2,512)$ (2,488)$ (6,628)$ Covered employee payroll 36,233$ 38,450$ 39,034$ 40,657$ Contributions as a percentage of
covered employee payroll 23.9% 29.4% 31.8%

44.1%
Fiscal Year Ended June 30,
Safety Plan 2015 2016 2017 2018
Actuarially determined contribution 7,739$ 8,229$ 8,915$ 9,112$ Contributions in relation to The ADC (8,139) (9,904) (10,572) (14,872) Contribution deficiency (excess) (400)$ (1,675)$ (1,657)$ (5,760)$ Covered employee payroll 22,547$ 22,493$ 23,263$ 22,764$ Contributions as a percentage of
covered employee payroll 36.10% 44.03% 45.45% 65.33%
ADC for fiscal year
Actuarial valuation date
Actuarial cost method Entry‐Age
Normal Cost Method
Asset valuation method Actuarial value of assets
Inflation 2.30%
Salary increases Varies by entry age and services
Payroll growth 2.80%
Investment rate of return
Retirement age
Mortality improvement
The actuarlal methods and assumptions used to set the actuarially determined contributions for the fiscal year ended June 30, 2024 were as follows:

June 30, 2024
June 30, 2021

4.50%, net of pension plan investment and administrative expenses, includes inflation.

The probabilities of retirement are based on the 2021 CalPERS Experience Study.

The probabilities of mortality are based on the 2021 CalPERS Experience Study.
110
2019 2020 2021 2022 2023 2024
12,769$ 14,207$ 14,159$ 15,117$ 15,909$ 11,462$ (17,514) (18,696) (15,273) (17,345) (17,837) (20,537) (4,745)$ (4,489)$ (1,114)$ (2,228)$ (1,928)$ (9,075)$ 43,994$ 46,084$ 47,644$ 49,915$ 50,300$ 62,721$

39.8% 40.6% 32.1% 34.7% 35.5% 32.7%
2019 2020 2021 2022 2023 2024
10,277$ 11,682$ 11,752$ 12,341$ 13,456$ 9,568$ (14,385) (15,569) (12,508) (13,748) (14,581) (17,676) (4,108)$ (3,887)$ (756)$ (1,407)$ (1,125)$ (8,108)$ 24,248$ 26,188$ 27,301$ 27,611$ 28,823$ 18,538$

59.32% 59.45% 45.82% 49.79% 50.59% 95.35%
111
City of Mountain View
Required Supplementary Information
For the year ended June 30, 2024
(Dollars in Thousands)
Schedule of Changes in the Net OPEB Liability and Related Ratios Fiscal year ended 2018 2019 2020 2021
Measurement period 2017 2018 2019 2020
Total OPEB Liability
Service cost 3,054$             3,231$             3,336$             3,320$ Interest on the total OPEB liability 8,820 9,392 9,857 9,079 Changes of assumptions 15,660             ‐ (670) ‐
Differences between expected and actual
experience (9,020)              ‐ (12,915)            ‐ Benefit payments (5,044)              (5,459)              (5,729)              (6,183) Net change in the total OPEB liability 13,470             7,164 (6,121)              6,216 Total OPEB liability ‐ beginning 130,527           143,997           151,161           145,040 Total OPEB liability ‐ ending (a) 143,997           151,161           145,040           151,256 Plan Fiduciary Net Position
Contribution ‐ employer 12,424             13,233             8,014 8,497 Net investment income 7,065 6,858 8,797 7,384
Benefit payments (5,044)              (5,459)              (5,729)              (6,183) Administrative expense (51) (206) (27) (67)
Net change in plan fiduciary net position 14,394             14,426             11,055             9,631 Plan fiduciary net position ‐ beginning 96,374             110,768           125,194          136,249 Plan fiduciary net position ‐ ending (b) 110,768           125,194           136,249           145,880 Net OPEB liability/asset ‐ ending (a) ‐ (b) 33,229$           25,967$           8,791$             5,376$ Plan fiduciary net position as a percentage of the
total pension liability 76.9% 82.8% 93.9% 96.4%
Covered‐employee payroll 44,181$           46,799$           49,135$           50,838$ Net OPEB liability as a percentage of covered‐
employee payroll 75.21% 55.49% 17.89%

10.57%
Change in assumptions ‐ During measurement period 2019, the discount rate was reduced from 6.50 percent to 6.25 percent. Demographic assumptions were change in accordance to the 2017 CalPERS Experience Study. There is no change in assumptions during measurement period 2020. During the measurement period 2021, the discount rate was reduced from 6.25 percent to 6.00 percent. Inflation rate was reduced from

2.75 percent to 2.50 percent. Other assumptions including projected salary increase, post retirement benefit increase, and other demographic assumptions were also changed. During the measurement period 2022, the discount rate was reduced from 6.00 percent to 5.60 percent. During the measurement period 2023, the healthcare cost trend rates changed to 6.5% in 2025, fluctuating down to 3.9% by 2075 and investment rate of return reduced from 6.00% to 5.60%.
*Fiscal year ended June 30, 2018 was the first year of implementation of GASB Statement No. 75, therefore only seven years of information is shown.
112
2022 2023 2024
2021 2022 2023
3,428$             3,474$             3,927$
9,456 8,929 9,102
4,921 7,823 (3,800)
(13,543)            ‐ (615)
(6,772)              (6,820)              (7,082)
(2,510)              13,406             1,532
151,256           148,746           162,152
148,746           162,152           163,684
6,772 5,848 5,387
28,673             (21,942)            5,445
(6,772)              (6,820)              (7,082)
(53) (44) (43)
28,620             (22,958)            3,707
145,880           174,500           151,542
174,500           151,542           155,249
(25,754)$          10,610$           8,435$
117.3% 93.5% 94.8%
49,104$
49,318$           51,730$
‐52.45% 21.51% 16.31%
113
City of Mountain View
Required Supplementary Information
For the year ended June 30, 2024
(Dollars in Thousands)
Schedule of Employer OPEB Contributions
Fiscal Year Ended June 30, 2017 2018 2019 2020
Actuarially determined contribution (ADC) 5,577$             5,639$             5,334$             6,068$ Contributions in relation to The ADC (12,424)            (13,233)            (8,014)              (8,497) Contribution deficiency (excess) (6,847)$            (7,594)$            (2,680)$            (2,429)$ Covered employee payroll 44,181$           46,799$           49,135$           50,838$ Contributions as a percentage of
covered employee payroll 28.12% 28.28% 16.31% 16.71%
ADC for fiscal year June 30, 2024
Actuarial
valuation date June 30, 2023
Actuarial cost method Entry‐Age Normal Cost Method
Asset valuation method Actuarial value of assets
Inflation 2.50%
Projected salary increases 3.00%
Investment rate of return 5.60%
Post Retirement Benefit Increase
Mortality Based on 2021 CalPERS Experience Study
Mortality Improvement Based on MacLeod Watts Scale 2022 For medical plan premiums: 6.50% for the year beginning, fluctuating down to 3.90% by 2075
The actuarial methodsand
assumptions used to set the actuarially determined contributions for the fiscal year ended June 30, 2024 were as follows:
*Fiscal year ended June 30, 2017 was the first year of implementation of GASB Statement No. 75, therefore only eight years of information is shown.
114
2021 2022 2023 2024
4,151$             3,123$             3,014$             3,753$ (6,772)              (5,848)              (5,387)              (5,718) (2,621)$            (2,725)$            (2,373)$            (1,965)$ 49,104$           49,318$           51,730$           52,640$

13.79% 11.86% 10.41% ‐10.86%
115
116
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OTHER SUPPLEMENTARY INFORMATION
117
118
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City of Mountain View
Statement of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual Park Land Dedication Capital Project
For the year ended June 30, 2024
(Dollars in Thousands)
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Use of money and property 3,260$ 3,260$ 2,780$ (480)$ Developer fees and contributions ‐ ‐ 1,024 1,024
Total revenues 3,260 3,260 3,804 544
EXPENDITURES:

Total expenditures ‐ ‐ ‐ ‐
REVENUES OVER (UNDER)
EXPENDITURES 3,260 3,260 3,804 544
OTHER FINANCING SOURCES (USES):

Transfers in ‐ ‐ 1,696 1,696
Transfers out (8,000) (8,595) (8,595) ‐
Total other
financing sources (uses) (8,000) (8,595) (6,899) 1,696 Net change in fund balances (8,000)$ (8,595)$ (3,095) 2,240$ FUND BALANCES:

Beginning of year 68,421
End of year 65,326$
Budgeted Amounts
119
120
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City of Mountain View
Nonmajor Governmental Funds
June 30, 2024
SPECIAL REVENUE FUNDS
Gas Tax Fund
The Gas Tax Fund accounts for gas tax revenues received from the State and expended for construction and maintenance of City streets.

Other Streets and Transportation Fund (Formerly Vehicle Registration Fees Fund) The Other Streets and Transportation Fund (Formerly Vehicle Registration Fees Fund) accounts for fees that voters approved to collect from vehicle registrations accounts for voters approved vehicle registrations fees and sales taxes used to fund local road improvements and repairs, and enhance transit, highways, expressways and active transportation.

Construction and Conveyance Tax Fund
The Construction and Conveyance Tax Fund accounts for revenues from taxes on real property transferred in the City.

These revenues are used for acquisition, improvement, maintenance, expansion or implementation of the Capital Improvements Program.

Other Developer Fees Fund
The Other Developer Fees Fund accounts for revenues to be used to encourage development and rejuvenation of areas served by transit facilities.

CSFRA / Rental Housing Committee Fund
The CSFRA / Rental Housing Committee Fund accounts for the activities related to stabilize rents and provide just cause eviction protections for certain rental units in the City.

Mobile Home Rent Stabilization Ordinance Fund
The Mobile Home Rent Stabilization Ordinance Fund accounts for the activities related to stabilize rents and protect the rights for both the mobile home residents and the mobile park owners in the City.

Housing Successor Fund
The Housing Successor Fund accounts for the activities related to the housing assets assumed by the City as Housing Successor to the former Revitalization Authority. The activities are governed by California redevelopment law and must be used to provide housing for people with low and moderate incomes.

Shoreline Golf Links Fund
The Shoreline Golf Links Fund accounts for revenues from user fees at Shoreline Golf Links and related golf course operations and improvements.

Downtown Benefit Assessment District Fund
The Downtown Benefit Assessment District Fund accounts for revenue received for offstreet parking, fees paid in‐lieu of providing parking in the District and for annual ad valorem rate and direct assessments levied against the property owners within the
121
City of Mountain View
Nonmajor Governmental Funds
June 30, 2024
SPECIAL REVENUE FUNDS (Continued)
General Special Purpose Fund
The General Special Purpose Fund accounts for fees paid for replacement trees and the CASp training program.

Police Asset Forfeitures Fund
The Police Asset Forfeitures Fund accounts for funds derived from criminal assets seized by police, primarily from illegal narcotics sales activity.

Grants Fund
The Grants Fund accounts for grants received, including Community Development Block Grants, Home Investment Partnership Act Grants, the Local Law Enforcement Block Grant Program, the Supplemental Law Enforcement Services Grants and Traffic Safet
y grants
Cable Television Fund
The Cable Television Fund accounts for Public, Education and Government (PEG) fees collected by the cable providers and restricted for PEG channel support. The City passes a portion of these funds through to a third party to provide public, governmental and educational access television services.

Deferred Assessments Fund
The Deferred Assessments Fund accounts for a program which allows certain property owners to defer up to 100 percent of any special assessment levied on their property. The assessment becomes due upon certain specified occurrences.

DEBT SERVICE FUNDS
Shoreline Regional Park Community 2011 Revenue Bonds Fund The Shoreline Regional Park Community 2011 Revenue Bonds Fund accounts for the resources used for the purpose of paying the principal, interest and related costs on the Shoreline Regional Park Community 2011 Revenue Bonds as they become due.

Shoreline Regional Park Community 2018 Revenue Bonds Fund The Shoreline Regional Park Community 2018 Revenue Bonds Fund accounts for the resources used for the purpose of paying the principal, interest and related costs on the Shoreline Regional Park Community 2018 Revenue Bonds Series A and Series B as they become due.

Shoreline Regional Park Community 2022 Revenue Bonds Fund The Shoreline Regional Park Community 2022 Revenue Bonds Fund accounts for the resources used for the purpose of paying the principal, interest and related costs on the Shoreline Regional Park Community 2022 Refunding Revenue Bonds Series A as they become due.
122
City of Mountain View
Nonmajor Governmental Funds
June 30, 2024
DEBT SERVICE FUNDS (Continued)
Special Assessments Fund
The Special Assessments Fund accounts for resources financed by special assessments levied against property receiving special benefits, contributions from other funds for general benefits and certain reserve requirements.

CAPITAL PROJECTS FUNDS
Storm Drain Construction Fund
The Storm Drain Construction Fund accounts for revenues derived from off‐site drainage fees used for storm drain projects in the Capital Improvements Program.
123
City of Mountain View
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
(Dollars in Thousands)
ASSETS
Cash and investments 4,392$ 614$ 10,885$ 25,975$
Restricted cash and investments ‐ ‐ ‐ ‐
Receivables:

Accounts 556 49 ‐ ‐
Interest 52 18 206 300
Loans and notes ‐ ‐ ‐ ‐
Inventory ‐ ‐ ‐ ‐
Deposits and prepaid items ‐ ‐ ‐ ‐
Total assets 5,000$ 681$ 11,091$ 26,275$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:

Accounts payable and accrued liabilities ‐$ ‐$ ‐$ ‐$ Refundable deposits ‐ ‐
‐ ‐
Unearned revenue ‐ ‐ ‐ ‐
Total liabilities ‐ ‐ ‐ ‐
Deferred Inflows of Resources
Total deferred inflows of resources ‐ ‐ ‐ ‐
Fund Balances:

Nonspendable ‐ ‐ ‐ ‐
Restricted 5,000 681 11,091 3,577
Committed ‐ ‐ ‐ 22,698
Total fund balances 5,000 681 11,091 26,275
Total liabilities, deferred inflows of
resources and fund balances 5,000$ 681$ 11,091$ 26,275$ Special Revenue Funds
Gas
Tax
Other Streets and
Transportation
Construction &
Conveyance Tax
Other Developer
Fees
124
1,102$ 429$ 1,531$ 425$ 23,192$ 374$
‐ ‐ ‐ 10 ‐ ‐
399 ‐ ‐ ‐ ‐ ‐
7 2 ‐ 1 122 2
‐ ‐ 11,410 ‐ ‐ ‐
‐ ‐ ‐ 97 ‐ ‐
‐ ‐ ‐ ‐ ‐ ‐
1,508$ 431$ 12,941$ 533$ 23,314$ 376$
27$ 4$ ‐$ 62$ 65$ 5$
‐ ‐ ‐ 2 2 58
‐
‐ ‐ 359 ‐ ‐
27 4 ‐ 423 67 63
‐ ‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ 97 ‐ ‐
1,481 427 12,941 ‐ 23,247 ‐
‐ ‐ ‐ 13 ‐ 313
1,481 427 12,941 110 23,247 313
1,508$ 431$ 12,941$ 533$ 23,314$ 376$
(Continued)
Special Revenue Funds
Mobile Home Rent
Stabilization
Ordinance (MHRSO) Housing Successor Shoreline
Golf Links
Downtown Benefit
Assessment District
General Special
Purpose
CSFRA / Rental
Housing Committee
125
City of Mountain View
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
(Dollars in Thousands)
ASSETS
Cash and investments 429$ 9,087$ 825$ 390$
Restricted cash and investments ‐ ‐ ‐ ‐
Receivables:

Accounts ‐ 207 ‐ ‐
Interest ‐ 42 ‐ ‐
Loans and notes ‐ 20,475 ‐ ‐
Inventory ‐ ‐ ‐ ‐
Deposits and prepaid items ‐ 47 ‐ ‐
Total assets 429$ 29,858$ 825$ 390$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:

Accounts payable and accrued liabilities ‐$ 6$ ‐$ ‐$ Refundable deposits ‐ ‐ ‐ ‐
Unearned revenue ‐ ‐ ‐ ‐
Total liabilities ‐ 6 ‐ ‐
Deferred Inflows of Resources
Total deferred inflows of resources ‐ ‐ ‐ ‐
Fund Balances:

Nonspendable ‐ 47 ‐ ‐
Restricted 429 29,805 825 390
Committed ‐ ‐ ‐ ‐
Total fund balances 429 29,852 825 390
Total liabilities, deferred inflows of
resources and fund balances 429$ 29,858$ 825$ 390$ Special Revenue Funds
Police Asset
Forfeitures Grants Cable Television
Deferred
Assessments
126
Capital Projects
Funds
Total Nonmajor
Governmental
Funds
‐$ ‐$ 45$ 267$ 79,962$
6,197 10 ‐ ‐ 6,217
‐ ‐ ‐ ‐ 1,211
‐ ‐ ‐ 5 757
‐ ‐ ‐ ‐ 31,885
‐ ‐ ‐ ‐ 97
‐ ‐ ‐ ‐ 47
6,197$ 10$ 45$ 272$ 120,176$
3$ 3$ ‐$ ‐$ 175$
‐ ‐ ‐ ‐ 62
‐ ‐ ‐
‐ 359
3 3 ‐ ‐ 596
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ 144
6,194 7 45 272 96,412
‐ ‐ ‐ ‐ 23,024
6,194 7 45 272 119,580
6,197$ 10$ 45$ 272$ 120,176$
Storm Drain
Construction
Debt Service Funds
Shoreline Regional
Park Community
2018 Revenue
Bonds
Shoreline Regional
Park Community
2022 Revenue
Bonds Special Assessments
127
City of Mountain View
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the year ended June 30, 2024
(Dollars in Thousands)
REVENUES:

Property taxes ‐$ ‐$ ‐$ ‐$
Other taxes ‐ ‐ 5,462 ‐
Licenses, permits and fees ‐ ‐ ‐ ‐
Use of money and property 82 18 315 1,503
Intergovernmental 4,408 3,987 ‐ ‐
Charges for services ‐ ‐ ‐ ‐
Developer fees and contributions ‐ ‐ ‐ 590
Other ‐ ‐ ‐ ‐
Total revenues 4,490 4,005 5,777 2,093
EXPENDITURES:

Current:

General government ‐ ‐ ‐ ‐

Public safety ‐ ‐ ‐ ‐
Public works ‐ 132 ‐ ‐
Community development ‐ ‐ ‐ ‐
Culture and recreation ‐ ‐ ‐ ‐
Debt service:

Principal ‐ ‐ ‐ ‐
Interest and fiscal charges ‐ ‐ ‐ ‐
Total expenditures ‐ 132 ‐ ‐
REVENUES OVER (UNDER)
EXPENDITURES 4,490 3,873 5,777 2,093
OTHER FINANCING SOURCES (USES):

Transfers in 1,836 93 4,303 3,655
Transfers out (4,342) (3,772) (5,883) (17,126)
Total
other financing sources (uses) (2,506) (3,679) (1,580) (13,471) Net change in fund balances 1,984 194 4,197 (11,378) FUND BALANCES:

Beginning of year 3,016 487 6,894 37,653
End of year 5,000$ 681$ 11,091$ 26,275$
Special Revenue Funds
Gas Tax
Other Streets and
Transportation
Construction &
Conveyance Tax
Other Developer
Fees
128
‐$ ‐$ ‐$ ‐$ 1,322$ ‐$
‐ ‐ ‐ ‐ ‐ 14
‐ ‐ ‐ ‐ 260 ‐
49 15 143 7 762 24
‐ ‐ ‐ ‐ 3 ‐
‐ ‐ ‐ 4,407 204 57
‐ ‐ ‐ ‐ ‐ ‐
1,569 339 ‐ 4 27 1
1,618 354 143 4,418 2,578 96
‐ ‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐ ‐
‐ ‐
‐ ‐ ‐ ‐
1,644 247 ‐ ‐ 493 19
‐ ‐ ‐ 4,100 ‐ ‐
‐ ‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ ‐ ‐ ‐
1,644 247 ‐ 4,100 493 19
(26) 107 143 318 2,085 77
‐ ‐ ‐ ‐ 26 ‐
(11) (1) ‐ (323) (110) ‐
(11) (1) ‐ (323) (84) ‐
(37) 106 143 (5) 2,001 77
1,518 321 12,798 115 21,246 236
1,481$ 427$ 12,941$ 110$ 23,247$ 313$
(Continued)
Special Revenue Funds
CSFRA
/ Rental
Housing Committee
Mobile Home Rent
Stabilization
Ordinance (MHRSO) Housing Successor Shoreline Golf Links Downtown Benefit
Assessment District
General Special
Purpose
129
City of Mountain View
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the year ended June 30, 2024
(Dollars in Thousands)
REVENUES:

Property taxes ‐$ ‐$ ‐$ ‐$
Other taxes ‐ ‐ ‐ ‐
Licenses, permits and fees ‐ ‐ ‐ ‐
Use of money and property 2 487 ‐ ‐
Intergovernmental ‐ 2,931 ‐ ‐
Charges for services ‐ ‐ ‐ ‐
Developer fees and contributions ‐ ‐ ‐ ‐
Other ‐ ‐ 153 ‐
Total revenues 2 3,418 153 ‐
EXPENDITURES:

Current:

General government ‐ ‐ 123 ‐
Public safety ‐ 242 ‐ ‐
Public works ‐ ‐ ‐ ‐
Community development ‐ 528 ‐ ‐
Culture and recreation ‐ ‐ ‐ ‐
Debt service:

Principal ‐ ‐ ‐ ‐
Interest and fiscal charges ‐ ‐ ‐ ‐
Total expenditures ‐ 770 123 ‐
REVENUES OVER (UNDER)
EXPENDITURES 2 2,648 30 ‐
OTHER FINANCING SOURCES (USES):

Transfers in ‐ ‐ ‐ ‐
Transfers out ‐ ‐ ‐ ‐
Total other financing sources (uses) ‐ ‐ ‐ ‐
Net change in fund balances 2 2,648 30 ‐
FUND BALANCES:

Beginning of year 427 27,204 795 390
End of year 429$ 29,852$ 825$ 390$
Cable Television
Deferred
Assessments
Special Revenue Funds
Police Asset
Forfeitures Grants
130
Capital Projects
Funds
Total Nonmajor
Governmental
Funds
‐$ ‐$ ‐$ ‐$ 1,322$
‐ ‐ ‐ ‐ 5,476
‐ ‐ ‐ ‐ 260
312 2 ‐ 18 3,739
‐ ‐ ‐ ‐ 11,329
‐ ‐ ‐ 14 4,682
‐ ‐ ‐ ‐ 590
‐ ‐ ‐ ‐ 2,093
312 2 ‐ 32 29,491
‐ ‐ ‐ ‐ 123
‐ ‐ ‐ ‐ 242
‐ ‐ ‐ ‐ 132
‐ ‐ ‐
‐ 2,931
‐ ‐ ‐ ‐ 4,100
950 1,145 ‐ ‐ 2,095
3,031 1,017 ‐ ‐ 4,048
3,981 2,162 ‐ ‐ 13,671
(3,669) (2,160) ‐ 32 15,820
3,895 2,158 ‐ 25 15,991
‐ ‐ ‐ (234) (31,802)
3,895 2,158 ‐ (209) (15,811)
226 (2) ‐ (177) 9
5,968 9 45 449 119,571
6,194$ 7$ 45$ 272$ 119,580$
Storm Drain
Construction
Shoreline
Regional
Park Community
2018 Revenue
Bonds
Shoreline Regional
Park Community
2022 Revenue
Bonds Special Assessments
Debt Service Funds
131
City of Mountain View
Statement of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual Gax Tax
For the year ended June 30, 2024
(Dollars in Thousands)
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Use of money and property 246$ 246$ 82$ (164)$
Intergovernmental 4,277 4,277 4,408 131
Total revenues 4,523 4,523 4,490 (33)
EXPENDITURES:

Total expenditures ‐ ‐ ‐ ‐
REVENUES OVER (UNDER)
EXPENDITURES 4,523 4,523 4,490 (33)
OTHER FINANCING SOURCES (USES):

Transfers in ‐ ‐ 1,836 1,836
Transfers out (4,342) (4,342) (4,342) ‐
Total other financing sources (uses) (4,342) (4,342) (2,506) 1,836 Net change
in fund balances (4,342)$ (4,342)$ 1,984 1,803$
FUND BALANCES:

Beginning of year 3,016
End of year 5,000$
Budgeted Amounts
132
City of Mountain View
Statement of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual Other Streets and Transportation
For the year ended June 30, 2024
(Dollars in Thousands)
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Use of money and property 93$ 93$ 18$ (75)$
Intergovernmental 2,733 3,584 3,987 403
Total revenues 2,826 3,677 4,005 328
EXPENDITURES:

Current:

Public works 100 271 132 139
Total expenditures 100 271 132 139
REVENUES OVER (UNDER)
EXPENDITURES 2,726 3,406 3,873 189
OTHER FINANCING SOURCES (USES):

Transfers in ‐ ‐ 93 93
Transfers out (2,761) (5,672) (3,772) 1,900
Total other financing sources (uses) (2,761) (5,672) (3,679) 1,993 Net change in fund balances (2,661)$ (5,401)$ 194 2,182$ FUND BALANCES:

Beginning of year 487
End of year 681$
Budgeted
Amounts
133
City of Mountain View
Statement of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual Construction & Conveyance Tax
For the year ended June 30, 2024
(Dollars in Thousands)
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Other taxes 5,004$ 5,004$ 5,462$ 458$
Use of money and property 1,127 1,127 315 (812)
Total revenues 6,131 6,131 5,777 (354)
EXPENDITURES:

Total expenditures ‐ ‐ ‐ ‐
REVENUES OVER (UNDER)
EXPENDITURES 6,131 6,131 5,777 (354)
OTHER FINANCING SOURCES (USES):

Transfers in ‐ ‐ 4,303 4,303
Transfers out (6,375) (5,883) (5,883) ‐
Total other financing sources (uses) (6,375) (5,883) (1,580) 4,303 Net change
in fund balances (6,375)$ (5,883)$ 4,197 3,949$
FUND BALANCES:

Beginning of year 6,894
End of year 11,091$
Budgeted Amounts
134
City of Mountain View
Statement of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual Other Developer Fees
For the year ended June 30, 2024
(Dollars in Thousands)
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Use of money and property 1,448$ 1,448$ 1,503$ 55$ Developer fees and contributions ‐ ‐ 590 590
Total revenues 1,448 1,448 2,093 645
EXPENDITURES:

Current:

General government
City council 2,500 2,500 ‐ 2,500
Total expenditures 2,500 2,500 ‐ 2,500
REVENUES OVER (UNDER)
EXPENDITURES (1,052) (1,052) 2,093 (1,855)
OTHER FINANCING SOURCES (USES):

Transfers in ‐ ‐ 3,655 3,655
Transfers
out (17,126) (17,126) (17,126) ‐
Total other financing sources (uses) (17,126) (17,126) (13,471) 3,655 Net change in fund balances (14,626)$ (14,626)$ (11,378) 1,800$ FUND BALANCES:

Beginning of year 37,653
End of year 26,275$
Budgeted Amounts
135
City of Mountain View
Statement of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual CSFRA / Rental Housing Committee
For the year ended June 30, 2024
(Dollars in Thousands)
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Use of money and property 27$ 27$ 49$ 22$
Other 1,615 1,615 1,569 (46)
Total revenues 1,642 1,642 1,618 (24)
EXPENDITURES:

Current:

Community development 2,051 2,315 1,644 671
Total expenditures 2,051 2,315 1,644 671
REVENUES OVER (UNDER)
EXPENDITURES (409) (673) (26) (695)
OTHER FINANCING SOURCES (USES):

Transfers out (11) (11) (11) ‐
Total other financing sources (uses) (11) (11) (11) ‐ Net change in fund balances 2,040$ 2,304$ (37) (695)$ FUND BALANCES:

Beginning of year 1,518
End of year 1,481$
Budgeted Amounts
136
City of Mountain View
Statement of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual Mobile Home Rent Stabilization Ordinance (MHRSO)
For the year ended June 30, 2024
(Dollars in Thousands)
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Use of money and property 11$ 11$ 15$ 4$
Other 339 339 339 ‐
Total revenues 350 350 354 4
EXPENDITURES:

Current:

Community development 346 380 247 133
Total expenditures 346 380 247 133
REVENUES OVER (UNDER)
EXPENDITURES 4 (30) 107 137
OTHER FINANCING SOURCES (USES):

Transfers out (1) (1) (1) ‐
Total other
financing sources (uses) (1) (1) (1) ‐
Net change in fund balances 345$ 379$ 106 137$
FUND BALANCES:

Beginning of year 321
End of year 427$
Budgeted Amounts
137
City of Mountain View
Statement of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual Housing Successor
For the year ended June 30, 2024
(Dollars in Thousands)
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Use of money and property 7$ 7$ 143$ 136$
Total revenues 7 7 143 136
EXPENDITURES:

Current:

Community development ‐ 1,000 ‐ 1,000
Total expenditures ‐ 1,000 ‐ 1,000
REVENUES OVER (UNDER)
EXPENDITURES 7 (993) 143 1,136
Net change in fund balances ‐$ 1,000$ 143 1,136$
FUND BALANCES:

Beginning of year 12,798
End of
year 12,941$
Budgeted Amounts
138
City of Mountain View
Statement of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual Shoreline Golf Links
For the year ended June 30, 2024
(Dollars in Thousands)
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Use of money and property ‐$ ‐$ 7$ 7$
Charges for services 4,929 4,929 4,407 (522)
Other ‐ ‐ 4 4
Total revenues 4,929 4,929 4,418 (511)
EXPENDITURES:

Current:

Culture and recreation
Community services 4,350 4,354 4,100 254
Total expenditures 4,350 4,354 4,100 254
REVENUES OVER (UNDER)
EXPENDITURES 579 575 318 (257)
OTHER FINANCING
SOURCES (USES):

Transfers out (323) (323) (323) ‐
Total other financing sources (uses) (323) (323) (323) ‐ Net change in fund balances 4,027$ 4,031$ (5) (257)$ FUND BALANCES:

Beginning of year 115
End of year 110$
Budgeted Amounts
139
City of Mountain View
Statement of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual Downtown Benefit Assessment District
For the year ended June 30, 2024
(Dollars in Thousands)
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Property taxes 1,143$ 1,143$ 1,322$ 179$
Licenses, permits and fees 300 300 260 (40)
Use of money and property 557 557 762 205
Intergovernmental 3 3 3 ‐
Charges for services 223 223 204 (19)
Other ‐ ‐ 27 27
Total revenues 2,226 2,226 2,578 352
EXPENDITURES:

Current:

Community development 576 579 493 86
Total expenditures 576 579 493 86
REVENUES OVER
(UNDER)
EXPENDITURES 1,650 1,647 2,085 266
OTHER FINANCING SOURCES (USES):

Transfers in ‐ ‐ 26 26
Transfers out (110) (110) (110) ‐
Total other financing sources (uses) (110) (110) (84) 26 Net change in fund balances 466$ 469$ 2,001 292$
FUND BALANCES:

Beginning of year 21,246
End of
year 23,247$
Budgeted Amounts
140
City of Mountain View
Statement of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual General Special Purpose
For the year ended June 30, 2024
(Dollars in Thousands)
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Other taxes ‐$ ‐$ 14$ 14$
Use of money and property 16 16 24 8
Charges for services 50 50 57 7
Other ‐ ‐ 1 1
Total revenues 66 66 96 30
EXPENDITURES:

Current:

Community development 135 127 19 108
Total expenditures 135 127 19 108
REVENUES OVER (UNDER)
EXPENDITURES (69) (61) 77 138
Net change
in fund balances 135$ 127$ 77 138$
FUND BALANCES:

Beginning of year 236
End of year 313$
Budgeted Amounts
141
City of Mountain View
Statement of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual Police Asset Forfeitures
For the year ended June 30, 2024
(Dollars in Thousands)
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Use of money and property ‐$ ‐$ 2$ 2$
Total revenues ‐ ‐ 2 2
EXPENDITURES:

Current:

Public safety
Police ‐ 429 ‐ 429
Total expenditures ‐ 429 ‐ 429
REVENUES OVER (UNDER)
EXPENDITURES ‐ (429) 2 431
Net change in fund balances ‐$ 429$ 2 431$
FUND BALANCES:

Beginning of year 427
End of
year 429$
Budgeted Amounts
142
City of Mountain View
Statement of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual Grants
For the year ended June 30, 2024
(Dollars in Thousands)
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Use of money and property ‐$ ‐$ 487$ 487$
Intergovernmental 1,821 1,888 2,931 1,043
Other 450 450 ‐ (450)
Total revenues 2,271 2,338 3,418 1,080
EXPENDITURES:

Current:

Public safety
Police 175 242 242 ‐
Community development 3,206 19,138 528 18,610
Total expenditures 3,381 19,380 770 18,610
REVENUES OVER (UNDER)
EXPENDITURES (1,110) (17,042) 2,648 19,690
Net change
in fund balances 3,381$ 19,380$ 2,648 19,690$
FUND BALANCES:

Beginning of year 27,204
End of year 29,852$
Budgeted Amounts
143
City of Mountain View
Statement of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual Cable Television
For the year ended June 30, 2024
(Dollars in Thousands)
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Other 170$ 170$ 153$ (17)$
Total revenues 170 170 153 (17)
EXPENDITURES:

Current:

General government
City manager 195 240 123 117
Total expenditures 195 240 123 117
REVENUES OVER (UNDER)
EXPENDITURES (25) (70) 30 100
Net change in fund balances 195$ 240$ 30 100$
FUND BALANCES:

Beginning of year 795
End of
year 825$
Budgeted Amounts
144
City of Mountain View
Statement of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual Deferred Assessments
For the year ended June 30, 2024
(Dollars in Thousands)
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Total revenues ‐$ ‐$ ‐$ ‐$
EXPENDITURES:

Total expenditures ‐ ‐ ‐ ‐
REVENUES OVER (UNDER)
EXPENDITURES ‐ ‐ ‐ ‐
OTHER FINANCING SOURCES (USES):

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

Beginning of year 390
End of year 390$
Budgeted Amounts
145
City of Mountain View
Statement of Revenues, Expenditures and Changes in Fund Balances ‐ Budget and Actual Storm Drain Construction
For the year ended June 30, 2024
(Dollars in Thousands)
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Use of money and property 29$ 29$ 18$ (11)$
Charges for services 10 10 14 4
Total revenues 39 39 32 (7)
EXPENDITURES:

Total expenditures ‐ ‐ ‐ ‐
REVENUES OVER (UNDER)
EXPENDITURES 39 39 32 (7)
OTHER FINANCING SOURCES (USES):

Transfers in ‐ ‐ 25 25
Transfers out (234) (234) (234) ‐
Total other
financing sources (uses) (234) (234) (209) 25
Net change in fund balances (234)$ (234)$ (177) 18$ FUND BALANCES:

Beginning of year 449
End of year 272$
Budgeted Amounts
146
City of Mountain View
Internal Service Funds
June 30, 2024
Equipment Maintenance and Replacement Fund
The Equipment Maintenance and Replacement Fund accounts for equipment maintenance services provided to other funds and the replacement of certain equipment.

Workers' Compensation Insurance Fund
The Workers' Compensation Insurance Fund accounts for the City's self‐insurance program for workers' compensation benefits and for the administration of safety and loss prevention programs.

Unemployment Self‐Insurance Fund
The Unemployment Self‐Insurance Fund accounts for State and Federal‐mandated unemployment insurance benefits for employees.

Liability Self‐Insurance Fund
The Liability Self‐Insurance Fund accounts for the City's general liability self‐insurance and property insurance programs.

Retirees' Health Plan Fund
The Retirees' Health Plan Fund accounts for the health plan contributions for retirees of the City and the funds set aside for future retirees' benefits.

Employee Benefits Plan Fund
The Employee Benefits Plan Fund accounts for the City's self‐insurance vision and other benefits for City employees. 147
City of Mountain View
Combining Statement of Net Position
Internal Service Funds
June 30, 2024
(Dollars in Thousands)
ASSETS
Current Assets:

Cash and investments 30,699$ 12,770$ 599$
Restricted cash and investments ‐ 200 ‐
Receivables:

Interest 174 65 3
Deposits and prepaid items ‐ ‐ ‐
Total current assets 30,873 13,035 602
Noncurrent:

Capital assets:

Depreciable capital assets 178 ‐ ‐
Accumulated depreciation (178) ‐ ‐
Net capital assets ‐ ‐ ‐
Total noncurrent assets ‐ ‐ ‐
Total assets 30,873 13,035 602

LIABILITIES
Current liabilities:

Accounts payable and accrued liabilities 74 172 ‐
Compensated absences ‐ current 15 ‐ ‐
Accrued self‐insurance costs ‐ current ‐ 3,220 ‐
Total current liabilities 89 3,392 ‐
Noncurrent liabilities:

Compensated absences 72 ‐ ‐
Accrued self‐insurance costs ‐ 7,647 ‐
Total noncurrent liabilities 72 7,647 ‐
Total liabilities 161 11,039 ‐
NET POSITION
Unrestricted 30,712 1,996 602
Total net position 30,712$ 1,996$ 602$
Equipment Maintenance
& Replacement
Unemployment Self‐
Insurance
Workers' Compensation
Insurance
148
Totals
4,402$ 476$ 501$ 49,447$
777 ‐ ‐ 977
24 (11) 3 258
390 ‐ ‐ 390
5,593 465 504 51,072
‐ ‐ ‐ 178
‐ ‐ ‐ (178)
‐ ‐ ‐ ‐
‐ ‐ ‐ ‐
5,593 465 504 51,072
30 3 3 282
‐ ‐ ‐ 15
634 ‐ ‐ 3,854
664 3 3 4,151
‐ ‐ ‐
72 293 ‐ ‐ 7,940
293 ‐ ‐ 8,012
957 3 3 12,163
4,636 462 501 38,909
4,636$ 462$ 501$ 38,909$
Employee
Benefits Plan
Retirees' Health
Plan
Liability Self‐
Insurance
149
City of Mountain View
Combining Statement of Revenues, Expenses and Changes in Net Position Internal Service Funds
For the year ended June 30, 2024
(Dollars in Thousands)
OPERATING REVENUES:

Charges for services 3,316$ 2,024$ 58$
Other 118 5 ‐
Total operating revenues 3,434 2,029 58
OPERATING EXPENSES:

Salaries and related expenses 1,722 ‐ ‐
Insurance claims and premiums ‐ 3,028 ‐
General and administrative 3,249 195 25
Total operating expenses 4,971 3,223 25
Operating income (loss) (1,537) (1,194) 33
NONOPERATING REVENUES (EXPENSES):

Investment income 1,044 457 20
Total nonoperating revenues
(expenses) 1,044 457 20
Income before contributions and transfers (493) (737) 53 CONTRIBUTIONS AND TRANSFERS:

Transfers in 3,490 ‐ ‐
Transfers out (1,564) ‐ ‐
Total contributions and transfers 1,926 ‐ ‐
Change in net position 1,433 (737) 53
NET POSITION:

Beginning of year 29,279 2,733 549
End of year 30,712$ 1,996$ 602$
Equipment
Maintenance &
Replacement
Workers'
Compensation
Insurance
Unemployment
Self‐
Insurance
150
Totals
5,015$ 3,906$ 44$ 14,363$
3 2,135 ‐ 2,261
5,018 6,041 44 16,624
‐ 5,906 39 7,667
4,044 ‐ ‐ 7,072
561 30 3 4,063
4,605 5,936 42 18,802
413 105 2 (2,178)
75 (38) 18 1,576
75 (38) 18 1,576
488 67 20 (602)
1,210 1,725 ‐ 6,425
‐ (1,725) ‐ (3,289)
1,210 ‐ ‐ 3,136
1,698 67 20 2,534
2,938 395 481 36,375
4,636$ 462$ 501$ 38,909$
Employee
Benefits
Plan
Liability Self‐
Insurance Retirees' Health Plan
151
City of Mountain View
Combining Statement of Cash Flows
Internal Service Funds
For the year ended June 30, 2024
(Dollars in Thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:

Cash received from customers 3,434$ 2,029$ 58$
Cash paid to suppliers for goods and services (3,582) (67) (25) Cash paid to employees for services (1,725) ‐ ‐
Claims paid ‐ (2,278) ‐
Net cash provided by (used in) operating activities (1,873) (316) 33 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:

Transfers in 3,490 ‐ ‐
Transfers
out (1,564) ‐ ‐
Borrowing received (paid to) other funds 1,287 ‐ ‐
Net cash provided by (used in)
noncapital financing activities 3,213 ‐ ‐
CASH FLOWS FROM INVESTING ACTIVITIES:

Interest received 1,048 462 20
Net cash provided by (used in) investing activities 1,048 462 20 Net cash flows 2,388 146 53
CASH AND INVESTMENTS ‐ Beginning of year 28,311 12,824 546 CASH AND
INVESTMENTS ‐ End of year 30,699$ 12,970$ 599$
RECONCILIATION OF CASH AND CASH EQUIVALENTS:

Cash and investments 30,699 12,770 599
Restricted cash and investments ‐ 200 ‐
Total cash and cash equivalents 30,699$ 12,970$ 599$ RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:

Operating income (loss) (1,537)$ (1,194)$ 33$
Adjustments to
reconcile operating income (loss) to
net cash provided by (used in) operating activities:

Changes in assets and liabilities:

Accounts receivable ‐ ‐ ‐
Deposits and prepaid items ‐ ‐ ‐
Accounts payable and accrued liabilities (333) 128   ‐ Accrued compensated absences (3) ‐ ‐
Accrued
self‐insurance costs ‐ 750   ‐
Net cash provided by (used in) operating activities (1,873)$ (316)$ 33$ Unemployment Self‐
Insurance
Workers'
Compensation
Insurance
Equipment
Maintenance &
Replacement
152
Totals
5,018$ 7,726$ 44$    18,309$
(627) (30)   (3) (4,334)
‐ (5,906) (39)   (7,670)
(4,343) ‐ ‐ (6,621)
48 1,790 2 (316)
1,210 1,725 ‐ 6,425
‐ (1,725) ‐ (3,289)
‐ (1,287) ‐ ‐
1,210 (1,287) ‐ 3,136
71 (27)   18 1,592
71 (27)   18 1,592
1,329 476   20 4,412
3,850 ‐ 481   46,012
5,179$ 476$ 501$ 50,424$
4,402 476   501   49,447
777   ‐ ‐ 977

5,179$ 476$ 501$ 50,424$
413$ 105$ 2$ (2,178)$
‐ 1,685 ‐ 1,685
(44)   ‐ ‐ (44)
(22)   ‐ ‐ (227)
‐ ‐ ‐ (3)
(299) ‐ ‐ 451
48$    1,790$ 2$ (316)$
Employee Benefits
Plan
Retirees' Health
PlanLiability Self‐Insurance
153
154
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City of Mountain View
Custodial Funds
June 30, 2024
Fire Union Custodial Fund
The Fire Union Custodial Fund accounts for money received on behalf of the Fire Union used for union activities.

Police Union Custodial Fund
The Police Union Custodial Fund accounts for money received on behalf of the Police Union used for union activities.

Flexible Benefits Plan Custodial Fund
The Flexible Benefits Plan Custodial Fund accounts for money received from employees for the employer's flexible benefits plan established under Internal Revenue Code Section 125.

Center for the Performing Arts Custodial Fund
The Center for the Performing Arts Custodial Fund accounts for money received by the Center for the Performing Arts on behalf of the event organizers.
155
City of Mountain View
Combining Statement of Fiduciary Net Position
Custodial Funds
For the year ended June 30, 2024
(Dollars in Thousands)
Total
Custodial
Funds
ASSETS
Cash and investments 35$ 20$ ‐$ ‐$ 55$
Restricted cash and investments ‐ ‐ 177 438 615
Total assets 35 20 177 438 670

LIABILITIES
Total liabilities ‐ ‐ ‐ ‐ ‐
NET POSITION
Restricted for:

Individuals, organizations, and other governments 35 20 177 438 670 Total Net Position 35$ 20$ 177$ 438$ 670$
Fire Union
Police Union
Flexible Benefits
Plan
Center For the
Performing Arts
156
City of Mountain View
Combining Statement of Changes in Fiduciary Net Position Custodial Funds
For the year ended June 30, 2024
(Dollars in Thousands)
Total
Custodial
Funds
ADDITIONS:

Fees and others collected 50$ 17$ 59$ 277$ 403$ Total additions 50 17 59 277 403
DEDUCTIONS:

Distribution to others 5 1 49 217 272
Total deductions 5 1 49 217 272
Change in net position 45 16 10 60 131
NET POSITION:

Beginning of year (10) 4 167 378 539
End of year 35$ 20$ 177$ 438$ 670$
Fire Union
Police Union
Flexible Benefits
Plan
Center For the
Performing Arts
157
158
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STATISTICAL SECTION
159
160
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CITY OF MOUNTAIN VIEW, CALIFORNIA
Statistical Section
For the Fiscal Year Ended June 30, 2024
This section 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.

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.

Revenue Capacity
These schedules contain information to help the reader assess the City's most significant local revenue source, the property tax.

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.

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.

Operating Information
These schedules contain service and infrastructure data to help the reader understand how the information in the City's financial report relates to the services the City provides and the activities it performs.

Sources
Unless otherwise noted, the information in these schedules is derived from the Annual Comprehensive Financial Reports for the relevant year.
161
Schedule 1
Fiscal Year Ended June 30,
2015 2016 2017 2018
Governmental activities
Net investment in capital assets 454,939 $    450,011 $    446,280 $    450,851 $ Restricted 194,850      256,471      319,980      382,993 Unrestricted (3,057) (11,492)       20,918         (42,935)       (1) Total governmental activities net position 646,732 $    ‐ 694,990 $    ‐ 787,178 $    790,909 $ Business‐type activities
Net investment in capital assets 84,170 $      82,555 $      80,809 $      79,783 $ Unrestricted 32,410         38,244         51,586         78,278 Total business‐type activities net position 116,580 $    ‐ 120,799 $    ‐ 132,395 $    ‐ 158,061 $ Primary government
Net investment in capital assets 539,109 $    532,566 $    527,089 $    530,634 $ Restricted 194,850      256,471      319,980
382,993
Unrestricted 29,353         26,752         72,504         35,343         (1) Total primary government net position 763,312 $    ‐ 815,789 $    ‐ 919,573 $    948,970 $ (1) The Unrestricted Net Position decreased in fiscal year ended June 30, 2018 due to the implementation of GASB No. 75.
(2) The Unrestricted Net Position restated in fiscal year ended June 30, 2021 due to the implementation of GASB No. 87.

CITY OF MOUNTAIN VIEW, CALIFORNIA
Net Position by Component
Last Ten Fiscal Years
(Dollars in Thousands)
162
Schedule 1
Fiscal Year Ended June 30,
2019 2020
2021
2022 2023 2024
466,424$       467,378$       467,855$        502,737$       555,678$         583,085$ 463,224         516,825         562,840          624,062         626,817           703,859 (31,615)          (1,976)            8,772               (2) 66,457           100,514           81,242 898,033$       982,227$       1,039,467$     1,193,256$    1,283,009$      1,368,186$ 86,332$         89,969$         86,020$          87,218$         92,486$           99,104$ 82,193           93,692           106,155          124,051         141,036           148,063 168,525$       183,661$       192,175$        211,269$       233,522$         247,167$ 552,756$       557,347$       553,875$        589,955$       648,164$         682,189$ 463,224         516,825         562,840          624,062         626,817           703,859 50,578           91,716           114,927          190,508         241,550           229,305 1,066,558$    1,165,888$    1,231,642$     1,404,525$    1,516,531$      1,615,353$ 0 200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
($ 000)
CITY OF MOUNTAIN VIEW, CALIFORNIA
Net Position by Component
Primary Government
Net investment in capital assets Restricted Unrestricted (as restated)
163
Schedule 2
Fiscal Year Ended June 30,
2015 2016 2017 2018
Expenses
Governmental activities
General government 33,782 $       35,510 $      38,460 $      44,602 $ Public safety 51,946 53,538 57,759 66,688
Public works 30,630 31,052 29,541 36,057
Community development 10,501 11,991 13,564 18,206
Culture and recreation 30,083 30,105 31,275 35,698
Interest on long term debt 2,178 1,860 1,732            1,633 Total governmental activities expenses 159,120 164,056 172,331       202,884 Business‐type activities
Water 26,001 27,809 30,459 35,101
Wastewater 15,433 17,332 18,250 17,294
Solid Waste 11,199 11,945 11,762 13,235
Total business‐type activities expenses 52,633 57,086 60,471 65,630 Total
primary government expenses 211,753 $     221,142 $    232,802 $    268,514 $ Program Revenues
Governmental activities
Charges for services
General government 26,852 $       28,846 $      34,198 $      39,415 $ Public safety 1,849 1,643 1,205            1,333
Public works 10,122 3,911 3,165            3,546
Community development 10,487 11,941 14,055 20,485
Culture and recreation 5,313 5,106 5,057            5,315 Operating grants and contributions 4,756 4,297 3,902            3,265 Capital grants and contributions 21,895 31,291 68,541 68,479 Total government activities program revenues 81,274 87,035 130,123     141,838 Business‐type activities
Charges for services:

Water 26,914 27,953 33,847 40,571
Wastewater 15,925 19,730 22,818 22,369
Solid Waste 12,462 13,125 14,053 14,870
Operating grants and contributions ‐ ‐ ‐ ‐
Capital grants and contributions 552 385 2,443            12,761 Total business‐type activities program revenues 55,853 61,193 73,161 90,571 Total primary government program revenues 137,127 $     148,228 $    203,284 $    232,409 $ Net (Expense) Revenue
Governmental activities (77,846) $      (77,021) $     (42,208) $     (61,046) $ Business‐type
activities 3,220 4,107 12,690 24,941
Total primary government net expense (74,626) $      (72,914) $     (29,518) $     (36,105) $ (1) California Water and Wastewater Arrearage Payment Program funding received in Fiscal Year 2021‐22 applied to delinquent water and wastewater bills during the COVID‐19 pandemic.

CITY OF MOUNTAIN VIEW, CALIFORNIA
Changes in Net Position
Last Ten Fiscal Years
(Dollars in Thousands)
164
Schedule 2
Fiscal Year Ended June 30,
2019 2020 2021 2022 2023 2024
46,797 $      48,167 $      51,531 $      50,952 $      57,508 $       68,714 $ 70,435 76,853 77,385 62,335 87,425         95,753
35,195 40,789 39,487 42,119 51,273         46,972
18,859 20,423 17,143 15,726 21,303         19,081
35,619 58,221 35,164 33,840 40,854         45,265
3,971           4,278           4,176           4,179           4,303 3,918 210,876      248,731      224,886      209,151      262,666       279,703 35,868 37,522 36,981 32,425 35,284         43,734
19,526 20,109 21,848 22,359 22,472
28,181
13,682 15,077 13,573 12,543 15,255         15,190
69,076 72,708 72,402 67,327 73,011         87,105
279,952 $    321,439 $    297,288 $    276,478 $    335,677 $     366,808 $ 53,704 $      39,191 $      43,087 $      59,868 $      54,643 $       52,215 $ 1,407           1,270           801              823              1,038 1,099 3,906           2,916           3,397           3,553           2,333 6,273 18,266 15,229 13,123 14,352 13,149         6,768

5,741           4,993           4,903           6,664           7,841 8,736 5,111           6,637           4,572           20,073 15,452         6,086 62,861 81,176 56,217 94,132 35,641         21,853
150,996      151,412      126,100      199,465      130,097       103,030 34,844 38,092 38,205 36,373 36,760         43,175
23,513 25,850 22,962 27,347 29,965         33,247
15,588 15,837 14,731 14,967 15,693         16,543
‐ ‐ ‐ 546
(1) 4 10
2,636           5,014           5,033           9,465           10,987         2,866 76,581 84,793 80,931 88,698 93,409         95,841
227,577 $    236,205 $    207,031 $    288,163 $    223,506 $     198,871 $ (59,880) $     (97,319) $     (98,786) $     (9,686) $       (132,569) $   (176,673) $ 7,505           12,085 8,529           21,371 20,398         8,736 (52,375) $     (85,234) $     (90,257) $     11,685 $      (112,171) $   (167,937) $ 165
Schedule 2
Fiscal Year Ended June 30,
2015 2016 2017 2018
General Revenues and Other Changes in Net Position
Governmental activities
Taxes:

Property taxes 64,954 $      71,563 $      86,373 $      92,478 $ Sales taxes 19,773 21,401 21,829         20,713
Transient occupancy tax 6,559 6,591 7,043 7,057
Utility users tax 7,988 9,898 8,573 8,136
Nonregulatory franchise and business 4,793 4,954 4,997 5,364 Intergovernmental revenue 209 211 219               228 Investment income 4,944 8,551 1,314 1,459
Other 575 1,724 2,859 ‐
Transfers 256 386 1,189 (588)
Total government activities 110,051 125,279 134,396      134,847 Business‐type activities
Investment income 349 498 95                137
Transfers (256) (386) (1,189)          588
Total business‐type activities 93 112 (1,094)          725 Total primary government 110,144 $    125,391 $    133,302 $    135,572 $ Change in Net Position
Change in net position before extraordinary
and special items:

Governmental activities 32,205 $      48,258 $      92,188 $      73,801 $ Business‐type activities 3,313 4,219 11,596 25,666
Total primary government 35,518        52,477        103,784      99,467 Change in
net position 35,518 $      52,477 $      103,784 $    99,467 $ CITY OF MOUNTAIN VIEW, CALIFORNIA
Changes in Net Position
Last Ten Fiscal Years
(Dollars in Thousands)
166
Schedule 2
Fiscal Year Ended June 30,
2019 2020 2021 2022 2023 2024
95,420 $      107,192 $    119,678 $    128,861 $    143,153 $    153,598 $ 25,058        19,792        18,284        23,456        25,394        24,492 7,051 5,602 1,918 4,437 9,522 7,961
7,850 7,870 7,654 8,717 9,672 7,648
5,549 7,886 9,408 11,784        11,789        11,766 219              245              242              281              270              293 26,411        33,613        1,056 (14,108)       23,594        57,607 ‐ ‐ ‐ ‐ ‐ ‐
(554) (687) (9) 47 (1,072)         (1,515)
167,004      181,513      158,231      163,475      222,322      261,850 2,405 2,364 (24) (2,230) 783              3,394
554              687              9 (47)               1,072 1,515 2,959 3,051 (15) (2,277) 1,855 4,909
169,963 $    184,564 $    158,216 $    161,198 $    224,177 $    266,759 $ 107,124 $    84,194 $      59,445 $      153,789 $    89,753 $      85,177 $ 10,464 15,136 8,514 19,094
22,253 13,645
117,588      99,330        67,959        172,883      112,006      98,822 117,588 $    99,330 $      67,959 $      172,883 $    112,006 $    98,822 $ 167
Schedule 3
Fiscal Year Ended June 30,
2015 2016 2017 2018
General
Fund
Nonspendable 1,847 $         523 $            541 $            407 $ Restricted ‐ ‐ 410              420
Committed 53,622         53,399         58,655         68,483 Assigned 1,294           1,860           2,094           2,202 Unassigned 44,395 52,459 56,979          55,913
Total General Fund 101,158 $    108,241 $    118,679 $    127,425 $ All Other Governmental Funds
Nonspendable 69 $              57 $              64 $              60 $ Restricted 228,910 256,281 318,281        382,132
Committed 930              4,149 17,027         10,553
Unassigned (18) (3) ‐ (55)
Total all
other governmental funds 229,891 $    260,484 $    335,372 $    392,690 $ CITY OF MOUNTAIN VIEW, CALIFORNIA
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Dollars in Thousands)
168
Schedule 3
Fiscal Year Ended June 30,
2019 2020 2021 2022 2023 2024
519$            3,757$         4,292$         835$            1,960$         7,059$ 424              430              437              436              445              442 74,881         83,827         83,453         96,704         100,554       92,519 2,819           4,604           4,044           5,920           6,479           5,293 64,539         59,394         67,792         93,390         127,142       133,341 143,182 $    152,012 $    160,018 $    197,285 $    236,580 $    238,654 $ 72$              17,051$       17,060$       72$              75$              144$ 532,282       586,008       632,852       696,443       696,079       775,590 8,175           13,318         20,869         36,067         34,634         23,024 (128) ‐ ‐ ‐ ‐ ‐
540,401 $    616,377$    670,781$    732,582 $    730,788 $    798,758 $ 0 50,000
100,000
150,000
200,000
250,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
($ 000)
CITY OF MOUNTAIN VIEW, CALIFORNIA
Fund Balance for General Fund
Nonspendable Restricted Committed Assigned Unassigned
169
Schedule 4
2015 2016 2017 2018
2019
Revenues
Taxes 107,135 $    116,783 $    131,921 $    136,206 $    146,048 $ Licenses, permits and fees 31,421 28,136 12,554          17,202         14,688 Fines and forfeitures 920 697 872               912              979 Use of money and property 14,932 19,730 17,508          20,228         45,389 Intergovernmental 6,255 6,415 4,590            5,706           7,062 Charges for services 24,323 27,882 27,330          30,077         32,594 Developer fees and contributions ‐ ‐ 57,628         (1) 60,239         52,291 Other 5,091 7,681 6,233            7,055           17,052 Total Revenues 190,077 207,324 258,636 277,625 316,103
Expenditures
Current:

General government 31,714 34,269 37,379 43,432 44,284 Public safety 52,457 54,790 56,893 65,276 65,968 Public works 10,098 11,924 12,852 16,229 16,400 Community development 10,275 11,941 13,304 18,099 17,988 Culture and recreation 22,899 23,979 24,707 29,257 28,315 Capital outlay 28,080 17,914 16,495 32,688 39,817 Debt service:

Principal 5,535 7,187 4,782            3,355           3,453 Interest and fiscal charges 2,056 1,936 1,782            1,673           2,847 Total Expenditures 163,114 163,940 168,194 210,009       219,072 Excess (deficiency) of revenues
over (under) expenditures 26,963 43,384 90,442
67,616         97,031
Other Financing Sources (Uses)
Sale of capital assets 1,910 1,950 2,894            1,821           ‐ Issuance of bonds ‐ ‐ ‐ ‐ 63,800
Bond premium ‐ ‐ ‐ ‐ 6,416
Payment to refund bond escrow agent ‐ ‐ ‐ ‐ ‐
Lease and SBITA financing ‐ ‐ ‐ ‐ ‐
Transfers in 33,286 42,300 57,452          96,599         82,995 Transfers (out) (39,283) (49,958) (65,462)       (99,972)       (86,774) Total other financing sources (uses) (4,087) (5,708) (5,116) (1,552)          66,437 Net Change in fund balances 22,876 $      37,676 $      85,326 $      66,064 $      163,468 $ Debt service as a percentage of
noncapital expenditures 5.6% 6.1% 4.3% 2.8% 3.5%
(1) Beginning the fiscal year ended June 30, 2017, the City reclassified Developer fees & contributions from various revenue line items.  The City elected not to reclassify prior years' balances.

Fiscal Year Ended June 30,
(Dollars in Thousands)
Last Ten Fiscal Years
Changes in Fund Balances of Governmental Funds
CITY OF MOUNTAIN VIEW, CALIFORNIA
170
Schedule 4
.
2020 2021 2022 2023 2024
149,433 $    160,404 $    182,055 $    197,855 $    204,770 $ 12,368         12,521         11,867         11,835         11,044 768              312              316              506              506 52,008         22,833         18,359         54,272         86,615 6,397           8,251           22,079         16,470         18,321 30,479         27,642         32,495         32,864         27,755 66,709         45,890         85,585         29,559         6,399 6,903           7,509           15,448         7,487           9,409 325,065      285,362      368,204      350,848      364,819 46,303         49,541         53,605         55,564         65,138 69,665
71,579         75,243         78,556         83,768
16,875         18,548         21,245         23,339         23,429 20,062         16,828         17,981         21,305         18,413 52,912         27,192         30,584         33,219         35,918 24,490         29,699         74,108         93,942         56,721 1,927           1,997           2,135           2,403           3,039 4,533           4,437           4,439           4,599           4,172 236,767      219,821      279,340      312,927      290,598 88,298         65,541         88,864         37,921         74,221 ‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ 21,565
‐
‐ ‐ ‐ ‐ ‐
‐ ‐ ‐ (21,100)       ‐
‐ ‐ 6,549           4,790           474
143,720      58,910         114,413      131,160      131,943 (147,212)     (62,041)       (108,553)     (136,835)     (136,594) (3,492)         (3,131)         12,409         (420) (4,177) 84,806 $      62,410 $      101,273 $    37,501 $      70,044 $

3.0% 3.3% 3.0% 3.0% 3.0%
Fiscal Year Ended June 30,
171
Schedule 5
Real Property
Fiscal Residential Commercial Industrial
Year Property Property Property Other
2014‐15 11,604,492$       3,392,658$         2,671,439$         925,685$ 2015‐16 12,697,503 3,633,892 3,381,658 1,016,306
2016‐17 14,015,191         4,794,158 3,420, 298 1,125,702 2017‐18 15,613,793         5,376,731 3,676, 616 1,072,122 2018‐19 16,641,242         6,027,299 3,944, 104 1,087,814 2019‐20 18,323,758         6,408,156 4,373, 020 1,386,810 2020‐21 20,011,424         6,971,532 4,498, 546 1,936,547 2021‐22 21,255,921         7,778,649 4,680, 879 2,537,478 2022‐23 23,103,147         8,136,153 5,125, 851 3,454,199 2023‐24 24,560,282         8,893,367 5,488, 294 3,771,063 Source: Santa Clara County Assessor
Note: Actual property value data not available in California. (1) California cities do not set their own dire ct tax rate.  The state constitution establishes the rate at 1 percent and allocates a portion of that amount, by an annual calculation, to all the taxing entities within a tax rate area.  The City of Mountain View encompasses more than 15 tax rate areas.

CITY OF MOUNTAIN VIEW, CALIFORNIA
Assessed Value
of Taxable Property
Last Ten Fiscal Years
(Dollars in Thousands)
172
Schedule 5
Less: Total Taxable
Tax‐Exempt Assessed Total Direct
Unsecured Property Value Tax Rate (1)
2,444,399$         (1,011,970)$        20,026,703$       1.00% 2,689,859 (993,411) 22,425,807 1.00%
2,972,482 (1,094,913)          25,232,918 1.00%
3,437,332 (1,145,258)          28,031,336 1.00%
2,830,453 (1,125,615)          29,405,297 1.00%
2,816,506 (1,400,344)          31,907,906 1.00%
2,969,624 (1,611,881)          34,775,792 1.00%
2,815,937 (1,487,266)          37,581,597 1.00%
2,873,920 (1,643,803)          41,049,467 1.00%
3,220,524 (1,650,242)          44,283,288 1.00%
0 5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
35,000,000
40,000,000
45,000,000
($ 000)
CITY OF MOUNTAIN VIEW, CALIFORNIA
Total Taxable Assessed Value
173
Schedule 6
City Direct Rates
Fiscal Basic Total County of Special Total Direct
Year Rate (2) Direct Santa Clara School Districts Hospitals Districts and Overlapping 2014‐15 1.00 1.00 0.0479 0.0479 0.0747 0.1164 0.0129 0.0065 1.1291 1.1837 2015‐16 1.00 1.00 0.0476 0.0476 0.0632 0.1174 0.0129 0.0065 1.1173 1.1844 2016‐17 1.00 1.00 0.0474 0.0474 0.0772 0.0943 0.0129 0.0092 1.1338 1.1638 2017‐18 1.00 1.00 0.0597 0.0597 0.0737 0.1052 0.0100 0.0071 1.1405 1.1820 2018‐19 1.00 1.00 0.0565 0.0565 0.1015 0.1259 0.0100 0.0060 1.1640 1.1984 2019‐20 1.00 1.00 0.0557 0.0557 0.0962 0.1158 0.0100 0.0057 1.1576 1.1872 2020‐21

1.00 1.00 0.0457 0.0457 0.1110 0.1578 0.0100 0.0052 1.1619 1.2187 2021‐22 1.00 1.00 0.0576 0.0576 0.1015 0.1392 0.0100 0.0066 1.1657 1.2134 2022‐23 1.00 1.00 0.0559 0.0559 0.0854 0.1479 0.0090 0.0057 1.1470 1.2185 2023‐24 1.00 1.00 0.0538 0.0538 0.0783 0.1259 0.0050 0.0053 1.1374 1.1900 Source: County of Santa Clara
(1) Overlapping rates are those of local and county governments that apply to property owners within the City of Mountain View. Not all overlapping rates apply to all Mountain View property owners. These are voter approved levies in addition to the 1 percent State levy. (2) The City's share of the basic state wide property tax rate can only be increased by a 2/3 vote of the City's residents.

Overlapping Rates (1)
CITY OF MOUNTAIN VIEW, CALIFORNIA
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
(Rate per $100 of assessed value)
174
Schedule 7
Fiscal Year 2023‐24 Fiscal Year 2014‐15
Percentage Percentage
of Total City of Total City
Taxable Taxable Taxable Taxable
Assessed Assessed Assessed Assessed
Taxpayer Value Rank Value Value Rank Value
Google LLC $ 7,721,996     1 17.4% $ 2,429,936     1 12.1% Baccarat Shoreline LLC 694,944         2 1.6% 184,411        3 0.9% Sobrato Interests 406,680         3 0.9% ‐ ‐
Nor Cal Plymouth Realty LLC 230,079         4 0.5% ‐ ‐ Microsoft Corporation 209,116         5 0.5% 104,114        6 0.5% P A Charleston Road LLC 122,489         6 0.3% 103,957        7 0.5% Intuit Inc. 439,304         7 1.0% 171,147        5 0.8% Richard T. Peery Trustee and Et Al 119,706         8 0.3% 135,374       4 0.7% Orion V Sac Village Office Property LLC 655,972         9 1.5% ‐ ‐ IL SH Hotel LLC 143,096         10 0.3% ‐ ‐
HCP Life Science REIT Inc. ‐ ‐ 332,894        2 1.7% Richard M. & Beverly Salado Trustee ‐ ‐ 77,362          8 0.4% 400 Castro St. Inc. ‐ ‐ 71,724          9 0.4%
SIC‐Mountain Bay Plaza LLC ‐ ‐ 54,747          10 0.3% Subtotal $ 10,743,382   24.3% $ 3,665,667     18.3%
Fiscal Year 2023‐24 Total Net Assessed Valuation: $ 44,283,288 Fiscal Year
2014‐15 Total Net Assessed Valuation: $ 20,026,703
Source: Santa Clara County Assessor Fiscal Year Combined Tax Rolls.

Ranking based on Tax Revenue.

CITY OF MOUNTAIN VIEW, CALIFORNIA
Principal Property Tax Payers
Current Year and Nine Years Ago
(Dollars in Thousands)
175
Schedule 8
CITY OF MOUNTAIN VIEW, CALIFORNIA
Property Tax Levies and Collections
Last Ten Fiscal Years
(Dollars in Thousands)
Percent Delinquent Total
Fiscal Taxes Current of Levy Tax Taxes Percent
Year Levied (1) Collections (2) Collected Collections Collected of Levy 2014‐15 64,954$          64,954$               100% ‐ 64,954$             100% 2015‐16 71,563 71,563                 100% ‐ 71,563               100% 2016‐17 86,373 86,373                 100% ‐ 86,373               100% 2017‐18 92,478 92,478                 100% ‐ 92,478               100% 2018‐19 95,420 95,420                 100% ‐ 95,420               100% 2019‐20 107,192
107,192               100% ‐ 107,192             100% 2020‐21 119,678          119,678               100% ‐ 119,678             100% 2021‐22 128,861          128,861               100% ‐ 128,861             100% 2022‐23 143,153          143,153               100% ‐ 143,153             100% 2023‐24 153,598          153,598               100% ‐ 153,598             100% Source:  City of Mountain View
(1) Levies include real and personal property.  Amount excludes Special Assessments and the penalties and fees on delinquent Special Assessments.
(2) The City selected to participate in the "Teeter" plan offered by the County whereby cities receive 100 percent of the taxes levied in exchange for foregoing any interest and penalties collected on delinquent taxes.

The "Teeter" plan does not apply to Special Assessment Districts. 176
177
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Schedule 9
CITY OF MOUNTAIN VIEW, CALIFORNIA
Ratio of Outstanding Debt by Type
Last Ten Fiscal Years
(Dollars in Thousands)
Governmental Activities
Tax Certificates Special
Fiscal Allocation of Bank Lease SBITA Assessment
Year Bonds Participation Loan Liabilities Liabilities Debt 2014‐15 34,550$          2,530 $       9,293 $      ‐$               ‐$               208 $ 2015‐16 32,955 ‐ 6,265 ‐                  ‐                  174 2016‐17 31,290             ‐ 3,187 ‐                  ‐                  134 2017‐18 29,555             ‐ 1,607 ‐                  ‐                  95 2018‐19 97,863             (3) ‐ ‐                  ‐                  ‐                  49 2019‐20 95,756             ‐ ‐                  ‐                  ‐                  12 2020‐21 93,554             ‐ ‐                  ‐                  ‐                  ‐ 2021‐22 91,252             ‐ ‐                 6,499        ‐                  ‐ 2022‐23 89,885             ‐ ‐                 3,817        1,308        (5) ‐ 2023‐24 87,574             ‐ ‐                 3,946        395            ‐ Sources: City of Mountain View
State of California, Department of Finance (population) U.S. Department of commerce, Bureau of the Census (income) (1) Includes the City of Palo Alto Loan.  See Note 7 for additional information. (2) See Schedule 14 (Demographic Statistics) for personal income and population data. (3) Includes 2018 SRPC Revenue Bonds, Series A and Series B (2018 Bonds). (4) Personal income data for Fiscal Year 2023‐24 is not available until May of 2025. (5) Fiscal Year 2022‐23 restated to include SBITA liabilities. 178
Schedule 9
WasteWater Total Percentage
Water Direct Primary of Personal Per
Bonds (1) Financing Government Income (2) Capita (2)
9,955$       ‐$                   56,536$   0.96% 0.72
9,355 ‐ 48,749 0.76% 0.61
8,740 ‐ 43,351 0.59% 0.54
8,110 ‐ 39,367 0.49% 0.49
7,470 59                  105,441 1.21% 1.30
6,810 9,521            112,099 1.17% 1.36
6,135 8,979            108,668 1.13% 1.31
5,445 8,419            111,615 0.96% 1.33
4,735 7,840            107,585 0.88% 1.27
4,005 7,241            103,161 (4) 1.19
Business‐Type
Activities
0 20,000
40,000
60,000
80,000
100,000
120,000
2014‐15 2015‐16 2016‐17 2017‐18 2018‐19 2019‐20 2020‐21 2021‐22 2022‐23 2023‐24 ($ 000)
CITY OF MOUNTAIN VIEW, CALIFORNIA
Outstanding Debt by Activity Type
Total Government Total Business
179
Schedule 10
CITY OF MOUNTAIN VIEW, CALIFORNIA
Ratio of General Bonded Debt Outstanding
Last Ten Fiscal Years
(Dollars in Thousands)
General Bonded Debt Outstanding
Percentage of
Tax Actual Taxable
Fiscal Allocation Value of Per
Year Bonds Total Property Capita (1)
2014‐15 34,550$          34,550$          0.17% 0.44
2015‐16 32,955 32,955 0.15% 0.41
2016‐17 31,290            31,290 0.12% 0.39
2017‐18 29,555            29,555 0.11% 0.37
2018‐19 97,863            (2) 97,863 0.33% 1.21
2019‐20 95,756            95,756 0.30% 1.16
2020‐21 93,554            93,554 0.27% 1.13
2021‐22 91,252            91,252 0.24% 1.09
2022‐23 89,885            89,885 0.22% 1.06
2023‐24 87,574            87,574 0.20% 1.01
(1) Per capi
ta numbers are restated as updated population numbers are available. (2) Total bonds outstanding increased due to issuance of 2018 SRPC Revenue Bonds, Series A and Series B.
180
Schedule 11
CITY OF MOUNTAIN VIEW, CALIFORNIA
Direct and Overlapping Governmental Activities Debt
As of June 30, 2024
2023‐24 Assessed Valuation:  $44, 283,287,677 (A)
Total Debt City’s Share of
OVERLAPPING TA
X AND ASSESSMENT DEBT: 6/30/24 % Applicable (1) Debt 6/30/24 Santa Clara County $956,770,000 6.709% $  64,189,699 Foothill‐DeAnza Community College District 640,179,446 18.902 121,006,719 Fremont Union High School District 737,130,088 0.437 3,221,258 Mountain View‐Los Altos Union High School District 261,055,373 58.377 152,396,295 Los Altos School District 132,000,000 17.460 23,047,200 Mountain View School District 485,000 86.002 417,110 Sunnyvale School District 251,455,820 0.951 2,391,345 Mountain View‐Whisman School Distri
ct 350,765,000 91.130 319,652,145
Whisman School District 2,221,984 98.573 2,190,276
El Camino Hospital District 102,186,937 33.119 33,843,292 Midpeninsula Regional Open Space District 80,700,000 10.900 8,796,300 Shoreline Regional Park Community 82,350,000            100.000 82,350,000 Santa Clara Valley Water District Benefit Assessment District 29,235,000 6.709     1,961,376 TOTAL OVERLAPPING TAX AND ASSESSMENT DEBT $815,463,015
DIRECT AND OVERLAPPING GENERAL FUND DEBT:

Santa Clara County General Fund Obligations $1,057,709,440 6.709% $  70,961,726 Santa Clara County Pension Obligation Bonds 323,733,582 6.709 21,719,286 Santa Clara County Board of Education Certificates of Participation 12,073,098 6.709 809,984 Mountain View‐Los Altos Union High School District General Fund Obligations 1,452,406 58.377 847,871 Los Altos School District Certificates of Participation 1,191,066 17.460 207,960 City of Mountai
n View ‐ 100.000 ‐
Midpeninsula Regional Park District General Fund Obligations 79,795,600 10.900 8,697,720 Santa Clara County Vector Control District Certificates of Participation 945,000 6.709           63,400 TOTAL OVERLAPPING GENERAL FUND DEBT $103,307,947
Less:  Santa Clara County supported obligations        178,459 TOTAL NET DIRECT AND OVERLAPPING GENERAL FUND DEBT $103,129,488 TOTAL DIRECT DEBT $91,913,894 (3) (4)
TOTAL GROSS OVERLAPPING DEBT $918,770,962
TOTAL NET OVERLAPPING DEBT $918,592,503
GROSS COMBINED TOTAL DEBT $923,993,856 (2) (3)
NET COMBINED TOTAL DEBT $923,815,397 (2) (3)
(1) The percentage of overlapping debt applicable to the city is estimated using taxable assessed property value.  Applicable percentages were estimated by de
termining the portion of the overlapping district's assessed value that is within the boundaries of the city divided by the district's total taxable assessed value. (2) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue bonds and non‐bonded capital lease oblig
ations.
(3) Includes unamortized premium of $5,222,894 for direct debt. (4) Includes lease and SBITA liabilities.

Ratios to 2023‐24 Assessed Valuation:

Total Overlapping Tax and Assessment Debt .................................... 1.84% Total Direct Debt   ........................................................................ 0.21% Gross Combined Total Debt .............................................................. 2.09% Net Combined Total Debt ................................................................. 2.09% Source: California Municipal Statistics, Inc.
(A)The assessed valuation number provided by Santa Clara County Assessor. 181
Schedule 12
2014‐15 2015‐16 2016 ‐17 2017 ‐18
Debt limit 3,004,005 $   3,363,871 $   3,784,938$    4,204,700 $ Total net debt applicable to limit ‐ ‐ ‐ ‐
Legal debt margin 3,004,005 $   3,363,871 $   3,784,938$    4,204,700 $ Total net debt applicable to the limit
as a percentage of debt limit 0.0% 0.0% 0.0% 0.0%
(1) Source:  Santa Clara County Assessor.
(2) The legal debt margin for the City of Mountain View, California, is calculated using a debt limit of 15 percent of the assessed value of property within the city limits.

CITY OF MOUNTAIN VIEW, CALIFORNIA
Legal Debt Margin Information
Last Ten Fiscal Years
(Dollars in Thousands)
Fiscal Year
182
Schedule 12
Legal Debt Margin Calculation for Fiscal Year 2023‐24
Assessed value (net) ‐ June 30, 2024 (1) $ 44,283,288
Debt limit:  15% of assessed value 6,642,493
Less total bonded debt, general obligation ‐
Legal debt margin (2) $ 6,642,493
2018‐19 2019‐20 2020‐21 2021‐22 2022‐23 2023 ‐24
4,410,795 $   4,786,186 $   5,216,369 $   5,637,240 $   6,157,420 $   6,642,493$ ‐ ‐ ‐ ‐ ‐ ‐
4,410,795 $   4,786,186 $   5,216,369 $   5,637,240 $   6,157,420 $   6,642,493$

0.0% 0.0% 0.0%

0.0% 0.0% 0.0%
Fiscal Year
183
Schedule 13
Less: Net
Fiscal Gross Operating Available
Year Revenues (1) Costs (2) Revenues Principal Interest Coverage 2014‐15 27,504$ 21,671$ 5,833$ 335$ 291$ 9.3 2015‐16 28,479 23,472 5,007 350 277 8.0 2016‐17 36,005 25,894 10,111 365 263 16.1 2017‐18 48,005 30,746 17,259 380 248 27.5 2018‐19 37,520 31,425 6,095 390 234 9.8 2019‐20 42,135 32,544 9,591 410 219 15.2 2020‐21 40,978 31,733 9,245 425 202 14.7 2021‐22 41,390 27,507 13,883 440 184 22.2 2022‐23 40,
246 30,123 10,123 460 166 16.2 2023‐24 46,714 38,163 8,551 480 146 13.7 Note: Details regarding the City's outstanding debt can be found in the notes to the financial statements. (1) Gross revenues include developer capital contribution fees, non‐operating interest earnings and transfers in. (2) Operating costs exclude depr eciation or amortization.

CITY OF MOUNTAIN VIEW, CALIFORNIA
Debt Pledged‐Revenue Coverage
Last Ten Fiscal Years
(Dollars in Thousands)
Water Revenue Bonds
Debt Service
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000
($ 000)
Water Revenue Bonds
Net Revenue
Debt Service
184
Schedule 13
CITY OF MOUNTAIN VIEW, CALIFORNIA
Debt Pledged‐Revenue Coverage
Last Ten Fiscal Years
(Dollars in Thousands)
Special
Fiscal Assessment
Year Collections (1) Principal Interest Coverage
2014‐15 46$ 33$ 15$ 1.0 2015‐16 50 34 12 1.1
2016‐17 48 39 11 1.0
2017‐18 51 40 8 1.1
2018‐19 40 46 5 0.8
2019‐20 13 37 2 0.3
2020‐21 ‐ 12 2 0.0
2021‐22 ‐ ‐
‐ 0.0
2022‐23 ‐ ‐ ‐ 0.0
2023‐24 ‐ ‐ ‐ 0.0
Note: Current fiscal year de
bt service is paid from prior year collections.
(1) Collections include interest payments from property owners.

Special Assessment Bonds
Debt Service
$0
$10
$20
$30
$40
$50
$60
($ 000)
Special Assessment Bonds
Revenue
Debt Service
185
Schedule 13
Tax
Fiscal Increment
Year Revenues Principal Interest (1) Coverage
2014‐15 28,821$ 4,377$ 1,953$ 4.6 2015‐16 31,304 4,623 1,884 4.8 2016‐17 41,635 4,743 1,771 6.4 2017‐18 42,100 3,315 1,665 8.5 2018‐19 40,219 3,407 1,917 7.6 2019‐20 46,565 1,890 4,531 7.3 2020‐21 51,943 1,985 4,435 8.1 2021‐22 55,486 2,085 4,333 8.6 2022‐23 62,947 1,615 4,422 10.4 2023‐24 71,154 2,095 4,048 11.6 Note: Details regarding the City's outstanding debt can be f ound in the notes to the financial statements. (1) Includes other fiscal charges and other related costs.

CITY OF MOUNTAIN VIEW, CALIFORNIA
Debt Pledged‐Revenue Coverage
Last Ten Fiscal Years
(Dollars in Thousands)
Revenue Bonds‐Shoreline Regional Park Community
Debt Service
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
($ 000)
Revenue Bonds ‐ Shoreline Regional Park Community
Revenue Debt Service
186
Schedule 13
Less: Net
Fiscal Gross Operating Available
Year Revenues (1) Costs (2) Revenues Principal Interest Coverage 2018‐19 25,394$ 17,434$ 7,960$ ‐ $ 1$ 7,960.0 2019‐20 29,452 17,847 11,605 579 35 18.9 2020‐21 26,380 19,300 7,080 542 311 8.3 2021‐22 29,147 19,073 10,074 560 292 11.8 2022‐23 35,456 18,774 16,682 579 273 19.5 2023‐24 36,951 23,988 12,963 599 253 15.2 Note: Details regarding the City's outstanding debt can be found in the notes to th e financial statements. (1) Gross revenues include developer capital contribution fees, non‐operating interest earnings and transfers in. (2) Operating costs exclude depreciation or amortization.

CITY OF MOUNTAIN VIEW, CALIFORNIA
Debt Pledged‐Revenue Coverage
Last Ten Fiscal Years
(Dollars in Thousands)
Wastewater Direct Financing Arrangement
Debt Service
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000($ 000)
Wastewater Direct Financing Arrangement
Net Revenue
Debt Service
187
Schedule 14
CITY OF MOUNTAIN VIEW, CALIFORNIA
Demographic Statistics
Last Ten Fiscal Years
(Dollars in Thousands)
Population Per Capita
Fiscal Density Personal Personal School
Year Population (1) (Sq. Mile) (2) Income (3) Income (3) Enrollment 2014‐15 78,564 6,440 5,892,300 75 7,552 3.9%
2015‐16 79,429 6,511 6,433,749 81 7,577 4.0%
2016‐17 79,966 6,555 7,356,872 92 7,620 3.5%
2017‐18 80,104 6,566 8,010,400 100 7,678 2.9%
2018‐19 80,986 6,638 8,746,488 108 7,719 2.6%
2019‐20 82,376 6,752 9,555,616 116 7,511 9.3%
2020‐21 83,128 6,814 10,307,872 124 7,427 4.8%
2021‐22 83,856 6,818 11,655,984 139 7,294 2.3%
2022‐23 84,463 6,867 12,162,672 144 7,146 3.9%
2023‐24 86,535 7,035 (4) (4) 7,212 4.4%
Sources: Santa Clara County Office of Education.

State of California, Department of Finance.

U.S. Census Bureau.
(1) Population numbers are pr ovisional estimates as of January 1st, revised annually. (2) Population Density per square mile calculations are restated from 12.2 to 12.3 square miles starting Fiscal Year 2021‐22.
(3) Per capita personal income and unemployment rate are for Santa Clara County.

Personal income is the product of the countywide per capita amount and th e City's population. (4) Personal income data for Fiscal Year 2023‐24 is not available until May of 2025.

Unemployment
Rate (%) (3)
188
Schedule 15
Fiscal Year 2023‐24 Fiscal Year 2014‐15
Estimated Percentage Estimated Percentage
Number
of of Total City Number of of Total City
Employer Employees Rank Employment Employees Rank Employment Google LLC 24,700          1 20.4% 16,688          1 14.4% El Camino Hospital 3,400 2 2.8% 1,300 4 1.1%
Intuit Inc. 3,200 3 2.6% 1,287 5 1.1%
LinkedIn 2,500 4 2.1% 1,228 6 1.1%
Microsoft Corporation 2,300 5 1.9% 1,668 3 1.4%
Waymo LLC 1,600 6 1.3% ‐ ‐
Palo Alto/Sutter Health 1,200 7 1.0% 665                9 0.6% Bytedance 1,000 8 0.8% ‐ ‐
Nuro, Inc. 1,000 8 0.8% ‐ ‐
Wipro 900                10 0.7% ‐ ‐
Symantec/Verisign ‐ ‐
2,789 2 2.4%
Samsung Research American Inc. ‐ ‐                  1,085 7 0.9% Synopsys, Inc. ‐ ‐                  1,031 8 0.9%
City of Mountain View ‐ ‐                  534                10 0.5% Subtotal 41,800          34.6% 28,275          24.4%
Total City Daytime Population 120,900        116,000
Sources:  City of Mountain View Business License Data
Silicon Valley Business Journal
Company Representatives
CITY OF MOUNTAIN VIEW, CALIFORNIA
Principal Employers
Current Year and Nine Years Ago
189
Schedule 16
CITY OF MOUNTAIN VIEW, CALIFORNIA
Full‐Time Equivalent City Government Employees by Function Last Ten Fiscal Years
Adopted for Fiscal Year Ended June 30,
2015 2016 2017 2018
Function
General government 74.75 75.40 78.65 80.65
Public safety:

Fire:

Firefighters and Safety Officers 74.00 74.00 74.00 73.00 Civilians 5.60 5.60 4.60 5.60
Police:

Sworn Police 96.00 96.00 95.00 95.00
Civilians 44.00 44.00 45.50 46.00
Public works 54.55 56.20 57.70 62.40
Community development 34.00 38.75 41.75 49.00
Housing ‐ ‐ ‐ ‐ Culture and recreation:

Community Services 82.75 83.75 84.25 84.50
Library 30.00 30.00 29.75 29.75
Water 37.50 38.25 38.25 38.35
Wastewater 21.45 21.60 21.60 21.70
Solid Waste 14.65 14.70 14.70 14.80
Total Regular Positions 569.25 578.25 585.75 600.75
Limited‐Period Positions 10.00 12.25 17.50 19.00
Tot
al 579.25 590.50 603.25 619.75
Source: City of Mountain View
(1) Housing is a new department established in FY 2023‐24. Total FY 2023‐24 FTE includes transfer of 13.5 positions from the Community Development Department and a newly added position. 190
Schedule 16
.

Adopted for Fiscal Year Ended June 30,
2019 2020 2021 2022 2023 2024

83.65 91.65 95.15 99.15 104.60 112.10

73.00 71.00 71.00 71.00 71.00 71.00

7.60 8.60 8.60 8.60 8.60 10.60

95.00 96.00 96.00 95.00 95.00 96.00

46.00 47.50 47.50 47.50 47.50 47.50

63.90 66.90 68.90 69.90 77.00 79.50

51.00 52.00 54.00 55.00 60.00 49.50
‐ ‐ ‐ ‐ ‐ 14.50 (1)

88.50 90.50 90.50 90.50 91.25 96.25

30.75 30.75 30.75 30.75 31.75 32.25

37.35 37.35 37.85 37.85 39.70 39.70

21.70 22.70 22.70 22.70 23.50 23.00

14.80 14.80 14.80 14.80 16.10 16.10
613.25 629.75 637.75 642.75 666.00 688.00

22.50 20.00 23.50 19.50 13.25 10.00
635.75 649.75 661.25 662.25 679.25 698.00
0 100
200
300
400
500
600
700
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
FTE's
CITY OF MOUNTAIN VIEW, CALIFORNIA
Employees by Function
General government Public safety Public works Community development Housing Culture and recreation Water Wastewater Solid Waste Limited‐Period 191
Schedule 17
Function/Program 2015 2016 2017 2018
Public safety:

Fire:

Fire calls for service 5,703 5,955 6,117 6,049
Primary fire inspections conducted 1,857 2,844 (1) 1,972 (2) 1,520 Environmental safety inspections conducted 1,769 1,641 1,572 1,613 Police:

Communication Center calls answered 90,559 91,826 91,782 92,011 Police calls for service 63,093 48,875
(3) 48,515 44,188
Law violations:

Part I and Part II crimes 4,369 4,901 4,689 4,914
Physical arrests (adult and juvenile) 2,262 1,978 2,218 2,119 Traffic violations 13,745 11,821 8,233 3,563
Parking violations 5,990 6,733 8,149 12,506
Public works
Street resurfacing (miles) ‐
(5) 2.40 6.80 2.97
Potholes repaired (square feet) 1,439 1,800 3,271 1,071 Culture and recreation:

Community Services:

Recreation class participants 9,438 8,697 8,412 8,501
Performing Arts Center performances 394 399 437 555
Library:

Volumes in Collection (thousands) 337 326 329 302
Total Volumes Borrowed (thousands) 1,564 1,416 1,339 1,177 Water
Water service connection
s 17,858 17,516 18,004 18,199
Water main breaks 9 5 10 2
Average daily consumption (thousands of gallons) 8,713 6,917 7,807 8,395 Wastewater
Storm drain inlets 2,829 3,030 3,086 3,086
Sewer service connections 17,461 16,906 (6) 16,906 16,863 (7) Sewer main blockages 15 4 3 6
Average daily treatment (thousands of gallons) 6,750 6,235 6,285 7,005 Solid Waste
Landfilled (tons per year) 46,865 40,961 40,092 41,320
Recyclables Processed (tons per year) 35,465 40,499 41,649 41,381 Source: City of Mountain View
(1) Beginning in the Fiscal Year ended June 30, 2016, includes total multi‐family housing inspections completed by FEPD not previously accounted for.
(2) Lower due to vacancy and turnover in personnel, resulting in reduced staffing. (3) For the Fiscal Year ended June 30, 2016, Police calls for service number is restated. Number of calls have decreased due to the different way the new CAD system records some activities. (4) Fiscal Year ended June 30, 2023 was restarted in Fiscal Year ended June 30, 2024 due to PD using a new records management software (RMS).
(5) The City was unable to advertise and bid the surface project and therefore street resurfacing project was delayed. (6) Methodology to estimate number of sewer connections changed to reflect more accurate count. (7) Fiscal Year ended June 30, 2018 was restated in Fiscal Year ended June 30, 2019 due to incorrect figures reflected for the year.
(8) Includes curbside, multi‐
family, commercial and school recycling, yard waste, debris box recycling, MV Recycling Center, and recyclables recovered from refuse at the SMaRT station. (9) Variance, unless otherwise noted, due to the COVID‐19 public health crisis and Shelter‐in‐Place restrictions.

CITY OF MOUNTAIN VIEW, CALIFORNIA
Operating Indicators by Function/Program
Last Ten Fiscal Years
Fiscal Year Ended June 30,
192
Schedule 17
2019 2020 (9) 2021 (9) 2022 (9) 2023 2024
6,188 6,120 5,604 6,741 7,979 7,820
2,262 2,498 1,401 1,321 1,288 976
1,363 1,718 1,605 1,841 1,540 1,239
83,400 73,201 93,101 107,424 110,453 104,226
44,725 40,254 34,953 39,194 41,151 43,145
5,335 4,873 4,241 4,488 4,916
(4) 4,884
1,970 1,732 1,147 841 1,134 (4) 1,342
4,270 3,073 1,307 1,131 1,280 1,664
12,144 6,761 559 2,019 6,047 6,540

3.93 9.62 2.25 ‐ (5) ‐ (5) 2.29
3,724 2,025 780 684 4,617 3,413
9,023 2,606 2,356 8,709 11,159 11,749
504 276 274 396 397 560
308 305 283 273 260 263
1,253 961 742 1,232 1,310 1,373
18,341 18,572 18,747 18,838 18,920 18,999
87 1 5 81 37
8,341 8,823 8,950 8,265 7,574 8,260
3,086 3,086 3,242 3,242 3,253 3,256
16,990 17,373 17,373 17,373 17,428 17,487
669 8 54
7,295 7,598 6,400 6,130 6,471 6,914
47,578 42,667
(8) 35,067 31,506 28,314 26,691
42,248 36,751 35,961 34,484 34,185 35,967
Fiscal Year Ended June 30,
193
Schedule 18
2015 2016 2017 2018
Function/Program
Public safety:

Fire stations 5555
Police stations 1111
Police patrol units 38 38 38 38
Public works
Miles of streets 140.2 140.2 140.2 140.2
Street lights 4,117 4,120 4,120 4,120
Traffic Signals 83 83 83 85
Culture and recreation:

Community services:

City parks (2) 41 42 42 42
City parks acreage (2) 199.12 212.32 (3) 212.32 212.32
Playgrounds (2) 30 30 30 30
City trails (2) 5555
City trails miles (2) 9.26 9.26 9.26 9.71 (4)
Roadway landscaping acreage 120.25 120.25 120.25 120.25 Regional park acreage (including trails) (2) 796.13 784.13 784.13 784.13 Regional park facilities:

Golf courses (18 holes) 1111
Boathouse 1111
Sailing lake acreage 50 50 50 50
Clubhouse and banquet facility 1111
Historic Buildings 113 (5) 3
Community gardens 2222
Community centers 1111
Senior centers 1111
Teen Center 001 (6) 1
Sports centers 2222
Performing arts centers 1111
Swimming pools 2222
Tennis courts 35 35 35 35
Baseball/softball diamonds 6888
Soccer/football fields 14 16 16 16
Library:

City Libraries 1111
Water
Miles of water mains 176 176 177 188
Fire hydrants 2,091 2,118 2,118 2,136
Storage capacity (thousands of gallons) 38,530 38,530 38,530 38,530 Wastewater
Miles of sanitary sewers 158 158 158 158
Miles of storm sewers 109 109 109 109
Treatment capacity (thousands of gallons) (8) 15,100 15,100 15,100 15,100 Source: City of Mountain View
(1) The miles of streets are based on the certified report dated May 22, 2019 derived from the updated database. (2) Includes assets not owned by the City but maintained by the City. (3) Shoreline Athletic Fields converted 12 acres of Regional park acreage to City parks acreage in Fiscal Year ended June 30, 2016.
(4) Additions of Permanente Creek Trail Rock St to Middlefield Rd and Hetch‐Hetchy Trail between N Whisman Rd and Tyrella Ave.
(5) Includes Adobe Building and Immigrant House beginning Fiscal Year ended June 30, 2017. (6) Reflects Teen Center as a separate category beginning Fiscal Year ended June 30, 2017 (7) The miles of sanitary sewers are updated based on correction by GIS due to mischaracterization (8) The City of Mountain View owns treatment capacity at the Palo Alto Treatment Plant.

CITY OF MOUNTAIN VIEW, CALIFORNIA
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
Fiscal Year Ended June 30,
194
Schedule 18
.
2019 2020 2021 2022 2023 2024
555 5 5 5
111 1 1 1
38 38 38 38 38 38
140.1 (1) 140.1 140.1 140.1 140.1 140.1
4,270 4,270 4,270 4,270 4,270 4,270
85 86 87 88 91 92
42 42 42 44 44 45
212.32 212.32 212.59 215.80 215.80 216.30
30 30 33 35 35 36
555 5 5 5

9.71 9.71 9.71 9.71 9.71 9.71
120.25 120.25 120.25 120.25 120.25 120.25
784.13 784.13 784.13 784.13 784.13 784.13
111 1 1 1
111 1 1 1
50 50 50 50 50 50
111 1 1 1
333 3 3 3
333 3 3 3
111 1 1 1
111 1 1 1
111 1 1 1
222 2 2 2
111 1 1 1
222 2 2 2
35 35 35 35 35 35
888 8 8 8
16 16 16 16 16 16
111 1 1 1
188 188 188 188 188 188
2,136 2,136 2,117 2,117 2,118 2,126
38,530 38,530 38,530 38,530 38,530 38,530
157
(7) 157 157 157 157 157
109 109 114 114 114 114
15,100 15,100 15,100 15,100 15,100 15,100
Fiscal Year Ended June 30,
195
196
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Mountain View
Shoreline Regional
Park Community

A Component Unit of the City of
Mountain View, California

Basic Financial Statements

For the Fiscal Year Ended June 30, 2024

Prepared by:

Finance and Administrative Services Department

198
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Mountain View Shoreline Regional Park Community
Annual Financial Report
Table of Contents
Page
Indepe
ndent Auditor’s Report ......................................................................................................................................... 201 Management’s Discussion and Analysis (Required Supplementary Information ‐ Unaudited) ........................................... 205 Basic Financial Statements:

Government‐wide Financial Statements:

Statement of Net Position ................................................................................................................................................... 219 Statement of Activities ........................................................................................................................................................ 220 Fund Financial Statements:

Governmental Funds:

Balance Sheet .................................................................................................................................................................. 223 Reconciliation of the Balance Sheet of Gover nmental Funds to the Government‐wide Statement of Net Position ‐ Governmental Activities .................................................................................................. 224 Statement of Revenues, Expenditures, and Changes in Fund Balances .......................................................................... 225 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Government‐wide Statement of Activities ‐ Governmental Activities .............................................................................................................................................. 226

Statement of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual – Shoreline Regional Park Community Fund ..................................................................................................... 227 Notes to Basic Financial Statements ....................................................................................................................................... 231 Required Supplementary Information – Unaudited:

Schedule of the Shoreline Community’s Proportionate Share of the Net Pension Liability ................................................................................................................................................. 254 Sche
dule of the Shoreline Community Pension Contributions .............................................................................................. 256 Schedule of the Shoreline Community’s Proportionate Share of the Net OPEB Liability ..................................................................................................................................................... 258 Schedule of the Shoreline Community OPEB Contributions .................................................................................................. 260 Other Supplementary Information:

Shoreline Regional Park Community Fund :

Combining Balance Sheet ....................................................................................................................................................... 267 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances ............................................................... 268 Independent Auditor’s Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards .................................................................................. 269 199
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INDEPENDENT AUDITOR’S REPORT
To the Board of Directors
of the Mountain View Shoreline Regional Park Community
Mountain View, California
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the gove rnmental activities and each major fund of the Mountain View Shoreline Regional Park Community (Shoreline Community), a component unit of the City of Mountain View, California (City) as of and for the year ended June 30, 2024, and the related notes to the financial statements, which collectively comprise the Shoreline Community’s basic financial statements as listed in the table of contents.

In our opinion, the accompanying financial statements pres ent fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the Shoreline Community, as of June 30, 2024, and the respective changes in financial position thereof and the budgetary comparison for the Shoreline Regional Park Community Fund 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 st andards generally accepted in the United States of America (GAAS) and the standards applicab le to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the Un ited States. Our responsibilities under those standards are further described in the Auditor’s Resp onsibilities for the Audit of the Financial Statements section of our report. We are required to be independ ent of the Shoreline Community and to meet our other ethical responsibilities, in accordanc e 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 The 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.

To the Board of Directors
of the Mountain View Shoreline Regional Park Community
Mountain View, California

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Mountain View City CouncilDecember 17, 2024

Mountain View City Council
December 17, 2024