AGENDA
REGULAR JOINT MEETING OF THE OAKLEY CITY COUNCIL/OAKLEY CITY COUNCIL
ACTING AS THE SUCCESSOR AGENCY TO THE OAKLEY REDEVELOPMENT
AGENCY/OAKLEY PUBLIC FINANCING AUTHORITY
Tuesday, December 9, 2025
6:30 PM
Oakley City Council Chambers located at 3231 Main Street, Oakley, California 94561.
Unless stated otherwise on the agenda, every item on the agenda is exempt from CEQA Guidelines Sections 15060(c), 15061(b)(3), 15273, 15378, 15301, 15323 and/or Public Resources Code Section 21065.
MISSION STATEMENT: The City of Oakley will create a resilient future that fosters and attracts a vibrant and evolving community that welcomes and values all people.
VISION STATEMENT: The City of Oakley celebrates our unique Delta lifestyle and small-town feel where we Live in a safe, dynamic community, Work together to build the future, and Play in our own backyard.
Agendas are posted in Oakley at Oakley City Hall-3231 Main Street, outside the gym at Delta Vista Middle School-4901 Frank Hengel Way and outside the Library at Freedom High School-1050 Neroly Road. Agendas are also posted on the City's Internet Website www.oakleyca.gov.
A complete packet of information containing staff reports and exhibits related to each item is available for public review prior to an Oakley City Council and/or City Council Acting as the Successor Agency to the Oakley Redevelopment Agency/Oakley Public Financing Authority meeting at Oakley City Hall, 3231 Main Street, Oakley, CA 94561. Any writings or documents provided to a majority of the Oakley City Council, Oakley City Council Acting as the Successor Agency to the Oakley Redevelopment Agency or Oakley Public Financing Authority regarding any item on this agenda will be made available for public inspection, during regular business hours, in the Main Lobby of Oakley City Hall.
Agendas may be picked up at Oakley City Hall for no charge. To request information regarding placement on the City's agenda e-mail distribution list, please contact us at (925) 625-7000.
We provide social media options to stay connected to City Hall through Facebook, X, Next Door and Instagram.
If you require special accommodation, please call the City Clerk's office at (925) 625-7000 before the meeting or contact City staff at the meeting.
Please keep cell phones/electronic devices turned off during the meeting. Please be 1 1. OPENING MATTERS
1.1 Call to Order and Roll Call
1.2 Pledge of Allegiance to the Flag (Payson Valadez)
1.3 Update from the Oakley Library Manager Lisa Cano-Loomis
1.4 Proclamation Recognizing National Law Enforcement Appreciation Day (Police Chief, Paul Beard)
1.5 Award of Certificates to the 2025 Leadership Academy Graduates
2. PUBLIC COMMENTS
3. COUNCILMEMBER COMMENTS
4. CONSENT CALENDAR
advised that City Council meetings are video recorded and attendees may appear on video.
Information Regarding Public Comment
Members of the public may address the Council on items of interest that are within the City's jurisdiction. In compliance with State law, the council may not take action or have discussion on any item that is not specifically listed on the agenda. Public comment on items not listed on the agenda will be heard under the Public Comments section of the agenda. Public comments on items listed on the agenda will be heard as the Mayor calls the items. In compliance with State law, the Council may not take action on an item that is not specifically listed on the agenda. If you would like to speak on any agenda item, please fill out a public speaker card available in the lobby and submit it to the City Clerk seated in the Council Chamber prior to the agenda item being called. The Mayor will call you by name to the podium to hear your comment. PUBLIC COMMENTS ARE LIMITED TO THREE (3) MINUTES. Online public comments are accepted until 5 p.m. the day of the meeting and can be submitted at https://www.oakleyca.gov/publiccomment.
Oakley City Council/Oakley City Council Acting as the Successor Agency to the Oakley Redevelopment Agency/Oakley Public Financing Authority
Proclamation
At this time, the public is permitted to address the Oakley City Council/Oakley City Council Acting as the Successor Agency to the Oakley Redevelopment Agency/Oakley Public Financing Authority on non-agendized items.
Consent Calendar items are typically non-controversial in nature and are considered for approval by the Oakley City Council/ Oakley City Council Acting as the Successor Agency to the Oakley Redevelopment Agency/Oakley Public Financing Authority with one single action. Members of the audience, Staff or the Oakley City Council/ Oakley City Council Acting as the Successor Agency to the Oakley Redevelopment Agency/Oakley Public Financing Authority who would like an item removed from the Consent Calendar for purposes of public input may request the Mayor remove the item. The public may request to remove an item(s) to provide input by completing a public speaker card and submitting it to the City Clerk prior to the item(s) being called by the Mayor. 2 4.1 Approve Minutes from the Regular Meeting held November 12, 2025 (Kim Snodgrass, City Clerk)
4.2 Report out of Closed Session Memo (Derek Cole, City Attorney)
4.3 Consideration of a Resolution Accepting the Five-Year Development Impact Fee Report and Making Required Findings (AB 1600 Annual Report) (Jeri Tejeda, Administrative Services Director)
4.4 Adopt Resolutions Establishing the City Council Regular Meeting Dates for Calendar Year 2026 (Kim Snodgrass, City Clerk)
4.5 Adopt a Resolution Accepting Rosalina Park Associated with the Vintner View Subdivision 8836 Located south of Grapevine Lane and west of Eagle Nest Drive (Kevin Rohani P.E., Public Works Director/City Engineer)
4.6 Adopt a Resolution approving the Subdivision Improvement Agreement and Final Map for Live Oak Industrial Park (5400 Live Oak Avenue) (Kevin Rohani, P.E., Public Works Director/City Engineer)
4.7 Ratify Election: Adopt Ordinance No. 13-25 Authorizing the Levy of a Special Tax on Parcels of Land within Tax Area Zone 200 within the Oakley Special Police Tax Area for Police Protection Services for the 5401 Live Oak Avenue project located at 5401 Live Oak Avenue (APN 037-090-005-2) (Kevin Rohani, P.E., Public Works Director/City Engineer)
Minutes
Memo
Staff Report
1. Resolution
2. Five-Year Report
Staff Report
1. List of Proposed Meeting Dates for Calendar Year 2026
2. City Council Resolution Approving 2026 Meeting Dates
3. Successor Agency Resolution Approving 2026 Meeting Dates
4. Public Financing Authority Resolution Approving 2026 Meeting Dates Staff Report
1. Vicinity Map
2. Resolution
Staff Report
1. Vicinity Map
2. Resolution - Final Map
3. Resolution - SIA
5. Final Map
6 Subdivision Improvement Agreement-Draft
Staff Report
1. Ballot - Signed
2. Ordinance
2.1 Exhibit A Boundary Map
2.2 Exhibit B - Rate Schedule
3 4.8 Annexation No. 48 (5401 Live Oak Avenue) to the City of Oakley Community Facilities District No. 2015-2 (Parks, Streetlight, Landscape, and Stormwater Services) (Kevin Rohani, P.E., Public Works Director/City Engineer)
4.9 Acceptance of Construction Contract associated with Capital Improvement Project Number 321 - Fiscal Year (FY) 2025/26 Curb, Gutter, & Sidewalk Repair and Replacement Project (Kevin Rohani, P.E., Public Works Director/City Engineer)
4.10 Adopt a Resolution Approving the City's Investment Policy for Fiscal Year 2025/2026 (Jeri Tejeda, Administrative Services Director)
4.11 Adopt a Resolution Accepting the Offsite Improvements associated with Capital Improvement Project (CIP) Number 335 for Sellers Avenue Reconstruction from the Railroad Tracks to Delta Road Project related to the Sellers Subdivision 9614 Reimbursement Agreement
(Kevin Rohani, P.E., Public Works Director/City Engineer)
4.12 Adopt a Resolution Accepting the Offsite Improvements associated with Capital Improvement Project (CIP) Number 336 for Sellers Avenue Reconstruction from East Cypress Road to the Railroad Tracks Project related to the Sellers Subdivision 9614 Reimbursement Agreement (Kevin Rohani, P.E., Public Works Director/City Engineer)
5. PUBLIC HEARINGS
6. REGULAR CALENDAR
6.1 Adopt a Resolution Accepting the Annual Comprehensive Financial Report (ACFR), Memorandum on Internal Control, Required Communications and Report on Agreed Upon Procedures for Fiscal Year 2024-2025 (Jeri Tejeda, Administrative Services Director and Amy Meyer, CPA Maze and Associates) Staff Report
1. Unanimous Approval Form
2. Resolution
3. CFD 2015-2 Amended Boundary Map
4. Amendment to Notice of Special Tax Lien
Staff Report
1. Resolution
2. Notice of Completion
Staff Report
1. Resolution
2. Statement of Investment Policy
Staff Report
1. Vicinity Map
3. Resolution
Staff Report
1. Vicinity Map
2. Resolution
Staff Report
4 6.2 Adopt a Resolution Approving the 2026 City Council Committee Appointment List (Kim Snodgrass, City Clerk)
7. REPORTS
7.1 City Manager
(a) City Manager
(b) Business License Update
7.2 City Council
(a) Reports from Council Liaisons to Regional Committees, Commissions and Boards AND Oakley City Council/Oakley City Council Acting as the Successor Agency to the Oakley Redevelopment Agency
(b) Requests for Future Agendas
8. WORK SESSIONS
8.1 Bridgehead Business Park Low Properties Preliminary General Plan (PA 2025-01) - Work Session to discuss the merits of a potential project to amend the General Plan Land Use Designation of an approximately 1.36-acre site from Business Park (“BP”) to Light Industrial (“LI”) (Evan Gorman, Associate Planner)
9. PRESENTATIONS
9.1 Comments by Mayor Shaw
9.2 Presentations to Mayor Shaw
1. Office of Congressman Mark DeSaulnier (Alec Stone)
1. Resolution
2. FY 2024/2025 ACFR
3. FY 2024/2025 Memorandum of Internal Controls
4. FY 2024/2025 Required Communications
5. FY 2024/2025 Agreed Upon Procedures Investment Policy
6. FY 2024/2025 Agreed Upon Procedures GANN Limit Report
7. FY 2024/2025 TDA Financial Statement
Staff Report
1. Draft 2026 City Council Committee Appointment List
2. Proposed Resolution Approving the 2026 City Council Committee Appointment List
November New Business Licenses
Staff Report
1. Vicinity Map
2. Notice of Work Session
3. Uses Permitted in the Light Industrial Zoning District
4. Uses Permitted in Business Park Zoning Districts
5. Existing and Proposed Land Use Designations
5 2. Office of Assemblymember Lori Wilson (Nicole Cuellar-Nelson)
3. Office of Senator Christopher Cabaldon (Nicole Cuellar-Nelson)
4. Office of Supervisor Diane Burgis (Claire Alaura)
5. City Staff
10. REORGANIZATION OF THE OAKLEY CITY COUNCIL
10.1 Selection of Mayor and Vice Mayor
a) Overview of Selection Process (Derek Cole, City Attorney) b) Selection of Mayor and Vice Mayor
10.2 Administration of Oaths of Office to Newly Appointed Mayor and Vice Mayor (Kim Snodgrass, City Clerk)
11. CLOSED SESSION
11.1 CONFERENCE WITH LEGAL COUNSEL—ANTICIPATED LITIGATION Significant exposure to litigation pursuant to paragraph (2) of subdivision (d) of Section 54956.9: (One potential case based on November 3, 2025 letter from legal counsel for the Bay Area News Group to the City Attorney)
12. ADJOURN
6 Proclamation
National Law Enforcement Appreciation Day
WHEREAS, National Law Enforcement Appreciation Day was founded in 2015 by Concerns of Police Survivors (C.O.P.S.) to recognize officers across the country for the daily sacrifices they make for their communities; and
WHEREAS, Law Enforcement Officers of every rank and file have chosen a profession that puts their life on the line every day for their communities. They’ve answered a call to public service that is demanding and often unappreciated. On National Law Enforcement Appreciation Day, we have an opportunity to thank them for their service and offer a token of respect.
WHEREAS, the health and safety of the citizens of Oakley is important to the happiness, prosperity and well-being of our city’s families and community; and
WHEREAS, the City of Oakley is the proud home of dedicated police officers who put their lives on the line to keep our community safe; and
WHEREAS, these officers stand as leaders and teachers, educating the community about the importance of public safety; and
WHEREAS, the City of Oakley, appreciates the extraordinary efforts and sacrifices made by officers and their family members on a daily basis in order to protect our schools, workplaces, roadways, and homes.
NOW, THEREFORE, BE IT RESOLVED, that I, Shannon Shaw, Mayor of the City of Oakley along with the members of the Oakley City Council do hereby declare January 9, 2026, as National Law Enforcement Appreciation Day, and call this observance to the attention of all our citizens.
December 9, 2025
_____________________
Shannon Shaw, Mayor
7 MINUTES OF THE REGULAR JOINT MEETING OF THE OAKLEY CITY
COUNCIL/OAKLEY CITY COUNCIL ACTING AS THE SUCCESSOR AGENCY TO THE
OAKLEY REDEVELOPMENT AGENCY/OAKLEY PUBLIC FINANCING AUTHORITY HELD NOVEMBER 12, 2025
1. OPENING MATTERS
1.1 Call to Order and Roll Call
Mayor Shannon Shaw called the meeting to order at 6:30 p.m. Vice Mayor Hugh Henderson and Councilmembers George Fuller, Aaron Meadows and Anissa Williams were also present.
1.2 Pledge of Allegiance to the Flag (Andi Baladiang, Iron House Elementary School Student)
Andi Baladiang led the Pledge of Allegiance to the Flag.
1.3 Proclamation Recognizing Law Enforcement Records and Support Personnel Day (Paul Beard, Chief of Police)
Mayor Shaw read and presented the proclamation to Chief Beard and Police Department Staff.
1.4 Update from the Oakley Library Manager Lisa Cano-Loomis This update was rescheduled to December 9, 2025.
2. PUBLIC COMMENTS
A public comment was provided by Beth Mounce.
3. COUNCILMEMBER COMMENTS
Councilmember Fuller provided a comment.
4. CONSENT CALENDAR
4.1 Approve Minutes from the Regular Meeting held October 28, 2025 (Kim Snodgrass, City Clerk)
4.2 Report out of Closed Session Memo (Derek Cole, City Attorney) 8 4.3 City of Oakley Investment Report (1st Quarter FY 2025/26) (Jeri Tejeda, Administrative Services Director)
4.4 City of Oakley as Successor Agency to the Oakley Redevelopment Agency Quarterly Investment Report (1st Quarter FY 2025/26) (Jeri Tejeda, Administrative Services Director)
4.5 Adopt two Resolutions approving a Subdivision Improvement Agreement and Final Map for Summer Lake North (Phase 1) Village 6 Subdivision 9621 located at the northeast corner of East Cypress Road and Lake Tahoe Drive (Large Lot 6 of Subdivision 9307) (Kevin Rohani, P.E., Public Works Director/City Engineer)
4.6 Adopt a Resolution Accepting the Work Associated with Capital Improvement Project Number 280 – Laurel Road Widening (Cloverbrook Avenue to O'Hara Avenue) Project (Kevin Rohani, P.E., Public Works Director/City Engineer)
4.7 Adopt a Resolution Accepting the Frontage Improvements associated with Capital Improvement Project Number 334 for East Cypress Road Widening Project related to the Machado Subdivision 9615 Frontage Improvements (Kevin Rohani, P.E. Public Works Director/City Engineer)
4.8 Adopt a Resolution Authorizing the Designation of Applicant’s Agent Resolution for Non-State Agencies and Directing Staff to File the Form with the California Governor’s Office of Emergency Services (Cal OES) (Danielle Navarro, Assistant City Manager)
Councilmember Fuller pulled items 4.1 and 4.5.
It was moved by Councilmember Meadows and seconded by Councilmember Williams to approve the remainder of the Consent Calendar. Motion was unanimous and so ordered. (5-0)
Item 4.1
Councilmember Fuller mentioned he will vote no.
Councilmember Meadows provided a comment.
It was moved by Councilmember Meadows and seconded by Councilmember Williams to approve the minutes. Ayes: Henderson, Meadows, Shaw, Williams; Noes: Fuller (4-1) Item 4.5
Councilmember Fuller asked questions; City Manager Joshua McMurray and City Attorney Derek Cole responded.
9 Councilmember Fuller mentioned he will abstain.
It was moved by Councilmember Meadows and seconded by Vice Mayor Henderson to adopt the resolutions. Ayes: Henderson, Meadows, Shaw, Williams; Abstentions: Fuller (4-0-1)
5. PUBLIC HEARINGS
None
6. REGULAR CALENDAR
None
7. REPORTS
7.1 City Manager
(a) City Manager
(b) Business License Update
(c) Pavement Management Program Update (Mostafa Nakhaei, Project Manager)
City Manager Joshua McMurray announced the Tree Lighting will take place on December 4th. He noted that the business license update is attached to the agenda and he would defer the remainder of his time to Project Manager Mostafa Nakhaei.
Project Manager Mostafa Nakhaei provided an update on the Pavement Management Program.
Councilmembers Williams and Meadows asked questions; Mr. McMurray and Mr. Nakhaei responded.
7.2 Oakley City Council / Oakley City Council Acting as the Successor Agency to the Oakley Redevelopment Agency
(a) Reports from Council Liaisons to Regional Committees, Commissions and Boards AND Oakley City Council/Oakley City Council Acting as the Successor Agency to the Oakley Redevelopment Agency
Councilmember Meadows reported he attended the Ribbon Cutting for Chipotle and Starbucks, and the Veterans Day Ceremony.
Councilmember Fuller reported he attended the Veterans Day Ceremony. 10 Councilmember Williams reported she attended a Delta Protection Commission Special meeting, a virtual Board of Supervisors meeting, the Healthcare Literacy Council Kickoff, the Chipotle and Starbucks Ribbon Cutting, and the Mayors Conference.
Mayor Shaw provided her report out from the California League of Cities Conference.
She reported she attended the Mega Mixer, she assisted with Sign-ups for the Rotary Christmas Basket Program and mentioned the last day for sign-ups is Saturday. She also attended the Delta 6 meeting, Team California’s Meet the Consultants, the Right Care Right Way Healthcare Literacy Reception, the Ribbon Cutting for Chipotle and Starbucks, the Contra Costa Mayors Conference, Friday Night Bites, Congressman Harder’s Meet and Greet, and the Veterans Day Event. She also mentioned that she received a call from the local Press regarding a press release.
Councilmember Fuller provided a comment; City Attorney Cole mentioned his time for reports has passed.
(b) Requests for Future Agendas
None
8. WORK SESSIONS
None
9. CLOSED SESSION
9.1 CONFERENCE WITH LEGAL COUNSEL—ANTICIPATED LITIGATION Significant exposure to litigation pursuant to paragraph (2) of subdivision (d) of Section 54956.9: (One potential case based on November 3, 2025 letter from legal counsel for the Bay Area News Group to the City Attorney)
Mayor Shaw announced the Closed Session item and mentioned the meeting will adjourn after the Closed Session.
10. ADJOURN
There being no further business, the meeting was adjourned at 8:00 pm.
Respectfully submitted,
Kim Snodgrass
City Clerk
11 MEMORANDUM
City of Oakley | 3231 Main Street, Oakley, CA 94561 1
O (925) 625-7000 | F (925) 625-9859 | www.oakleyca.gov
Date: November 13, 2025
To: Mayor and City Councilmembers
From: Derek P. Cole, City Attorney
Subject: Closed Session Report-Out Memo
For Consideration at the City Council Meeting of December 9, 2025 Background and Analysis
The City Council considered the following closed session item during its Regular meeting held November 12, 2025:
CONFERENCE WITH LEGAL COUNSEL – ANTICIPATED LITIGATION
Significant exposure to litigation pursuant to paragraph (2) of subdivision (d) of Section 54956.9: (One potential case based on November 3, 2025 letter from legal counsel for the Bay Area News Group to the City Attorney) At the beginning of the closed session, the City Attorney expressed concern that Councilmember Fuller may have a conflict of interest that precludes his participation in the agendized matter.
After discussion, the City Council, by Motion of Mayor Shaw, Second of Councilmember Meadows, authorized the City Attorney to provide a responsive letter to legal counsel for the Bay Area News Group, a draft of which the City Council reviewed and approved. The Motion Passed, 4-1, with Councilmember Fuller voting against.
Fiscal Impact
None.
Recommendation
Receive and file this report.
Attachments
The authorized City Attorney letter, dated November 13, 2025, is a public record and shall be provided upon request.
12 STAFF REPORT
1 City of Oakley | 3231 Main Street, Oakley, CA 94561
O (925) 625-7000 | F (925) 625-9859 | www.oakleyca.gov
DATE: December 9, 2025
TO: Joshua McMurray, City Manager
FROM: Jeri Tejeda, Administrative Services Director
SUBJECT: Approve a Resolution accepting the Development Impact Fee Five-Year Report
Background and Analysis
State law allows the City to charge fees to offset impacts associated with new development. Along with requirements related to the amount of the fees, nexus to impacts, and specifications for use of the fees, the Law requires that the City prepare annual and five-year reports for each fee program. The annual report must include a fee schedule, beginning and ending fund balances, revenues, expenditures, and project information. The five-year report must include information showing the fees are being spent timely and include supporting information about each program’s projects that support making a number of required findings. Once prepared and made available to the Public, it must also be presented to the City Council. The attached report is the City’s Five-Year Report for the period ending June 30, 2025, containing the prescribed information for each of the City’s Impact Fee Programs.
The legal requirements for enactment of a development impact fee program are set forth in the California Government Code sections 66000-66025 (the “Mitigation Fee Act”), the bulk of which was adopted as 1987’s Assembly Bill (AB) 1600 and thus are commonly referred to as “AB 1600 requirements”. Each fiscal year the City publishes a Development Impact Fee Report meeting the requirements of both California Government Code Section 66006(b) and 66001(d). The law also requires the report to be made available to the public within 180 days of the close of a fiscal year and that it be presented to the City Council at the next regular meeting not less than 15 days after it is made available to the public. This report was made available to the public on November 17, 2025.
.
Consistency with the Oakley Strategic Plan 27+
This agenda item is consistent with the Strategic Plan 27+’s Finance and Fiscal Responsibility objective to communicate on financial updates including financial health, priorities, and unexpected expenditures.
Fiscal Impact
There is no fiscal impact associated with this item.
Approved and
Forwarded to the
City Council
13 STAFF REPORT
CITY HALL | 3231 Main Street, Oakley, CA 94561 2
O (925) 625-7000 | F (925) 625-9859 | www.CI.Oakley.CA.US Staff Recommendation
Staff recommends that the City Council approve the Resolution accepting the attached Report and making the required findings pursuant to Government Code Sections 66000 et seq.
Attachments
1. Resolution
2. Five-Year Report
14 3
City of Oakley | 3231 Main Street, Oakley, CA 94561
O (925) 625-7000 | F (925) 625-9859 | www.oakleyca.gov
15 Resolution No. XX-25 Page 1 of 2
RESOLUTION NO. XX-25
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF OAKLEY
ACCEPTING THE FIVE-YEAR DEVELOPMENT IMPACT FEE REPORT FOR THE PERIOD ENDING JUNE 30, 2025 AND MAKING REQUIRED FINDINGS AS REQUIRED BY GOVERNMENT CODE SECTIONS 66000 ET SEQ.
WHEREAS, in 1987 Assembly Bill 1600 (AB 1600) was adopted; and WHEREAS, State Law allows Cities to establish development impact fees to mitigate the impacts of new development on growing communities; and
WHEREAS, the City of Oakley did, in 2003, adopt its existing development impact fee programs; and
WHEREAS, Sections 66000 et seq. of the California Government Code contains the provisions defining parameters of development impact fees, as well as reporting and maintenance requirements to ensure the ongoing appropriateness of the fees charged; and WHEREAS, the attached Five-Year Report contains information that meets both the annual and five-year reporting requirements described in the Code; and WHEREAS, State Law also requires that every five years the Council make the following specific findings for each fee program related to that portion of the account or fund remaining unexpended, whether committed or uncommitted:
a) Identify the purpose to which the fee is to be put;
b) Demonstrate a reasonable relationship between the fee and the purpose for which it is charged;
c) Identify all sources and amounts of funding anticipated to complete financing of incomplete improvements identified in the program;
d) Designate the approximate dates on which the funding referred to in c) is expected to be deposited into the appropriate account or fund; and WHEREAS, Staff recommends the City Council accept the attached report and incorporate it herein in order to make the required findings.
16 Resolution No. XX-25 Page 2 of 2
BE IT RESOLVED by the City Council of the City of Oakley, accepts the attached Five-Year Report, and makes the following required findings for each of the City’s Development Impact Fee Programs, incorporating the information from the report into this resolution.
1. The report includes the stated purpose for each fee;
2. The report includes the amount of fees unexpended in each Fund at June 30, 2025 and sufficient detail regarding the expected use of the fees to demonstrate a reasonable relationship between the fee and the purpose for which it is charged;
3. The report includes the sources and amounts of funding anticipated to complete financing of incomplete improvements identified in each program;
4. The report was made available to the public on November 17, 2025, and within 180 days of the end of the fiscal year;
5. The report includes the approximate dates on which the funding is expected to be deposited into the appropriate account or fund to finance the incomplete improvements noted..
PASSED AND ADOPTED by the City Council of the City of Oakley this 9th day of December 2025 by the following vote.
AYES:
NOES:
ABSTENTION:
ABSENT:
APPROVED:
___________________
Shannon Shaw, Mayor
ATTEST:
____________________ ________
Kim Snodgrass, City Clerk Date
17 Five Year Report
Development Impact Fees
For the City of Oakley
For Fiscal Year Ending June 30, 2025
Development Impact fees are fees, other than a tax or special assessment, which is charged by a local government agency to an applicant in connection with approval of a development project. The purpose of these fees is to defray all or a portion of the cost of public infrastructure related to the development project.
The legal requirements for enactment of a development impact program are set forth in the California Government Code sections 66000-66025 (the “Mitigation Fee Act”), the bulk of which was adopted as 1987’s Assembly Bill (AB) 1600 and thus are commonly referred to as “AB 1600 requirements.” The annual report must be made available to the public no later than 180 days after the end of the fiscal year and must be presented to the City Council at least fifteen days after it is made available to the public. The five-year report must be made available to the public following the fifth year the fees are collected and every five years thereafter.
This report is the City's Five-Year Report for the period ended June 30, 2025.
This report includes all of the Annual Report required data, and data that supports the findings required by the Code for the five-year period. Below, and on the following pages you will find for each fee program:
1. A brief description of the program.
2. Beginning and ending balances for the year.
3. Amount of fees collected, and the interest earned during theyear.
4. Total Expenditures for the year.
5. A summary of fund balances and five-year test.
6. A detailed list of current year disbursements by project, including the percentages funded by fees, including operating transfers.
7. Information listing the programs' projects expected to be funded with fees that have been collected but unspent, whether committed or not yet committed, including data from the City's most current Capital Improvement Plan.
8. A current schedule of fees.
18 The fee programs included in this report are the following:
Section A - Traffic Impact Fee Program
Section B - Park Impact Fee Program
Section C - Public Facilities Impact Fee Program
Section D - Fire Facilities Impact Fee Program
Program Descriptions
A. Traffic Impact Fee Program
The Traffic Impact Fee Program was established by the City on incorporation in 1999, and included separate Area of Benefit and Median Island Fees. In 2003, all of these programs were rolled up into a broader Traffic Impact Fee Program. The Program's stated purpose is to finance roadway improvements to reduce the impacts caused by future development in the City. The City accounts for the program in its Traffic Impact Fee Fund.
B. Park Impact Fee Program
In 2003, the City amended its existing Park Impact Fee Program. The stated purpose for the program is to acquire property and develop city parks to reduce the impacts caused by future development in the City. The City accounts for the program in its Park Impact Fee Fund.
C. Public Facilities Impact Fee Program
The Public Facilities Impact Fee Program was established by the City in 2003 to finance the acquisition, or design, engineering, construction, and other costs related to the purchase or construction of the Civic Center, Community Center, and Corporation Yard detailed in the resolution establishing the fee. These facilities were identified as necessary to reduce the impacts caused by future development in the City. The City accounts for the program in its Public Facilities Impact Fee Fund.
D. Fire Facilities Impact Fee Program
The Fire Facilities Impact Fee Program was established by the City in 2003 to finance the acquisition, design, engineering, construction, upgrade and or other costs related to the improved fire facilities in Oakley and Knightsen. In FY 2021 an agreement was made with the Contra Costa Fire Protection District that all fire impact fees would be collected by the district at permit issuance. Per that agreement, they are responsible for all annual reporting and therefore we are no loner including it in our report. 19 Attached Supporting Documentation
The pages following include the supporting documentation required to meet the annual program reporting requirements and to support the Council's ability to make the findings they are required to make for each program as part of this five-year report.
The City's Capital Improvement Plan (CIP) is updated annually and provides a longerterm view of the City's plan for public improvements. The Fee Program revenues are budgeted and allocated through the annual CIP and City Budget process. References to CIP project numbers in the attachments have been provided where they are part of the adopted CIP.
20 Section A Summary of Annual Activity Fund Fee Interest & Fund Balance Income Misc Inc Expenditures Balance
6/30/2024 24/25 24/25 24/25 06/30/25
$ 5,804,332 13,002,588 646,922 6,933,749 12,520,093 $ *** ***
Section B Summary of Fund Balance
Five Year Revenue TestUsing First In First Out MethodUnspent Funds Representing Ending Fund Balance: Amount Revenues Collected from FY 20/21 -Revenues Collected from FY 21/22 1,683,832Revenues Collected from FY 22/23 2,199,491Revenues Collected from FY 23/24 2,185,517Revenues Collected from FY 24/25 6,451,254Deferred Impact Fees Receivable (658,015)Total Ending Fund Balance 11,862,079 $ Section C Summary of Expenditures Future Future Future
Traffic Fee Add'l Appropriations & Funding
% % Funded Expenditures Appropriations Other Funding Sources & Expenditure Detail: CIP # Complete by Fee 24/25 25/26 - 29/30 25/26 - 29/30 ConstructionAdministrative & Operating Expenditures 100% 205,825 $ -Street Lights Purchase 100% 49,440E. Cypress - Knightson Av Intersection Signal 247 31% 67% 3,462,940 7,496,227 5,806,908 13,303,135O'Hara AV/Carpenter RD Intersection IMP 263 5% 78% 18,794 328,700 100,000 428,700 Laurel RD Extension (Teton-Sellers) 273 31% 55% - 203,710 300,000 503,710Laurel RD Extension (Cloverbrook-O'Hara) 280 73% 40% 3,130,596 37,063 2,420,144 2,457,207East Cypress Road Widening (Jersey Island Rd to Bethel Island Rd) 302 1% 0% 36,344 436 24,703,000 24,703,436 East Cypress Road Widening at CCWD Canal Crossing Project 310 16% 31% 29,810 3,376,888 5,915,181 9,292,068 $ 11,443,024 6,933,749 $ 39,245,233 $ 50,688,257 $
TRAFFIC IMPACT FEES
Above includes $658,015 in deferred impact fees receivable from the Successor Agency to the Oakley Redevelopment Agency for a prior housing project. The balance is due on or before December 2063 at variable interest rate. 21 Section A Summary of Annual Activity Fund Fee Interest & Fund Balance Income Misc Inc Expenditures Balance
6/30/2024 24/25 24/25 24/25 06/30/25
$ 560,880 6,263,877 271,127 552,848 6,543,035 $ ***
***
Section B Summary of Fund Balance
Five Year Revenue TestUsing First In First Out MethodUnspent Funds Representing Ending Fund Balance: Amount Revenues Collected from FY 20/21 1,295,055Revenues Collected from FY 21/22 2,588,457Revenues Collected from FY 22/23 1,399,593Revenues Collected from FY 23/24 427,924Revenues Collected from FY 24/25 832,007Deferred Impact Fees Receivable (487,852)Total Ending Fund Balance 6,055,184 $ Section C Summary of Expenditures Future Future Future
Park Fee Additional Appropriations Funding
% % Funded Expenditures Appropriations & Other Funding Sources & Expenditure Detail: CIP # Complete by Fee 24/25 25/26 - 29/30 25/26 - 29/30 ConstructionAdministrative Fees & Expenses 100% 22,617 TBD - - Vintage park Playground Project 100% 100% 55,094 $0 - -Irrigation Well Install-Fredom Basin 265 100% 50% 14,180 - - -Enrico Cinquinin Park Construction 281 7% 100% 460,957 6,239,043 - 6,239,043Marsh Creek Glenn Park Renovation 306 0% 60% - 300,000 200,000 500,000 $ 6,539,043 552,848 $ 200,000 $ 6,739,043 $
PARK IMPACT FEES
Above includes $487,852 in deferred impact fees receivable from the Successor Agency to the Oakley Redevelopment Agency for a prior housing project. The balance is due on or before December 2063 at variable interest rate. 22 Section A Summary of Annual Activity Fund Fee Interest & Fund Balance Income Misc Inc Expenditures Balance
6/30/2024 24/25 24/25 24/25 06/30/25
$ 479,072 2,401,980 262,416 695,137 2,448,331 $ ***
***
Section B Summary of Fund Balance
Five Year Revenue TestUsing First In First Out MethodUnspent Funds Representing Ending Fund Balance: Amount Revenues Collected from FY 20/21 -Revenues Collected from FY 21/22 561,349Revenues Collected from FY 22/23 647,259Revenues Collected from FY 23/24 498,235Revenues Collected from FY 24/25 741,487Deferred Impact Fees Receivable (156,152)Total Ending Fund Balance 2,292,179 $ Section C Summary of Expenditures Future Future Future
Public Fac. Fee Additional Appropriations Funding
% % Funded Expenditures Appropriations & Other Funding Sources & Expenditure Detail: CIP # Complete by Fee 24/25 25/26 - 29/30 25/26 - 29/30 ConstructionAdministrative Fees 100% 18,232 $ TBDTransfer to Fund 351 2006 COP Debt Service Fund 100% 676,905 3,366,913 $ 3,366,913 695,137 $ - $ - $
PUBLIC FACILITIES IMPACT FEES
Above includes $156,152 in deferred impact fees receivable from the Successor Agency to the Oakley Redevelopment Agency for a prior housing project. The balance is due on or before December 2063 at variable interest rate. 23 FY 25-26 Impact Fees by Land Use Category (fees are subject to change) Effective July 1, 2025
Fee Type
Single
Family
(per unit)
MultiFamily
(per unit)
Accessory
Dwelling
Unit***
(“ADU”)
Commercial
(per 1,000
sf,)
Commercial
Recreation
(per 1,000
sf.)
Business
Park (per
1,000 sf.)
Light
Industrial
(per 1,000
sf.)
Utility
Energy
(per 1,000
sf.)
Other (as
noted)
Oakley Traffic $15,603.51 $9,518.46 $4,473.68 $6,865.54 $9,205.75 $15,758.57 $9,205.75 $9,205.75 $15,603.51 (per peak hour trip)
RTDIM (Regional
Traffic) $24,161.22 $14,830.84 $6,970.49 $2,363.40 $2,363.40 $2,050.30 $2,050.30 $2,050.30 $28,424.43 (per peak hour trip) Park Acquisition $1,148.74 $750.75 $352.85 $169.27 $135.68 $338.55 $143.43 $143.43 Park Improvement $9,982.05 $6,522.90 $3,065.76 $1,470.49 $1,174.59 $2,938.40 $1,249.53 $1,249.53 Public Facilities $4,244.16 $2,778.57 $1,305.93 $626.62 $500.89 $1,251.18 $531.80 $531.80 General Plan* See “other” See “other” Not
charged See “other” See “other” See “other” See “other” See “other” $300.00 (per gross acre) South Oakley
Infrastructure Plan** See “other” See “other” Not charged See “other” See “other” See “other” See “other” See “other” $352.00 (per gross acre) Total $55,139.68 $34,401.52 $16,168.71 $11,495.32 $13,380.31 $22,337.00 $13,180.81 $13,180.81 * The General Plan fee is collected to reimburse the City for the costs associated with preparing and adopting the City’s General Plan. ** The SOIMP fee is collected to reimburse the City for the costs associated with preparing and adopting the SOIMP. *** ADU impact fees are only collected for ADUs that are 750 square feet or greater in floor area.
Additional fees may be required by outside agencies, such as sewer, water, school impact, and drainage fees. You are encouraged to contact the applicable agency to inquire about fee amounts. Some outside agency fees may be collected by the City and transferred to the applicable agency. For more information, see below:
• Contact Ironhouse Sanitary District at (925) 625-2279 for sewer connection fees. • Contact Diablo Water District at (925) 625-3798 for water service hook-up fees. • Contact Contra Costa County Flood Control and Water Conservation District at (925) 313-2000 for drainage impact fees. • Contact Oakley Union Elementary School District at (925) 625-0700 for school impact fees for all parcels east of Empire Avenue. • Contact Liberty Union High School District at (925) 634-2166 for school impact fees for all parcels east of Empire Avenue. • Contact Antioch Unified School District at (925) 706-4100 for school impact fees for all parcels west of Empire Avenue. • Contact Contra Costa Environmental Health at (925) 692-2500 for information on wells or septic systems. • Contact Contra Costa County Fire Protection District at (925) 941-3300 for related impact fees. 24 STAFF REPORT
1 City of Oakley | 3231 Main Street, Oakley, CA 94561
O (925) 625-7000 | F (925) 625-9859 | www.oakleyca.gov
DATE: December 9, 2025
TO: Joshua McMurray, City Manager
FROM: Kim Snodgrass, City Clerk
SUBJECT: Adopt Resolutions Establishing the City Council Regular Meeting Dates for Calendar Year 2026
Background and Analysis
The regular joint Oakley City Council / Oakley City Council Acting as the Successor Agency to the Oakley Redevelopment Agency/Oakley Public Financing Authority meetings have traditionally been scheduled on the second and fourth Tuesdays of each month beginning at 6:30 p.m., and the second meetings in June, July, August, November and December have been canceled. Attached is a list of proposed meeting dates for 2026 for review and approval.
Consistency with the Oakley Strategic Plan 27+
This item is consistent with the Strategic Plan 27+ Community and Collaborative Partnerships Goals
Fiscal Impact
None
Staff Recommendation
Staff recommends that the Oakley City Council, Successor Agency and Public Financing Authority approve the attached list of proposed regular meeting dates for calendar year 2026 or approve other dates that would be more suitable.
Attachments
1. List of Proposed 2026 Meeting Dates
2. City Council Resolution Approving 2026 Meeting Dates
3. Successor Agency Resolution Approving 2026 Meeting Dates
4. Public Financing Authority Resolution Approving 2026 Meeting Dates Approved and
Forwarded to the
City Council
25 2026 REGULAR JOINT OAKLEY CITY COUNCIL/ OAKLEY CITY COUNCIL ACTING AS THE SUCCESSOR AGENCY TO THE OAKLEY REDEVELOPMENT AGENCY / *PUBLIC
FINANCING AUTHORITY MEETING DATES
Regular Joint Oakley City Council/Oakley City Council acting as the Successor Agency to the Redevelopment Agency meetings are held on the second and fourth Tuesdays at 6:30 pm in the Council Chambers, located at 3231 Main Street, Oakley, CA.
The meeting dates for 2026 are as follows:
January 13
January 27
February 10
February 24
March 10
March 24
April 14
April 28
May 12
May 26
June 9
July 14
August 11
September 8
September 22
October 13
October 27
November 10
December 8
No second meeting in the months of June, July, August, November, and December *Oakley Public Financing Authority meetings will be held jointly with the Oakley City Council / Oakley City Council Acting as the Successor Agency to the Oakley Redevelopment Agency meetings the second Tuesday of each month unless otherwise noticed.
26 Resolution No. XX-25 Page 1 of 1
RESOLUTION NO. XX-25
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF OAKLEY APPROVING 2026 MEETING DATES FOR THE REGULAR JOINT OAKLEY CITY COUNCIL/
OAKLEY CITY COUNCIL ACTING AS THE SUCCESSOR AGENCY TO THE
OAKLEY REDVELOPMENT AGENCY/OAKLEY PUBLIC FINANCING AUTHORITY BE IT RESOLVED by the City Council of the City of Oakley that the 2026 meeting dates Attached as Exhibit A for the Regular Joint Oakley City Council / Oakley City Council Acting as the Successor Agency to the Oakley Redevelopment Agency/Oakley Public Financing Authority are hereby approved.
PASSED AND ADOPTED by the City Council of the City of Oakley this 9 th day of
December, 2025 by the following vote:
AYES:
NOES:
ABSTENTION:
ABSENT:
APPROVED:
____________________
Shannon Shaw, Mayor
ATTEST:
____________________ ___________
Kim Snodgrass, City Clerk Date
27 SA Resolution No. XX-25 Page 1 of 1
SA RESOLUTION NO. XX-25
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF OAKLEY ACTING AS
THE SUCCESSOR AGENCY TO THE OAKLEY REDEVELOPMENT AGENCY APPROVING 2026 MEETING DATES FOR THE REGULAR JOINT OAKLEY CITY
COUNCIL/ OAKLEY CITY COUNCIL ACTING AS THE SUCCESSOR AGENCY TO
THE OAKLEY REDEVELOPMENT AGENCY/OAKLEY PUBLIC FINANCING
AUTHORITY
BE IT RESOLVED by the Oakley City Council of the City of Oakley, acting as the Successor Agency to the Oakley Redevelopment Agency, that the 2026 meeting dates attached as Exhibit A for the Regular Joint Oakley City Council / Oakley City Council Acting as the Successor Agency to the Oakley Redevelopment Agency/Oakley Public Financing Authority are hereby approved.
PASSED AND ADOPTED by the City Council of the City of Oakley this 9 th day of
December 2025 by the following vote:
AYES:
NOES:
ABSTENTION:
ABSENT:
APPROVED:
____________________
Shannon Shaw, Mayor
ATTEST:
____________________ ___________
Kim Snodgrass, City Clerk Date
28 Resolution No. XX-25 Page 1 of 1
PFA RESOLUTION NO. XX-25
A RESOLUTION OF THE OAKLEY PUBLIC FINANCING AUTHORITY APPROVING 2026 MEETING DATES FOR THE REGULAR JOINT OAKLEY CITY COUNCIL/
OAKLEY CITY COUNCIL ACTING AS THE SUCCESSOR AGENCY TO THE
OAKLEY REDEVELOPMENT AGENCY/OAKLEY PUBLIC FINANCING AUTHORITY BE IT RESOLVED by the City Council of the City of Oakley that the 2026 meeting dates attached as Exhibit A for the Regular Joint Oakley City Council / Oakley City Council Acting as the Successor Agency to the Oakley Redevelopment Agency/Oakley Public Financing Authority are hereby approved.
PASSED AND ADOPTED by the City Council of the City of Oakley this 9 th day of
December 2025 by the following vote:
AYES:
NOES:
ABSTENTION:
ABSENT:
APPROVED:
_________________
Shannon Shaw, Chair
ATTEST:
____________________ ________________
Kim Snodgrass, City Clerk Date
29 STAFF REPORT
1 City of Oakley | 3231 Main Street, Oakley, CA 94561
O (925) 625-7000 | F (925) 625-9859 | www.ci.oakley.ca.us DATE: December 9, 2025
TO: Joshua McMurray, City Manager
FROM: Kevin Rohani, P.E., Public Works Director/City Engineer SUBJECT: Adopt a Resolution accepting Rosalina Park associated with the Vintner View Subdivision 8836 located south of Grapevine Lane and west of Eagle Nest Drive
Background and Analysis
Forecast Land Investment, LLC, a California Limited Liability Company, hereinafter referred to as the Developer, is required to develop and construct a public park within the Vintner View Subdivision 8836 to meet the development’s conditions of approval.
On December 14, 2021, City Council approved a Subdivision Improvement Agreement with the Developer to construct Rosalina Park, which outlined the conditions and responsibilities of the developer.
Rosalina Park is Parcel A of Subdivision 8836 (Vintner View) that is dedicated for public park purposes. Parcel A is a 1.0-acre parcel park south of Grapevine Lane and west of Eagle Nest Drive as shown in the attached Vicinity Map. On March 23, 2021, the City Council approved Resolution 34-21 re-naming the park to “Rosalina Park”, consistent with the City Facilities Naming Policy.
Consistency with the Oakley Strategic Plan 27+
This item is consistent with the Strategic Plan 27+ Parks and Open Space goal.
Fiscal Impact
Upon acceptance of the park, the City will incur annual costs associated with the ongoing maintenance of the park. The maintenance costs for the park will be paid for by Landscape Zone 3-23, and the necessary funds are available. No additional funding is requested.
Staff Recommendation
The landscape and park improvements to Rosalina Park are determined to be complete.
Improvements were inspected by staff and were determined to substantially conform to the approved plans and specifications. Staff recommend that the City Council adopt the attached resolution accepting Rosalina Park, and for the City to begin maintenance on December 9, 2025. The Developer is responsible for a one-year warranty period for all equipment, furnishings, trees, and hardscape at this park as outlined in the executed Approved and
Forwarded to the
City Council
30 STAFF REPORT
City of Oakley | 3231 Main Street, Oakley, CA 94561 2
O (925) 625-7000 | F (925) 625-9859 | www.ci.oakley.ca.us Subdivision Improvement Agreement related to design or material defects covered in the warranty period.
Attachments
Attachment 1. Vicinity Map
Attachment 2. Resolution
31 Vicinity Map
Subdivision 8836 Vintner View
Rosalina Park
Grapevine Ln
Frazier Dr
Ohara
A
v
e
A
d
ora Ln
Grapevine Ln
Gra
p
e
vine
L
Mira Vista Dr
Micro
¯
32 Resolution No. XX-25 Page 1
RESOLUTION NO. XX-25
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF OAKLEY ACCEPTING
THE SUBDIVISION IMPROVEMENTS FOR ROSALINA PARK, ASSOCIATED WITH SUBDIVISION 8836 VINTNER VIEW AND BEGINING THE ONE YEAR WARRANTY PERIOD
WHEREAS, on May 10, 2016, the City Council approved the final map for Subdivision 8836 Vintner View, which designated Parcel A to be deeded to the City of Oakley by a separate instrument upon completion of improvements and to the public to be used exclusively for park purposes; and
WHEREAS, on December 14, 2021, City Council approved the Subdivision Improvement Agreement with Forecast Land Investment, LLC, for the development of Rosalina Park within Subdivision 8836 Vintner View; and WHEREAS, the required public park landscape improvements have been completed and constructed in substantial conformance with the approved Rosalina Park improvement plans; and
BE IT RESOLVED AND ADOPTED, by the City Council of the City of Oakley as follows:
a) Accept the Grant Deed for Parcel A once recorded for Rosalina Park for park purposes; and
b) The public park landscape improvements for Rosalina Park are accepted and begin the landscape maintenance by the City; and
c) The one-year warranty period required by the Subdivision Improvement Agreement has begun as of the date of adoption of this resolution and that the Developer shall repair any defective improvements such as:
equipment, furnishings, trees, irrigation, and hardscape, as identified by City personnel.
PASSED AND ADOPTED by the City Council of the City of Oakley this 9 th day of
December 2025 by the following vote.
AYES:
NOES:
ABSENT:
ABSTENTIONS:
APPROVED:
_______________________
ATTEST: Shannon Shaw, Mayor
______
Kim Snodgrass, City Clerk Date
33 STAFF REPORT
1 City of Oakley | 3231 Main Street, Oakley, CA 94561
O (925) 625-7000 | F (925) 625-9859 | www.ci.oakley.ca.us DATE: December 9, 2025
TO: Joshua McMurray, City Manager
FROM: Kevin Rohani, P.E., Public Works Director/City Engineer SUBJECT: Adopt a Resolution approving the Subdivision Improvement Agreement and Final Map for Live Oak Industrial Park (5400 Live Oak Avenue) Background and Analysis
In July 2023, Colt Alvernaz of Live Oak Investors filed an application requesting the approval of: 1) a Tentative Map (TM 09-23) (Subdivision 09686) subdividing approximately 4.66 acres into four parcels, as well as, condominium purposes for the proposed 16 warehouse tenant spaces; and 2) Design Review (DR 07-23) for floor plans, elevations, colors, preliminary site plan, and conceptual landscape plans for eight 8,000-square-foot warehouse buildings. Each warehouse building includes two suites consisting of 3,775 square feet of warehouse space, an office, and bathroom.
The project site is located at 5400 Live Oak Avenue (APN: 037-100-065).
On May 7, 2024, the Planning Commission of the City of Oakley approved the Tentative Map of the project known as “Live Oak Industrial Park Tentative Map TPM 09-23 (MS 02-976)”, Resolution Number 8-24.
On June 11, 2024, the City of Oakley City Council approved the Tentative Map for the project with its associated conditions of approval, Resolution 90-24.
The developer is currently working with their design team to complete the building plans for this project and working with the Building Division towards the review and approval of the project plans. Site improvements for this development is currently in construction and consistent with the commercial development construction process.
Site improvements include the ultimate frontage improvements of Live Oak Avenue along the project limits.
Subdivision 09686 Live Oak Industrial Park Final Map was prepared by Alvernaz Consulting at the request of the applicant, Live Oak Investors.
The City Surveyor and City Engineer have reviewed the Final Map and have found it to be in substantial conformance with the conditions of approval of the tentative map.
Approved and
Forwarded to the
City Council
34 STAFF REPORT
City of Oakley | 3231 Main Street, Oakley, CA 94561 2
O (925) 625-7000 | F (925) 625-9859 | www.ci.oakley.ca.us The City Surveyor has reviewed the Final Map and has found it to be technically correct.
Consistency with the Oakley Strategic Plan 27+
This item is consistent with the Strategic Plan 27+ Community & Economic Development goals.
Fiscal Impact
There is no fiscal impact associated with this action as all the work is being performed by the Developer.
Staff Recommendation
Staff recommends that the City Council adopt the attached resolution approving the Final Map entitled “Subdivision 09686 Live Oak Industrial Park” prepared by Alvernaz Consulting.
Attachments
Attachment 1. Vicinity Map
Attachment 2. Resolution Approving the Final Map
Attachment 3. Resolution Approving the Subdivision Improvement Agreement Attachment 4. Subdivision Improvement Agreement (SIA)
Exhibit A – City Council Resolution No. 90-24
Exhibit B – Engineer’s Estimate
Exhibit C – Insurance Requirements
Exhibit D – Verification of Required Insurance
Attachment 5. Reduced size copy of Subdivision 09686 Live Oak Industrial Final Map
35 Vicinity Map
Subdivision 09686
Live Oak Industrial Park
Main S t
Red Man
Pocahontas
Hall
Main S t
Renewed Life
Church
Live Oak Ave
Live Oak Ave
Main S
Carol Ln
Agata Way
Padre Dr
Carol Ln
Carol Ln
Micro
¯
36 Resolution No. XX-25 Page 1 of 2
RESOLUTION NO. XX-25
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF OAKLEY APPROVING THE FINAL MAP TITLED “SUBDIVISION 09686” LOCATED AT 5400 LIVE OAK AVENUE
WHEREAS, in July 2023, Live Oak Investors, LLC submitted an application requesting the approval of Tentative Map (TM 09-23) (Subdivision 09686) subdividing approximately 4.66 acres into four parcels; and
WHEREAS, on May 7, 2024, the Planning Commission of the City of Oakley approved the Tentative Parcel Map of the project known as “Live Oak Industrial Park Tentative Map TPM 09-23”, Resolution Number 8-24; and
WHEREAS, on June 11, 2024, the City Council of the City of Oakley approved the Tentative Map of the project known as “Live Oak Industrial Park Tentative Map TPM 09-23, Resolution Number 90-24; and
WHEREAS, the City Engineer has determined that the conditions of approval required prior to final map approval for Subdivision 09686 Live Oak Industrial Park have been satisfied; and WHEREAS, the City Surveyor has determined that the final map attached herein is technically correct.
BE IT RESOLVED by the City Council of the City of Oakley that the final map labeled “Subdivision 09686 Live Oak Industrial Park” as prepared by Alvernaz Consulting is hereby approved.
PASSED AND ADOPTED by the City Council of the City of Oakley this 9th day of December 2025 by the following vote.
AYES:
NOES:
ABSTENTION:
ABSENT:
37 Resolution No. XX-25 Page 2 of 2
APPROVED:
___________________
Shannon Shaw, Mayor
ATTEST:
____________________ ________
Kim Snodgrass, City Clerk Date
38 Resolution No. XX-25 Page 1
RESOLUTION NO. XX-25
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF OAKLEY
APPROVING THE SUBDIVISION IMPROVEMENT AGREEMENT WITH LIVE OAK INVESTORS, LLC FOR SUBDIVISION 09686 LIVE OAK INDUSTRIAL
PARK AND AUTHORIZING THE CITY MANAGER TO SIGN THE AGREEMENT WHEREAS, the City Council of the City of Oakley, California wishes to enter into a Subdivision Improvement Agreement with Live Oak Investors, LLC for the development of a residential subdivision known as Subdivision 09686 Live Oak Industrial Park; and
WHEREAS, this agreement will require the developer to complete approximately $110,632 for Public Improvements, $29,678 for Grading, and $46,000 for Public Landscaping in accordance with the project conditions of approval and City standard construction design.
BE IT RESOLVED by the City Council of the City of Oakley that the Subdivision Improvement Agreement with Live Oak Investors, LLC is hereby approved, and the City Manager is hereby authorized to execute the Subdivision Improvement Agreement for the development of Subdivision 09686 Live Oak Industrial Park in the form attached hereto as Exhibit A and is made part of this resolution.
PASSED AND ADOPTED by the City Council of the City of Oakley this 9th day of December 2025 by the following vote.
AYES:
NOES:
ABSENT:
ABSTENTIONS:
APPROVED:
_______________________
ATTEST: Shannon Shaw, Mayor
______
Kim Snodgrass, City Clerk Date
39 SHEET OF 3 1
SUBDIVISION 09686
LIVE OAK INDUSTRIAL PARK
CONSISTING OF 3 SHEETS
BEING A SUBDIVISION OF A PORTION OF LOT 3 (64 M 5)
FOR UP TO 16 INDUSTRIAL CONDOMINIUM UNITS
CITY OF OAKLEY, CONTRA COSTA COUNTY, CALIFORNIA
SEPTEMBER 2025
DESIGN ~ PLANNING ~ CIVIL ENGINEERING
DANVILLE, CA 94506 PH: 925.393.2811
ALVERNAZ CONSULTING
OWNER'S STATEMENT
COUNTY RECORDER'S STATEMENT
OWNER'S ACKNOWLEDGMENT
CLERK OF THE BOARD OF SUPERVISORS '
STATEMENT
SITE
CA-160
MAIN STREET LIVE OAK AVE
OAKLEY ROAD
VICINITY MAP
BENEIFICIARY'S ACKNOWLEDGMENT
BENEIFICIARY'S STATEMENT
40 SHEET OF 3 2
SUBDIVISION 09686
LIVE OAK INDUSTRIAL PARK
CONSISTING OF 3 SHEETS
BEING A SUBDIVISION OF A PORTION OF LOT 3 (64 M 5)
FOR UP TO 16 INDUSTRIAL CONDOMINIUM UNITS
CITY OF OAKLEY, CONTRA COSTA COUNTY, CALIFORNIA
SEPTEMBER 2025
DESIGN ~ PLANNING ~ CIVIL ENGINEERING
DANVILLE, CA 94506 PH: 925.393.2811
ALVERNAZ CONSULTING
CITY ENGINEER'S STATEMENT
CITY CLERK'S STATEMENT
CITY COUNCIL STATEMENT
CERTIFICATE OF DEDICATION FOR SAME
PUBLIC PURPOSE
CITY SURVEYOR'S STATEMENT
SURVEYOR'S STATEMENT
41 LOT 4
1.22 AC.
53,304 SF±
LOT 1
1.01 AC.
44,161 SF ±
LOT 2
1.01 AC.
43,914 SF±
LOT 3
1.23 AC.
53,537 SF±
POR. LOT 3
(64 M 5)
LADEIRA
POR. LOT 4 (64 M 5) 59 CAROL LP PARCEL A (2009-0053641)
CITY OF OAKLEY
(2008-0015681)
STONEGATE ASSOCIATES, LLC
POR. LOT 2 (64 M 5) LIVE OAK AVENUE PARCEL A
3 50'
GRAPHIC SCALE
50' 0' 25' 50' 100' 200'
SHEET OF 3
SUBDIVISION 09686
LIVE OAK INDUSTRIAL PARK
SCALE: 1" =
CONSISTING OF 3 SHEETS
BEING A SUBDIVISION OF A PORTION OF LOT 3 (64 M 5)
FOR UP TO 16 INDUSTRIAL CONDOMINIUM UNITS
CITY OF OAKLEY, CONTRA COSTA COUNTY, CALIFORNIA
SEPTEMBER 2025
DESIGN ~ PLANNING ~ CIVIL ENGINEERING
DANVILLE, CA 94506 PH: 925.393.2811
ALVERNAZ CONSULTING
BASIS OF BEARINGS:
LEGEND
REFERENCES:
TITLE NOTES:
NOTES:
42 4857-6710-1932.3
CITY OF OAKLEY
SUBDIVISION IMPROVEMENT AGREEMENT
SUBDIVISION 9686 – LIVE OAK INDUSTRIAL PARK
This Subdivision Improvement Agreement (this “Agreement” is dated as of December 9, 2025 and evidences the agreement between (i) the City of Oakley, a municipal corporation and general law city of the State of California (the “City”) and (ii) and Live Oak Investors, LLC, a California Limited Liability Company (the "Developer" or “Subdivider”), (collectively “Parties”) to improve and dedicate those public improvements imposed by Resolution No. 90-24.
RECITALS
WHEREAS, on June 13, 2024 the City Council of the City of Oakley, California, adopted Resolution Number 90-24 authorizing Subdivision 9686 in accordance with: the requirements of the Subdivision Map Act of the State of California; and Oakley Municipal Code Section 6.3.100, et. seq.; those certain plans and specifications for said development approved by City and titled Live Oak Industrial Park Grading Plans, Improvement Plans, and Landscape Plans now on file in the office of the City Engineer; and those conditions set forth in the Conditions of Approval (“COA”) (the “Improvements”); and
WHEREAS, Subdivider has applied to City for final parcel map approval without having completed all the Improvements; nor having met Conditions of Approval (“COA”) and therefore will enter into an agreement with the City providing for the future construction and installation of the improvements, as required by the Subdivision Map Act, Government Code Section 66410 et seq., and Oakley Municipal Code section, 6.3.100, et. seq,; and WHEREAS, Developer intends to satisfactorily complete the Improvements within the time hereinafter specified, and City intends to accept Developer's offer(s) of dedication of the Improvements in consideration for Developer's satisfactory performance of the terms and conditions of this Agreement; and
WHEREAS, the satisfaction of all COAs, including the following specific COAs are the subject of this Agreement: 65. Developer’s agreement to satisfy all COAs, and construct the Improvements identified in the aforementioned COAs is a material part of the consideration for this Agreement; and
WHEREAS, City has adopted standards for the construction and installation of improvements within City. The Improvement Plans have been prepared in conformance with City standards in effect on the date of approval of the Resolution No. 90-24; WHEREAS, Subdivider recognizes that by approving the final map for Subdivision _____, City has conferred substantial rights upon Developer, including the right to sell, lease, or finance lots within the Subdivision, and has taken the final act necessary to subdivide the property within the Subdivision. As a result, City will be damaged to the extent of the cost of installation of the improvements by Subdivider's failure to perform its obligations under this Agreement, including, but not limited to, Subdivider's obligation to commence construction of the improvements by the time established in this Agreement. City shall be entitled to all remedies 43 4857-6710-1932.3
available to it pursuant to this Agreement and law in the event of a default by Subdivider. It is specifically recognized that the determination of whether a reversion to acreage or rescission of the Subdivision constitutes an adequate remedy for default by the Subdivider shall be within the sole discretion of City.
NOW, THEREFORE, in consideration of the mutual promises, conditions and covenants herein contained, the parties agree as follows:
1. Purpose. The purpose of this Agreement is to guarantee completion of certain improvements in accordance with the Improvement Plans and ensure satisfactory performance by Subdivider of Subdivider’s obligations to satisfy the Conditions of Approval.
2. Improvements. Developer agrees to install the road improvements (both public and private), sewer and drainage improvements, signs, street lights, fire hydrants, landscaping, and such other improvements (including appurtenant equipment) as required as conditions of approval of Tentative Map TM 09-23 as set forth in Exhibit A to this Agreement, which is incorporated herein as if set forth at this point, or as otherwise required in the subdivision ordinance., including without limitation all Improvements identified in the following unsatisfied COA’s: 65, . In the event that any provision of this Agreement conflicts with the provisions of Exhibit A the provisions of Exhibit A shall prevail to the extent that the conflicting provision in Exhibit A requires a greater or more extensive improvement or expenditure, or to the extent that that provision extends Developer’s obligations over a greater period of time than the specific provision set forth herein. Such improvements shall also be made in conformance with the Oakley Municipal Code and Contra Costa County Ordinance Code, as adopted and enforced by the City.
Developer will commence construction of the Improvements within thirty (30) days following the date of execution this Agreement. Developer shall complete said work not later than 12 months following said date of execution in a good workmanlike manner, in accordance with accepted construction practices and in a manner equal or superior to the requirements of the City of Oakley Municipal Code and Contra Costa County Ordinance Code and rulings made thereunder; and where there is a conflict between the improvement plans and the City Municipal Code or County Ordinance Code, the stricter requirements shall govern. The City relies on certain laws, ordinances and design standards of the County of Contra Costa and such references herein to the County Code or County Ordinance Code are understood to refer to such ordinances and codes as if adopted by the City of Oakley.
3. Estimated Cost of Improvements and Possible Future Cash Deposit. The estimated cost of constructing the Improvements required by this Agreement as adjusted for inflation is agreed to be $110,632 for Public Improvements, $29,678 for Grading and $46,000 for Public Landscaping. Said amounts include costs and reasonable expenses and fees which may be incurred in enforcing the obligation secured.
4. Bonds Furnished. Concurrently with the execution of this Agreement, Developer shall furnish City with the following security in the forms specified in Government Code sections 66499.1 and 66499.2 or in a form satisfactory to the City Attorney if different from such 44 4857-6710-1932.3
Government Code forms:
A. Faithful Performance. Either a cash deposit, a corporate surety bond issued by a company duly and legally licensed to conduct a general surety business in the State of California, or an instrument of credit equivalent to one hundred percent (100%) of the estimate set forth in Paragraph 2 and sufficient to assure City that The Improvements will be satisfactorily completed. A minimum of one percent (1%) of the security shall be a cash deposit.
B. Labor and Materials. Either a cash deposit, a corporate surety bond issued by a company duly and legally licensed to conduct a general surety business in the State of California, or an instrument of credit equivalent to fifty percent (50%) of the estimate set forth in Paragraph 2 and sufficient to assure City that Developer's contractors, subcontractors, and other persons furnishing labor, materials, or equipment shall be paid therefor.
C. Cash Deposit. If required by City, a cash deposit, corporate surety bond, or instrument of credit sufficient to assure City that the surface water drainage of the subdivision shall not interfere with the use of neighboring property, including public streets and highways.
City shall be the sole indemnitee named on any instrument required by this Agreement.
Any instrument or deposit required herein shall conform with the provisions of Chapter 5 of the Subdivision Map Act. Developer may request that portions or all of the bonds may be substituted by other parties in the event that portions or all of the Subdivision is sold to other parties, and such substitution shall not be unreasonably withheld by City.
5. Prevailing Wage. City has determined that construction of the Improvements falls within the definition of “public works” set forth in California Labor Code Section 1720. Subject to any amendments to Labor Code Section 1720 et seq., Developer shall comply with Labor Code Section 1720 et seq., shall comply with the provisions set forth in Exhibit B and shall ensure that any contractors and subcontractors comply with the provisions of Exhibit B.
Developer shall waive, indemnify, hold harmless and defend City concerning any liability arising out of Labor Code Section 1720, et seq.
6. Work Performance and Guarantee. Except as otherwise expressly provided in this Agreement, and excepting only items of routine maintenance, ordinary wear and tear and unusual abuse or neglect, Developer guarantees all work executed by Developer and/or Developer's agents, and all supplies, materials and devices of whatsoever nature incorporated in, or attached to the work, or otherwise delivered to City as a part of the work pursuant to the Agreement, to be free of all defects of workmanship and materials for a period of one (1) year after initial acceptance of the entire work by City. Developer shall repair or replace any or all such work or material, together with all or any other work or materials which may be displaced or damaged in so doing, that may prove defective in workmanship or material within said oneyear guarantee period without expense or charge of any nature whatsoever to City. Developer further covenants and agrees that when defects in design, workmanship and materials actually 45 4857-6710-1932.3
appear during the one-year guarantee period, and have been corrected, the guarantee period shall automatically be extended for an additional year to insure that such defects have actually been corrected.
In the event the Developer shall fail to comply with the conditions of the foregoing guarantee within thirty (30) days’ time, after being notified of the defect in writing, City shall have the right, but shall not be obligated, to repair or obtain the repair of the defect, and Developer shall pay to City on demand all costs and expense of such repair. Notwithstanding anything herein to the contrary, in the event that any defect in workmanship or material covered by the foregoing guarantee results in a condition which constitutes an immediate hazard to the public health, safety, or welfare, City shall have the right to immediately repair, or cause to be repaired, such defect, and Developer shall pay to City on demand all costs and expense of such repair. The foregoing statement relating to hazards to health and safety shall be deemed to include either temporary or permanent repairs which may be required as determined in the sole discretion and judgment of City.
If City, at its sole option, makes or causes to be made the necessary repairs or replacements or performs the necessary work, Developer shall pay, in addition to actual costs and expenses of such repair or work, fifty percent (50%) of such costs and expenses for overhead and interest at the maximum rate of interest permitted by law accruing thirty (30) days from the date of billing for such work or repairs.
7. Duty to Maintain Improvements. City shall not be responsible or liable for the maintenance or care of the Improvements until City formally approves and accepts them in accordance with its policies and procedures. City shall exercise no control over the Improvements until approved and accepted. Any use by any person of the Improvements, or any portion thereof, shall be at the sole and exclusive risk of the Developer at all times prior to City’s acceptance of the Improvements. Developer shall maintain all the Improvements in a state of good repair until they are completed by Developer and approved and accepted by City.
Maintenance shall include, but shall not be limited to, repair of pavement, curbs, gutters, sidewalks, signals, parkways, water mains, and sewers; maintaining all landscaping in a vigorous and thriving condition reasonably acceptable to City; removal of debris from sewers andstorm drains; and sweeping, repairing, and maintaining in good and safe condition all streets and street improvements.
It shall be Developer’s responsibility to initiate all maintenance work, but if it shall fail to do so, it shall promptly perform such maintenance work when notified to do so by City. If Developer fails to properly prosecute its construction standard and maintenance obligations in Section 6 and 7, City may do all work necessary for such maintenance and the cost thereof shall be the responsibility of Developer and its surety under this Agreement if necessary. Until final acceptance of the Improvements, Subdivider shall give good and adequate warning to the public of each and every dangerous condition existent in said improvements, and will take all reasonable actions to protect the public from such dangerous condition. City shall not be responsible or liable for any damages or injury of any nature in any way related to or caused by the Improvements or their condition prior to acceptance. Notwithstanding the above, Developer shall make available for public use any streets, curbs, gutters, sidewalks or walkways, 46 4857-6710-1932.3
streetlights, street furniture, storm drain improvements, fire hydrants, and any other facilities intended for general public use, which are installed, altered or affected by the Work, as soon as they can be safely placed in service.
8. Insurance Required. Concurrently with the execution hereof, Developer shall obtain or cause to be obtained and filed with the City, all insurance required in this paragraph and as set forth in Exhibit C, and such insurance shall have been approved by the Finance Director of City, or his designee, as to form, amount and carrier. Prior to the commencement of work under this Agreement, Developer's general contractor shall obtain or cause to be obtained and filed with the Finance Director, all insurance required under this paragraph and as set forth in Exhibit C, evidenced herein as Exhibit D, and such insurance shall have been approved by the Finance Director of City, as to form, amount and carrier. Developer shall not allow any contractor or subcontractor to commence work on this contract or subcontract until all insurance required for Developer and Developer's general contractor shall have been so obtained and approved. Said insurance shall be maintained in full force and effect until the completion of work under this Agreement and the final acceptance thereof by City. All requirements herein provided shall appear either in the body of the insurance policies or as endorsements and shall specifically bind the insurance carrier.
9. Inspection of the Work. All of the Work shall be performed to the satisfaction of the City Engineer in his or her reasonable discretion. The City and its authorized agents shall, at all times during the performance of the Work, have free access to the Work and shall be allowed to examine the Work and all materials used and to be used in the Work. Any Work performed without inspection is subject to rejection by City. All Work shall be performed during the City’s normal working hours and work days. If an inspector is available, Developer shall pay the actual costs for overtime work as provided in Section 10 below. If an inspector is not available, no Work shall be performed.
10. Indemnity. City or any officer or employee thereof shall not be liable for any injury to persons or property occasioned by reason of the acts or omissions of Subdivider, its agents or employees in the performance of this Agreement. Subdivider further agrees to protect, indemnify, and hold harmless City, its officials and employees from any and all claims, demands, causes of action, liability or loss of any sort, because of, or arising out of, acts or omissions of Subdivider, its agents or employees in the performance of this Agreement, including all claims, demands, causes of action, liability, or loss because of, or arising out of, in whole or part, the design or construction or both of the improvements. This indemnification and agreement to hold harmless shall extend to injuries to persons and damages or taking of property resulting from the design or construction or both of said Subdivision, and the public improvements as provided herein, and in addition, injuries to adjacent property owners as a consequence of the diversion of waters from the design or construction or both of public drainage systems, streets and other public improvements. Acceptance by City of the improvements shall not constitute an assumption by the City of any responsibility for any damage or taking covered by this paragraph. City shall not be responsible for the design or construction of the Subdivision or the improvements pursuant to the approved improvement plans or map, regardless of any negligent action or inaction taken by City in approving the plans or maps, unless the particular improvement design was specifically required by City over written 47 4857-6710-1932.3
objection by Subdivider submitted to the City Engineer before approval of the particular improvement design, which objection indicated that the particular improvement design was dangerous or defective and suggested an alternative safe and feasible design. Provisions of this paragraph shall remain in full force and effect for 10 years following the final acceptance by the City of the improvements. It is the intent of this section that Subdivider shall be responsible for all liability for design and construction of the improvements installed or work done pursuant to this Agreement and that the City shall not be liable for any negligence, nonfeasance, misfeasance or malfeasance in approving, reviewing, checking, or correcting any plans or specifications or in approving, reviewing or inspecting any work or construction. The improvement security shall not be required to cover the provisions of this paragraph. The requirements as to the types and limits to be maintained by Subdivider, and any approval of such insurance by City, are not intended to and will not in any manner limit or qualify the liabilities and obligations otherwise assumed by Subdivider pursuant to this Agreement, including, without limitation, to the provisions concerning indemnification.
11. Abandonment of Work; Notice. If Developer refuses or fails to obtain prosecution of the work, or any severable part thereof, with such diligence as will insure its completion within the time specified, or any extension thereof, or fails to obtain completion of said work within such time, or if Developer should be adjudged as bankrupt, or should make a general assignment for the benefit of Developer's creditors, or if a receiver should be appointed, or if Developer, or any of Developer's contractors, subcontractors, agents or employees should violate any of the provisions of this Agreement, the City through its Public Works Director may serve written notice on Developer and Developer's surety or holder of other security of breach of this Agreement, or of any portion, thereof, and default of Developer.
In the event of any such notice of breach of this Agreement, Developer's surety shall have the duty to take over and complete the Improvements herein specified; provided, however, that if the surety, within thirty (30) days after the serving upon it of such notice of breach, does not give City written notice of its intention to take over the performance of the contract, and does not commence performance thereof within thirty (30) days after notice to City of such election, City may take over the work and prosecute the same to completion, by contract or by any other method City may deem advisable. At the expense of Developer and Developer's surety shall be liable to City for any damages and/or reasonable and documented excess costs occasioned by City thereby; and, in such event, City, without liability for so doing, may take possession of, and utilize in completing the work, such materials, appliances, plant and other property belonging to Developer as may be on the site of the work and necessary therefor.
All notices herein required shall be in writing, and delivered in person or sent by registered mail, postage prepaid.
Notices required to be given to City shall be addressed as follows:
Attn: City Manager and City Engineer
City of Oakley
3231 Main Street
Oakley, CA 94561
48 4857-6710-1932.3
Notices required to be given to Developer shall be addressed as follows:
Attn: Colt Alvernaz
Live Oak Investors, LLC
130 Julia Loop
Danville, CA 94506
Notices required to be given to the Surety of Developer shall be addressed as follows:
Attn: Esteban Flores
Capital Indemnity Corporation
1000 Burnett Ave. Suite #438
Concord, CA 94520
Any party or the surety may change such address by notice in writing to the other party and thereafter notices shall be addressed and transmitted to the new address.
Concurrently with the execution of this Agreement, Developer has executed and has caused to be acknowledged an abstract of this Agreement. Developer agrees that City may record this abstract in the Official Records of Contra Costa County.
12. Inspection of the Work. All of the Work shall be performed to the satisfaction of the City Engineer in his or her reasonable discretion. The City and its authorized agents shall, at all times during the performance of the Work, have free access to the Work and shall be allowed to examine the Work and all materials used and to be used in the Work. Any Work performed without inspection is subject to rejection by City. All Work shall be performed during the City’s normal working hours and work days. If an inspector is available, Developer shall pay the actual costs for overtime work as provided in Section 10 below. If an inspector is not available, no Work shall be performed.
13. Liability.
A. Developer Primarily Liable. Developer hereby warrants that the design and construction of The Improvements will not adversely affect any portion of adjacent properties and that all work will be performed in a proper manner.
Developer agrees to indemnify, defend, release, and hold harmless City, and each of its elective and appointive boards, commissions, officers agents and employees, from and against any and all loss, claims, suits, liabilities, actions, damages, or causes of action of every kind, nature and description, directly or indirectly arising from an act or omission of Developer, its employees, agents, or independent contractors in connection with Developer's actions and obligations hereunder; provided as follows:
1. That City does not, and shall not, waive any rights against Developer which it may have by reason of the aforesaid hold harmless 49 4857-6710-1932.3
agreement, because of the acceptance by City, or the deposit with City by Developer, of any of the insurance policies described in Paragraph 4 hereof.
2. That the aforesaid hold harmless agreement by Developer shall apply to all damages and claims for damages of every kind suffered, or alleged to have been suffered, by reason of any of the aforesaid operations referred to in this paragraph, regardless of whether or not City has prepared, supplied, or approved of plans and/or specifications for the subdivision, or regardless of whether or not such insurance policies shall have been determined to be applicable to any of such damages or claims for damages.
B. Design Defect. If, in the opinion of the City, a design defect in the work of improvement becomes apparent during the course of construction, or within one (1) year following acceptance by the City of the improvements, and said design defect, in the opinion of the City, may substantially impair the public health and safety, Developer shall, upon order by the City, correct said design defect at his sole cost and expense, and the sureties under the Faithful Performance and Labor and Materials Bonds shall be liable to the City for the corrective work required.
C. Litigation Expenses. In the event that legal action is instituted by either party to this Agreement, and said action seeks damages for breach of this Agreement or seeks to specifically enforce the terms of this Agreement, and, in the event, judgment is entered in said action, the prevailing party shall be entitled to recover its attorneys' fees and court costs. If City is the prevailing party, City shall also be entitled to recover its attorney’s fees and costs in any action against Developer’s surety on the bonds provided under paragraph.
D. Patent and Copyright Costs. In the event that said plans and specifications require the use of any material, process or publication which is subject to a duly registered patent or copyright, Developer shall be liable for, and shall indemnify City from any fees, costs or litigation expenses, including attorneys' fees and court costs, which may result from the use of said patented or copyrighted material, process or publication.
14. Acceptance of Improvements. Subdivider warrants that it has an interest in the real property that comprises the subject Final Map. Upon acceptance of the work on behalf of City and recordation of the Notice of Completion, ownership of the improvements constructed pursuant to this Agreement shall vest in City. Acceptance of the work on behalf of City shall be made by the City Council upon recommendation of the City Engineer after final completion of improvements. The City Council shall act upon the Engineer's recommendation within 30 days from the date the City Engineer notifies the City Council that the work has been finally completed, as provided in Section 11. Such acceptance shall 50 4857-6710-1932.3 Page 9
not constitute a waiver of defects by City.
15. Agents. Neither Subdivider nor any of Subdivider's agents, employees, contractors or subcontractors are or shall be considered to be agents of City in connection with the performance of Subdivider's obligations under this Agreement.
16. Assignment. This Agreement shall not be assigned by Developer without the written consent of City. Assignment of Agreement shall not impact the effectiveness of this Agreement of subsequent owners
17. Time is of the essence in this Agreement. Upon completion, Developer shall furnish City with a complete and reproducible set of final as-built plans of the Improvements, including any authorized modifications.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement in duplicate at Oakley, California, the day and year first above written.
CITY OF OAKLEY
By: _______________________
Joshua McMurray, City Manager
APPROVED AS TO FORM:
By: _______________________
Derek P. Cole, City Attorney
ATTEST:
_________________________
Kim Snodgrass, City Clerk
Exhibits:
Exhibit A. City of Oakley, City Council, Resolution 90-24 Exhibit B. Prevailing Wage
Exhibit C. Insurance Requirements
Exhibit D. Verification of Required Insurance
DEVELOPER
By:_____________________________
Colt Alvernaz, Managing Partner
Live Oak Investors, LLC
51 4857-6710-1932.3 Page 11
EXHIBIT A
(RESOLUTION 90-24)
52 53
54 55
56 57
58 59
60 61
62 63
64 65
66 67
68 69
70 71
72 4857-6710-1932.3 Page 12
EXHIBIT B
PROVISIONS REQUIRED FOR PUBLIC WORKS PROJECTS
PURSUANT TO CALIFORNIA LABOR CODE SECTION 1720 ET SEQ.
The Developer will ensure that any contract issued by the Developer or any privities of the Developer concerning the Improvements includes and requires the parties to such contract to comply with, all applicable provisions contained in this Exhibit A and any other applicable requirements contained in California Labor Code Section 1720 and following.
HOURS OF WORK:
A. In accordance with California Labor Code Section 1810, eight (8) hours of labor in performance of the Services shall constitute a legal day’s work under this Agreement.
B. In accordance with California Labor Code Section 1811, the time of service of any worker employed in construction of the Improvements is limited to eight hours during any one calendar day, and forty hours during any one calendar week, except in accordance with California Labor Code Section 1815; which provides that work in excess of eight hours during any one calendar day and forty hours during any one calendar week is permitted upon compensation for all hours worked in excess of eight hours during any one calendar day and forty hours during any one calendar week at not less than one-and-one-half times the basic rate of pay.
C. The Developer and its contractors and subcontractors shall forfeit as a penalty to the City $25 for each worker employed in the construction of the Improvements for each calendar day during which the worker is required or permitted to work more than eight (8) hours in any one calendar day, or more than forty (40) hours in any one calendar week, in violation of the provisions of California Labor Code Section 1810 and following.
WAGES:
A. In accordance with California Labor Code Section 1773.2, the City has determined the general prevailing wages in the locality in which the Improvements are to be constructed for each craft or type of work needed to be as published by the State of California Department of Industrial Relations, Division of Labor Statistics and Research, a copy of which is on file in the City Engineer’s office and shall be made available on request. The Developer, and contractors and subcontractors engaged in the construction of the Improvements shall pay no less than these rates to all persons engaged in construction of the Improvements.
B. In accordance with Labor Code Section 1775, the Developer and any contractors 73 4857-6710-1932.3 Page 13
and subcontractors engaged in construction of the Improvements shall comply with Labor Code Section 1775 which establishes a penalty of up to $50 per day for each worker engaged in the construction of the Improvements who the Developer or any contractor or subcontractor pays less than the specified prevailing wage. The amount of such penalty shall be determined by the Labor Commissioner and shall be based on consideration of the mistake, inadvertence, or neglect of the Developer, contractor or subcontractor in failing to pay the correct rate of prevailing wages, or the previous record of the Developer, contractor or subcontractor in meeting applicable prevailing wage obligations, or the willful failure by the Developer, contractor or subcontractor to pay the correct rates of prevailing wages. A mistake, inadvertence, or neglect in failing to pay the correct rate of prevailing wages is not excusable if the Developer, contractor or subcontractor had knowledge of their obligations under the California Labor Code. The Developer, contractor or subcontractor shall pay the difference between the prevailing wage rates and the amount paid to each worker for each calendar day or portion thereof for which each worker was paid less than the prevailing wage rate. If a subcontractor worker engaged in construction of the Improvements is not paid the general prevailing per diem wages by the subcontractor, subject to applicable law, the prime contractor is not liable for any penalties therefore unless the prime contractor had knowledge of that failure or unless the prime contractor fails to comply with all of the following requirements:
1. Any agreement executed between the Developer and a contractor or a contractor and a subcontractor for the construction of part of the Improvements shall include a copy of the provisions of California Labor Code Sections 1771, 1775, 1776, 1777.5, 1813, and 1815.
2. The contractor shall monitor payment of the specified general prevailing rate of per diem wages by the subcontractor by periodic review of any subcontractor’s certified payroll records.
3. Upon becoming aware of a subcontractor’s failure to pay the specified prevailing rate of wages, the contractor shall diligently take corrective action to halt or rectify the failure, including, but not limited to, retaining sufficient funds due the subcontractor for construction of the Improvements.
4. Prior to making final payment to the subcontractor, the contractor shall obtain an affidavit signed under penalty of perjury from the subcontractor that the subcontractor has paid the specified general prevailing rate of per diem wages employees engaged in the construction of the Improvements and any amounts due pursuant to California Labor Code Section 1813.
C. In accordance with California Labor Code Section 1776, the Developer and each contractor and subcontractor engaged in construction of the Improvements, shall keep accurate payroll records showing the name, address, social security number, work classification, straight time and overtime hours worked each day and week, and 74 4857-6710-1932.3 Page 14
the actual per diem wages paid to each journeyman, apprentice, worker, or other employee employed in construction of the Improvements. Each payroll record shall contain or be verified by a written declaration that it is made under penalty of perjury, stating both of the following:
1. The information contained in the payroll record is true and correct.
2. The employer has complied with the requirements of Sections 1771, 1811, and 1815 for any services performed by the employer’s employees on the public works project.
The payroll records required pursuant to California Labor Code Section 1776 shall be certified and shall be available for inspection by the City and its authorized representatives, the Division of Labor Standards Enforcement, the Division of Apprenticeship Standards of the Department of Industrial Relations and shall otherwise be available for inspection in accordance with California Labor Code Section 1776.
D. In accordance with California Labor Code Section 1777.5, the prime contractor, on behalf of the Developer and any contractors or subcontractors engaged in construction of the Improvements, shall be responsible for ensuring compliance with California Labor Code Section 1777.5 governing employment and payment of apprentices on public works contracts.
E. In case it becomes necessary for the Developer or any contractor or subcontractor engaged in construction of the Improvements to employ on the construction of the Improvements any person in a trade or occupation (except executive, supervisory, administrative, clerical, or other non manual workers as such) for which no minimum wage rate has been determined by the Director of the Department of Industrial Relations, the Developer, contractor or subcontractor shall pay the minimum rate of wages specified therein for the classification which most nearly corresponds to services to be performed by that person. The minimum rate thus furnished shall be applicable as a minimum for such trade or occupation from the time of the initial employment of the person affected and during the continuance of such employment.
75 4857-6710-1932.3 Page 15
EXHIBIT C
INSURANCE REQUIREMENTS
MINIMUM SCOPE AND LIMITS OF INSURANCE
Coverage shall be at least as broad as:
1. Commercial General Liability (CGL) Insurance Services Office Form CG 00 01 covering CGL on an “occurrence” basis, including products and completed operations, property damage, bodily injury and personal & advertising injury with limits no less than $5,000,000 per occurrence. If a general aggregate limit applies, either the general aggregate limit shall apply separately to this project/location or the general aggregate limit shall be twice the required occurrence limit (i.e., $2,000,000).
2. Automobile Liability Insurance Services Office Form Number CA 0001 covering Code 1 (any auto), with limits no less than $5,000,000 per accident for bodily injury and property damage.
3. Workers’ Compensation Insurance as required by the State of California, with Statutory Limits, and Employers’ Liability insurance with a limit of no less than $1,000,000 per accident for bodily injury or disease.
4. Builder’s Risk (Course of Construction) insurance utilizing an “All Risk” (Special Perils) coverage form, with limits equal to the completed value of the project and no coinsurance penalty provisions.
5. Surety Bonds as described below.
6. Professional Liability (if Design/Build), with limits no less than $1,000,000 per occurrence or claim, and $2,000,000 policy aggregate.
7. Contractors’ Pollution Legal Liability and/or Asbestos Legal Liability and/or Errors and Omissions (if project involves environmental hazards) with limits no less than $1,000,000 per occurrence or claim, and $2,000,000 policy aggregate.
If the contractor maintains higher limits than the minimums shown above, the City requires and shall be entitled to coverage for the higher limits maintained by the contractor. Any available insurance proceeds in excess of the specified minimum limits of insurance and coverage shall be available to the City.
The Contractor shall procure and maintain for the duration of the contract, and if Contractor has a claims-made policy, Contractor shall maintain for two years thereafter, insurance against claims for injuries to persons or damages to property which may arise from or in 76 4857-6710-1932.3 Page 16
connection with the performance of the work hereunder by the Contractor, its agents, representatives, employees or subcontractors.
Deductibles and Self-Insured Retentions
Any deductibles or self-insured retentions must be declared to and approved by the City. At the option of the City, either: the contractor shall cause the insurer to reduce or eliminate such deductibles or self-insured retentions as respects the City, its officers, officials, employees, and volunteers; or the Contractor shall provide a financial guarantee satisfactory to the City guaranteeing payment of losses and related investigations, claim administration, and defense expenses.
Other Insurance Provisions
The insurance policies are to contain, or be endorsed to contain, the following provisions:
1. The City, its officers, officials, employees, and volunteers are to be covered as additional insureds on the CGL policy with respect to liability arising out of work or operations performed by or on behalf of the Contractor including materials, parts, or equipment furnished in connection with such work or operations and automobiles owned, leased, hired, or borrowed by or on behalf of the Contractor. General liability coverage can be provided in the form of an endorsement to the Contractor’s insurance (at least as broad as ISO Form CG 20 10 11 85 or both CG 20 10 10 01 and CG 20 37 10 01forms if later revisions used).
2. For any claims related to this project, the Contractor’s insurance coverage shall be primary insurance as respects the City, its officers, officials, employees, and volunteers. Any insurance or self-insurance maintained by the City, its officers, officials, employees, or volunteers shall be in excess of the Contractor’s insurance and shall not contribute with it.
3. Each insurance policy required by this clause shall provide notice will be provided to City in the event that the policy is terminated. Contractor shall immediately notify City of any insurance cancellation or termination and shall provide replacement insurance policy documentation to the City.
Builder’s Risk (Course of Construction) Insurance
Contractor may submit evidence of Builder’s Risk insurance in the form of Course of Construction coverage. Such coverage shall name the City as a loss payee as their interest may appear.
If the project does not involve new or major reconstruction, at the option of the City, an Installation Floater may be acceptable. For such projects, a Property Installation Floater shall be obtained that provides for the improvement, remodel, modification, alteration, conversion or adjustment to existing buildings, structures, processes, machinery and 77 4857-6710-1932.3 Page 17
equipment. The Property Installation Floater shall provide property damage coverage for any building, structure, machinery or equipment damaged, impaired, broken, or destroyed during the performance of the Work, including during transit, installation, and testing at the City’s site.
Claims Made Policies
If any coverage required is written on a claims-made coverage form:
1. The retroactive date must be shown, and this date must be before the execution date of the contract or the beginning of contract work.
2. Insurance must be maintained, and evidence of insurance must be provided for at least five (5) years after completion of contract work.
3. If coverage is canceled or non-renewed, and not replaced with another claims-made policy form with a retroactive date prior to the contract effective, or start of work date, the Contractor must purchase extended reporting period coverage for a minimum of five (5) years after completion of contract work.
4. A copy of the claims reporting requirements must be submitted to the City for review.
5. If the services involve lead-based paint or asbestos identification/remediation, the Contractors Pollution Liability policy shall not contain lead-based paint or asbestos exclusions. If the services involve mold identification/remediation, the Contractors Pollution Liability policy shall not contain a mod exclusion, and the definition of Pollution shall include microbial matter, including mold.
Acceptability of Insurers
Insurance is to be placed with insurers with a current A.M. Best rating of no less than A:VII, unless otherwise acceptable to the City.
Waiver of Subrogation
Contractor hereby agrees to waive rights of subrogation which any insurer of Contractor may acquire from Contractor by virtue of the payment of any loss. Contractor agrees to obtain any endorsement that may be necessary to affect this waiver of subrogation.
Worker’s Compensation policies shall be endorsed with a waiver of subrogation in favor of the City for all work performed by the Contractor, its employees, agents and subcontractors.
78 4857-6710-1932.3 Page 18
Verification of Coverage
Contractor shall furnish the City with original certificates and amendatory endorsements, or copies of the applicable insurance language, effecting coverage required by this contract. All certificates and endorsements are to be received and approved by the City before work commences. However, failure to obtain the required documents prior to the work beginning shall not waive the Contractor’s obligation to provide them. The City reserves the right to require complete, certified copies of all required insurance policies, including endorsements, required by these specifications, at any time.
Subcontractors
Contractor shall require and verify that all subcontractors maintain insurance meeting all the requirements stated herein, and Contractor shall ensure that City is an additional insured on insurance required from subcontractors. For CGL coverage subcontractors shall provide coverage with a format least as broad as CG 20 10 10 01 and CG 20 37 10 01.
Surety Bonds
Contractor shall provide the following Surety Bonds:
1. Bid bond
2. Performance bond
3. Payment bond
4. Maintenance bond
The Payment Bond and the Performance Bond shall be in a sum equal to the contract price.
If the Performance Bond provides for a one-year warranty a separate Maintenance Bond is not necessary. If the warranty period specified in the contract is for longer than one year a Maintenance Bond equal to 10% of the contract price is required. Bonds shall be duly executed by a responsible corporate surety, authorized to issue such bonds in the State of California and secured through an authorized agent with an office in California.
Special Risks or Circumstances
City reserves right to modify these requirements, including limits, based on the nature of the risk, prior experience, insurer, coverage, or other circumstances. 79 4857-6710-1932.3 Page 19
EXHIBIT D
VERIFICATION OF INSURANCE
80 STAFF REPORT
1 City of Oakley | 3231 Main Street, Oakley, CA 94561
O (925) 625-7000 | F (925) 625-9859 | www.ci.oakley.ca.us DATE: December 9, 2025
TO: Joshua McMurray, City Manager
FROM: Kevin Rohani, P.E., Public Works Director/City Engineer SUBJECT: Ratify Election: Adopt Ordinance No. 13-25 Authorizing the Levy of a Special Tax on Parcels of Land within Tax Area Zone 200 within the Oakley Special Police Tax Area for Police Protection Services for the 5401 Live Oak Avenue project located at 5401 Live Oak Avenue (APN 037-090-005-2)
Background and Analysis
On August 8, 2023, the City Zoning Administrator approved a Design Review application for minor site improvements with certain Conditions of Approval for the proposed 5401 Live Oak Avenue project (the “Project”). The Project is designated as Commercial in the Oakley General Plan and C (General Commercial) district on the City of Oakley Zoning Map. The Project is currently comprised of APN 037-090-005- 2, which is anticipated to be comprised of one office parcel upon completion of the Project.
The Conditions of Approval for the Project require the Developer to mitigate the financial impact their project has on the City’s police services budget. The City of Oakley previously formed the Oakley Special Police Tax Area that authorizes the levy of an annual special tax on parcels to mitigate their financial impact to the City’s police services budget. The property owner for the Project has requested the City assist with annexing the Project into the Oakley Special Police Tax Area to satisfy their Conditions of Approval.
On October 14, 2025, the City Council introduced Ordinance No. 13-25 which would authorize a special tax for police services within Zone 200 subject to property owner voter approval. On November 17, 2025, the City Clerk conducted the property owner election. There was one (1) ballot issued to the property owner representing the Project. The City Clerk tabulated the property owner ballot, and the property owner was in favor of annexing into the Oakley Special Police Tax Area as Zone 200.
Consistency with the Oakley Strategic Plan 27+
This item is consistent with the Strategic Plan 27+ Park and Open Space and Finance and Fiscal Responsibility section goals.
Approved and
Forwarded to the
City Council
81 STAFF REPORT
CITY HALL | 3231 Main Street, Oakley, CA 94561 2
O (925) 625-7000 | F (925) 625-9859 | www.CI.Oakley.CA.US Fiscal Impact
There will be no financial impact to the City's General Fund. The applicant has funded all costs associated with the annexation of Zone 200 to the Oakley Special Police Tax Area. The Fiscal Year 2025/26 special tax rate for office parcels is $2,695.08/parcel.
The Project is anticipated to consist of one office parcel upon completion of the Project.
Therefore, the successful creation of the Zone is expected to provide up to $2,695.08 (in Fiscal Year 2025/26 dollars) in revenue annually at build-out. The taxes can be collected on the property tax rolls commencing in Fiscal Year 2026/27.
Staff Recommendation
Staff recommend that the City Council ratify the election and adopt Ordinance No. 13- 25 authorizing the levy of a special tax on parcels of land within Tax Area Zone 200 within the Oakley Special Police Tax Area for Police Protection Services for the 5401 Live Oak Avenue project located at 5401 Live Oak Avenue (APN 037-090-005-2).
Attachments
1. One (1) Signed Ballot
2. Ordinance No. 13-25
1. Exhibit A – Boundary Map for Police Tax Area Zone 200
2. Exhibit B – Tax Rate Schedule for Fiscal Year 2025/26 82 83
CITY OF OAKLEY
ORDINANCE NO. 13-25
AN ORDINANCE OF THE CITY OF OAKLEY ESTABLISHING OAKLEY SPECIAL POLICE TAX AREA ZONE 200 WITHIN THE OAKLEY SPECIAL POLICE TAX
AREA FOR A SPECIAL TAX FOR POLICE PROTECTION SERVICES FOR THE 5401 LIVE OAK AVENUE PROJECT LOCATED AT 5401 LIVE OAK AVENUE (APN 037-090-005-2)
The Voters of the City of Oakley do ordain as follows:
Section 1. Purpose, Intent and Authority.
It is the purpose and intent of this Ordinance to authorize the levy of a special tax on real property that is within Oakley Special Police Tax Area Zone 200 of the Oakley Special Police Tax Area as shown on the Exhibit A map attached hereto in order to provide funding for police protection to serve the property and persons within said Zone.
This Tax is a special tax within the meaning of Section 4 of Article XIIlA of the California Constitution. Because the burden of this tax falls upon property, this tax also is a property tax, but this tax is not determined according to nor in any manner based upon the value of property; this tax is levied on a parcel and use of property basis. Insofar as not inconsistent with this Ordinance or with legislation authorizing special taxes and insofar as applicable to a property tax that is not based on value, such provisions of the California Revenue and Taxation Code and of Article XIII of the California Constitution as relate to ad valorem property taxes are intended to apply to the collection and administration of this tax (Section 4 of this Ordinance), as authorized by law.
The revenues raised by this tax are to be used solely for the purposes of obtaining, furnishing, operating, and maintaining police protection equipment or apparatus, for paying the salaries and benefits of police protection personnel, and for such other police protection service expenses as are deemed necessary for the benefit of the residents of Zone 200.
This Ordinance is enacted pursuant to the authority of Government Code Section 53978.
Section 2. Definitions.
The following definitions shall apply throughout this Ordinance.
A. "Constant first year dollars" shall mean an actual dollar amount which, in years subsequent to the first fiscal year the tax is levied, shall have the same purchasing price as the base amount in first fiscal year dollars as measured by the actual cost of services 84 for the City of Oakley's cost of obtaining police services. The base amount shall be the amount of tax per parcel as specified in Section 3.A herein. The adjustments from actual to constant dollars shall be made by use of the actual cost of services, as specified in Section 3.B herein.
B. "Fiscal year" means the period of July 1 through the following June 30.
C. "Oakley Special Police Tax Area" includes all properties within the jurisdictional limits of the City of Oakley.
D. Oakley Special Police Tax Area Zone 200 (hereinafter called "Zone") means that portion of the incorporated area of the City of Oakley located within the boundaries as shown on the map Exhibit A hereto.
E. "Parcel" means the land and any improvements thereon, designated by an assessor's parcel map and parcel number and carried on the secured property tax roll of Contra Costa County. For the purposes of this Ordinance, parcel does not include any land or improvements outside the boundaries of the Zone, nor any land or improvements owned by any governmental entity.
F. Pursuant to Government Code §53978, "voter" means a person owning real property within the Zone at the time this Ordinance was adopted, as shown on the last equalized assessment role prepared by the Contra Costa County Assessor's Office.
Section 3. Amount and Level of Taxes.
The tax per year on each parcel in the Zone shall not exceed the amount applicable to the parcel, as specified below.
A. For First Fiscal Year:
The tax per year for the first fiscal year (July 1, 2025, through June 30, 2026) shall be the amount of Tax Per Parcel for a Property Use Code Category as set forth on Exhibit B hereto. If any new development, including new residential units, is completed prior to the tax being effective for the first fiscal year, the owner of the Parcel, as shown on the latest assessment roll, shall pay the tax for the remainder of such fiscal year on a prorated basis to the City, no later than receipt of Certificate of Occupancy or final building permit inspection.
85 B. For Subsequent Fiscal Year:
The tax rates shown in Exhibit B shall be automatically adjusted on July 1 of each year, beginning on July 1, 2026 by the increase in the Consumer Price Index for all Urban Consumers for the San Francisco-Oakland Bay Area and applying that rate to the prior year amounts for each property use code category. However, the City Council reserves the right to itself the opportunity to adjust the rate in the following year if the CPI adjustment is insufficient to reimburse the City for the costs of providing levels of police services as approved by the City Council.
In no event shall the tax per parcel for any fiscal year be less than the amount established for the previous fiscal year.
C. The taxes levied on each parcel pursuant to this Article shall be a charge upon the parcel and shall be due and collectible as set forth in Section 4, below.
Section 4. Collection and Administration.
A. Taxes as Liens Against the Property.
The amount of taxes for each parcel each year shall constitute a lien on such property, in accordance with Revenue and Taxation Code Section 2187, and shall have the same effect as an ad valorem real property tax lien until fully paid.
B. Collection.
The taxes on each parcel shall be billed on the secured roll tax bills for ad valorem property taxes and are to be collected in the same manner in which the County of Contra Costa collects secured roll ad valorem property taxes. Insofar as feasible and insofar as not inconsistent with this Ordinance, the times and procedure regarding exceptions, due dates, installment payments, corrections, cancellations, refunds, late payments, penalties, liens, and collections for secured roll ad valorem property taxes shall be applicable to the collection of this tax. Notwithstanding anything to the contrary in the foregoing, as to this tax:
i) The secured roll tax bills shall be the only notices required for this tax, and ii) The homeowners and veterans exemptions shall not be applicable because such exemptions are determined by dollar amount of value.
C. Costs of Administration by County.
The reasonable costs incurred by the County officers collecting and administering this tax shall be deducted from the collected taxes.
86 Section 5. Severability Clause.
If any article, section, subsection, sentence, phrase or clause of this Ordinance is for any reason held to be invalid, such decision shall not affect the validity of the remaining portion of this Ordinance. The voters of the Zone hereby declare that they would have adopted the remainder of this Ordinance, including each article, section, subsection, sentenced phrase or clause, irrespective of the invalidity of any other article, section, subsection, sentence, phrase or clause.
Section 6. Effective Date and Posting.
This Ordinance shall take effect immediately upon its confirmation by two-thirds of the voters voting within the Zone in an election to be held on November 17, 2025, so that taxes shall first be collected hereunder for the tax year beginning July 1, 2026. If not confirmed by two-thirds of the voters participating in the election, this Ordinance and the tax approved herein shall not become effective.
The foregoing ordinance was adopted with the reading waived at a regular meeting of the Oakley City Council on December 9, 2025, by the following vote:
AYES:
NOES:
ABSTENTION:
ABSENT:
APPROVED:
___________________
Shannon Shaw, Mayor
ATTEST:
_____________________ ___________________
Kim Snodgrass, City Clerk Date
87 APN
037-090-005-2
Liv
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O
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A
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Main Street
EXHIBIT A - BOUNDARY MAP
CITY OF OAKLEY SPECIAL POLICE TAX AREA (P-6) ZONE 200
CITY OF OAKLEY
COUNTY OF CONTRA COSTA, STATE OF CALIFORNIA
SHEET 1 OF 1
0 ±
250
Feet
5401 Live Oak Avenue
Legend
Zone 200 Boundary
Parcel Lines
88 PROPERTY USE
CODE CATEGORY DESCRIPTION
FY24/25 TAX
PER PARCEL
FY25/26 TAX
PER PARCEL
11 Single Family Residence – 1res., 1 site $1,330.64 $1,347.54 12 Single Family Residence – 1 res., 2 or more sites $1,330.64 $1,347.54 13 Single Family Residence – 2 res., on 1 or more sites $2,129.02 $2,156.06 14 Single Family Residence – other than single fam. Land $1,330.64 $1,347.54 15 Misc. Improvements – 1 site $1,330.64 $1,347.54
16 Misc. Improvements – 2 or more sites $1,330.64 $1,347.54 17 Vacant – 1 site $665.32 $673.77
18 Vacant – 2 or more sites $665.32 $673.77
19 Single Family Residence – Det. W/common area $1,330.64 $1,347.54 20 Vacant – Multiple $665.32 $673.77
21 Duplex $2,129.02 $2,156.06
22 Triplex $3,193.54 $3,234.10
23 Fourplex $4,258.05 $4,312.13
24 Combinations $1,330.64 $1,347.54
25 Apartments (5 –12 Units) $5,322.56 $5,390.16
26 Apartments (13 – 24 Units) $13,838.66 $14,014.42
27 Apartments (25 – 59 Units) $26,612.80 $26,950.80
28 Apartments (60+ units) $63,870.72 $64,681.92
29 Attached PUDs: Cluster Homes, Condos, etc. $1,330.64 $1,347.54 30 Vacant – Commercial $665.32 $673.77
31 Commercial Stores – Not Supermarkets $2,661.28 $2,695.08 32 Small Grocery Stores – (7-11, etc.) $3,991.92 $4,042.62 33 Office Buildings $2,661.28 $2,695.08
34 Medical, Dental $2,661.28 $2,695.08
35 Service Stations, Car Wash $2,661.28 $2,695.08
36 Garages $2,661.28 $2,695.08
37 Community Facilities (Recreational, etc.) $5,322.56 $5,390.16 38 Golf Courses $2,661.28 $2,695.08
39 Bowling Alleys $1,330.64 $1,347.54
40 Boat Harbors $3,326.60 $3,368.85
41 Supermarkets – (not shopping centers) $3,991.92 $4,042.62 42 Shopping Centers $5,322.56 $5,390.16
43 Financial Buildings – (Ins., Title, Banks, S&L) $1,330.64 $1,347.54 44 Motels, Hotels & Mobile Home Parks $6,653.20 $6,737.70 45 Theaters $2,993.94 $3,031.97
46 Drive-in Restaurants $1,995.96 $2,021.31
47 Restaurants $1,995.96 $2,021.31
48 Multiple & Commercial $1,995.96 $2,021.31
49 New Car Agencies $1,995.96 $2,021.31
50 Vacant Land (not part of Ind. Park or P. & D.) $498.99 $505.33 51 Industrial Park $3,991.92 $4,042.62
52 Research & Development $1,995.96 $2,021.31
53 Light Industrial $1,995.96 $2,021.31
54 Heavy Industrial $1,995.96 $2,021.31
55 Mini Warehouses (public storage) $3,991.92 $4,042.62 56 Misc. Improvements $3,991.92 $4,042.62
61 Rural, Res., Improvement 1A-10A $997.98 $1,010.66
62 Rural, w/or w/o structure 1A-10A $997.98 $1,010.66
70 Convalescent Hospitals / Rest Homes $1,995.96 $2,021.31 73 Hospitals $1,995.96 $2,021.31
74 Cemeteries / Mortuaries $1,995.96 $2,021.31
75 Fraternal & Service Organizations $1,995.96 $2,021.31 76 Retirement Housing Complex $6,653.20 $6,737.70
78 Parks & Playgrounds $3,991.92 $4,042.62
85 Public & Private Parking $1,995.96 $2,021.31
87 Common Area $1,995.96 $2,021.31
88 Mobile Homes $997.98 $1,010.66
89 Other (split parcels in different tax code areas) $997.98 $1,010.66 99 Homeowner's Association Owned Common Areas $798.38 $808.52
CALCULATION OF COST OF LIVING INCREASE
Percent increase from Fiscal Year 2024-25 in the San Francisco-Oakland-Bay Area Consumer 1.27% Price Index for All Urban Consumers.
CITY OF OAKLEY SCHEDULE FOR POLICE SERVICE TAX
FOR FISCAL YEAR 2025/2026
The tax rates shown in this schedule shall be automatically adjusted on July 1 of each year, beginning on July 1, 2016 by the increase in the Consumer Price Index for all Urban Consumers for the San Francisco-Oakland-Bay Area and applying that rate to the prior year amounts for each property use code category. However, the City Council reserves the right to itself the opportunity to adjust the rate in the following year if the CPI adjustment is insufficient to reimburse the City for the costs of providing levels of police services as approved by the City Council.
5/15/2025
89 STAFF REPORT
1 City of Oakley | 3231 Main Street, Oakley, CA 94561
O (925) 625-7000 | F (925) 625-9859 | www.ci.oakley.ca.us DATE: December 9, 2025
TO: Joshua McMurray, City Manager
FROM: Kevin Rohani, P.E., Public Works Director/City Engineer SUBJECT: Annexation No. 48 (5401 Live Oak Avenue) to the City of Oakley Community Facilities District No. 2015-2 (Parks, Streetlight, Landscape and Stormwater Services)
Background and Analysis
On August 8, 2023, the City Zoning Administrator approved a Design Review application for minor site improvements with certain Conditions of Approval for the proposed 5401 Live Oak Avenue project (the “Project”). The Project is designated as Commercial in the Oakley General Plan and C (General Commercial) district on the City of Oakley Zoning Map. The Project is currently comprised of APN 037-090-005- 2, which is anticipated to be comprised of one office parcel upon completion of the Project.
The Conditions of Approval for the Project require the property owner to mitigate their project’s financial impact on the City’s parks, streetlighting, landscape and stormwater service budgets. On January 12, 2016, the Oakley City Council formed City of Oakley Community Facilities District No. 2015-2 (Parks, Streetlight, Landscape and Stormwater Services) (“CFD No. 2015-2”). CFD No. 2015-2 authorizes the annual levy of a special tax on parcels located within CFD No. 2015-2 to mitigate their financial impact to the City’s parks, streetlighting, landscape and stormwater service budgets. The property owner for the Project has requested that the City assist them with the annexation of their development into CFD No. 2015-2 to satisfy their conditions of approval.
Prior to tonight’s City Council meeting, the property owner for the Project executed the attached Unanimous Approval Form. This form constitutes unanimous approval and a unanimous vote by the property owner in favor of annexing their property to CFD No. 2015-2 including the subsequent annual levy of special taxes to mitigate their project’s financial impact on the City’s parks, streetlighting, landscape and stormwater service budgets.
Consistency with the Oakley Strategic Plan 27+
This item is consistent with the Strategic Plan 27+ Park and Open Space and Finance and Fiscal Responsibility section goals.
90 STAFF REPORT
City of Oakley | 3231 Main Street, Oakley, CA 94561 2
O (925) 625-7000 | F (925) 625-9859 | www.ci.oakley.ca.us Fiscal Impact
There will be no financial impact to the City's General Fund. The applicant has funded all costs associated with the annexation of their project to CFD No. 2015-2. The Fiscal Year 2025/26 special tax rates per non-residential acre are as follows:
The Project is anticipated to consist of one (1) 0.722-acre non-residential office parcel.
Therefore, successful annexation of the Project into CFD 2015-2 could provide up to $2,967 (in Fiscal Year 2025/26 dollars) in revenue annually. The taxes will be collected on the property tax rolls commencing in Fiscal Year 2026-27.
Staff Recommendation
The conditions of approval for the Project require the property owner to mitigate their project’s financial impact on the City’s parks, streetlighting, landscape and stormwater service budgets. Staff recommend that the City Council:
1. Adopt a Resolution Approving the Annexation (Annexation No. 48) of Property Located at 5401 Live Oak Avenue (APN 037-090-005-2) in the Future Annexation Area of the City of Oakley Community Facilities District No. 2015-2 (Parks, Streetlight, Landscape and Stormwater Services) Attachments
1. Unanimous Approval of Annexation to a Community Facilities District and Related Matters - City of Oakley Community Facilities District No. 2015-2 (Parks, Streetlight, Landscape and Stormwater Services)
1. Exhibit A – Description of Services
2. Exhibit B – Cost Estimate
3. Exhibit C – Supplement to the Rate and Method of Apportionment of Special Tax – Tax Zone No. 38
2. Resolution Approving the Annexation (Annexation No. 48) of Property Located at 5401 Live Oak Avenue (APN 037-090-005-2) in the Future Annexation Area of the City of FY 2025-26 Maximum Special Tax Rates per Non-Residential Acre Special Tax Maximum Annual
Component Special Tax Rates
Regional Park Maintenance Tax $525.67
Community Parks Maintenance Tax $1,160.85
Streetlighting Maintenance Tax $229.19
Neighborhood Parks & Landscape Maintenance Tax $1,085.88 Stormwater/Water Quality Maintenance Tax $1,108.04
Total $4,109.63
91 STAFF REPORT
City of Oakley | 3231 Main Street, Oakley, CA 94561 3
O (925) 625-7000 | F (925) 625-9859 | www.ci.oakley.ca.us Oakley Community Facilities District No. 2015-2 (Parks, Streetlight, Landscape and Stormwater Services)
3. Map – Annexation No. 48 to City of Oakley Community Facilities District No. 2015-2 (Parks, Streetlight, Landscape and Stormwater Services)
4. Amendment No. 48 to Notice of Special Tax Lien – City of Oakley Community Facilities District No. 2015-2 (Parks, Streetlight, Landscape and Stormwater Services) 92 UNANIMOUS APPROVAL
of Annexation to a Community Facilities District
and Related Matters
CITY OF OAKLEY
Community Facilities District No. 2015-2
(Parks, Streetlight, Landscape and Stormwater Services) Annexation No. 48 – Tax Zone No. 38
December 9, 2025
To the Honorable City Council,
City of Oakley
3231 Main Street
Oakley, CA 94561
Members of the City Council:
This constitutes the Unanimous Approval (the “Unanimous Approval”) of the record owner(s) (the “Property Owner”) of the fee title to the real property identified below (the “Property”) contemplated by Section 53339.3 et seq. of the Mello-Roos Community Facilities Act of 1982, as amended (the “Act”) to annexation of the Property to the "City of Oakley Community Facilities District No. 2015-2 (Parks, Streetlight, Landscape and Stormwater Services)" (the “CFD”), and it states as follows:
1. Property Owner. This Unanimous Approval is submitted by the Property Owner as the record owner(s) of fee title to the Property. The Property Owner has supplied to the City current evidence of its ownership of fee title to the Property.
2. Approval of Annexation. This Unanimous Approval constitutes the unanimous approval and unanimous vote by the Property Owner in favor of the annexation of the Property to the CFD. The CFD was formed to finance the municipal services (the “Services”) described in Exhibit A hereto and made a part hereof.
3. Approval of Special Tax and the Services. This Unanimous Approval constitutes the unanimous approval and unanimous vote by the Property Owner in favor of the levy of special taxes (the “Special Taxes”) on the Property to finance the Services.
The Special Taxes will be levied according to the “Supplement to the Rate and Method of Apportionment of Special Tax – Tax Zone No. 38” attached hereto as Exhibit C and made a part hereof (the "Rate and Method"). The cost estimate for the Services is attached hereto as Exhibit B.
93 -2-
4. Waivers and Vote. The Property Owner hereby confirms that this Unanimous Approval constitutes its approval and unanimous vote as described herein and as contemplated by Section 53339.3 et seq. of the Act and Article XIIIA of the California Constitution. The Property Owner hereby waives all other rights with respect to the annexation of the Property, the levy of the Special Taxes on the Property and the other matters covered in this Unanimous Approval.
5. Recordation of Amendment to Notice of Special Tax Lien. The Notice of Special Tax Lien for the CFD was recorded in the Office of the County Recorder of the County of Contra Costa, State of California on January 19, 2016, as Document No. 20160009045. The Property Owner hereby authorizes and directs the City Clerk to execute and cause to be recorded in the office of the County Recorder of the County of Contra Costa an amendment to the Notice of Special Tax Lien for the CFD as required by Section 3117.5 of the California Streets and Highways Code. The amendment to the Notice of Special Tax Lien shall include the Rate and Method as an exhibit thereto.
6. Authority Warranted. The Property Owner warrants to the City that the presentation of this Unanimous Approval, any votes, consents or waivers contained herein, and other actions mandated by the City for the annexation of the Property to the CFD shall not constitute or be construed as events of default or delinquencies under any existing or proposed financing documents entered into or to be entered into by the Property Owner for the Property, including any “due-on-encumbrance” clauses under any existing security instruments secured by the Property.
7. Due Diligence and Disclosures. The Property Owner agrees to cooperate with the City and its attorneys and consultants and to provide all information and disclosures required by the City about the Special Taxes to purchasers of the Property or any part of it.
8. Agreements. The Property Owner further agrees to execute such additional or supplemental agreements as may be required by the City to provide for any of the actions and conditions described in this Unanimous Approval, including any cash deposit required to pay for the City’s costs in annexing the Property to the CFD.
9. The Property. The Property is identified as follows:
Assessor’s Parcel No.: 037-090-005-2
Acres: 0.722 acres
94 -3-
By executing this Unanimous Approval, the Property Owner agrees to all of the above.
Annexation No. 48 - Tax Zone No. 38
Property Owner
By: FERRANTE KEN TRE
Name:
Title:
Notice Address:
95 Exhibit A
EXHIBIT A
CITY OF OAKLEY
Community Facilities District No. 2015-2
(Parks, Streetlight, Landscape and Stormwater Services)
DESCRIPTION OF SERVICES
The captioned Community Facilities District will finance, in whole or in part, the following services ("services" shall have the meaning given that term in the Mello-Roos Community Facilities Act of 1982), including all related administrative costs, expenses and related reserves for replacement of vehicles, equipment and facilities:
Regional Parks
Maintenance, including servicing, repair, replacement and removal of regional parks (includes park amenities such as buildings, sports fields, sports courts, playground equipment, play courts, play structures, picnic tables, lighting, drinking fountains, barbeques, etc.), both (i) in the CFD and (ii) outside the CFD but within the boundaries of the City if the City has concluded that such maintenance would benefit the CFD.
Maintenance also includes cleaning and removal of graffiti, and associated electric, water and other utility costs.
Community Parks
Maintenance, including servicing, repair, replacement and removal of community parks (includes park amenities such as buildings, sports fields, sports courts, playground equipment, play courts, play structures, picnic tables, lighting, drinking fountains, barbeques, etc.), both (i) in the CFD and (ii) outside the CFD but within the boundaries of the City if the City has concluded that such maintenance would benefit the CFD.
Maintenance also includes cleaning and removal of graffiti, and associated electric, water and other utility costs.
Streetlighting
Maintenance, including servicing, repair, replacement and removal of streetlights (includes poles, fixtures, bulbs, conduits, equipment, including guys, anchors, posts, pedestals and metering devices, etc.), both (i) in the CFD and (ii) outside the CFD but within the boundaries of the City if the City has concluded that such maintenance would benefit the CFD. Maintenance also includes cleaning and removal of graffiti, and associated electric and other utility costs.
96 Exhibit A
Neighborhood Parks & Landscaping
Maintenance, including servicing, repair, replacement and removal of neighborhood parks (includes park amenities such as playground equipment, play courts, play structures, picnic tables, lighting, drinking fountains, barbeques, etc.), both (i) in the CFD and (ii) outside the CFD but within the boundaries of the City if the City has concluded that such maintenance would benefit the CFD. Maintenance also includes cleaning and removal of graffiti, and associated electric, water and other utility costs.
Maintenance, including servicing, repair, replacement and removal of parkways, landscape setbacks, landscaped roadway medians, open space, environmental preserves (including performance and management of environmental mitigation monitoring and annual reporting), publicly-owned masonry walls, fences, monuments and features, trails, bike paths, etc., both (i) in the CFD and (ii) outside the CFD but within the boundaries of the City if the City has concluded that such maintenance would benefit the CFD. Maintenance also includes cleaning and removal of graffiti, and associated electric, water and other utility costs.
Stormwater
Maintenance, including servicing, repair, replacement and removal of bio-retention facilities and drainage facilities (includes field inspections, record keeping, cost of permits and regulatory fees, environmental mitigation monitoring, annual reporting, vegetation management, removal of silt, sediment, trash and debris from the drainage areas, bioretention basins and City catch basins, etc.), both (i) in the CFD and (ii) outside the CFD but within the boundaries of the City if the City has concluded that such maintenance would benefit the CFD. Maintenance also includes cleaning and removal of graffiti, and associated electric, water and other utility costs.
In addition, the following costs will also be financed by the special taxes levied within the CFD and be allocated to each improvement described above based upon their pro-rata share of needed administrative costs, operating reserves and capital reserves, and actual or estimated delinquencies.
1. Administrative Expenses including the costs incurred to determine, levy and collect the special taxes, including compensation of City employees for administrative work performed in relation to the CFD, the fees of consultants and legal counsel, the costs of collecting installments of the special taxes upon the general tax rolls, preparation of required reports, and any other costs incurred in the administration of the CFD by the City;
2. Any amounts needed for operating reserves and capital reserves; and
3. Any amounts needed to cure actual or estimated delinquencies in special taxes for the current or previous fiscal years.
97 Exhibit B
EXHIBIT B
CITY OF OAKLEY
Community Facilities District No. 2015-2
(Parks, Streetlight, Landscape and Stormwater Services) Cost Estimate
(Fiscal Year 2025-26 Dollars)
FY 2025-26
Special Tax Special Tax
Component Requirement
Regional Park Maintenance Tax $380
Community Parks Maintenance Tax $838
Streetlighting Maintenance Tax $165
Neighborhood Parks & Landscape Maintenance Tax $784
Stormwater/Water Quality Maintenance Tax $800
Total $2,967
98 Exhibit C
EXHIBIT C
CITY OF OAKLEY
Community Facilities District No. 2015-2
(Parks, Streetlight, Landscape and Stormwater Services)
SUPPLEMENT TO THE RATE AND METHOD OF
APPORTIONMENT OF SPECIAL TAX – TAX ZONE NO. 38
Special Taxes in the City of Oakley Community Facilities District No. 2015-2 (Parks, Streetlight, Landscape and Stormwater Services) (the “CFD” or “CFD No. 2015-2”) shall be levied and collected according to the tax liability determined by the Administrator through the application of the appropriate amount or rate for Taxable Property, as described below. All the property in CFD No. 2015-2, unless exempted by law or by the provisions of Section E herein, shall be taxed for the purposes, to the extent, and in the manner herein provided, including property subsequently annexed to CFD No. 2015-2, unless a separate Rate and Method of Apportionment of Special Tax is adopted for such annexation area.
Property annexed to City of Oakley Community Facilities District No. 2015-2 (Parks, Streetlight, Landscape and Stormwater Services) pursuant to Annexation No. 48 will be annexed to Tax Zone No. 38 per the Supplement to the Rate and Method of Apportionment of Special Tax shown below.
A. DEFINITIONS
The terms hereinafter set forth have the following meanings:
“Accessory Unit” means a second residential unit of reduced size (e.g., granny cottage, etc.) that shares a Parcel with a Residential Unit. “Acre” or “Acreage” means the land area of an Assessor’s Parcel as shown on an Assessor’s Parcel Map, or if the land area is not shown on an Assessor’s Parcel Map, the land area shown on the applicable Final Map or other recorded County parcel map.
“Act” means the Mello-Roos Community Facilities Act of 1982, as amended, being Chapter 2.5 (commencing with Section 53311), Division 2, of Title 5 of the Government Code of the State of California.
“Administrative Expenses” means the following actual or reasonably estimated costs directly related to the administration of CFD No. 2015-2: the costs of computing the Special Tax and preparing the annual Special Tax collection schedules (whether by the City or any designee thereof or both); the costs of collecting the Special Taxes; the costs to the City, CFD No. 2015-2, or any designee thereof of complying with 99 Exhibit C
disclosure requirements associated with the Act; the costs associated with preparing Special Tax disclosure statements and responding to public inquiries, protests, or appeals regarding the Special Taxes; and the City’s annual administration fees and third party expenses. Administrative Expenses shall also include amounts estimated or advanced by the City or CFD No. 2015-2 for any other administrative purposes of CFD No. 2015-2, including attorney’s fees, costs associated with annexations to CFD No. 2015-2, and other costs related to commencing and pursuing to completion any foreclosure of delinquent Special Taxes.
“Administrator” means an official of the City, or any designee thereof, responsible for determining the Special Tax Requirement and providing for the levy and collection of the Special Tax.
“Assessor’s Parcel” or “Parcel” means a lot or parcel shown on an Assessor’s Parcel Map with an assigned Assessor’s Parcel Number.
“Assessor’s Parcel Map” means an official map of the County Assessor designating parcels by Assessor’s Parcel Number.
“Assessor’s Parcel Number” or “APN” means a unique number assigned to an Assessor’s Parcel by the County Assessor for purposes of identifying a property. “Authorized Services” means the public services authorized to be funded by CFD No. 2015-2 as set forth in the documents adopted by the Council when CFD No. 2015-2 was formed.
“Building Permit” means a building permit issued by the City and having a building structure improvement valuation over $50,000. Building Permits for the construction of ancillary structures such as fences, swimming pools, retaining walls, etc. are excluded.
“CFD” or “CFD No. 2015-2” means the City of Oakley Community Facilities District No. 2015-2 (Parks, Streetlight, Landscape and Stormwater Services). “City” means the City of Oakley.
“City Landscape Maintenance Standards” means the then applicable landscape maintenance standards or then applicable level of service for then applicable landscape maintenance contracts executed by the City that are in effect and relate to similar landscaping improvements.
“City Manager” means the City Manager of the City of Oakley. “Commercial Unit” means an individual building structure for commercial uses as defined per the County Assessor (e.g., grocery stores, shopping centers, motel, hotel, service stations, and offices).
100
Exhibit C
“Condominium Parcel” means a Parcel designated by the County Assessor as having a condominium, townhome, cluster home and co-op land use. “Council” means the City Council of the City of Oakley, acting as the legislative body for CFD No. 2015-2.
“County” means the County of Contra Costa.
“County Assessor” means the Contra Costa County Assessor. “County Land Use Code” means the land use code assigned to an Assessor’s Parcel as indicated in the records of the County Assessor. “Developed Property” means, in any Fiscal Year, all Parcels of Taxable Property for which a Building Permit was issued by the City for construction of a residential structure or a non-residential structure on or prior to June 30 of the preceding Fiscal Year. In the absence of a Building Permit, any Parcel of Taxable Property shall be classified as “Developed Property” if it has been occupied by a user as determined by the Administrator on or prior to June 30 of the preceding Fiscal Year. “Final Map” or “Parcel Map” means a final map approved by the City pursuant to the Subdivision Map Act (California Government Code Section 66410, et seq.) that creates individual lots on which a Building Permit can be issued for construction of Residential Units without further subdivision of the lots. “Fiscal Year” means the period starting on July 1 and ending on the following June 30.
“Industrial” means an individual building structure for industrial uses as defined per the County Assessor (e.g., research and development, mini-warehouse, etc.). “Institutional” means an individual building structure for institutional uses as defined per the County Assessor (e.g., churches, hospitals, assisted living, schools, etc.).
“Land Use Classification” means the current or intended use of a Taxable Parcel as determined by the Taxable Parcel’s County Land Use Code. “Maximum Special Tax” means, for each Special Tax Component, the maximum Special Tax, determined in accordance with Section C herein, which can be levied in any Fiscal Year.
“Mixed Use Parcel” means a Parcel designated by the County Assessor as having a multiple land uses such as residential land uses and commercial land uses, or multi-family land uses and commercial land uses.
101
Exhibit C
“Multi-Family Parcel” means a Parcel designated by the County Assessor as having a multi-family residential land uses which includes duplexes, triplexes, fourplexes and apartments.
“Non-Residential Parcel” means for each Fiscal Year, all Assessor Parcels designated by the County Assessor with a County Land Use Code of Commercial, Industrial, or Institutional. If it is determined by the Administrator that the County Assessor has assigned an incorrect County Land Use Code or the assigned County Land Use Code does not correctly describe the intended or current use of the Taxable Parcel, the Administrator may assign a Land Use Classification to the Taxable Parcel described in Section C below.
“Non-Residential Parcel – In Compliance” this definition only applies for the purpose of calculating the annual neighborhood landscape maintenance tax component and means for each Fiscal Year, an Assessor Parcel designated by the County Assessor with a County Land Use Code of Commercial, Industrial, or Institutional for which the Property Owner of the Commercial, Industrial, or Institutional Parcel has notified the City in writing by the preceding February 1st that it wishes to maintain its parcel’s frontage landscaping during the immediate following fiscal year and the City Manager or his/her designee has determined that the Property Owner has maintained its Parcel’s frontage landscaping in previous Fiscal Years to City Landscape Maintenance Standards. In addition, in order for any Commercial, Industrial, or Institutional Parcel to be defined as a Non-Residential Parcel – In Compliance, all NonResidential Parcels within a Tax Zone of CFD No. 2015-2 must also be defined as NonResidential Parcel – In Compliance. “Non-Residential Parcel – Out of Compliance” this definition only applies for the purpose of calculating the annual neighborhood landscape maintenance tax component and means for each Fiscal Year, an Assessor Parcel designated by the County Assessor with a County Land Use Code of Commercial, Industrial, or Institutional for which the Property Owner of the Non-Residential Parcel has not notified the City in writing by the preceding February 1st that it wishes to maintain its parcel’s frontage landscaping during the immediate following fiscal year and the City Manager or his/her designee has determined that the Property Owner has not maintained its Parcel’s frontage landscaping in previous Fiscal Years to City Landscape Maintenance Standards. In addition, if any Non-Residential Parcel is defined as a Non-Residential Parcel – Out of Compliance, then all Non-Residential Parcels within a Tax Zone CFD No. 2015-2 will also be defined as Non-Residential Parcel – Out of Compliance. “Property Owner” means the Property Owner of record per current County Assessor records unless more current information is available such as recorded deed of sale, etc.
“Proportionately” means, for Developed Property, that the ratio of the actual annual Special Tax levied in any Fiscal Year to the Maximum Special Tax authorized to be levied in that Fiscal Year is equal for all Assessor’s Parcels of Developed Property. 102
Exhibit C
For Undeveloped Property, “Proportionately” means that the ratio of the actual annual Special Tax levied in any Fiscal Year to the Maximum Special Tax authorized to be levied in that Fiscal Year is equal for all Assessor’s Parcels of Undeveloped Property. “Public Property” means, for each Fiscal Year: (i) any property within the boundaries of CFD No. 2015-2 that is owned by or irrevocably offered for dedication to the federal government, the State of California, the City or any other public agency; provided, however, that any property leased by a public agency to a private entity and subject to taxation under Section 53340.1 of the Act (as such section may be amended or replaced) shall be taxed and classified in accordance with its use; or (ii) any property within the boundaries of CFD No. 2015-2 that is encumbered by an unmanned utility easement making impractical its utilization for other than the purpose set forth in the easement.
“Residential Unit” means an individual building structure for residential or multi-family residential uses as defined per the County Assessor. An Accessory Unit that shares a Parcel with a Residential Unit shall not be considered a separate Residential Unit for purposes of this RMA.
“RMA” means this Rate and Method of Apportionment of Special Tax. "Single-Family Parcel" means a Parcel designated by the County Assessor as having a single-family residential land use. If it is determined by the Administrator that the County Assessor has assigned an incorrect County Land Use Code or the assigned County Land Use Code does not correctly describe the intended or current use of the Taxable Parcel, the Administrator may assign a Land Use Classification to the Taxable Parcel described in Section C below.
“Special Tax” means any tax levied within CFD No. 2015-2 to pay the Special Tax Requirement, and includes each Special Tax Component. “Special Tax Component” means one of the following components of the Special Tax: Community Park Maintenance Tax, Streetlighting Maintenance Tax, Neighborhood Parks and Landscape Maintenance Tax, or Stormwater Maintenance Tax.
“Special Tax Requirement” means, for each Special Tax Component, the amount of revenue needed in any Fiscal Year to pay for the following: (i) Authorized Services related to the Special Tax Component; (ii) Administrative Expenses attributable to the Special Tax Component; and (iii) amounts needed to cover any delinquencies in the payment of the Special Tax Component which occurred in the previous Fiscal Year or, based on delinquency rates in prior years, may be expected to occur in the Fiscal Year in which the Special Tax will be collected. 103
Exhibit C
“Taxable Property” or “Taxable Parcels” means all Assessors’ Parcels within the boundaries of CFD No. 2015-2 that are not exempt from the Special Tax pursuant to law or Section E herein.
“Tax Zone” means a mutually exclusive geographic area within which the Special Tax may be levied pursuant to this RMA. All the property within CFD No. 2015- 2 at the time of CFD Formation is within Tax Zone 1. Additional Tax Zones may be created when property is annexed to CFD No. 2015-2, and a separate Maximum Special Tax shall be identified for property within the new Tax Zone at the time of such annexation. The Assessor’s Parcels included within a new Tax Zone established when such Parcels are annexed to CFD No. 2015-2 shall be identified by Assessor’s Parcel Number in the Unanimous Approval Form that is signed by the owner(s) of the Parcels at the time of annexation.
“Unanimous Approval Form” means that form executed by the record owner of fee title to a Parcel or Parcels annexed into CFD No. 2015-2 that constitutes the property owner’s approval and unanimous vote in favor of annexing into CFD No. 2015- 2, the levy of the Special Tax against his/her Parcel or Parcels pursuant to this RMA. “Undeveloped Property” means, in any Fiscal Year, all Parcels of Taxable Property in CFD No. 2015-2 that are not classified as Developed Property.
B. DATA FOR ANNUAL TAX LEVY
Each Fiscal Year, the Administrator shall identify the current Assessor’s Parcel Numbers for all Parcels of Taxable Property within CFD No. 2015-2. The Administrator shall also determine: (i) whether each Assessor’s Parcel of Taxable Property is Developed Property or Undeveloped Property, and (ii) the Special Tax Requirement for each Special Tax Component for the then-current Fiscal Year. Each Special Tax Component shall be levied only to pay for the related Special Tax Requirement.
In any Fiscal Year, if it is determined that (i) a Final Map or Parcel Map for a portion of property in CFD No. 2015-2 was recorded after the last date upon which the County Assessor will incorporate the newly-created Parcels into the then current tax roll, (ii) because of the date the Final Map or Parcel Map was recorded, the County Assessor does not yet recognize the new Parcels that will be created by the Final Map or Parcel Map, and (iii) one or more of the newly-created Parcels would meet the definition of Developed Property, the Administrator shall calculate the Special Tax for the property affected by recordation of the Final Map or Parcel Map by determining the Special Tax that applies separately to each new Parcel that will be created by that Final Map or Parcel Map, then applying the sum of the individual Special Taxes to the Parcel that was subdivided by recordation of the Final Map or Parcel Map. 104
Exhibit C
C. MAXIMUM SPECIAL TAXES
1. Developed Property - The Fiscal Year 2025-26 Maximum Special Tax for each Special Tax Component for all Parcels of Developed Property shall be as shown in Table 1 below:
Mixed Use Parcels will have their Maximum Tax calculated each Fiscal Year based upon their combined uses on the Parcel. For example, if a one-acre parcel has commercial on the ground floor and 50 condominiums on the second floor the property owner will be charged the Non-Residential Parcel rate for one acre and the Condominium Parcel Rate for the 50 condominiums.
Special Tax Land Use
Component Classification
Regional Park Maintenance Tax Single-Family Parcel $175.22 per Parcel Regional Park Maintenance Tax Condominium Parcel $131.42 per Parcel Regional Park Maintenance Tax Multi-Family Parcel $87.61 per Unit Regional Park Maintenance Tax Non-Residential Parcel $525.67 per Acre Community Parks Maintenance Tax Single-Family Parcel $386.95 per Parcel Community Parks Maintenance Tax Condominium Parcel $290.21 per Parcel Community Parks Maintenance Tax Multi-Family Parcel $193.48 per Unit Community Parks Maintenance Tax Non-Residential Parcel $1,160.85 per Acre Streetlighting Maintenance Tax Single-Family Parcel $76.40 per Parcel Streetlighting Maintenance Tax Condominium Parcel $57.30 per Parcel Streetlighting Maintenance Tax Multi-Family Parcel $38.21 per Unit Streetlighting Maintenance Tax Non-Residential Parcel $229.19 per Acre Neighborhood Parks & Landscaping Maintenance Tax Single-Family Parcel $1,085.88 per Parcel Neighborhood Parks & Landscaping Maintenance Tax Condominium Parcel $814.41 per Parcel Neighborhood Parks & Landscaping Maintenance Tax Multi-Family Parcel $543.08 per Unit Neighborhood Parks & Landscaping Maintenance Tax Non-Residential Parcel $1,085.88 per Acre Stormwater/Water Quality Maintenance Tax Single-Family Parcel $1,108.04 per Parcel Stormwater/Water Quality Maintenance Tax Condominium Parcel $831.03 per Parcel Stormwater/Water Quality Maintenance Tax Multi-Family Parcel $554.17 per Unit Stormwater/Water Quality Maintenance Tax Non-Residential Parcel $1,108.04 per Acre Table 1: Developed Property
FY 2025-26
Maximum
Tax
105
Exhibit C
2. Undeveloped Property - The Fiscal Year 2025-26 Maximum Special Tax for each Special Tax Component for all Parcels of Undeveloped Property shall be as shown in Table 2 below:
3. Escalation of Maximum Special Tax
On July 1, 2026, and each July 1 thereafter, the Maximum Special Tax for each Special Tax Component for the current Fiscal Year for Developed Property and Undeveloped Property shall be increased from the Maximum Special Tax for the respective Special Tax Component for the previous Fiscal Year by Consumer Price Index – All Urban Consumers (San Francisco-Oakland-San Jose, CA) (from February) with a minimum annual increase of three (3.00%) percent and a maximum annual increase of five (5.00%) percent for any given year.
Special Tax Land Use
Component Classification
Regional Park Maintenance Tax Single-Family Parcel $525.67 per Acre Regional Park Maintenance Tax Condominium Parcel $394.25 per Acre Regional Park Maintenance Tax Multi-Family Parcel $262.83 per Acre Regional Park Maintenance Tax Non-Residential Parcel $262.83 per Acre Community Parks Maintenance Tax Single-Family Parcel $1,160.85 per Acre Community Parks Maintenance Tax Condominium Parcel $870.64 per Acre Community Parks Maintenance Tax Multi-Family Parcel $580.43 per Acre Community Parks Maintenance Tax Non-Residential Parcel $580.43 per Acre Streetlighting Maintenance Tax Single-Family Parcel $229.19 per Acre Streetlighting Maintenance Tax Condominium Parcel $171.89 per Acre Streetlighting Maintenance Tax Multi-Family Parcel $114.60 per Acre Streetlighting Maintenance Tax Non-Residential Parcel $114.60 per Acre Neighborhood Parks & Landscaping Maintenance Tax Single-Family Parcel $1,085.88 per Acre Neighborhood Parks & Landscaping Maintenance Tax Condominium Parcel $1,085.88 per Acre Neighborhood Parks & Landscaping Maintenance Tax Multi-Family Parcel $1,085.88 per Acre Neighborhood Parks & Landscaping Maintenance Tax Non-Residential Parcel $1,085.88 per Acre Stormwater/Water Quality Maintenance Tax Single-Family Parcel $1,108.04 per Acre Stormwater/Water Quality Maintenance Tax Condominium Parcel $1,108.04 per Acre Stormwater/Water Quality Maintenance Tax Multi-Family Parcel $1,108.04 per Acre Stormwater/Water Quality Maintenance Tax Non-Residential Parcel $1,108.04 per Acre Tax
Maximum
Table 2: Undeveloped Property
FY 2025-26
106
Exhibit C
D. METHOD OF LEVY AND COLLECTION OF SPECIAL TAXES
Each Fiscal Year, the Administrator shall determine the Special Tax Requirement for each Special Tax Component for that Fiscal Year and levy each Special Tax Component on all Parcels of Taxable Property as follows:
Step 1: Each Special Tax Component shall be levied Proportionately on each Parcel of Developed Property up to 100% of the Maximum Special Tax for each Parcel of Developed Property for such Fiscal Year until the amount levied is equal to the Special Tax Requirement for such Special Tax Component;
Step 2: If additional revenue is needed after Step 1, each Special Tax Component shall be levied Proportionately on each Parcel of Undeveloped Property up to 100% of the Maximum Special Tax for each Parcel of Undeveloped Property for such Fiscal Year until the amount levied, when combined with the amount of the Special Tax Component levied pursuant to Step 1, is equal to the Special Tax Requirement for such Special Tax Component.
The Special Tax for CFD No. 2015-2 shall be collected at the same time and in the same manner as ordinary ad valorem property taxes provided, however, that the City may (under the authority of Government Code Section 53340) collect Special Taxes at a different time or in a different manner if necessary to meet the financial obligations of CFD No. 2015-2, and the Special Tax shall be subject to foreclosure if delinquent regardless of the manner in which it was collected.
E. EXEMPTIONS
No Special Tax shall be levied on Parcels of Public Property or any privately owned Parcels that are non-developable, such as common areas, wetlands, and open space, parks, etc. except as otherwise provided in this RMA and in the Act.
F. INTERPRETATION OF SPECIAL TAX FORMULA
The City reserves the right to make minor administrative and technical changes to this document that does not materially affect the rate and method of apportioning Special Taxes. In addition, the interpretation and application of any section of this document shall be left to the City’s discretion. Interpretations may be made by the City through a resolution of the Council for purposes of clarifying any vagueness or ambiguity in this RMA.
107
Exhibit C
G. TERM OF THE SPECIAL TAX
The Special Tax shall be levied in perpetuity as necessary to pay the Special Tax Requirement.
H. REPEAL OF THE SPECIAL TAX
CFD No. 2015-2 was established to levy the Special Tax to finance the Authorized Services as a condition of the entitlement to develop the Developed Property in CFD No. 2015-2. If the levy of the Special Tax is repealed by initiative or any other action participated in by the owners of Parcels in CFD No. 2015-2, the City shall cease to levy the Special Tax and shall cease to be obligated to provide the Authorized Services for which the Special Tax was levied.
I. SEVERABILITY
The invalidity or unenforceability of any provisions of this Rate and Method of Apportionment of Special Tax shall not affect the validity or enforceability of any other provision of this Rate and Method of Apportionment of Special Tax, which shall remain in full force and effect.
108
RESOLUTION NO.
RESOLUTION APPROVING THE ANNEXATION (ANNEXATION NO. 48) OF PROPERTY LOCATED AT 5401 LIVE OAK AVENUE (APN 037-090-005-2) IN THE
FUTURE ANNEXATION AREA OF
CITY OF OAKLEY
Community Facilities District No. 2015-2
(Parks, Streetlight, Landscape and Stormwater Services) RESOLVED by the City Council (the “Council”) of the City of Oakley (the “City”), County of Contra Costa, State of California, that:
WHEREAS, this Council has adopted a resolution entitled “Resolution of Formation of Community Facilities District” (the “Resolution of Formation”), ordering the formation of the (i) the “City of Oakley Community Facilities District No. 2015-2 (Parks, Streetlight, Landscape and Stormwater Services)” (the “CFD”) and (ii) the "City of Oakley Community Facilities District No. 2015-2 (Parks, Streetlight, Landscape and Stormwater Services) (Future Annexation Area)," authorizing the levy of a special tax on property within the CFD, and preliminarily establishing an appropriations limit for the CFD, all pursuant to Chapter 2.5 of Part 1 of Division 2 of Title 5, commencing with Section 53311, of the California Government Code (the “Act”).
WHEREAS, under the Resolution of Formation and a resolution calling special election heretofore adopted by this Council, the propositions of the levy of the special tax and the establishment of the appropriations limit were submitted to the qualified electors of the CFD as required by the Act.
WHEREAS, on January 12, 2016, a special election was held among the landowner voters within the CFD, wherein such propositions were approved by the two-thirds vote required by the Act, as confirmed by resolution of this Council.
WHEREAS, on January 19, 2016, a notice of special tax lien (the “Notice of Special Tax Lien”) was recorded with the Contra Costa County Recorder’s office, thereby giving notice that the lien to secure payment of the Special Tax was imposed on the land in the CFD.
WHEREAS, the owner (the “Property Owner”) of Assessor’s Parcel Number 037-090- 005-2 located within the Future Annexation Area (the “Property”) has agreed to mitigate certain impacts of the proposed development of the Property by paying for certain services financed by the CFD.
WHEREAS, pursuant to the Act, the Property Owner has executed a Unanimous Approval constituting a unanimous approval and unanimous vote by the Property Owner in favor of the annexation of the Property to the CFD and the levy of the Special Tax. 109
2 NOW, THEREFORE, BE IT RESOLVED AND ORDERED, as follows:
1. Recitals. The foregoing recitals are all true and correct.
2. Approval of Annexation. The City Council hereby determines that Assessor’s Parcel Number 037-090-005-2 is annexed into Tax Zone No. 38 of the CFD.
3. Amendment to Notice of Special Tax Lien. The City Council hereby directs the Clerk of the City Council to record an Amendment to Notice of Special Tax Lien, evidencing that Assessor’s Parcel Number 037-090-005-2 is added to the CFD.
4. Boundaries Described. The revised boundaries of the CFD including Assessor’s Parcel Number 037-090-005-2 are described in an amended boundary map, which this City Council hereby directs the City Clerk to record with the Contra Costa County Recorder’s office.
5. General Authority; Ratification of Previous Actions. The officers of the City are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents which they may deem necessary or advisable in order to consummate the transactions described herein or to otherwise effectuate the purposes of this resolution. Any actions previously taken by such officers that are consistent with the purposes of this resolution are hereby ratified and confirmed.
6. Effective Date. This Resolution shall take effect upon its adoption. 110
3 PASSED AND ADOPTED by the City Council of the City of Oakley at a meeting held on December 9, 2025, by the following vote:
AYES:
NOES:
ABSENT:
ABSTENTIONS:
APPROVED:
Shannon Shaw, Mayor
ATTEST:
Kim Snodgrass, City Clerk Date
111
CITY OF OAKLEY
CONTRA COSTA COUNTY, STATE OF CALIFORNIA
FILED IN THE OFFICE OF THE CITY CLERK OF THE CITY OF OAKLEY THIS _______ DAY OF ______________, 2025.
_______________________________
KIM SNODGRASS, CITY CLERK
CITY OF OAKLEY
CONTRA COSTA COUNTY
STATE OF CALIFORNIA
I HEREBY CERTIFY THAT THE WITHIN MAP SHOWING ANNEXATION NO. 48 TO CITY OF OAKLEY COMMUNITY FACILITIES DISTRICT NO. 2015-2 (PARKS, STREETLIGHTS, LANDSCAPE MAINTENANCE AND STORMWATER),
CITY OF OAKLEY, CONTRA COSTA COUNTY, STATE OF CALIFORNIA,
WAS APPROVED BY THE CITY COUNCIL OF THE CITY OF OAKLEY, AT A REGULAR MEETING THEREOF, HELD ON THE _______ DAY OF
_______________, 2025, BY ITS RESOLUTION NO. _______________.
FILED THIS _______ DAY OF ________________, 2025, AT THE HOUR OF __________ __.M IN BOOK _______ OF MAPS OF ASSESSMENT AND COMMUNITY FACILITIES DISTRICTS AT PAGE _______, DOCUMENT NO. _______________ IN THE OFFICE OF THE COUNTY RECORDER IN CONTRA COSTA COUNTY, STATE OF CALIFORNIA.
_______________________________
KIM SNODGRASS, CITY CLERK
CITY OF OAKLEY
CONTRA COSTA COUNTY
STATE OF CALIFORNIA
SHEET 1 OF 2
THIS ANNEXATION MAP ANNEXES TERRITORY TO CITY OF OAKLEY COMMUNITY FACILITIES DISTRICT NO. 2015-2 (PARKS,
STREETLIGHTS, LANDSCAPE MAINTENANCE AND STORMWATER),
CITY OF OAKLEY, CONTRA COSTA COUNTY, STATE OF CALIFORNIA,
FILED IN THE OFFICE OF THE COUNTY RECORDER OF CONTRA
COSTA COUNTY, STATE OF CALIFORNIA, ON THE 9TH DAY OF
NOVEMBER, 2015 IN BOOK 85 OF MAPS OF ASSESSMENT AND
COMMUNITY FACILITIES DISTRICT AT PAGE 20.
NOTE:
_______________________________
COUNTY RECORDER
CONTRA COSTA COUNTY
STATE OF CALIFORNIA
Legend
CFD No. 2015-2 Boundary
Oakley City Limits/CFD No. 2015-2 Future Annexation Area Parcel Lines 0 2,500 5,000
Feet
±
ANNEXATION NO. 48 - TAX ZONE NO. 38
SEE SHEET 2
ANNEXATION MAP NO. 48 TO
CITY OF OAKLEY COMMUNITY FACILITIES DISTRICT NO. 2015-2 (PARKS, STREETLIGHTS, LANDSCAPE MAINTENANCE AND STORMWATER) ASSESSOR PARCELS WITHIN BOUNDARY: FOR PARTICULARS OF
LINES AND DIMENSIONS OF PARCELS, REFERENCE IS MADE TO
ASSESSOR'S PARCEL NO. 037-090-005-2.
112
±
SHEET 2 OF 2
Liv
e
O
a
k
Av
e
n
u
e
APN
037-090-005-2
Main Street
0 100 200
Feet
Legend
CFD No. 2015-2 Annexation Area No. 48
Parcel Lines
Annexation No. 48 - Tax Zone No. 38
(5401 Live Oak Avenue)
ANNEXATION MAP NO. 48 TO
CITY OF OAKLEY COMMUNITY FACILITIES DISTRICT NO. 2015-2
CITY OF OAKLEY
CONTRA COSTA COUNTY, STATE OF CALIFORNIA
(PARKS, STREETLIGHTS, LANDSCAPE MAINTENANCE AND STORMWATER) 113
RECORDING REQUESTED BY AND
AFTER RECORDATION RETURN TO:
City Clerk
City of Oakley
City Hall
3231 Main Street
Oakley, California 94561
AMENDMENT NO. 48 TO
NOTICE OF SPECIAL TAX LIEN
CITY OF OAKLEY
Community Facilities District No. 2015-2
(Parks, Streetlight, Landscape and Stormwater Services) Annexation No. 48 - Tax Zone No. 38
(5401 Live Oak Avenue)
Pursuant to the requirements of Section 3117.5 of the Streets and Highways Code of California and the Mello-Roos Community Facilities Act of 1982, as amended, section 53311, et seq., of the California Government Code (the “Act”), the undersigned City Clerk of the City of Oakley (the “City”), County of Contra Costa, State of California, hereby gives notice that a lien to secure payment of a special tax, which the City is authorized to levy, is hereby imposed on the property described herein. The special tax secured by this lien is authorized to be levied for the purpose of paying for certain municipal services set forth in that certain Notice of Special Tax Lien heretofore recorded in the Office of the County Recorder of the County of Contra Costa, State of California on January 19, 2016, as Document No. 20160009045, to which reference is hereby made and the provisions of which are hereby incorporated by this reference.
This Amendment No. 48 to Notice of Special Tax Lien amends the Notice of Special Tax Lien to add to the territory of the City of Oakley Community Facilities District No. 2015-2 (Parks, Streetlight, Landscape and Stormwater Services) (the “CFD”). The territory included in the existing CFD is set forth in the map of the CFD heretofore recorded as Document No. 15-234174 in the Office of the County Recorder of the County of Contra Costa, State of California on November 9, 2015, in Book 85 at Page 20 of Maps of Assessment and Community Facilities Districts, to which reference is hereby made. The territory to be added is set forth in that certain “Annexation Map No. 48 to Community Facilities District No. 2015-2 (Parks, Streetlight, Landscape and Stormwater Services), County of Contra Costa, State of California,” heretofore recorded at ________ on _______________, 2025, in Book _____ at Page _____ of Maps of Assessment and Community Facilities Districts in the office of the County Recorder of the County of Contra Costa, State of California.
The rate, method of apportionment, and manner of collection of the authorized special tax, as supplemented with respect to the annexation of the territory described herein to the CFD, is set forth in Exhibit B hereto and hereby made a part hereof. The lien of the special tax is a continuing lien which shall secure the annual levy of the special tax and which shall continue in force and effect until the special tax obligation is permanently satisfied and canceled in accordance with law or until the special tax ceases to be levied and a notice of cessation of special tax is recorded in accordance with Government Code Section 53330.5. 114
2 Notice is further given that upon the recording of this notice in the office of the county recorder, the obligation to pay the special tax levy shall become a lien upon all nonexempt real property within the territory to be added to the CFD in accordance with Section 3115.5 of the Streets and Highways Code.
The assessor’s tax parcel(s) numbers of all parcels or any portion thereof which are included in this Amendment No. 48 to Notice of Special Tax Lien, together with the name(s) of the owner(s) thereof, as they appear on the latest secured assessment roll as of the date of recording hereof or as are otherwise known to the City are as set forth in Exhibit A hereto and hereby made a part hereof.
For further information concerning the current and estimated future tax liability of owners or purchasers of real property subject to this special tax lien, interested persons should contact the Finance Director of the City of Oakley, City Hall, 3231 Main Street, Oakley, California 94561, telephone number (925) 625-7000.
Dated: As of _____________, 2025
By:
Kim Snodgrass, City Clerk,
City of Oakley
115
Exhibit A
EXHIBIT A
CITY OF OAKLEY
Community Facilities District No. 2015-2
(Parks, Streetlight, Landscape and Stormwater Services) Annexation No. 48 – Tax Zone No. 38
ASSESSOR’S PARCEL NUMBERS AND OWNERS OF LAND WITHIN
ANNEXATION NO. 48 – TAX ZONE NO. 38
Assessor’s Parcel No(s). Name(s) of Property Owner(s)
037-090-005-2 FERRANTE KEN TRE
116
Exhibit B
EXHIBIT B
CITY OF OAKLEY
Community Facilities District No. 2015-2
(Parks, Streetlight, Landscape and Stormwater Services)
SUPPLEMENT TO THE RATE AND METHOD OF
APPORTIONMENT OF SPECIAL TAX – TAX ZONE NO. 38
Special Taxes in the City of Oakley Community Facilities District No. 2015-2 (Parks, Streetlight, Landscape and Stormwater Services) (the “CFD” or “CFD No. 2015-2”) shall be levied and collected according to the tax liability determined by the Administrator through the application of the appropriate amount or rate for Taxable Property, as described below. All the property in CFD No. 2015-2, unless exempted by law or by the provisions of Section E herein, shall be taxed for the purposes, to the extent, and in the manner herein provided, including property subsequently annexed to CFD No. 2015-2, unless a separate Rate and Method of Apportionment of Special Tax is adopted for such annexation area.
Property annexed to City of Oakley Community Facilities District No. 2015-2 (Parks, Streetlight, Landscape and Stormwater Services) pursuant to Annexation No. 48 will be annexed to Tax Zone No. 38 per the Supplement to the Rate and Method of Apportionment of Special Tax shown below.
A. DEFINITIONS
The terms hereinafter set forth have the following meanings:
“Accessory Unit” means a second residential unit of reduced size (e.g., granny cottage, etc.) that shares a Parcel with a Residential Unit. “Acre” or “Acreage” means the land area of an Assessor’s Parcel as shown on an Assessor’s Parcel Map, or if the land area is not shown on an Assessor’s Parcel Map, the land area shown on the applicable Final Map or other recorded County parcel map.
“Act” means the Mello-Roos Community Facilities Act of 1982, as amended, being Chapter 2.5 (commencing with Section 53311), Division 2, of Title 5 of the Government Code of the State of California.
“Administrative Expenses” means the following actual or reasonably estimated costs directly related to the administration of CFD No. 2015-2: the costs of computing the Special Tax and preparing the annual Special Tax collection schedules (whether by the City or any designee thereof or both); the costs of collecting the Special 117
Exhibit B
Taxes; the costs to the City, CFD No. 2015-2, or any designee thereof of complying with disclosure requirements associated with the Act; the costs associated with preparing Special Tax disclosure statements and responding to public inquiries, protests, or appeals regarding the Special Taxes; and the City’s annual administration fees and third party expenses. Administrative Expenses shall also include amounts estimated or advanced by the City or CFD No. 2015-2 for any other administrative purposes of CFD No. 2015-2, including attorney’s fees, costs associated with annexations to CFD No. 2015-2, and other costs related to commencing and pursuing to completion any foreclosure of delinquent Special Taxes.
“Administrator” means an official of the City, or any designee thereof, responsible for determining the Special Tax Requirement and providing for the levy and collection of the Special Tax.
“Assessor’s Parcel” or “Parcel” means a lot or parcel shown on an Assessor’s Parcel Map with an assigned Assessor’s Parcel Number.
“Assessor’s Parcel Map” means an official map of the County Assessor designating parcels by Assessor’s Parcel Number.
“Assessor’s Parcel Number” or “APN” means a unique number assigned to an Assessor’s Parcel by the County Assessor for purposes of identifying a property. “Authorized Services” means the public services authorized to be funded by CFD No. 2015-2 as set forth in the documents adopted by the Council when CFD No. 2015-2 was formed.
“Building Permit” means a building permit issued by the City and having a building structure improvement valuation over $50,000. Building Permits for the construction of ancillary structures such as fences, swimming pools, retaining walls, etc. are excluded.
“CFD” or “CFD No. 2015-2” means the City of Oakley Community Facilities District No. 2015-2 (Parks, Streetlight, Landscape and Stormwater Services). “City” means the City of Oakley.
“City Landscape Maintenance Standards” means the then applicable landscape maintenance standards or then applicable level of service for then applicable landscape maintenance contracts executed by the City that are in effect and relate to similar landscaping improvements.
“City Manager” means the City Manager of the City of Oakley. 118
Exhibit B
“Commercial Unit” means an individual building structure for commercial uses as defined per the County Assessor (e.g., grocery stores, shopping centers, motel, hotel, service stations, and offices).
“Condominium Parcel” means a Parcel designated by the County Assessor as having a condominium, townhome, cluster home and co-op land use. “Council” means the City Council of the City of Oakley, acting as the legislative body for CFD No. 2015-2.
“County” means the County of Contra Costa.
“County Assessor” means the Contra Costa County Assessor. “County Land Use Code” means the land use code assigned to an Assessor’s Parcel as indicated in the records of the County Assessor. “Developed Property” means, in any Fiscal Year, all Parcels of Taxable Property for which a Building Permit was issued by the City for construction of a residential structure or a non-residential structure on or prior to June 30 of the preceding Fiscal Year. In the absence of a Building Permit, any Parcel of Taxable Property shall be classified as “Developed Property” if it has been occupied by a user as determined by the Administrator on or prior to June 30 of the preceding Fiscal Year. “Final Map” or “Parcel Map” means a final map approved by the City pursuant to the Subdivision Map Act (California Government Code Section 66410, et seq.) that creates individual lots on which a Building Permit can be issued for construction of Residential Units without further subdivision of the lots. “Fiscal Year” means the period starting on July 1 and ending on the following June 30.
“Industrial” means an individual building structure for industrial uses as defined per the County Assessor (e.g., research and development, mini-warehouse, etc.). “Institutional” means an individual building structure for institutional uses as defined per the County Assessor (e.g., churches, hospitals, assisted living, schools, etc.).
“Land Use Classification” means the current or intended use of a Taxable Parcel as determined by the Taxable Parcel’s County Land Use Code. “Maximum Special Tax” means, for each Special Tax Component, the maximum Special Tax, determined in accordance with Section C herein, which can be levied in any Fiscal Year.
119
Exhibit B
“Mixed Use Parcel” means a Parcel designated by the County Assessor as having a multiple land uses such as residential land uses and commercial land uses, or multi-family land uses and commercial land uses.
“Multi-Family Parcel” means a Parcel designated by the County Assessor as having a multi-family residential land uses which includes duplexes, triplexes, fourplexes and apartments.
“Non-Residential Parcel” means for each Fiscal Year, all Assessor Parcels designated by the County Assessor with a County Land Use Code of Commercial, Industrial, or Institutional. If it is determined by the Administrator that the County Assessor has assigned an incorrect County Land Use Code or the assigned County Land Use Code does not correctly describe the intended or current use of the Taxable Parcel, the Administrator may assign a Land Use Classification to the Taxable Parcel described in Section C below.
“Non-Residential Parcel – In Compliance” this definition only applies for the purpose of calculating the annual neighborhood landscape maintenance tax component and means for each Fiscal Year, an Assessor Parcel designated by the County Assessor with a County Land Use Code of Commercial, Industrial, or Institutional for which the Property Owner of the Commercial, Industrial, or Institutional Parcel has notified the City in writing by the preceding February 1st that it wishes to maintain its parcel’s frontage landscaping during the immediate following fiscal year and the City Manager or his/her designee has determined that the Property Owner has maintained its Parcel’s frontage landscaping in previous Fiscal Years to City Landscape Maintenance Standards. In addition, in order for any Commercial, Industrial, or Institutional Parcel to be defined as a Non-Residential Parcel – In Compliance, all NonResidential Parcels within a Tax Zone of CFD No. 2015-2 must also be defined as NonResidential Parcel – In Compliance. “Non-Residential Parcel – Out of Compliance” this definition only applies for the purpose of calculating the annual neighborhood landscape maintenance tax component and means for each Fiscal Year, an Assessor Parcel designated by the County Assessor with a County Land Use Code of Commercial, Industrial, or Institutional for which the Property Owner of the Non-Residential Parcel has not notified the City in writing by the preceding February 1st that it wishes to maintain its parcel’s frontage landscaping during the immediate following fiscal year and the City Manager or his/her designee has determined that the Property Owner has not maintained its Parcel’s frontage landscaping in previous Fiscal Years to City Landscape Maintenance Standards. In addition, if any Non-Residential Parcel is defined as a Non-Residential Parcel – Out of Compliance, then all Non-Residential Parcels within a Tax Zone CFD No. 2015-2 will also be defined as Non-Residential Parcel – Out of Compliance. “Property Owner” means the Property Owner of record per current County Assessor records unless more current information is available such as recorded deed of sale, etc.
120
Exhibit B
“Proportionately” means, for Developed Property, that the ratio of the actual annual Special Tax levied in any Fiscal Year to the Maximum Special Tax authorized to be levied in that Fiscal Year is equal for all Assessor’s Parcels of Developed Property.
For Undeveloped Property, “Proportionately” means that the ratio of the actual annual Special Tax levied in any Fiscal Year to the Maximum Special Tax authorized to be levied in that Fiscal Year is equal for all Assessor’s Parcels of Undeveloped Property. “Public Property” means, for each Fiscal Year: (i) any property within the boundaries of CFD No. 2015-2 that is owned by or irrevocably offered for dedication to the federal government, the State of California, the City or any other public agency; provided, however, that any property leased by a public agency to a private entity and subject to taxation under Section 53340.1 of the Act (as such section may be amended or replaced) shall be taxed and classified in accordance with its use; or (ii) any property within the boundaries of CFD No. 2015-2 that is encumbered by an unmanned utility easement making impractical its utilization for other than the purpose set forth in the easement.
“Residential Unit” means an individual building structure for residential or multi-family residential uses as defined per the County Assessor. An Accessory Unit that shares a Parcel with a Residential Unit shall not be considered a separate Residential Unit for purposes of this RMA.
“RMA” means this Rate and Method of Apportionment of Special Tax. "Single-Family Parcel" means a Parcel designated by the County Assessor as having a single-family residential land use. If it is determined by the Administrator that the County Assessor has assigned an incorrect County Land Use Code or the assigned County Land Use Code does not correctly describe the intended or current use of the Taxable Parcel, the Administrator may assign a Land Use Classification to the Taxable Parcel described in Section C below.
“Special Tax” means any tax levied within CFD No. 2015-2 to pay the Special Tax Requirement, and includes each Special Tax Component. “Special Tax Component” means one of the following components of the Special Tax: Community Park Maintenance Tax, Streetlighting Maintenance Tax, Neighborhood Parks and Landscape Maintenance Tax, or Stormwater Maintenance Tax.
“Special Tax Requirement” means, for each Special Tax Component, the amount of revenue needed in any Fiscal Year to pay for the following: (i) Authorized Services related to the Special Tax Component; (ii) Administrative Expenses attributable to the Special Tax Component; and (iii) amounts needed to cover any delinquencies in the payment of the Special Tax Component which occurred in the previous Fiscal Year 121
Exhibit B
or, based on delinquency rates in prior years, may be expected to occur in the Fiscal Year in which the Special Tax will be collected. “Taxable Property” or “Taxable Parcels” means all Assessors’ Parcels within the boundaries of CFD No. 2015-2 that are not exempt from the Special Tax pursuant to law or Section E herein.
“Tax Zone” means a mutually exclusive geographic area within which the Special Tax may be levied pursuant to this RMA. All the property within CFD No. 2015- 2 at the time of CFD Formation is within Tax Zone 1. Additional Tax Zones may be created when property is annexed to CFD No. 2015-2, and a separate Maximum Special Tax shall be identified for property within the new Tax Zone at the time of such annexation. The Assessor’s Parcels included within a new Tax Zone established when such Parcels are annexed to CFD No. 2015-2 shall be identified by Assessor’s Parcel Number in the Unanimous Approval Form that is signed by the owner(s) of the Parcels at the time of annexation.
“Unanimous Approval Form” means that form executed by the record owner of fee title to a Parcel or Parcels annexed into CFD No. 2015-2 that constitutes the property owner’s approval and unanimous vote in favor of annexing into CFD No. 2015- 2, the levy of the Special Tax against his/her Parcel or Parcels pursuant to this RMA. “Undeveloped Property” means, in any Fiscal Year, all Parcels of Taxable Property in CFD No. 2015-2 that are not classified as Developed Property.
B. DATA FOR ANNUAL TAX LEVY
Each Fiscal Year, the Administrator shall identify the current Assessor’s Parcel Numbers for all Parcels of Taxable Property within CFD No. 2015-2. The Administrator shall also determine: (i) whether each Assessor’s Parcel of Taxable Property is Developed Property or Undeveloped Property, and (ii) the Special Tax Requirement for each Special Tax Component for the then-current Fiscal Year. Each Special Tax Component shall be levied only to pay for the related Special Tax Requirement.
In any Fiscal Year, if it is determined that (i) a Final Map or Parcel Map for a portion of property in CFD No. 2015-2 was recorded after the last date upon which the County Assessor will incorporate the newly-created Parcels into the then current tax roll, (ii) because of the date the Final Map or Parcel Map was recorded, the County Assessor does not yet recognize the new Parcels that will be created by the Final Map or Parcel Map, and (iii) one or more of the newly-created Parcels would meet the definition of Developed Property, the Administrator shall calculate the Special Tax for the property affected by recordation of the Final Map or Parcel Map by determining the Special Tax that applies separately to each new Parcel that will be created by that Final Map or Parcel Map, then applying the sum of the individual Special Taxes to the Parcel that was subdivided by recordation of the Final Map or Parcel Map. 122
Exhibit B
C. MAXIMUM SPECIAL TAXES
1. Developed Property - The Fiscal Year 2025-26 Maximum Special Tax for each Special Tax Component for all Parcels of Developed Property shall be as shown in Table 1 below:
Mixed Use Parcels will have their Maximum Tax calculated each Fiscal Year based upon their combined uses on the Parcel. For example, if a one-acre parcel has commercial on the ground floor and 50 condominiums on the second floor the property owner will be charged the Non-Residential Parcel rate for one acre and the Condominium Parcel Rate for the 50 condominiums.
2. Undeveloped Property - The Fiscal Year 2025-26 Maximum Special Tax for each Special Tax Component for all Parcels of Undeveloped Property shall be as shown in Table 2 below:
Special Tax Land Use
Component Classification
Regional Park Maintenance Tax Single-Family Parcel $175.22 per Parcel Regional Park Maintenance Tax Condominium Parcel $131.42 per Parcel Regional Park Maintenance Tax Multi-Family Parcel $87.61 per Unit Regional Park Maintenance Tax Non-Residential Parcel $525.67 per Acre Community Parks Maintenance Tax Single-Family Parcel $386.95 per Parcel Community Parks Maintenance Tax Condominium Parcel $290.21 per Parcel Community Parks Maintenance Tax Multi-Family Parcel $193.48 per Unit Community Parks Maintenance Tax Non-Residential Parcel $1,160.85 per Acre Streetlighting Maintenance Tax Single-Family Parcel $76.40 per Parcel Streetlighting Maintenance Tax Condominium Parcel $57.30 per Parcel Streetlighting Maintenance Tax Multi-Family Parcel $38.21 per Unit Streetlighting Maintenance Tax Non-Residential Parcel $229.19 per Acre Neighborhood Parks & Landscaping Maintenance Tax Single-Family Parcel $1,085.88 per Parcel Neighborhood Parks & Landscaping Maintenance Tax Condominium Parcel $814.41 per Parcel Neighborhood Parks & Landscaping Maintenance Tax Multi-Family Parcel $543.08 per Unit Neighborhood Parks & Landscaping Maintenance Tax Non-Residential Parcel $1,085.88 per Acre Stormwater/Water Quality Maintenance Tax Single-Family Parcel $1,108.04 per Parcel Stormwater/Water Quality Maintenance Tax Condominium Parcel $831.03 per Parcel Stormwater/Water Quality Maintenance Tax Multi-Family Parcel $554.17 per Unit Stormwater/Water Quality Maintenance Tax Non-Residential Parcel $1,108.04 per Acre Table 1: Developed Property
FY 2025-26
Maximum
Tax
123
Exhibit B
3. Escalation of Maximum Special Tax
On July 1, 2026, and each July 1 thereafter, the Maximum Special Tax for each Special Tax Component for the current Fiscal Year for Developed Property and Undeveloped Property shall be increased from the Maximum Special Tax for the respective Special Tax Component for the previous Fiscal Year by Consumer Price Index – All Urban Consumers (San Francisco-Oakland-San Jose, CA) (from February) with a minimum annual increase of three (3.00%) percent and a maximum annual increase of five (5.00%) percent for any given year.
Special Tax Land Use
Component Classification
Regional Park Maintenance Tax Single-Family Parcel $525.67 per Acre Regional Park Maintenance Tax Condominium Parcel $394.25 per Acre Regional Park Maintenance Tax Multi-Family Parcel $262.83 per Acre Regional Park Maintenance Tax Non-Residential Parcel $262.83 per Acre Community Parks Maintenance Tax Single-Family Parcel $1,160.85 per Acre Community Parks Maintenance Tax Condominium Parcel $870.64 per Acre Community Parks Maintenance Tax Multi-Family Parcel $580.43 per Acre Community Parks Maintenance Tax Non-Residential Parcel $580.43 per Acre Streetlighting Maintenance Tax Single-Family Parcel $229.19 per Acre Streetlighting Maintenance Tax Condominium Parcel $171.89 per Acre Streetlighting Maintenance Tax Multi-Family Parcel $114.60 per Acre Streetlighting Maintenance Tax Non-Residential Parcel $114.60 per Acre Neighborhood Parks & Landscaping Maintenance Tax Single-Family Parcel $1,085.88 per Acre Neighborhood Parks & Landscaping Maintenance Tax Condominium Parcel $1,085.88 per Acre Neighborhood Parks & Landscaping Maintenance Tax Multi-Family Parcel $1,085.88 per Acre Neighborhood Parks & Landscaping Maintenance Tax Non-Residential Parcel $1,085.88 per Acre Stormwater/Water Quality Maintenance Tax Single-Family Parcel $1,108.04 per Acre Stormwater/Water Quality Maintenance Tax Condominium Parcel $1,108.04 per Acre Stormwater/Water Quality Maintenance Tax Multi-Family Parcel $1,108.04 per Acre Stormwater/Water Quality Maintenance Tax Non-Residential Parcel $1,108.04 per Acre Tax
Maximum
Table 2: Undeveloped Property
FY 2025-26
124
Exhibit B
D. METHOD OF LEVY AND COLLECTION OF SPECIAL TAXES
Each Fiscal Year, the Administrator shall determine the Special Tax Requirement for each Special Tax Component for that Fiscal Year and levy each Special Tax Component on all Parcels of Taxable Property as follows:
Step 1: Each Special Tax Component shall be levied Proportionately on each Parcel of Developed Property up to 100% of the Maximum Special Tax for each Parcel of Developed Property for such Fiscal Year until the amount levied is equal to the Special Tax Requirement for such Special Tax Component;
Step 2: If additional revenue is needed after Step 1, each Special Tax Component shall be levied Proportionately on each Parcel of Undeveloped Property up to 100% of the Maximum Special Tax for each Parcel of Undeveloped Property for such Fiscal Year until the amount levied, when combined with the amount of the Special Tax Component levied pursuant to Step 1, is equal to the Special Tax Requirement for such Special Tax Component.
The Special Tax for CFD No. 2015-2 shall be collected at the same time and in the same manner as ordinary ad valorem property taxes provided, however, that the City may (under the authority of Government Code Section 53340) collect Special Taxes at a different time or in a different manner if necessary to meet the financial obligations of CFD No. 2015-2, and the Special Tax shall be subject to foreclosure if delinquent regardless of the manner in which it was collected.
E. EXEMPTIONS
No Special Tax shall be levied on Parcels of Public Property or any privately owned Parcels that are non-developable, such as common areas, wetlands, and open space, parks, etc. except as otherwise provided in this RMA and in the Act.
F. INTERPRETATION OF SPECIAL TAX FORMULA
The City reserves the right to make minor administrative and technical changes to this document that does not materially affect the rate and method of apportioning Special Taxes. In addition, the interpretation and application of any section of this document shall be left to the City’s discretion. Interpretations may be made by the City through a resolution of the Council for purposes of clarifying any vagueness or ambiguity in this RMA.
125
Exhibit B
G. TERM OF THE SPECIAL TAX
The Special Tax shall be levied in perpetuity as necessary to pay the Special Tax Requirement.
H. REPEAL OF THE SPECIAL TAX
CFD No. 2015-2 was established to levy the Special Tax to finance the Authorized Services as a condition of the entitlement to develop the Developed Property in CFD No. 2015-2. If the levy of the Special Tax is repealed by initiative or any other action participated in by the owners of Parcels in CFD No. 2015-2, the City shall cease to levy the Special Tax and shall cease to be obligated to provide the Authorized Services for which the Special Tax was levied.
I. SEVERABILITY
The invalidity or unenforceability of any provisions of this Rate and Method of Apportionment of Special Tax shall not affect the validity or enforceability of any other provision of this Rate and Method of Apportionment of Special Tax, which shall remain in full force and effect.
126
STAFF REPORT
1 City of Oakley | 3231 Main Street, Oakley, CA 94561
O (925) 625-7000 | F (925) 625-9859 | www.ci.oakley.ca.us DATE: December 9, 2025
TO: Joshua McMurray, City Manager
FROM: Kevin Rohani, P.E., Public Works Director/City Engineer SUBJECT: Approve a Resolution Accepting the Completion of Construction Associated with Capital Improvement Project Number 321 – Fiscal Year (FY) 2025/26 Curb, Gutter & Sidewalk Repair & Replacement Project Background and Analysis
The City’s adopted FY 2025/26 Capital Improvement Program Budget designates funding for various infrastructure repair and replacement projects. This is consistent with the City’s goals to improve the quality of the City’s public infrastructure and to enhance the quality of life for our residents.
The City uses this annual project to perform the repair and replacement of damaged/ uplifted sidewalks or curb and gutter throughout the City of Oakley, to eliminate trip and fall hazards, and to provide safe sidewalks for pedestrians in the community. Tree roots are a major cause of sidewalk uplifts, and this project targeted some of the worst areas in the city where the tree roots have damaged the concrete beyond any temporary repairs.
On October 14, 2025, the City Council awarded a construction contract to FJ&I Engineering, Inc. for the construction of the FY 2025/26 Curb, Gutter, & Sidewalk Repair and Replacement Project.
The successful completion of this project is a major step forward in keeping the public sidewalks in the community in good condition and helping reduce the City’s exposure to liability resulting from trip and fall incidents.
Consistency with the Oakley Strategic Plan 27+
This Item is consistent with the Strategic Plan 27+ Community Health and Safety goals.
Fiscal Impact
The contract with FJ&I Engineering, Inc. was successfully completed for the total amount of $84,410, which is under the authorized budget of $150,000 and no additional funding is required.
Approved and
Forwarded to the
City Council
127
STAFF REPORT
City of Oakley | 3231 Main Street, Oakley, CA 94561 2
O (925) 625-7000 | F (925) 625-9859 | www.ci.oakley.ca.us Staff Recommendation
Staff recommends that the City Council adopt the resolution accepting CIP Project No. 321 – FY 2025/26 Curb, Gutter & Sidewalk Repair & Reconstruction Project as constructed by FJ&I Engineering, Inc. to be complete, and to direct the City Clerk to file a Notice of Completion for the project with the County Recorder.
Attachments
Attachment 1 - Resolution
Attachment 2 – Notice of Completion
128
Resolution No. __-25 Page 1
RESOLUTION NO. __-25
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF OAKLEY ACCEPTING AS COMPLETE THE WORK PERFORMED BY FJ&I ENGINEERING, INC. FOR THE CONSTRUCTION OF CAPITAL IMPROVEMENT PROJECT NUMBER 321 – FISCAL YEAR (FY) 2025/26 CURB, GUTTER, & SIDEWALK REPAIR AND
RECONSTRUCTION PROJECT
WHEREAS, City staff, prepared plans, special provisions, and cost estimates related to CIP Project No. 321 – FY 2025/26 Curb, Gutter, & Sidewalk Repair and Reconstruction Project; and
WHEREAS, on October 14, 2025, by adopting Resolution Number 103-25 the City Council awarded a construction contract to FJ&I Engineering, Inc., for the construction of CIP No. 321 – FY 2025/26 Curb, Gutter, & Sidewalk Repair and Reconstruction Project; and
WHEREAS, FJ&I Engineering, Inc., has satisfied the contractual requirements necessary for the acceptance of CIP No. 321 to be deemed complete.
NOW, THEREFORE, BE IT RESOLVED AND ORDERED, by the City Council of the City of Oakley that CIP Project No. 321 – FY 2025/26 Curb, Gutter, & Sidewalk Repair and Reconstruction Project is hereby accepted as complete.
BE IT FURTHER RESOLVED AND ORDERED, that the City Clerk is hereby directed to file a Notice of Completion for CIP No. 321 with the County Recorder.
PASSED AND ADOPTED by the City Council of the City of Oakley at a meeting held on the 9
th of December 2025 by the following vote:
AYES:
NOES:
ABSENT:
ABSTENTIONS:
APPROVED:
_______________________
Shannon Shaw, Mayor
ATTEST:
____________________ _______________________
Kim Snodgrass, City Clerk Date
129
WHEN RECORDED MAIL TO:
City Clerk
City Of Oakley
3231 Main Street
Oakley, CA 94561
RECORDING REQUESTED BY:
City Of Oakley
3231 Main Street
Oakley, CA 94561
SPACE ABOVE THIS LINE RESERVED FOR RECORDER’S USE
NOTICE OF COMPLETION
Fiscal Year (FY) 2025/26 Curb, Gutter, & Sidewalk Repair & Replacement Project – Capital Improvement Project Number 321
NOTICE IS HEREBY GIVEN THAT:
The CITY OF OAKLEY, a political subdivision of the State of California, did, on October 14, 2025, enter into an agreement with FJ&I Engineering Inc., for the construction of Capital Improvement Program Project Number 321 – FY 2025/26 Curb, Gutter, & Sidewalk Repair & Replacement Project located on various streets located within the City of Oakley limits.
The Owner’s nature of interest or estate in the property described below is in fee.
The work described in the contract documents was to furnish all material, labor, and equipment necessary to complete FY 2025/26 Curb, Gutter, & Sidewalk Repair & Replacement Project – CIP 321.
On December 9, 2025, said contract, as a whole was completed and the work was accepted by the City Council of the City of Oakley.
______________________________________________________________________
VERIFICATION
I have read the foregoing NOTICE OF COMPLETION and know the contents thereof; the same is true of my knowledge. I declare under penalty of perjury under the laws of the State of California that the foregoing is true and correct, and that this declaration was executed this 9
th day of December 2025 at Oakley, California.
Date: ______________ By:
Kim Snodgrass, City Clerk
City of Oakley, California
PURSUANT TO GOVERNMENT
CODE §6103 NO FEE IS REQUIRED
FOR THE RECORDATION OF THIS
DOCUMENT
130
STAFF REPORT
1 City of Oakley | 3231 Main Street, Oakley, CA 94561
O (925) 625-7000 | F (925) 625-9859 | www.oakleyca.gov
DATE: December 9, 2025
TO: Joshua McMurray, City Manager
FROM: Jeri Tejeda, Administrative Services Director
SUBJECT: Adopt a Resolution Approving the City’s Investment Policy for Fiscal Year 2025/2026
Background and Analysis
California Government Code Section 53646 and good financial practice recommends that local agencies prepare a written investment policy and that the governing body review and approve the policy on an annual basis.
The Policy being presented continues to incorporate all sections and information as recommendation by the Association of Public Treasurers of the United States and Canada and the California Municipal Treasurers Association, for Fiscal Year 2025/2026. It identifies Safety, Liquidity and Return on Investment, in that order, as the City’s Investment objectives; incorporates the “prudent investor” standard; and limits investments to those specifically approved by Government Code.
The proposed investment policy for Fiscal Year 2025/2026 does not have any recommended changes from the prior year.
Consistency with the Oakley Strategic Plan 27+
This agenda item is consistent with the Strategic Plan 27+ goal for the City of Oakley to leverage its financial resources for the long-term benefit of our residents and businesses while maintaining sufficient reserves to provide stability and ensure a successful future.
Fiscal Impact
There is no fiscal impact.
Staff Recommendation
Staff recommends the Council adopt the attached Resolution Approving the City’s Investment Policy for Fiscal Year 2025/2026.
Approved and
Forwarded to the
City Council
131
STAFF REPORT
CITY HALL | 3231 Main Street, Oakley, CA 94561 2
O (925) 625-7000 | F (925) 625-9859 | www.CI.Oakley.CA.US Attachments
1. Resolution
2. Statement of Investment Policy
132
3 City of Oakley | 3231 Main Street, Oakley, CA 94561
O (925) 625-7000 | F (925) 625-9859 | www.oakleyca.gov
133
Resolution No. XX-25 Page 1 of 1
RESOLUTION NO. XX-25
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF OAKLEY APPROVING THE INVESTIMENT POLICY FOR FISCAL YEAR 2025/2026
WHEREAS, the City Council has established, and each year approves an Investment Policy regarding the investment of the City’s temporary idle cash; and WHEREAS, the Policy delegates authority for investing the City’s funds to the Administrative Services Director; and
WHEREAS, the Policy specifies the City’s investment objectives in accordance with California Law and provides a framework for managing and investing the City’s funds in accordance with these objectives; and
WHEREAS, the Investment Policy itself requires the City’s Investment Policy be reviewed and approved by the City Council each year; and WHEREAS, the Administrative Services Director has reviewed the existing policy and recommends the City Council approve the attached policy for FY 2025/2026 BE IT RESOLVED by the City Council of the City of Oakley that the Investment Policy for FY 2025/2026 is hereby approved and attached hereto as Exhibit A.
PASSED AND ADOPTED by the City Council of the City of Oakley this 9th day of December 2025 by the following vote.
AYES:
NOES:
ABSTENTION:
ABSENT:
APPROVED:
___________________
Shannon Shaw, Mayor
ATTEST:
____________________ ________
Kim Snodgrass, City Clerk Date
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CITY OF OAKLEY
STATEMENT OF INVESTMENT POLICY
1. Purpose:
This statement provides guidelines for the prudent investment of the temporary idle cash of the City of Oakley (hereafter referred to as City) and outlines the policies for maximizing the efficiency of the City's cash management system. The goal is to enhance the economic status of the City while protecting its pooled cash.
2. Scope:
This Investment Policy (Policy) applies to all financial assets of the City. For purposes of this Policy, the City of Oakley includes the City, as Successor Agency to the Oakley Redevelopment Agency, and the Oakley Financing Authority, which are component units of the City of Oakley, controlled by the City Council, share the same administrative services of the City, and are "related entities" of the City. These funds are accounted for in the City's Annual Comprehensive Financial Report and include:
General Fund
Special Revenue Funds
Debt Service Funds
Capital Project Funds
Internal Service Funds
Trust and Custodial Funds
The investment of bond proceeds held with trustees is directed by the City but is governed by the restrictions on permitted investments in the applicable bond indenture or similar agreements.
The City retirement plans are with the California Public Employees Retirement System, and the City has no authority or oversight over the investments in any of the plans. Further, the City administers a deferred compensation plan through the ICMARetirement Corporation (ICMA-RC). Assets held in the ICMA plan are held in trust for the participants and are not assets managed by the City. The City does not have any authority over the investments held in these trusts.
3. Policy:
The City's cash management system should accurately monitor and forecast expenditures and revenues and allow the City to invest funds to the fullest extent possible, subject to the City's investment objectives, as described below. 135
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4. Objectives:
The primary objectives, in priority order, of the City's investment activities shall be:
4.1. Safety: Safety of principal is the foremost objective of the investment program. Investments of the City shall be undertaken in a manner that seeks to ensure the preservation of capital in the overall portfolio. To attain this objective, diversification is required (as described in more detail in Sections 9 and 12 of this Policy).
4.2. Liquidity: The City's investment portfolio will remain sufficiently liquid to enable the City to meet all operating requirements, which might be reasonably anticipated.
4.3. Return on investment: The City's investment portfolio shall be designed with the objective of attaining a market rate of return throughout budgetary and economic cycles, considering the City's investment risk constraints and the cash flow characteristics of the portfolio.
5. Prudence
In accordance with California Government Code ("CGC") §53600.3, the Administrative Services Director or designee, who are authorized to make investment decisions on the City's behalf, are trustees and therefore fiduciaries subject to the "prudent investor standard":
"When investing, reinvesting, purchasing, acquiring, exchanging, selling, or managing public funds, a trustee shall act with the care,skill, prudence, and diligence underthe circumstances then prevailing, including, but not limited to, the general economic conditions and the anticipated needs of the agency, that a prudent person acting in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the agency."
6. Delegation of Authority:
The authority to manage the City's investment program is derived from the California Government Code Sections 53600 through 53609. Management responsibility for the investment program is hereby delegated to the Administrative Services Director (Director), who shall establish written procedures for the operation of the investment program consistent with this investment policy. Procedures should include reference to: safekeeping, repurchase agreements, wire transfer agreements, 136
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collateral/depository agreements and banking service contracts. Such procedures shall include explicit delegation of authority to persons responsible for investment transactions. No person may engage in an investment transaction except as provided under the terms of this policy and the established procedures. The Director shall be responsible for all transactions undertaken and shall establish a system of controls to regulate the activities of subordinate officials. The Director may also delegate investment decision making and execution authority to an investment advisor. The advisor shall follow the Investment Policy and such other written instructions as are provided. Independently of the City’s relationship with its investment advisor, the Director maintains the authority to purchase securities on behalf of the City, provided that they comply with the Investment Policy.
7. Ethics and Conflicts of Interest:
The investment responsibility carries with it the added duties of ensuring that investments placed are done so without the appearance of improper influence. Finance personnel involved in the investment function shall adhere to the state's Code of Economic Interest and to the following:
7.1. All persons authorized to place or approve investments shall annually submit a Statement of Economic Interest, also known as the Form 700. The Form 700 provides necessary information to the public about an official’s personal financial interests to ensure that officials are making decisions in the best interest of the public and not enhancing their personal finances. Additional guidance on disclosing potential conflicts of interest is available on the California Fair Political Practices Commission website.
7.2. Maintaining the Public Trust: All participants in the investment process shall seek to act responsibly as custodians of the public trust. Investment officials shall avoid any transaction that might impair public confidence in the City of Oakley's ability to govern effectively.
8. Authorized Financial Dealers and Institutions:
Should the City engage in investments outside of the use of savings, money market funds, and policy compliant investment pools (LAIF and CalTrust, etc.), the Director will establish and maintain a list of financial institutions authorized to provide investment services, and a list of approved security broker/dealers selected by credit worthiness, who maintain an office in the State of California. These may include "primary" dealers or regional dealers that qualify under Securities & Exchange 137
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Commission Rule 15C3-1 (uniform net capital rule). No public deposit shall be made except in a qualified public depository as established by State laws.
All financial institutions and broker/dealers who desire to become qualified bidders for investment transactions on the Director's list, must supply the Director with the following: Proof of National Security Dealers certification, trading resolution, proof of State of California registration, personal resume, certification of having read the City's investment policy, and depository contracts. In addition, a current audited financial statement is required to be on file for each financial institution and broker/dealer through which the City invests.
At a minimum, the task of maintaining a list of financial institutions and approved security broker/dealers shall include the Director's annual review of the financial condition and registrations of qualified bidders.
Before engaging in investment transactions with a broker/dealer, the Director shall have received from said firm a signed letter, attesting that the individual responsible for the City's account with that firm has reviewed the City of Oakley's Investment Policy and that the firm understands the policy and intends to present investment recommendations and transactions to the City that are appropriate under the terms and conditions of the Investment Policy.
If the City has an investment advisor, the investment advisor may use its own list of authorized broker-dealers to conduct transactions on behalf of the City.
Purchase and sale of securities will be made on the basis of competitive bids and offers with a minimum of three quotes being obtained, when practicable.
9. Authorized & Suitable Investments:
Investment of City funds is governed by the California Government Code Sections 53600 et seq. Within the investments permitted by the Government Code, the City seeks to further restrict eligible investment to the investments listed below. In the event an apparent discrepancy is found between this Policy and the Government Code, the more restrictive parameters will take precedence. The maximum allowable percentage limits and minimum credit quality requirements listed below apply at the time the security is purchased. 138
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Credit criteria listed in this section refers to the credit quality of the issuing organization at the time the security is purchased. In the event of a downgrade below the minimum credit rating requirements listed below, the investment advisor, if so designated, must notify the Director of such downgrade within 15 days of the downgrade and will use their best professional judgment to determine the appropriate course of action.
Within the context of such limitations, the following investments are authorized, subject to the restrictions and limitations below:
Investment Type Maximum
Maturity
Maximum
Allowable
% of
Portfolio
Minimum Credit
Quality
Requirements
Gov’t Code
Section
Medium-Term Notes 5 years 30% "A" or equivalent
by an NRSRO
53601(k)
Mutual Funds
NIA 20% (10%
per fund)
"AAA" or
equivalent by two
NRSROs or
investment advisor
requirements
53601(1)(1)
Money Market Mutual
Funds
NIA 20%
"AAA" or
equivalent by tow
NRSROs or
investment advisor
requirements
53601(1)(2)
Asset-backed securities
5 years 20%
"AA" or
equivalent by an
NRSRO
53601(0)
Local Agency
Investment Fund
(LAIF)
NIA None None 16429.1
Shares of beneficial
interest in a Joint
Powers Authority (e.g.
Investment Trust of
California (CalTRUST)
or California Asset
Management Program
(CAMP))
NIA None None 53601(p)
Supranational
Obligations
5 years 30% "AA" or equivalent
by an NRSRO
53601(q)
Local Agency Bonds 5 years None None 53601(a)
U.S. Treasury
Obligations
5 years None None 53601(b)
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State ObligationsCA and Others5 years None "A" or equivalent by an NRSRO
53601(d)
CA Local Agency
Obligations
5 years None "A" or equivalent
by an NRSRO
53601(e)
5 years None None 53601(f)
U.S. Agency/Government
Sponsored Enterprise
Obligations
Bankers' Acceptances 180 days 40% None 53601(g)
Commercial Paper- 270 days
or
Non-Pooled Funds less
25% "A-1" or equivalent
by an NRSRO 53601(h)
Commercial Paper- 270 days
or
Pooled Funds less
40% "A-1" or equivalent
by an NRSRO 53635(a)(l)
Negotiable
Certificates of Deposit
5 years 30% "A" or equivalent
by an NRSRO
5360l(i)
Placement Service
Certificates of Deposit
5 years 50%
FDIC or NCUA
coverage
53601.8 and
53635.8
Non-negotiable
Certificates of Deposit
5 years None None 53630 et seq.
NRSRO = Nationally Recognized Statistical Ratings Organization Prohibited Investments: Under the provisions of Government Code Sections 53601.6 and 53631.5, the City shall not invest any funds covered by this Investment Policy in inverse floaters, range notes, interest only strips derived from mortgage pools or any investment that may result in a zero-interest accrual if held to maturity.
Notwithstanding the prohibitions in the above paragraph, the City may invest in securities issued by, or backed by, the United States government that could result in zero- or negative-interest accrual if held to maturity, in the event of, and for the duration of, a period of negative market interest rates. The City may hold these instruments until their maturity dates.
10. Collateralization:
Collateralization will be required on investments in certificates of deposit (excluding negotiable certificates of deposit) over $250,000. Repurchase agreements are authorized and suitable investments, per California Code. However, the City does not choose to include them in its list of authorized and suitable investments, at this time. 140
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If repurchase agreements were included in the list, they would also require collateralization. In order to anticipate market changes and provide a level of security for all funds, the collateralization level will be one hundred two percent (102%) of market value of principal and accrued interest.
Collateral must be held by an independent third party with whom the City has a current custodial agreement. A clearly marked evidence of ownership (safekeeping receipt) must be supplied to the City and retained.
The right of collateral substitution is granted.
11. Safekeeping and Custody:
All security transactions entered into by the City shall be conducted on a deliveryversus-payment (DVP) basis. Securities will be held by a third-party custodian designated by the Director and evidenced by safekeeping receipts. For the investments that are managed by PFM, the Director has designated US Bank, who is tied to CAMP investments, as the third-party custodian. All CAMP-tied IPs have US Bank as their custodian and all securities are held there with CAMP being the sweep vehicle and keeper of cash. US Bank is the custodian for the City’s assets, and the City of Oakley believes that this arrangement with the City’s third-party investment manager (PFM) satisfies the safekeeping and custody requirements of this policy.
12. Diversification:
The City will diversify its investments by security type and institution. Except as provided below, no more than five percent (5%) of the City's portfolio may be invested in any one institution, regardless of sector. The types of investments which are excluded from this limitation are:
• United States Treasury and federal agency/government-sponsored enterprise obligations,
• Supranational obligations,
• Bank certificates of deposit,
• Other certificates of deposit, and
• Money market funds and other pooled investment vehicles, including LAIF and shares of a JPA.
13. Maximum Maturities:
To the extent possible, the City will attempt to match its investments with anticipated cash flow requirements. Unless approved by the City Council at least three months prior to investment, the City will not directly invest in securities maturing more than 5 years from the date of purchase.
14. Reporting:
The Director is charged with the responsibility of including investment activities in the 141
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City's Annual Comprehensive Financial Report. Additionally, the Director shall provide a quarterly listing of investment transactions and a quarterly investment report to the City Council.
The quarterly investment report shall include the following information for each individual investment: description of investment instrument, issuer name, maturity date, credit rating, coupon rate, yield, purchase price, par value, book value, current market value and the source of the valuation. The quarterly investment report shall also state compliance of the portfolio to the statement of investment policy, or manner in which the portfolio is not in compliance and include a statement denoting the City's ability to meet its expenditure requirements for the next six months or provide an explanation as to why sufficient money may or may not be available.
15. Investment Policy Review:
The City's investment policy shall be reviewed by the Director and adopted by resolution annually by the City Council.
16. Other Constraints:
The City shall operate its investment portfolio within the many State and selfimposed constraints. It shall buy no stocks, shall not speculate, nor shall it deal in futures or options, or buy on margin. The City will not purchase inverse floaters, range notes, interest only strips or any security having an interest rate derived from an index, commodity price or other variable i.e. securities commonly known as derivatives.
17. Investment Pools/Mutual Funds
A thorough investigation of any pooled investment program and/or mutual fund is required prior to investing and on a continual basis. There shall be a questionnaire developed which will request the following information:
• A description of eligible investment securities, and a written statement of investment policy and objectives.
• A description of how interest is calculated and distributed, and how gains and losses are treated.
• A description of how the securities are safeguarded (including the settlement processes), and how often the securities are priced and the program audited. • A description of who may invest in the program, how often, and what size of deposits and withdrawals are allowed.
• A schedule for receiving statements and portfolio listings. • Are reserves or retained earnings utilized?
• A fee schedule and method for assessing fee.
• Does the pool accept bond proceeds?
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18. Internal Controls
The Director is responsible for establishing and maintaining a system of internal controls to ensure that City assets are protected from loss arising from fraud, employee error, imprudent actions, theft or misuse, and to ensure compliance with this Policy, City-mandated procedures and federal and state laws. An internal control structure should include written procedures that encompass the following principles:
• Segregation of duties,
• Explicit delegation of authority and responsibility,
• Timely reconciliation and balancing,
• Documentation, recording, and record keeping,
• Management control and oversight,
• Dual or secondary authorization.
The control structure should cover timely projections of cash flow and funding needs, cash collection and disbursements, wire transfers, anti-theft and antifraud practices, depository and custody services, collateral management, broker/dealer services, trading and confirmation, and master repurchase agreements (if appropriate).
It should be designed to provide reasonable assurance that these objectives are met. The concept of reasonable assurance recognizes that (1) the cost of a control should not exceed the benefits likely to be derived, and (2) the valuation of costs and benefits requires estimates and judgments by management.
As part of its annual audit, the City’s auditor will review compliance with statues, policies and procedures.
19. Performance Standards
The investment portfolio shall be designed with the objective of principal preservation, liquidity and obtaining a market rate of return throughout budgetary and economic cycles, commensurate with the investment risk constraints and the cash flow needs.
In evaluating the performance of the City's portfolio in compliance with this Policy, it is expected that the City shall establish an appropriate performance benchmark and compare the total return of its portfolio to the total return of the benchmark.
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The policy recognizes that reporting on a market basis will periodically cause market gains or losses to be reported. In most instances, such gains or losses will not be realized since individual securities may be held to maturity. However, it is also recognized that in the course of managing the City's investment portfolio, realized losses may be incurred from time to time as part of an actively managed portfolio strategy, if deemed appropriate and if such losses are incurred with the greater goal of purchasing new securities which are expected to produce higher earnings (net of realized losses) over time, or of improving the portfolio's overall credit quality or positioning.
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Glossary of Investment Policy Terms
Amortization of Costs: Reconciliation of the purchase price of a security and par value resulting in net interest.
Bank Deposit: Deposits in banks or other depository institutions that may be in the form of demand accounts (checking) or investments in accounts that have a fixed term and negotiated rate of interest
Bankers' Acceptance: A draft or bill or exchange accepted by a bank or trust company. The accepting institution, as well as the issuer, guarantees payment of the bill.
Benchmark: A passive index used to compare the performance, relative to risk and return, of an investor's portfolio.
Book Value: The value at which an asset is carried on a balance sheet.
Broker: A person or firm that acts as an intermediary by purchasing and selling securities for others rather than for its own account.
California Asset Management Program (CAMP): A pooled asset management program (joint powers authority) for California public agencies with professional investment services provided by PFM Asset Management LLC.
Cash Flow: A comparison of cash receipts (revenues) to required payments (debt service, operating expenses, etc.).
Certificate of Deposit (CD): A short-term, secured deposit in a financial institution that usually returns principal and interest to the lender at the end of the loan period.
CD Placement Service: A service that allowslocal agencies to purchase more than $250,000 in CDs from a single financial institution while still maintaining FDIC insurance coverage.
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Collateral: Securities, evidence of deposit or other property, which borrower pledges to secure repayment of a loan. Also refers to securities pledged by a bank to secure deposits of public monies.
Collateralization of Deposit: Process by which a bank or financial institution pledges securities, or other deposits for the purpose of securing the repayment of deposited funds.
Commercial Paper (CP): An unsecured short-term promissory note issued by corporations or municipalities, with maturities ranging from 2 to 270 days.
Comprehensive Annual Financial Report (CAFR): The official annual report for the City. It includes combined statements for each individual fund and account group prepared in conformity with GAAP. It also includes supporting schedules necessary to demonstrate compliance with financerelated legal and contractual provisions, extensive introductory material, and a detailed Statistical Section.
County Pooled Investment Funds: The aggregate of all funds from public agencies placed in the custody of the county treasurer or chief finance officer for investment and reinvestment.
Coupon: The annual rate of interest that a bond's issuer promises to pay the bondholder on the bond's face value.
Credit Rating: Various alphabetical and numerical designations used by credit rating or nationally recognized statistical rating organizations (NRSROs), institutional investors, Wall Street underwriters, and commercial rating companies to give relative indications of bond and note creditworthiness.
Long-term Ratings
The three most commonly used NRSROs are Standard & Poor's, Fitch Ratings, and Moody's. Standard & Poor's and Fitch Ratings use the same system, starting with their highest rating, of AAA, AA, A, BBB, BB, B, CCC, CC, C, and D for default. Moody's Investors Service uses Aaa, Aa, A, Baa, Ba, B, Caa, and Ca.
The top four letter categories are considered investment grade ratings. 146
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Each of the services use pluses (+), minuses (-), or numerical modifiers to indicate steps within each category. The S&P ratings from AA to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories. Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.
Short-term Ratings
Standard & Poor's short-term ratings system is A-1+, A-3, B, C, and/ for default. Fitch Ratings use Fl+, F3, B, C, and/ for default. Finally, Moody's uses Pl and P3, anything below P3 is considered not prime.
Credit Risk: The chance that an issuer will be unable to make scheduled payments of interest and principal on an outstanding obligation. Another concern for investors is that the market's perception of an issuer/borrower's credit will cause the market value of a security to fall, even if default is not expected.
Custodian: A bank or other financial institution that keeps custody of stock certificates and other assets.
Dealer: Someone who acts as a principal in all transactions, including underwriting, buying, and selling securities, including from his/her own account.
Default Risk: The risk that issuers/borrowers will be unable to make the required payments on their debt obligations.
Delivery vs. Payment: The payment of cash for securities as they are delivered and accepted for settlement.
Diversification: The allocation of different types of assets in a portfolio to mitigate risks and improve overall portfolio performance.
Duration: Indicator of the effect of an interest rate change on a bond price.
The longer the duration, the greater the expected change in a portfolio's value when interest rates change.
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Federal Deposit Insurance Corporation (FDIC): A federal agency that insures bank deposits, currently up to $250,000 per entity.
Financial Industry Regulatory Authority (FINRA): FINRA is the successor to the National Association of Securities Dealers (NASD) and the member regulation, enforcement and arbitration operations of the New York Stock Exchange. It is a non-governmental organization that regulates member brokerage firms and exchange markets. The government agency which acts as the ultimate regulator of the securities industry, including FINRA, is the Securities and Exchange Commission.
Government Sponsored Enterprises (GSE): Privately held corporations with public purposes created by the U.S. Congress to reduce the cost of capital for certain borrowing sectors of the economy. Securities issued by GSEs carry the implicit backing of the U.S. Government, but they are not direct obligations of the U.S. Government. For thisreason, these securities will offer a yield premium over Treasuries. Examples of GSEs currently include: Federal Home Loan Bank System (FHLB), Federal Farm Credit Banks Funding Corporation (FFCB), Federal Home Loan Mortgage Corporation (FHLMC), and the Federal National Mortgage Association (FNMA).
Interest: The amount a borrower pays to a lender for the use of his or her money.
Interest Rate Risk: Interest rate risk is the risk that an investment's value will change due to a change in the absolute level of interest rates, spread between two rates, shape of the yield curve, or any other interest rate relationship.
Liquidity: The measure of the ability to convert an instrument to cash on a given date at full face or par value.
Liquidity Risk: The risk that a security, sold prior to maturity, will be sold at a loss of value. For a local agency, the liquidity risk of an individual investment may not be as critical as how the overall liquidity of the portfolio allows the agency to meet its cash needs.
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Local Agency Investment Fund (LAIF): A voluntary investment fund open to government entities and certain non-profit organizations in California that is managed by the State Treasurer's Office.
Market Risk: The chance that the value of a security will decline as interest rates rise. In general, as interest rates fall, prices of fixed income securities rise. Similarly, as interest rates rise, prices fall. Market risk also is referred to as systematic risk or risk that affects all securities within an asset class similarly.
Market Value: The price at which a security is trading and presumably could be purchased or sold at a particular point in time.
Master Repurchase Agreement: A written contract covering all future transactions between the parties to repurchase/reverse repurchase agreements that establishes each party's rights in the transactions. A master agreement will often specify, among other things, the right of the buyer/lender to liquidate the underlying securities in the event of default by the seller/borrower.
Maturity: The date on which the principal or stated value of an investment becomes due and payable.
Medium Term Note: Corporate or depository institution debt securities meeting certain minimum quality standards (as specified in the California Government Code) with a remaining maturity of five years or less.
Money Market Mutual Funds: A sub-type of mutual funds that invest exclusively in short-term money market instruments. Seek the preservation of capital as a primary goal while maintaining a high degree of liquidity and providing income representative of the market for short- term investments.
Mutual Fund: An investment company that pools money and can invest in a variety of securities, including fixed-income securities and money market instruments.
National Credit Union Administration (NCUA): an independent federal agency that insures deposits at federally insured credit unions, currently up to $250,000.
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Nationally Recognized Statistical Rating Organization (NRSRO): A rating organization designated by the SEC as being nationally recognized.
Negotiable Certificates of Deposit: Generally, short-term debt instrument that usually pays interest and is issued by a bank, savings or federal association, state or federal credit union, orstate-licensed branch of a foreign bank. The majority of negotiable CDs mature within six months while the average maturity is two weeks. Negotiable CDs are traded in a secondary market and are payable upon order to the bearer or initial depositor (investor). Negotiable CDs are insured by FDIC up to $250,000, but they are not collateralized beyond that amount.
Non-Negotiable Certificates of Deposit: CDs that carry a penalty if redeemed prior to maturity. A secondary market does exist for nonnegotiable CDs, but redemption includes a transaction cost that reduces returns to the investor. Non-negotiable CDs issued by banks and savings and loans are insured by the Federal Deposit Insurance Corporation up to the amount of $250,000, including principal and interest. Amounts deposited above this amount may be secured with other forms of collateral through an agreement between the investor and the issuer. Collateral may include other securities including Treasuries or agency securities such as those issued by the Federal National Mortgage Association.
Par Amount or Par Value: The principal amount of a note or bond which must be paid at maturity. Par, also referred to as the "face amount" of a security, is the principal value stated on the face of the security. A par bond is one sold at a price of 100 percent of its principal amount.
Portfolio: Combined holding of more than one stock, bond, commodity, real estate investment, cash equivalent, or other asset. The purpose of a portfolio is to reduce risk by diversification.
Premium: Premium means the difference between the par value of a security and the cost of the security, when the cost is above par. Investors pay a premium to purchase a security when the return to the investor (yield) is lower than the stated coupon (interest rate) on the investment.
Price: Price is the amount of monetary consideration required by a willing seller and a willing buyer to sell an investment on a particular date. 150
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Principal: The face value or par value of a debt instrument, or the amount of capital invested in a given security.
PrudentInvestor Standard: A standard of conduct where a person acts with care, skill, prudence, and diligence when investing, reinvesting, purchasing, acquiring, exchanging, selling, and managing funds. The test of whether the standard is being met is if a prudent person acting in such a situation would engage in similar conduct to ensure that investments safeguard principal and maintain liquidity.
Public Bank: A corporation, organized as either a nonprofit mutual benefit corporation or a nonprofit public benefit corporation for the purpose of engaging in the commercial banking business or industrial banking business that is wholly owned by a local agency, as specified, local agencies, or a joint powers authority.
Qualified Public Depository: A financial institution which does not claim exemption from the payment of any sales or compensating use or ad valorem taxes under the laws of this state, which has segregated for the benefit of the commission eligible collateral having a value of not less than its maximum liability and which has been approved by the Public Deposit Protection Commission to hold public deposits.
Rate of Return: The yield obtainable on a security based on its purchase price or its current market price.
Repurchase Agreement: An agreement of one party (for example, a financial institution) to sell securities to a second party (such as a local agency) and simultaneous agreement by the first party to repurchase the securities at a specified price from the second party on demand or at a specified date.
Safekeeping: Offersstorage and protection of assets provided by an institution serving as an agent.
Safety: In the context of investing public funds, safety relates to preserving the principal of an investment in an investment portfolio; local agencies address the concerns of safety by controlling exposure to risks.
Secondary Market: A market made for the purchase and sale of outstanding issues following the initial distribution.
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Supranational Institutions: International institutionsformed by two or more governments that transcend boundaries to pursue mutually beneficial economic or social goals. There are three supranational institutions that issue obligations that are eligible investments by California local agencies: the International Bank for Reconstruction and Development (IBRD), International Finance Corporation (IFC), and Inter-American Development Bank (IADB).
Total Return: Total return includesinterest, realized gains and losses, and unrealized gains and losses over a given period of time.
U.S. Agency Obligations: Bonds issued by agencies of the Federal government set up to supply credit to various classes of institutions.
Examples include the Small Business Administration (SBA) and the Government National Mortgage Association (Ginnie Mae). The timely payment of principal and interest on federal agency bonds are explicitly backed by the "full credit and faith and credit of the U.S. government," whereas government-sponsored enterprise (CSE) obligations receive the de facto backing of the federal government. Nevertheless, both U.S. agency obligations and government-sponsored enterprise obligations trade similarly and are often generally referred to collectively as "federal agency" obligations.
U.S. Treasury Obligations: Debt obligations of the U.S. Government sold by the Treasury Department in the forms of bills, notes, and bonds. Bills are short-term obligations that mature in one year or less and are sold at a discount. Notes are obligations that mature between one year and ten years.
Bonds are long-term obligations that generally mature in ten years or more.
Weighted Average Maturity: The average maturity of all the securitiesthat comprise a portfolio, typically expressed in days or years.
Yield: The current rate of return on an investment security generally expressed as a percentage of the securities current price. 152
STAFF REPORT
1 City of Oakley | 3231 Main Street, Oakley, CA 94561
O (925) 625-7000 | F (925) 625-9859 | www.oakleyca.gov
DATE: December 9, 2025
TO: Joshua McMurray, City Manager
FROM: Kevin Rohani, P.E. Public Works Director/City Engineer SUBJECT: Adopt a Resolution Accepting the Offsite Improvements associated with Capital Improvement Project (CIP) Number 335 for Sellers Avenue Reconstruction from the Railroad Tracks to Delta Road Project related to the Sellers Subdivision 9614 Reimbursement Agreement Background and Analysis
On January 20, 2022, MLC Holdings filed an application to request approval of Vesting Tentative Map (TM 01-22) subdividing approximately 20.42 acres into 77 single residential lots. The proposed site is located at 5911 Sellers Avenue and APN 033- 150-013.
On April 4, 2023, Resolution 07-23, the Planning Commission approved the recommendation for the City Council to approve the Sellers Subdivision 9614 Vesting Tentative Map. The project site is located at the west side of Sellers Avenue approximately 1,200 feet north of the railroad track crossing.
On July 11, 2023, Resolution 78-23, the City Council approved the Sellers Subdivision 9614 Vesting Tentative map (TM 01-22) and the conditions of approval for the development.
On April 13, 2024, Resolution 112-24 and 113-24, the City Council adopted a resolution approving the Final Map and Subdivision Improvement Agreement for Sellers Subdivision 9614 which includes the offsite improvements of Sellers Avenue.
Construction of the sewer and water utilities along Sellers Avenue has substantially degraded the pre-existing poor pavement condition to an unacceptable pavement index level.
City Staff and Meritage Homes of California, Inc., and their project engineers agreed to a pavement restoration method to reconstruct Sellers Avenue to accommodate the future traffic loads of this roadway. The pavement restoration proposed is eligible for reimbursement from the City’s Traffic Impact Fee Program.
On June 10, 2025, Resolution 65-25, the City Council approved a Reimbursement Agreement with Meritage Homes of California, Inc, for the Sellers Avenue Improvements related to the Sellers Subdivision 9614 offsite improvements.
Approved and
Forwarded to the
City Council
153
STAFF REPORT
City of Oakley | 3231 Main Street, Oakley, CA 94561 2
O (925) 625-7000 | F (925) 625-9859 | www.oakleyca.gov
The City of Oakley Public Works and Engineering staff have inspected the offsite improvements and have determined the Developer has completed all of the required improvements for Sellers Avenue for the improvements subject to the Reimbursement Agreement. CIP 335 was budgeted to account for the reimbursement of these improvements. The budget included $810,000 to fund the City’s Capital Improvement Project Number 335, Sellers Avenue reconstruction from the Railroad Tracks to Delta Road Project.
At this time, the Developer has requested that the City accept the roadway improvements for maintenance and reimburse them for the roadway reconstruction that they have constructed beyond the obligation of the development. The Public Works and Engineering staff have completed a final inspection of all public roadway improvements and have found them to be in substantial compliance.
Consistency with the Oakley Strategic Plan 27+
This item is consistent with the Strategic Plan 27+ Community Health and Safety goals under Community Health and Safety Goal to build safe streets and healthy neighborhoods. Sellers Avenue is a critical segment in the Oakley roadway infrastructure network that will serve existing and future communities in the eastern portion of the City.
Fiscal Impact
Upon acceptance of the improvements, the City will reimburse $804,582.55 to Meritage Homes of California, Inc., for the construction of the City’s portion of the Sellers Avenue reconstruction, consistent with the approved Reimbursement Agreement. The frontage improvements along Sellers Subdivision 9614 will be accepted at a later time when the subdivision improvements are completed and accepted.
Staff Recommendation
Staff recommends that the City Council adopt the Resolution accepting the offsite improvements associated with CIP 335 for Sellers Avenue Reconstruction from Railroad Tracks to Delta Road Project related to the Sellers Subdivision 9614 offsite improvements and for the City to reimburse Meritage Homes of California, Inc. per the Reimbursement Agreement.
Attachments
1. Vicinity Map
2. Resolution
154
Vicinity Map
Subdivision 9614 Sellers
CIP 335 - Sellers Avenue Reconstruction from Railroad Tracks to Delta Road Project Marsh Creek
n
Rd
Marsh
Creek
Doyle Rd
at Ave
S
alvador Ln
Dia
ne Ct
Wildhorse Rd
Kings Canyon W a
Tuolumne Way
Minaret
Rd
Jan Ln
Marsh Creek
Jan Ln
Crismore
Dr
Sellers Ave
Delta Rd
Macy Ln
Delta Rd
Wildhorse Rd
Easy S
Burlington Northern and Santa Fe Railroad
Knightsen Ave
Tule Ln
Bartels Dr
Peach Ln
Knights
2nd St
A St
Delta Rd Vanto
¯
Sellers Ave
Railroad Tracks
155
Resolution No. XX-25 Page 1 of 1
RESOLUTION NO. XX-25
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF OAKLEY ACCEPTING
THE ROADWAY IMPROVEMENTS ASSOCIATED WITH CAPITAL IMPROVEMENT PROJECT NUMBER 335 FOR SELLERS AVENUE RECONSTRUCTION FROM THE
RAILROAD TRACKS TO DELTA ROAD PROJECT RELATED TO THE SELLERS SUBDIVISION 9614 OFFSITE IMPROVEMENTS
WHEREAS, On January 20, 2022, MLC Holdings filed an application to request approval of Vesting Tentative Map (TM 01-22) subdividing approximately 20.42 acres into 77 single residential lots. The proposed site is located at 5911 Sellers Avenue and APN 033-150-013; and,
WHEREAS, On April 13, 2024, Resolution 112-24 and 113-24, the City Council adopted a resolution approving the Final Map and Subdivision Improvement Agreement for Sellers Subdivision 9614 which includes the offsite improvements of Sellers Avenue; and, WHEREAS, On June 10, 2025, Resolution 65-25, the City Council approved a Reimbursement Agreement with Meritage Homes of California, Inc, for the Sellers Avenue Improvements related to the Sellers Subdivision 9614 offsite improvements; and, WHEREAS, The City of Oakley Public Works and Engineering staff have inspected the offsite improvements and have determined the Developer has since completed all of the required improvements for Sellers Avenue subject to the Reimbursement Agreement.
BE IT RESOLVED, by the City Council of the City of Oakley adopt the Resolution accepting the Sellers Subdivision offsite improvements related to CIP 335 Sellers Avenue Reconstruction from the Railroad Tracks to Delta Road Project and for the City to reimburse Meritage Homes Inc. $804,582.55 per the Reimbursement Agreement.
PASSED AND ADOPTED by the City Council of the City of Oakley this 9th day of December 2025 by the following vote.
AYES:
NOES:
ABSTENTION:
ABSENT:
APPROVED:
___________________
Shannon Shaw, Mayor
ATTEST:
____________________ __________
Kim Snodgrass, City Clerk Date
156
STAFF REPORT
1 City of Oakley | 3231 Main Street, Oakley, CA 94561
O (925) 625-7000 | F (925) 625-9859 | www.ci.oakley.ca.us DATE: December 9, 2025
TO: Joshua McMurray, City Manager
FROM: Kevin Rohani, P.E. Public Works Director/City Engineer SUBJECT: Adopt a Resolution Accepting the Offsite Improvements associated with Capital Improvement Project (CIP) Number 336 for Sellers Avenue Reconstruction from East Cypress Road to the Railroad Tracks Project related to the Sellers Subdivision 9614 Reimbursement Agreement Background and Analysis
On January 20, 2022, MLC Holdings filed an application to request approval of Vesting Tentative Map (TM 01-22) subdividing approximately 20.42 acres into 77 single residential lots. The proposed site is located at 5911 Sellers Avenue and APN 033- 150-013.
On April 4, 2023, Resolution 07-23, the Planning Commission approved the recommendation for the City Council to approve the Sellers Subdivision 9614 Vesting Tentative Map. The project site is located at the west side of Sellers Avenue approximately 1,200 feet north of the railroad track crossing.
On July 11, 2023, Resolution 78-23, the City Council approved the Sellers Subdivision 9614 Vesting Tentative map (TM 01-22) and the conditions of approval for the development.
On April 13, 2024, Resolution 112-24 and 113-24, the City Council adopted a resolution approving the Final Map and Subdivision Improvement Agreement for Sellers Subdivision 9614 which includes the offsite improvements of Sellers Avenue.
Construction of the sewer and water utilities along Sellers Avenue has substantially degraded the pre-existing poor pavement condition to an unacceptable pavement index level.
City Staff and Meritage Homes of California, Inc., and their project engineers agreed to a pavement restoration method to reconstruct Sellers Avenue to accommodate the future traffic loads of this roadway. The roadway reconstruction proposed is eligible for reimbursement from the City’s Traffic Impact Fee Program.
On June 10, 2025, Resolution 65-25, the City Council approved a Reimbursement Agreement with Meritage Homes of California, Inc, for the Sellers Avenue Improvements related to the Sellers Subdivision 9614 offsite improvements.
Approved and
Forwarded to the
City Council
157
STAFF REPORT
City of Oakley | 3231 Main Street, Oakley, CA 94561 2
O (925) 625-7000 | F (925) 625-9859 | www.CI.Oakley.CA.US The City of Oakley Public Works and Engineering staff have inspected the offsite improvements and have determined the Developer has since completed all of the required improvements for Sellers Avenue per the Reimbursement Agreement. CIP 336 was budgeted to account for the reimbursement of these improvements. The budget included $690,000 to fund the City’s Capital Improvement Project Number 336, Sellers Avenue reconstruction from East Cypress Road to the Railroad Tracks Project.
At this time, the Developer has requested that the City accept the roadway improvements for maintenance and reimburse them for the roadway reconstruction that they have constructed beyond the obligation of the development. The Public Works and Engineering staff have completed a final inspection of all public roadway improvements and have found them to be in substantial compliance with the approved improvement plans.
Consistency with the Oakley Strategic Plan 27+
This item is consistent with the Strategic Plan 27+ Community Health and Safety goals under Community Health and Safety Goal to build safe streets and healthy neighborhoods. Sellers Avenue is a critical segment in the Oakley roadway infrastructure network that will serve existing and future communities in far eastern portion of the City.
Fiscal Impact
Upon acceptance of the improvements, the City will reimburse $688,886.56 to Meritage Homes of California, Inc., for the construction of the City’s portion of the Sellers Avenue reconstruction, consistent with the approved Reimbursement Agreement. The frontage improvements along Sellers Subdivision 9614 will be accepted at a later time when the subdivision improvements are completed and accepted.
Staff Recommendation
Staff recommends that the City Council adopt the Resolution accepting the offsite improvements associated with CIP 336 for Sellers Avenue Reconstruction from East Cypress Road to the Railroad Tracks Project related to the Sellers Subdivision 9614 offsite improvements and for the City to reimburse Meritage Homes of California, Inc. per the Reimbursement Agreement.
Attachments
1. Vicinity Map
2. Resolution
158
Vicinity Map
Subdivision 9614 Sellers
CIP 336 - Sellers Avenue Reconstruction from East Cypress Road to Railroad Tracks Project helangelo Dr
Renoir Ct
d
d Park
Marsh Creek
Laurel Rd
Teto
n
Rd
Robinwood
Ave
Padre Dr
E Cypress Rd
Machado Ln E Cypress Rd
Sellers A
ve
Wildhorse Rd
Kings Canyon W ay
Tuolumne Way
Minaret
Rd
Riley Rd
Jan Ln
Vitale Ln
Padre Dr
Sellers A
ve
Jan Ln
E Cypress Rd
E Cypress Rd
Knightsen Ave
Franklin Ln
Broadway Ln
Wildhorse Rd
Knightsen A
ve
Easy S
Palmwood
Virginia Ln
Vanto
¯
Sellers Ave Sellers Ave
159
Resolution No. XX-25 Page 1 of 1
RESOLUTION NO. XX-25
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF OAKLEY ACCEPTING
THE ROADWAY IMPROVEMENTS ASSOCIATED WITH CAPITAL IMPROVEMENT PROJECT NUMBER 336 FOR SELLERS AVENUE RECONSTRUCTION FROM EAST
CYPRESS ROAD TO THE RAILROAD TRACKS PROJECT RELATED TO THE SELLERS SUBDIVISION 9614 OFFSITE IMPROVEMENTS
WHEREAS, On January 20, 2022, MLC Holdings filed an application to request approval of Vesting Tentative Map (TM 01-22) subdividing approximately 20.42 acres into 77 single residential lots. The proposed site is located at 5911 Sellers Avenue and APN 033-150-013; and,
WHEREAS, On April 13, 2024, Resolution 112-24 and 113-24, the City Council adopted a resolution approving the Final Map and Subdivision Improvement Agreement for Sellers Subdivision 9614 which includes the offsite improvements of Sellers Avenue; and, WHEREAS, On June 10, 2025, Resolution 65-25, the City Council approved a Reimbursement Agreement with Meritage Homes of California, Inc, for the Sellers Avenue Improvements related to the Sellers Subdivision 9614 offsite improvements; and, WHEREAS, The City of Oakley Public Works and Engineering staff have inspected the frontage improvements and have determined the Developer has since completed all of the required improvements for Sellers Avenue subject to the Reimbursement Agreement.
BE IT RESOLVED, by the City Council of the City of Oakley adopt the Resolution accepting the Sellers Subdivision offsite improvements related to CIP 336 Sellers Avenue Reconstruction from East Cypress Road to the Railroad Tracks Project and for the City to reimburse Meritage Homes Inc. $688,886.56 per the Reimbursement Agreement.
PASSED AND ADOPTED by the City Council of the City of Oakley this 9th day of December 2025 by the following vote.
AYES:
NOES:
ABSTENTION:
ABSENT:
APPROVED:
___________________
Shannon Shaw, Mayor
ATTEST:
____________________ ________
Kim Snodgrass, City Clerk Date
160
STAFF REPORT
1 City of Oakley | 3231 Main Street, Oakley, CA 94561
O (925) 625-7000 | F (925) 625-9859 | www.oakleyca.gov
DATE: December 9, 2025
TO: Joshua McMurray, City Manager
FROM: Jeri Tejeda, Administrative Services Director
SUBJECT: Adopt a Resolution Accepting the Annual Comprehensive Financial Report (ACFR), Memorandum on Internal Control, Required Communications, Report on Agreed Upon Procedures for the GANN Limit and the Investment Policy, and the TDA Financial Statements for Fiscal Year 2024/2025.
Background and Analysis
The Fiscal Year 2024/2025 ACFR, including the City’s audited financial statements is attached. The Successor Agency to the Oakley Redevelopment Agency is also included in the ACFR. In accordance with State Law, the Auditors also performed agreed upon procedures to review our Appropriations Limit calculations and compliance as well as our investment policy compliance. Maze and Associates performed the engagements and have issued an unmodified (clean) opinion on the financial statements, as presented.
The Auditor’s Memorandum on Internal Control and the Auditor’s Required Communications letter include the required communications from the Statement of Auditing Standards (SAS) No. 112 Communicating Internal Control Related Matters Identified in an Audit. SAS No. 112 requires that the Auditor report any “material weakness” or “significant deficiency” found during the audit. The attached Memorandum on Internal Control (MOIC) contains zero (0) significant deficiencies or material weaknesses and one (1) other matter for FY 2024/2025, and also shows the other matters from the prior year MOIC have been implemented.
The Auditor’s “Report on Agreed Upon Procedures for Compliance with the Proposition 111 2024/2025 Appropriations Limit Increment” is also attached. The agreed upon procedures are less in scope than the audit, but in carrying out the procedures, the auditors walked through the calculation to ensure compliance with the appropriations limit calculation requirement. We are within the limit guidelines.
The Auditor’s report on agreed upon procedures for testing the City’s compliance with certain provisions of the investment policy is also attached. This is a requirement of the investment policy and therefore we have engaged an independent auditor for the current year and will continue to do so in the future.
Approved and
Forwarded to the
City Council
161
STAFF REPORT
CITY HALL | 3231 Main Street, Oakley, CA 94561 2
O (925) 625-7000 | F (925) 625-9859 | www.CI.Oakley.CA.US A representative of Maze & Associates will present the ACFR and other related documents to the City Council, which are attached to this staff report. City staff has prepared the transmittal letter, which starts on page i and the Management Discussion and Analysis (MD&A), which starts on page 5 of the attached ACFR document. The MD&A is meant to help summarize much of the information that is provided in further detail in the ACFR report. Below are some highlights related to the City’s financial Health:
The net change in fund balance for the General Fund was an increase of approx. $3.6 million in Fiscal Year 2024/2025. The FY 2024/25 budget anticipated a $3 million decrease to fund balance as one-time transfers were being used to fund the Library Project. With a one-time sale of property that was over $5 million and property tax revenue coming in higher than anticipated we ended the year with an increase of $3.6 million.
Among other shifts in the General Fund’s fund balance categories, the Capital Projects Reserve was increased by $8.3 million. $3 million of this is the portion of Library funding which is in our special community project fund. For financial statement purposes the special community project fund is rolled up into the general fund, since general fund was the funding source. The additional $5.3 was due to the increase to the fund balance. This will be brought to the City Council at mid-year to determine whether to keep in reserve or allocate to a specific capital project.
General Fund Emergency Reserves are at 30% and shown on the ACFR as a separate line item to help the reader differentiate from fund balance that should only be used during times of economic downturn versus unassigned fund balance that is available for use.
Consistency with the Oakley Strategic Plan 27+
This agenda item is consistent with the Strategic Plan 27+’s Finance and Fiscal Responsibility Goal for the City of Oakley to leverage its financial resources for the long-term benefit of our residents and businesses while maintaining sufficient reserves to provide stability and ensure a successful future. It is also consistent with the Finance and Fiscal Responsibility objective to communicate on financial updates including financial health, priorities, and unexpected expenditures.
Fiscal Impact
There is no fiscal impact.
162
STAFF REPORT
CITY HALL | 3231 Main Street, Oakley, CA 94561 3
O (925) 625-7000 | F (925) 625-9859 | www.CI.Oakley.CA.US Staff Recommendation
Staff recommends the Council adopt a resolution accepting the Annual Comprehensive Financial Report (ACFR), Memorandum on Internal Control, Required Communications and Report on Agreed Upon Procedures for the GANN Limit and the Investment Policy, and the TDA Financial Statements for Fiscal Year 2024/2025.
Attachments
1. Resolution
2. FY 2024/2025 ACFR
3. FY 2024/2025 Memorandum of Internal Controls
4. FY 2024/2025 Required Communications
5. FY 2024/2025 Agreed Upon Procedures Investment Policy
6. FY 2024/2025 Agreed Upon Procedures GANN Limit Report
7. FY 2024/2025 TDA Financial Statement
163
4 City of Oakley | 3231 Main Street, Oakley, CA 94561
O (925) 625-7000 | F (925) 625-9859 | www.oakleyca.gov
164
Resolution No. XX-25 Page 1 of 2
RESOLUTION NO. XX-25
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF OAKLEY ACCEPTING
THE ANNUAL COMPREHENSIVE FINANCIAL REPORT (ACFR), MEMORANDUM
OF INTERNAL CONTROL, REQUIRED COMMUNICATION, REPORT OF AGREED
UPON PROCEUDRES FOR THE GANN LIMIT AND THE INVESTMENT POLICY AND THE TDA FINANICAL STATEMENTS FOR FISCAL YEAR 2024/25
WHEREAS, each year the City hires an independent audit firm to complete an audit of the City’s books and records; and
WHEREAS, the City’s citizens, bondholders, bond insurers, rating agencies and others rely on the audited financial statements, and other related information published by the City to monitor the City’s financial health; and
WHEREAS, the City publishes an Annual Comprehensive Financial Report (ACFR), which includes its audited Basic Financial Statements as defined in Governmental Accounting Standards, as well as Supplementary Information; and WHEREAS, the Auditor has as part of its most recently completed audit prepared a “Memorandum on Internal Control” outlining any significant deficiencies, material weaknesses, and/ or any additional suggestions the Auditor feels might be of benefit to the City; and
WHEREAS, the Auditor has prepared a letter of “Required Communications” which includes certain information related to the audit that professional standards require to be communicated to the City Council and management under generally accepted auditing standards, Government Auditing Standards and the Uniform Guidance; and WHEREAS, the Auditor was also engaged to perform certain agreed upon procedures to verify the City’s Appropriations Limit calculations and Investment Policy and has issued reports related thereto; and
WHEREAS, the Auditor was also engaged to perform and audit and provide financial statements for TDA which is a requirement of monies received from TDA; and WHEREAS, the ACFR, Memorandum on Internal Control, Required Communications, Report on Agreed Upon Procedures for the GANN Limit and Investment Policy and the TDA Financial Statements were performed for Fiscal Year 2024/2025 are attached hereto as Exhibits A, B, C, D, E and F.
BE IT RESOLVED by the City Council of the City of Oakley accepts the attached ACFR, Memorandum of Internal Control, Required Communications, Report on Agreed-Upon Procedures for the GANN Limit and Investment Policy and the TDA Financial Statements performed for Fiscal Year 2024/2025.
165
Resolution No. XX-25 Page 2 of 2
PASSED AND ADOPTED by the City Council of the City of Oakley this 9th day of December 2025 by the following vote.
AYES:
NOES:
ABSTENTION:
ABSENT:
APPROVED:
___________________
Shannon Shaw, Mayor
ATTEST:
____________________ ________
Kim Snodgrass, City Clerk Date
166
June 30, 2025
OAKLEYCA.GOV
ANNUAL
COMPREHENSIVE
FINANCIAL REPORT
FOR THE YEAR ENDED
167
168
CITY OF OAKLEY, CALIFORNIA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED JUNE 30, 2025
PREPARED BY THE
FINANCE DIVISION
169
This Page Left Intentionally Blank
170
INTRODUCTORY SECTION
171
172
CITY OF OAKLEY, CALIFORNIA
Annual Comprehensive Financial Report
For the Year Ended June 30, 2025
Table of Contents
Page
INTRODUCTORY SECTION:
TABLE OF CONTENTS
Letter of Transmittal ................................................................................................................................................... i Organizational Chart ............................................................................................................................................. viii Elected Officials and Administrative Personnel ...................................................................................................... ix GFOA Certificate of Achievement ........................................................................................................................... x FINANCIAL SECTION:
Independent Auditor’s Report .................................................................................................................................. 1 Management’s Discussion and Analysis ................................................................................................................ 5 Basic Financial Statements:
Government-wide Financial Statements:
Statement of Net Position ..................................................................................................................... 16 Statement of Activities .......................................................................................................................... 17 Fund Financial Statements:
Governmental Funds:
Balance Sheet .................................................................................................................................... 20 Reconciliation of the Governmental Funds Balance Sheet with the Statement of Net Position .............................................................................................................. 23 Statement of Revenues, Expenditures, and Changes in Fund Balances ........................................... 24 Reconciliation of the Net Change in Fund Balances Total Governmental Funds with the Statement of Activities ........................................................................................ 26 173
CITY OF OAKLEY, CALIFORNIA
Annual Comprehensive Financial Report
For the Year Ended June 30, 2025
Table of Contents
Page
FINANCIAL SECTION (Continued):
Statement of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual:
General Fund ............................................................................................................................... 27 Lighting and Landscaping Districts ............................................................................................ 28 Public Protection ......................................................................................................................... 29 Low and Moderate Income Housing Asset ................................................................................. 30 Proprietary Funds:
Statement of Net Position ............................................................................................................ 32 Statement of Revenue, Expenses and Changes in Fund Net Position ........................................ 33 Statement of Cash Flows ............................................................................................................. 34 Fiduciary Funds:
Statement of Fiduciary Net Position ........................................................................................... 36 Statement of Changes in Fiduciary Net Position ........................................................................ 37 Notes to Basic Financial Statements ....................................................................................................... 39 Required Supplementary Information:
Schedule of the City’s Proportionate Share of the Net Pension Liability ................................................... 92 Schedule of Contributions ............................................................................................................................ 94 Supplemental Information:
Major Governmental Fund Other than the General Fund and Special Revenue Funds:
Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual Traffic Impact Fees ..................................................................................................................... 100 174
CITY OF OAKLEY, CALIFORNIA
Annual Comprehensive Financial Report
For the Year Ended June 30, 2025
Table of Contents
Page
FINANCIAL SECTION (Continued):
Non-major Governmental Funds:
Combining Balance Sheets ............................................................................................................. 104 Combining Statements of Revenues, Expenditures, and Changes in Fund Balances ........................................................................................................................ 108 Combining Schedules of Revenues, Expenditures, and Changes in Fund Balances-Budget and Actual ........................................................................................ 112 Internal Service Funds:
Combining Statement of Net Position ............................................................................................ 122 Combining Statement of Revenue, Expenses and Changes in Fund Net Position ......................... 123 Combining Statement of Cash Flows ............................................................................................. 124
Custodial Funds:
Combining Statement of Net Position ................................................................................................ 126 Combining Statement of Changes in Net Position ............................................................................. 127 STATISTICAL SECTION:
Financial Trends:
Net Position by Component – Last Ten Fiscal Years .............................................................................. 133 Changes in Net Position – Last Ten Fiscal Years ................................................................................... 134 Fund Balances of Governmental Funds – Last Ten Fiscal Years ........................................................... 135 Changes in Fund Balance of Governmental Funds – Last Ten Fiscal Years .......................................... 136 Revenue Capacity:
Assessed and Estimated Actual Value of Taxable Property – Last Ten Fiscal Years ............................. 137 Property Tax Rates – All Overlapping Governments – Last Ten Fiscal Years ....................................... 138 Principal Property Tax Payers ................................................................................................................. 139 Property Tax Levies and Collections – Last Ten Fiscal Years ............................................................... 140 175
CITY OF OAKLEY, CALIFORNIA
Annual Comprehensive Financial Report
For the Year Ended June 30, 2025
Table of Contents
Page
STATISTICAL SECTION (Continued):
Debt Capacity:
Ratio of Outstanding Debt by Type – Last Ten Fiscal Years .................................................................. 141 Computation of Direct and Overlapping Debt ........................................................................................ 142 Computation of Legal Bonded Debt Margin ........................................................................................... 143 Bonded Debt Pledged Revenue Coverage, Former Redevelopment Agency Tax Allocation Bonds – Last Ten Fiscal Years .................................................................................. 144 Demographic and Economic Information:
Demographic and Economic Statistics – Last Ten Fiscal Years ............................................................. 145 Principal Employers – Current Year and Nine Years Ago ...................................................................... 146 Operating Information:
Budgeted Full-Time Equivalent City Government Employees by Function – Last Ten Fiscal Years ....................................................................................................................... 147 Operating Indicators by Function/Program – Last Ten Fiscal Years ...................................................... 148 Capital Asset Statistics by Function/Program – Last Ten Fiscal Years .................................................. 149
OTHER AUDIT REPORT
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 ............................................................................................................. 153 176
Shannon Shaw
Mayor
District 4
Hugh Henderson
Vice Mayor
District 2
Aaron Meadows
Councilmember
District 1
George Fuller
Councilmember
District 5
Anissa Williams
Councilmember
District 3
City of Oakley | 3231 Main Street, Oakley, CA 94561
O (925) 625-7000 | F (925) 625-9859 | www.CI.Oakley.CA.US December 09, 2025
To the Citizens of the City of Oakley,
and the Honorable Members of the Oakley City Council,
We are pleased to submit to you the City of Oakley’s Annual Comprehensive Financial Report (ACFR) for the fiscal year ended June 30, 2025. This report is published in accordance with State law that requires financial statements be presented in conformity with accounting principles generally accepted in the United States of America (GAAP) and audited in accordance with auditing standards generally accepted in the United States of America by a firm of licensed certified public accountants. It is also prepared to meet reporting standards set forth by the Governmental Finance Officers Association.
This letter of transmittal is designed to complement the Management’s Discussion and Analysis (MD&A) and should be read in conjunction with it.
The MD&A can be found immediately following the report of the independent auditors.
This report consists of management’s representations concerning the finances of the City. Consequently, management assumes full responsibility for the completeness and reliability of all the information presented in this report. To provide a reasonable basis for making these representations, the management of the City has established a comprehensive internal control framework designed to both protect the government’s assets from loss, theft, or misuse and compile sufficient reliable information for the presentation of the City’s financial statements in conformity with GAAP.
Given the cost of internal controls should not outweigh their benefits, the City’s comprehensive framework of internal control has been designed to provide reasonable, rather than absolute, assurance that the financial statements will be free from material misstatement.
To the best of our knowledge and belief, the enclosed data is accurate in all material respects and is reported in a manner designed to present fairly the financial position and the changes in financial position of the governmental activities and the various funds of the City; and includes all disclosures necessary to enable the reader to gain an understanding of the City’s financial affairs.
i
177
City of Oakley | 3231 Main Street, Oakley, CA 94561
O (925) 625-7000 | F (925) 625-9859 | www.ci.oakley.ca.us
CITY PROFILE
The City of Oakley is a community of approximately 46,826 residents located in the eastern portion of Contra Costa County in the San Francisco Bay Area. The City entity is a California municipality incorporated on July 1, 1999 and operates under a Council-City Manager form of government. The City Council is comprised of five members, all of which were elected to serve in their respective District, serving a staggered four-year term. The Council hires a City Manager to run the City’s day-to-day operations.
The City provides the following services: Legislative; Administrative; Building and Safety; Code Enforcement, Planning; Engineering; Streets, Parks, and Landscape Maintenance; Recreation; and Police Protection. Other community services that are provided by local special districts with their own governing boards include: Sewer, Water, Transit, Irrigation, Mosquito Abatement, Flood Control, Schools, and Fire Protection. The City contracts sanitation services with a local firm under a long-term franchise agreement.
FINANCIAL INFORMATION
Discussion and analysis of the City’s finances can be found in the MD&A section of the attached report. The information below includes a summary of what is recorded in the General Fund and certain Other Financial Information of ongoing interest but not included in the MD&A.
The Financial Statements presented in this ACFR include the City and its component unit, the Oakley Public Financing Authority. It is blended in the report since it is governed by the City Council sitting in a separate capacity and provides services exclusively to the City. The Oakley Redevelopment Agency was dissolved on January 31, 2012, and its assets and liabilities were transferred to the City, as Housing Successor, and to a Successor Agency. The Successor Agency is reported as a Private Purpose Trust Fund, since it is legally a separate Entity and its decisions and governance are subject to the approval of parties other than the City Council.
ii
178
City of Oakley | 3231 Main Street, Oakley, CA 94561
O (925) 625-7000 | F (925) 625-9859 | www.ci.oakley.ca.us Each year, the City Council holds a strategic planning discussion and adopts a budget to direct the allocation of City resources in accordance with its strategic planning priorities. The process typically begins in January with internal budget reviews, followed by a strategic planning session in March, a budget retreat in April to discuss a Proposed Budget, and adoption of a final Recommended Budget before June 30th. With the development of the Fiscal Year 2025/26, the City Council held its first budget retreat on April 15, 2025 as a special meeting.
The City operates on a fiscal year that begins each July 1 and ends on June
30. The adopted Budget includes the annual update of the City’s Comprehensive Statement of Financial Policies, which serves as a framework for its financial practices, an update to its 10 Year Plan, and budgets for each of the funds under the City’s control. Budgetary control is established at the Fund level.
The City’s General Fund is its primary operating fund, and is used to account for Legislative, Administrative Services, Community Development, Recreation, Police and Public Works operations, and is where the City accounts for all its general-purpose revenues. It is distinguished from the City’s other governmental funds that are used to account for special purpose revenues, capital projects, debt service activities, and monies held for the benefit of others.
DEBT MANAGEMENT
The City generally does not incur debt, except in instances where there will be long-term benefits or where no other method of acquiring an asset is possible.
Vehicles, equipment, technology, and facility maintenance are funded through the established internal service funds and utilize the fund balance within these funds.
RESERVES
The City has sufficient reserves to meet its current and immediate future obligations. The Statement of Financial Policies contains reserve policies and the City’s Adopted Budget includes a 10 Year Plan which highlights the impact of near-term decisions on fund balances and reserves during the 10-year period. Furthermore, in order to maintain the 10 Year Plan’s relevance, twice each year (at budget adoption and again at mid-year), the City reviews and updates the assumptions used in the Plan.
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City of Oakley | 3231 Main Street, Oakley, CA 94561
O (925) 625-7000 | F (925) 625-9859 | www.ci.oakley.ca.us ECONOMIC FACTORS AND NEXT YEAR’S BUDGET
In preparing the budget for FY 2025/26, management considered the following significant factors likely to affect the financial condition of the City:
While building permit issuance had slowed over the prior few years, the budget anticipated a steady but conservative growth in overall permit revenue.
Property Tax revenue growth was budgeted at 3.9% for Fiscal Year 2025/26, however, the County Assessor subsequently reported an increase of over
4.67% in assessed valuations which is anticipated to increase revenue for property tax and property tax in lieu of vehicle license fee.
The City continues to see an uptick in commercial development. The Shops at Laurel Fields are nearing the end of construction and have an anticipated opening date of December 2025. This will feature a Safeway anchored shopping center and bring in several new businesses into the City providing for a mix of fast casual dining and goods and services for our residents. Oakley has also welcomed additional fast casual dining throughout the City which continues to help increase sales tax.
The City has taken on several major Capital Improvement projects. The largest being the East Cypress Road Widening. This project began construction in FY 2022/23 and is scheduled to be completed in FY 2026/27. This multi-year project has required significant resources and coordination with many other agencies. When completed, this will finish a stretch of road that has been in desperate need of improvement for decades. Along with several other roadway projects, the City is also in the beginning phase of the Library and Community Center project. This will bring a library into downtown Oakley and will provide a space for our citizens to engage with one another, feel a sense of community, and enjoy for many years to come. This is an exciting time for our City, and we look forward to seeing this through to the construction phase in the coming years.
The City is aware of the lack of funding for storm water maintenance and capital projects. In the fiscal year 2025/26 budget the City transferred $115,000 of general fund money to the storm water fund in an effort to help offset rising costs related to storm water. It is anticipated this transfer will be a recurring transfer and will likely need to increase year after year. The FY 2025/26 transfer is a 15% increase from the prior year.
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City of Oakley | 3231 Main Street, Oakley, CA 94561
O (925) 625-7000 | F (925) 625-9859 | www.ci.oakley.ca.us The City has accumulated reserves well in excess of its adopted policy level of 30% of anticipated General Fund expenditures. With an adequate reserve, the Council has appropriated the excess to fund one-time additional infrastructure and economic development investments. The City has several large projects in the coming years, and any one-time expenditures used will be weighed against the 10-year plan to ensure all expenditures can be managed not only now but in the future.
In December 2016, the California Public Employees Retirement System (“CalPERS”) lowered the discount rate assumption, the long-term rate of return from 7.50% to 7% over the subsequent three years. On November 15, 2021, the CalPERS Board voted to lower the rate further, from 7% to 6.8%. In FY 2017/18 the City set up a pension trust that will be used to reduce the unfunded accrued liability and/or provide rate stabilization in future years. At the end of FY 2024/25 the City has $1,305,615 in the pension trust account that can be used to pay future pension costs. The City has also set aside reserves of $1,000,000 for consideration of future section 115 Trust investments or unfunded accrued liability pay-downs.
On March 11, 2021, the American Rescue Plan Act (ARPA) was signed into law. Section 9901 of the ARPA amended Title VI of the Social Security Act to add Section 603. This establishes the Coronavirus State & Local Fiscal Recovery Fund (CSLFRF) for local governments across the U.S. Every city and town received a funding allocation. In California, both large cities-entitlement cities (populations over 50,000) and small cities – non-entitlement cities (populations of less than 50,000, which includes the City of Oakley) have received ARPA funding allocations. In total, small cities (non-entitlement, cities including Oakley) in California received $1.2 billion. The City of Oakley received $10.2 million and to date has obligated all $10.2 million as it is required by the grant to do so by December 31, 2024. All obligations must be used by December 31, 2026 and Oakley remains on track to meet this obligation.
While the budget news was generally good, the City Council continues to support a budget process that uses recurring revenues for recurring expenditures and allocates one-time funds for one-time purposes, reflecting the Council’s commitment to conservative budgeting, controlling costs, and using the City’s revenues wisely.
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City of Oakley | 3231 Main Street, Oakley, CA 94561
O (925) 625-7000 | F (925) 625-9859 | www.ci.oakley.ca.us
LONG TERM FINANCIAL PLANNING
The City adopts a balanced budget for each fiscal year by June 30. The City has financial policies that include the use of one-time revenues being used for non-recurring or one-time expenditures including capital and reserves. The City has adopted a fund balance policy that requires the unassigned fund balance in the General Fund to be at least 30% of operating expenditures. As part of the budgeting process a 10-year financial projection is approved each year. This creates the framework to evaluate the City’s success in ensuring service sustainability. Each year, a 5-year Capital Improvement Plan is created to build and maintain the core infrastructure of the City.
THE LOCAL AND REGIONAL ECONOMIES
Oakley’s local economy continues with steady growth. While commercial activity in the region has improved, commercial vacancies in nearby cities remain a viable and competing alternative to new ground-up construction in Oakley. New development and City initiatives bring infrastructure improvements and attractive new neighborhoods. These investments support the City’s efforts to attract new businesses and expand existing local employment opportunities.
The City continues to make downtown a place that is welcoming and has new business that attracts families. New commercial development is nearing completion in the downtown and grant funding has been received by the San Joaquin Joint Powers Authority to install an Amtrak train platform in the downtown area.
Like most small cities in metropolitan areas, Oakley’s economy is strongly influenced by the regional economy. It rises as the region expands and falls as the region contracts.
Oakley has a labor force of 24,000, with an unemployment rate of 5.1 % as of August 2025, compared to 5.4% in 2024, 4.5% in 2023, and 5.9 % in 2022.
INDEPENDENT AUDITORS
State statutes require an annual audit by independent certified public accountants. The City has engaged the accounting firm Maze & Associates to conduct this year’s audit. The auditor’s report on the basic financial statements is included in the financial section of the report.
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City of Oakley | 3231 Main Street, Oakley, CA 94561
O (925) 625-7000 | F (925) 625-9859 | www.ci.oakley.ca.us
AWARDS FOR EXCELLENCE IN FINANCIAL REPORTING
The Government Finance Officers Association of the United States and Canada (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, 2024. To receive the award, a government must publish an easily readable and efficiently organized annual comprehensive financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe that our current annual comprehensive financial report continues to meet the Certificate of Achievement Program’s requirements, and we are submitting it to the GFOA to determine its eligibility for another certificate.
AVAILABILITY TO THE PUBLIC
Once accepted by the Council, the report will be made available to the public at City Hall, on the City’s website, at State and Federal repositories, and by providing copies to the City’s bond disclosure dissemination agent.
CONCLUSION
We are proud to deliver to you the City’s Annual Comprehensive Financial Report for the year ended June 30, 2025. The preparation of this report on a timely basis could not have been accomplished without the dedicated services of Finance Division staff and the assistance of many others in the City organization. We would like to express our appreciation to everyone who contributed to its preparation and thank you for your continued support in planning and conducting the financial operations of the City in a responsible and progressive manner.
Respectfully submitted,
Joshua McMurray Jeri Tejeda
City Manager Administrative Services Director
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RESIDENTSOFOAKLEY
CITYMANAGER
Leads the day to day operations
Exec. Dir of Successor Agency
Exec. Dir of Financing Authority
Economic Development
CITYCOUNCIL
ASSISTANTCITYMANAGER
Public Information, Council Liaison,
Information Technology, City Clerk,
Records, Elections, Paralegal, Agenda
Packets, Passports, Special Projects,
Emergency Preparadness, Website
Services
PUBLICWORKS
Engineering, Capital Projects,
Parks & Landscaping, Storm
Water, Roadways & Traffic,
Inspections, Facility
Maintenance
COMMUNITYDEVELOPMENT
Planning & Zoning
Building Permits
CodeEnforcement,
Recycling, Housing, Census,
Business Licenses
ADMINISTRATIVE SERVICES
Finance, Budget, Accounting, AP
& AR,Payroll, Human Resources,
Recruitment, Compensation &
Benefits, Recreation, Programs &
Events, Facility Rentals, Risk
Management, Workers Comp
POLICE
Administration
Patrol
Investigations
Special Services
Records
2024-2025
CITY OF OAKLEY ORGANIZATINAL CHART
CITYATTORNEY
Advises City Council and Staff
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CITY OF OAKLEY
ELECTED OFFICIALS AND
ADMINISTRATIVE PERSONNEL
JUNE 30, 2025
ELECTED OFFICIALS
Mayor Shannon Shaw
Vice-Mayor Hugh Henderson
Council Member Aaron Meadows
Council Member George Fuller
Council Member Anissa Williams
ADMINISTRATIVE PERSONNEL
City Manager Joshua McMurray
Assistant City Manager Danielle Navarro
City Attorney Derek Cole
Chief of Police Paul Beard
Administrative Services Director Jeri Tejeda
Public Works Director/City Engineer Kevin Rohani
Community Development Director Kenneth Strelo
City Clerk Kim Snodgrass
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Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Oakley
California
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2024
Executive Director/CEO
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FINANCIAL SECTION
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INDEPENDENT AUDITOR’S REPORT
To the Honorable Mayor and City Council
City of Oakley, California
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities, each major fund and the aggregate remaining fund information of the City of Oakley, California, as of and for the year ended June 30, 2025, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the Table of Contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the City as of June 30, 2025, and the respective changes in financial position and, where applicable, cash flows thereof, and the respective budgetary comparisons listed in the Table of Contents as part of the basic financial statements for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirement relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.
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Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with generally accepted auditing standards and Government Auditing Standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, no such opinion is expressed. • Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. • Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
Emphasis of a Matter
Management restated the beginning balance of accumulated depreciation of capital assets, as discussed in Note 10F to the financial statements.
The emphasis of this matter does not constitute a modification to our opinions. 2 190
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that Management’s Discussion and Analysis and other Required Supplementary Information as listed in the Table of Contents be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Supplemental Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City’s basic financial statements. The accompanying Supplemental Information, as listed in the Table of Contents, is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the Supplemental Information is fairly stated, in all material respects, in relation to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual report. The other information comprises the Introductory Section and Statistical Section listed in the Table of Contents, but does not include the basic financial statements and our auditor’s report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 2, 2025 on our consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control over financial reporting and compliance.
Pleasant Hill, California
December 2, 2025
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MANAGEMENT’S DISCUSSION AND ANALYSIS
This discussion and analysis of the City of Oakley’s financial performance for the fiscal year ended June 30, 2025, provides an overview of year ending results based on the government-wide statements, an analysis on the City’s overall financial position and results of operations to assist users in evaluating the City’s financial position, and discussions of both significant changes that occurred in funds and significant budget variances. In addition, it describes the activities during the year for capital assets and long-term debt. It concludes with a description of currently known facts, decisions, and conditions that are expected to have a significant effect on the financial position or results of operations. Please read this management’s discussion and analysis in conjunction with the City’s financial statements.
FINANCIAL HIGHLIGHTS
• Government-wide net position increased by $27,034,581 or 7.93 percent this year. • Government-wide program expenditures exceeded program revenues by $2,551,533. • General Fund revenues were $3,008,156 more than budgeted; expenditures were $6,547,878 less than budgeted.
• The General Fund fund balance at the end of the year was $36,567,336 of which $12,996,774 was available/unassigned.
USING THIS ANNUAL REPORT
This annual report consists of a series of financial statements. The Statement of Net Position and Statement of Activities (on pages 16 and 17) provide information about the activities of the City as a whole and present a long-term view of the City’s finances. Fund financial statements start on page 20. For governmental activities, the fund financial statements tell how these services were financed in the short term as well as what remains for future spending. Fund financial statements also report the City’s operations in more detail than the government-wide statements by providing information about the City’s most significant funds and other funds. The remaining fiduciary fund statement provides financial information about activities for which the City acts solely as a trustee or agent for the benefit of those outside of the government. 5 193
REPORTING THE CITY AS A WHOLE
The Statement of Net Position and the Statement of Activities:
Our analysis of the City as a whole begins on page 7. One of the most important questions asked about the City’s finances is “Is the City as a whole better off or worse off as a result of the year’s activities?” The Statement of Net Position and the Statement of Activities report information about the City as a whole and about its activities to answer this question. These statements include all assets, deferred outflows/inflows of resources and liabilities of the City using the accrual basis of accounting, which is similar to the accounting used by most private-sector companies. All of the current year’s revenues and expenses are considered regardless of when cash is received or paid.
These two statements report the City’s net position and changes in net position. Net position is the difference between assets plus deferred outflows of resources and liabilities plus deferred inflows of resources, which is one way to measure the City’s financial health, or financial position. Over time, increases or decreases in the City’s net position is an indication of whether its financial health is improving or deteriorating. To put the City’s financial health in perspective, you will likely need to consider certain non-financial factors, such as changes in the economy, that impact consumer spending or property values. In the Statement of Net Position and the Statement of Activities, we include City activities from two categories:
Governmental activities – Most of the City’s basic services are reported in this category, and include general government (city manager, city clerk, finance, etc.), community development (planning and building, public works and parks, police protection, and recreation. Property taxes, sales tax, transient occupancy tax, user fees, interest income, franchise fees, state and federal grants, contributions from other agencies, and other revenues finance these activities.
Component unit activities – The City includes one additional legal entity in its report – the Oakley Public Financing Authority. Although legally separate, the City is financially accountable for this “component unit”.
REPORTING THE CITY’S MOST SIGNIFICANT FUNDS
Fund Financial Statements
The fund financial statements provide detailed information about the most significant funds (called “major” funds) and other funds (called “non-major” funds) – not the City as a whole.
Some funds are required by State law and/or by bond covenants; however, management has established other funds to help it control and manage money for particular purposes or to show that it is meeting legal responsibilities for the use of certain taxes, grants, and other resources.
The City’s funds are classified as Governmental Funds, Proprietary Funds or Fiduciary Funds. 6 194
Governmental Funds
Most of the City’s basic services are reported in governmental funds, which focus on how money flows in and out of those funds and the balances left at year-end that are available for spending.
These funds are reported using an accounting method called modified accrual accounting, which measures cash and all other financial assets that can readily be converted to cash. The governmental fund statements provide a detailed short-term view of the City’s general government operations and the basic services it provides. Governmental fund information helps determine whether there are more or fewer financial resources that can be spent in the near future to finance the City’s programs. The differences of results in the Governmental Fund financial statements to those in the Government-Wide financial statements are explained in a reconciliation following each Governmental Fund financial statement.
Proprietary Funds - Internal Service Activities
The City has established Vehicle and Equipment Replacement, Information Technology and Capital Facilities Maintenance and Replacement Internal Services Funds. Internal Service Funds are operated in a manner similar to a private business enterprise. In the case of the Vehicle and Equipment Replacement Fund, it charges the other City funds to accumulate amounts sufficient to maintain and replace fleet vehicles at the end of their useful life. The Information Technology Fund is funded by transfers from the General Fund that are sufficient to replace computer equipment as necessary, and the Capital Facilities Maintenance and Replacement Fund charges the other City Funds to accumulate sufficient amounts to pay for major repairs and building systems replacements when they may occur. These Funds are reported using the accrual basis of accounting.
Trust and Custodial Funds - Reporting the City’s Fiduciary Responsibilities The City is the trustee, or fiduciary, for certain funds held on behalf of bondholders and other governmental agencies. The City’s fiduciary activities are reported in separate Statements of Fiduciary Net Position and Changes in Fiduciary Net Position. We exclude these activities from the City’s other financial statements because the City doesn’t own these assets and cannot use them to finance its operations. The City is the Successor Agency to the Oakley Redevelopment Agency, and the Successor Agency’s assets and liabilities are accounted for in a private purpose trust fund reported with the City’s other fiduciary funds.
THE CITY AS A WHOLE
For Fiscal Year 2024/2025, the City’s combined net position increased $27,034,581 from $340,833,841 to $367,868,422. The analysis below focuses on the net position (Table 1) and changes in net position (Table 2) of the City’s governmental activities. 7 195
Table 1
Net Position
As of June 30, 2025 and 2024
(1) Not adjusted for the implementation of GASB Statement No. 101, discussed in Note 10F
The City’s Net Position is made up of three components: Net Investment in Capital Assets; Restricted Net Position; and Unrestricted Net Position. Net Investment in Capital Assets, representing capital assets, and principally infrastructure assets, accounts for the majority of the City’s governmental activities’ net position.
The increase of $12,715,016 in Net Investment in Capital Assets resulted primarily from the contribution of street and parks infrastructure from developers, including the Baldocchi Cypress Crossings and Woodbury housing developments and the completion of several large capital projects including the 2024/25 Traffic Calming, Signal Modernization and Curb/Gutter and Sidewalks as well as the Irrigation Well at Freedom Basin and the Public Works Operation Building. The increase of $4,532,964 in Restricted Net Position is primarily due to funds restricted for capital projects, as a result of current year project expenditures and carryover to the next year for project completion.
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The increase of $9,786,601 in Unrestricted Net Position is primarily attributed to the General Fund revenues exceeding expenditures. License and permits, property tax, and interest revenues came in higher than the anticipated budget. There was also a sale of property in FY 2024/25 that was not anticipated in the budget. On the expenditure side, staffing vacancies and strong coordination with departments to manage spending contributed to Fiscal Year 2024/2025 actual expenditures coming in under budget. The Police Department had the largest savings with the Public Works Department also seeing a significant savings.
Table 2
Changes in Net Position
As of June 30, 2025 and 2024
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Governmental Activities
Total governmental revenue for Fiscal Year 2024/2025 was $73,678,854. Capital Grants and Contributions, which account for 23% of revenue, saw an increase of $10,519,619, from $6,672,260 in Fiscal Year 2023/2024 to $17,191,879 in Fiscal Year 2024/2025. This increase is due to high value capital projects that were not completed in Fiscal Year 2024/2025. Charges for Services, which account for 31% of revenue increased by $2,197,004, The majority of the increase is from Police Services Revenue. As the City continues to build and grow, so do Property Tax and Police Services. Property Taxes increased $498,409 due to a general increase in property values as well as an increase in the number of new homes on commercial and industrial buildings being assessed. The use of money and property increased $4,197,565 due to the fluctuation of market rates, the increase in investment in money market accounts, and the sale of City Property. The other categories experienced slight increases.
Total expenses were $48,085,541. Public Works, with $20,828,710 of expenses, represented the largest component of total governmental expenses. The $442,989 increase in Public Works expenses resulted primarily from capital projects being completed in Fiscal Year 2024/2025, compared to the prior fiscal year. Administrative Services increase of $1,043,231 resulted from the increase in our workers compensation program and insurance premiums as well as consulting services for one-time contracts are included in FY 2024/25. Law Enforcement increased by $1,371,154, primarily due to a planned increase in salaries and benefits as well as fewer vacancies within the department.
Fiscal Year 2025 Government Activities
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THE CITY’S FUNDS
On page 24, the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances is shown. The combined fund balance was $105,148,765, an increase of $15,914,063.
The largest contributors, aside from the General Fund to the change in fund balance were the increases in ARPA funding of $303,712. Other Governmental Funds increase of $11,007,164 and the increase in the Landscape and Lighting Districts assessments of $1,416,161 due to the timing of capital expenditures.
The General Fund Balance increased by $3,655,299, from the prior year. The proceeds from sale of property and higher than normal interest earned are the main factors in the increase.
The General Fund Unassigned Fund Balance decreased by $3,714,570, primarily due to the General Fund’s 3.3% share of capital expenditures and the planned increase in operating expenditures included in the adopted budget. General Fund is funding a large portion of the upcoming library project and $7 million was transferred out of unassigned fund balance an into the capital projects fund in anticipation of library construction in the coming years.
General Fund revenues were $8,076,386 more than expenditures. That excludes Net Transfers Out of ($9,728,364) and proceeds from sale of property of $5,307,277, which are categorized under Other Financing Sources (Uses).
General Fund Budgetary Highlights
For the City’s General Fund, actual revenues of $25,016,629 were $3,008,156 more than the final budgeted revenues of $22,008,473. Use of Money and Property, Property Tax, and Licenses and Permits Revenues exceeded final budget by $2,911,320. The increase in assessed value of property was approximately 5.2%, which was better than the projected 4.0% at budget time.
Higher than anticipated interest earned was also a factor in the increase. 11 199
General Fund expenditures of $16,940,243 were $6,547,878 less than final budget of $23,488,121. The variance was primarily due to lower-than-budgeted Capital Outlay of $3,069,054 due to rollover of projects into FY 2025/2026. Additional variances occurred in Law Enforcement of $1,251,475 due to staffing vacancies maintained throughout the fiscal year, and in Community Development $1,231,990, largely due to the reclassification and timing of projects funded through the newly established Special Community Projects Fund, which were deferred into FY 2025/2026.
CAPITAL ASSETS AND DEBT ADMINISTRATION
Capital Assets
At the end of Fiscal Year 2024/25 the City had $258,431,011 invested in a broad range of capital assets including land, streets, bridges, drainage systems, traffic lights, parks, buildings, vehicles and equipment. (See Table 3).
Table 3
Capital Assets
As of June 30, 2025 and 2024
Capital Assets increased by $11,357,745 during Fiscal Year 2024/25, with the most significant increases being in Construction in Progress by $11,946,804 due to large capital projects like East Cypress Road.
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The City’s FY 2025/26 Capital Improvement Budget calls for the spending of $38,083,000 on new capital projects, the majority being the construction of roadways, specifically, East Cypress Road. It also includes the Oakley Library & Community Center as well as Enrico Cinquini Park.
The projects will be financed primarily with Traffic Impact Fees, Park Impact Fees and General Fund Allocations. Additional information about the capital assets can be found in Note 7 of the financial statements.
Debt
At year-end, the City’s governmental activities had $7,210,000 of Outstanding Debt as shown in Table 4. In December 2016, the City issued the 2016 Lease Revenue Bonds of $10,025,000 to refinance the outstanding 2006 Certificates of Participation and to finance the construction of the Oakley Recreation Center. Additional information about the City’s debt can be found in Note 8 of the financial statements.
Table 4
Outstanding Debt at Year-End
Governmental Activities 2025 2024
2016 Lease Revenue Bonds $7,210,000 $7,570,000
During the year, the City made all of its current year debt service payments in a timely manner.
CONTACTING THE CITY FOR FINANCIAL INFORMATION
This financial report is designed to provide our citizens, taxpayers, customers, investors, and creditors with a general overview of the City’s finances and to show the City’s accountability for the money it receives. If you have questions about this report or need additional financial information, contact the City’s Finance Division at the City offices at 3231 Main Street, Oakley, California, by calling (925) 625-7010, or forwarding your inquiry via the “contact us” page on the City’s website (www.oakleyinfo.com). This Annual Comprehensive Financial Report (ACFR), as well as other financial documents, is posted in the Finance Division section of the City Website.
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202
CITY OF OAKLEY
STATEMENT OF NET POSITION
AND STATEMENT OF ACTIVITIES
The Statement of Net Position and the Statement of Activities summarize the entire City’s financial activities and financial position. They are prepared on the same basis as is used by most businesses, which means they include all the City’s assets and deferred outflows of resources and all its liabilities and deferred inflows of resources, as well as all its revenues and expenses. This is known as the full accrual basis—the effect of all the City’s transactions is taken into account, regardless of whether or when cash changes hands, but all material internal transactions between City funds have been eliminated.
The Statement of Net Position reports the difference between the City’s total assets and deferred outflows of resources and the City’s total liabilities and deferred inflows of resources, including all the City’s capital assets and all its long-term debt. The Statement of Net Position focuses the reader on the composition of the City’s Net Position, by subtracting total liabilities from total assets.
The Statement of Net Position summarizes the financial position of all of the City’s Governmental Activities in a single column. The City’s Governmental Activities include the activities of its General Fund, along with all its Special Revenue, Capital Projects and Debt Service Funds.
The Statement of Activities reports increases and decreases in the City’s Net Position. It is also prepared on the full accrual basis, which means it includes all the City’s revenues and all its expenses, regardless of when cash changes hands. This differs from the “modified accrual” basis used in the Fund financial statements, which reflect only current assets, current liabilities, available revenues and measurable expenditures.
The Statement of Activities presents the City’s expenses first, listed by program. Program revenues—that is, revenues which are generated directly by these programs—are then deducted from program expenses to arrive at the net expense of each governmental program. The City’s general revenues are then listed in the Governmental Activities and the Change in Net Position is computed and reconciled with the Statement of Net Position.
Both these Statements include the financial activities of the City and the Oakley Public Financing Authority, which is legally separate but is a component unit of the City because it is controlled by the City, which is financially accountable for the activities of the entity. 15 203
CITY OF OAKLEY
STATEMENT OF NET POSITION
JUNE 30, 2025
Governmental
Activities
ASSETS
Cash and investments available for operations (Note 3) $117,205,839 Cash and investments with fiscal agent (Note 3) 1,899,918 Accounts receivable (Note 1F) 2,520,711
Interest receivable 397,956
Prepaids and deposits 1,368
Loans receivable (Note 5) 12,707,459
Land held for resale (Note 6) 3,324,182
Capital assets (Note 7):
Land and construction in progress 34,581,828
Depreciable, net 223,849,183
Leases receivable (Note 14) 311,375
Total Assets 396,799,819
DEFERRED OUTFLOWS OF RESOURCES
Related to pensions (Note 11) 3,494,511
LIABILITIES
Accounts payable 5,186,779
Accrued liabilities 335,103
Deposits payable 3,287,691
Unearned revenue 9,139,312
Interest payable 49,228
Claims payable - due in one year (Note 16) 95,100
Compensated absences (Note 1H):
Due within one year 580,499
Due in more than one year 2,321,994
Net Pension Liability - Due in more than one year (Note 11) 3,209,206 Subscription Liabilities (Note 15):
Due within one year 137,151
Due in more than one year 300,846
Long-term debt (Note 8):
Due within one year 380,000
Due in more than one year 6,830,000
Total Liabilities 31,852,909
DEFERRED INFLOWS OF RESOURCES
Related to pensions (Note 11) 271,650
Related to leases (Note 14) 301,349
Total Deferred Inflows of Resources 572,999
NET POSITION (Note 10)
Net investment in capital assets 250,783,014
Restricted for:
Capital projects 53,396,514
Debt service 69,173
Police services
Low and moderate income housing 11,814,346
Total Restricted Net Position 65,280,033
Unrestricted net position 51,805,375
Total Net Position $367,868,422
See accompanying notes to financial statements
16 204
CITY OF OAKLEY
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2025
Net (Expense)
Revenue and Change
Program Revenues in Net Position
Operating Capital
Charges for Grants and Grants and Governmental
Functions/Programs Expenses Services Contributions Contributions Activities Governmental Activities:
Legislative $1,129,474 ($1,129,474)
Administrative Services 4,595,343 $739,697 $250,000 (3,605,646) Community Development 4,901,301 3,884,466 2,192,812 $638,806 1,814,783 Public Works 20,828,710 9,551,798 2,603,364 16,553,073 7,879,525 Housing Programs 3,799 (3,799)
Law Enforcement 14,955,210 8,271,288 336,826 (6,347,096) Recreation 1,336,248 511,878 (824,370)
Interest on long-term debt 335,456 (335,456)
Total Governmental Activities $48,085,541 $22,959,127 $5,383,002 $17,191,879 (2,551,533) General revenues:
Taxes:
Property taxes 11,129,611
Sales taxes 2,825,597
Business license taxes 210,520
Transient occupancy taxes 254,528
Franchise taxes 2,655,960
Intergovernmental, unrestricted:
Motor vehicle in lieu 72,112
Use of money and property 5,156,205
Gain on sale of property 4,124,020
Miscellaneous 1,716,293
Total General Revenues 28,144,846
Change in Net Position 25,593,313
Net Position-Beginning, as Previously Reported 340,833,841 Adjustments (Note 10F)
Correction of Accumulated Depreciation 1,441,268
Net Position-Beginning, as Adjusted 342,275,109
Net Position-Ending $367,868,422
See accompanying notes to financial statements
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206
FUND FINANCIAL STATEMENTS
Major funds are defined generally as having significant activities or balances in the current year.
MAJOR GOVERNMENTAL FUNDS
The funds described below were determined to be Major Funds by the City in fiscal 2025. Individual non-major funds may be found in the Supplemental Section.
GENERAL FUND
The General Fund is the general operating fund of the City. It is used to account for all financial resources except those required to be accounted for in another fund. Revenues deposited in the General Fund include property tax, sales tax, franchise fees, business licenses, fines and forfeitures and fees for services. This fund is used to finance most of the City’s basic services including Legislative, General Administration, Law Enforcement, Public Works and Community Development.
LIGHTING AND LANDSCAPING DISTRICTS SPECIAL REVENUE FUND This fund accounts for assessments made upon parcels of land within the Lighting and Landscaping Zones #1, #2 and #3 and their use in accordance with the provisions of the State of California Streets and Highway Code.
PUBLIC PROTECTION SPECIAL REVENUE FUND
This fund accounts for dedicated Police Services Special Taxes and State COPS program funds.
LOW AND MODERATE INCOME HOUSING ASSET SPECIAL REVENUE FUND This fund accounts for the housing assets of the former Oakley Redevelopment Agency and loan repayments restricted to low and moderate income housing projects.
ARPA SPECIAL REVENUE FUND
This fund accounts for American Rescue Plan Act funding. The City is allowed to claim $10 million of the funds as an economic loss, which can be used to provide government services. The remaining $177,190 is being claimed as a partial reimbursement for special COVID-19 sick leave that the City’s General Fund has paid out during the pandemic.
TRAFFIC IMPACT FEES CAPITAL PROJECTS FUND
This fund accounts for fees assessed on new development to provide street and road improvements. 19 207
CITY OF OAKLEY
GOVERNMENTAL FUNDS
BALANCE SHEET
JUNE 30, 2025
Lighting and
Landscaping Public
General Districts Protection
ASSETS
Cash and investments available for operations (Note 3) $32,971,519 $16,546,622 Cash and investments with fiscal agent (Note 3) 1,305,615 Accounts receivable (Note 1F) 1,380,185
Interest receivable 157,435 54,365 $6,733
Due from other funds (Note 4C) 56,195
Prepaids and deposits 1,368
Loans receivable (Note 5) 67,118
Advances to other funds (Note 4B) 78,532
Leases receivable (Note 14) 311,375
Land held for resale (Note 6) 3,324,182
Total Assets $39,653,524 $16,600,987 $6,733
LIABILITIES
Accounts payable $1,191,056 $625,448
Accrued liabilities 332,883
Due to other funds (Note 4C) $6,733
Deposits payable 925,486
Unearned revenue 335,414
Advances from other funds (Note 4B) 78,532
Total Liabilities 2,784,839 703,980 6,733
DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - loans receivable
Unavailable revenue - interest on advances to other funds Related to leases (Note 14) 301,349
Total Deferred Inflows of Resources 301,349
FUND BALANCES
Fund balance (Note 10):
Nonspendable 3,481,226
Restricted 1,305,615 15,897,007
Assigned 18,783,721
Unassigned 12,996,774
Total Fund Balances (Deficits) 36,567,336 15,897,007
Total Liabilities, Deferred Inflows of Resources
and Fund Balances $39,653,524 $16,600,987 $6,733
See accompanying notes to financial statements
20 208
Low and Moderate Traffic Other Total
Income Housing Impact Governmental Governmental
Asset ARPA Fees Funds Funds
$488,079 $6,361,361 $14,534,172 $44,329,866 $115,231,619 594,303 1,899,918
2,130 1,138,396 2,520,711
22,630 52,220 97,852 391,235
56,195
1,368
12,628,285 12,056 12,707,459
658,014 644,004 1,380,550
311,375
3,324,182
$13,116,364 $6,383,991 $15,258,592 $46,804,421 $137,824,612 $966,512 $657,593 $1,700,577 $5,141,186
332,883
49,462 56,195
2,362,205 3,287,691
4,513,247 1,874,509 2,416,142 9,139,312
$1,302,018 1,380,550
1,302,018 5,479,759 2,532,102 6,528,386 19,337,817
12,628,285 12,628,285
206,396 202,000 408,396
301,349
12,628,285 206,396 202,000 13,338,030
3,481,226
12,520,094 24,640,190 54,362,906
904,232 15,560,555 35,248,508
(813,939) (126,710) 12,056,125
(813,939) 904,232 12,520,094 40,074,035 105,148,765
$13,116,364 $6,383,991 $15,258,592 $46,804,421 $137,824,612 21 209
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210
CITY OF OAKLEY
Reconciliation of the
GOVERNMENTAL FUNDS - BALANCE SHEET
with the
STATEMENT OF NET POSITION
JUNE 30, 2025
Total fund balances reported on the governmental funds balance sheet: $105,148,765 Amounts reported for Governmental Activities in the Statement of Net Position are different from those reported in the Governmental Funds above because of the following:
CAPITAL ASSETS
Capital assets used in Governmental Activities are not current assets or financial resources and therefore are not reported in the Government Funds. 258,431,011
ALLOCATION OF INTERNAL SERVICE FUND NET POSITION
Internal service funds are not governmental funds. However, they are used by management to charge the costs of certain activities, such as insurance and central services and maintenance, to individual governmental funds. The net current assets of the Internal Service Funds are therefore included in Governmental Activities in the Statement of Net Position. 1,495,131
NON-CURRENT REVENUES
Revenues which are unavailable on the Fund Balance Sheets because they are not available currently are taken into revenue in the Statement of Activities. 13,036,681
LONG TERM ASSETS AND LIABILITIES
The assets and liabilities below are not due and payable in the current period and therefore are not reported in the Funds:
Long-term debt (7,210,000)
Interest payable (49,228)
Compensated absences (2,902,493)
Net pension liability and pension-related deferred outflows/inflows of resources 13,655 Claims Payable (95,100)
NET POSITION OF GOVERNMENTAL ACTIVITIES $367,868,422
See accompanying notes to financial statements
23 211
CITY OF OAKLEY
GOVERNMENTAL FUNDS
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2025
Lighting and
Landscaping Public
General Districts Protection
REVENUES
Property taxes $11,129,611
Sales tax 2,825,597
Other taxes 2,910,488 $907,681
Licenses and permits 2,881,294
Charges for services 360,663
Fines and forfeits 80,299
Intergovernmental 583,909 $194,663
Developer fees
Special assessments 5,206,433 8,133,297
Loan repayments
Use of money and property 2,521,262 654,392 51,184
Miscellaneous 1,723,506 2,875
Total Revenues 25,016,629 6,771,381 8,379,144
EXPENDITURES
Current:
Legislative 1,041,048
Administrative Services 3,333,469
Community Development 2,769,007
Public Works 1,975,016 5,479,849
Housing programs
Law Enforcement 5,859,861 8,379,144
Recreation 1,313,588
Capital outlay 648,254 103,899
Debt service:
Principal
Interest and fiscal charges 3,464
Total Expenditures 16,940,243 5,587,212 8,379,144
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES 8,076,386 1,184,169
OTHER FINANCING SOURCES (USES)
Transfers in (Note 4A) 231,992
Transfers (out) (Note 4A) (9,728,364)
Proceeds from sale of property 5,307,277
Total Other Financing Sources (Uses) (4,421,087) 231,992 NET CHANGE IN FUND BALANCES 3,655,299 1,416,161
FUND BALANCES (DEFICIT) AT BEGINNING OF YEAR 32,912,037 14,480,846 FUND BALANCES (DEFICIT) AT END OF YEAR $36,567,336 $15,897,007 See accompanying notes to financial statements
24 212
Low and Moderate Traffic Other Total
Income Housing Impact Governmental Governmental
Asset ARPA Fees Funds Funds
$574,971 $11,704,582
2,825,597
2,491,833 6,310,002
2,881,294
360,663
80,299
$2,099,118 5,027,387 7,905,077
$5,804,332 2,887,587 8,691,919
358,699 13,698,429
$54,081 54,081
18,946 303,712 646,922 913,720 5,110,138
2,362 1,728,743
73,027 2,402,830 6,451,254 12,256,559 61,350,824
1,041,048
3,333,469
160,775 1,886,405 4,816,187
559,281 3,294,297 11,308,443
3,799 3,799
34,665 14,273,670
1,313,588
1,791,191 6,374,468 4,853,382 13,771,194
360,000 360,000
55,006 317,018 375,488
58,805 1,951,966 6,933,749 10,745,767 50,596,886
14,222 450,864 (482,495) 1,510,792 10,753,938
10,407,907 10,639,899
(147,152) (911,535) (10,787,051)
5,307,277
(147,152) 9,496,372 5,160,125
14,222 303,712 (482,495) 11,007,164 15,914,063
(828,161) 600,520 13,002,589 29,066,871 89,234,702
($813,939) $904,232 $12,520,094 $40,074,035 $105,148,765 25 213
CITY OF OAKLEY
Reconciliation of the
NET CHANGE IN FUND BALANCES - TOTAL GOVERNMENTAL FUNDS
with the
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2025
The schedule below reconciles the Net Changes in Fund Balances reported on the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balance, which measures only changes in current assets and current liabilities on the modified accrual basis, with the Change in Net Position of Governmental Activities reported in the Statement of Activities, which is prepared on the full accrual basis.
NET CHANGE IN FUND BALANCES - TOTAL GOVERNMENTAL FUNDS $15,914,063 Amounts reported for governmental activities in the Statement of Activities are different because of the following:
CAPITAL ASSETS TRANSACTIONS
Governmental Funds report capital outlays as expenditures. However, in the Statement of Activities the cost of those assets is capitalized and allocated over their estimated useful lives and reported as depreciation expense.
Capital expenditures are added back to fund balance 13,725,763 Depreciation expense is deducted from fund balance
(Depreciation expense is net of internal service fund depreciation of $1,052,207 which has already been allocated to serviced funds.) (9,473,034) Developer dedicated infrastructure is added to fund balance 7,939,101 Capital assets contributed to internal service funds (1,256,934) Capital assets contributed from internal service funds 385,541 Retirements are deducted from fund balance (1,407,755)
LONG TERM DEBT PROCEEDS AND PAYMENTS
Repayment of bond principal is an expenditure in the governmental funds, but in the Statement of Net Position the repayment reduces long-term liabilities.
Repayment of debt principal is added back to fund balance 360,000
NON-CURRENT ITEMS
The amounts below included in the Statement of Activities do not provide or (require) the use of current financial resources and therefore are not reported as revenue or expenditures in governmental funds (net change):
Non-current portion of compensated absences (1,238,335) Interest payable 2,400
Unavailable revenue 231,083
Net pension liability (asset) and deferred outflows/inflows related to pensions (476,496) Claims payable (45,091)
ALLOCATION OF INTERNAL SERVICE FUND ACTIVITY
Internal Service Funds are used by management to charge the costs of certain activities, such as equipment acquisition and maintenance to individual funds.
The portion of the net revenue (expense) of these Internal Service Funds arising out of their transactions with governmental funds is reported with governmental activities, because they service those activities.
Change in Net Position - Internal Service Fund 933,007
CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES $25,593,313 See accompanying notes to financial statements
26 214
CITY OF OAKLEY
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2025
Variance
Original Amended Actual Positive
Budget Budget Amounts (Negative)
REVENUES
Property taxes $10,665,000 $10,665,000 $11,129,611 $464,611 Sales taxes 3,050,000 3,050,000 2,825,597 (224,403)
Other taxes 2,938,634 2,938,634 2,910,488 (28,146)
Licenses and permits 1,792,300 1,963,847 2,881,294 917,447 Charges for services 323,408 323,408 360,663 37,255
Fines and forfeits 97,350 97,350 80,299 (17,051)
Intergovernmental 488,884 488,884 583,909 95,025
Use of money and property 592,000 992,000 2,521,262 1,529,262 Miscellaneous 1,489,350 1,489,350 1,723,506 234,156
Total Revenues 21,436,926 22,008,473 25,016,629 3,008,156
EXPENDITURES
Current:
Legislative 1,072,716 1,072,716 1,041,048 31,668
Administrative Services 3,962,352 3,850,734 3,333,469 517,265 Community Development 2,904,358 4,000,997 2,769,007 1,231,990 Public Works 1,876,088 2,302,880 1,975,016 327,864
Law Enforcement 7,027,099 7,111,336 5,859,861 1,251,475 Recreation 1,244,066 1,432,150 1,313,588 118,562
Capital outlay 10,000 3,717,308 648,254 3,069,054
Total Expenditures 18,096,679 23,488,121 16,940,243 6,547,878
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES 3,340,247 (1,479,648) 8,076,386 9,556,034
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers (out) (6,288,200) (9,728,364) (9,728,364)
Proceeds from sale of property 5,307,277 5,307,277
Total Other Financing Sources (Uses) (6,288,200) (4,421,087) (4,421,087) NET CHANGE IN FUND BALANCES ($2,947,953) ($5,900,735) 3,655,299 $9,556,034 Fund balance at beginning of year 32,912,037
Fund balance at end of year $36,567,336
See accompanying notes to financial statements
27 215
CITY OF OAKLEY
LIGHTING AND LANDSCAPING DISTRICTS SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2025
Variance
Original Amended Positive
Budget Budget Actual (Negative)
REVENUES
Other taxes $1,030,114 $1,030,114 $907,681 ($122,433)
Special assessments 5,017,992 5,017,992 5,206,433 188,441 Use of money and property 31,500 31,500 654,392 622,892 Miscellaneous 2,875 2,875
Total Revenues 6,079,606 6,079,606 6,771,381 691,775
EXPENDITURES
Current:
Public Works 7,085,348 7,090,348 5,479,849 1,610,499
Capital outlay 150,000 350,000 103,899 246,101
Debt service:
Interest and fiscal charges 3,464 (3,464)
Total Expenditures 7,235,348 7,440,348 5,587,212 1,853,136
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES (1,155,742) (1,360,742) 1,184,169 2,544,911
OTHER FINANCING SOURCES (USES)
Transfers in 144,085 144,085 231,992 87,907
Transfers out
Total Other Financing Sources (Uses) 144,085 144,085 231,992 87,907 NET CHANGE IN FUND BALANCES ($1,011,657) ($1,216,657) 1,416,161 $2,632,818 Fund balance at beginning of year 14,480,846
Fund balance at end of year $15,897,007
See accompanying notes to financial statements
28 216
CITY OF OAKLEY
PUBLIC PROTECTION SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2025
Variance
Original Amended Positive
Budget Budget Actual (Negative)
REVENUES
Intergovernmental $185,000 $185,000 $194,663 $9,663
Special assessments 8,090,000 8,090,000 8,133,297 43,297 Use of money and property 15,500 15,500 51,184 35,684
Total Revenues 8,290,500 8,290,500 8,379,144 88,644
EXPENDITURES
Current:
Law Enforcement 8,290,500 8,290,500 8,379,144 (88,644)
Total Expenditures 8,290,500 8,290,500 8,379,144 (88,644)
NET CHANGE IN FUND BALANCES
Fund balance at beginning of year
Fund balance at end of year
See accompanying notes to financial statements
29 217
CITY OF OAKLEY
LOW AND MODERATE INCOME HOUSING ASSET SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2025
Variance
Original Amended Positive
Budget Budget Actual (Negative)
REVENUES
Loan repayment $10,000 $10,000 $54,081 $44,081
Use of money and property 18,946 18,946
Total Revenues 10,000 10,000 73,027 63,027
EXPENDITURES
Current:
Housing programs 3,799 (3,799)
Debt service:
Interest 20,000 20,000 55,006 (35,006)
Total Expenditures 20,000 20,000 58,805 (38,805)
NET CHANGE IN FUND BALANCES ($10,000) ($10,000) 14,222 $24,222 Fund balance (deficit) at beginning of year (828,161)
Fund balance (deficit) at end of year ($813,939)
See accompanying notes to financial statements
30 218
PROPRIETARY FUNDS
INTERNAL SERVICE FUNDS
Internal service funds account for City operations financed and operated in a manner similar to a private business enterprise. The intent of the City is that the cost of providing goods and services to other City funds be financed through user fees to those funds.
The concept of major funds does not extend to internal service funds because they do not do business with outside parties. For the Statement of Activities, the net revenues or expenses of the internal service fund is eliminated by netting them against the operations of the other City departments which generated them. The remaining balance sheet items are consolidated with these same funds in the Statement of Net Position. 31 219
CITY OF OAKLEY
PROPRIETARY FUNDS
STATEMENT OF NET POSITION
JUNE 30, 2025
Governmental
Activities -
Internal Service
Funds
ASSETS
Current:
Cash and investments available for operations (Note 3) $1,974,220 Receivables:
Interest 6,721
Total Current Assets 1,980,941
Noncurrent:
Capital assets (Note 7):
Depreciable, net 7,975,112
Total noncurrent Assets 7,975,112
Total Assets 9,956,053
LIABILITIES
Current:
Accounts payable 45,593
Accrued liabilities 2,220
Subscription liability - due in one year 137,151
Total Current Liabilities 184,964
Noncurrent:
Subscription liability - due in more than one year 300,846 Total Liabilities 485,810
NET POSITION (Note 10)
Investment in capital assets 7,537,115
Unrestricted 1,933,128
Total Net Position $9,470,243
See accompanying notes to financial statements
32 220
CITY OF OAKLEY
PROPRIETARY FUNDS
STATEMENT OF REVENUE, EXPENSES
AND CHANGES IN FUND NET POSITION
FOR THE YEAR ENDED JUNE 30, 2025
Governmental
Activities -
Internal Service
Funds
OPERATING REVENUES
Charges for services $1,522,056
Miscellaneous revenue 23,359
Total Operating Revenues 1,545,415
OPERATING EXPENSES
Supplies 666,947
Depreciation 1,052,207
Total Operating Expenses 1,719,154
Operating Income (Loss) (173,739)
NONOPERATING REVENUES (EXPENSES)
Gain (loss) on sale of capital assets 16,743
Interest income 88,832
Interest expense (17,374)
Total Nonoperating Revenues 88,201
Income (Loss) Before Contributions and Transfers (85,538) Contributions
Transfers in 147,152
Capital assets contributed from governmental activities 1,256,934 Capital assets contributed to governmental activities (385,541) Change in net position 933,007
BEGINNING NET POSITION 8,537,236
ENDING NET POSITION $9,470,243
See accompanying notes to financial statements
33 221
CITY OF OAKLEY
PROPRIETARY FUNDS
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED JUNE 30, 2025
Governmental
Activities -
Internal Service
Funds
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers $1,522,056
Miscellaneous receipts 23,359
Payments to suppliers (769,702)
Cash Flows from Operating Activities 775,713
CASH FLOWS FROM CAPITAL
FINANCING ACTIVITIES
Transfer in from other funds 147,152
Capital assets purchased and contributed to governmental activities (385,541) Proceeds from sale of capital assets 18,852
Acquisition of capital assets (668,670)
Subscription payment - principal (129,778)
Subscription payment - interest (17,374)
Cash Flows from Capital Financing Activities (1,035,359)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 93,113
Net Cash Flows (166,533)
Cash and investments at beginning of period 2,140,753
Cash and investments at end of period $1,974,220
NONCASH TRANSACTIONS
Retirement of capital assets ($2,109)
Transfer of capital assets from governmental activities $1,256,934 Subscription asset additions $567,775
Issuance of subscription liability ($567,775)
Reconciliation of Operating Income (Loss) to Cash Flows from Operating Activities:
Operating income (loss) ($173,739)
Adjustments to reconcile operating income (loss) to cash flows from operating activities:
Depreciation 1,052,207
Net change in liabilities:
Accounts payable (103,371)
Accrued liabilities 616
Cash Flows from Operating Activities $775,713
See accompanying notes to financial statements
34 222
FIDUCIARY FUNDS
FIDUCIARY FUNDS
These funds are used to account for assets held by the City as an agent for individuals, private organizations, and other governments. The financial activities of these funds are excluded from the City-wide financial statements, but are presented in separate Fiduciary Fund financial statements.
Successor Agency to the Redevelopment Agency Private Purpose Trust Fund is used to account for the activities of the Successor Agency to the former Redevelopment Agency of the City of Oakley.
Custodial Funds are used to report resources, not in a trust, that are held by the City for other parties outside of the City’s reporting entity.
35 223
CITY OF OAKLEY
FIDUCIARY FUNDS
STATEMENT OF FIDUCIARY NET POSITION
JUNE 30, 2025
Successor Agency
to the
Redevelopment Agency
Private Purpose Custodial
Trust Fund Funds
ASSETS
Cash and investments (Note 3 and 18) $1,688,936 $2,425,184 Cash and investments with fiscal agent (Note 3 and 18) 4,482 565,877 Accounts receivable 2,000
Interest receivable 9,882
Loans receivable (Note 18B) 526,286
Total Assets 2,221,704 3,000,943
LIABILITIES
Accounts payable 1,239 377,786
Interest payable 241,106
Due to other agencies
Long-term debt (Note 18C):
Due within one year 1,000,000
Due in more than one year 19,482,175
Total Liabilities 20,724,520 377,786
NET POSITION (DEFICIT)
Restricted for:
Held in Trust for private purpose (18,502,816)
Bondholders 2,623,157
Total Net Position (Deficit) ($18,502,816) $2,623,157
See accompanying notes to financial statements
36 224
Successor Agency
to the
Redevelopment Agency
Private-Purpose Custodial
Trust Fund Funds
ADDITIONS
Property taxes $2,038,802
Special assessments $2,786,938
Use of money and property 49,903 144,610
Total Additions 2,088,705 2,931,548
DEDUCTIONS
Administrative expenses 29,795
Redevelopment and economic development 250,000
Payments to bondholders and related fiscal charges 2,968,698 Payments to other agencies 822,301
Debt service:
Interest and fiscal charges 757,906
Total Deductions 1,007,906 3,820,794
Change in Net Position 1,080,799 (889,246)
NET POSITION (DEFICIT) HELD IN TRUST FOR SUCCESSOR
AGENCY AND OTHER GOVERNMENTS
Beginning of year (19,583,615) 3,512,403
End of year ($18,502,816) $2,623,157
CITY OF OAKLEY
FIDUCIARY FUNDS
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED JUNE 30, 2025
See accompanying notes to financial statements
37 225
This Page Left Intentionally Blank
226
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of Oakley was incorporated as a general law city on July 1, 1999. Oakley is a community of approximately 46,826 residents situated in Contra Costa County on the east side of San Francisco Bay.
Oakley is located approximately 50 miles east of the City of San Francisco. The City operates under the Council-Manager form of government and provides the following services: law enforcement, highways and streets, public improvements, planning and zoning, recreation, and general administration services.
The financial statements and accounting policies of the City conform with generally accepted accounting principles applicable to governments. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. Significant accounting policies are summarized below:
A. Reporting Entity
The City is governed by a five member council elected by City residents. The City is legally separate and fiscally independent which means it can issue debt, set and modify budgets and fees and sue or be sued.
The accompanying basic financial statements include only the financial activities of the City and the Oakley Public Financing Authority, which is a component unit controlled by and dependent on the City.
The Authority is included (“blended”) with funds of the City since it is governed by the City Council sitting in a separate capacity.
The Oakley Public Financing Authority is a separate governmental entity whose purpose is to assist in the financing and refinancing of certain redevelopment activities of the former Redevelopment Agency and certain programs and projects of the City. The Authority’s activities to date consist only of the purchase and resale of City or Redevelopment Agency debt issues, and the issuance of the 2004-1 Limited Obligation Bonds, the 2006-1 Infrastructure Revenue Bonds, the 2006 Certificates of Participation and the Refunding Revenue Bonds, Series 2021, the Refunding Revenue Bonds, Series 2014, and the 2016 Lease Revenue Bonds. Separate financial statements are not issued for the Oakley Public Financing Authority.
B. Basis of Presentation
The City’s Basic Financial Statements are prepared in conformity with accounting principles generally accepted in the United States of America. The Government Accounting Standards Board is the acknowledged standard setting body for establishing accounting and financial reporting standards followed by governmental entities in the United States of America.
Government-wide 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. Eliminations have been made to minimize the double counting of internal activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange transactions.
The Statement of Activities presents a comparison between direct expenses and program revenues for each function of the City’s governmental activities. Direct expenses are those that are specifically associated with a program or function and, therefore, are clearly identifiable to a particular function. Program revenues include (a) charges paid by the recipients of goods or services offered by the programs, (b) grants and contributions that are restricted to meeting the operational needs of a particular program and (c) fees, grants and contributions that are restricted to financing the acquisition or construction of capital assets. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues. 39 227
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Fund Financial Statements: The fund financial statements provide information about the City's funds, including blended component units. The emphasis of fund financial statements is on major individual governmental funds, each of which is displayed in a separate column. All remaining governmental funds are aggregated and reported as nonmajor funds.
C. Major Funds
Major governmental funds are identified and presented separately in the fund financial statements. All other funds, called non-major funds, are combined and reported in a single column, regardless of their fund-type.
Major funds are defined as funds that have either assets and deferred outflows of resources, liabilities and deferred inflows of resources, revenues or expenditures/expenses equal to ten percent of their fund-type total and five percent of the grand total. The General Fund is always a major fund. The City may also select other funds it believes should be presented as major funds.
The City reported the following major governmental funds in the accompanying financial statements:
General Fund – The General Fund is the general operating fund of the City. It is used to account for all financial resources except those required to be accounted for in another fund. Revenues deposited in the General Fund include property tax, sales tax, franchise fees, business licenses, fines and forfeitures and fees for services. This fund is used to account for most of the City’s basic services including Legislative, General Administration, Law Enforcement, Recreation and Community Development.
Lighting and Landscaping Districts Special Revenue Fund – This fund accounts for assessments made upon parcels of land within the Lighting and Landscaping Zones #1, #2 and #3 and their use in accordance with the provisions of the State of California Streets and Highway Code.
Public Protection Special Revenue Fund – This fund accounts for dedicated Police Services Special Taxes and State COPS program funds.
Low and Moderate Income Housing Asset Special Revenue Fund – This fund accounts for the housing assets of the former Oakley Redevelopment Agency and loan repayments restricted to low and moderate income housing projects.
ARPA Special Revenue Fund – This fund accounts for American Rescue Plan Act funding. The City is allowed to claim $10 million of the funds as an economic loss, which can be used to provide government services. The remaining $177,190 is being claimed as a partial reimbursement for special COVID-19 sick leave that the City’s General Fund has paid out during the pandemic.
Traffic Impact Fees Capital Projects Fund – This fund accounts for fees assessed on new development to provide street and road improvements.
40 228
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) The City also reports the following fund types:
Internal Service Funds – The funds account for vehicle and equipment replacement, capital facilities maintenance and replacement and information technology activities; all of which are provided to City departments on a cost reimbursement basis.
Fiduciary Funds – These funds are used to account for assets held by the City as an agent or trustee for individuals, private organizations, and other governments. The Successor Agency to the Redevelopment Agency Private-Purpose Trust Fund accounts for the accumulation of resources to be used for payments at appropriate amounts and times in the future. Custodial funds are used to account for assets held by the City for the Assessment Districts 2004-1 and 2006-1, assets held on behalf of the County for regional mitigation fees and on behalf of other agencies for other purposes. The financial activities of these funds are excluded from the City-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.
Governmental funds are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Under this method, revenues are recognized when measurable and available. The City considers all revenues reported in the governmental funds to be available if the revenues are collected within sixty days after year-end. Expenditures are recorded when the related fund liability is incurred, except for principal and interest on general long-term debt, including lease liabilities, claims and judgments, and compensated absences, which are recognized as expenditures to the extent they have matured. Governmental capital asset acquisitions, including entering into contracts giving the City the right to use leased assets and right-to-use subscription assets, are reported as expenditures in governmental funds. Proceeds of governmental long-term debt and financing through leases are reported as other financing sources.
Those revenues susceptible to accrual are sales tax, transfer tax, fines, interest revenue and gross receipts taxes. Charges for services, and licenses and permits are not susceptible to accrual because they are not measurable until received in cash.
Non-exchange transactions, in which the City gives or receives value without directly receiving or giving equal value in exchange, include taxes, grants, entitlements, and donations. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied or assessed. Revenue from grants, entitlements, and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied.
The City may fund programs with a combination of cost-reimbursement grants, categorical block grants, special purpose revenues and general purpose revenues. While both restricted and unrestricted Net Position may be available to finance program expenditures the City’s policy is to first apply restricted purpose revenues to such programs, followed by general purpose revenues if necessary. 41 229
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) The operating revenues in the proprietary funds are those revenues that are generated from the primary operations of the fund. All other revenues are reported as nonoperating revenues. Operating expenses are those expenses that are essential to the primary operations of the fund. All other expenses are reported as nonoperating expenses.
Certain indirect costs are included in program expenses reported for individual functions and activities.
E. Deferred Outflows/Inflows of Resources
In addition to assets, the statement of net position or balance sheet report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net assets that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then.
In addition to liabilities, the statement of net position or balance sheet 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. The City has only one item, which arises only under a modified accrual basis of accounting, that qualifies for reporting in this category.
Accordingly, the item, unavailable revenue, is reported only in the governmental funds balance sheet.
The governmental funds report unavailable revenues from four sources: accounts receivable, interest on interfund advances, loans receivable and leases receivable. These amounts are deferred and recognized as an inflow of resources in the period that the amounts become available.
F. Accounts Receivable
Receivables at June 30, 2025 were comprised of the following:
Inter- Total
Governmental Activities: Taxes Accounts Governmental Receivables General Fund $1,072,433 $19,741 $288,011 $1,380,185
Special Revenue Fund
Traffic Impact Fees Capital Projects Fund 2,130 2,130
Non-Major Governmental Funds 97,100 1,041,296 1,138,396 Total $1,072,433 $116,841 $1,331,437 $2,520,711
G. Property Taxes and Special Assessment Revenue
Revenue is recognized in the fiscal year for which the tax and assessment is levied. The County of Contra Costa levies, bills and collects property taxes and special assessments for the City; under the County’s “Teeter Plan” the County remits the entire amount levied for secured taxes and handles all delinquencies, retaining interest and penalties. Secured and unsecured property taxes are levied on January 1 of the preceding fiscal year.
Secured property tax is due in two installments, on November 1 and February 1 and becomes a lien on those dates. It becomes delinquent on December 10 and April 10, respectively. Unsecured property tax is due on July 1, and becomes delinquent on August 31.
42 230
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) The term “unsecured” refers to taxes on personal property other than real estate, land and buildings.
These taxes are secured by liens on the personal property being taxed. Secured and unsecured property tax revenues are recognized by the City in the fiscal year they are assessed, provided they become available as defined above.
H. Compensated Absences
Compensated absences comprise unpaid vacation and certain compensated time off, which are accrued as earned. It is the City’s policy to pay employees 50% of sick leave at retirement for those with 5 years of service to those with at least 10 years of service. However, the liability at the end of the fiscal year includes an estimate of the sick leave earned as of the end of the fiscal year and expected to be used.
The liability for compensated absences is determined annually. The changes in the compensated absences were as follows:
Governmental
Activities
Beginning Balance $1,664,158
Net Change 1,238,335
Ending Balance $2,902,493
Current Portion $580,499
I. Prepaids and Deposits
Certain payments to vendors reflect costs applicable to future fiscal years and are recorded as prepaid items in both government-wide and fund financial statements. The cost of prepaid items is recorded as expenditures/expenses when consumed rather than when purchased.
Prepaids and deposits in governmental funds are equally offset by nonspendable fund balance which indicates that they do not constitute available spendable resources even though they are a component of net current assets.
43 231
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) J. Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The City categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The fair value hierarchy categorizes the inputs to valuation techniques used to measure fair value into three levels based on the extent to which inputs used in measuring fair value are observable in the market.
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 inputs are inputs – other than quoted prices included within level 1 – that are observable for an asset or liability, either directly or indirectly.
Level 3 inputs are unobservable inputs for an asset or liability.
If the fair value of an asset or liability is measured using inputs from more than one level of the fair value hierarchy, the measurement is considered to be based on the lowest priority level input that is significant to the entire measurement.
K. Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
L. Cash and Cash Equivalents
The City’s cash and cash equivalents are considered to be cash on hand, demand deposits, and short-term investments with original maturities of three months or less from the date of acquisition.
M. Closed and Renamed Funds
The Fire Impact Fee Capital Projects Fund was closed as of July 1, 2024.
The General Custodial Fund was closed as of July 1, 2024 and the activity is now reported in the General Fund.
The Equipment Replacement Internal Service Fund was renamed to the Vehicle and Equipment Replacement Internal Service Fund.
44 232
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 2 – BUDGETS AND BUDGETARY ACCOUNTING
A. Budget Policy
The City follows these procedures in establishing the budgetary data reflected in the financial statements:
1. The City Manager submits to the City Council a proposed operating budget for the fiscal year commencing the following July 1. The operating budget includes proposed expenditures and the means of financing them.
2. Budget retreats are conducted to obtain citizen’s comments.
3. The budget is legally enacted by City Council resolution.
4. All appropriations transfers between funds must be approved by the City Council by resolution during the fiscal year. The City Manager is authorized to transfer unencumbered appropriations within a fund. In addition, amendments that are made to authorize spending of increased or new special purpose revenues may be approved by the City Manager. The legally adopted budget requires that expenditures not exceed total appropriations at the fund level.
5. Budgets are adopted for all Governmental Funds, except the Fire Impact Fees Special Revenue Fund, as well as the 2006-1 Assessment District Capital Projects Fund, which is governed by bond convents. In addition, the ARPA Special Revenue Fund is budgeted on a project length basis and therefore is not comparable on an annual basis.
6. Formal budgetary integration is employed as a management control device during the year for all budgeted funds.
7. Budgets are adopted on a basis consistent with generally accepted accounting principles (GAAP).
8. Budgeted amounts appearing in the budgetary comparison statements are as originally adopted or as amended by the City Council or the City Manager, as authorized.
B. Encumbrances
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 in all budgeted funds.
Unexpended operating appropriations lapse at year end and must be reappropriated in the following year.
Unexpended capital projects appropriations are automatically reappropriated in the following year.
Encumbrances outstanding at year-end are recorded as restricted, committed or assigned fund balance, depending on the classification of the resources to be used to liquidate the encumbrance, since they do not constitute expenditures or liabilities.
45 233
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 2 – BUDGETS AND BUDGETARY ACCOUNTING (Continued)
C. Expenditures in Excess of Appropriations
The following funds incurred expenditures in excess of appropriations:
Fund
Excess of
Expenditures Over
Appropriations
Public Protection Special Revenue Fund $88,644
Low and Moderate Income Housing Asset Special Revenue Fund 38,805 NPDES Special Revenue Fund 181,626
Regional Park Special Revenue Fund 2,694
Creekside Park Restoration Grant Special Revenue Fund 5,708 Developer Deposits Special Revenue Fund 470,120
Officer Wellness and Mental Health Grant Special Revenue Fund 7,822 OTS Police Grants Special Revenue Fund 13,843
Debt Service Fund 113
The funds had sufficient revenues or other resources to finance these expenditures. 46 234
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 3 – CASH AND INVESTMENTS
The City pools cash from all sources and all funds, except cash of the Successor Agency and cash with fiscal agents, so that it can be invested at the maximum yield, consistent with safety and liquidity, while individual funds can make expenditures at any time.
A. Policies
The City and its fiscal agents invest in individual investments and in investment pools. Individual investments are evidenced by specific identifiable pieces of paper called securities instruments, or by an electronic entry registering the owner in the records of the institution issuing the security, called the book entry system. Individual investments are generally made by the City’s fiscal agents as required under its debt issues. In order to maximize security, the City employs the Trust Department of a bank as the custodian of all City managed investments, regardless of their form.
California Law requires banks and savings and loan institutions to pledge government securities with a market value of 110% of the City’s cash on deposit, or first trust deed mortgage notes with a market value of 150% 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’s investments are carried at fair value, as required by generally accepted accounting principles.
The City adjusts the carrying value of its investments to reflect their fair value at each fiscal year end, and it includes the effects of these adjustments in income for that fiscal year.
B. Classification
Cash and investments are classified in the financial statements as shown below:
City cash and investments:
Cash and investments available for operations $117,205,839 Cash and investments with fiscal agent 1,899,918
Total City Cash and Investments 119,105,757
Cash and investments in Fiduciary Funds (Separate Statement):
Successor Agency to the Redevelopment
Agency Private Purpose Trust Fund:
Cash available for operations 1,688,936
Cash and investments with fiscal agent 4,482
Custodial Funds:
Cash and investments available for operations 2,425,184 Cash and investments with fiscal agent 565,877
Total Cash and Investments $123,790,236
47 235
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 3 – CASH AND INVESTMENTS (Continued)
C. Investments Authorized by the California Government Code and the City’s Investment Policy The City’s Investment Policy and the California Government Code allow the City to invest in the following, provided the credit ratings of the issuers are acceptable to the City; and approved percentages and maturities are not exceeded. The table below also identifies certain provisions of the California Government Code or the City’s Investment Policy:
Authorized Investment Type
Maximum
Maturity
Minimum
Credit
Quality
Maximum
Percentage
of Portfolio
Maximum
Investment
In One Issuer
Local Agency Bonds 5 years No Limit 5%
U.S. Treasury Obligations 5 years No Limit No Limit
State Obligations-California and Others 5 years A No Limit 5% California Local Agency Obligations 5 years A No Limit 5% U.S. Agency/Government Sponsored Obligations 5 years No Limit No Limit Bankers Acceptances 180 days 40% 5%
Commercial Paper – Non-Pooled Funds 270 days A-1 25% 5% (A) Commercial Paper – Pooled Funds 270 days A-1 40% 5% (A) Negotiable Certificates of Deposit 5 years A 30% No Limit Placement Service Certificates of Deposit 5 years FDIC or NCUA Coverage
50% No Limit
Non-negotiable Certificates of Deposit 5 years No Limit No Limit Medium-Term Corporate Notes 5 years A 30% 5% (A)
Money Market Mutual Funds and Mutual Funds N/A AAA 20%/(10% per mutual fund)
No Limit
Asset-Backed Securities 5 years AA 20% No Limit
California Local Agency Investment Fund N/A No Limit $75 million per account
Shares of beneficial interest in a Joint Powers
Authority (e.g. Investment Trust of California
(CalTrust) or California Asset Management
Program (CAMP)
N/A No Limit No Limit
Supranational Obligations 5 years AA 30% No Limit
(A) Purchases may not exceed 10% of the outstanding commercial paper and medium-term notes of the issuing corporation.
48 236
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 3 – CASH AND INVESTMENTS (Continued)
D. Investments Authorized by Debt Agreements
The City and Successor Agency must maintain required amounts of cash and investments with trustees or fiscal agents under the terms of certain debt issues. These funds are unexpended bond proceeds or are pledged reserves to be used if the City fails to meet its obligations under these debt issues. The California Government Code requires these funds to be invested in accordance with City resolutions, bond indentures or State statutes. The table below identifies the investment types that are authorized for investments held by fiscal agents. The table also identifies certain provisions of these debt agreements:
Authorized Investment Type
Maximum
Maturity
Minimum
Credit
Quality
U.S. Government Securities N/A Aaa/AAA
U.S. Government Agency Securities N/A N/A
Local Agency Investment Fund N/A $75 million per
account
Bankers Acceptances 360 days A1/A1+/P1
Commercial Paper 270 days A-1+/P-1
Money Market Funds N/A A/AAAm/AAAm
Municipal Obligations N/A Aaa/AAA
Pre-refunded Municipal Obligations N/A Highest
General Obligations N/A A2/A
Investment Agreements/Contracts N/A A
Repurchase Agreements N/A N/A
Investments fully insured by the FDIC N/A N/A
Tax-exempt Obligations N/A Highest Rating
Short term Certificates of Deposit 360 days A1/A1+/P1
Certificates of Deposit N/A A
California Asset Management Program N/A N/A
Shares in a California Common Law Trust N/A N/A
E. Public Agencies Post-Employment Trust
On June 29, 2017, the City Council adopted resolution 86-17 approving the adoption of the Public Agencies Post-Employment Trust administered by Public Agency Retirement Services (PARS). The Trust is an irrevocable trust and qualifies as an Internal Revenue Section 115 trust. This trust will assist the City in mitigating the CalPERS contribution rate volatility. Investments of funds held in Trust are governed by the Investment Guideline Document for the investment account and by the agreement for administrative services with PARS, rather than the general provisions of the California Government Code or the City’s investment policy. The City elected a discretionary investment approach which allows the City to maintain oversight of the investment management, control on target yield and the portfolio’ risk tolerance, under the Balanced Index PLUS investment option. The assets in the Trust will eventually be used to fund pension plan obligations.
49 237
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 3 – CASH AND INVESTMENTS (Continued)
F. Interest Rate Risk and Fair Value Hierarchy
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment. Normally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market interest rates. The City generally manages its interest rate risk by holding investments to maturity.
Information about the sensitivity of the fair values of the City’s investments (including investments held by bond trustees) to market interest rate fluctuations is provided by the distribution of the City’s investments by maturity or earliest call date:
Less Than One to
Investment Type One Year Five Years Total
Cash and Investments in City Treasury:
U.S. Treasury Notes $6,446,426 $21,247,810 $27,694,236
Medium Term Corporate Notes 515,498 1,427,455 1,942,953 Local Agency Investment Fund 20,339,806 20,339,806
Money Market Funds 1,948,501 1,948,501
Capital Asset Management Program 61,512,384 61,512,384
CalTRUST 311,146 311,146
Held by Fiscal Agents:
Capital Asset Management Program
PARS Balanced Index PLUS 1,305,615 1,305,615
Money Market Funds 1,164,662 1,164,662
Total Investments $93,544,038 $22,675,265 116,219,303
Cash deposits in banks 7,570,933
Total Cash and Investments $123,790,236
The City is a participant in the Local Agency Investment Fund (LAIF) that is regulated by California Government Code Section 16429 under the oversight of the Treasurer of the State of California. The City reports its investment in LAIF at the fair value amount provided by LAIF, which is the same as the value of the pool share. The balance is available for withdrawal on demand, and is based on the accounting records maintained by LAIF, which are recorded on an amortized cost basis. Each regular LAIF account is permitted to have up to 15 transactions per month, with a minimum transaction amount of $5,000, a maximum transaction amount of $75 million and at least 24 hours advance notice for withdrawals of $10 million or more. Bond proceeds accounts are subject to a one‐time deposit with no cap and are set up with a monthly draw down schedule. Included in LAIF’s investment portfolio are collateralized mortgage obligations, mortgage-backed securities, other asset-backed securities, loans to certain state funds, and floating rate securities issued by federal agencies, government-sponsored enterprises, United States Treasury Notes and Bills, and corporations. On June 30, 2025, these investments matured in an average of 248 days.
50 238
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 3 – CASH AND INVESTMENTS (Continued)
The City is a participant in the Short-Term Fund of the Investment Trust of California (CalTRUST), a joint powers authority and public agency established by its members under the provisions of Section 6509.7 of the California Government Code. Members and participants are limited to California public agencies. CalTRUST is governed by a Board of Trustees of seven Trustees, at least seventy-five percent of whom are from the participating agencies. The City reports its investment in CalTRUST at the fair value amount provided by CalTRUST, which is the same as the value of the pool shares. The balance is available for withdrawal on demand, and is based on the accounting records maintained by CalTRUST. Included in CalTRUST’s investment portfolio are: United States Treasury Notes, Bills, Bonds or Certificates of Indebtedness; registered state warrants or treasury notes or bonds; California local agency bonds, notes, warrants or other indebtedness; federal agency or United States governmentsponsored enterprise obligations; bankers acceptances; commercial paper; negotiable certificates of deposit; repurchase agreements; medium-term notes; money market mutual funds; notes, bonds or other obligation secured by a first priority security interest in securities authorized under Government Code Section 53651; and mortgage passthrough securities, collateralized mortgage obligations, and other asset – backed securities.
CalTRUST’s Short-Term Fund has a target portfolio duration of 0 to 2 years. On June 30, 2025, these investments matured in an average of 296 days. The investment in CalTRUST, classified in Level 2 of the fair value hierarchy, is valued based on the fair value factor provided by the CalTRUST, which is calculated as the average cost to net asset value per share of the Short-Term Fund. At June 30, 2025, the fair value approximated the City’s cost.
The City, as a CAMP shareholder, may withdraw all or any portion of the funds in each CAMP account at any time by redeeming shares. The CAMP Declaration of Trust permits the CAMP trustee to suspend the right of withdrawal from CAMP or to postpone the date of payment of redemption proceeds if the New York Stock Exchange is closed other than for customary weekend and holiday closings, if trading on the New York Stock Exchange is restricted, or if, in the opinion of the CAMP trustees, an emergency exists such that disposal of the CAMP pool securities or determination of its net asset value is not reasonably practicable. If the right of withdrawal is suspended, the City may either withdraw its request for that withdrawal or receive payment based on the net asset value of the CAMP pool next determined after termination of the suspension of the right of withdrawal. At June 30, 2025, the fair value approximated the City’s cost. At June 30, 2025, these investments have an average maturity of 41 days.
Money market funds are available for withdrawal on demand and at June 30, 2025 matured in an average of 46 days.
51 239
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 3 – CASH AND INVESTMENTS (Continued)
G. Credit Risk
Credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Presented below is the actual rating as of June 30, 2025 for each investment type as provided by Standard and Poor’s investment rating system.
Investment Type AAA/AAAm AA+/AA/AA- A+/A/A- Total
Cash and Investments in City Treasury:
Medium Term Corporate Notes $293,490 $1,649,463 $1,942,953 Capital Asset Management Program $61,512,384 61,512,384 CalTRUST 311,146 311,146
Money Market Funds 1,948,501 1,948,501
Held by Fiscal Agents:
Money Market Funds 1,164,662 1,164,662
Total Rated Investments $64,625,547 $604,636 $1,649,463 66,879,646 Local Agency Investment Fund 20,339,806
PARS Balanced Index PLUS 1,305,615
Exempt:
U.S. Treasury Notes 27,694,236
Total Investments $116,219,303
Not Rated:
52 240
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 3 – CASH AND INVESTMENTS (Continued)
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 inputs are quoted prices in an active market for identical assets; Level 2 inputs are significant other observable inputs; and Level 3 inputs are significant unobservable inputs.
The following is a summary of the fair value hierarchy of the fair value of investments of the City as of June 30, 2025:
Investments Investments
Measured at Measured at
Investment Type Level 1 Level 2 Net Asset Value Amortized Cost Total Cash and Investments in City Treasury:
U.S. Treasury Notes $27,694,236 $27,694,236
Medium Term Corporate Notes $1,942,953 1,942,953
Capital Asset Management Program $61,512,384 61,512,384 CalTRUST $311,146 311,146
Money Market Funds 1,948,501 1,948,501
Held by Fiscal Agents:
PARS Balanced Index PLUS 1,305,615 1,305,615
Money Market Funds 1,164,662 1,164,662
Total Investments $27,694,236 $1,942,953 $1,616,761 $64,625,547 95,879,497 Investments Exempt from Fair Value Hierarchy:
Local Agency Investment Fund 20,339,806
Total Investments $116,219,303
Investments classified in Level 1 of the fair value hierarchy were valued using quoted prices in active markets. All investments classified in Level 2 of the fair value hierarchy were valued using matrix pricing techniques maintained by various pricing vendors. These prices were obtained from various pricing sources from our custodian bank. The California Local Agency Investment Fund is exempt from classification in the fair value hierarchy. Fair value is defined as the quoted market value on the last trading day of the period.
I. Concentration of Credit Risk
At June 30, 2025, City had no significant investments in the securities of any individual issuers, other than U. S. Treasury securities, investment pools and money market funds.
53 241
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 4 – INTERFUND TRANSACTIONS
A. Transfers Between Funds
With Council approval, resources may be transferred from one City fund to another. Transfers are used:
to move revenue from the fund that statute or budget requires to collect the item to the fund that statute or budget requires to expend the item; distribute unrestricted revenues collected in the General Fund to finance various programs accounted for in other funds in accordance with budgetary authorizations; to segregate money for anticipated capital projects; and to provide additional resources for current operations or debt service.
Transfers between Funds during the fiscal year ended June 30, 2025 and the purpose for each were as follows:
Transfer
Fund Receiving Transfer Fund Making Transfers Amount
Lighting and Landscaping Districts Special Revenue Fund General Fund $25,000 (A) Non-Major Governmental Fund 206,992 (A)
Non-Major Governmental Funds General Fund 9,703,364 (A) Non-Major Governmental Funds 704,543 (A),(B)
Internal Service Funds General Fund 147,152 (A)
Total Interfund Transfers $10,787,051
(A) To fund capital projects and administration.
(B) To fund debt service.
54 242
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 4 – INTERFUND TRANSACTIONS (Continued)
B. Long-Term Interfund Advances
At June 30, 2025, the funds below had made advances which were not expected to be repaid within the next year. The balances in the funds with the advance to other funds are offset by deferred inflow, or nonspendable or restricted fund balance.
Advanced
Advances to Other Funds Advances from Other Funds Amount General Fund Lighting and Landscaping Districts Special Revenue Fund $78,532 Traffic Impact Fees Capital Projects Fund Low and Moderate Income Housing Asset Special Revenue Fund 658,014 Non-Major Governmental Funds Low and Moderate Income Housing Asset Special Revenue Fund 644,004 Total Interfund Advances $1,380,550
Since the City’s formation in 1999, the General Fund has, on occasion, made advances to the Lighting and Landscaping Districts Special Revenue Fund to cure operating deficits in two of the Landscaping Districts. The advances bear interest at the City’s investment pool rate. The balance of these advances totaled $78,532 at June 30, 2025.
The Traffic Impact Fees Capital Projects Fund, Park Impact Fees Capital Projects Fund, and Public Facilities Impact Fees Capital Projects Fund agreed to accept deferred payment of impact fees by the former Redevelopment Agency to assist with the Courtyards at Cypress Grove affordable housing project.
Although no cash was advanced, these obligations were recorded as advances to the former Redevelopment Agency. The City’s Low and Moderate Income Housing Asset Special Revenue Fund, as Housing Successor to the former Redevelopment Agency’s housing activities, assumed the obligation to repay the advances, which will be repaid from future loan collections. The advances bear interest at the City’s annual pooled investment rate which was of 4.411% for fiscal year 2025. The balance outstanding at June 30, 2025 was $1,302,018.
C. Current Interfund Balances
Current interfund balances arise in the normal course of business and are expected to be repaid shortly after at the end of the fiscal year. The following funds owed the General Fund as of June 30, 2025:
Special Revenue Funds:
Public Protection $6,733
NPDES 45,581
OTS Police Grants 3,809
Officer Wellness and Mental Health Grant 72
Total $56,195
55 243
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 5 – LOANS RECEIVABLE
A. Low and Moderate Income Housing and City Loans Receivable The former Redevelopment Agency engaged in programs designed to encourage construction of or improvement in low-to-moderate income housing. Under these programs, grants or loans were provided under favorable terms to homeowners or developers who agreed to expend these funds in accordance with the Agency’s terms. With the dissolution of the Redevelopment Agency as discussed in Note 18, the City agreed to become the successor to the Redevelopment Agency’s housing activities and as a result the Low and Moderate Income Housing Asset Fund assumed the loans receivable of the Redevelopment Agency’s Low and Moderate Income Housing Fund. In addition, the City has made loans to certain employees and to local businesses for economic development. Although these loans and notes are expected to be repaid in full, their balance has been offset by unavailable revenue or nonspendable fund balance. The balances of the loans receivable, including accrued interest, on June 30, 2025 are set forth below:
Golden Oak Manor $1,314,349
Silver Oak Apartments 683,727
Oakley Senior Housing 554,969
Oakley Cypress Associates 3,968,750
Carol Lane 5,982,760
First Time Homebuyer 123,730
New Lifeline Ministries 12,056
Downtown Revitalization Loan Program 67,118
Total $12,707,459
B. Golden Oak Manor
Under the terms of a Loan Agreement dated December 19, 1994 between the Redevelopment Agency and the Developer, Golden Oak Manor, L.P., the Agency loaned the amount of $780,000 to construct 50 senior residential rental units, with 24 of the units being restricted to very low income households. The loan is secured by a deed of trust on the property, is due in 2054 and bears simple annual interest of 3 percent. Interest and principal are deferred for 60 years or upon transfer of the property to an unqualified entity. Any unpaid amounts are considered deferred; all deferred principal and interest is due when the note matures. During fiscal year 2017, the loan was assigned and transferred from Golden Oak Manor, L.P., to Golden Oak Manor II, L.P.
C. Silver Oak Apartments
Under the terms of a Loan Agreement dated May 1, 1998 between the Redevelopment Agency and the Developer, Ecumenical Association for Housing, the Agency loaned $374,220 along with an additional $99,206 in January 1999, for a total loan amount of $473,426, to fund the construction of 24 affordable housing units. The loan is secured by a deed of trust on the property, is due in 2058 and bears simple annual interest of 3 percent with principal and interest due annually to the extent there is “residual receipts” as defined in the agreement. Any unpaid amounts are considered deferred; all deferred principal and interest is due when the note matures.
56 244
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 5 – LOANS RECEIVABLE (Continued)
D. Oakley Senior Housing
Under the terms of a Loan Agreement dated February 8, 2000 between the Redevelopment Agency and the Developer, Oakley Senior Associates, L.P., the Agency loaned the amount of $1,800,000 to fund the acquisition and development costs to construct eighty units of affordable housing for low and moderate income seniors. The loan is secured by a deed of trust on the property, is due in 55 years from the issuance of the certificate of completion, but not later than 2058, and bears simple annual interest of 3 percent, with principal and interest due annually to the extent there is “residual receipts” as defined in the agreement. Any unpaid amounts are considered deferred; all deferred principal and interest is due when the note matures. The Agency received a payment of $547,000 from the developer during fiscal year 2002. A portion of the loan had been funded by the Redevelopment Agency Projects Fund, and with the dissolution of the Agency effective February 1, 2012, the assets of the Redevelopment Agency Projects Fund, including a portion of the Oakley Senior Housing loan in the amount of $623,082, were assumed by the Successor Agency as discussed in Note 18. In July 2022, the Successor Agency agreed to subordinate its loan to the primary lender on the project, which puts the Successor Agency’s loan in the second position.
E. Oakley Cypress Associates
Under the terms of the Loan Agreement dated December 1, 2005, the former Redevelopment Agency loaned $2.5 million to Oakley Cypress Associates to assist in the development of 96 affordable housing units. The loan is secured by a deed of trust on the property and bears simple interest of 3 percent annually. Principal and interest payments are due annually to the extent that Oakley Cypress Associates has “residual receipts” as defined in the agreement. The remaining balance of unpaid principal and accrued interest is due fifty-five years after the issuance of the certificate of completion, but no later than December 1, 2063.
F. Carol Lane
Under the terms of a Loan Agreement dated February 23, 2007 between the Redevelopment Agency and the Developer, 59 Carol Lane, L.P., the Agency loaned the amount of $3,858,753 to fund the acquisition and development costs to construct two hundred and eight units of senior and family affordable housing for low and very-low income households. The loan is secured by a deed of trust on the property, is due in 55 years from the issuance of the certificate of completion, but not later than 2062, and bears simple interest of 3 percent annually, with principal and interest due annually to the extent there are “residual receipts” as defined in the agreement. Any unpaid amounts are considered deferred; all deferred principal and interest is due when the note matures.
G. First-Time Homebuyer Program
The Redevelopment Agency administered a First-Time Homebuyers Program funded by Bond proceeds in the amount of $512,392 in 1994, under which low and moderate income individuals may qualify for first-time home buyer deferred second mortgages to purchase homes in the Oakley area. The individual loans are 30-year fixed rate deferred loans, bearing interest at a rate equal to two percent below the Lender’s rate and do not exceed $50,000. These loans are due thirty years from the date of issuance, but principal and accrued interest will be forgiven at maturity if the unit was owner occupied for the full thirty years. Under the terms of the Program, loans must be repaid in full if the property is sold to a nonqualified buyer.
57 245
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 5 – LOANS RECEIVABLE (Continued)
H. New Lifeline Ministries
The City installed frontage improvements that are to be paid by the property owner, New Lifeline Ministries. Under the terms of a June 2015 reimbursement agreement, New Lifeline Ministries agreed to reimburse the City for its costs incurred in the amount of $36,165. The loan is unsecured, bears interest of 1% and is repayable in equal monthly installments over 15 years. The balance of the loan as of June 30, 2025 was $12,056.
I. Downtown Revitalization Loan Program
In 2014, the City Council approved funds to be allocated for the Downtown Revitalization Loan Program. The goal of the Loan Program is to leverage public funds and private investment to further enhance the physical appearance and economic vitality of the commercial buildings and businesses in the downtown corridor. The long-term objectives of the program include improving the physical appearance of the buildings and area, encouraging the retention and attraction of businesses to the corridor, increasing property values, increasing tenant stability, increasing pedestrian walkability and creating a stronger “sense of place”. Loan funds under the program can be used for façade improvements, landscaping and exterior lighting, signage, ADA compliance, building infrastructure upgrades needed for new tenant conversion and demolition. The loan program requires that the applicant contribute minimum equity of 10% of the total projects.
The loans under this program are secured by a promissory note and a personal guarantee, as well as UCC filings on all equipment purchased by the loan. 50% of the loan, or $37,500, of the loan can be assumed and prepaid with no prepayment penalty, but is due and payable if the business is sold. Three loans have been issued under the program and the balance of the loans totaled $67,118 as of June 30, 2025.
NOTE 6 – LAND HELD FOR RESALE
The City has purchased parcels that are expected to be resold in the near future. Such land parcels are accounted for at the lower of cost or net realizable value or agreed-upon sales price if a disposition agreement has been made with a developer.
The balance of land held for resale in the General Fund at June 30, 2025 was $3,324,182. 58 246
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 7 – CAPITAL ASSETS
All capital assets are valued at historical cost or estimated historical cost if actual historical cost is not available, except for intangible right to use subscription assets, the measurement of which is described in Note 15 below. Contributed capital assets are valued at their estimated acquisition value on the date contributed.
All capital assets with limited useful lives are depreciated over their estimated useful lives. The purpose of depreciation is to spread the cost of capital assets equitably among all users over the life of these assets.
The amount charged to depreciation expense each year represents that year’s pro rata share of the cost of capital assets.
Depreciation is provided using the half-year convention method which is like the straight-line method in that the cost of the asset is divided by its expected useful life in years, but the asset is depreciated over 6 months instead over one year in its first year. The result is charged to expense each year until the asset is fully depreciated. The capitalization threshold for equipment with a cost of $5,000 or more and a useful life of more than two years, and for all buildings, improvements and infrastructure with a cost of $50,000 or more and a useful life of more than two years. The City has assigned the useful lives listed below to capital assets:
Buildings 40 years
Improvements 5-15 years
Machinery and Equipment 5 years
Vehicles 5 years
Roadways:
Streets (includes pavement, sidewalk,
curb & gutters, trees & signs)
7-40 years
Traffic Signals 25 years
Street Lights 40 years
Bridges 100 years
Parks and Recreation:
General Improvement 25 years
Specialty Features 10 years
Major outlays for capital assets and improvements are capitalized as projects are constructed. 59 247
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 7 – CAPITAL ASSETS (Continued)
A. Capital Assets Additions and Retirements
Capital asset balances comprise the following:
Balance as of
June 30, 2024 Balance as of
(as Restated) Additions Retirements Transfers June 30, 2025 Governmental Activities:
Capital assets not being depreciated:
Land $18,429,069 ($1,200,000) $17,229,069
Construction in Progress 5,405,955 $13,021,306 ($1,074,502) 17,352,759 Subscription in Progress 182,442 (182,442)
Total capital assets not being depreciated 24,017,466 13,021,306 (1,200,000) (1,256,944) 34,581,828 Capital assets being depreciated:
Buildings and Improvements 34,662,211 3,168,563 (427,815) 789,714 38,192,673 Machinery and Equipment 3,533,147 121,665 (397,771) 284,788 3,541,829 Vehicles 2,793,017 418,907 (353,712) 2,858,212
Roadways:
Pavement 245,261,961 1,886,433 247,148,394
Sidewalks 12,046,481 610,444 12,656,925
Storm Drains 11,701,878 1,363,952 13,065,830
Curbs and Gutters 13,602,682 556,990 14,159,672
Traffic Signals 8,941,127 65,922 9,007,049
Regulatory Signs and Street Trees 6,179,674 530,661 6,710,335 Street Lights 4,800,833 220,871 5,021,704
Bridges 4,850,195 4,850,195
Parks and Recreation Structures 24,488,465 461,522 24,949,987 Subscription Assets 859,614 182,442 1,042,056
Total capital assets being depreciated 372,861,671 10,265,544 (1,179,298) 1,256,944 383,204,861 Less accumulated depreciation for:
Buildings and Improvements (9,537,488) (953,711) 220,059 (7,050) (10,278,190) Machinery and Equipment (2,833,750) (266,607) 397,771 7,050 (2,695,536) Vehicles (1,722,197) (365,363) 351,604 (1,735,956)
Roadways:
Pavement (106,960,723) (6,121,230) (113,081,953)
Sidewalks (4,124,340) (196,527) (4,320,867)
Storm Drains (980,770) (499,819) (1,480,589)
Curbs and Gutters (4,244,746) (236,006) (4,480,752)
Traffic Signals (3,385,879) (326,556) (3,712,435)
Regulatory Signs and Street Trees (2,362,341) (156,649) (2,518,990) Street Lights (1,845,937) (124,799) (1,970,736)
Bridges (1,381,453) (48,768) (1,430,221)
Parks and Recreation Structures (10,420,247) (968,692) (11,388,939) Subscription Assets (260,514) (260,514)
Total accumulated depreciation (149,799,871) (10,525,241) 969,434 (159,355,678) Net capital assets being depreciated 223,061,800 (259,697) (209,864) 1,256,944 223,849,183 Governmental activities capital assets, net $247,079,266 $12,761,609 ($1,409,864) $258,431,011 60 248
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 7 – CAPITAL ASSETS (Continued)
B. Capital Asset Contributions
Some capital assets may be acquired using Federal and State grant funds, or they may be contributed by developers or other governments. These contributions are accounted for as revenues at the time the capital assets are contributed.
C. Depreciation Allocation
Depreciation expense is charged to functions and programs based on their usage of the related assets. The amounts allocated to each function or program are as follows:
Governmental Activities
Administrative Services $332,712
Public Works 9,140,322
Internal Service Funds 1,052,207
Total Depreciation $10,525,241
61 249
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 8 – LONG-TERM DEBT
The City generally incurs long-term debt to finance projects or purchase assets which will have useful lives equal to or greater than the related debt. The City’s long-term debt is recorded only in the government-wide financial statements.
In governmental fund types, debt discounts and issuance costs are recognized in the current period.
A. Current Year Transactions and Balances
The City’s debt issue and transaction is shown below and discussed in detail thereafter.
Original
Issue Balance Balance Current
Amount June 30, 2024 Retirements June 30, 2025 Portion
2016 Lease Revenue Bonds
2.00-5.00%, due 5/1/2041 $10,025,000 $7,570,000 ($360,000) $7,210,000 $380,000 B. 2016 Lease Revenue Bonds
On December 1, 2016, the Oakley Public Financing Authority issued the 2016 Lease Revenue Bonds in the principal amount of $10,025,000 to: (i) refinance the outstanding 2006 Certificates of Participation together with related lease payment obligations, (ii) obtain additional funds to finance the construction of a community center and related facilities (the “2016 Project”), (iii) pay the premium of a debt service reserve policy for the Bonds and (iv) pay the costs of issuing the Bonds, including the premium for the Policy. Principal is payable annually and the interest is payable semi-annually through 2041. The 2006 Certificates of Participation were called on January 14, 2017.
Under the terms of the Trust Agreement for the 2016 Lease Revenue Bonds, an event of default occurs if (i) the Authority fails to pay interest or principal on the Bonds when due and payable, (ii) the Authority fails to observe or perform in any material way any other covenant or term contained in the Trust Agreement, (iii) the Authority commences a voluntary case under Title 11 of the United States Code, or (iv) an event of default occurs under the lease entered into in connection with the Bonds (the “Lease”).
The City has pledged City Hall as collateral for the Lease payments due to the Authority.
Upon the occurrence of an event of default, the Trustee may enforce all rights of the bond owners, including without limitation the right to receive and collect the lease payments payable by the City under the Lease (the “Lease Payments”) and declare the principal and interest of all of the Bonds then outstanding to be due and payable immediately; provided, that neither the Authority nor the Trustee may accelerate the Lease Payments or otherwise declare any Lease Payments not then in default to be immediately due and payable.
The City’s failure to pay Lease Payments when due, among other items, constitutes an event of default under the Lease. Upon the occurrence of an event of default under the Lease Agreement, the Authority may exercise any and all remedies available under law or granted under the Lease and the Trustee acting at the direction of the insurer of the Bonds, has the right to re-enter and re-let City Hall and to terminate the Lease.
62 250
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 8 – LONG-TERM DEBT (Continued)
C. Debt Service Requirements
Annual debt service requirements are shown below for the City’s long-term debt:
For the Year
Ending June 30 Principal Interest
2026 $380,000 $295,369
2027 395,000 280,169
2028 405,000 267,825
2029 420,000 251,624
2030 435,000 236,924
2031 - 2035 2,185,000 886,020
2036 - 2040 2,440,000 422,868
2041 550,000 22,688
$7,210,000 $2,663,487
NOTE 9 – ASSESSMENT DEBT WITH NO CITY COMMITMENT
On August 3, 2004, and July 19, 2006, the Oakley Public Financing Authority issued $17,150,000 principal amount of Revenue Bonds and $11,460,000 principal amount of Infrastructure Revenue Bonds to finance the construction and acquisition of certain public improvements within the City’s Special District Nos. 2004-1 and 2006-1, respectively. On March 3, 2012, the 2004 Bonds were refunded by the Refunding Revenue bonds, Series 2012 in the principal amount of $14,775,000. On October 15, 2014, the Oakley Public Financing Authority issued Refunding Revenue Bonds, Series 2014, in the principal amount of $9,070,000 to refund the 2006 Bonds. On July 28, 2021, the Oakley Public Financing Authority issued Refunding Revenue Bonds, Series 2021, in the principal amount of $10,496,000 to refund the 2012 Bonds.
The 2021 Bonds are secured only by revenues received as payment of assessments levied against property within Special District Nos. 2004-1 and 2006-1. Neither the faith and credit nor the general taxing power of the City of Oakley have been pledged to the payment of the Bonds. Therefore, the Bonds have been excluded from the accompanying financial statements. The outstanding balances of the 2014 and 2021 Bonds were $5,740,000 and $7,623,000, respectively, at June 30, 2025.
NOTE 10 – NET POSITION AND FUND BALANCES
Net Position is measured on the full accrual basis, while Fund Balance is measured on the modified accrual basis.
A. Net Position
Net Position is the excess of all the City’s assets and deferred outflows of resources over all its liabilities and deferred inflows of resources, regardless of fund. Net Position is divided into three captions. These captions apply only to Net Position, which is determined only at the Government-wide level, and are described below:
63 251
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 10 – NET POSITION AND FUND BALANCES (Continued)
Net investment in capital assets describes the portion of Net Position which is represented by the current net book value of the City’s capital assets, less the outstanding balance of any debt issued to finance these assets.
Restricted describes the portion of Net Position which is restricted as to use by the terms and conditions of agreements with outside parties, governmental regulations, laws, or other restrictions which the City cannot unilaterally alter. These principally include developer fees received for use on capital projects, debt service requirements, and redevelopment funds restricted to low and moderate income purposes.
Unrestricted describes the portion of Net Position which is not restricted to use.
B. Fund Balances
Governmental fund balances represent the net current assets of each fund. Net current assets generally represent a fund’s cash, receivables and deferred outflows of resources, less its liabilities and deferred inflows of resources.
The City’s fund balances are classified based on spending constraints imposed on the use of resources.
For programs with multiple funding sources, the City prioritizes and expends funds in the following order: Restricted, Committed, Assigned, and Unassigned. Each category in the following hierarchy is ranked according to the degree of spending constraint:
Nonspendable represents balances set aside to indicate items do not represent available, spendable resources even though they are a component of assets. Fund balances required to be maintained intact, such as Permanent Funds, and assets not expected to be converted to cash, such as prepaids, notes receivable, and land held for redevelopment are included. However, if proceeds realized from the sale or collection of nonspendable assets are restricted, committed or assigned, then nonspendable amounts are required to be presented as a component of the applicable category.
Restricted fund balances have external restrictions imposed by creditors, grantors, contributors, laws, regulations, or enabling legislation which requires the resources to be used only for a specific purpose.
Committed fund balances have constraints imposed by formal action of the City Council, such as by Resolution or Ordinance, which are equally binding, and may be altered only by the same formal action of the City Council.
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 designee and may be changed at the discretion of the City Council or its designee under the Appropriations Control Policy, the City Manager. This category includes encumbrances that are not to be liquidated by restricted or committed resources; nonspendables, when it is the City’s intent to use proceeds or collections for a specific purpose; and residual fund balances, if any, of Special Revenue, Capital Projects and Debt Service Funds, which have not been restricted or committed.
Unassigned fund balance represents residual amounts that have not been restricted, committed, or assigned. This includes the residual general fund balance and residual fund deficits, if any, of other governmental funds.
64 252
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 10 – NET POSITION AND FUND BALANCES (Continued)
Detailed classifications of the City’s Fund Balances, as of June 30, 2025, are below:
Major Major Capital
Special Revenue Funds Projects Fund
Low and Mod
Lighting and Income Traffic Other
General Landscaping Public Housing Impact Governmental
Fund Balance Classifications Fund District Protection Asset ARPA Fees Funds Total Nonspendables:
Items not in spendable form:
Prepaids and deposits $1,368 $1,368
Loans receivable 67,118 67,118
Land held for resale 3,324,182 3,324,182
Advances 78,532 78,532
Leases receivable 10,026 10,026
Total Nonspendable
Fund Balances 3,481,226 3,481,226
Restricted for:
Pension benefits 1,305,615 1,305,615
Lighting and landscaping services $15,897,007 15,897,007 Traffic impact projects $12,520,094 12,520,094
Public facilities impact projects $2,448,332 2,448,332
Street maintenance and improvement 4,860,862 4,860,862
2006-1 Assessment District 1,276,656 1,276,656
Community Facilities District #1 1,339,593 1,339,593
Community Facilities District 2015-1 3,049,566 3,049,566 Community Facilities District 2020-1 89,655 89,655
Citywide Community Facilities 1,970,134 1,970,134
Agricultural conservation 8,065 8,065
Debt service 69,173 69,173
Park impact fees 6,543,035 6,543,035
Cypress Grove improvements 113,294 113,294
Regional Park 2,871,825 2,871,825
Officer wellness
Total Restricted Fund Balances 1,305,615 15,897,007 12,520,094 24,640,190 54,362,906 Assigned to:
Termination payments 300,000 300,000
Uninsured claims payable 450,000 450,000
Outlay projects 233,721 233,721
Capital projects 16,800,000 16,800,000
Unfunded pension liability 1,000,000 1,000,000
Government services $904,232 904,232
Main Street Projects 15,560,555 15,560,555
Total Assigned Fund Balances 18,783,721 904,232 15,560,555 35,248,508 Unassigned:
General Fund:
Unassigned - Emergency Reserve 8,718,242 8,718,242
Other Unassigned 4,278,532 4,278,532
Other fund deficits ($813,939) (126,710) (940,649)
Total Unassigned Fund Balances 12,996,774 (813,939) (126,710) 12,056,125 Total Fund Balances $36,567,336 $15,897,007 ($813,939) $904,232 $12,520,094 $40,074,035 $105,148,765 65 253
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 10 – NET POSITION AND FUND BALANCES (Continued)
C. Minimum Fund Balance Policies
The City’s Budget Policies require the City to strive to maintain the following fund balances:
1) A minimum of 30% of the annual operating expenditures in the General Fund’s Unassigned Fund Balance for emergencies and unforeseen operating or capital needs. The primary purpose of this reserve is to protect the City’s essential service programs and funding requirements during periods of economic downturn (defined as a recession lasting two or more years) or other unforeseen catastrophic costs not covered by the annually budgeted Contingency Reserve. Should the balance in the reserve fall below the 30% threshold, a plan to restore the level over a period of no more than five years is to be included in each proposed annual budget reviewed with the City Council until the reserve has been returned to at least 30% of General Fund operating expenditures. 2) Establish an account to accumulate funds to be used for payment of accrued employee benefits for terminated employees. The accumulated amount in the reserve will equal the projected payout of accumulated benefits requiring conversion to pay on retirement for employees then eligible for retirement so there are funds to pay out accumulated benefits requiring conversion to pay on termination. The balance of the reserve was $300,000 as of June 30, 2025. 3) Claims Reserves will be budgeted at a level which, together with purchased insurance, adequately protects the City. The City will maintain a reserve of two times its deductibles for those claims covered by the insurance pool of which the City is a member (currently the Municipal Pooling Authority of Northern California). In addition, the City will perform an annual analysis of past claims not covered by the pool, and reserve an appropriate amount to pay for uncovered claims, including Labor Code Section 4850 Salary Continuation payments. The balance of the reserve was $450,000 as of June 30, 2025.
4) The City had previously established a Vehicle and Equipment Replacement Reserve Fund for the accumulation of funds for the replacement of worn and obsolete vehicles and other capital equipment. In Fiscal Year 2021/2022, the City split that fund out into the Equipment Replacement Internal Service Fund (Fund 701) and the Information Technology Internal Service Fund (Fund 703). Adequate funds will be set aside in both of these funds each year to ensure that funds are available for asset replacement at the end of the respective assets’ life cycles. As of June 30, 2025, the balance of available resources was approximately $1,250,000 in the Vehicle and Equipment Replacement Internal Service Fund and $408,000 in the Information Technology Internal Services Fund.
Staff has created a schedule of vehicles and computer equipment, along with their estimated lives and replacement values, and determined that the cost to replace existing vehicles is approximately $175,000 per year and the cost to replace existing computer equipment is approximately $150,000 on average, per year. The revised policy will ensure the City’s ability to replace assets when they reach the end of their useful lives.
66 254
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 10 – NET POSITION AND FUND BALANCES (Continued)
5) The City will seek to build and maintain a Facilities Maintenance Capital Asset Reserve Fund for capital costs associated with the maintenance of all City building facilities. The reserve will be maintained at a level at least equal to projected five year facilities maintenance capital costs. Park operating funds shall budget annual capital replacement costs and use them to fund reserves for future equipment replacement and resurfacing needs. The balance of the Facilities Maintenance Capital Asset Reserve was $274,535 as of June 30, 2025 and many of the park operating funds do not have sufficient revenues to adequately fund reserves, which does not meet the targeted level.
However, management believes the balance is sufficient to fund all anticipated replacements. 6) The City will seek to build and maintain a Storm Drain Depreciation Reserve for costs associated with the major maintenance and capital improvement costs included in the Storm Drain (NPDES) program budget. The minimum reserve level will be 50% of the costs projected over the next five years, or $250 thousand per year as of June 30, 2020. The balance of the reserve, which is a component of the NPDES Special Revenue Fund’s Restricted Fund Balance, was zero as of June 30, 2025. Storm Water continues to be an unfunded mandate. The City's General Fund has had to make contributions in order to cover the expenditures in this fund. Additional funding to create a reserve is not available at this time.
7) The City will establish a Reserve for Qualifying Expenditures and will transfer into it from current revenues all amounts necessary to ensure compliance with Gann Limit provisions. These funds will be used solely to pay for Gann Limit excludable capital expenditures. To qualify, they must be for assets having a value greater than $100,000 and having a useful life of at least 10 years. The City was in compliance with the Gann Limit provisions as of June 30, 2025, and therefore was not required to establish a Reserve for Qualifying Expenditures as of June 30, 2025.
D. Fund Balance Deficit
The following funds had deficit fund balance as of June 30, 2025:
Special Revenue Funds:
Low and Moderate Income Housing Asset $813,939
NPDES 126,710
The deficits are expected to be eliminated by future revenues or funding from the General Fund. 67 255
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 10 – NET POSITION AND FUND BALANCES (Continued)
E. Net Investment in Capital Assets
The balances related to Net Investment in Capital Assets are comprised of the following as of June 30, 2025:
Governmental
Activities
Capital Assets, Net of Accumulated Depreciation $258,431,011 Less Capital Debt (7,210,000)
Less Subscription Liability (437,997)
Net Investment in Capital Assets $250,783,014
F. Restatement of Net Position
Adjustments to beginning balances during fiscal year 2025 related to an error correction were as follows:
June 30, 2024 Error
As Previously Correction June 30, 2024
Reported (Capital Assets) As Adjusted
Government-Wide
Governmental Activities $340,833,841 $1,441,268 $342,275,109 Error Correction – Capital Assets - During fiscal year 2025, the City discovered that capital assets in the categories of pavement, regulatory signs and street trees and street lights had been over-depreciated in prior years. The correction has been recorded as a restatement of net position as of July 1, 2024 in the statement of net position.
68 256
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 11 – PENSION PLAN
A. General Information about the Pension Plan
Plan Description – All qualified permanent, probationary and part-time employees are eligible to participate in the City’s Safety (police) and Miscellaneous (all other) Employee Pension Rate Plans. The City’s Miscellaneous and Safety Rate Plans are part of the public agency cost-sharing multiple-employer defined benefit pension plan (PERF C), which is administered by the California Public Employees’ Retirement System (CalPERS). PERF C consists of a miscellaneous pool and a safety pool (also referred to as “risk pools”), which are comprised of individual employer miscellaneous and safety rate plans, respectively. Individual employers may sponsor more than one miscellaneous and safety rate plan. The employer participates in one cost-sharing multiple-employer defined benefit pension plan regardless of the number of rate plans the employer sponsors. The City sponsors four rate plans (three miscellaneous and one safety). Benefit provisions under the Plan are established by State statute and City resolution.
CalPERS issues publicly available reports that include a full description of the pension plan regarding benefit provisions, assumptions and membership information that can be found on the CalPERS website.
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, equal to one year of full time employment. Members with five years of total service are eligible to retire at age 50 with statutorily reduced benefits. All members are eligible for non-duty disability benefits after 10 years of service. The death benefit is one of the following: the Basic Death Benefit, the 1957 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost of living adjustments for each plan are applied as specified by the Public Employees’ Retirement Law.
In August 2010, the City Council authorized an amendment to the contract between the City and the CalPERS in order to establish a Tier 2 retirement benefits structure. The Tier 2 changed the retirement benefit formula from 2.5% @ 55 to 2% @ 60 for new miscellaneous employees hired on or after October 18, 2010. A Tier 3 structure was established to implement the provisions of the Pension Reform Act of 2013 (PEPRA), Assembly Bill 340, and is applicable to employees new to CALPERS, and hired after December 31, 2012, and not subject to grandfathering into the previously existing Tier 2 Rate Plan.
Effective August 12, 2015, the City established a Safety Rate Plan that provides benefits for safety employees hired after January 1, 2013 using the 2.7% @ 57 benefit formula.
69 257
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 11 – PENSION PLAN (Continued)
The Plan’s provisions and benefits in effect at June 30, 2025, are summarized as follows:
Miscellaneous
Classic Tier 1 Classic Tier 2 PEPRA Tier 3
Hire date
Prior to
October 18, 2010
On or after
October 18, 2010
On or after
January 1, 2013
Benefit formula 2.5% @ 55 2.0% @ 60 2.0% @ 62
Benefit vesting schedule 5 years service 5 years service 5 years service Benefit payments monthly for life monthly for life monthly for life Retirement age 50 - 55 50 - 63 52 - 67
Monthly benefits, as a % of eligible compensation 2.0 % to 2.7% 1.092% - 2.418% 1.0% - 2.5% Required employee contribution rates 8.00% 7.00% 7.75%
Required employer contribution rates 14.13% 10.71% 7.87% Required UAL contribution $44,469 $11,840 $10,025
Safety
PEPRA
Hire date
On or after
January 1, 2013
Benefit formula 2.7% @ 57
Benefit vesting schedule 5 years service
Benefit payments monthly for life
Retirement age 50 - 57
Monthly benefits, as a % of eligible compensation 2.0% - 2.7% Required employee contribution rates 13.75%
Required employer contribution rates 14.66%
Required UAL contribution $50,611
Beginning in fiscal year 2016, CalPERS collects employer contributions for the Plan as a percentage of payroll for the normal cost portion as noted in the rates above and as a dollar amount for contributions toward the unfunded liability (UAL). The dollar amounts are billed on a monthly basis or can be paid in a lump sum at a reduced amount. The City elected to make the lump sum contributions and the required contribution for the unfunded liability was $116,945 in fiscal year 2025, as shown in the table above.
Contributions – Section 20814(c) of the California Public Employees’ Retirement Law requires that the employer contribution rates for all public employers be determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. Funding contributions for the Plan are determined annually on an actuarial basis as of June 30 by CalPERS. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The City is required to contribute the difference between the actuarially determined rate and the contribution rate of employees.
Employer contribution rates may change if plan contracts are amended. Payments made by the employer to satisfy contribution requirements that are identified by the pension plan terms as plan member contribution requirements are classified as plan member contributions.
For the year ended June 30, 2025, the City’s total contributions to the Plan were $1,539,760. 70 258
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 11 – PENSION PLAN (Continued)
B. Pension Liabilities, Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions
For purposes of measuring the net pension liability and deferred outflows/inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the Plan and additions to/deductions from the Plan’s fiduciary net position have been determined on the same basis as they are reported by the CalPERS Financial Office. For this purpose, benefit payments (including refunds of employee contributions) are recognized when currently due and payable in accordance with the benefit terms. Investments are reported at fair value.
As of June 30, 2025, the City reported a net pension liability for its proportionate share of the net pension liability of the Plan as follows:
Miscellaneous $1,790,964
Safety 1,418,242
Total Net Pension Liability (Asset) $3,209,206
Proportionate Share
of Net Pension
Liability (Asset)
The governmental activities net pension liability is liquidated primarily by the General Fund.
The City’s net pension liability for the Plan is measured as the proportionate share of the net pension liability. The net pension liability of the Plan is measured as of June 30, 2024, and the total pension liability for the Plan used to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2023 rolled forward to June 30, 2024 using standard update procedures. The City’s proportion of the net pension liability was based on a projection of the City’s long-term share of contributions to the pension plan relative to the projected contributions of all participating employers, actuarially determined. The City’s proportionate share of the net pension liability for the Plan as of June 30, 2023 and 2024 was as follows:
Proportion - June 30, 2023 0.02619%
Proportion - June 30, 2024 0.02646%
Change - Increase (Decrease) 0.00027%
71 259
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 11 – PENSION PLAN (Continued)
For the year ended June 30, 2025, the City recognized pension expense of $2,016,256. As of June 30, 2025, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Pension contributions subsequent to measurement date $1,539,760 Differences between actual and expected experience 270,586 ($9,805) Changes in assumptions 80,974
Change in employer's proportion and differences between the employer’s contributions and the employer’s
proportionate share of contributions 1,431,536 (261,845) Net differences between projected and actual earnings
on plan investments 171,655
Total $3,494,511 ($271,650)
$1,539,760 reported as deferred outflows of resources related to contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended June 30, 2026. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized as pension expense as follows:
Year Ended Annual
June 30 Amortization
2026 $886,030
2027 722,904
2028 132,955
2029 (58,788)
Total $1,683,101
72 260
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 11 – PENSION PLAN (Continued)
Actuarial Assumptions – For the measurement period ended June 30, 2024, the total pension liability was determined by rolling forward the June 30, 2023 total pension liability. The June 30, 2023 total pension liabilities were based on the following actuarial methods and assumptions for all benefit tiers:
Valuation Date June 30, 2023
Measurement Date June 30, 2024
Actuarial Cost Method Entry-Age Actuarial Cost Method
Actuarial Assumptions:
Discount Rate 6.90%
Inflation 2.30%
Salary Increases (1)
Investment Rate of Return 6.90% (2)
Mortality Derived using CalPERS Membership Data for
all Funds (3)
Post Retirement Benefit Increase
The lesser of contract COLA or 2.30% until
Purchasing Power Protection Allowance floor
on purchasing power applies, 2.30% thereafter
(1) Depending on age, service and type of employment
(2) Net of pension plan investment expenses, including inflation (3) The mortality table used was developed based on CalPERS-specific data. The probabilities of mortality are based on the 2021 CalPERS Experience Study and Review of Actuarial Assumptions.
Mortality rates incorporate full generational mortality improvement using 80% of Scale MP-2020 published by the Society of Actuaries. For more details on this table, please refer to the 2021 experience study report from November 2021 that can be found on the CalPERS website.
The underlying mortality assumptions and all other actuarial assumptions used in the June 30, 2023 valuation were based on the results of a November 2021 actuarial experience study for the period 2001 to 2019. Further details of the Experience Study can be found on the CalPERS website.
Discount Rate – The discount rate used to measure the total pension liability for the Plan was 6.90%. The projection of cash flows used to determine the discount rate for the Plan assumed that contributions from all plan members in the Public Employees Retirement Fund (PERF) will be made at the current member contribution rates and that contributions from employers will be made at statutorily required rates, actuarially determined. Based on those assumptions, the Plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on plan investments was applied to all periods of projected benefit payments to determine the total pension liability.
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 inflation) are developed for each major asset class.
In determining the long-term expected rate of return, CalPERS took into account both short-term and long-term market return expectations. Using historical returns of all the funds’ asset classes, expected compound (geometric) returns were calculated over the next 20 years using a building-block approach.
The expected rate of return was then adjusted to account for assumed administrative expenses of 10 basis points.
73 261
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 11 – PENSION PLAN (Continued)
The expected real rates of return by asset class are as follows:
Asset Class (1)
Assumed
Asset Allocation
Real Return
(1), (2)
Global Equity - Cap-weighted 30.0% 4.54%
Global Equity - Non-Cap-weighted 12.0% 3.84%
Private Equity 13.0% 7.28%
Treasury 5.0% 0.27%
Mortgage-Backed Securities 5.0% 0.50%
Investment Grade Corporates 10.0% 1.56%
High Yield 5.0% 2.27%
Emerging Market Debt 5.0% 2.48%
Private Debt 5.0% 3.57%
Real Assets 15.0% 3.21%
Leverage -5.0% -0.59%
Total 100.0%
(1) An expected inflation of 2.30% used for this period. (2) Figures are based on the 2021 Asset Liability Management Study.
Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount Rate – The following presents the City’s proportionate share of the net pension liability for the Plan, calculated using the discount rate for the Plan, as well as what the City’s proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage point lower or 1- percentage point higher than the current rate:
1% Decrease 5.90%
Net Pension Liability (Asset) $7,888,799
Current Discount Rate 6.90%
Net Pension Liability (Asset) $3,209,206
1% Increase 7.90%
Net Pension Liability (Asset) ($632,244)
Pension Plan Fiduciary Net Position – Detailed information about the pension plan’s fiduciary net position is available in the separately issued CalPERS financial reports. 74 262
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 12 – OTHER POST-EMPLOYMENT BENEFITS
A. PORAC Retiree Medical Trust Plan
The City established a post-employment health care defined contribution plan in May 2016, pursuant to a negotiated Memoranda of Understanding (MOU) with its Oakley Police Officers Association employee bargaining unit. The City’s funding obligation for the plan is defined within the MOU and is a specified contribution of $450 per month per police employee. Police Management (Chief and Lieutenants) also receive the same benefit.
The administration of benefits for the plan rests with the plan administrator. The administrator for the plan is the Peace Officers Research Association of California (PORAC) Retiree Medical Trust. There are no vesting requirements to be eligible to use these funds post-employment for qualified medical expenses.
The benefit can only be used to purchase post-employment health insurance.
Contributions to the plan during fiscal year 2025 were $207,000.
B. Retirement Health Savings Plan
In February 2020, the City established a retirement health savings (RHS) plan for all non-safety employees. Effective July 1, 2022, the City's funding obligation for the plan is $1,300 per year per employee.
The administration of benefits for the plan rests with the plan administrator. The administrator for the plan is Mission Square Retirement (formerly ICMA RC). To be vested in the plan an employee must have 5 years of employment to be eligible to use these funds post-employment. The benefit can only be used to fund post-employment medical expenses.
Contributions to the plan during fiscal year 2025 were $78,481.
NOTE 13 – DEFERRED COMPENSATION PLANS
City employees may also defer a portion of their compensation under City sponsored Deferred Compensation Plans. The City offers the opportunity to participate in one of two plans, one created in accordance with Internal Revenue Code Section 457, and one created in accordance with Internal Revenue Code 401a. Under the 457 Plan, different rules apply and amounts contributed may be either pre-tax or after-tax depending on applicable plan rules; under the 401a Plan participants are not taxed on the deferred portion of their compensation until distributed to them. Under both plans, distributions may be made only at termination, retirement, death or in an emergency as defined by each Plan.
The Plans are part of the public agency agent multiple‐employer defined contribution plans that are administered by Mission Square Retirement (formerly ICMA RC). Benefit provisions under the Plans are established by City resolution.
The City has no liability for any losses incurred by the Plans and does not participate in any gains, but does have the duty of due care that would be required of an ordinary prudent investor. The City has a contract with Mission Square to manage and invest the assets of each Plan. The administrator pools the assets of each Plan with those of other participants and does not make separate investments for the City.
The assets in the Plans are the sole property of the participants or their beneficiaries. Since the assets held under the Plans are not the City’s property and are not subject to claims by general creditors of the City, they have been excluded from these financial statements. The Plans require investments to be stated at fair market value and it requires all gains and losses on Plan investments to accrue directly to participant accounts.
75 263
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 13 – DEFERRED COMPENSATION PLANS (Continued)
The City contributes a 1% match of employee contributions to the 457 Plan for all employees, except those under the Oakley Police Officers Association. Police Department lieutenants receive an additional employer contribution of 2% of base pay, for a total contribution of 3%. The Police Chief receives a 1% match of his contributions to the 457 Plan. The City Manager receives a contribution of $500 per month, as well as a 1% match of his contributions to the 457 Plan. The employer contributions vest 60% after one year, increasing 10% per year until they are 100% vested in year five.
The City contributes a 1% match of employee earnings, excluding overtime and bonuses, to the 401a Plan for employees that work an average of 30 hours per week. The employer contributions vest 60% after one year, increasing 10% per year until they are 100% vested in year five.
If an employee participates in both plans, the maximum employer matching contribution is 1%, except for Police Department lieutenants, which is a maximum of 3% and the City Manager who receives the 1% plus $6,000 per year.
The City’s required contributions for the year ended June 30, 2025 totaled $61,552.
NOTE 14 - LEASES
A. Policies
A lease is defined as a contract that conveys control of the right to use another entity’s nonfinancial asset (the underlying asset) as specified in the contract for a period of time in an exchange or exchange-like transaction. Examples of nonfinancial assets include buildings, land, vehicles, and equipment. The City recognizes lease receivables or liabilities with an initial, individual value of $50,000 or more.
Lessee - The City does not have any noncancellable leases of nonfinancial assets as of June 30, 2025. If there were such leases outstanding, the City would recognize a lease liability and an intangible right‐to‐ use lease asset (lease asset) in the government‐wide financial statements.
At the commencement of a lease, the City initially measures the lease liability at the present value of payments expected to be made during the lease term. Subsequently, the lease liability is reduced by the principal portion of lease payments made. The lease asset is initially measured as the initial amount of the lease liability, adjusted for lease payments made at or before the lease commencement date, plus certain initial direct costs. Subsequently, the lease asset is amortized on a straight‐line basis over its useful life.
Key estimates and judgments related to leases include how the City determines (1) the discount rate it uses to discount the expected lease payments to present value, (2) lease term, and (3) lease payments as follows:
• The City uses the interest rate charged by the lessor as the discount rate. When the interest rate charged by the lessor is not provided, the City generally uses its estimated incremental borrowing rate as the discount rate for leases.
• The lease term includes the noncancellable period of the lease. • Lease payments included in the measurement of the lease liability are composed of fixed payments and purchase option price that the City is reasonably certain to exercise. 76 264
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 14 – LEASES (Continued)
The City monitors changes in circumstances that would require a remeasurement of its lease and will remeasure the lease asset and liability if certain changes occur that are expected to significantly affect the amount of the lease liability.
Lease assets are reported with other capital assets and lease liabilities are reported with long-term debt on the statement of net position.
Lessor - The City is a lessor for noncancellable leases of commercial space and communication sites.
The City recognizes a lease receivable and a deferred inflow of resources in the government‐wide and fund financial statements.
At the commencement of a lease, the City initially measures the lease receivable at the present value of payments expected to be received during the lease term. Subsequently, the lease receivable is reduced by the principal portion of lease payments received. The deferred inflow of resources is initially measured as the initial amount of the lease receivable, adjusted for lease payments received at or before the lease commencement date. Subsequently, the deferred inflow of resources is recognized as revenue over the life of the lease term.
Key estimates and judgments include how the City determines (1) the discount rate it uses to discount the expected lease receipts to present value, (2) lease term, and (3) lease receipts as follows:
The City uses its estimated incremental borrowing rate as the discount rate for leases. The lease term includes the noncancellable period of the lease. Lease receipts included in the measurement of the lease receivable is composed of fixed payments from the lessee.
The City monitors changes in circumstances that would require a remeasurement of its lease, and will remeasure the lease receivable and deferred inflows of resources if certain changes occur that are expected to significantly affect the amount of the lease receivable.
B. Leases Receivable
The balances related to leases receivable and deferred inflows of resources as of June 30, 2025 were:
Lease Deferred Inflows
Receivable of Resources
General Fund
Leases Receivable (Lessor)
Facilities rentals:
Guanatos Ice Cream $222,279 $222,279
Communication sites:
American Tower 89,096 79,070
Total Leases Receivable $311,375 $301,349
77 265
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 14 – LEASES (Continued)
Facilities Rentals – The City leases commercial space to third parties. During the year ended June 30, 2025, the City had one lease that was subject to being recorded as a lease receivable under generally accepted accounting principles. The original lease term was five years and the final year of the lease was the year ended June 30, 2025. However, the lease was extended in June 2024 for an additional five year term commencing July 1, 2025 and expiring on June 30, 2030. The lease can be renewed for one additional five year term upon written notice of the tenant. The City recognized $31,037 in lease revenue and $593 in interest revenue during the current fiscal year related to this lease.
Communication Site Leases – The City leases various locations to third parties for the provisions of mobile/wireless communications services. During the year ended June 30, 2025, the City had two leases, with original lease terms ranging from twenty to thirty years, including the optional extension periods.
One of the leases was terminated during the fiscal year and as of June 30, 2025, the remaining lease had
2.6 years remaining. The City recognized $56,685 in lease revenue and $7,202 in interest revenue during the current fiscal year related to these leases. Also, the City has deferred inflows of resources associated with these leases that will be recognized as revenue over the lease term.
NOTE 15 – SUBSCRIPTION-BASED INFORMATION TECHNOLOGY ARRANGEMENTS A. Policies
A Subscription-Based Information Technology Arrangement (SBITA) is a contract that conveys control of the right to use another party’s (a SBITA vendor’s) IT software, alone or in combination with tangible capital assets (the underlying IT assets), as specified in the contract for a period of time in an exchange or exchange-like transaction. The City recognizes SBITA assets/liabilities with an initial, individual value of $50,000 or more.
At the commencement of a SBITA, the City initially measures the subscription liability at the present value of payments expected to be made during the contract term. Subsequently, the subscription liability is reduced by the principal portion of payments made. The subscription asset is initially measured as the initial amount of the subscription liability, adjusted for payments made at or before the SBITA commencement date, plus certain initial direct costs. Subsequently, the subscription asset is amortized on a straight‐line basis over shorter of the subscription term or the useful life of the underlying IT assets.
Key estimates and judgments related to SBITAs include how the City determines (1) the discount rate it uses to discount the expected subscription payments to present value, (2) subscription term, and (3) subscription payments as follows:
• The City uses the interest rate charged by the IT vendor as the discount rate. When the interest rate charged by the IT vendor is not provided, the City generally uses its estimated incremental borrowing rate as the discount rate for subscription liabilities. • The subscription term includes the noncancellable period of the subscription.
The City monitors changes in circumstances that would require a remeasurement of its subscription and will remeasure the subscription asset and liability if certain changes occur that are expected to significantly affect the amount of the subscription liability. 78 266
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 15 – SUBSCRIPTION-BASED INFORMATION TECHNOLOGY ARRANGEMENTS (Continued) Subscription assets are reported with other capital assets and subscription liabilities are reported on the statement of net position.
B. Subscription Liabilities
A summary of the subscription liability transactions for the fiscal year ended June 30, 2025, are as follows:
Balance as of Balance Current
June 30, 2024 Additions Retirements June 30, 2025 Portion Information Technology
Internal Service Fund
Tyler Technologies $567,775 ($129,778) $437,997 $137,151 On January 10, 2023, the City adopted a resolution approving an agreement with Tyler Technologies for the conversion from the Tyler Eden ERP System to the Tyler Enterprise ERP System. This project is being funded through the American Rescue Plan Act (ARPA) grant funding.
The total cost of the ERP conversion project was initially expected to be $1,034,839, which includes $405,456 in recurring annual subscription and maintenance costs over a three-year period, $30,140 in travel expenses, and the remaining costs attributed to initial conversion and implementation. In December 2024, the City extended the agreement through June 30, 2028 with annual costs of $627,901 and total project costs are expected to be $1,378,846.
Although the project is not expected to be fully implemented until fiscal year 2026, certain startup costs incurred during the prior fiscal year as part of the agreement, primarily related to initial setup and planning for the Tyler ERP subscription conversion project, were capitalized in the amount of $182,442.
As of June 30, 2025, the City has incurred costs of $1,042,056 for system setup and implementation as well as the cost of the subscription. While full implementation is still in process, use of the system commenced July 1, 2024 and the City is live on two of the four modules, and an initial subscription liability was recorded in the amount of $567,775. As of June 30, 2025, the balance of the subscription liability was $437,997. The City is required to make annual principal and interest payments from $147,152 to 159,723. The software has a four-year estimated useful life. The value of the right-to-use asset as of the end of the current fiscal year was $1,042,056 and had accumulated amortization of $260,514.
The future principal and interest subscription liability payments as of June 30, 2025, were as follows:
For the Year
Ended June 30 Principal Interest Total
2026 $137,151 $13,403 $150,554
2027 145,865 9,206 155,071
2028 154,981 4,742 159,723
Total $437,997 $27,351 $465,348
79 267
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 16 – RISK MANAGEMENT
A. Municipal Pooling Authority of Northern California (MPA) The City is a member of the Municipal Pooling Authority of Northern California. The Authority provides coverage against various types of loss risks under the terms of a joint-powers agreement with the City and several other cities and governmental agencies. The City participates in the coverage programs as follows:
Types of Coverage (Deductible) Coverage Limits
Liability ($25,000) $29,000,000
Vehicle - Physical Damage ($3,000 for police vehicles, 250,000 $2,000 for all others)
Worker's Compensation (no deductible) Statutory
Property:
All Risk ($25,000), Fine Art ($5,000), Water Claims ($150,000) 1,000,000,000 Flood* 25,000,000
Pollution Liability ($250,000 for incidents after July 1, 2021 and $500,000 for prior events) 2,000,000 Boiler and Machinery ($10,000) 100,000,000
Cyber Liability ($50,000 - $250,000, based on Total Insured Value at time of loss) 3,000,000 Government Crime ($2,500) 5,000,000
Employment Liability ($50,000) 2,000,000
* $100,000 minimum deductible per occurrence, except Zones A and V, which are subject to a $250,000 deductible per occurrence.
The Authority is governed by a Board consisting of representatives from member municipalities. The Board controls the operations of the Authority, including selection of management and approval of operating budgets, independent of any influence by member municipalities beyond their representation on the Board.
The City’s deposits with the Authority are in accordance with formulas established by the Authority.
Actual surpluses or losses are shared according to a formula developed from overall loss costs and spread to member entities on a percentage basis after a retrospective rating.
Audited financial statements for the Authority are available from MPA, P.O. Box 67, Walnut Creek, CA 94597.
80 268
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 16 – RISK MANAGEMENT (Continued)
B. Liability for Uninsured Claims
Claims and judgments, including a provision for claims incurred but not reported, are recorded when a loss is deemed probable of assertion and the amount of the loss is reasonably determinable. As discussed, above, the City has coverage for such claims, but it has retained the risk for the deductible, or uninsured portion of these claims. Settlements have not exceeded insurance coverage for the past three fiscal years.
The City’s liability for uninsured liability claims at June 30 was estimated by management based on claims experience during the fiscal year and was computed as follows:
June 30
2025 2024
Balance at beginning of year $50,009 $75,850
Liability for current fiscal year claims 31,509 3,172
Change in liability for prior fiscal year claims
and claims incurred but not reported (IBNR) 67,106 (14,260) Claims paid (53,524) (14,753)
Balance at end of year $95,100 $50,009
NOTE 17 – COMMITMENTS AND CONTINGENCIES
A. Construction and Other Commitments
The City has the following outstanding construction and design commitments as of June 30, 2025 which are included in the balance of encumbrances in Note 17D:
East Cypress/Knightsen Avenue Intersection Signal $12,234,252 East Cypress Road Widening at CCWD Canal Crossing Project 7,474,558 Laurel Road Widening 1,839,484
O'Hara Avenue Widening 143,470
Marsh Creek Glenn Park Renovation 112,500
Enrico Cinquini Park Construction 46,896
Laurel Road Extension 38,960
B. Litigation
The City is subject to litigation arising in the normal course of business. In the opinion of the City Attorney, with one exception, there is no presently filed litigation which is likely to have a material adverse effect on the financial position of the City. The City currently has one potential claim that may exceed the limits of the City's liability insurance coverage, however, the claim is in its early stages is too early to quantify the City's exposure, and therefore, no liability has been recorded as of year-end. 81 269
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 17 – COMMITMENTS AND CONTINGENCIES (Continued)
C. Federal and State Grant Programs
The City participates in several Federal and State grant programs. These programs are subject to audit by the City’s independent accountants in accordance with the provisions of the Federal Single Audit Act as amended and applicable State requirements. No cost disallowances have been proposed as a result of audits completed to date; however, these programs are still subject to further examination by the grantors and the amount, if any, of expenditures which may be disallowed by the granting agencies cannot be determined at this time. The City expects such amounts, if any, to be immaterial.
D. Encumbrances
Encumbrances outstanding as of June 30, 2025 by fund were as follows:
Major Governmental Funds:
General Fund $233,721
Lighting and Landscaping Districts Special Revenue Fund 89,736 ARPA Special Revenue Fund 4,613,824
Traffic Impact Fees Capital Projects Fund 9,362,187
Non-Major Governmental Funds 8,678,369
Total Encumbrances $22,977,837
E. Developer Impact Fee Credits
In April 2022, the City entered into an agreement with a developer who is developing the Grand Cypress Preserve residential project. The City agreed to grant the developer impact fee credits and other reimbursements for its costs incurred, since the developer will construct certain improvements beyond what is needed to serve the specific project. The value of these credits and reimbursements do not increase for inflation, nor do they accrue interest. On October 14, 2023, the City and the developer entered into a Superseding Agreement that amended and replaced the terms of the original agreement. 82 270
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 17 – COMMITMENTS AND CONTINGENCIES (Continued)
Under the terms of the Superseding Agreement, the developer is expected to install improvements with a total cost of $12,035,616 (Developer’s Cost), of which the City will provide fee credits or reimbursements totaling $6,808,345 (City’s Share), and if the City agrees to amend the Specific Plan to allow for other future development within the Specific Plan, the City will reimburse the developer an additional amount which is the difference between the Developer’s Share and $18,843,961 (Full Fair-Share Amount).
Reimbursement of the City’s Share is payable from two sources: traffic impact fees (TIF) of $4,240,100, and $2,568,245 (Remaining Payment) from other sources, which may include the issuance of bonds. The Remaining Payment may also be relieved if the City finds an alternative to the requirement to construct the Rock Slough Bridge. The developer will receive fee credits for 100% of the TIF for the completion of the Jersey Island Road improvements described in the original agreement and will be sourced in the form of a credit against the TIF for any lots constructed within the developer’s property. The final Remaining Payment is due within four months of the date the developer obtains approval from Contra Costa Water District for the construction of levee improvements. Once the City has satisfied the City’s Share, the City is to reimburse the developer for 50% of the future developers’ share of TIF collected until the Full Fair-Share Amount is reimbursed.
As of June 30, 2025, no reimbursements had been paid, and the obligations remain contingent upon further development and collection of fees.
The accounting for the amounts due are not recorded as indebtedness since the payments (use of the credits or reimbursements) are contingent upon the developer’s development of residential lots or the collection of development fees from future building growth which has not yet occurred.
NOTE 18 – REDEVELOPMENT AGENCY DISSOLUTION AND SUCCESSOR AGENCY ACTIVITIES A. REDEVELOPMENT DISSOLUTION
In an effort to balance its budget, the State of California adopted ABx1 26 on June 28, 2011, amended by AB1484 on June 27, 2012 (collectively referred to as the Dissolution Act), which suspended all new redevelopment activities except for limited specified activities as of that date and dissolved redevelopment agencies on January 31, 2012.
The suspension provisions prohibited all redevelopment agencies from a wide range of activities, including incurring new indebtedness or obligations, entering into or modifying agreements or contracts, acquiring or disposing of real property, taking actions to adopt or amend redevelopment plans and other similar actions, except actions required by law or to carry out existing enforceable obligations, as defined in ABx1 26.
In addition, the Dissolution Act directs the State Controller to review the activities of all redevelopment agencies and successor agencies to determine whether an asset transfer between an agency and any public agency occurred on or after January 1, 2011. If an asset transfer did occur and the public agency that received the asset is not contractually committed to a third party for the expenditure or encumbrance of the asset, the legislation purports to require the State Controller to order the asset returned to the redevelopment agency. The State Controller’s Office completed its asset transfer review in July 2015, which did not require the transfer of any additional assets to the Successor Agency.
83 271
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 18 – REDEVELOPMENT AGENCY DISSOLUTION AND SUCCESSOR AGENCY ACTIVITIES (Continued)
Effective January 31, 2012, the Redevelopment Agency was dissolved. In accordance with the Dissolution Act, certain assets of the Redevelopment Agency Low and Moderate Income Housing Fund were distributed to a Housing Successor; and all remaining Redevelopment Agency assets and liabilities were distributed to a Successor Agency.
Under the provisions of ABx1 26, the City was eligible to elect to become the Housing Successor and retain the housing assets and elected to do so. On February 1, 2012, the Agency’s housing assets were transferred to the City’s Low and Moderate Income Housing Asset Special Revenue Fund. The activities of the Housing Successor are reported in the Low and Moderate Income Housing Assets Special Revenue Fund as the City has control of those assets, which may be used in accordance with the low and moderate income housing provisions of California Redevelopment Law.
The City also elected to become the Successor Agency and on February 1, 2012 the Redevelopment Agency’s remaining assets were distributed to and liabilities were assumed by the Successor Agency.
ABx1 26 requires the establishment of an Oversight Board to oversee the activities of the Successor Agency and one was established on April 17, 2012. The activities of the Successor Agency are subject to review and approval of the Oversight Board, which is comprised of seven members, including one member of City Council and one former Redevelopment Agency employee appointed by the Mayor.
The activities of the Successor Agency are reported in the Successor Agency to the Redevelopment Agency Private-Purpose Trust Fund as the activities are under the control of the Oversight Board and the Department of Finance. The City provides administrative services to the Successor Agency to wind down the affairs of the former Redevelopment Agency.
The Department of Finance issued the Successor Agency a Finding of Completion on August 15, 2014.
Cash and investments of the Successor Agency as of June 30, 2025 includes the following:
Cash available for operations:
Cash available for operations $276,443
Cash held for September 1, 2025 debt service payment 1,412,493 Cash and investments with fiscal agent 4,482
Total Cash and Investments $1,693,418
Details regarding cash and investments are discussed in Note 3. Information presented in the following footnotes represents other assets and liabilities of the Successor Agency as of June 30, 2025.
B. LOANS RECEIVABLE
The Successor Agency assumed the non-housing loans receivable of the Redevelopment Agency as of February 1, 2012. The Redevelopment Agency engaged in programs designed to encourage construction of or improvement to low-to-moderate income housing. Under these programs, grants or loans were provided under favorable terms to homeowners or developers who agreed to expend these funds in accordance with the Agency’s terms. The balance of the portion of the Oakley Senior Housing loan assumed by the Successor Agency as discussed in Note 5D above was $526,286 as of June 30, 2025. 84 272
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 18 – REDEVELOPMENT AGENCY DISSOLUTION AND SUCCESSOR AGENCY ACTIVITIES (Continued)
C. LONG-TERM DEBT
The Successor Agency assumed the long-term debt of the Redevelopment Agency as of February 1, 2012.
1. Current Year Transaction and Balances
All of the long-term debt of the Successor Agency is comprised of Tax Allocation Bonds issued by the Redevelopment Agency. The Bonds are special obligations of the Agency and are secured only by the Agency’s tax increment revenues. Tax Allocation Bond transactions were as follows:
Original Issue Balance Balance Current
Amount June 30, 2024 Retirements June 30, 2025 Portion
2015A Tax Allocation Bonds
3.75-5.00%, due 9/01/2028 $2,595,000 $2,595,000 ($165,000) $2,430,000 $565,000 2015B Tax Allocation Bonds
2.00-3.75%, due 9/01/2024 3,115,000 380,000 (380,000)
2018 Tax Allocation Refunding Bonds
3.25-6.00%, due 9/01/2038 18,655,000 17,145,000 (410,000) 16,735,000 435,000 Add: Unamortized Bond Premium 1,411,259 (94,084) 1,317,175 Total $21,531,259 ($1,049,084) $20,482,175 $1,000,000
2. Successor Agency 2015 Tax Allocation Bonds
On May 6, 2015, the Agency issued $2,595,000 in 2015 Tax Allocation Bonds, Series A, and $3,115,000 in 2015 Tax Allocation Bonds, Series B. The proceeds of these bonds, secured by property tax revenues in the Redevelopment Property Tax Trust Fund, were used to refund and defease the outstanding 2003 Tax Allocation Bonds. The 2003 Bonds were called on June 19, 2015.
Under the terms of the Trust Indenture for the 2015 Bonds, an event of default occurs if, among other things, the Successor Agency (i) fails to pay interest or principal on the 2015 Bonds when due and payable, (ii) fails to observe or perform any other covenant or term contained in the Trust Indenture, or (iii) commences a voluntary case under Title 11 of the United States Code. Upon the occurrence of an event of default, the Trustee may exercise any remedies available to the Trustee and the bond owners in law or at equity.
The 2015 Bonds are secured by the Successor Agency’s property tax revenues in the Redevelopment Property Tax Trust Fund. Annual principal payments on the Series A Bonds do not start till September 1, 2024, and semi-annual interest payments are due March 1 and September 1, through 2028. Annual principal payments on the Series B Bonds are due September 1, and semiannual interest payments are due March 1 and September 1, through 2024. 85 273
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 18 – REDEVELOPMENT AGENCY DISSOLUTION AND SUCCESSOR AGENCY ACTIVITIES (Continued)
3. Successor Agency 2018 Tax Allocation Refunding Bonds On July 19, 2018, the Agency issued $18,655,000 in 2018 Tax Allocation Refunding Bonds. The proceeds of these bonds, secured by property tax revenues in the Redevelopment Property Tax Trust Fund, were used to refund and defease the outstanding 2008 Subordinate Tax Allocation Bonds. The refunding reduces the total debt service payments over 21 years by $7,649,546 and results in an economic gain (difference between the present values of the debt service payments on the old and new debt) of $3,097,278. The 2008 Bonds were called on September 1, 2018.
Under the terms of the Trust Indenture for the 2018 Bonds, an event of default occurs if, among other things, the Successor Agency (i) fails to pay interest or principal on the 2018 Bonds when due and payable, (ii) fails to observe or perform any other covenant or term contained in the Trust Indenture, or (iii) commences a voluntary case under Title 11 of the United States Code. Upon the occurrence of an event of default, the Trustee may exercise any remedies available to the Trustee and the bond owners in law or at equity.
The 2018 Bonds are secured by the Successor Agency’s property tax revenues in the Redevelopment Property Tax Trust Fund. The 2018 Bonds are on parity with the 2015 Bonds discussed above Annual principal payments on the 2018 Bonds are due September 1, and semiannual interest payments are due March 1 and September 1, through 2028.
4. Pledge of Tax Revenues
As discussed above, the Agency had pledged all future tax increment revenues, less amounts required to be set aside in the Redevelopment Agency Low and Moderate Income Housing Capital Projects Fund and certain tax increment pass through payments, for the repayment of both the 2003 and 2008A Tax Allocation Bonds (non-housing revenues). The Agency had also pledged tax increment revenues required to be set aside in the Redevelopment Agency Low and Moderate Income Housing Capital Projects Fund (housing revenue) for the repayment of a portion of the 2003 Tax Allocation Bonds. With the issuance of the 2018 Bonds, the tax increment revenue is pledged on parity with the 2015 and 2018 Bonds. The pledge of all future tax increment revenues ends upon repayment of the $25,143,273 remaining debt service on the 2015 and 2018 Bonds above, which is scheduled to occur in 2039.
With the dissolution of the Redevelopment Agency discussed above, Tax Increment is no longer distributed, and instead the Successor Agency receives payments from the County’s Redevelopment Property Tax Trust Fund (RPTTF) that are to be used to fund debt service on the Bonds, with no distinction between housing and non-housing revenues. Beginning in fiscal year 2012, under the provisions of the laws dissolving the Redevelopment Agency, the Successor Agency only receives the funds necessary to fulfill its approved obligations. Total property taxes available for distribution to the Successor Agency and other taxing entities for fiscal year 2025 calculated by the County Auditor-Controller was $8,160,190 and the total received by the Successor Agency for fiscal year 2025 debt service was $2,038,802 which represented 113% of the $1,801,489 of debt service.
86 274
CITY OF OAKLEY
NOTES TO BASIC FINANCIAL STATEMENTS
For fiscal year ended June 30, 2025
NOTE 18 – REDEVELOPMENT AGENCY DISSOLUTION AND SUCCESSOR AGENCY ACTIVITIES (Continued)
5. Debt Service Requirements
Annual debt service requirements for the Bonds are shown below:
For the Year
Ending June 30 Principal Interest
2026 $1,000,000 $799,986
2027 1,050,000 748,736
2028 1,105,000 699,939
2029 1,145,000 653,615
2030 1,195,000 599,943
2031 - 2035 6,940,000 2,016,590
2036 - 2039 6,730,000 459,464
19,165,000 $5,978,273
Add: Unamortized
Premium 1,317,175
Net Long Term Debt $20,482,175
D. COMMITMENTS AND CONTINGENCIES
1. State Approval of Enforceable Obligations
The Successor Agency prepares a Recognized Obligation Payment Schedule (ROPS) semi-annually that contains all proposed expenditures for the subsequent six-month period. The ROPS is subject to the review and approval of the Oversight Board as well as the State Department of Finance.
Although the State Department of Finance may not question items included on the ROPS in one period, they may question the same items in a future period and disallow associated activities. The amount, if any, of current obligations that may be denied by the State Department of Finance in the future cannot be determined at this time.
2. State Asset Transfer Review
The activities of the former Redevelopment Agency and the Successor Agency were also subject to further examination by the State of California. The State Controller’s Office conducted a review of the propriety of asset transfers between the former Redevelopment Agency or the Successor Agency and any public agency that occurred on or after January 1, 2011. The results of that review were issued in July 2015 and although the review did identify ineligible transfers of assets from the former Redevelopment Agency to the City, the report reflected the current year and prior year transfers discussed in Note 18A and made no further demands for the return of assets to the Successor Agency.
E. CONTRA COSTA COUNTYWIDE CONSOLIDATED OVERSIGHT BOARD On July 1, 2018, the duties of the Oakley Oversight Board transferred to a new Contra Costa Countywide Consolidated Oversight Board, which is responsible for overseeing the winddown affairs of all Successor Agencies in Contra Costa County, including the Successor Agency to the Oakley Redevelopment Agency.
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REQUIRED SUPPLEMENTARY INFORMATION
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279
REQUIRED SUPPLEMENTARY INFORMATION
Miscellaneous and Safety Rate Plans, a Cost Sharing-Employer Defined Benefit Pension Plan Last 10 Years
SCHEDULE OF THE CITY'S PROPORTIONATE SHARE
OF THE NET PENSION LIABILITY
Measurement Date 6/30/2015 6/30/2016 6/30/2017 6/30/2018 Plan's Proportion of the Net Pension Liability (Asset) 0.05032% 0.04978% 0.02077% 0.02053% Plan's Proportionate Share of the Net Pension Liability/(Asset) $1,380,410 $1,729,323 $2,059,612 $1,978,129 Plan's Covered Payroll $2,494,839 $3,497,131 $6,800,698 $8,031,468 Plan's Proportionate Share of the Net Pension Liability/(Asset) as a Percentage of its Covered Payroll 55.33% 49.45% 30.29% 24.63% Plan's Fiduciary Net Position as a Percentage of the Plan’s Total Pension Liability 78.40% 74.06% 73.31% 75.26%
Notes to Schedule:
92 280
REQUIRED SUPPLEMENTARY INFORMATION
6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024
0.02258% 0.01526% -0.02567% 0.01800% 0.02619% 0.02646%
$2,313,974 $1,660,558 ($1,388,239) $2,077,415 $3,267,670 $3,209,206 $8,224,932 $8,331,862 $8,425,819 $8,601,562 $9,842,108 $11,091,516
28.13% 19.93% -16.48% 24.15% 33.20% 28.93%
75.26% 75.10% 88.29% 76.68% 76.21% 78.08%
93 281
REQUIRED SUPPLEMENTARY INFORMATION
Miscellaneous and Safety Rate Plans, a Cost Sharing-Employer Defined Benefit Pension Plan Last 10 Years
SCHEDULE OF CONTRIBUTIONS
For the year Ended June 30 2016 2017 2018 2019
Actuarially determined contribution $382,769 $746,429 $986,847 $1,038,446 Contributions in relation to the actuarially determined contributions 382,769 746,429 986,847 1,038,446 Contribution deficiency (excess) $0 $0 $0 $0
Covered payroll $3,497,131 $6,800,698 $8,031,468 $8,224,932 Contributions as a percentage of covered payroll 10.95% 10.98% 12.29% 12.63% 94 282
REQUIRED SUPPLEMENTARY INFORMATION
2020 2021 2022 2023 2024 2025
$2,174,321 $1,595,273 $1,113,411 $1,258,262 $1,335,431 $1,539,760 2,174,321 1,595,273 1,113,411 1,258,262 1,335,431 1,539,760 $0 $0 $0 $0 $0 $0
$8,331,862 $8,425,819 $8,601,562 $9,842,108 $11,091,516 $11,845,398
26.10% 18.93% 12.94% 12.78% 12.04% 13.00%
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SUPPLEMENTAL INFORMATION
285
286
MAJOR GOVERNMENTAL FUND, OTHER THAN
GENERAL FUND AND SPECIAL REVENUE FUNDS
TRAFFIC IMPACT FEES CAPITAL PROJECTS FUND
This fund accounts for fees assessed on new development to provide street and road improvements. 99 287
CITY OF OAKLEY
TRAFFIC IMPACT FEES
CAPITAL PROJECTS FUND
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2025
Variance
Positive
Budget Actual (Negative)
REVENUES
Developer fees $5,320,655 $5,804,332 $483,677
Use of money and property 35,000 646,922 611,922
Total Revenues 5,355,655 6,451,254 1,095,599
EXPENDITURES
Current:
Public Works 433,522 559,281 (125,759)
Capital outlay 16,317,492 6,374,468 9,943,024
Total Expenditures 16,751,014 6,933,749 9,817,265
NET CHANGE IN FUND BALANCES ($11,395,359) (482,495) $10,912,864 Fund balance at beginning of year 13,002,589
Fund balance at end of year $12,520,094
100
288
NON-MAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS
GAS TAX
This fund accounts for revenues and expenditures received from the State of California under Street and Highways Code Sections 2105, 2106, 2107 and 2107.5. This fund also accounts for the revenues and expenditures related to Senate Bill 1 (SB 1) Road Maintenance and Rehabilitation Program received from the State of California under Street and Highways Code Sections 2032. All allocations must be spent for street maintenance and construction.
NPDES
This fund accounts for storm water utility fees assessed on properties city-wide and used to pay for the “National Pollution Discharge Elimination System” to prevent further polluting of our streams and bays as mandated by the Federal government.
COMMUNITY FACILITIES DISTRICT #1
This fund accounts for maintenance and operations related to drainage and flood control at the Cypress Grove development.
COMMUNITY FACILITIES DISTRICT 2015-1
This fund accounts for the activities associated with the maintenance of neighborhood parks, community parks, regional parks, street lighting, landscaping and storm water detention facilities at Emerson Ranch.
AG CONSERVATION
This fund accounts for the activities associated with establishing and carrying out the City’s agricultural conservation program.
CITYWIDE COMMUNITY FACILITIES DISTRICT
This fund was established to account for the activities associated with the maintenance of neighborhood parks and stormwater detention facilities in the areas of the 2015-2 Citywide Community Facility District.
REGIONAL PARK
This fund was established to account for the activities associated with the development and maintenance of the Oakley Regional Community Park.
CREEKSIDE PARK RESTORATION GRANT
This fund accounts for a grant from the Delta Conservancy with the purpose of developing plans to restore 775 linear feet of Marsh Creek to provide habitat for native fish and wildlife. Various partners will be participating in the analysis including American Rivers, Inc., Contra Costa Flood District and the adjacent property owner/developer.
101
289
NON-MAJOR GOVERNMENTAL FUNDS (Continued)
DEVELOPER DEPOSITS
This fund accounts for deposits received from contractors and property owners to offset the cost of providing certain Community Development services including processing applications and reviewing grading plans of applicant projects.
OFFICER WELLNESS AND MENTAL HEALTH GRANT
This fund accounts for grant funds received from the Bureau California Board of State and Community Corrections (BSCC). The Officer Wellness and Mental Health (Officer Wellness) Grant Program, established in the 2022 Budget Act, provides funds for the purpose of improving officer wellness and expanding mental health sources.
COMMUNITY FACILITIES DISTRICT 2020-1
This fund accounts for the activities associated with the operations and maintenance associated with the City’s Community parks and the public landscape, street lighting, and storm drain maintenance associated with the Contra Costa Logistics Center project.
OTS POLICE GRANTS
This fund was established to account for grant funding received to pay for overtime expenses on eligible traffic operations.
CAPITAL PROJECTS FUNDS
MEASURE J
This fund accounts for the City’s portion of the half-cent County-wide sales tax levied to fund transportation improvements to local streets.
GENERAL CAPITAL PROJECTS
This fund accounts for revenues and expenditures related to General Fund contributions, grants and other funding accounts for capital projects not accounted for in other capital projects funds. It accounts for the total expenditures for each project charged to this fund.
PARK IMPACT FEES
This fund accounts for fees assessed on new development to provide for park acquisition and development.
PUBLIC FACILITIES IMPACT FEE
This fund accounts for fees assessed on new development to provide for public facilities.
MAIN STREET
This fund accounts for Main Street related projects funded by the General Fund.
CYPRESS GROVE CAPITAL PROJECT
This fund accounts for funds from the 2004-1 Limited Obligation Bonds used to purchase infrastructure assets built by developers in the 2004-1 Assessment District area.
102
290
NON-MAJOR GOVERNMENTAL FUNDS (Continued)
STREET MAINTENANCE REHAB
This fund was established to account for the accumulation of funds for the long-term maintenance of the City’s streets. The amounts transferred into the reserve will be used to augment the City’s Gas Tax, Measure J, and other street improvement revenues in completing street maintenance and improvement projects. The reserve shall be considered fully funded when the balance and the combination of anticipated special revenues eligible for street maintenance is sufficient to pay for the next 3 years’ anticipated maintenance, which is anticipated to occur by June 30, 2018.
2006-1 ASSESSMENT DISTRICT
This fund accounts for funds from the 2006 Infrastructure Revenue Bonds that will ultimately be used to purchase infrastructure assets built by developers in the 2006-1 Assessment District area.
DEBT SERVICE FUND
This fund accounts for principal and interest on the City’s debt issues. 103
291
CITY OF OAKLEY
NON-MAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEETS
JUNE 30, 2025
SPECIAL REVENUE FUNDS
Community
Community Facilities
Facilities District
Gas Tax NPDES District #1 2015-1
ASSETS
Cash and investments available for operations $3,151,829 $1,344,561 $3,094,606 Cash with fiscal agent
Accounts receivable 218,483
Interest receivable 10,842 4,473 10,279
Advances to other funds
Total Assets $3,381,154 $1,349,034 $3,104,885
LIABILITIES
Accounts payable $145,176 $43,553 $9,441 $55,319
Due to other funds 45,581
Deposits payable
Unearned revenue 37,576
Total Liabilities 145,176 126,710 9,441 55,319
DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - interest on advances to other funds Total Deferred Inflows of Resources
FUND BALANCES
Restricted 3,235,978 1,339,593 3,049,566
Assigned
Unassigned (126,710)
Total Fund Balance 3,235,978 (126,710) 1,339,593 3,049,566 Total Liabilities, Deferred Inflows of Resources
and Fund Balances $3,381,154 $1,349,034 $3,104,885
104
292
SPECIAL REVENUE FUNDS
Citywide Creekside Officer Community
Community Park Wellness Facilities
Ag Facilities Regional Restoration Developer and Mental District Conservation District Park Grant Deposits Health Grant 2020-1 $8,037 $2,075,077 $2,874,825 $2,273,766 $90,686
92,100
28 6,391 $72 292
$8,065 $2,081,468 $2,874,825 $2,365,866 $72 $90,978
$111,334 $6,661 $1,323
$72
$3,000 2,359,205
111,334 3,000 2,365,866 72 1,323
$8,065 1,970,134 2,871,825 89,655
8,065 1,970,134 2,871,825 89,655
$8,065 $2,081,468 $2,874,825 $2,365,866 $72 $90,978
(Continued)
105
293
CITY OF OAKLEY
NON-MAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEETS
JUNE 30, 2025
SPECIAL
REVENUE
FUND CAPITAL PROJECTS FUNDS
OTS General Park
Police Capital Impact
Grants Measure J Projects Fees
ASSETS
Cash and investments available for operations $821,049 $10,298,098 $6,215,870 Cash with fiscal agent
Accounts receivable $3,809 824,004
Interest receivable 2,905 30,535 22,049
Advances to other funds 487,852
Total Assets $3,809 $1,647,958 $10,328,633 $6,725,771
LIABILITIES
Accounts payable $23,074 $29,715
Due to other funds $3,809
Deposits payable
Unearned revenue $2,378,566
Total Liabilities 3,809 23,074 2,378,566 29,715
DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - interest on advances to other funds 153,021 Total Deferred Inflows of Resources 153,021
FUND BALANCES
Restricted $1,624,884 6,543,035
Assigned 7,950,067
Unassigned
Total Fund Balance 1,624,884 7,950,067 6,543,035
Total Liabilities, Deferred Inflows of Resources $3,809 $1,647,958 $10,328,633 $6,725,771 106
294
CAPITAL PROJECTS FUNDS
Total
Public Cypress Grove Street 2006-1 Debt Nonmajor
Facilities Impact Main Capital Maintenance Assessment Service Governmental Fee Street Project Rehab District Fund Funds
$2,332,892 $374,192 $589,411 $7,890,748 $831,661 $62,558 $44,329,866 129,766 459,641 4,896 594,303
1,138,396
8,267 1,719 97,852
156,152 644,004
$2,497,311 $374,192 $719,177 $7,890,748 $1,291,302 $69,173 $46,804,421 $605,883 $654,452 $14,646 $1,700,577
49,462
2,362,205
2,416,142
605,883 654,452 14,646 6,528,386
$48,979 202,000
48,979 202,000
2,448,332 113,294 1,276,656 $69,173 24,640,190
$374,192 7,236,296 15,560,555
(126,710)
2,448,332 374,192 113,294 7,236,296 1,276,656 69,173 40,074,035 $2,497,311 $374,192 $719,177 $7,890,748 $1,291,302 $69,173 $46,804,421 107
295
CITY OF OAKLEY
NON-MAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2025
SPECIAL REVENUE FUNDS
Community
Community Facilities
Facilities District
Gas Tax NPDES District #1 2015-1
REVENUES
Property taxes $574,971
Other taxes $861,742
Intergovernmental $2,564,964
Developer fees
Special assessments $358,699
Use of money and property 128,247 55,177 122,726
Miscellaneous 2,062 300
Total Revenues 2,695,273 575,271 413,876 984,468
EXPENDITURES
Current:
Community Development
Public Works 793,271 695,639 231,441 612,221
Law Enforcement
Capital outlay 1,410,033
Debt service:
Principal
Interest and fiscal charges
Total Expenditures 2,203,304 695,639 231,441 612,221
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 491,969 (120,368) 182,435 372,247
OTHER FINANCING SOURCES (USES)
Transfers in 127,638
Transfers (out) (206,992) (10,866) (7,477)
Total Other Financing Sources (Uses) (206,992) 127,638 (10,866) (7,477) NET CHANGE IN FUND BALANCES 284,977 7,270 171,569 364,770 Fund balance (deficit) at beginning of year 2,951,001 (133,980) 1,168,024 2,684,796 Fund balances (deficit) at end of year $3,235,978 ($126,710) $1,339,593 $3,049,566 108
296
SPECIAL REVENUE FUNDS
Citywide Creekside Officer Community
Community Park Wellness Facilities
Ag Facilities Regional Restoration Developer and Mental District Conservation District Park Grant Deposits Health Grant 2020-1 $1,201,153 $386,275 $42,663
$20,607 $19,479
$1,847,635
$345 72,355 23,400 891 3,370
345 1,273,508 409,675 20,607 1,847,635 20,370 46,033
20,607 1,847,566
788,796 1,471 30,366
20,822
29,264
788,796 30,735 20,607 1,847,566 20,822 30,366
345 484,712 378,940 69 (452) 15,667
(9,295)
(9,295)
345 475,417 378,940 69 (452) 15,667
7,720 1,494,717 2,492,885 (69) 452 73,988
$8,065 $1,970,134 $2,871,825 $89,655
(Continued)
109
297
CITY OF OAKLEY
NON-MAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2025
SPECIAL
REVENUE
FUND CAPITAL PROJECTS FUNDS
OTS General Park
Police Capital Impact
Grants Measure J Projects Fees
REVENUES
Property taxes
Other taxes
Intergovernmental $13,843 $824,004
Developer fees $560,880
Special assessments
Use of money and property 22,161 $67,829 271,127
Miscellaneous
Total Revenues 13,843 846,165 67,829 832,007
EXPENDITURES
Current:
Community Development
Public Works 118,475 22,617
Law Enforcement 13,843
Capital outlay 30,678 172,710 530,231
Debt service:
Principal
Interest and fiscal charges
Total Expenditures 13,843 149,153 172,710 552,848
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 697,012 (104,881) 279,159
OTHER FINANCING SOURCES (USES)
Transfers in 3,000,000
Transfers (out)
Total Other Financing Sources (Uses) 3,000,000
NET CHANGE IN FUND BALANCES 697,012 2,895,119 279,159
Fund balance (deficit) at beginning of year 927,872 5,054,948 6,263,876 Fund balances (deficit) at end of year $1,624,884 $7,950,067 $6,543,035 110
298
CAPITAL PROJECTS FUNDS
Total
Public Cypress Grove Street 2006-1 Debt Nonmajor
Facilities Impact Main Capital Maintenance Assessment Service Governmental Fee Street Project Rehab District Fund Funds
$574,971
2,491,833
$159,734 $831,481 $593,275 5,027,387
479,072 2,887,587
358,699
102,682 5,471 20,787 $17,152 913,720
2,362
741,488 836,952 614,062 17,152 12,256,559
18,232 1,886,405
3,294,297
34,665
789,299 $1,852,651 38,516 4,853,382
360,000 360,000
317,018 317,018
18,232 789,299 1,852,651 38,516 677,018 10,745,767
723,256 47,653 (1,852,651) 575,546 (659,866) 1,510,792
6,603,364 676,905 10,407,907
(676,905) (911,535)
(676,905) 6,603,364 676,905 9,496,372
46,351 47,653 4,750,713 575,546 17,039 11,007,164
2,401,981 $374,192 65,641 2,485,583 701,110 52,134 29,066,871 $2,448,332 $374,192 $113,294 $7,236,296 $1,276,656 $69,173 $40,074,035 111
299
CITY OF OAKLEY
NON-MAJOR GOVERNMENTAL FUNDS
COMBINING SCHEDULES OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2025
SPECIAL REVENUE FUNDS
GAS TAX N.P.D.E.S.
Variance Variance
Positive Positive
Budget Actual (Negative) Budget Actual (Negative)
REVENUES
Property taxes $588,200 $574,971 ($13,229)
Other taxes
Intergovernmental: $2,310,668 $2,564,964 $254,296
Developer fees
Special assessments
Use of money and property 25,000 128,247 103,247
Miscellaneous 2,062 2,062 300 300
Total Revenues 2,335,668 2,695,273 359,605 588,200 575,271 (12,929)
EXPENDITURES
Current:
Community Development
Public Works 1,013,193 793,271 219,922 514,013 695,639 (181,626) Law Enforcement
Capital outlay 3,478,975 1,410,033 2,068,942
Debt service:
Principal
Interest and fiscal charges
Total Expenditures 4,492,168 2,203,304 2,288,864 514,013 695,639 (181,626)
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (2,156,500) 491,969 2,648,469 74,187 (120,368) (194,555)
OTHER FINANCING SOURCES (USES)
Transfers in 127,638 127,638
Transfers (out) (119,085) (206,992) (87,907)
Total Other Financing Sources (Uses) (119,085) (206,992) (87,907) 127,638 127,638 NET CHANGE IN FUND BALANCES ($2,275,585) 284,977 $2,560,562 $201,825 7,270 ($194,555) Fund balances (deficit) at beginning of year 2,951,001 (133,980) Fund balances (deficit) at end of year $3,235,978 ($126,710) 112
300
SPECIAL REVENUE FUNDS
COMMUNITY FACILITIES
COMMUNITY FACILITIES DISTRICT #1 DISTRICT 2015-1 AG CONSERVATION Variance Variance Variance
Positive Positive Positive
Budget Actual (Negative) Budget Actual (Negative) Budget Actual (Negative) $861,840 $861,742 ($98)
$358,702 $358,699 ($3)
5,000 55,177 50,177 2,000 122,726 120,726 $345 $345
363,702 413,876 50,174 863,840 984,468 120,628 345 345
448,933 231,441 217,492 1,130,641 612,221 518,420
448,933 231,441 217,492 1,130,641 612,221 518,420
(85,231) 182,435 267,666 (266,801) 372,247 639,048 345 345 (10,866) (10,866) (7,477) (7,477)
(10,866) (10,866) (7,477) (7,477)
($96,097) 171,569 $267,666 ($274,278) 364,770 $639,048 345 $345 1,168,024 2,684,796 7,720
$1,339,593 $3,049,566 $8,065
(Continued)
113
301
CITY OF OAKLEY
NON-MAJOR GOVERNMENTAL FUNDS
COMBINING SCHEDULES OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2025
SPECIAL REVENUE FUNDS
CITYWIDE COMMUNITY
FACILITIES DISTRICT REGIONAL PARK
Variance Variance
Positive Positive
Budget Actual (Negative) Budget Actual (Negative)
REVENUES
Property taxes
Other taxes $1,252,843 $1,201,153 ($51,690) $368,901 $386,275 $17,374 Intergovernmental:
Developer fees
Special assessments
Use of money and property 2,125 72,355 70,230 23,400 23,400 Miscellaneous
Total Revenues 1,254,968 1,273,508 18,540 368,901 409,675 40,774
EXPENDITURES
Current:
Community Development
Public Works 1,358,071 788,796 569,275 1,471 (1,471)
Law Enforcement
Capital outlay 28,041 29,264 (1,223)
Debt service:
Principal
Interest and fiscal charges
Total Expenditures 1,358,071 788,796 569,275 28,041 30,735 (2,694)
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (103,103) 484,712 587,815 340,860 378,940 38,080
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers (out) (9,295) (9,295)
Total Other Financing Sources (Uses) (9,295) (9,295)
NET CHANGE IN FUND BALANCES ($112,398) 475,417 $587,815 $340,860 378,940 $38,080 Fund balances (deficit) at beginning of year 1,494,717 2,492,885 Fund balances (deficit) at end of year $1,970,134 $2,871,825 114
302
SPECIAL REVENUE FUNDS
CREEKSIDE PARK OFFICER WELLNESS AND
RESTORATION GRANT DEVELOPER DEPOSITS MENTAL HEALTH GRANT Variance Variance Variance
Positive Positive Positive
Budget Actual (Negative) Budget Actual (Negative) Budget Actual (Negative) $20,607 $20,607 $13,000 $19,479 $6,479
$1,377,446 $1,847,635 $470,189
891 891
20,607 20,607 1,377,446 1,847,635 470,189 13,000 20,370 7,370 $14,899 20,607 (5,708) 1,377,446 1,847,566 (470,120)
13,000 20,822 (7,822)
14,899 20,607 (5,708) 1,377,446 1,847,566 (470,120) 13,000 20,822 (7,822) (14,899) 14,899 69 69 (452) (452)
($14,899) $14,899 69 $69 (452) ($452)
(69) 452
(Continued)
115
303
CITY OF OAKLEY
NON-MAJOR GOVERNMENTAL FUNDS
COMBINING SCHEDULES OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2025
SPECIAL REVENUE FUNDS
COMMUNITY FACILITIES
DISTRICT 2020-1 OTS POLICE GRANTS
Variance Variance
Positive Positive
Budget Actual (Negative) Budget Actual (Negative)
REVENUES
Property taxes
Other taxes $42,645 $42,663 $18
Intergovernmental $13,843 $13,843
Developer fees
Special assessments
Use of money and property 3,370 3,370
Miscellaneous
Total Revenues 42,645 46,033 3,388 13,843 13,843
EXPENDITURES
Current:
Community Development
Public Works 53,443 30,366 23,077
Law Enforcement 13,843 (13,843)
Capital outlay
Debt service:
Principal
Interest and fiscal charges
Total Expenditures 53,443 30,366 23,077 13,843 (13,843)
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (10,798) 15,667 26,465
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers (out)
Total Other Financing Sources (Uses)
NET CHANGE IN FUND BALANCES ($10,798) 15,667 $26,465
Fund balances (deficit) at beginning of year 73,988
Fund balances (deficit) at end of year $89,655
116
304
CAPITAL PROJECTS FUNDS CAPITAL PROJECTS FUNDS
MEASURE J GENERAL CAPITAL PROJECTS PARK IMPACT FEES
Variance Variance Variance
Positive Positive Positive
Budget Actual (Negative) Budget Actual (Negative) Budget Actual (Negative) $770,000 $824,004 $54,004
$855,498 $560,880 ($294,618)
10,000 22,161 12,161 $10,000 $67,829 $57,829 15,000 271,127 256,127 780,000 846,165 66,165 10,000 67,829 57,829 870,498 832,007 (38,491) 227,738 118,475 109,263 32,073 22,617 9,456
425,000 30,678 394,322 7,325,486 172,710 7,152,776 5,328,148 530,231 4,797,917 652,738 149,153 503,585 7,325,486 172,710 7,152,776 5,360,221 552,848 4,807,373 127,262 697,012 569,750 (7,315,486) (104,881) 7,210,605 (4,489,723) 279,159 4,768,882 3,000,000 3,000,000
3,000,000 3,000,000
$127,262 697,012 $569,750 ($4,315,486) 2,895,119 $7,210,605 ($4,489,723) 279,159 $4,768,882 927,872 5,054,948 6,263,876
$1,624,884 $7,950,067 $6,543,035
(Continued)
117
305
CITY OF OAKLEY
NON-MAJOR GOVERNMENTAL FUNDS
COMBINING SCHEDULES OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2025
CAPITAL PROJECTS FUNDS
PUBLIC FACILITIES IMPACT FEE MAIN STREET
Variance Variance
Positive Positive
Budget Actual (Negative) Budget Actual (Negative)
REVENUES
Property taxes
Other taxes
Intergovernmental $159,734 $159,734
Developer fees $788,895 479,072 (309,823)
Special assessments
Use of money and property 102,682 102,682
Miscellaneous
Total Revenues 788,895 741,488 (47,407)
EXPENDITURES
Current:
Community Development 27,939 18,232 9,707
Public Works
Law Enforcement
Capital outlay 500,000 500,000
Debt service:
Principal
Interest and fiscal charges
Total Expenditures 527,939 18,232 509,707
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 260,956 723,256 462,300
OTHER FINANCING SOURCES (USES)
Transfers in
Transfers (out) (676,905) (676,905)
Total Other Financing Sources (Uses) (676,905) (676,905) NET CHANGE IN FUND BALANCES ($415,949) 46,351 $462,300
Fund balances (deficit) at beginning of year 2,401,981 $374,192 Fund balances (deficit) at end of year $2,448,332 $374,192 118
306
CAPITAL PROJECTS FUNDS
CYPRESS GROVE CAPITAL PROJECT STREET MAINTENANCE REHAB 2006-1 ASSESSMENT DISTRICT Variance Variance Variance
Positive Positive Positive
Budget Actual (Negative) Budget Actual (Negative) Budget Actual (Negative) $231,481 $831,481 $600,000 $93,275 $593,275 $500,000
5,471 5,471 20,787 20,787
231,481 836,952 605,471 93,275 614,062 520,787
825,538 789,299 36,239 $8,828,493 $1,852,651 $6,975,842 1,225,538 38,516 1,187,022 825,538 789,299 36,239 8,828,493 1,852,651 6,975,842 1,225,538 38,516 1,187,022 (594,057) 47,653 641,710 (8,828,493) (1,852,651) 6,975,842 (1,132,263) 575,546 1,707,809 6,603,364 6,603,364
6,603,364 6,603,364
($594,057) 47,653 $641,710 ($2,225,129) 4,750,713 $6,975,842 ($1,132,263) 575,546 $1,707,809 65,641 2,485,583 701,110
$113,294 $7,236,296 $1,276,656
(Continued)
119
307
CITY OF OAKLEY
NON-MAJOR GOVERNMENTAL FUNDS
COMBINING SCHEDULES OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2025
DEBT SERVICE FUND
Variance
Positive
Budget Actual (Negative)
REVENUES
Property taxes
Other taxes
Intergovernmental
Developer fees
Special assessments
Use of money and property $17,152 $17,152
Miscellaneous
Total Revenues 17,152 17,152
EXPENDITURES
Current:
Community Development
Public Works
Law Enforcement
Capital outlay
Debt service:
Principal $360,000 360,000
Interest and fiscal charges 316,905 317,018 (113)
Total Expenditures 676,905 677,018 (113)
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (676,905) (659,866) 17,039
OTHER FINANCING SOURCES (USES)
Transfers in 676,905 676,905
Transfers (out)
Total Other Financing Sources (Uses) 676,905 676,905
NET CHANGE IN FUND BALANCES 17,039 $17,039
Fund balances (deficit) at beginning of year 52,134
Fund balances (deficit) at end of year $69,173
120
308
INTERNAL SERVICE FUNDS
Internal Service Funds are used to finance and account for special activities and services performed by a designated department for other departments in the City on a cost reimbursement basis.
The concept of major funds does not extend to internal service funds because they do not do business with outside parties. For the Statement of Activities, the net revenues or expenses of each internal service fund be eliminated by netting them against the operations of the other City departments which generated them. The remaining balance sheet items are consolidated with these same funds in the Statement of Net Position.
However, internal service funds are still presented separately in the Fund financial statements, including the funds below.
VEHICLE AND EQUIPMENT REPLACEMENT
This fund is used to finance and account for the replacement of vehicles and equipment used by City departments.
CAPITAL FACILITIES MAINTENANCE AND REPLACEMENT
This fund is used to account for the maintenance and replacement of the City’s capital facilities used by City departments.
INFORMATION TECHNOLOGY
This fund is used to finance and accounts for the replacement of technology equipment used by City departments. 121
309
CITY OF OAKLEY
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF NET POSITION
JUNE 30, 2025
Vehicle and Capital Facilities
Equipment Maintenance and Information
Replacement Replacement Technology Total
ASSETS
Current:
Cash and investments available for operations $1,253,600 $273,516 $447,104 $1,974,220 Receivables:
Interest 4,124 1,019 1,578 6,721
Total Current Assets 1,257,724 274,535 448,682 1,980,941 Noncurrent:
Capital assets:
Depreciable, net 1,278,867 5,329,501 1,366,744 7,975,112 Total Noncurrent Assets 1,278,867 5,329,501 1,366,744 7,975,112 Total Assets 2,536,591 5,604,036 1,815,426 9,956,053
LIABILITIES
Current:
Accounts payable 7,079 38,514 45,593
Accrued liabilities 782 1,438 2,220
Subscription liability - due in one year 137,151 137,151 Total Current Liabilities 7,861 177,103 184,964
Noncurrent:
Subscription liability - due in more than one year 300,846 300,846 Total Liabilities 7,861 477,949 485,810
NET POSITION
Investment in capital assets 1,278,867 5,329,501 928,747 7,537,115 Unrestricted 1,249,863 274,535 408,730 1,933,128
Total Net Position $2,528,730 $5,604,036 $1,337,477 $9,470,243 122
310
CITY OF OAKLEY
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF REVENUE, EXPENSES
AND CHANGES IN FUND NET POSITION
FOR THE YEAR ENDED JUNE 30, 2025
Vehicle and Capital Facilities
Equipment Maintenance and Information
Replacement Replacement Technology Total
OPERATING REVENUES
Charges for services $750,705 $771,351 $1,522,056
Miscellaneous revenue 23,359 23,359
Total Operating Revenues 774,064 771,351 1,545,415
OPERATING EXPENSES
Supplies 270,146 $1,269 395,532 666,947
Depreciation 399,160 218,996 434,051 1,052,207
Total Operating Expenses 669,306 220,265 829,583 1,719,154 Operating Income (Loss) 104,758 (220,265) (58,232) (173,739)
NONOPERATING REVENUES (EXPENSES)
Gain on sale of assets 16,743 16,743
Interest income 51,477 19,600 17,755 88,832
Interest expense (17,374) (17,374)
Total Nonoperating Revenues 68,220 19,600 381 88,201
Income (Loss) Before Contributions and Transfers 172,978 (200,665) (57,851) (85,538) Contributions
Transfers in 147,152 147,152
Capital assets transferred between internal service funds 220,856 (220,856) Capital assets contributed from governmental activities 782,664 474,270 1,256,934 Capital assets contributed to governmental activities (293,841) (91,700) (385,541) Change in net position 393,834 288,158 251,015 933,007
BEGINNING NET POSITION 2,134,896 5,315,878 1,086,462 8,537,236 ENDING NET POSITION $2,528,730 $5,604,036 $1,337,477 $9,470,243 123
311
CITY OF OAKLEY
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED JUNE 30, 2025
Vehicle and Capital Facilities
Equipment Maintenance and Information
Replacement Replacement Technology Total
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers $750,705 $771,351 $1,522,056
Miscellaneous receipts 23,359 23,359
Payments to suppliers (412,853) ($1,269) (355,580) (769,702) Cash Flows from Operating Activities 361,211 (1,269) 415,771 775,713
CASH FLOWS FROM CAPITAL
FINANCING ACTIVITIES
Transfer in from other funds 147,152 147,152
Capital assets purchased and
contributed to governmental activities (293,841) (91,700) (385,541) Proceeds from sale of capital assets 18,851 1 18,852
Acquisition of capital assets (388,459) (2) (280,209) (668,670) Subscription payment - principal (129,778) (129,778)
Subscription payment - interest (17,374) (17,374)
Cash Flows from Capital Financing Activities (369,608) (293,842) (371,909) (1,035,359)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest 53,390 21,561 18,162 93,113
Net Cash Flows 44,993 (273,550) 62,024 (166,533)
Cash and investments at beginning of period 1,208,607 547,066 385,080 2,140,753 Cash and investments at end of period $1,253,600 $273,516 $447,104 $1,974,220
NONCASH TRANSACTIONS
Retirement of capital assets ($2,108) ($1) ($2,109)
Transfer of capital assets $220,856 $782,664 $253,414 $1,256,934 Subscription asset additions $567,775 $567,775
Issuance of subscription liability ($567,775) ($567,775) Reconciliation of Operating Income (Loss)
to Cash Flows from Operating Activities:
Operating income (loss) $104,758 ($220,265) ($58,232) ($173,739) Adjustments to reconcile operating income (loss)
to cash flows from operating activities:
Depreciation 399,160 218,996 434,051 1,052,207
Net change in assets and liabilities:
Accounts payable (141,885) 38,514 (103,371)
Accrued liabilities (822) 1,438 616
Cash Flows from Operating Activities $361,211 ($1,269) $415,771 $775,713 124
312
CUSTODIAL FUNDS
Custodial Funds report resources, not in a trust, that are held by the City for other parties outside of the City’s reporting entity.
ASSESSMENT DISTRICT 2004-1
This fund accounts for Assessment District 2004-1 special assessment collections and debt service payments.
ASSESSMENT DISTRICT 2006-1
This fund accounts for Assessment District 2006-1 special assessment collections and debt service payments.
FIRE PROTECTION DISTRICT
This fund was established to account for impact fees collected from development and submitted to the District.
RECLAMATION DISTRICT #799 (CFD 2022-2)
This fund was established to account for impact fees collected from development and submitted to the District. 125
313
CITY OF OAKLEY
CUSTODIAL FUNDS
COMBINING STATEMENT OF NET POSITION
JUNE 30, 2025
Assessment Assessment Fire Reclamation
District District Protection District 799
2004-1 2006-1 District (CFD2022-2) Total
ASSETS
Cash and investments $1,441,962 $605,436 $181,966 $195,820 $2,425,184 Cash and investments with fiscal agent 157,759 408,118 565,877 Accounts receivable
Interest receivable 5,864 4,018 9,882
Total Assets 1,605,585 1,017,572 181,966 195,820 3,000,943
LIABILITIES
Accounts payable 181,966 195,820 377,786
Due to other agencies
Total Liabilities 181,966 195,820 377,786
NET POSITION:
Restricted for:
Bondholders or other agencies 1,605,585 1,017,572 2,623,157 Total Net Position $1,605,585 $1,017,572 $2,623,157
126
314
CITY OF OAKLEY
CUSTODIAL FUNDS
COMBINING STATEMENT OF CHANGES IN NET POSITION
FOR THE YEAR ENDED JUNE 30, 2025
Assessment Assessment Fire Reclamation
District District Protection District 799
2004-1 2006-1 District (CFD2022-2) Total
ADDITIONS
Special assessments $1,191,472 $760,644 $399,544 $435,278 $2,786,938 Use of money and properties 80,490 64,120 144,610
Total Additions 1,271,962 824,764 399,544 435,278 2,931,548
DEDUCTIONS
Administrative expenses 16,250 13,545 29,795
Payments to bondholders and
related fiscal charges 1,737,119 1,231,579 2,968,698
Payments to other agencies 387,023 435,278 822,301
Total Deductions 1,753,369 1,245,124 387,023 435,278 3,820,794 Change in Net Position (481,407) (420,360) 12,521 (889,246) Beginning Net Position 2,086,992 1,437,932 (12,521) 3,512,403 Ending Net Position $1,605,585 $1,017,572 $2,623,157
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316
STATISTICAL SECTION
317
318
STATISTICAL SECTION
This part of the City’s Annual Comprehensive Financial Report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the City’s overall financial health. In contrast to the financial section, the statistical section information is not subject to independent audit.
Financial Trends
These schedules contain trend information to help the reader understand how the City’s financial performance and wellbeing have changed over time:
1. Net Position by Component
2. Changes in Net Position
3. Fund Balances of Governmental Funds
4. Changes in Fund Balance of Governmental Funds
Revenue Capacity
These schedules contain information to help the reader assess the City’s most significant local revenue source, the property tax:
1. Assessed and Estimated Actual Value of Taxable Property
2. Property Tax Rates, All Overlapping Governments
3. Principal Property Tax Payers
4. Property Tax Levies and Collections
Debt Capacity
These schedules present information to help the reader assess the affordability of the City’s current levels of outstanding debt and the City’s ability to issue additional debt in the future:
1. Ratio of Outstanding Debt by Type
2. Computation of Direct and Overlapping Debt
3. Computation of Legal Bonded Debt Margin
4. Bonded Debt Pledged Revenue Coverage, Former Redevelopment Agency Tax Allocation Bonds Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader understand the environment within which the City’s financial activities take place:
1. Demographic and Economic Statistics
2. Principal Employers
Operating Information
These schedules contain service and infrastructure data to help the reader understand how the information in the City’s financial report relates to the services the City provides and the activities it performs:
1. Budgeted Full-Time Equivalent City Government Employees by Function
2. Operating Indicators by Function/Program
3. Capital Asset Statistics by Function/Program
Sources
Unless otherwise noted, the information in these schedules is derived from the Annual Comprehensive Financial Reports for the relevant year.
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320
CITY OF OAKLEY
Net Position by Component (000's)
Last Ten Fiscal Years
(accrual basis of accounting)
Fiscal Year Ended June 30,
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Primary government
Governmental activities
Net investment in capital assets $153,509 $170,799 $174,868 $185,805 $188,555 $214,187 $221,980 $230,421 $238,068 $250,783 Restricted 27,205 31,286 39,006 35,780 39,992 48,461 56,581 59,526 60,747 65,280 Unrestricted 17,784 20,395 19,286 19,877 24,020 33,049 37,422 39,283 42,019 51,805 Total governmental activities net position $198,498 $222,480 $233,160 $241,462 $252,567 $295,697 $315,983 $329,230 $340,834 $367,868 $0
$50
$100
$150
$200
$250
$300
$350
$400
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Thousands
Net of Related Debt Restricted Unrestricted
133
321
CITY OF OAKLEY
Changes in Net Position (000's)
Last Ten Fiscal Years
(Accrual Basis of Accounting)
Fiscal Year Ended June 30,
2016 2017 2018 2019 2020 (a) 2021 2022 2023 2024 2025
Expenses
Governmental Activities:
Legislative $481 $604 $641 $754 $661 $722 $620 $1,107 $998 $1,129 Administrative Services 1,220 1,855 1,877 1,971 3,197 3,056 1,236 3,606 3,552 4,595 Community Development 2,152 2,088 3,160 4,019 4,572 3,437 3,782 4,819 4,648 4,901 Public Works 11,478 11,818 12,200 12,969 13,198 21,437 (b) 16,987 20,107 20,386 20,829 Housing Programs 85 3 3 4 4 3 3334
Law Enforcement 8,230 8,066 9,097 9,567 10,257 10,139 10,005 12,909 13,584 14,955 Recreation 560 562 629 771 662 653 723 1,034 1,065 1,336 Interest and fiscal charges 292 476 400 390 378 373 349 344 333 336 Total Governmental Activities Expenses 24,498 25,472 28,007 30,445 32,929 39,820 33,705 43,929 44,569 48,085 Total Primary Government Expenses $24,498 $25,472 $28,007 $30,445 $32,929 $39,820 $33,705 $43,929 $44,569 $48,085 Program Revenues
Governmental Activities:
Charges for Services:
Administrative Services $395 $521 $549 $399 $889 $1,736 $1,240 $807 $488 $740 Community Development 2,133 2,151 3,137 2,759 3,312 4,785 3,832 3,464 2,783 3,884 Public Works 3,951 4,245 4,764 5,206 5,571 7,021 7,962 8,851 9,159 9,552 Law Enforcement 3,638 4,068 4,426 4,887 5,408 5,551 6,480 7,381 7,910 8,271 Recreation 98 126 166 189 583 281 334 316 422 512
Operating Grants and Contributions 1,356 1,309 1,619 2,090 2,246 2,895 3,549 3,475 5,462 5,383 Capital Grants and Contributions 5,040 10,324 10,562 8,430 10,090 45,155 16,125 12,072 6,672 17,192 Total Government Activities
Program Revenues 16,611 22,744 25,223 23,960 28,099 67,424 39,522 36,366 32,896 45,534 Total Primary Government
Program Revenues $16,611 $22,744 $25,223 $23,960 $28,099 $67,424 $39,522 $36,366 $32,896 $45,534 Net (Expense)/Revenue
Governmental Activities ($7,887) ($2,728) ($2,784) ($6,485) ($4,830) $27,604 $5,817 ($7,563) ($11,673) ($2,551) Total Primary Government Net Expense ($7,887) ($2,728) ($2,784) ($6,485) ($4,830) $27,604 $5,817 ($7,563) ($11,673) ($2,551) General Revenues and Other
Changes in Net Position
Governmental Activities:
Taxes:
Property Taxes $5,814 $6,233 $6,918 $7,435 $7,965 $8,569 $8,821 $9,997 $10,631 $11,130 Sales Taxes 1,753 1,774 1,826 2,041 2,183 2,485 3,246 3,260 3,147 2,826 Transient Occupancy Tax 210 267 276 270 233 240 261 262 264 211 Nonregulatory Franchise and Business 1,584 1,686 1,877 1,934 2,042 2,234 2,475 2,645 2,930 2,910 Intergovernmental, unrestricted:
Motor Vehicle In-Lieu 16 18 22 20 33 31 50 46 55 72
Other 186 2
Interest Earnings and Use of Property 557 563 881 1,645 1,573 756 (1,578) 2,776 5,076 5,156 Gain on Sale of Property 455 7 4,124
Other 1,890 1,340 1,665 1,440 1,907 1,210 1,194 1,369 1,167 1,716 Extraordinary / Special Item 6,327 (c) 14,642 (c)
Total Government Activities 18,151 26,709 13,465 14,787 15,936 15,525 14,469 20,810 23,277 28,145 Total Primary Government $18,151 $26,709 $13,465 $14,787 $15,936 $15,525 $14,469 $20,810 $23,277 $28,145 Change in Net Position
Governmental Activities $10,264 $23,981 $10,681 $8,302 $11,106 $43,129 $20,286 $13,247 $11,604 $25,594 Total Primary Government $10,264 $23,981 $10,681 $8,302 $11,106 $43,129 $20,286 $13,247 $11,604 $25,594 NOTES:
(a) Revenues were reclassified in fiscal year 2019-20. Prior years have not been revised. (b) The City conveyed a completed fire station project totaling $3.3 million to the East Contra Costa County Fire Protection District which was recorded as an expenditure in the Statement of Activities. (c) Pursuant to the Long Range Property Management Plan, the Successor Agency transferred assets to the City. 134
322
CITY OF OAKLEY
Fund Balances of Governmental Funds (000's)
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
Fiscal Year Ended June 30,
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
General Fund
Nonspendable $7,000 $4,741 $4,704 $4,793 $4,104 $3,512 $3,537 $3,520 $3,516 $3,481 Restricted 559 559 202 429 644 1,110 974 1,047 1,165 1,306 Assigned 943 626 4,257 3,919 5,960 6,922 11,750 4,589 10,520 18,784 Unassigned 9,068 8,769 7,172 7,796 7,342 12,791 10,381 16,585 17,711 12,997 Total General Fund $17,570 $14,695 $16,335 $16,937 $18,050 $24,335 $26,642 $25,741 $32,912 $36,568 (a) All Other Governmental Funds
Nonspendable $18
Restricted $17,593 $24,517 $31,783 $24,004 $27,615 $37,235 45,152 $47,795 $48,770 $53,057 Assigned 622 4,434 3,132 3,543 6,625 7,770 6,869 12,412 8,515 16,465 Unassigned (1,401) (1,046) (1,039) (993) (920) (923) (931) (943) (962) (941) Total all other governmental funds $16,814 $27,905 $33,876 $26,554 $33,320 $44,082 $51,108 $59,264 $56,323 $68,581 (a) NOTES:
(a) The change in total fund balance for the General Fund and other governmental funds is explained in Management's Discussion and Analysis. $0
$20
$40
$60
$80
$100
$120
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Millions
Reserved / Restricted Nonspendable Assigned Unreserved / Unassigned 135
323
CITY OF OAKLEY
Changes in Fund Balance of Governmental Funds (000's)
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
Fiscal Year Ended June 30,
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Revenues
Taxes $9,213 $10,179 $11,499 $12,484 $13,663 $15,955 $17,836 $19,895 $20,518 $20,841 Licenses, permits and fees 2,024 2,348 2,562 1,772 2,331 4,740 3,816 2,927 2,212 2,881 Fines and forfeitures 138 133 133 129 105 77 106 70 93 80 Use of money and property 563 366 640 1,359 1,383 509 (1,451) 2,647 5,035 5,164 Intergovernmental revenues 3,030 3,015 3,757 5,092 2,961 3,171 4,197 4,874 6,593 7,905 Charges for services 11,578 14,635 16,131 12,490 18,283 24,184 22,209 17,301 16,744 22,751 Other 1,867 1,320 4,835 2,578 2,563 2,938 1,392 1,403 1,178 1,729 Total Revenues 28,413 31,996 39,557 35,904 41,289 51,574 48,105 49,117 52,373 61,351 Expenditures
Current:
Legislative 482 614 612 730 683 728 875 960 921 1,041
Administrative services 1,335 1,709 1,419 1,586 3,238 2,961 2,291 2,514 2,936 3,334 Community development 2,274 2,113 3,081 3,959 4,608 4,351 4,899 4,715 4,635 4,816 Public works 5,651 5,921 6,053 6,373 6,093 8,044 9,683 10,215 10,002 11,308 Housing programs 85 333433334
Law enforcement 8,098 8,038 9,202 9,779 9,807 9,772 10,610 11,978 13,541 14,274 Recreation 566 575 607 750 687 660 925 912 1,034 1,314
Capital outlay 7,969 6,397 10,279 18,747 7,591 7,329 8,928 10,317 15,278 13,771 Debt service:
Principal repayment 275 6,725 275 280 295 305 315 330 345 360 Interest and fiscal charges 299 621 417 417 403 375 361 372 382 375 Total Expenditures 27,034 32,716 31,948 42,624 33,409 34,528 38,890 42,316 49,077 50,597 Excess (deficiency) of revenues over
(under) expenditures 1,379 (720) 7,609 (6,720) 7,880 17,046 9,215 6,801 3,296 10,754 Other Financing Sources (Uses)
Transfers in 2,311 6,091 3,747 2,891 3,933 3,028 6,550 10,285 3,189 10,640 Transfers (out) (2,311) (6,091) (3,747) (2,891) (3,933) (3,028) (6,550) (10,285) (3,189) (10,787) Proceeds (loss) from sale of property 79 50 120 453 934 5,307 Lease revenue bonds issued 10,025
Bond issuance premium 157
Total other financing sources (uses) 79 10,232 120 453 934 5,160 Special item 2,904 (1,294)
Net Change in fund balances $4,362 $8,218 $7,609 ($6,720) $7,880 $17,046 $9,335 $7,254 $4,230 $15,914 Debt service as a percentage of
noncapital expenditures 3.0% 27.9% 3.2% 2.9% 2.7% 2.5% 2.3% 2.2% 2.2% 2.0% 136
324
CITY OF OAKLEY
ASSESSED AND ESTIMATED ACTUAL
VALUE OF TAXABLE PROPERTY (MILLIONS)
LAST TEN FISCAL YEARS
Real Property Total Real Total
Fiscal Residential Commercial Industrial Secured Unsecured Total Estimated Direct Year Property Property Property Other Property Property Assessed (a) Full Market (a) Tax Rate (b) 2016 $3,105 $112 $11 $147 $3,375 $42 $3,417 $3,417 1%
2017 3,314 130 11 190 3,645 48 3,693 3,693 1%
2018 3,639 142 11 166 3,958 58 4,016 4,016 1%
2019 3,997 148 45 143 4,333 53 4,386 4,386 1%
2020 4,272 153 56 196 4,677 70 4,747 4,747 1%
2021 4,528 165 64 233 4,990 70 5,060 5,060 1%
2022 4,841 173 120 227 5,361 75 5,436 5,436 1%
2023 5,589 185 244 217 6,235 97 6,332 6,332 1%
2024 6,017 192 319 211 6,739 131 6,870 6,870 1%
2025 6,213 197 326 338 7,074 154 7,228 7,228 1%
Source: Contra Costa County Auditor Controller Office Certificate of Assessed Valuations Notes:
(a) The State Constitution requires property to be assessed at one hundred percent of the most recent purchase price, plus the value of any new construction, plus an increment of no more than two percent annually. These values are considered to be full market values. (b) California cities do not set their own direct tax rate. The state constitution establishes the rate at 1% and allocates a portion of that amount, by an annual calculation, to all the taxing entities within a tax rate area.
The City of Oakley includes 44 tax rate areas.
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Millions
Unsecured Property Secured Property
137
325
CITY OF OAKLEY
PROPERTY TAX RATES
ALL OVERLAPPING GOVERNMENTS
(Rate Per $100 of Assessed Value)
LAST TEN FISCAL YEARS
Basic East Bay Oakley Liberty Brentwood Contra Antioch
County Regional Union Union Elementary Contra Costa Costa Unified Fiscal Wide Park School School School Community Water School Year Levy District District District District College BART Land Levy District Total 2016 $1.0000 $0.0067 $0.0583 $0.0237 $0.0447 $0.0220 $0.0026 $0.0035 $0.0912 $1.2527 2017 1.0000 0.0032 0.0433 0.0217 0.0698 0.0120 0.0080 0.0032 0.0864 1.2476 2018 1.0000 0.0021 0.0693 0.0450 0.0635 0.0114 0.0084 0.0030 0.0824 1.2851 2019 1.0000 0.0021 0.0641 0.0414 0.0445 0.0110 0.0070 0.0028 0.0870 1.2599 2020 1.0000 0.0094 0.0585 0.0399 0.0617 0.0188 0.0120 0.0026 0.0843 1.2872 2021 1.0000 0.0014 0.0527 0.0370 0.0445 0.0161 0.0139 0.0025 0.0789 1.2470 2022 1.0000 0.0020 0.0565 0.0360 0.0441 0.0176 0.0060 0.0023 0.0682 1.2327 2023 1.0000 0.0058 0.0441 0.0269 0.0498 0.0162 0.0140 0.0021 0.0804 1.2393 2024 1.0000 0.0057 0.0341 0.0283 0.0462 0.0146 0.0134 0.0020 0.0801 1.2244 2025 1.0000 0.0013 0.0323 0.0272 0.0463 0.0142 0.0148 0.0019 0.0877 1.2257 Source: Contra Costa County Auditor-Controller
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
2016 2017 2018 2019 2020 2021 2022 2023 2024 2024
Per Hundred $
Antioch Unified School District Brentwood Elementary School District Contra Costa Community College Liberty Union School District East Bay Regional Park District Oakley Union School District BART Contra Costa Water Land Levy Basic County Wide Levy 138
326
CITY OF OAKLEY
Principal Property Tax Payers
Current Year and Nine Years Ago
2024-25 2015-16
Percentage Percentage
of Total City of Total City
Taxable Taxable Taxable Taxable
Assessed Assessed Assessed Assessed
Taxpayer Value Rank Value Value Rank Value
NP Oakley LLC $140,577,759 1 1.94%
ET Oakley LLC 87,774,386 2 1.21%
Civic Summer Lake North LLC 63,411,342 3 0.88%
Amazon Com Services LLC 62,113,454 4 0.86%
ACD TI Oakley LLC 36,339,683 5 0.50%
NPIF IV Oakley Building II LLC 31,951,358 6 0.44%
Oakley Self Storage LP 24,727,863 7 0.34%
Cypress Square Commercial LLC 21,754,412 8 0.30%
(Pending Appeals On Parcels)
Stonewood Oakley LLC 16,931,252 9 0.23%
Neroly Sports Club Investors 16,634,311 10 0.23% $11,816,384 3 0.35% Brookfield Emerson Land LLC 23,506,235 1 0.69%
Cypress Square-S and R Associates 18,462,785 2 0.54%
(Pending Appeals On Parcels)
HPH Properties LLP 11,313,982 4 0.33%
Shea Homes LP 8,959,521 5 0.26%
Shurgard Storage Centers Inc. 7,602,441 6 0.22%
Forecast Land Investments LLC 7,257,937 7 0.21%
Lucky No Cal Investor LLP 6,956,105 8 0.20%
BNAS Enterprises LLC 6,502,500 9 0.19%
Simon-Oakley Town Center LLC 6,384,713 10 0.19%
(Pending Appeals On Parcels)
Subtotal $502,215,820 6.95% $108,762,603 3.18%
Total Net Assessed Valuation:
Fiscal Year 2024-2025 $7,228,000,000
Fiscal Year 2015-2016 $3,417,000,000
Source: HdL Companies (Contra Costa County Assessor Combined Tax Rolls and the SBE Non Unitary Tax Roll) 139
327
CITY OF OAKLEY
PROPERTY TAX LEVIES AND COLLECTIONS (THOUSANDS)
LAST TEN FISCAL YEARS
212
212
213
Percent
of Total
Current Percent Delinquent Total Tax
Fiscal Total Tax of Levy Tax Tax Collections
Year Tax Levy (a) Collections Collected Collections Collections to Tax Levy 2016 $2,593 $2,593 100.0% (a) $2,593 100.0%
2017 2,853 2,853 100.0% (a) 2,853 100.0%
2018 3,145 3,145 100.0% (a) 3,145 100.0%
2019 3,443 3,443 100.0% (a) 3,443 100.0%
2020 3,741 3,741 100.0% (a) 3,741 100.0%
2021 3,976 3,976 100.0% (a) 3,976 100.0%
2022 4,287 4,287 100.0% (a) 4,287 100.0%
2023 5,120 5,120 100.0% (a) 5,120 100.0%
2024 5,374 5,374 100.0% (a) 5,374 100.0%
2025 5,612 5,612 100.0% (a) 5,612 100.0%
Source: City of Oakley Records
NOTES: Amounts reported above include only the 1% basic property taxes allocated to the City. They do not include special taxes, assessments, or property taxes received in lieu of vehicle license fees. (a) The County apportions taxes under the alternative method of apportionment authorized under Revenue & Taxation Code sections 4701 et seq, under which the County provides the City with 100% of its tax levy.
The County retains any penalty and delinquency charges collected. $0.0
$200.0
$400.0
$600.0
$800.0
$1,000.0
$1,200.0
$1,400.0
$1,600.0
$1,800.0
$2,000.0
$2,200.0
$2,400.0
$2,600.0
$2,800.0
$3,000.0
$3,200.0
$3,400.0
$3,600.0
$3,800.0
$4,000.0
$4,200.0
$4,400.0
$4,600.0
$4,800.0
$5,000.0
$5,200.0
$5,400.0
$5,600.0
$5,800.0
$6,000.0
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Tax Collections Total Tax Levy (a)
140
328
CITY OF OAKLEY
Ratio of Outstanding Debt by Type
Last Ten Fiscal Years
Governmental Activities (in thousands)
Lease Percentage
Fiscal Certificates of Revenue Subscription of Personal Per Year Participation Bonds Liability Total Income (a) Capita (a) 2016 $6,415 $0 $0 $6,415 0.61% $160
2017 0 9,715 0 9,715 0.90% 236
2018 0 9,440 0 9,440 0.86% 226
2019 0 9,160 0 9,160 0.76% 219
2020 0 8,865 0 8,865 0.70% 209
2021 0 8,560 0 8,560 0.63% 200
2022 0 8,245 0 8,245 0.58% 185
2023 0 7,915 0 7,915 0.51% 176
2024 0 7,570 0 7,570 0.42% 166
2025 0 7,210 438 7,648 0.39% 163
Notes : Debt amounts exclude any premiums, discounts, or other amortization amounts.
Sources: City of Oakley
(a) See the Demographic Statistics schedule for personal income and population data. 141
329
CITY OF OAKLEY
COMPUTATION OF DIRECT AND OVERLAPPING DEBT
JUNE 30, 2025
2024-25 Assessed Valuation, Excluding the Redevelopment Agency: $7,228,246,787 Total Debt City's Share of
OVERLAPPING TAX AND ASSESSMENT DEBT: 6/30/25 % Applicable (1) Debt 6/30/25 Bay Area Rapid Transit District $2,391,260,000 0.690% $16,499,694 Contra Costa Community College District 591,875,000 2.595% 15,359,156 Antioch Unified School District 75,000,000 7.891% 5,918,250 Antioch Unified School District School Facilities Improvement District 90,745,983 9.912% 8,994,742 Liberty Union High School District 126,885,000 21.279% 26,999,859 Brentwood Union School District 106,362,775 0.120% 127,635 Oakley Union School District 34,550,000 85.495% 29,538,523 East Bay Regional Park District 145,930,000 1.076% 1,570,207 California Statewide Community Development Authority Assessment Districts 36,987,000 100.000% 36,987,000 California Statewide Community Development Authority Community Facilities Districts 7,375,000 100.000% 7,375,000 City of Oakley 1915 Act Bonds 13,363,000 100.000% 13,363,000 TOTAL OVERLAPPING TAX AND ASSESSMENT DEBT $162,733,066
DIRECT AND OVERLAPPING GENERAL FUND:
Contra Costa County General Fund Obligations $150,845,000 2.587% 3,902,360 Antioch Unified School District Certificates of Participation 16,456,273 7.891% 1,298,565 Contra Costa Mosquito and Vector Control General Fund Obligations 8,050,000 2.587% 208,254 City of Oakley Lease Revenue Bonds 7,210,000 100.000% 7,210,000 TOTAL GROSS DIRECT AND OVERLAPPING GENERAL FUND DEBT 12,619,179 Less: Contra Costa County supported obligations 896,003 TOTAL NET DIRECT AND OVERLAPPING GENERAL FUND DEBT $11,723,176 OVERLAPPING TAX INCREMENT DEBT (Successor Agency): $19,165,000 100.000% $19,165,000 TOTAL DIRECT DEBT $7,210,000
TOTAL GROSS OVERLAPPING DEBT $187,307,245
TOTAL NET OVERLAPPING DEBT $186,411,242
GROSS COMBINED TOTAL DEBT $194,517,245 (2)
NET COMBINED TOTAL DEBT $193,621,242
(1) The percentage of overlapping debt applicable to the city is estimated using taxable assessed property value. Applicable percentages were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the city divided by the district's total taxable assessed value.
(2) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and tax allocation bonds and non-bonded capital lease obligations.
Ratios to 2024-25 Assessed Valuation:
Direct Debt ($7,210,000)…................................................................ 0.10% Overlapping Tax and Assessment Debt….............................................. 2.25% Gross Combined Total Debt................................................................... 2.69% Net Combined Total Debt...................................................................... 2.68% Ratio to Successor Agency Redevelopment Incremental Valuation ($1,079,839,535):
Overlapping Tax Increment Debt…........................................................ 1.77% Source: CalMuni
NOTE: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the City. The percentage of overlapping debt applicable is estimated by using taxable assessed values. Applicable percentages were estimated by determining the portion of another governmental unit's taxable assessed value that is within the City's boundaries and dividing it by each unit's total taxable assessed value. 142
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CITY OF OAKLEY
COMPUTATION OF LEGAL BONDED DEBT MARGIN
June 30, 2025
ASSESSED VALUATION:
Secured property assessed value, net of
exempt real property $7,228,000,000
BONDED DEBT LIMIT (3.75% OF ASSESSED VALUE) (a) $271,050,000 AMOUNT OF DEBT SUBJECT TO LIMIT:
Total Bonded Debt $0
Less Tax Allocation Bonds and Sales Tax Revenue
Bonds, Certificate of Participation not subject to limit 0 Amount of debt subject to limit 0
LEGAL BONDED DEBT MARGIN $271,050,000
Total net debt
Total Net Debt Legal applicable to the limit
Fiscal Debt Applicable to Debt as a percentage
Year Limit Limit Margin of debt limit
2016 $128,137,500 $0 $128,137,500 0.00%
2017 138,487,500 0 138,487,500 0.00%
2018 150,600,000 0 150,600,000 0.00%
2019 164,475,000 0 164,475,000 0.00%
2020 195,262,500 0 195,262,500 0.00%
2021 208,012,500 0 208,012,500 0.00%
2022 203,850,000 0 203,850,000 0.00%
2023 237,450,000 0 237,450,000 0.00%
2024 257,625,000 0 257,625,000 0.00%
2025 271,050,000 0 271,050,000 0.00%
NOTES:
(a) California Government Code, Section 43605 sets the debt limit at 15%. The Code section was enacted prior to the change in basing assessed value to full market value when it was previously 25% of market value. Thus, the limit shown as 3.75% is one-fourth the limit to account for the adjustment of showing assessed valuation at full cash value.
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CITY OF OAKLEY
BONDED DEBT PLEDGED REVENUE COVERAGE
FORMER REDEVELOPMENT AGENCY TAX ALLOCATION BONDS
LAST TEN FISCAL YEARS
Tax Debt Service Requirements
Fiscal Increment
Year Revenue (a) Principal Interest Total Coverage
2016 $2,133,349 $425,000 (b) $1,310,054 (b) $1,735,054 1.23 2017 1,976,225 465,000 (b) 1,337,150 (b) 1,802,150 1.10 2018 2,093,153 510,000 (b) 1,317,650 (b) 1,827,650 1.15 2019 1,963,996 245,000 (b) (c) 1,101,416 (b) (c) 1,346,416 1.46 2020 1,982,174 540,000 (b) 1,017,321 (b) (c) 1,557,321 1.27 2021 1,933,455 815,000 (b) 994,885 (b) 1,809,885 1.07
2022 2,065,052 845,000 (b) 955,694 (b) 1,800,694 1.15
2023 2,086,738 880,000 (b) 918,100 (b) 1,798,100 1.16
2024 2,086,169 920,000 (b) 880,467 (b) 1,800,467 1.16
2025 2,038,802 955,000 (b) 839,654 (b) 1,794,654 1.14
(a) Beginning in fiscal year 2012, tax increment reported in this table is the amount calculated by the County Auditor-Controller. Under the provisions of the laws dissolving the Redevelopment Agency, the Successor Agency only receives the funds necessary to fulfill its approved obligations. (b) Debt service is paid by the Successor Agency.
(c) The Successor Agency refunded the 2008 Subordinate Tax Allocation Bonds in fiscal year 2019 with the issuance of the 2018 Tax Allocation Refunding Bonds.
Source: City of Oakley Annual Financial Statements
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Thousands
Tax Increment Revenue Debt Service Payment
144
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CITY OF OAKLEY
DEMOGRAPHIC AND ECONOMIC STATISTICS
LAST TEN FISCAL YEARS
Contra
Total Per Capita Costa City
Fiscal City Personal Personal Unemployment County Population Year Population Income Income Rate (%) (a) Population % of County 2016 40,141 $1,046,700,000 $26,075 6.2% $1,102,684 3.50% 2017 41,199 1,074,714,000 26,085 5.5% 1,123,429 3.64%
2018 41,742 1,102,345,000 26,408 4.2% 1,149,363 3.67%
2019 41,759 1,197,857,000 28,684 3.5% 1,155,879 3.61%
2020 42,461 1,271,727,000 29,950 3.6% 1,153,526 3.68%
2021 42,895 1,366,625,000 31,859 9.9% 1,165,927 3.68%
2022 44,533 1,427,927,000 32,064 7.4% 1,156,555 3.85%
2023 44,995 1,558,005,000 34,626 4.3% 1,147,653 3.92%
2024 45,736 1,791,622,000 39,173 4.6% 1,146,626 3.99%
2025 46,826 1,944,318,000 41,522 4.7% 1,158,225 4.04%
(a) Data reported is for the prior calendar year.
Sources: HdL Coren & Cone
U.S. Department of Commerce, California State Department of Finance, Employment Development Department U.S. Census Bureau latest available data
0.00%
2.50%
5.00%
7.50%
10.00%
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Unemployment Rate (%)
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
City Population as a % of County Population
$100
$200
$300
$400
$500
$600
$700
$800
$900 $1,000
$1,100
$1,200
$1,300
$1,400
$1,500
$1,600
$1,700
$1,800
$1,900
$2,000
$2,100
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Millions
Total Personal Income
$10
$15
$20
$25
$30
$35
$40
$45
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Thousands
Per Capita Personal Income
145
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CITY OF OAKLEY
Principal Employers
Current Year and Nine Years Ago
2024-25 2015-16
Percentage Percentage
Number of of Total City Number of of Total City
Employer Employees Rank Employment Employees Rank Employment Amazon.com Services LLC 619 1 16.6%
Oakley Union Elementary School District 589 2 15.8% 438 1 18.4% Lucky's 70 3 1.9% 56 2 2.4%
Pet Food Express 70 3 1.9%
McDonalds #12565 53 4 1.4% 33 6 1.4%
Raley's 40 5 1.1% 51 4 2.1%
Skipolini's 33 6 0.9%
Foundation Constructors Inc 30 7 0.8% 32 7 1.3%
Dutch Bros Coffee 30 7 0.8%
Pac Pride Distribution, Inc. 30 7 0.8%
McDonalds #39524 30 7 0.8%
Rain for Rent 28 8 0.8% 27 8 1.1%
Ironhouse Sanitary District 28 8 0.8% 32 7 1.3%
Campestre Corp. DBA La Costa 26 9 0.7%
Wendy's of Oakley 26 9 0.7%
Chipotle Mexican Grill #5401 25 10 0.7%
Diamond Hills Sports Club and Spa 55 3 2.3%
Delta Black Bear Diner 36 5 1.5%
Continente Nut LLC 33 6 1.4%
Burger King 27 8 1.1%
Jack in the Box 578 25 9 1.1%
Oakley Hotels LLC 23 10 1.0%
Subtotal 1,727 46.4% 868 36.5%
Total City Day Population (A) 3,718 2,378
Source: City of Oakley Finance Department - Business Licenses Notes:
(A) Total City Day Population is the number of employees reported on business license applications by businesses located in Oakley. 146
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CITY OF OAKLEY
Budgeted Full-Time Equivalent City Government Employees by Function Last Ten Fiscal Years
Adopted for Fiscal Year Ended June 30,
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Function
General government* 12.89 13.36 14.13 14.61 15.92 15.82 16.49 17.23 18.23 15.30 Community development:
Public works 14.74 14.78 15.03 16.13 16.13 15.13 15.71 15.23 16.80 20.00 Planning 2.00 2.00 2.50 2.80 3.00 2.90 3.00 3.00 3.00 2.80 Building & Safety 6.25 6.33 6.60 6.68 7.46 8.90 8.35 8.40 8.40 9.20 Law enforcement* 31.73 34.88 39.88 39.98 40.63 40.26 43.96 48.00 49.52 50.48 Recreation 5.78 6.16 6.64 8.60 8.60 7.77 11.08 11.08 8.23 5.15 Total 73.39 77.51 84.78 88.80 91.74 90.78 98.59 102.94 104.18 102.93 Notes:
Amounts reported are Full Time Equivalent (FTEs).
n/a means not available.
* The City Contracts for the following services:
City Attorney and IT services are contracted with an outside firm and included in the General Government total.
Police Services were contracted with the County Sheriff through April 30, 2016 and include contracting for a specific number of officers.
Police Records Supervisory services are contracted with an outside firm.
Source: City of Oakley Operating Budgets
0 20
40 60
80 100
120
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
FTE's
General government* Law enforcement* Public works Planning Recreation Building & Safety 147
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CITY OF OAKLEY
Operating Indicators by Function/Program
Last Ten Fiscal Years
Fiscal Year Ended June 30,
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Function/Program
Law enforcement:
Police (a) (b):
Violent crimes 52 54 51 59 33 29 127 133 82 56
Property crimes 615 491 511 465 537 554 580 553 545 404 Public Works:
Street resurfacing (miles) 0.25 0.42 8.50 1.40 5.60 1.50 3.80 4.50 0.00 0.00 Leisure Services:
Recreation:
Recreation activities participants 32,386 36,430 35,417 (c) 33,996 36,832 8,341 (d) 32,309 44,773 47,907 50,198 Source: City of Oakley
Notes:
(a) 2016 - 2017 data is prior calendar year's; 2018 is for fiscal year end. (b) Data from FB1 Uniformed Crime Reports (UCR)
(c) No indoor facility rentals with construction of Recreation Center (d) Large decrease due to COVID 19 Pandemic
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CITY OF OAKLEY
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
Fiscal Year Ended June 30,
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Function/Program
Law enforcement:
Police stations 1111 1 11111
Police patrol vehicles 28 29 28 23 27 29 29 31 31 31
Public works:
Miles of streets 133.00 136.00 136.00 139.00 141.00 142.00 142.00 143.00 143.00 143.00 Street lights 3,104 3,200 3,200 3,285 3,314 3,347 3,347 3,362 3,362 3,372 Traffic Signals 34 35 36 37 38 39 40 40 40 41
Recreation:
Community services:
City parks 32 33 34 36 37 37 37 37 37 37
City parks acreage 108.0 113.0 116.0 119.0 121.0 121.0 121.0 121.0 121.0 121.0 Community centers 1 1 0 (a 1 (a) 1 1 1 1 1 1
Baseball/softball diamonds 8 9 9 10 10 10 10 10 10 10
Soccer/football fields 8999 9 99999
Skate features 3333 1 11111
BMX dirt track 0000 0 00000
Source: City of Oakley
Notes:
(a) Oakley Recreation Building closed for construction of Recreation Center. 149
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OTHER AUDIT REPORT
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340
INDEPENDENT AUDITOR’S REPORT ON
INTERNAL CONTROL OVER FINANCIAL REPORTING
AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN
AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE
WITH GOVERNMENT AUDITING STANDARDS
To the Honorable Members of the City Council
City of Oakley, California
We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the basic financial statements of the City of Oakley, California, as of and for the year ended June 30, 2025, and have issued our report thereon dated December 2, 2025.
Report on Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City’s internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, we do not express an opinion on the effectiveness of the City’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the City’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that have not been identified.
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341
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements.
However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance that are required to be reported under Government Auditing Standards.
We have also issued a separate Memorandum on Internal Control dated December 2, 2025 which is an integral part of our audit and should be read in conjunction with this report.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the result of that testing, and not to provide an opinion on the effectiveness of the City’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.
Pleasant Hill, California
December 2, 2025
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CITY OF OAKLEY
MEMORANDUM ON INTERNAL CONTROL
FOR THE YEAR ENDED
JUNE 30, 2025
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CITY OF OAKLEY
MEMORANDUM ON INTERNAL CONTROL
For the Year Ended June 30, 2025
Table of Contents
Page
Memorandum on Internal Control ................................................................................................................... 1 Schedule of Other Matters ....................................................................................................................... 3 Current Status of Prior Year Other Matters ............................................................................................. 7 345
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MEMORANDUM ON INTERNAL CONTROL
To the City Council of
the City of Oakley, California
In planning and performing our audit of the basic financial statements of the City of Oakley, California, as of and for the year ended June 30, 2025, in accordance with auditing standards generally accepted in the United States of America, we considered the City’s internal control over financial reporting (internal control) as a basis for designing our audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, we do not express an opinion on the effectiveness of the City’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the City’s financial statements will not be prevented, or detected and corrected, on a timely basis.
Our consideration of internal control was for the limited purpose described in the first paragraph and was not designed to identify all deficiencies in internal control that might be material weaknesses. In addition, because of inherent limitations in internal control, including the possibility of management override of controls, misstatements due to error or fraud may occur and not be detected by such controls. Given these limitations during our audit, we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.
Included in the Schedule of Other Matters are recommendations not meeting the above definitions that we believe are opportunities for strengthening internal controls and operating efficiency.
Government Auditing Standards require the auditor to perform limited procedures on the City’s response to the findings identified in our audit and described in the accompanying Schedule of Other Matters. The City’s response was not subjected to the other auditing procedures applied in the audit of the financial statements and, accordingly, we express no opinion on the response.
This communication is intended solely for the information and use of management, City Council, others within the organization, and agencies and pass-through entities requiring compliance with Government Auditing Standards, and is not intended to be and should not be used by anyone other than these specified parties.
Pleasant Hill, California
December 2, 2025
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CITY OF OAKLEY
MEMORANDUM ON INTERNAL CONTROL
SCHEDULE OF OTHER MATTERS
2025-01 Compliance with Transportation Development Act Audit Requirements The Metropolitan Transportation Commission (MTC) requires an audit of Transportation Development Act (TDA) grant funding when the City files for reimbursement for costs incurred.
During the fiscal year 2025 audit, we noted that the City received a payment of $43,985 from MTC and we inquired about whether a TDA audit was needed. Finance staff initially indicated that an audit was not needed, but upon further research by Finance staff, it was determined that the funding was related to a reimbursement request filed for fiscal year 2024 expenditures in October 2024 and an audit was required. Since the reimbursement was outside of the City’s accrual period, it was not recorded as a receivable at June 30, 2024.
Therefore, the TDA compliance audit is required for the year ended June 30, 2025.
We understand that the Finance Department thought an audit was not required, since the expenditures were incurred in the prior fiscal year. As a result, the City was not in compliance with the TDA compliance audit requirements of MTC.
The City should develop procedures to ensure that TDA audits are completed when grant expenditures are incurred and reimbursement is requested from MTC. In addition, the City should review all outstanding grant agreements to determine whether the City is in compliance with any associated audit requirements.
Management’s Response:
Staff agrees that a TDA audit was required this year. Staff believed this had been taken care of in the prior year and therefore it was not requested in the current year. As mentioned, there was some timing issues between fiscal years with expenditures being spent and revenues being received. Staff would like to note that the audit was completed this fiscal year as required and we will review TDA funds each fiscal year to ensure that TDA audits are requested timely in the future. 3 349
CITY OF OAKLEY
MEMORANDUM ON INTERNAL CONTROL
SCHEDULE OF OTHER MATTERS
NEW GASB PRONOUNCEMENTS OR PRONOUNCEMENTS NOT YET EFFECTIVE The following comment represents new pronouncements taking affect in the next few years. We cite them here to keep you informed of developments:
EFFECTIVE FISCAL YEAR 2025/26:
GASB 103 – Financial Reporting Model Improvements
The objective of this Statement is to improve key components of the financial reporting model to enhance its effectiveness in providing information that is essential for decision making and assessing a government’s accountability. This Statement also addresses certain application issues.
Management’s Discussion and Analysis
This Statement continues the requirement that the basic financial statements be preceded by management’s discussion and analysis (MD&A), which is presented as required supplementary information (RSI). MD&A provides an objective and easily readable analysis of the government’s financial activities based on currently known facts, decisions, or conditions and presents comparisons between the current year and the prior year. This Statement requires that the information presented in MD&A be limited to the related topics discussed in five sections: (1) Overview of the Financial Statements, (2) Financial Summary, (3) Detailed Analyses, (4) Significant Capital Asset and Long-Term Financing Activity, and (5) Currently Known Facts, Decisions, or Conditions.
Furthermore, this Statement stresses that the detailed analyses should explain why balances and results of operations changed rather than simply presenting the amounts or percentages by which they changed. This Statement emphasizes that the analysis provided in MD&A should avoid unnecessary duplication by not repeating explanations that may be relevant to multiple sections and that “boilerplate” discussions should be avoided by presenting only the most relevant information, focused on the primary government. In addition, this Statement continues the requirement that information included in MD&A distinguish between that of the primary government and its discretely presented component units.
Unusual or Infrequent Items
This Statement describes unusual or infrequent items as transactions and other events that are either unusual in nature or infrequent in occurrence. Furthermore, governments are required to display the inflows and outflows related to each unusual or infrequent item separately as the last presented flow(s) of resources prior to the net change in resource flows in the government-wide, governmental fund, and proprietary fund statements of resource flows.
Presentation of the Proprietary Fund Statement of Revenues, Expenses, and Changes in Fund Net Position This Statement requires that the proprietary fund statement of revenues, expenses, and changes in fund net position continue to distinguish between operating and nonoperating revenues and expenses. Operating revenues and expenses are defined as revenues and expenses other than nonoperating revenues and expenses. Nonoperating revenues and expenses are defined as (1) subsidies received and provided, (2) contributions to permanent and term endowments, (3) revenues and expenses related to financing, (4) resources from the disposal of capital assets and inventory, and (5) investment income and expenses.
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CITY OF OAKLEY
MEMORANDUM ON INTERNAL CONTROL
SCHEDULE OF OTHER MATTERS
GASB 103 – Financial Reporting Model Improvements (Continued) In addition to the subtotals currently required in a proprietary fund statement of revenues, expenses, and changes in fund net position, this Statement requires that a subtotal for operating income (loss) and noncapital subsidies be presented before reporting other nonoperating revenues and expenses. Subsidies are defined as (1) resources received from another party or fund (a) for which the proprietary fund does not provide goods and services to the other party or fund and (b) that directly or indirectly keep the proprietary fund’s current or future fees and charges lower than they would be otherwise, (2) resources provided to another party or fund (a) for which the other party or fund does not provide goods and services to the proprietary fund and (b) that are recoverable through the proprietary fund’s current or future pricing policies, and (3) all other transfers.
Budgetary Comparison Information
This Statement requires governments to present budgetary comparison information using a single method of communication—RSI. Governments also are required to present (1) variances between original and final budget amounts and (2) variances between final budget and actual amounts. An explanation of significant variances is required to be presented in notes to RSI.
How the Changes in This Statement Will Improve Financial Reporting The requirements for MD&A will improve the quality of the analysis of changes from the prior year, which will enhance the relevance of that information. They also will provide clarity regarding what information should be presented in MD&A.
The requirements for the separate presentation of unusual or infrequent items will provide clarity regarding which items should be reported separately from other inflows and outflows of resources.
The definitions of operating revenues and expenses and of nonoperating revenues and expenses will replace accounting policies that vary from government to government, thereby improving comparability. The addition of a subtotal for operating income (loss) and noncapital subsidies will improve the relevance of information provided in the proprietary fund statement of revenues, expenses, and changes in fund net position.
The requirement for presentation of major component unit information will improve comparability.
The requirement that budgetary comparison information be presented as RSI will improve comparability, and the inclusion of the specified variances and the explanations of significant variances will provide more useful information for making decisions and assessing accountability. 5 351
CITY OF OAKLEY
MEMORANDUM ON INTERNAL CONTROL
SCHEDULE OF OTHER MATTERS
EFFECTIVE FISCAL YEAR 2026/27:
GASB 104 – Disclosure of Certain Capital Assets
State and local governments are required to provide detailed information about capital assets in notes to financial statements. GASB Statement No. 34, Basic Financial Statements—and Management’s Discussion and Analysis— for State and Local Governments, requires certain information regarding capital assets to be presented by major class. The objective of this Statement is to provide users of government financial statements with essential information about certain types of capital assets.
This Statement requires certain types of capital assets to be disclosed separately in the capital assets note disclosures required by Statement 34. Lease assets recognized in accordance with GASB Statement No. 87, Leases, and intangible right-to-use assets recognized in accordance with GASB Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements, should be disclosed separately by major class of underlying asset in the capital as-sets note disclosures. Subscription assets recognized in accordance with GASB Statement No. 96, Subscription-Based Information Technology Arrangements, also should be separately disclosed. In addition, this Statement requires intangible assets other than those three types to be disclosed separately by major class.
This Statement also requires additional disclosures for capital assets held for sale. A capital asset is a capital asset held for sale if (a) the government has decided to pursue the sale of the capital asset and (b) it is probable that the sale will be finalized within one year of the financial statement date. Governments should consider relevant factors to evaluate the likelihood of the capital asset being sold within the established time frame. This Statement requires that capital assets held for sale be evaluated each reporting period. Governments should disclose (1) the ending balance of capital assets held for sale, with separate disclosure for historical cost and accumulated depreciation by major class of asset, and (2) the carrying amount of debt for which the capital assets held for sale are pledged as collateral for each major class of asset.
How the Changes in This Statement Will Improve Financial Reporting The requirements of this Statement will improve financial reporting by providing users of financial statements with essential information about certain types of capital assets in order to make informed decisions and assess accountability. Additionally, the disclosure requirements will im-prove consistency and comparability between governments.
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CITY OF OAKLEY
MEMORANDUM ON INTERNAL CONTROL
CURRENT STATUS OF PRIOR YEAR
OTHER MATTERS
2022-03 Developer Dedicated Infrastructure Improvements Generally accepted accounting principles require that contributed capital assets be valued at their estimated acquisition value on the date contributed.
The City periodically receives contributions of developer constructed infrastructure improvements and the dollar amount capitalized is based on the original engineer’s estimate of the improvements expected to be installed.
Although the timing of the engineer’s estimate may sometimes be relatively close to the date the developer dedicates the capital assets to the City, that is not always the case. As a result, the estimated acquisition value of the assets on the City’s acceptance date may differ from the original engineer’s estimate.
Update for June 30, 2023: During our testing of one developer dedicated infrastructure transaction, we again noted the value capitalized was based on the original contract estimate of the assets installed and dedicated.
Update for June 30, 2024: During our testing of one developer dedicated infrastructure transaction, we again noted the value capitalized was based on the original contract estimate of the assets installed and dedicated.
The City should develop procedures to estimate the acquisition value of developer dedicated infrastructure at the time of acceptance of the capital assets and use that amount to record the capital assets in the general ledger.
Current Status:
Implemented.
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CITY OF OAKLEY
REQUIRED COMMUNICATIONS
FOR THE YEAR ENDED
JUNE 30, 2025
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CITY OF OAKLEY
REQUIRED COMMUNICATIONS
For the Year Ended June 30, 2025
Table of Contents
Page
Required Communications ............................................................................................................... 1 Significant Audit Matters ........................................................................................................ 1 Qualitative Aspects of Accounting Practices .................................................................... 1 Difficulties Encountered in Performing the Audit ............................................................ 3 Corrected and Uncorrected Misstatements ...................................................................... 3 Disagreements with Management ..................................................................................... 3 Management Representations ........................................................................................... 3 Management Consultations with Other Independent Accountants ................................ 4 Other Audit Findings or Issues ........................................................................................ 4 Other Matters .......................................................................................................................... 4 357
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REQUIRED COMMUNICATIONS
To the City Council of
the City of Oakley, California
We have audited the basic financial statements of the City of Oakley for the year ended June 30, 2025.
Professional standards require we provide you with information about our responsibilities under generally accepted auditing standards and Government Auditing Standards and the Uniform Guidance, as well as certain information related to the planned scope and timing of our audit. We have communicated such information orally to the Mayor, City Manager and Administrative Services Director during our discussion on September 25, 2025. Professional standards also require that we communicate to you the following information related to our audit.
Significant Audit Matters
Qualitative Aspects of Accounting Practices
Accounting Policies - Management is responsible for the selection and use of appropriate accounting policies. The significant accounting policies used by City are described in Note 1 to the financial statements. No new accounting policies were adopted, and the application of existing policies was not changed during the year, except the following Governmental Accounting Standards Board (GASB) pronouncements became effective:
GASB 101 – Compensated Absences
The objective of this Statement is to better meet the information needs of financial statement users by updating the recognition and measurement guidance for compensated absences. That objective is achieved by aligning the recognition and measurement guidance under a unified model and by amending certain previously required disclosures.
This Statement requires that liabilities for compensated absences be recognized for (1) leave that has not been used and (2) leave that has been used but not yet paid in cash or settled through noncash means. A liability should be recognized for leave that has not been used if (a) the leave is attributable to services already rendered, (b) the leave accumulates, and (c) the leave is more likely than not to be used for time off or otherwise paid in cash or settled through noncash means.
Leave is attributable to services already rendered when an employee has performed the services required to earn the leave. Leave that accumulates is carried forward from the reporting period in which it is earned to a future reporting period during which it may be used for time off or otherwise paid or settled. In estimating the leave that is more likely than not to be used or otherwise paid or settled, a government should consider relevant factors such as employment policies related to compensated absences and historical information about the use or payment of compensated absences. However, leave that is more likely than not to be settled through conversion to defined benefit postemployment benefits should not be included in a liability for compensated absences.
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This Statement requires that a liability for certain types of compensated absences—including parental leave, military leave, and jury duty leave—not be recognized until the leave commences.
This Statement also requires that a liability for specific types of compensated absences not be recognized until the leave is used.
This Statement also establishes guidance for measuring a liability for leave that has not been used, generally using an employee’s pay rate as of the date of the financial statements. A liability for leave that has been used but not yet paid or settled should be measured at the amount of the cash payment or noncash settlement to be made. Certain salary-related payments that are directly and incrementally associated with payments for leave also should be included in the measurement of the liabilities.
The pronouncement became effective during the year ended June 30, 2025 as disclosed in Note 1H to the financial statements. The effect of the implementation on the beginning balance of compensated absences was not significant, so the City did not record a prior period restatement for the cumulative effect on the financial statements.
The following pronouncement became effective, but did not have a material effect on the financial statements:
GASB 102 – Certain Risk Disclosures
Unusual Transactions, Controversial or Emerging Areas - We noted no transactions entered into by the City during the year for which there is a lack of authoritative guidance or consensus. All significant transactions have been recognized in the financial statements in the proper period.
Accounting Estimates - Accounting estimates are an integral part of the financial statements prepared by management and are based on management’s knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ significantly from those expected. The most sensitive estimates affecting the City’s financial statements were:
Estimated Fair Value of Investments: Investments held by the City were measured by fair value as disclosed in Note 3 to the Financial Statements. Fair value is essentially market pricing in effect as of June 30, 2025. These fair values are not required to be adjusted for changes in general market conditions occurring subsequent to June 30, 2025.
Estimated Depreciation: Management’s estimate of the depreciation is based on useful lives determined by management. These lives have been determined by management based on the expected useful life of assets as disclosed in Note 7 to the financial statements. We evaluated the key factors and assumptions used to develop the depreciation estimate and determined that it is reasonable in relation to the basic financial statements taken as a whole.
Estimated Compensated Absences: Accrued compensated absences is estimated using accumulated unpaid vacation, compensatory time, and administrative leave hours and hourly pay rates in effect at the end of the fiscal year, as well as an estimate of the sick leave earned as of the end of the fiscal year and expected to be used in the future as disclosed in Note 1H. We evaluated the key factors and assumptions used to develop the accrued compensated absences and determined that it is reasonable in relation to the basic financial statements taken as a whole. 2 360
Estimated Net Pension Liability (Asset) and Pension-Related Deferred Outflows and Inflows of Resources: Management’s estimate of the net pension liability (asset) and deferred outflows/inflows of resources are disclosed in Note 11 to the financial statements and are based on accounting valuations determined by the California Public Employees Retirement System, which are based on the experience of the City. We evaluated the key factors and assumptions used to develop the estimates and determined that they are reasonable in relation to the basic financial statements taken as a whole.
Estimated Claims Liabilities: Management’s estimate of the claims liabilities payable is disclosed in Note 16 to the financial statements and is based on actuarial studies determined by the City’s joint powers authority insurance provider, which are based on the claims experience of the City.
We evaluated the key factors and assumptions used to develop the estimate and determined that it is reasonable in relation to the basic financial statements taken as a whole.
Estimated Leases Receivable and Deferred Inflows of Resources Related to Leases:
Management’s estimates of leases receivable and deferred inflows of resources related to leases in Note 14 are based on the agreement term, including any assumptions related to whether extensions may be exercised, and the discount rate net present value calculation is based on the estimated borrowing rate at the measurement date. We evaluated the key factors and assumptions used to develop the leases receivable and deferred inflows of resources related to leases estimates and determined that they are reasonable in relation to the basic financial statements taken as a whole.
Disclosures - The financial statement disclosures are neutral, consistent, and clear.
Difficulties Encountered in Performing the Audit
We encountered no significant difficulties in dealing with management in performing and completing our audit.
Corrected and Uncorrected Misstatements
Professional standards require us to accumulate all known and likely misstatements identified during the audit, other than those that are clearly trivial, and communicate them to the appropriate level of management. Management has corrected all such misstatements. In addition, none of the misstatements detected as a result of audit procedures and corrected by management were material, either individually or in the aggregate, to each opinion unit’s financial statements taken as a whole.
Professional standards require us to accumulate all known and likely uncorrected misstatements identified during the audit, other than those that are clearly trivial, and communicate them to the appropriate level of management. We have no such misstatements to report to the City Council.
Disagreements with Management
For purposes of this letter, a disagreement with management is a financial accounting, reporting, or auditing matter, whether or not resolved to our satisfaction, that could be significant to the financial statements or the auditor’s report. We are pleased to report that no such disagreements arose during the course of our audit.
Management Representations
We have requested certain representations from management that are included in a management representation letter dated December 2, 2025.
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Management Consultations with Other Independent Accountants In some cases, management may decide to consult with other accountants about auditing and accounting matters, similar to obtaining a “second opinion” on certain situations. If a consultation involves application of an accounting principle to the City’s financial statements or a determination of the type of auditor’s opinion that may be expressed on those statements, our professional standards require the consulting accountant to check with us to determine that the consultant has all the relevant facts. To our knowledge, there were no such consultations with other accountants.
Other Audit Findings or Issues
We generally discuss a variety of matters, including the application of accounting principles and auditing standards, with management each year prior to retention as the City’s auditors. However, these discussions occurred in the normal course of our professional relationship and our responses were not a condition to our retention.
Other Matters
We applied certain limited procedures to the required supplementary information that accompanies and supplements the basic financial statements. Our procedures consisted of inquiries of management regarding the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We did not audit the required supplementary information and do not express an opinion or provide any assurance on the required supplementary information.
We were engaged to report on the supplementary information which accompany the financial statements, but are not required supplementary information. With respect to this supplementary information, we made certain inquiries of management and evaluated the form, content, and methods of preparing the information to determine that the information complies with accounting principles generally accepted in the United States of America, the method of preparing it has not changed from the prior period, and the information is appropriate and complete in relation to our audit of the financial statements. We compared and reconciled the supplementary information to the underlying accounting records used to prepare the financial statements or to the financial statements themselves.
We were not engaged to report on the Introductory and Statistical Sections which accompany the financial statements, but are not required supplementary information. Such information has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on them.
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This information is intended solely for the use of the City Council and management and is not intended to be, and should not be, used by anyone other than these specified parties.
Pleasant Hill, California
December 2, 2025
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CITY OF OAKLEY
INDEPENDENT ACCOUNTANT’S REPORT ON
APPLYING AGREED UPON PROCEDURES FOR
TESTING THE CITY’S COMPLIANCE WITH
CERTAIN PROVISIONS OF THE CITY’S
INVESTMENT POLICY FOR FISCAL YEAR 2024/2025
FOR THE YEAR ENDED JUNE 30, 2025
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INDEPENDENT ACCOUNTANT’S REPORT ON
APPLYING AGREED UPON PROCEDURES FOR
TESTING THE CITY’S COMPLIANCE WITH
CERTAIN PROVISIONS OF THE CITY’S
INVESTMENT POLICY FOR FISCAL YEAR 2024/2025
FOR THE YEAR ENDED JUNE 30, 2025
Honorable Mayor and Members
of the City Council
City of Oakley, California
We have performed the procedures enumerated below on testing the City of Oakley’s compliance with certain provisions of the City’s Investment Policy for Fiscal Year 2024/2025 for the year ended June 30, 2025. The City’s management is responsible for compliance with certain provisions of the Policy.
The City has agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose of testing the City’s compliance with certain provisions of the Policy for the year ended June 30, 2025. This report may not be suitable for any other purpose. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes.
The procedures and associated findings are as follows:
1. We obtained and read the City’s Fiscal Year 2024/2025 Investment Policy adopted on December 10, 2024.
2. We obtained the November 2024 detailed written procedures related to the investment functions as required by Section 6. Delegation of Authority and Section 18. Internal Controls of the Investment Policy (Written Procedures).
3. We obtained the list of financial institutions authorized to provide investment services to the City other than savings, money market funds, and policy compliant investment pools (LAIF and CalTrust, etc.).
4. We tested the City’s compliance with the following provisions of the Investment Policy:
8. Authorized Financial Dealers and Institutions
The City did not have any financial institutions authorized to provide investment services to the City other than savings, money market funds, and policy compliant investment pools (LAIF and CalTrust, etc.) during the year ended June 30, 2025.
The City contracted with an external investment manager, PFM Asset Management, effective September 14, 2021, therefore we requested documentation that the City has provided the external investment manager with a copy of the 2024/2025 Investment Policy. We understand the City did not think it was necessary, as the only change from the 2023-2024 Investment Policy was to delete a duplicate table from the Investment Policy. 365
8. Competitive Bidding Process (see 9 below)
9. Authorized and Suitable Investments
We tested the composition of the City’s June 2025 Monthly Investment Report for compliance with the types of securities held and the maximum holdings, maximum per issuer and maximum maturity limitations without exception.
We reviewed the investments in the June 2025 Monthly Investment Report for any investments that had been downgraded below the minimum credit rating required at purchase and none were noted.
We selected 3 investment purchase transactions from July 1, 2024 to June 30, 2025 out of 7 total purchases for fiscal year 2025 and tested for the following without exception:
• Authorization
• Compliance with bid requirements of 8. above, as applicable • Investment rating at time of purchase to Moody’s or S&P and for compliance with Investment Policy minimum rating requirement, if applicable • Addition to the safekeeping statement in the month purchased • Addition to the Quarterly Investment Report in the month/quarter purchased
10. Collateralization
The City did not have any certificates of deposit or repurchase agreements outstanding at June 30, 2025, therefore we did not select 10% of such investments to trace to collateralization documentation and test whether in compliance with the collateralization of 102% of market value of principal and accrued interest requirement.
11. Safekeeping and Custody
We obtained the June 30, 2025 U.S. Bank third party custodian statement and reconciled to the June 30, 2025 Quarterly Investment Report to determine that all securities included in the Quarterly Investment Report were held by the City’s third-party custodian without exception. We noted that the only investments in the Quarterly Investment Report that were not included in the custodian statement were the Local Agency Investment Fund (LAIF) account, CAMP Pool account, CalTrust account and the Principal Public Deposit Sweep Program account.
The City’s investments in the LAIF, CAMP, CalTrust and Principal Public Deposit Sweep Program accounts are pooled investments that are not subject to being held by the City’s custodian. They are held directly by LAIF CAMP, CalTrust and Principal Public Deposit Sweep Program in separate City of Oakley-designated accounts.
12. Maximum Maturities
We calculated the difference between the Purchase Date (Settlement Date) and Maturity Date for all investments in the June 2025 Quarterly Investment Report to test for compliance with the 5- year maturity limitation and noted no exceptions.
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14. Reporting
We selected two Quarterly Investment Reports (December 2024 and June 2025) and tested to determine whether the Reports included the 12 components listed on the Investment Policy and noted no exceptions.
17. Investment Pools/Mutual Funds
The City had four Investment Pools/Mutual Funds outstanding as of June 30, 2025, therefore we selected one (10% of the total count) Investment Pool, the CAMP Pool, to test whether the City had the required 8-point questionnaire on file and noted the questionnaire was completed.
5. We did not test for compliance with the following provisions of the Investment Policy:
1. Purpose
2. Scope
3. Policy
4. Objectives
5. Prudence
6. Delegation of Authority, except as noted in #4(9) above
7. Ethics and Conflicts of Interest
12. Diversification, except as noted in #4(9) above
15. Investment Policy Review
16. Other Constraints
18. Internal Controls, except as noted in #2 above
19. Performance Standard
We were engaged by the City to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants. We were not engaged to and did not conduct an examination or review engagement, the objective of which would be the expression of an opinion or conclusion, respectively, on the City’s compliance with certain provisions of the Policy for the year ended June 30, 2025. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.
We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement. ********************
This report is intended solely for the information and use of management and the City Council and is not intended to be and should not be used by anyone other than those specified parties; however, this restriction is not intended to limit the distribution of this report, which is a matter of public record.
Pleasant Hill, California
December 2, 2025
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INDEPENDENT ACCOUNTANT’S REPORT ON
APPLYING AGREED UPON PROCEDURES FOR
COMPLIANCE WITH THE PROPOSITION 111
2024-2025 APPROPRIATIONS LIMIT INCREMENT
To the City Council of the
City of Oakley, California
We have performed the procedures enumerated below on the Appropriations Limit Worksheet (Worksheet) of the City of Oakley, California, for the year ended June 30, 2025. The City’s management is responsible for the Worksheet.
The City has agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose of these procedures, which were suggested by the League of California Cities and presented in their Article XIIIB Appropriations Limitation Uniform Guidelines, performed solely to assist you in meeting the requirements of Section 1.5 of Article XIIIB of the California Constitution. This report may not be suitable for any other purpose. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes.
The procedures and associated findings are as follows:
A. We obtained the Worksheet and determined that the 2024-2025 Appropriations Limit of $16,626,248 was adopted by Resolution of the City Council. Although the population and inflation options were included on the Worksheet, the factors were not selected by a recorded vote of the City Council.
B. We recomputed the 2024-2025 Appropriations Limit by multiplying the 2023-2024 Prior Year Appropriations Limit by the Total Growth Factor. We recomputed the Total Growth Factor by multiplying the population option by the inflation option.
C. For the Worksheet, we agreed the Per Capita Income Factor, County Population Factor and City Population Factor to California State Department of Finance Worksheets.
We were engaged by the City to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants. We were not engaged to and did not conduct an examination or review engagement, the objective of which would be the expression of an opinion or conclusion, respectively, on the Worksheet.
Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you. 369
We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.
This report is intended solely for the information and use of management and the City Council and is not intended to be and should not be used by anyone other than those specified parties; however, this restriction is not intended to limit the distribution of this report, which is a matter of public record.
Pleasant Hill, California
December 2, 2025
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CITY OF OAKLEY
PEDESTRIAN AND BICYCLE PROJECTS
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
JUNE 30, 2025
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CITY OF OAKLEY
PEDESTRIAN AND BICYCLE PROJECTS
FINANCIAL STATEMENTS
For the Year Ended June 30, 2025
Table of Contents
Page
Independent Auditor’s Report .................................................................................................................... 1 Balance Sheet ........................................................................................................................................ 3 Statement of Revenues, Expenditures and Change in Fund Balance ................................................... 4 Notes to the Financial Statements ......................................................................................................... 5 Independent Auditor’s Report on Internal Control Over Financial Reporting, on Compliance with the Transportation Development Act and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards ........................................................ 7 373
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INDEPENDENT AUDITOR’S REPORT
To the Honorable Members of the City Council
of the City of Oakley, California
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements of the City of Oakley Pedestrian and Bicycle Projects (Projects) of the City of Oakley, California, as of and for the year ended June 30, 2025, and the related notes to the financial statements, as listed in the Table of Contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Projects as of June 30, 2025, and the change in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirement relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Emphasis of a Matter
As discussed in Note 1, the financial statements present only the Projects and do not purport to, and do not present fairly the financial position of the City as of June 30, 2025, the changes in its financial position, or, where applicable, its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. Our opinion is not modified with respect to this matter.
Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error.
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Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards and Government Auditing Standards will always detect a material misstatement when it exists.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with generally accepted auditing standards and Government Auditing Standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Projects’ internal control. Accordingly, no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 2, 2025 on our consideration of the Project’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Projects’ 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 Projects’ internal control over financial reporting and compliance.
Pleasant Hill, California
December 2, 2025
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CITY OF OAKLEY
PEDESTRIAN AND BICYCLE PROJECTS
BALANCE SHEET
JUNE 30, 2025
2025
ASSETS
Due from Metropolitan Transportation Commission
Total Assets
LIABILITIES
Due to the City of Oakley
Total Liabilities
FUND BALANCE
Fund Balance
TOTAL LIABILITIES AND FUND BALANCE
See accompanying notes to the financial statements
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CITY OF OAKLEY
PEDESTRIAN AND BICYCLE PROJECTS
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGE IN FUND BALANCE
FOR THE YEAR ENDED JUNE 30, 2025
2025
Allocation
Instruction #
24001019
REVENUES: