Rules & Legislation Committee
March 17, 2022

Informational Report on the Fiscal Year 2020‐21
Annual Comprehensive Financial Report
• Audited to assure accuracy and compliance with
accounting standards and internal controls
• Backward‐looking: reports on City finances as of June 30, 2021 (more than 9 months ago)
• Audit performed by Macias Gini & O’Connell LLP (MGO), represented today by Cynthia Pon, CPA, Engagement
Partner
• Available on the City’s website at:
https://www.oaklandca.gov/documents/financial‐
reporting
FY21 Annual Comprehensive Financial Report
Long‐term view: Net position continues to improve but
still significantly negative
‐$309.4
‐$161.1
‐$350.0
‐$300.0
‐$250.0
‐$200.0
‐$150.0
‐$100.0
‐$50.0
$0.0
2020 2021
Net position = Assets ‐ Liabilities
Millions
FY21 Annual Comprehensive Financial Report
Long‐term view: Unfunded liabilities increase following suspension of OPEB trust deposits
Millions
‐$2,500
‐$2,000
‐$1,500
‐$1,000
‐$500
$0
2017 2018 2019 2020 2021
Net pension liability Net OPEB liability
FY21 Annual Comprehensive Financial Report
Near‐term view: Consolidated General Fund balance grows due to restoration of Emergency Reserve and revenue gains Millions
$0.0
$100.0
$200.0
$300.0
$400.0
$500.0 2020 2021
Restricted Committed Assigned Unassigned
FY21 Annual Comprehensive Financial Report
Near‐term view: General Purpose Fund Emergency Reserve
restored but Vital Services Stabilization Fund will take time Millions
$40.1 $52.7
$14.9
$0.3
$0.0
$25.0
$50.0
$75.0
2020 2021
Vital Services Stabilization Reserve
General Purpose Fund Emergency Reserve