Agenda packet — Pittsburg City Council, April 6, 2026 (part 2 of 3)

City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

2. CASH AND INVESTMENTS, Continued

K. Investment in Partnership, Continued

Upon purchase of the limited partnership interests, the Authority made a capital contribution to the Partnership in the amount of $675,225 for the purpose of paying off the existing bond loan on the Project.

As part of the overall agreement the administrative and management general partners have granted the Authority the option to acquire their interests in the Partnership at any time starting on January 1, 2026 for $100 each. The Authority’s intent will be to exercise these options, and will then own the Project.

3. LOANS AND NOTES RECEIVABLES

As of June 30, 2025, loans and notes receivable consisted of the following:

A. CalHome Program Loans

CalHome Program funds of $600,000 were awarded by the State of California and are used to provide first-time home buyer mortgage assistance as well as housing rehabilitation assistance for low income homeowners. Loans are payable upon sale or transfer of property, when the property ceases to be owner- occupied, or upon the CalHome loan maturity date. The outstanding balance as of June 30, 2025 was $411,166.

Description Balance
Governmental Activities:

CalHome Program Loans 411,166$
Domus Development LLC 6,766,466
Domus Development LLC Loan (Sienna Court) 6,096,216
HUD Community Development Block Grant 235,800
Low Income Families Loans 744,720
Mariner Walk Loan 180,000
Vista Del Mar Loans 200,000
Mercy Housing California Loan 4,842,028
PACF Loans 4,020
Presidio Village Senior Housing 836,841
Rehabilitation and Construction Loans 1,097,663
Residential Loans on Vidrio 826,309
Resources for Community Development Loan 7,292,841
Veterans Square Loan 887,662
9th Street Associates (Santa Fe Commons Housing Development) 2,187,914 Stay Cal Loan 4,586,686
Housing Rehabilitation 106,132
Home Two Suites by Hilton 1,040,643
Total Governmental Activities - Loans and Notes Receivable 38,343,107$ 70

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

3. LOANS AND NOTES RECEIVABLES, Continued

B. Domus Development LLC Loan

During fiscal year 2005-2006, the former Redevelopment Agency entered into a Development and Disposition Agreement with Domus Development LLC (Developer) of up to $8,000,000 for the development of a 28-unit residential rental dwelling and an 8,000 square feet ground floor commercial space at the northeast corner of Railroad Avenue and 10th Street. Funding was provided by the Housing- Set Aside funds in the amount of $6,000,000 and $2,000,000 by future tax increments. During the fiscal year 2007-2008, an amendment was filed to increase the loan up to an additional $800,000 and $4,845,755 of the loan was disbursed to the Developer. With the dissolution of the Agency effective February 1, 2012, this loan was assumed by the Housing Successor Agency. The outstanding balance as of June 30, 2025 was $6,766,466.

C. Domus Development LLC (Sienna Court) Loan

During fiscal year 2007-2008, the former Redevelopment Agency Low-Moderate Income Housing II Special Revenue Fund loaned funds of $250,000 to Domus Development LLC for the feasibility study of a senior affordable housing development (Sienna Court). The loan bears interest of 3.0% per annum. The Domus Development LLC loan was amended in fiscal year 2010-2011 to increase the loan by an additional $850,000, and then further amended in fiscal year 2010-2011 bringing total loan funding to $4,323,645.

With the dissolution of the Agency effective February 1, 2012, this loan was assumed by the Housing Successor Agency. The outstanding balance as of June 30, 2025 was $6,096,216.

D. HUD Community Development Block Grant (CDBG) Loans

The HUD CDBG Special Revenue fund had a loans receivable balance of $235,800 as of June 30, 2025, which consisted of $88,769 in CDBG entitlement loans and $147,031 in First Time Homebuyer loans.

E. Low Income Families Loans

During fiscal year 2006-2007 and 2007-2008, the former Redevelopment Agency Low-Moderate Income Housing II Special Revenue Fund loaned funds to low income families to purchase homes. The loans bear no interest and are deferred until the property changes title or are refinanced for cash. With the dissolution of the Agency effective February 1, 2012, this loan was assumed by the Housing Successor Agency. The outstanding balance as of June 30, 2025 was $744,720.

F. Mariner Walk Loan and Vista Del Mar Loans

During fiscal year 2005-2006, a Development and Disposition Agreement was entered into with Olson Urban Housing LLC (Developer) of up to $1,000,000 and with Lyon Vista Del Mar 533, LLC (Developer) of up to $800,000, to provide mortgage assistance for qualified moderate income households purchasing the affordable units. With the dissolution of the Agency effective February 1, 2012, the loans were assumed by the Housing Successor Agency. The outstanding balances as of June 30, 2025 were $180,000 and $200,000, respectively, for the property owners.

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

3. LOANS AND NOTES RECEIVABLES, Continued

G. Mercy Housing California Loan

During fiscal year 2005-2006, the former Redevelopment Agency Low-Moderate Income Housing II Special Revenue Fund loaned funds of $1,052,854 to Mercy Housing California for the development of a 64-unit dwelling and child care center located within the Redevelopment Project Area. During the fiscal year 2007-2008, an amendment was filed to increase the loan for a total of $4,952,854. The loan bears interest of 1.0% per year and provides for the Agency to receive 50.0% of the project’s residual receipts annually. With the dissolution of the Agency effective February 1, 2012, this loan was assumed by the Housing Successor Agency. The outstanding balance as of June 30, 2025 was $4,842,028.

H. Pittsburg Arts and Community Foundation (PACF) Loans

During fiscal year 2010-2011, the PACF assumed a construction loan and lease due from a Pittsburg resident. The loan will be repaid through lease payments on 159 4th Street, with a balloon payment due on December 1, 2023. During fiscal year 2011-2012, PACF assumed an NSP Home Buyer assistance program loan that was issued to a Pittsburg resident. Loan payments are deferred and will be forgiven if the property remains the same as the principal residence of the resident. The outstanding balances of these loans as of June 30, 2025 was $4,020.

I. Presidio Village Senior Housing Loans

During fiscal year 2006-2007, the former Redevelopment Agency Low-Moderate Income Housing II Special Revenue Fund loaned funds of $566,150 to Pacific Community Services for prior construction of 104 units called the Presidio Village Senior Housing. The loan bears interest of 3.0% per year and provides for the Agency to receive 50.0% of the project’s residual receipts annually. With the dissolution of the Agency effective February 1, 2012, this loan was assumed by the Housing Successor Agency. The outstanding balance and accrued interest as of June 30, 2025 was $836,841.

J. Rehabilitation and Construction Loans

Housing and rehabilitation loans are provided to homeowners who meet low and moderate income requirements as defined by the Department of Housing and Urban Development. These residential loans are available from $5,000 to $25,000 per property at a loan term of 3.0% simple interest for 10 years. The property will be rehabilitated to be free from health and safety violations upon completion of the rehabilitation program. The outstanding balance of these loan types as of June 30, 2025 was $1,097,663.

K. Residential Loans on Vidrio

During fiscal year 2010-2011, the City of Pittsburg financed several residential loans to the homebuyers of Vidrio Condominium. The outstanding balances as of June 30, 2025 was $826,309.

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

3. LOANS AND NOTES RECEIVABLES, Continued
L. Resources for Community Development Loan
During fiscal year 2006-2007, the former Redevelopment Agency Low-Moderate Income Housing II Special Revenue Fund loaned funds of $6,105,848 to Resources for Community Development for the development of 71 rental dwellings and a community center. During the fiscal year 2008-2009, an amendment was filed to increase the loan up to an additional $350,000 and $5,710,730 of the loan was disbursed to the Developer. The loan bears interest of 1.0% per annum and provides for the Agency to receive 50% of the project’s residual receipts annually. With the dissolution of the Agency effective February 1, 2012, this loan was assumed by the Housing Successor Agency. The outstanding balance as of June 30, 2025 was $7,292,841.

M. Veterans Square Loan
During fiscal year 2020-2021, the Housing Authority of the City of Pittsburg loaned $780,000 to the Veterans Square for the purchase of property located at 901 Los Medanos Street. The loan terms include

3.0% simple interest and is due in 55 years. The repayment will be made from residual receipts. The outstanding balance as of June 30, 2025 was $887,662.

N. 9th Street Associates (Santa Fe Commons Housing Development Loan) This is a rehabilitation and construction loan to eliminate blight to a property owner to assist improvements and rehabilitation of properties that were vacant or underutilized.

During fiscal year 2011-2012, the City provided a property development loan of $1,614,713 to 9th Street Associates LP to develop the units at Santa Fe Commons. The loan terms include 3.0% simple interest and is due in 55 years. The repayment will be made from residual receipts. The outstanding balance as of June 30, 2025 was $2,187,914.

O. Stay Cal Loan
During fiscal year 2022-2023, the City entered a Purchase & Sale Agreement (“PSA”) with Stay Cal Pittsburg, LLC, (Stay Cal) for a loan covering the purchase price for the real property located adjacent to the intersection of Railroad Avenue and Center Drive, which encompasses approximately 111,874 square feet to build a Courtyard by Marriott Hotel on the property in the amount of up to $4,300,000. The loan terms include a growing simple interest rate starting at 3.00% and maximizing at 6.00% to be paid over the course of 30 years from the closing date or the sale or transfer of the property by Stay Cal, but no later than March 1, 2053. Repayment will be made by collection of Transient Occupancy Taxes collected by the Courtyard by Marriott, or equivalent hotel constructed upon the site. Additionally, the City agreed to defer certain development fees in an amount no greater than $463,000 to be repaid by Stay Cal commencing the date that the developer begins to collect transient occupancy tax from the hotel pursuant to a fee deferral agreement. The agreement requires that StayCal collect a total of 12% transient occupancy tax and remit the full amount monthly to the City. Of the 12% total, 2% shall be applied to the Deferred Amount owed until fully paid. No interest shall be charged on the deferred amount. The outstanding balance as of June 30, 2025 was $4,586,686.
73

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

4. LEASES AND SUBSCRIPTIONS

A. Leases Receivable

The City from time to time engages in lease arrangements allowing the right for others to use various owned land and buildings for the public benefit. The borrowing rate for the leases are implicit in the lease agreements, and therefore, the City has applied the incremental borrowing rate of the City for all leases.

As of June 30, 2025, the City’s leases receivable and related deferred inflows of resources consisted of the following:

Lease
Expiration Date Annual Receivable Deferred Inflow
Original Including Revenue as of Balance at of Resources at Lessor Lease Date Options June 30, 2025 June 30, 2025 June 30, 2025 Governmental Activities
Lincoln Child Center 5/20/2013 1/31/2026 116,380 $ 78,928$ 77,264$ DVWB, LLC 12/20/2021 12/31/2029 14,160 91,174 54,345 Total Governmental Activities 130,540$ 170,102$ 131,609$ Business-Type Activities
Dow Chemical Company 7/1/2014 6/30/2063 344,565 $ 14,395,470$ 13,093,453$ Trans Bay Cable, LLC 11/12/2010 11/21/2050 139,032 3,748,238 3,530,261 USS Posco-Industries 11/18/2006 11/17/2031 288,671 1,697,725 1,841,883 Vee Jay Enterprises 5/1/2018 4/30/2068 12,812 612,695 548,781 Isle Capital Corporation 12/2/1996 12/1/2026 142,373 135,390 202,091 Total Business-Type Activities 927,453$ 20,589,518$ 19,216,469$ 74

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

4. LEASES AND SUBSCRIPTIONS, Continued

A. Leases Receivable, Continued

Governmental Activities

On May 20, 2013, the City entered into a 13 year lease as lessor for the use of Lincoln Child Center. As of June 30, 2025, the value of the lease receivable was $208,039. The lessee is required to make monthly payments of $10,446 increasing by 3% every January 1. The lease has an interest rate of 3.7%. The City has offset the lease receivable with a deferred inflow of resources. As of June 30, 2025, the deferred inflow of resources was $77,264. The City recognized lease revenue of $116,380 during fiscal year 2025 under the lease.

On December 20, 2021, the City entered into an 8 year lease as lessor for the use of property owned by the City to DVWB, LLC, including an option to extend the lease an additional 5 years. As of June 30, 2025, the value of the lease receivable was $105,255. The lessee is required to make monthly payments ranging from $1,782 - $1,835. The lease has an interest rate of 3.7%. The City has offset the lease receivable with a deferred inflow of resources. As of June 30, 2025, the deferred inflow of resources was $54,345. The City recognized lease revenue of $14,160 during fiscal year 2025 under the lease.

Business-Type Activities

On July 1, 2014, the City entered into a 49 year lease as lessor for the use of land currently developed with two docks with the Dow Chemical Company. As of June 30, 2025, the value of the lease receivable is $14,298,121. The lessee is required to make annual fixed payments starting with $320,905, increasing by 3% every July 1. The lease has an interest rate of 3.7%. The City has offset the lease receivable with a deferred inflow of resources. As of June 30, 2025, the deferred inflow of resources was $14,395,470. The City recognized lease revenue of $344,565 during fiscal year 2025 under the lease.

On November 12, 2010, the City entered into a 40 year lease as lessor for the use of land with Trans Bay Cable, LLC. As of June 30, 2024, the value of the lease receivable was $3,835,531. The lessee is required to make monthly fixed payments of $18,978. The lease has an interest rate of 3.7%. The City has offset the lease receivable with a deferred inflow of resources. As of June 30, 2025, the deferred inflow of resources was $3,530,261. The City recognized lease revenue of $139,032 during fiscal year 2025 under the lease.

On November 18, 2006, the City entered into a 25 year lease as lessor for the use of land with USS- Posco Industries. As of June 30, 2025, the value of the lease receivable was $1,946,413. The lessee is required to make annual fixed payments in the range of $305,229-$320,705. The lease has an interest rate of 3.7%. The City has offset the lease receivable with a deferred inflow of resources. As of June 30, 2025, the deferred inflow of resources was $1,841,883. The City recognized lease revenue of $288,671 during fiscal year 2025 under the lease.

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

4. LEASES AND SUBSCRIPTIONS, Continued

A. Leases Receivable, Continued

Business-Type Activities, Continued

On May 1, 2018, the City entered into a 50 year lease as lessor for the use of marina property with Vee Jay Enterprises. There are options for the lessee to extend the lease up to an additional 15 years. As of June 30, 2024, the value of the lease receivable was $609,714. The lessee is required to make monthly fixed payments of $1,534. The lease has an interest rate of 3.7%. The City has offset the lease receivable with a deferred inflow of resources. As of June 30, 2025, the deferred inflow of resources was $548,781. The City recognized lease revenue of $12,812 during fiscal year 2025 under the lease.

On December 2, 1996, the City entered into a 30 year lease as lessor for the use of marina property with Isle Capital Corporation. As of June 30, 2024, the value of the lease receivable is $265,948. The lessee is required to make annual payments ranging from $132,142 to $140,399 over the life of the lease. The lease has an interest rate of 3.7%. The City has offset the lease receivable with a deferred inflow of resources.

As of June 30, 2025, the deferred inflow of resources was $202,091. The City recognized lease revenue of $142,373 during fiscal year 2025 under the lease.

5. UNEARNED REVENUES

At June 30, 2025, the following unearned revenues were recorded, primarily related to transactions where revenue has not yet been earned. These include unearned grants and prepaid charges for services.

Governmental Activities: Nonmajor Total
General Housing Miscellaneous Governmental Governmental Fund Authority Grants Funds Funds
Unearned revenues (grants and charges for service) 1,002,261$ 117,809$ 2,917,381$ 138,555$ 4,176,006$ Total 1,002,261$ 117,809$ 2,917,381$ 138,555$ 4,176,006$ Business-Type Activities: Total
Pittsburg Waterfront Business-Type
Power Company Operations Activities
Unearned revenues (grants and charges for service) 1,783,251$ 575,038$ 2,358,289$ Total 1,783,251$ 575,038$ 2,358,289$ 76

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

6. INTERFUND TRANSACTIONS

A. Current Interfund Balances

Current interfund balances arise in the normal course of business and are expected to be repaid shortly after the end of the fiscal year. Current interfund balances are as follows:

B. Interfund Advances

At June 30, 2025, the following funds had advances that were not expected to be repaid within the next year:

During fiscal year 2019-2020, the Successor Agency Housing Special Revenue Fund advanced $1,593,421 to the General Fund for the purchase of property located on Railroad Avenue (APN 088-171- 035). The advance will accrue LAIF interest and will continue to exist until repaid in full. The balance as of June 30, 2025 was $1,073,972.

DUE TO DUE FROM Amount
General Fund Capital Improvement Fund 103,068$
General Fund Water Utility 19,456
General Fund Non-Major Governmental Funds 1,383,534
General Fund Internal Service Funds 943
Total 1,507,001$
ADVANCE TO OTHER FUNDS General Fund
Housing
Successor
Agency
Rail Road
Avenue
Specific Area
Plan Golf Course
Internal
Service Fund Total
(Funds making loan)
Major Governmental Funds:

Successor Agency Housing 1,073,972$ -$ -$ -$ -$ 1,073,972$ Major Enterprise Funds:

Sewer Utility - - - - 27,036 27,036 Pittsburg Power Company - - - 375,000 - 375,000 Non-Major Governmental Funds:

Southwest Pittsburg GHAD II 2,117,588 - - - - 2,117,588 Inclusionary Housing Fund - 380,000 - - - 380,000 Regional Traffic Mitigation - - 3,301,791 - - 3,301,791 Total 3,191,560$ 380,000$ 3,301,791$ 375,000$ 27,036$ 7,275,387$

ADVANCE FROM OTHER FUNDS
(Funds receiving loan)
Major Funds Non-major Funds
77

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

6. INTERFUND TRANSACTIONS, Continued

B. Interfund Advances, Continued

During fiscal year 2020-2021, the Southwest Pittsburg GHAD II Fund advanced $300,000 to the General Fund for the purchase of software and related expenses. The advance will accrue LAIF interest rate and will continue to exist until repaid in full. This advance was later amended to increase the loan amount from $300,000 to $350,000 to fund implementation of the software. During fiscal year 2023-2024, the Southwest Pittsburg GHAD II further advanced $1,756,462 to General Fund for furthering the economic development within the City. The combined balance as of June 30, 2025 was $2,117,588.

During fiscal year 2020-2021, the Inclusionary Housing Capital Projects Fund advanced $380,000 to the Successor Agency Housing Special Revenue Fund for a loan to purchase a property located on 901 Los Medanos Street. The advance will accrue interest at a rate of three percent on the unpaid principal outstanding from time to time commencing on the date of initial disbursement of loan proceeds. The balance as of June 30, 2025 was $380,000.

During fiscal year 2014-2015, the Regional Traffic Mitigation Capital Projects Fund advanced $3,300,000 to the Railroad Avenue Specific Area Plan Special Revenue Fund to help fund the construction of the eBART Pittsburg Center Station Project. The advance is to be repaid to the Regional Traffic Mitigation Fund by June 30, 2044 and bears simple interest at the average State Local Agency Investment Fund (LAIF) interest rate. The repayment began in fiscal year 2015 with annual payments in amount up to the accrued interest due, and the balance as of June 30, 2025 was $3,301,791

During fiscal year 2016-2017, the Sewer Utility Enterprise Fund advanced $252,960 to the Building Maintenance Internal Service Fund to assist in financing the City Hall HVAC Chiller Replacement project.

The advance is to be repaid within ten years and bears interest at 1.5% per year. The balance as of June 30, 2025 was $27,036.

During fiscal year 2002-2003, the Pittsburg Power Company Enterprise Fund advanced $375,000 to the Golf Course Special Revenue Fund for the replacement and improvements of golf carts. The advance was to be repaid within ten years provided the money is available in the Golf Fund. City Council approved the refinancing of the Pittsburg Power Company loan in fiscal year 2022-2023, outlining a new 35-year term at 2.5% to save the City $91,797 that would have otherwise been paid in interest during the original 10- year term. The balance as of June 30, 2025 was $375,000.

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

6. INTERFUND TRANSACTIONS, Continued

C. Interfund Transfers

At June 30, 2025, the City had the following inter-fund transfers:
 $7,447,390 transfers to the General Fund were to fund General Fund operations and administrative services for which the other funds received services. Also to return unused project funds to original funding source.
 $3,987,956 transfer to Capital Improvement Fund is for Water Treatment Plant capital repairs & improvements and annual filter media replacement projects.  Transfers to non-major funds consists of the following:
 $3,758,561 from General Fund for city lighting & landscaping, Gas Tax (RMRA) and city road maintenance and various projects.
 $53,079 from ARPA for various Redevelopment Agency (RDA) projects.  $200,000 transfer out to Capital Project fund for the new Enterprise Resource Planning (ERP) software.
 $50,000 transfer out to fund Project - Boat Launch Ramp Infrastructure Upgrade.  $110,417 transfers to the Miscellaneous Grants Special revenue fund from the General Fund is related to ARPA.
 $67,600 transfers to the Water Utility Enterprise Fund to subsidize senior discount.  $1,166,635 transfer to Water Utility Enterprise Fund to allocate Utility Billing administrative time. employees are split between Water and Sewer Funds. Also, for replacement of capital improvements. also to return unused project funds to original funding source.  55,200 transfers to the Pittsburg Power Company Enterprise Fund to cover Future Build program.  $631,000 transfer to Internal Service Funds are to fund IT, and Fleet & Building Maintenance operations.

Nonmajor Pittsburg Internal
General Miscellaneous Capital Governmental Water Power Service Transfers Out Fund Grant Improvement Funds Utility Company Fund Total Governmental Funds:

General Fund -$ 110,417$ 801,023$ 3,758,561$ 67,600$ 55,200$ 101,685$ 4,894,486$ Housing Authority - - - - - - 24,907 24,907 Housing Successor Agency - - - - - - 749 749 Miscellaneous Grant - - - 53,079 - - - 53,079 Capital Improvement 1,613,011 - - 693 - - - 1,613,704 Nonmajor Governmental Funds 4,729,386 - 3,987,956 375,531 - - 75,692 9,168,565 Proprietary Funds:

Water 285,000 - 576,516 - - - 281,525 1,143,041 Sewer 60,000 - - - 1,166,635 - 31,461 1,258,096 Marina - - 291,200 - - - 22,659 313,859 Pittsburg Power Compnay 760,000 - - - - - 45,318 805,318 Waterfront - - - 50,000 - - 17,791 67,791 Internal Service Fund - - - 200,000 - - 29,213 229,213 Total 7,447,397$ 110,417$ 5,656,695$ 4,437,864$ 1,234,235$ 55,200$ 631,000$ 19,572,808$ Governmental Funds Proprietary Funds
Transfers In
79

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

7. CAPITAL ASSETS

A. Government-Wide Financial Statements

At June 30, 2025, the City’s capital assets consisted of the following:

Governmental Business-Type
Activities Activities Total
Non-depreciable assets:

Land 36,385,225$ 2,721,245$ 39,106,470$ Construction in progress 38,145,953 25,494,349 63,640,302 Total non-depreciable assets 74,531,178 28,215,594 102,746,772 Depreciable assets:

Buildings and improvements 116,341,576 48,614,302 164,955,878 Machinery and equipment 19,979,093 13,589,833 33,568,926 Infrastructure 319,509,741 168,193,217 487,702,958 Vehicles 3,640,581 3,111,219 6,751,800 Intangible Right-to-Use Buildings 892,634 - 892,634 Intangible Right-to-Use Subscription 241,418 - 241,418 Total depreciable assets 460,605,043 233,508,571 694,113,614 Less accumulated depreciation and amortization:

Buildings and improvements (54,160,167) (15,356,239) (69,516,406) Machinery and equipment (18,219,466) (8,419,537) (26,639,003) Infrastructure (206,319,498) (65,920,153) (272,239,651) Vehicles (929,843) (624,477) (1,554,320) Intangible Right-to-Use Buildings (700,553) - (700,553) Intangible Right-to-Use Subscription (164,811) - (164,811) Total accumulated depreciation (280,494,338) (90,320,406) (370,814,744) Total net depreciable assets 180,110,705 143,188,165 323,298,870 Total capital assets 254,641,883$ 171,403,759$ 426,045,642$ 80

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

7. CAPITAL ASSETS, Continued

A. Government-Wide Financial Statements, Continued

The following is a summary of capital assets for governmental activities:

Balance at
6/30/2024 Adjustments/ Balance at
(restated) Additions Deletions Reclassifications Transfers June 30, 2025 Governmental Activities:

Nondepreciable capital assets:

Land 36,385,225$ -$ -$ -$ -$ 36,385,225$ Construction in progress 28,030,236 24,954,665 - - (14,838,948) 38,145,953 Total 64,415,461 24,954,665 - - (14,838,948) 74,531,178 Depreciable capital assets:

Buildings and Improvements 111,077,848 - - 224,234 5,039,494 116,341,576 Machinery and Equipment 20,739,882 141,795 (1,022,286) - 119,702 19,979,093 Infrastructure 309,788,243 - - 41,746 9,679,752 319,509,741 Vehicles 1,842,891 1,797,690 3,640,581
Intangible Right-to-Use Buildings 892,634 - - - - 892,634 Intangible Right-to-Use Subscription 241,418 - - - - 241,418 Total 444,582,916 1,939,485 (1,022,286) 265,980 14,838,948 460,605,043 Less accumulated depreciation
and amortization:

Buildings and Improvements (51,045,569) (3,105,219) - (9,379) - (54,160,167) Machinery and Equipment (18,523,975) (700,222) 1,005,813 (1,082) - (18,219,466) Infrastructure (199,751,011) (5,921,185) - (647,302) - (206,319,498) Vehicles (334,582) (595,261) - - - (929,843) Intangible Right-to-Use Buildings (552,883) (147,670) - - - (700,553) Intangible Right-to-Use Subscription (109,874) (54,937) - - - (164,811) Total (270,317,894) (10,524,494) 1,005,813 (657,763) - (280,494,338) Depreciable capital assets, net 174,265,022 (8,585,009) (16,473) (391,783) 14,838,948 180,110,705 Total capital assets 238,680,483$ 16,369,656$ (16,473)$ (391,783)$ -$ 254,641,883$ 81

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

7. CAPITAL ASSETS, Continued

A. Government-Wide Financial Statements, Continued

Governmental activities depreciation and amortization expenses for capital assets for the year ended June 30, 2025 are as follows:

The following is a summary of capital assets for business-type activities:

General Government 1,173,453$
City Manager and City Clerk 40,266
Human Resources 4,155
Finance and Services 83,797
Community Development and Services 98,434
Public Safety 219,797
Public Works 8,158,867
Internal Service Funds 745,725
Total depreciation and amortization expense 10,524,494$ Balance at
6/30/2024
(restated) Additions Deletions
Adjustments/
Reclassifications Transfers
Balance at
6/30/2025
Business-Type Activities:

Nondepreciable capital assets:

Land 2,721,245$ -$ -$ -$ -$ 2,721,245$ Construction in progress 24,735,298 12,891,343 - - (12,132,292) 25,494,349 Total 27,456,543 12,891,343 - - (12,132,292) 28,215,594 Depreciable capital assets:

Buildings and Improvements 48,838,534 - - (224,232) - 48,614,302 Machinery and Equipment 13,225,239 732,617 (349,211) (18,812) - 13,589,833 Infrastructure 156,195,340 - - (134,415) 12,132,292 168,193,217 Vehicles 1,789,569 1,321,650 - - - 3,111,219 Total 220,048,682 2,054,267 (349,211) (377,459) 12,132,292 233,508,571 Less accumulated depreciation :

Buildings and Improvements (14,401,988) (964,216) - 9,965 - (15,356,239) Machinery and Equipment (8,187,287) (443,255) 349,211 (138,206) - (8,419,537) Infrastructure (63,409,128) (2,532,445) - 21,420 - (65,920,153) Vehicles (212,461) (412,016) - - - (624,477) Total (86,210,864) (4,351,932) 349,211 (106,821) - (90,320,406) Depreciable capital assets, net 133,837,818 (2,297,665) - (484,280) 12,132,292 143,188,165 Total capital assets 161,294,361$ 10,593,678$ -$ (484,280)$ -$ 171,403,759$ 82

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

7. CAPITAL ASSETS, Continued

A. Government-Wide Financial Statements, Continued

Business-type activities depreciation and amortization expenses for capital assets for the year ended June 30, 2025 are as follows:

B. Fund Financial Statements

The Governmental Fund Financial Statements do not present General Government Capital Assets.

Consequently, capital assets are shown as a reconciling item in the Reconciliation of the Governmental Funds Balance Sheet to the Government-Wide Statement of Net Position.

The capital assets of the enterprise funds in the Proprietary Fund Financial Statements are the same as those shown in the business-type activities of the Government-Wide Financial Statements. Internal Service Funds capital assets are combined with governmental activities.

8. LONG TERM DEBT

Governmental Activities

The following is a summary of long-term debt transactions of the governmental activities for the year ended June 30, 2025:

Water Utility 1,887,359$
Sewer Utility 1,458,270
Marina 463,956
Pittsburg Power Company 536,932
Waterfront Operations 5,415
Total 4,351,932$
Beginning
Balance Ending
Description
Original Issue
Amount
7/1/2024
(restated) Additions Retirements
Balance
6/30/2025
Due Within
One Year
Due in More
Than One Year
Governmental Activities - Bonds
2006 Pension Obligation Bonds 39,566,056$ 30,078,657$ 1,041,507$ 2,750,000$ 28,370,164$ 2,855,000$ 25,515,164$ Direct Borrowings
PG&E Energy Efficient Loan 213,294 81,769 - 21,329 60,440 21,329 39,111 Vehicle Finance Purchase 848,058 91,970 - 91,970 - - - Leases:

Lease - Gateway - Domus 679,630 371,792 - 109,681 262,111 113,809 148,302 Lease - Pacific Art Center 213,004 113,411 - 41,615 71,796 44,558 27,238 Total Leases 892,634 485,203 - 151,296 333,907 158,367 175,540 SBITA Yardi 180,118 90,843 - 44,911 45,932 45,932 - Total Direct Borrowings 749,785 - 309,506 440,279 225,628 214,651 Total Governmental Activities 30,828,442$ 1,041,507$ 3,059,506$ 28,810,443$ 3,080,628$ 25,729,815$ 83

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

8. LONG TERM DEBT, Continued

Series 2006 Pension Obligation Bonds

On June 15, 2006, the City issued $39,566,056 of Series 2006 Taxable Pension Obligations Bonds bearing interest at 5.850-6.115% to prepay the City’s unfunded accrued actuarial liability of the Miscellaneous and Safety plans through the California Public Employees’ Retirement System. The City also prepaid the unfunded liability owed to Contra Costa County Employees Retirement Association (CCCERA), which amounted to $12,700,000 as of June 30, 2006. The Bonds are issued as current interest bonds and capital interest bonds where the current interest is payable annually on July 1, and the capital appreciation bonds will accrete interest from the date of issuance and will be payable only upon maturity or redemption. The bonds are payable from any form of taxation. The bond covenant contains events of default that require the revenue of the City to be applied by the Trustee as specified in the terms of the agreement if any of the following conditions occur: default on debt service payments; the failure of the City to observe or perform the conditions, covenants, or agreement terms of the debt; bankruptcy filing by the City; or if any court or competent jurisdiction shall assume custody or control of the City. The covenant also contains a subjective acceleration clause that allows the trustees or holders, who hold the majority of the aggregate principal amount of the notes, to accelerate payment of the entire principal amount outstanding and interest accrued to become immediately due if they determine that a material adverse change occurs.

Annual principal and interest payments on the bonds are expected to require approximately 5.0% of city- wide revenues. At June 30, 2025, the total principal and interest remaining to be paid on the bonds was $44,243,334. For the current year, principal and interest paid were $4,053,345 and City-wide governmental revenues were $137,303,763.

The Bonds unaccreted discount and the current year accretion totaled $6,654,836 and $1,041,507, respectively, at June 30, 2025. The Bonds do not pay periodic interest. Interest on the Bonds will accrete in value at the rates between 5.85% and 6.12%. Repayment of the accreted principal commenced July 1, 2015. Final repayment will be July 1, 2036.

The annual debt service requirements to mature the Series 2006 Pension Obligation Bonds outstanding at June 30, 2025, were as follows:

Year Ending
June 30, Principal (1) Interest Total
2026 2,855,000$ 1,174,709$ 4,029,709$ 2027 2,655,000 1,134,528 3,789,528 2028 2,745,000 1,099,960 3,844,960 2029 2,835,000 1,062,438 3,897,438 2030 2,935,000 1,021,813 3,956,813 2031-2035 16,875,000 3,603,013 20,478,013 2036 4,125,000 121,873 4,246,873 Total 35,025,000$ 9,218,334$ 44,243,334$ (1) Includes unaccreted discount in the total amount of $6,654,836 84

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

8. LONG TERM DEBT, Continued

Governmental Activities (Direct Borrowings)

On April 5, 2018, the City obtained a ten-year, interest free (0%), no fee loan from Pacific Gas and Electric (PG&E) in the amount of $213,294, to partially fund the cost of replacing the City Hall Chiller with an energy-efficient system. The loan is repayable from general funds. Principal payments are paid monthly with on-bill PG&E payments, commencing May 2018. As of June 30, 2025, the outstanding principal balance on the loan was $60,440.

The annual debt service requirements to mature the lease outstanding at June 30, 2025, are as follows:

On October 21, 2019, the City entered into a five-year finance purchase agreement for a total principal cost of $848,058 with Holman Capital Corporation for various vehicles and equipment. The interest rate on the lease is 3.70% and principal and interest payments are due semi-annually, commencing April 21, 2020, maturing on October 21, 2024. As of June 30, 2025, the outstanding principal balance of the lease has been fully paid off during the current year.

Year Ending
June 30, Principal Total
2026 21,329$ 21,329$
2027 21,329 21,329
2028 17,782 17,782
Total 60,440$ 60,440$
85

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

8. LONG TERM DEBT, Continued

Leases for Governmental Activities (Direct Borrowings)

The City from to time to time engages in lease arrangements for the right-to-use various third-party owned land and buildings for the public benefit.

On March 1, 2006, the City entered into a 20 year lease as lessee for the use of a building. An initial lease liability was recorded in the amount of $679,630. The City is required to make monthly fixed payments of $10,133. The lease has an interest rate of 3.7%. As part of the lease, the City has recorded an intangible right-to-use asset and accumulated amortization. As of June 30, 2025, City has recorded an intangible right to use lease asset amounting to $679,630, with accumulated amortization of $438,078. As of June 30, 2025, the outstanding principal balance of the lease was $262,111.

On February 1, 2020, the City entered into a 7 year lease as lessee for the use of the PACF Art Centre, with an option to extend the lease for 5 additional years. An initial lease liability was recorded in the amount of $213,004. The City is required to make monthly fixed payments of $2,000 through January 2022, with payments increasing between $3,500 - $3,605 thereafter. The lease has an interest rate of 3.7%. As part of the lease, the City has recorded an intangible right-to-use asset and accumulated amortization. As of June 30, 2025, City has recorded an intangible right to use lease asset amounting to $213,004, with accumulated amortization of $152,600. As June 30, 2025, the outstanding principal balance of the lease was $71,796.

On February 19, 2008, the City entered into a 15 year lease as lessee for the use of property known as Palermo, with two extension options totaling an additional 10 years. An initial lease liability was recorded in the amount of $545,743. The City is required to make monthly fixed payments of $4,337. The lease has an interest rate of 3.7%. As part of the lease, the City has recorded an intangible right-to-use asset and accumulated amortization. As of June 30, 2025, the remaining balance of the lease is zero, as the lease was fully paid off during FY2023 - 2024, any remaining balance has been written-off.

The lease liabilities are offset with intangible right-to-use lease assets as discussed in Note 7.

The future principal and interest lease payments as of June 30, 2025, were as follows:

Year Ending
June 30, Principal Interest Total
2026 158,367$ 9,693$ 9,693$ 2027 145,330 3,835 3,835 2028 30,210 186 186 Total 333,907$ 13,714$ 13,714$ 86

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

8. LONG TERM DEBT, Continued

Subscription-Based Information Technology Liability

During fiscal year 2023, the City implemented the provisions of GASB Statement No. 96, Subscription- Based Information Technology Arrangements, which required the restatement of capital assets, specifically to incorporate an intangible right-to-use subscription asset, and subscription liability. As a result, an initial subscription liability was recorded in the amount of $180,118 as of July 1, 2022 for governmental activities. The subscription liability is offset with subscription assets as discussed in Note

7. Implementation costs and prepayments made on subscriptions in the amount of $61,300 were not included in the measurement of the liability as of July 1, 2022, and were included in the measurement of the subscription assets in accordance with GASB.

On November 23, 2021, the City entered into a subscription agreement with Yardi Systems, Inc. for a subscription with a 5 year term. The City is required to make yearly subscription payments of $46,978. throughout the life of the subscription, which ends on December 31, 2026. Interest is implicit in the subscription agreement in the amount of 3.7%. An initial subscription liability was recorded in the amount of $180,118. As of June 30, 2025, the City has recorded an intangible right to use subscription asset amounting to $241,418, and accumulated amortization of $164,811. As of June 30, 2025, the outstanding principal balance of the lease was $45,932.

The future subscription and interest subscription payments as of June 30, 2025 are as follows:

Year Ending
June 30, Principal Interest Total
2026 45,932$ 1,045$ 46,977$ Totals 45,932$ 1,045$ 46,977$ 87

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

8. LONG TERM DEBT, Continued
Business-Type Activities

The following is a summary of long-term debt transactions of the business-type activities for the year ended June 30, 2025:

2016 Water Revenue Refunding Bonds

On November 15, 2016, the City issued 2016A Water Revenue Refunding Bonds in the amount of $30,070,000 Series 2016A Tax Exempt and $780,000 Series 2016-Taxable Bonds for a combined total of $30,850,000. The proceeds from the Bonds were used to retire the 2008 Water Refunding Bond and to pay a Swap Termination Fee. The Tax-Exempt Bonds bear interest ranging from 2.0%-5.0% and the Taxable bonds bear interest of 0.87%. Interest on Tax-Exempt bonds is payable semi-annually each February 1st and August 1st. The Tax-Exempt bonds will mature on August 1, 2034.

The bond covenant contains events of default that require the revenue of the City to be applied by the Trustee as specified in the terms of the agreement if any of the following conditions occur: default on debt service payments; the failure of the City to observe or perform the conditions, covenants, or agreement terms of the debt; bankruptcy filing by the City; or if any court or competent jurisdiction shall assume custody or control of the City. The covenant also contains a subjective acceleration clause that allows the trustees or holders, who hold the majority of the aggregate principal amount of the notes, to accelerate payment of the entire principal amount outstanding and interest accrued to become immediately due if they determine that a material adverse change occurs.

The annual debt service requirements to mature the loan outstanding at June 30, 2025, were as follows:

Beginning Ending Due in More
Original Issue Balance Balance Due Within Than One
Description Amount July 1, 2024 Additions Retirements June 30, 2025 One Year Year 2016 Water Revenue 30,850,000$ 20,060,000$ -$ 1,620,000$ 18,440,000$ 1,680,000$ 16,760,000$ Refunding Bonds
2014 California Infrastructure and
Economic Development Direct Bank Loan 11,387,398 9,103,050 - 300,407 8,802,643 310,951 8,491,692 2022A Water Revenue Bonds 43,870,000 43,870,000 - - 43,870,000 - 43,870,000 Unamortized premium on 2022A Bonds 2,234,714 - 79,811 2,154,903 - 2,154,903 Total 75,267,764$ -$ 2,000,218$ 73,267,546$ 1,990,951$ 71,276,595$ Year Ending
June 30, Principal Interest Total
2026 1,680,000$ 737,250$ 2,417,250$ 2027 1,745,000 651,625 2,396,625 2028 1,830,000 562,250 2,392,250 2029 1,895,000 469,125 2,364,125 2030 1,975,000 382,250 2,357,250 2031-2035 9,315,000 721,325 10,036,325 Total 18,440,000$ 3,523,825$ 21,963,825$ 88

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

8. LONG TERM DEBT, Continued

2014 California Infrastructure and Economic Development Bank Installment Sale Agreement (Direct Loan)

On November 17, 2014, the City of Pittsburg entered into an installment sale agreement (agreement) with the California Infrastructure and Economic Development Bank for financing the costs of modifications to the Pittsburg Water Treatment Plant and installation of approximately 9,100 feet of transmission line and other related costs. The principal amount provided under the agreement is $11,387,398 payable over a term of 30 years. Principal payments are made annually on August 1, commencing August 1, 2015 through August 1, 2044. The installment sales payments bear an interest rate of 3.51% per annum with interest payments made semi-annually on February 1 and August 1, commencing February 1, 2015 through August 1, 2044. The installments are payable from Water Charge Revenues. During fiscal year ended June 30, 2025, principal and interest paid was $614,652 and water charge revenues were $28,495,479.

The agreement contains events of default that require the revenue of the City to be applied by the Bank as specified in the terms of the agreement if any of the following conditions occur: default on debt service payments; the failure of the City to observe or perform the conditions, covenants, or agreement terms of the loan; bankruptcy filing by the City; or if any court or competent jurisdiction shall assume custody or control of the City. The covenant also contains a subjective acceleration clause that allows the Bank to accelerate payment of the entire principal amount outstanding and interest accrued to become immediately due if they determine that a material adverse change occurs.

The annual debt service requirements to mature the outstanding balance at June 30, 2025, were as follows:

Year Ending
June 30, Principal Interest Annual Fee
2026 310,951$ 303,516$ 27,309$
2027 321,866 292,410 26,408 2028 333,163 280,914 25,475 2029 344,857 269,015 24,509 2030 356,962 256,698 23,510 2031-2035 1,981,779 1,083,061 101,286 2036-2040 2,354,869 703,423 70,479 2041-2045 2,798,197 252,315 33,873 Total 8,802,644$ 3,441,352$ 332,849$
89

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

8. LONG TERM DEBT, Continued

2022A Water Revenue Bonds

On May 1, 2022, the City issued Series 2022A Water Revenue Bonds in the amount of $43,870,000. The proceeds from the Bonds were used to finance certain capital improvements to the City’s municipal water system and to pay costs incurred in connection with the issuance of the Bonds. The Tax-Exempt Bonds bear interest in the amount of 5%. Interest is payable semi-annually each February 1 and August 1, commencing August 1, 2022. Principal payments are payable on August 1, commencing August 1, 2034.

The installments are payable solely from Net Water Revenues. The City is subject to certain revenue bond covenants, the most restrictive which requires annual net revenues be equal to at least 125% of the current annual debt service requirements of the Bonds. For the current year, the City was not required to make principal and interest payments.

The annual debt service requirements to mature the outstanding balance at June 30, 2025, were as follows:

Debt Management Policy

The City has adopted a comprehensive debt management policy that guides the issuance and management of City debt. The policy includes establishing the legal debt limits (per State law this equates to 15% of assessed value of all real and personal property of the City), identifying the types of debt that can be issued and purposes for which debt proceeds can be used, establishing financial limits affecting debt issuance, and identifying guidelines regarding the structuring of debt. At the end of fiscal year 2025, the City had total debt outstanding of $103 million, which complies with, and is significantly under, the current policy limits.

Year Ending
June 30, Principal Interest Total
2026 -$ 2,081,063$ 2,081,063$ 2027 - 2,081,063 2,081,063 2028 - 2,081,063 2,081,063 2029 - 2,081,063 2,081,063 2030 - 2,081,063 2,081,063 2031-2035 525,000 10,392,188 10,917,188 2036-2040 7,415,000 9,385,188 16,800,188 2041-2045 9,540,000 7,308,956 16,848,956 2046-2050 15,290,000 4,636,925 19,926,925 2051-2052 11,100,000 851,000 11,951,000 Total 43,870,000$ 42,979,572$ 86,849,572$ 90

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

9. SPECIAL ASSESSMENT DISTRICT DEBT WITHOUT CITY COMMITMENT

The City has sponsored special assessment debt issues under which it has no legal or moral liability with respect to repayment of the debt and, therefore, does not include this debt in the City’s Governmental Activities. The activity for those issues for the year ended June 30, 2025, was as follows:

2001-03 Century Plaza Assessment District Bonds – The Century Plaza Bonds bear interest rates between

2.40% and 5.88% with interest payments made semi-annually on March 2 and September 2. The Century Plaza Bonds are to be paid from annual assessment installments. Proceeds from the Century Plaza Bonds were used to finance the construction and acquisition of certain public improvements within the City’s Assessment District No. 2001-03. The outstanding balance at June 30, 2025 amounted to $1,955,000.

2011 Pittsburg Infrastructure Financing Authority Bonds – In August 2011, the City refinanced the 1998 Marina Walk Assessment District Bonds, 1998 Pittsburg Infrastructure Financing Authority Bonds, 2001- 01 San Marco Assessment District Bonds and 2001-02 Oak Hills South Assessment District Bonds. These Districts were consolidated into one Reassessment District No. 2011-1. The true interest cost of the refunded bonds is 4.5%. On July 1, 2022, the City refunded the bonds with the issuance of the 2022 Limited Obligation Refunding Improvement Bonds.

2015 Vista Del Mar Assessment District Special Tax Refunding Bonds – In June 2015, the City refunded and defeased the 2005 Vista Del Mar Assessment District Bonds. The 2015 Vista Del Mar Bonds bear interest rates between 2.0% and 5.0% with interest payments made semi-annually on March 1 and September 1. The Vista Del Mar Bonds are to be paid from special taxes which are levied by the City on taxable real property within the boundaries of the District. The outstanding balance at June 30, 2025 amounted to $6,210,000.

2022 Limited Obligation Refunding Improvement Bonds – In July 2022, the City refinanced the 2011 Pittsburg Infrastructure Financing Authority Bonds. The true interest cost of the refunded bonds is 3.39%.

For the current fiscal year, the City was not required to make any principal or interest payments. The outstanding balance at June 30, 2025 amounted to $2,615,275.

Beginning Ending
Balance Balance
Description July 1, 2024 Additions Retirements June 30, 2025 2001-03 Century Plaza A.D. Bonds 2,140,000$ -$ 185,000$ 1,955,000$ 2015 Vista Del Mar A.D. Refunding Bonds 6,655,000 - 445,000 6,210,000 2022 Limited Obligation Refunding Improvements Bonds 3,164,598 - 549,323 2,615,275 Total 11,959,598$ -$ 1,179,323$ 10,780,275$ 91

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

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:

In the Government-Wide Financial Statements, net positions are classified in the following categories.

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 and receivables, less its liabilities.

The City’s fund balances are classified in accordance with Governmental Accounting Standards Board Statement Number 54 (GASB 54), Fund Balance Reporting and Governmental Fund Type Definitions, which requires the City to classify its fund balances 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. 92

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

10. NET POSITION AND FUND BALANCES, Continued

B. Fund Balances, Continued

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 through City Resolution, which may be altered only by formal action (Resolution) of the City Council. Nonspendable amounts subject to council commitments are included along with spendable resources.

Assigned fund balances are amounts constrained by the City’s intent to be used for a specific purpose, but are neither restricted nor committed. Intent is expressed through City Resolution, Ordinance, or through language in the adopted budget, by the City Council or its designee (City Manager for items from $75,000 to $150,000 and Senior Executive Team members for items below $75,000) and may be changed at the discretion of the City Council or its designee.

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.

To comply with GASB 54 requirements, the Budget Stabilization, Economic Development and California Theatre activities are consolidated within the General Fund. The following table provides details of the General Fund’s fund balance at June 30, 2025:

Budget Stabilization Arrangement

City Council adopted a Resolution establishing a Budget Stabilization Fund for the City’s General Fund and requires the City to deposit year-end surpluses into it. The funds can only be used to help balance future budgets. As of June 30, 2025, the Budget Stabilization, which is reported within the unassigned fund balance of the General Fund, had a balance of $2,445,285.

Fund/Activity Nonspendable Committed Assigned Unassigned Total General Fund 5,585,288$ 3,043,967$ -$ 21,583,254$ 30,212,509$ Total 5,585,288$ 3,043,967$ -$ 21,583,254$ 30,212,509$ 93

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

10. FUND BALANCE AND NET POSITION, Continued

B. Fund Balances, Continued

Detailed classifications of the City’s Fund Balances, as of June 30, 2025, are listed below:

Capital Project
Housing Successor Other Total
General Authority Agency Miscellaneous Capital Governmental Classifications Fund Section 8 Housing Grants Improvement Grants Governmental Nonspendable:

Items not in spendable form:

Prepaid Items 4,655$ -$ -$ -$ -$ 727,403$ 732,058$ Loans and Notes Receivable 5,519,127 - - - - - 5,519,127 Inventory 61,506 1,374 - 57,166 - 211,599 331,645 Total Nonspendable Fund Balances 5,585,288 1,374 - 57,166 - 939,002 6,582,830 Restricted:

Special revenue projects:

Street and highway code maintenance - - - - - 3,486,028 3,486,028 Public improvements and transit projects - - - - - 30,012 30,012 Street lighting and landscape maintenance - - - - - 68,145 68,145 Traffic Mitigation - - - - - 9,242,664 9,242,664 Environemental compliance projects - - - - - 7,973,103 7,973,103 EPA grant - - - - - 1,251,997 1,251,997 Regional Transport & transport project - - - - - 1,055,820 1,055,820 Solid waste - - - - - 1,189,583 1,189,583 Drainage improvement projects - - - - - 417,581 417,581 Public safety - - - - - 484,936 484,936 Fire - - - - - 211,635 211,635 Marina dredging - - - - - 257,164 257,164 Park dedication - - - - - 2,234,563 2,234,563 Community arts and literacy - - - - - 297,327 297,327 Debt Service - - - - - 2,804,458 2,804,458 Low Income Housing - 1,106,462 31,882,415 - - 4,696,862 37,685,739 Capital Improvement - - - 3,435,342 - - 3,435,342 Total Restricted Fund Balances - 1,106,462 31,882,415 3,435,342 - 35,701,878 72,126,097 Committed:

Capital Improvement - - - - 12,464,111 419,121 12,883,232 Field Replacement - - - - - 804,286 804,286 Public Education - - - - - 850,340 850,340 Budget stabilization 3,043,967 - - - - - 3,043,967 Total Committed 3,043,967 - - - 12,464,111 2,073,747 17,581,825 Assigned to
Public Safety - - - - - 63,791 63,791 Total Assigned - - - - - 63,791 63,791 Unassigned:

General Fund 19,137,969 - - - - - 19,137,969 Stabilization Arrangements 2,445,285 - - - - - 2,445,285 Other governmental funds - - - - - (4,240,196) (4,240,196) Total Unassigned 21,583,254 - - - - (4,240,196) 17,343,058 Total Fund Balances 30,212,509$ 1,107,836$ 31,882,415$ 3,492,508$ 12,464,111$ 34,538,222$ 113,697,601$ Special Revenue
94

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

10. FUND BALANCE AND NET POSITION, Continued

C. Deficit Fund Balance/Net Position

At June 30, 2025, the following funds had deficit fund balances:

(a) The deficit is caused by timing difference and will be reduced by future special assessment revenues. (b) The deficit is caused by timing difference and will be expected to be covered from future grant revenues. (c) The deficit is caused by the completion of the eBart project and will be reduced by future assessments revenues. (d) The Golf Course Fund will be closed in fiscal year 2026 and all assets, liabilities, and fund balance deficiencies will be absorbed by the Economic Development Fund.
(e) The deficit is caused by timing differences and will be reduced by future Caltrans funds. (f) The deficit is caused by timing differences and will be reduced by future revenue from developers. (g) The deficit will be funded by future property taxes from (ROPS) Recognized Obligation Payment Schedule.

11. RISK MANAGEMENT

A. General Liability Insurance

The City is self-insured for the first $25,000 of each loss and maintains excess liability insurance through Municipal Pooling Authority (MPA). The City is not insured for liability occurrences over $29,500,000 per occurrence.

B. Workers’ Compensation

The City maintains statutory excess workers’ compensation insurance through MPA, and is insured for an individual accident resulting in claims up to statutory limits. The City is not self-insured for any initial portion of a claim but is self-insured for claims exceeding statutory limits.

C. Estimated Reserves for Claims

Municipalities are required to record their liability for uninsured claims and to reflect the current portion of this liability as expenditure in their financial statements. As discussed below, the City has coverage for such claims, but it has retained the risk for the deductible or uninsured portion, of these claims.

Fund Amount
Non-Major Governmental Funds:

Lighting & Landscape 120,306$ (a)
Local Law Enforcement Block Grant 12,741 (b) Railroad Avenue Specific Area Plan 3,301,791 (c) Golf Course 373,329 (d)
Regional Freeway Security Fee 49,532 (e) Developer Deposit Fund 353,529 (f)
Fiduciary Funds
Successor Agency to Redevelopment Agency
Private-Purpose Trust Fund (90,986,537) (g)
95

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

11. RISK MANAGEMENT, Continued

C. Estimated Reserves for Claims, Continued

The City reports all claims as a current liability based on historical results. The City’s liability for uninsured claims, based on claims history, was computed as follows and is recorded in the Insurance Internal Service Fund:

D. Purchased Insurance

MPA provides additional coverage for the following risks incurred by the City:

MPA is governed by a Board consisting of representatives from member municipalities.

Fiscal Year
For the Years Claims and Claims Claims
Ending Payable at Changes in Claims Payable at
June 30, July 1, Estimates Payments June 30,
2015 195,065$ 202,195$ (148,208)$ 249,052$ 2016 249,052 90,846 (189,401) 150,497 2017 150,497 506,110 (399,353) 257,254 2018 257,254 (65,124) (64,612) 127,518 2019 127,518 115,612 (168,608) 74,522 2020 74,522 137,571 (141,895) 70,198 2021 70,198 472,501 (317,182) 225,517 2022 225,517 (2,217) (131,356) 91,944 2023 91,944 52,936 (35,180) 109,700 2024 109,700 78,303 (70,838) 117,165 2025 117,165 85,906 (42,953) 160,118 Coverage Type Deductible Coverage Limits
All Risk Fire and Property 25,000$ 1,000,000,000$ All Vehicles (Physical Damage) 2,000 250,000 Boiler and Machinery 10,000 200,000,000 Cyber Liability 100,000 2,000,000
Employment Liability 50,000 2,000,000 Flood 100,000 25,000,000
Government Crime Coverage 2,500 5,000,000 Liability 25,000 29,500,000
Police Vehicles (Physical Damage) 3,000 250,000 Public Entity Pollution Liability 250,000 2,000,000 Workers' Compensation 500,000 Statutory Limits 96

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

11. RISK MANAGEMENT, Continued

D. Purchased Insurance, Continued

The Board controls the operations of MPA, 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 MPA are in accordance with formulas established by MPA. 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 can be obtained from Municipal Pooling Authority at 1911 San Miguel Drive #200, Walnut Creek, CA 94596-5332.

E. Adequacy of Protection

During the past three fiscal (claims) years none of the above programs of protection have had settlements or judgments that exceeded pooled or insured coverage. There have been no significant reductions in pooled or insured liability coverage from coverage in the prior year.

12. DEFINED BENEFIT PENSION PLANS

A. Plan Descriptions and Summary of Balances by Plan

The City has two defined benefit pension plans, a Miscellaneous Plan and a Safety Plan. The Miscellaneous Plan is an Agent-Multiple Employer Plan and the Safety Plan is a Cost-Sharing Employer Plan administered by the California Public Employees’ Retirement System (CalPERS). Benefit provisions under the Plans are established by State statute and City Ordinance.

All qualified permanent and probationary employees are eligible to participate in the separate Safety Plan, cost-sharing multiple employer defined benefit pension plan and Miscellaneous (all other) Plan, an agent multiple-employer defined benefit pension plan, administered by the California Public Employees’ Retirement System (CalPERS), which acts as a common investment and administrative agent for its participating member employers. CalPERS issues publicly available reports that include a full description of the pension plans regarding benefit provisions, assumptions and membership information that can be found on the CalPERS website.

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 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.

Page 193 of 411 ends

City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

12. DEFINED BENEFIT PENSION PLANS, Continued

A. Plan Descriptions and Summary of Balances by Plan, Continued

Below is a summary of the deferred outflows of resources, net pension liabilities and deferred inflows of resources by Plan:

The long-term portion of the governmental activities Net Pension Liability is liquidated primarily by the General Fund.

Each Plan is discussed in detail below.

B. CalPERS Miscellaneous Plan

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.

The Pension Reform Act of 2013 (PEPRA), Assembly Bill 340, is applicable to employees new to CalPERS and hired after December 31, 2012.

Net Pension
Deferred
Liability/
Proportionate
Outflows of Share of Net Deferred Inflows Pension
Plan Resources Pension Liability of Resources Expense
CalPERS Plans:

Miscellaneous 10,320,846$ 35,442,684$ 162,686$ 6,012,189$ Safety 12,762,240 40,038,955 577,517 8,935,743 CCCERA Closed Plan 2,034,136 7,169,597 904,869 1,293,566 Total 25,117,222$ 82,651,236$ 1,645,072$ 16,241,498$ 98

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

12. DEFINED BENEFIT PENSION PLANS, Continued

B. CalPERS Miscellaneous Plan, Continued

The Plans’ provisions and benefits in effect at June 30, 2025, are summarized as follows:

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 the City can elect a lump sum payment option. The City’s required contributions for the unfunded liability for the Miscellaneous plan for the year ended June 30, 2025 were $ 2,655,194, which were made under the lump sum payment option.

Employees Covered – As of the June 30, 2023 actuarial valuation date, the following employees were covered by the benefit terms for the Plan:

As of June 30, 2025, the City had 219 active employees in the Miscellaneous Plan.

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 both Plans 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 City to satisfy contribution requirements that are identified by the Plan terms as Plan member contribution requirements are classified as Plan member contributions.

Hire date
Prior to
July 10, 2011
On or after
July 10, 2011
On or after
January 1, 2013
Benefit formula 2.0% @ 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 to 63 50 to 63 52 to 67
Monthly benefits, as a % of eligible compensation 1.426% to 2.418% 1.092% to 2.418% 1.000% to 2.500% Required employee contribution rates 9% 9% 8.25%
Required employer contribution rates (A) 9.37% 9.37% 9.37% (A) Represents a blended contribution rate.

Miscellaneous
Miscellaneous
Inactive employees or beneficiaries currently receiving benefits 195 Inactive employees entitled to but not yet receiving benefits 258 Active employees 219
Total 672
99

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

12. DEFINED BENEFIT PENSION PLANS, Continued

B. CalPERS Miscellaneous Plan, Continued

Net Pension Liability – The City’s net pension liability for the Miscellaneous Plan is measured as the total pension liability, less the pension plan’s fiduciary net position. The net pension liability of the Plan is measured as of June 30, 2024, using an annual actuarial valuation as of June 30, 2023 rolled forward to June 30, 2024 using standard update procedures.

Changes in Net Pension Liability – The changes in the Net Pension Liability for the Miscellaneous Plan follows:

Sensitivity of the Net Pension Liability to Changes in the Discount Rate – The following presents the net pension liability of the City for the Plan, calculated using the discount rate for the Plan, as well as what the City’s 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:

Total Pension Plan Fiduciary Net Pension
Liability Net Position Liability
Balance at June 30, 2023 131,795,050$ 97,180,619$ 34,614,431$ Changes in the year:

Service cost 3,100,151 - 3,100,151 Interest on the total pension liability 9,212,523 - 9,212,523 Differences between actual and expected experience 3,225,006 - 3,225,006 Contribution - employer - 3,797,416 (3,797,416) Contribution - employee - 1,646,398 (1,646,398) Net investment income - 9,344,689 (9,344,689) Benefit payments, including refunds
of employee contributions (6,110,586) (6,110,586) - Administrative Expenses - (79,076) 79,076 Net changes 9,427,094 8,598,841 828,253
Balance at June 30, 2024 141,222,144$ 105,779,460$ 35,442,684$ Increase (Decrease)
Miscellaneous

1.0% Decrease 5.90%
Net Pension Liability 55,458,553$
Current Discount Rate 6.90%
Net Pension Liability 35,442,684$

1.0% Increase 7.90%
Net Pension Liability 19,035,200$
100

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

12. DEFINED BENEFIT PENSION PLANS, Continued

B. CalPERS Miscellaneous Plan, Continued

Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions – Gains and losses related to changes in total pension liability and fiduciary net position are recognized in pension expense systematically over time.

The first amortized amounts are recognized in pension expense for the year the gain or loss occurs. The remaining amounts are categorized as deferred outflows and deferred inflows of resources related to pensions and are to be recognized in future pension expense.

The amortization period differs depending on the source of the gain or loss:

Difference between projected and actual earnings on investments – 5 year straight-line amortization
All other amounts – Straight-line amortization over the average expected remaining services lives of all members that are provided with benefits (active, inactive, and retired) as of the beginning of the measurement period
The expected average remaining service lifetime (EARSL) is calculated by dividing the total future service years by the total number of plan participants (active, inactive, and retired). Note that inactive employees and retirees have remaining service lifetimes equal to 0. Also note that total future service is based on the members’ probability of decrementing due to an event other than receiving a cash refund.

For the year ended June 30, 2025, the City recognized pension expense of $6,012,189. At 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 4,418,568$ -$ Changes in assumptions 552,388 - Differences between actual and expected experience 3,889,275 162,686 Net differences between projected and actual
earnings on plan investments 1,460,615 - Total 10,320,846$ 162,686$
101

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

12. DEFINED BENEFIT PENSION PLANS, Continued

B. CalPERS Miscellaneous Plan, Continued

$ 4,418,568 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:

Actuarial assumptions and information regarding the discount rate are discussed in Note 12D below.

C. CalPERS Safety Plan

The Plans’ provisions and benefits in effect at June 30, 2025, are summarized as follows:

Year Ending
June 30, Amortization
2026 1,931,203$
2027 4,010,326
2028 331,633
2029 (533,570)
Total 5,739,592$
Annual
Hire date
Prior to
July 10, 2011
Police First Tier
On or after
July 10, 2011
Police Second Tier
On or after
January 1, 2013
PEPRA
Benefit formula 3.0% @ 50 3.0% @ 50 2.7% @ 57
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 50 to 55 50 to 57 Monthly benefits, as a % of eligible compensation 3.00% 2.400 % to 3.000% 2.000 % to 2.700% Required employee contribution rates 12% 12% 13.75%
Required employer contribution rates 28.52% 23.00% 13.76% Safety
102

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

12. DEFINED BENEFIT PENSION PLANS, Continued

C. CalPERS Safety Plan, Continued

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 the City can elect a lump sum payment option. The City’s required contributions for the unfunded liability in the Safety for the year ended June 30, 2025 were $3,063,654, which were made under the lump sum payment option.

Contributions – Section 20814(c) of the California Public Employees’ Retirement Law requires that the employer contribution rates for all public employers are 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 both Plans 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.

For the year ended June 30, 2025, the employer contributions were as follows:

Pension Liabilities, Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions – As of June 30, 2025, the City reported net pension liabilities for its proportionate shares of the net pension liability of the Plan as follows:

The City’s net pension liability for each Plan is measured as the proportionate share of the net pension liability. The net pension liability of each of the Plans is measured as of June 30, 2024, and the total pension liability for each Plan used to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2023 rolled forward to June 30, 2024 using standard update procedures. The City’s proportion of the net pension liability was based on a projection of the City’s long-term share of contributions to the pension plans relative to the projected contributions of all participating employers, actuarially determined

Contributions - employer 5,317,504$
Safety
Proportionate Share
Total Safety Net Pension Liability 40,038,955$
of Net Pension Liability
103

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

12. DEFINED BENEFIT PENSION PLANS, Continued

C. CalPERS Safety Plan, Continued

The City’s proportionate share of the net pension liability for the Plan as of measurement date June 30, 2023 and 2024 was as follows:

For the year ended June 30, 2025, the City recognized pension expense of $8,935,743. At June 30, 2025, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:

$5,317,504 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:

Proportion - June 30, 2023 0.32622%
Proportion - June 30, 2024 0.33015%
Change - Increase (Decrease) 0.00394%
Deferred Outflows Deferred Inflows
of Resources of Resources
Pension contributions subsequent to measurement date 5,317,504$ -$ Differences between actual and expected experience 3,267,534 106,242 Changes of assumptions 986,477 - Changes in employer's proportion 1,011,330 - Net differences between projected and actual earnings on plan investments 1,935,301 -
Differences between the employer's contribution and
the employer's proportionate share of contributions 244,094 471,275 Total 12,762,240$ 577,517$
Safety
Year Ending
June 30, Amortization
2026 2,854,281$
2027 4,667,152
2028 7,960
2029 (662,174)
Total 6,867,219$
Annual
104

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

12. DEFINED BENEFIT PENSION PLANS, Continued

C. CalPERS Safety Plan, Continued

Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount Rate – The following presents the City’s proportionate share of the net pension liability for each Plan, calculated using the discount rate for each Plan, as well as what the City’s proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage point lower or 1- percentage point higher than the current rate:

Actuarial assumptions and information regarding the discount rate are discussed in Note 12D below.

D. Information Common to the Miscellaneous and Safety Plans

Actuarial Assumptions – The total pension liabilities in the June 30, 2023 actuarial valuations were determined using the following actuarial assumptions:

(1) Actuarial assumptions are the same for all benefit tiers (Tier I-Classic, Tier II, and Tier III-PEPRA) (2) Depending on age, service and type of employment
(3) Net of pension plan investment expenses, includes inflation (4) The mortality table used was developed based on CalPERS' specific data. The probabilities of mortality are based on the 2021 CalPERS Experience Study for the period from 2001 to 2019. Pre- retirement and post- retirement mortality rates include 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 CalPERS Experience Study and Review of Actuarial Assumptions report from November 2021 that can be found on the CalPERS website.

Total

1.0% Decrease 5.90%
Net Pension Liability 62,100,782$
Current Discount Rate 6.90%
Net Pension Liability 40,038,955$

1.0% Increase 7.90%
Net Pension Liability 21,995,478$
Miscellaneous and Safety (1)
Valuation Date June 30, 2023
Measurement Date June 30, 2024
Actuarial Cost Method Entry-Age Actuarial Cost Method
Amortization Method Level Percent of Payroll
Actuarial Assumptions:

Discount Rate 6.90% (Miscellaneous and Safety)
Inflation 2.30%
Payroll Growth 2.80%
Projected Salary Increase (2)
Investment Rate of Return 6.90% (3)
Mortality Derived using CalPERS Membership Data for all Funds (4) 105

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

12. DEFINED BENEFIT PENSION PLANS, Continued

D. Information Common to the Miscellaneous and Safety Plans, Continued

Discount Rate – The discount rate used to measure the total pension liability was 6.90% for the Miscellaneous and Safety Plans. The projection of cash flows used to determine the discount rate for each Plan assumed 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, 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 best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class.

In determining the long-term expected rate of return, CalPERS took into account both short-term and long-term market return expectations. Using historical returns of all the funds’ asset classes, expected compound (geometric) returns were calculated over the next 20 years using a building-block approach.

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

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

(1) An expected inflation of 2.30% used for this period. (2) Figures are based on the 2021 Asset Liability Management study.

Asset Class (1)
Assumed Asset
Allocation Real Return (1,2)
Global Equity - Cap-weighted 30% 4.54%
Global Equity - Non-Cap-weighted 12% 3.84%
Private Equity 13% 7.28%
Treasury 5% 0.27%
Mortgage-backed Securities 5% 0.50%
Investment Grade Corporates 10% 1.56%
High Yield 5% 2.27%
Emerging Market debt 5% 2.48%
Private Debt 5% 3.57%
Real Assets 15% 3.21%
Leverage -5% -0.59%
106

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

12. DEFINED BENEFIT PENSION PLANS, Continued

D. Information Common to the Miscellaneous and Safety Plans, Continued

Changes of Assumptions – There were no assumption changes in 2024 and 2023. Effective with the June 30, 2021 valuation date (June 30, 2022 measurement date), the accounting discount rate was reduced from

7.15% to 6.90%. In determining the long-term expected rate of return, CalPERS took into account long- term market return expectations as well as the expected pension fund cash flows. In addition, demographic assumptions and the price inflation assumption were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. The accounting discount rate was

7.15% for measurement dates June 30, 2017 through June 30, 2021, 7.65% for measurement dates June 30, 2015 through June 30, 2016, and 7.50% for measurement date June 30, 2014.

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

E. Contra Costa County Employees’ Retirement Association

Between July 1, 1973 and June 30, 2001, the City provided retirement benefits to its employee groups by contracting with the Contra Costa County Employees' Retirement Association (CCCERA). The City of Pittsburg converted to the CalPERS retirement system effective July 1, 2001 and entered into a Termination Withdrawal Agreement with CCCERA that resulted in the following consequences:

CCCERA retained the obligation to provide future benefits to the City's past retirees and vested members that had left the City's employment prior to July 1, 2001.

The City would provide CalPERS retirement benefits for its then current and future employees. The Termination Withdrawal Agreement stated that as of June 30, 2001, the City accrued liability and allocated assets was determined at $31,483,218. The Termination Withdrawal Agreement also stated that due to market fluctuation and the uncertainty with other actuarial assumptions, the unfunded accrued liability will be recomputed every three years as CCCERA’s triennial experience studies are completed. In addition, CCCERA is required to annually submit to the City a cash accounting update of the City of Pittsburg Bookkeeping Asset Account. If the ratio of the balance of the City's Bookkeeping Asset Account to its triennial updated termination unfunded liability is below 95% or exceeds 105%, the resulting obligation (if not paid in full) or surplus, will be amortized as a level amount over 15 years at a 7.75% annual interest rate.

In January 2006, the City received correspondence from CCCERA indicating that the City had an updated unfunded liability of $11,902,898 that had been re-determined as of December 31, 2003. In June 2006, the City issued Pension Obligation bonds for a total amount of $39,566,055; upon completion of this transaction the City utilized these bond proceeds to prepay the unfunded liability owed to CCCERA which amounted to $12,700,000 as of June 30, 2006. The balance of bond funds in the amount of $25,977,758 was used to prepay the City's unfunded accrued liability for both the miscellaneous and safety plans to CalPERS.
107

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

12. DEFINED BENEFIT PENSION PLANS, Continued

E. Contra Costa County Employees’ Retirement Association, Continued

Almost a year later the City received a letter from CCCERA dated August 23, 2007, providing the December 31, 2006 withdrawal liability update. In summary, the update reported the funding ratio of the present value of benefits ($47.9 million) to allocated market assets ($45.4 million) as 94.8%. The August 23, 2007 letter stated that since this ratio is below 95% this triggers a lump sum payment as of December 31, 2006 for $2,505,433 plus interest at the rate of 7.8% to date of payment or an annual payment of $289,144 to be amortized over 15 years starting with the first payment due on December 31, 2007.

In December of 2010, CCCERA sent a letter to the City regarding the triennial update of the City of Pittsburg's withdrawal liability as of December 31, 2009. The City of Pittsburg's unfunded termination liability of $15,877,533 was calculated by The Segal Company, which would result in an annual payment of $1,826,746 or approximately $1.5 million more than CCCERA’s previous 2006 calculated annual payment of $289,144. In response to CCCERA’s December 2010 calculated triennial update of the City's withdrawal liability, the City worked with CCCERA to amend the City's Termination Agreement to (1) allow the calculation to be prepared on an Actuarial rather than Market value of assets basis, and (2) create an 18-month lag between the valuation date and the date the contribution is due which lowered the December 31, 2009 unfunded obligation from $15.9 million to $9.9 million.

In addition, the City borrowed $3.8 million from the City’s Water Fund balance at the LAIF annual interest rate to repay a portion of the City’s CCCERA unfunded liability and used $1,980,096 of various fund balances to help reduce the City’s CCCERA unfunded liability. Thus, through fiscal year 2013-2014, the City reduced its CCCERA unfunded liability by $5,780,096 leaving $4.1 million to be repaid over 15 years at the 7.75% annual interest rate.

In December of 2013, CCCERA sent a triennial update of the City of Pittsburg’s pension liability with CCCERA. The liability was increased to $11,312,353 resulting in 14 annual payments of $1,306,656 at an interest rate of 7.25% per annum.

In December of 2015, CCCERA sent a triennial update of the City of Pittsburg’s pension liability with CCCERA. The liability was decreased to $6,810,830 resulting in 15 annual payments of $773,523 at an interest rate of 7.0% per annum.

In December of 2019, CCCERA sent a triennial update of the City of Pittsburg’s pension liability with CCCERA. The liability was decreased to $5,816,84 resulting in 15 annual payments of $660,633 with an interest rate of 7.0% per annum.

In December of 2021, CCCERA sent a triennial update of the City of Pittsburg’s pension liability with CCCERA. The liability was increased to $6,368,753 resulting in 15 annual payments of $711,103 with an interest rate of 7.0% per annum.

At June 30, 2025, the Net Pension Liability, of this Plan was $7,169,597. The plan also reported deferred outflows and deferred inflows of resources totaling $2,034,136 and $904,869, respectively.

108

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

13. OTHER POST-EMPLOYMENT BENEFITS

Plan Description. The City of Pittsburg Retiree Healthcare Plan (Plan) is an agent-multiple employer defined benefit healthcare plan administered by the City. The plan provides healthcare benefits to eligible retirees and their dependents. Benefit provisions are established and may be amended through agreements and memorandums of understanding between the City, its management employees, and unions representing City employees.

The City allows eligible retirees to continue in the City medical plans, currently Kaiser and Health Net.

The City contributes up to a percentage of the single or dual Kaiser Retiree premium based on years of City service. No dental, vision, or life insurance benefits are provided.

On December 24, 2013, the City established an agreement with the California Public Employees’ Retirement System (CalPERS) to set aside funds and deposit into the California Employer’s Retiree Benefit Trust (CERBT) fund to accumulate, and distribute assets for the exclusive benefit of retirees and their beneficiaries. Plan assets are irrevocable and may not be used for any purpose other than funding post- retirement health care. The CERBT fund is an agent multiple employer plan and in order to ensure that the CERBT fund remains compliant with all reporting requirements, the CalPERS is responsible for publishing aggregate GASB 43 compliance Financial Statements, Notes, and Required Supplementary Information (RSI). The information may be found on CalPERS website at www.calpers.ca.gov.

Funding Policy. There is no statutory requirement for the City to prefund its OPEB obligation. The City has currently chosen to prefund OPEB. There are no employee contributions.

For fiscal year 2024-2025, the City reported $2,272,373 in contributions to the OPEB Plan, including $1,296,373 in premium payments for retirees, $476,000 for implicit subsidies, $500,000 for contributions to the CERBT fund, and no reimbursements from the CERBT fund for premium payments for retirees.

The City allows retirees to participate in the same City medical plans (Kaiser and Health Net) as active employees. For the Kaiser medical plan, retiree premium rates are the same as the active employees.

Because this premium rate is a “blended” rate, retiree premiums payments are lower than what they would pay if the retirees were in a standalone medical plan, resulting in an implied subsidy for retirees under GASB Statement 75.

Employees Covered by Benefit Terms . Membership in the plan consisted of the following at the measurement date of June 30, 2024:

Active employees 70
Inactive employees or beneficiaries currently
receiving benefit payments 168
Inactive employees entitled to but not yet
receiving benefit payments 1
Total 239
109

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

13. OTHER POST-EMPLOYMENT BENEFITS, Continued

Actuarial Methods and Assumptions . Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and the plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used are consistent with the long-term perspective of the calculations. The total OPEB liability as of measurement date June 30, 2024, was determined using the following actuarial assumptions:

Net OPEB Liability. The City’s net OPEB liability is measured as the total OPEB liability, less the OPEN Plan fiduciary net position. The Net OPEB liability was measured as of June 30, 2024, using an actuarial valuation as of June 30, 2023, rolled forward to June 30, 2024 using standard update procedures.

The long-term expected rate of return on OPEB plan investments was determined using a building-block method in which expected future real rates of return (expected returns, net of OPEB plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table:

Valuation date June 30, 2023
Measurement date June 30, 2024
Contribution Policy City contributes $500,000/year to trust and pays benefits outside the trust until fully funded on a
Present Value of Benefits basis.

Actuarial assumption:

Discount rate 6.25% at June 30, 2024
Long-Term Expected 6.25% at June 30, 2023
Rate of Return on Assets Expected City contributions projected to keep sufficient plan assets to pay all benefits from trust
General Inflation 2.50% annually
Mortality, Retirement, Disability, Termination CalPERS 2000-2019 Experience Study Mortality Improvement Mortality projected fully generational with Scale MP-2021
Asset Class Target Allocation
Long-Term
Expected Real
Rate of Return
Global Equity 49% 4.56%
Fixed Income 23% 1.56%
TIPS 5% -0.08%
Commodities 3% 1.22%
REITs 20% 4.06%
Total 100%

2.50%

6.25%
Assumed Long-Term Rate of Inflation
Expected Long-Term Net Rate of Return
110

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

13. OTHER POST-EMPLOYMENT BENEFITS, Continued

Discount Rate – The discount rate used to measure the total OPEB liability was 6.25%. The projection of cash flows used to determine the discount rate assumed that City contributions will be made at rates equal to the actuarially determined contribution rates. Based on those assumptions, the OPEB plan’s fiduciary net position was projected to be available to make all projected OPEB payments for current active and inactive employees and beneficiaries. Therefore, the long-term expected rate of return on OPEB plan investments was applied to all periods of projected benefit payments to determine the total OPEB liability.

Changes in Net OPEB Liability. The changes in the net OPEB liability are shown in the following table:

Detailed information about the OPEB plan’s fiduciary net position is available in the separately issued plan financial report that may be obtained from CalPERS.

The benefit payments and refunds include implicit subsidy benefit payments in the amount of $476,000.

Total OPEB Plan Fiduciary Net OPEB
Liability Net Position Liability/(Asset)
(a) (b) (a) - (b)
Balance at June 30, 2024 (6/30/23 measurement date) 40,687,118$ 6,627,757$ 34,059,361$ Changes Recognized for the Measurement Period:

Service cost 526,035 - 526,035 Interest on the total OPEB liability 2,520,516 - 2,520,516 Contributions from the employer - 2,269,784 (2,269,784) Net investment income - 728,343 (728,343) Administrative expenses - (2,162) 2,162 Benefit payments (1,769,784) (1,769,784) - Net changes 1,276,767 1,226,181 50,586 Balance at June 30, 2025 (6/30/24 Measurement Date) 41,963,885$ 7,853,938$ 34,109,947$ Increase (Decrease)
111

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

13. OTHER POST-EMPLOYMENT BENEFITS, Continued

Sensitivity of the Net OPEB Liability to Changes in the Discount Rate and Healthcare Cost Trend Rates.

The following presents the net OPEB liability of the City, as well as what the City's net OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower (5.25%) or 1- percentage-point higher (7.25%) than the current discount rate:

The following presents the net OPEB liability of the City, as well as what the City's net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower or 1- percentage-point higher than the current healthcare cost trend rates:

OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB. For the year ended June 30, 2025, the City recognized OPEB expense of $1,815,418. At June 30, 2025, the City reported deferred outflows and inflows of resources related to OPEB from the following sources:

Discount Rate -1.0% Discount Rate Discount Rate +1.0%

5.25% 6.25% 7.25%
38,960,580$ 34,109,947$ 30,055,113$ Net OPEB Liability

1.0% Decrease
Healthcare Cost
Trend Rates 1.0% Increase
29,373,675$ 34,109,947$ 39,834,519$ Net OPEB Liability
Deferred Outflows Deferred Inflows
of Resources of Resources
Employer contributions made subsequent to the
measurement date 2,272,373$ -$ Changes of assumptions 848,007 - Differences between expected and actual experience - 710,674 Net differences between projected and actual earnings on plan investments - 5,810 Total 3,120,380$ 716,484$
112

Page 208 of 411 ends

City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

13. OTHER POST-EMPLOYMENT BENEFITS, Continued

$2,272,373 reported as deferred outflows of resources related to contributions subsequent to the measurement date will be recognized as a reduction of the OPEB liability in the year ended June 30, 2026.

Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized as part of OPEB expense as follows:

14. COMMITMENTS AND CONTINGENCIES

A. Grants from Other Governments

The City participates in a number of Federal, State, and County programs that are fully or partially funded by grants received from other governmental units. Expenditures financed by grants are subject to audit by the appropriate grantor government. If expenditures are disallowed due to noncompliance with grantor program regulations, the City may be required to reimburse the grantor government. As of June 30, 2025, some amounts of grant expenditures have not been audited, but the City believes that disallowed expenditures, if any, based on subsequent audits will not have a material effect on any individual governmental funds or the overall financial condition of the City.

B. Litigation

The City is a defendant in a number of lawsuits, which have arisen in the normal course of business. While substantial damages are alleged in some of these actions, their outcome cannot be predicted with certainty.

C. Construction Commitments

As of June 30, 2025, the City has major construction commitments to various capital projects as shown in the table below:

Year Ending Annual
June 30, Amortization
2026 83,352$
2027 176,533
2028 (65,526)
2029 (62,836)
Total 131,523$
Project Amount
City Carryover:

BART Pedestrian & Bicycle Connectivity 2,450,442$
City Park Restroom 704,638
Zone 4 Pavement Management 633,045
Citywide Roadway Improvements 897,730
Pittsburg Premier Fields 1,040,470
Urban and Community Forestry 588,334
WTP Filter Gallery Replacement 40,774,807
Total Construction Commitments 47,089,466$
113

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

14. COMMITMENTS AND CONTINGENCIES, Continued
D. Sales Tax Participation Agreements
The City negotiates sales tax participation agreements on an individual basis. The City has the following sales tax participation agreements with three entities as of June 30, 2025:
*Pursuant to the Sales and Use Tax law (chapter 8 – Article 1 – section 7056), in order to protect the confidential information of sales taxes collected and abatements provided to each of the specific agencies, the City has presented the aggregate amount abated during the current fiscal year for this entity.

15. SUCCESSOR AGENCY ACTIVITIES
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. The City provides administrative services to the Successor Agency to wind down the affairs of the former Redevelopment Agency. Activities of the Successor Agency are as follows:

A. Notes and Loans Receivable
The various rehabilitation and construction loans including deferred and accrued interest balance is $6,220,555 as of June 30, 2025. These loans have been made to individual homeowners, businesses and developers within the Redevelopment Project Area. The terms of these loans are specific to the borrower and interest rates, as well as usage and repayment requirements, vary according to the loan type. The following are descriptions of the various loans:

Gross Dollar
Amount of
Abatement
in Fiscal
Entity Tax Abated Year 2025 Commitments
Contra Costa County i) 50% of Sales Tax Revenue from annexation area; ii) 100% PG&E Franchise Fee to City in
the Annexation Area
51,590$ Upon annexation of the northwest
inclusion Mirant Power Plant, the City
would receive an increased share of the
County's property tax revenue of 50% of
all sales and use tax revenues from the
Annexation Area.

Private Company (Confidential)* 25% of Sales Tax Revenue of the parcel not to exceed $1,850,000 over 10 years from
10/15/2012 through 10/14/2022
69,474 Relocation of business
Contra Costa County $150,000 to County if Sales Tax Revenues that the City receives from the annexation area is
greater than $250,000/year. If Sales Tax
Revenue is less than $250,000, then the
amount to be transferred to the County shall be
reduced by the amount the sales revenue that
fell short of $250,000
150,000 None
114

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

15. SUCCESSOR AGENCY ACTIVITIES, Continued

A. Notes and Loans Receivable, Continued

 Housing and rehabilitation loans are provided to homeowners who meet low- and moderate-income requirements as defined by the Department of Housing and Urban Development. These residential loans are available from $5,000 to $25,000 per property at a loan term of 3.0% simple interest for 10 years. The property will be rehabilitated to be free from health and safety violations upon completion of the rehabilitation program. The outstanding balance of these loan types as of June 30, 2025 was $165,293.

 In 2005, a long-term agreement was entered into with the Mt. Diablo Unified School District (District) in the amount of $6,178,936 for capital improvements. The funding was provided with the 2003A Bond proceeds. The District will repay the loan from school impact fees collected until the Agency is fully reimbursed or 35 years, whichever occurs first. The balance outstanding as of June 30, 2025 was $2,930,672.

 The remaining loans receivable of $3,124,590 as of June 30, 2025 represent a number of small business and property owner rehabilitation and construction loans to eliminate blight by assisting improvements and rehabilitation of properties that were vacant or underutilized.

B. Capital Assets

Capital assets are valued at historical cost or estimated historical cost if historical cost is not available.

Donated capital assets are valued at their estimated fair market value on the date donated. The Agency's policy has set the capitalization threshold for general capital assets at $5,000 and infrastructure capital assets at $25,000 for reporting purposes. The Successor Agency has recorded all its public domain (infrastructure) capital assets, which include landscape, storm, street, and traffic systems.

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 of all capital assets is charged as an expense against operations each year and the total amount of depreciation taken over the years, called accumulated depreciation, is reported on the balance sheet as a reduction in the book value of capital assets.

Depreciation is provided using the straight line method, which means the cost of the asset is divided by its expected useful life in years and the result is charged to expense each year until the asset is fully depreciated. The Successor Agency has assigned the useful lives and capitalization thresholds listed below to capital assets.

115

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

15. SUCCESSOR AGENCY ACTIVITIES, Continued

B. Capital Assets, Continued

Depreciation is recorded on a straight-line method over the useful lives of the assets as follows:

• Building and Improvements 20 - 70 years
• Machinery and Equipment 3 - 10 years
• Infrastructure 20 - 75 years

Capital Asset Additions, Retirements and Balances

During the fiscal year 2025, the City recorded restatements of capital assets to correct errors, effectively brining the value of capital assets to zero. For more details, please refer to Note 16.

C. Long-Term Debt

The Successor Agency’ long-term debt activities for fiscal year ended June 30, 2025 are as follows:

Balance at Balance at
June 30, 2024 Restatement June 30, 2024 (restated)
Capital assets not being depreciated:

Land 1,151,580$ (1,151,580)$ -$ Total capital assets not being depreciated 1,151,580 (1,151,580) - Capital assets being depreciated:

Buildings and improvements 1,919,493 (1,919,493) - Total capital assets being depreciated 1,919,493 (1,919,493) - Less accumulated depreciation and amortization:

Buildings and improvements (590,615) 590,615 - Net capital assets being depreciated (590,615) 590,615 - Total capital assets, net 2,480,458$ (2,480,458)$ -$ Original Issue Beginning Ending Amounts Amounts Due
Description Balance Balance Due Within in More Than
Description Amount July 1, 2024 Additions Retirements June 30, 2025 One Year One Year Tax Allocation Bonds:
1999 RDA Bonds 30,106,357$ 37,821,675$ 7,853,612$ 8,755,000$ 36,920,287$ 8,755,000$ 28,165,287$ 2006A RDA Housing Set-
Aside Bonds 11,020,000 6,780,000 - 360,000 6,420,000 380,000 6,040,000 2014 RDA Tax Allocation
2014 RDA Tax Allocation 67,445,000 15,445,000 - 2,450,000 12,995,000 2,575,000 10,420,000 2016A RDA Housing Set-
Aside Bonds 13,845,000 6,815,000 - 1,030,000 5,785,000 1,065,000 4,720,000 2016A RDA Subordinated
Refunding Bonds 120,085,000 90,180,000 - 13,210,000 76,970,000 13,890,000 63,080,000 Sub-total 157,041,675 7,853,612 25,805,000 139,090,287 26,665,000 112,425,287 Unamortized premium on 2016A RDA 5,070,600 - 845,100 4,225,500 - 4,225,500 Total Successor Agency Debt 162,112,275$ 7,853,612$ 26,650,100$ 143,315,787$ 26,665,000$ 116,650,787$ 116

Page 212 of 411 ends

City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

15. SUCCESSOR AGENCY ACTIVITIES, Continued

C. Long-Term Debt, Continued

1999 Redevelopment Agency Tax Allocation Bonds

1999 Redevelopment Agency Tax Allocation Bonds (1999 RDA Bonds) outstanding at June 30, 2025 amounted to $54,085,000, including unaccreted discount of $17,164,713. The bonds bear interest at rates between 4.1% and 6.2% with interest payments made semi-annually on February 1 and August 1. The bonds mature on August 1 of each year. The proceeds of the bonds were used to provide money for certain public capital improvements located within the Agency's Project Area, to fund a reserve account, and to pay cost of issuance incurred in connection with the issuance. Annual principal and interest payments secured by the RDA property tax increment revenues are expected to require less than 20% from these revenues. The total principal and interest remaining to be paid on the bonds is $54,085,000. For fiscal year 2024-2025, principal and interest paid were $8,755,000. With the dissolution of the Redevelopment Agency, 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.

In June 2014, the City issued the 2014 Successor Agency to the Redevelopment Agency of the City of Pittsburg Bonds which partially refunded $6,110,000 of currently outstanding Current Interest Bonds of the 1999 bonds.

The Bonds unaccreted discount and the current year accretion totaled $17,164,713 and $7,853,612, respectively, at June 30, 2025. The Bonds do not pay periodic interest. Interest on the Bonds will accrete in value at the rates between 6.10% and 6.20%. Repayment of the accreted principal commenced on August 1, 2019. Final repayment will be August 1, 2030.

The annual debt service requirements to mature the Capital Appreciation Bond portion of the 1999 RDA Bonds outstanding at June 30, 2025, were as follows

Year Ending
June 30, Principal Total
2026 8,755,000$ 8,755,000$
2027 8,750,000 8,750,000
2028 9,145,000 9,145,000
2029 9,145,000 9,145,000
2030 9,145,000 9,145,000
2031 9,145,000 9,145,000
Total 54,085,000$ 54,085,000$
(1) Includes unaccreted discount in the total
amount of $17,164,713.
117

Page 213 of 411 ends

City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

15. SUCCESSOR AGENCY ACTIVITIES, Continued

C. Long-Term Debt, Continued

2006 Series A Housing Set Aside Redevelopment Agency Tax Allocation Bonds

2006 Series A Housing Set Aside Tax Allocation Bonds (2006A HSA RDA Bonds) outstanding at June 30, 2025, amounted to $6,420,000. On November 30, 2006, the Agency issued $11,020,000 of Series 2006A Bonds bearing interest at 5.12-5.31% to fund low and moderate income housing of benefit to the Agency's Los Medanos Redevelopment Project, to fund a reserve account, and to pay costs of issuance incurred in connection with issuance, sale and delivery of the Series 2006A RDA bonds. The bonds with interest payments made semi-annually on February 1 and August 1 each year commencing August 1, 2007 through August 1, 2036. Annual principal and interest payments on the bonds are expected to require less than 22% from these revenues. The total principal and interest remaining to be paid on the bonds is $8,745,686. For fiscal year 2024-2025, principal and interest paid were $710,526. With the dissolution of the Redevelopment Agency, 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.

The annual debt service requirements to mature the Series 2006A Bonds outstanding at June 30, 2025, were as follows:

Year Ending
June 30, Principal Interest Total
2026 380,000$ 330,875$ 710,875$ 2027 400,000 310,162 710,162 2028 425,000 288,255 713,255 2029 450,000 265,019 715,019 2030 470,000 240,588 710,588 2031-2035 2,755,000 790,144 3,545,144 2036-2037 1,540,000 100,643 1,640,643 Total 6,420,000$ 2,325,686$ 8,745,686$ 118

Page 214 of 411 ends

City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

15. SUCCESSOR AGENCY ACTIVITIES, Continued

C. Long-Term Debt, Continued

2014 Redevelopment Agency Tax Allocation Refunding Bonds

2014 Series Successor Agency to the Redevelopment Agency Subordinate Tax Allocation Refunding Bonds (2014 STAB Bonds) outstanding at June 30, 2025 amounted to $12,995,000. The 2014 STAB Bonds bear interest at rates between 4.0% and 5.0% with interest payments made semi-annually on February 1 and August 1. The 2014 STAB Bonds mature annually from 2016 to 2030 on August 1 in amounts ranging from $2,645,000 to $6,335,000. Proceeds from the 2014 STAB Bonds were used to refund $74,049,000 of the Agency's 2003A RDA Bonds, partially refund the 1999 RDA Bonds, and to pay costs of issuance incurred in connection with the issuance, sales and delivery of 2014 STAB Bonds. Annual principal and interest payments secured by the RDA property tax increment revenues are expected to require less than 14% from these revenues. The total principal and interest remaining to be paid on the bonds is $14,625,125.

With the dissolution of the Redevelopment Agency, 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 Bond.

The annual debt service requirements to mature the Series 2014 Bonds outstanding at June 30, 2025 were as follows:

Year Ending
June 30, Principal Interest Total
2026 2,575,000$ 585,375$ 3,160,375$ 2027 2,705,000 453,375 3,158,375 2028 2,445,000 324,625 2,769,625 2029 2,570,000 199,250 2,769,250 2030 2,700,000 67,500 2,767,500 Total 12,995,000$ 1,630,125$ 14,625,125$ 119

Page 215 of 411 ends

City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

15. SUCCESSOR AGENCY ACTIVITIES, Continued

C. Long-Term Debt, Continued

2016 Series A Housing Set Aside Successor Agency Tax Allocation Refunding Bonds

In February 2016, the Successor Agency issued 2016 Series A Set Aside Tax Allocation Refunding Bonds (2016A HSA Bonds) in the original principal amount of $13,845,000. The proceeds of the bonds were used to refund and defease all of the outstanding 2004 Series A Housing Set-Aside Redevelopment Agency Tax Allocation Bonds. The 2016 Series A Bonds bear interest rates between 1.323% and 3.984% with interest payments made semi-annually on February 1 and August 1 each year commencing August 1, 2016 through August 1, 2029. The Bonds are secured by an irrevocable pledge of the Pledged Tax Revenues to be derived from Los Medanos II and Los Medanos III subareas and an irrevocable pledge of certain moneys in the Redevelopment Property Tax Trust Fund.

The annual debt service requirements to mature the Series 2016A HSA Bonds outstanding at June 30, 2025, were as follows:

2016 Series A Subordinate Tax Allocation Refunding Bonds

In February 2016, the Successor Agency issued 2016 Series A Subordinate Tax Allocation Refunding Bonds in the original principal amount of $120,085,000. The Bonds bear an interest rate of 5.0% with interest payments made semi-annually on March 1 and September 1 each year commencing September 1, 2016 through September 1, 2029.

The 2016 Series A Bond proceeds were used to refund the outstanding balance of the 2004 Series A Redevelopment Agency Subordinate Tax Allocation Bonds in the amount of $101,195,000. The issuance of the Bond terminated the swap agreement in connection with the 2004 Series A Bond. The 2016 Series A Bond proceeds were also used to refund and defease a portion of the outstanding 2008 Series A Redevelopment Agency Subordinate Tax Allocation Refunding Bonds.

Year Ending
June 30, Principal Interest Total
2026 1,065,000$ 233,997$ 1,298,997$ 2027 1,110,000 191,204 1,301,204 2028 1,150,000 142,159 1,292,159 2029 1,200,000 87,122 1,287,122 2030 1,260,000 29,509 1,289,509 Total 5,785,000$ 683,992$ 6,468,992$ 120

Page 216 of 411 ends

City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

15. SUCCESSOR AGENCY ACTIVITIES, Continued

C. Long-Term Debt, Continued

2016 Series A Subordinate Tax Allocation Refunding Bonds, Continued

The annual debt service payments on the 2016 Series A Subordinate Tax Allocation Refunding Bonds outstanding at June 30, 2025, are as follows:

The bond covenants for the Successor Agency Tax Allocation Bonds contain events of default that require the revenue of the Successor Agency to be applied by the Trustee as specified in the terms of the agreement if any of the following conditions occur: default on debt service payments; the failure of the Successor Agency to observe or perform the conditions, covenants, or agreement terms of the debt; bankruptcy filing by the Successor Agency; or if any court or competent jurisdiction shall assume custody or control of the Successor Agency. The covenants also contain a subjective acceleration clause that allows the trustees or holders, who hold the majority of the aggregate principal amount of the notes, to accelerate payment of the entire principal amount outstanding and interest accrued to become immediately due if they determine that a material adverse change occurs.

D. Commitments and Contingencies

The activities of the former Redevelopment Agency and the Successor Agency are subject to further examination by the State of California and the amounts, if any, of transfers or expenditures may be disallowed. The State Controller’s Office conducted a review of 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.

Year Ending
June 30, Principal Interest Total
2026 13,890,000$ 3,501,250$ 17,391,250$ 2027 14,610,000 2,788,750 17,398,750 2028 15,355,000 2,039,625 17,394,625 2029 16,140,000 1,252,250 17,392,250 2030 16,975,000 424,375 17,399,375 Total 76,970,000$ 10,006,250$ 86,976,250$ 121

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City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

16. RESTATEMENTS

The City’s restatements, other than those changes within financial reporting entity, comprised of as follows:

1. Error correction ($353,771) - The Water Utility Enterprise Fund restated its beginning net position to correct errors related to the capitalization of certain capital assets. For the fiscal year ended June 30, 2024, capital assets were understated by the same.

2. Error correction ($2,480,458) - The Successor Agency to the Redevelopment Agency Private-Purpose Trust Fund restated its beginning net position to correct errors related to certain capital assets which were sold in prior years and should have been disposed of. For the fiscal year ended June 30, 2024, capital assets were overstated by the same amount.

3. Error correction ($32,319) - The Governmental Activities restated its beginning net position to correct errors related to the Palermo lease asset which was fully paid off during FY2023-2024 and should have been written off. The correction reflects the net difference between the lease asset, net of $465,746 and the lease liability of $433,427. As a result, for the fiscal year ended June 30, 2024, both lease asset and the related lease liability were overstated by the same.

4. Change in accounting principles – Due to the implementation of the requirements of GASB 101 – Compensated Absences , the Water, Sewer, Marina, Pittsburg Power Company and Waterfront Operations enterprise funds recorded restatements of $91,261, $22,372, $9,358, $26,068, and $3,146, respectively. Additionally, the Governmental Activities, Business-Type Activities, and the Internal Service Funds also restated their beginning balances by $636,065, $152,565, and $32,396, respectively.

Summary of the restatements were as follows:

A. Governmental Activities:

Government-Wide
Governmental Activities
Capital
Improvements
Nonmajor
Governmental
Funds
Internal Service
Funds
Governmental
Activities
Fund Balance/net position as
previously
reported at June 30, 2024 -$ 57,374,341$ 13,263,400$ 261,301,129$ Implementation of GASB 101 - - (32,396) (636,065) Change within financial reporting entity
(nonmajor to major) 18,342,507 (18,342,507) - - Error corrections - capital assets - - - (32,319) Total restatements 18,342,507 (18,342,507) (32,396) (668,384) Fund balance/net position as restated
at June 30, 2024 18,342,507$ 39,031,834$ 13,231,004$ 260,632,745$ Fund Statements
Reporting Units Affected by Restatements of Beginning Balances 122

Page 218 of 411 ends

City of Pittsburg
Notes to Basic Financial Statements
For the year ended June 30, 2025

16. RESTATEMENTS, Continued
B. Business-Type Activities:

C. Fiduciary Activities:

Government-Wide
Business-type activities Water Utility Sewer Utility Marina Pittsburg Power
Company
Waterfront
Operations
Business-Type
Activities
Net position as previously
reported at June 30, 2024 101,931,291$ 49,291,890$ 11,984,142$ 18,096,925$ 2,237,490$ 183,541,738$ Implementation of GASB 101 (91,621) (22,372) (9,358) (26,068) (3,146) (152,565) Error corrections - capital assets 353,771 - - - - 353,771 Total restatements 262,150 (22,372) (9,358) (26,068) (3,146) 201,206 Net position as restated
at June 30, 2024 102,193,441$ 49,269,518$ 11,974,784$ 18,070,857$ 2,234,344$ 183,742,944$ Reporting Units Affected by Restatements of Beginning Balances Fund Statements
Fund Statements
Fiduciary Activities
Successor Agency
to the
Redevelopment
Agency Private-
Purpose Trust
Net position as previously
reported at June 30, 2024 (108,815,349)$
Error corrections - capital assets (2,480,458)
Total restatements (2,480,458)
Net position as restated
at June 30, 2024 (111,295,807)$
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REQUIRED

SUPPLEMENTARY INFORMATION

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City of Pittsburg
Required Supplementary Information
For the year ended June 30, 2025

1. BUDGETS AND BUDGETARY ACCOUNTING
A.

Budgets for the General Fund, Special Revenue Funds, Capital Projects Funds and Debt Service Funds are adopted on a basis consistent with GAAP
Public hearings are conducted at the City to obtain public comments. The City Council annually adopts the budget for the ensuing fiscal year prior to July 1st.

Budgeted revenue amounts represent the original budget modified by adjustments authorized during the year.

Budgeted expenditure amounts represent original appropriations adjusted for supplemental appropriations during the year, which were contingent upon new or additional revenue sources and re-appropriated amounts for prior year encumbrances. The City Manager must approve adjustments to departmental budgets; however, management may amend the budgeted amounts within departmental expenditure classifications.

Appropriations lapse at the end of the fiscal year and then are re-budgeted for the coming year. Beginning with the FY 2014-2015 budget, capital project appropriations continue appropriations until the project is completed.

Under Article XIII B of the California Constitution (the Gann Spending Limitation Initiative), the City is restricted as to the amount of annual appropriations from the proceeds of taxes, and if proceeds of taxes exceed allowed appropriations, the excess must either be refunded to the State Controller, returned to the taxpayers through revised tax rates or revised fees schedules, or an excess in one year may be offset against a deficit in the following year. For the fiscal year ended June 30, 2024, based on the calculations by City Management, proceeds of taxes did not exceed the appropriations limit.
127

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City of Pittsburg
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual General Fund
For the year ended June 30, 2025
Variance
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:

Property tax 5,139,850$ 5,228,187$ 5,057,615$ (170,572)$ Sales tax 19,436,200 19,184,200 19,001,806 (182,394) Franchise tax 6,434,000 6,605,038 6,329,479 (275,559) Other taxes 2,263,000 1,963,000 1,442,917 (520,083) Intergovernmental revenues 13,461,393 14,225,625 14,131,723 (93,902) Permits, licenses, and fees 1,138,000 1,136,100 1,096,744 (39,356) Fines and forfeitures 362,100 389,600 328,769 (60,831) Service fees 5,314,933 5,235,433 8,043,247 2,807,814 Use of money and property 747,511 747,511 3,206,526 2,459,015 Other revenues 3,040,627 2,383,245 2,036,520 (346,725) Total revenues 57,337,614 57,097,939 60,675,346 3,577,407 EXPENDITURES:

Current:

General government 1,620,292 4,176,415 4,564,785 (388,370) City Council 169,664 148,764 149,299 (535) City Manager and City Clerk 769,263 673,611 685,760 (12,149) City Attorney 506,177 406,997 403,824 3,173 Human resources 1,349,467 1,380,114 1,297,264 82,850 Finance and services 2,093,417 1,955,920 1,790,528 165,392 Community development and services 12,550,544 11,618,827 11,539,023 79,804 Public safety 38,130,559 36,152,530 36,950,345 (797,815) Public works - administration 90,098 90,098 202,525 (112,427) Public works - streets 3,430,188 3,186,654 2,998,611 188,043 Public works - parks 233,602 244,272 286,772 (42,500) Debt service:

Interest and fiscal charges - - 11,895 (11,895) Total expenditures 60,943,271 60,034,202 60,880,631 (846,429)

REVENUES OVER (UNDER)
EXPENDITURES (3,605,657) (2,936,263) (205,285) 2,730,978 OTHER FINANCING SOURCES (USES):

Transfers in 11,409,379 11,409,379 7,447,397 (3,961,982) Transfers out (7,837,585) (9,795,608) (4,894,486) 4,901,122 Total other financing sources (uses) 3,571,794 1,613,771 2,552,911 939,140 Net change in fund balances (33,863)$ (1,322,492)$ 2,347,626 3,670,118$ FUND BALANCES:

Beginning of year 27,864,883
End of year 30,212,509$
Budget Amounts
128

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City of Pittsburg
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Housing Authority (Section 8) - Special Revenue Fund
For the year ended June 30, 2025
Variance
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:

Intergovernmental revenues 23,087,232$ 23,087,232$ 24,572,983$ 1,485,751$ Service fees 1,587,094 1,587,098 1,666,717 79,619 Use of money and property 26 26 62 36 Other revenues 191,671 191,671 157,406 (34,265) Total revenues 24,866,023 24,866,027 26,397,168 1,531,141 EXPENDITURES:

Current:

Community development and services 25,034,373 25,071,643 25,974,095 (902,452) Debt service:

Principal retirement - - 52,571 (52,571) Interest and fiscal charges 5,000 5,000 2,457 2,543 Total expenditures 25,039,373 25,076,643 26,029,123 (952,480)

REVENUES OVER (UNDER)
EXPENDITURES (173,350) (210,616) 368,045 578,661 OTHER FINANCING SOURCES (USES):

Transfers out (24,907) (24,907) (24,907) - Total other financing sources (uses) (24,907) (24,907) (24,907) - Net change in fund balances (198,257)$ (235,523)$ 343,138 578,661$ FUND BALANCES:

Beginning of year 764,698
End of year 1,107,836$
Budget Amounts
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City of Pittsburg
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Housing Successor Agency - Special Revenue Fund
For the year ended June 30, 2025
Variance
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:

Intergovernmental revenues -$ -$ 149,510$ 149,510$ Service fees 7,500 7,500 7,500 - Use of money and property 240,518 240,518 225,988 (14,530) Other revenues 285,974 285,974 895,086 609,112 Total revenues 533,992 533,992 1,278,084 744,092 EXPENDITURES:

Current:

Community development and services 1,064,381 1,049,564 503,596 545,968 Debt service:

Principal retirement - - 109,681 (109,681) Interest and fiscal charges - - 11,909 (11,909) Total expenditures 1,064,381 1,049,564 625,186 424,378

REVENUES OVER (UNDER)
EXPENDITURES (530,389) (515,572) 652,898 1,168,470 OTHER FINANCING SOURCES (USES):

Transfers out (749) (749) (749) - Total other financing sources (uses) (749) (749) (749) - Net change in fund balances (531,138)$ (516,321)$ 652,149 1,168,470$ FUND BALANCES:

Beginning of year 31,230,266
End of year 31,882,415$
Budget Amounts
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City of Pittsburg
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Miscellaneous Grants - Special Revenue Fund
For the year ended June 30, 2025
Variance
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:

Intergovernmental revenues 73,500$ 437,768$ 12,430,842$ 11,993,074$ Use of money and property 15,554 15,554 22,985 7,431 Total revenues 89,054 453,322 12,453,827 12,000,505 EXPENDITURES:

Current:

General government 125,000 125,000 1,116 123,884 Community development and services 73,970 118,838 3,941,308 (3,822,470) Public safety - 14,500 310,707 (296,207) Total expenditures 198,970 258,338 4,253,131 (3,994,793)

REVENUES OVER (UNDER)
EXPENDITURES (109,916) 194,984 8,200,696 8,005,712 OTHER FINANCING SOURCES (USES):

Transfers in - - 110,417 110,417 Transfers out - (53,079) (53,079) - Total other financing sources (uses) - (53,079) 57,338 110,417 Net change in fund balances (109,916)$ 141,905$ 8,258,034 8,116,129$ FUND BALANCES:

Beginning of year (4,765,526)
End of year 3,492,508$
Budget Amounts
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City of Pittsburg
Required Supplementary Information
For the year ended June 30, 2025
Agent-Multiple Employer Pension Plan
Schedule of Changes in the Net Pension Liability and Related Ratios - Last 10 Years Measurement Date 2015 2016 2017

TOTAL PENSION LIABILITY
Service cost 1,843,426$ 1,885,618$ 2,185,281$
Interest on total pension liability 5,559,084 5,954,324 6,187,235 Differences between expected and actual
experience (227,056) 696,901 (1,930,694) Changes in assumptions (1,494,012) - 5,646,863 Changes in benefits - - - Benefit payments, including refunds of employee contributions (2,914,360) (2,993,564) (3,017,394) Net change in the total pension liability 2,767,082 5,543,279 9,071,291 Total pension liability - beginning 74,924,289 77,691,371 83,234,650 Total pension liability - ending (a) 77,691,371$ 83,234,650$ 92,305,941$

PLAN FIDUCIARY NET POSITION
Contributions - employer 1,631,437$ 1,875,971$ 2,156,429$ Contributions - employee 1,036,916 902,130 931,204 Net investment income 1,323,594 284,705 6,786,287 Administrative expense (68,782) (37,256) (90,302) Benefit payments, including refunds of employee contributions (2,914,360) (2,993,564) (3,017,394) Net Plan to Plan Resource Movement - - - Other Miscellaneous Income/(Expense) - - - Net change in plan fiduciary net position 1,008,805 31,986 6,766,224 Plan fiduciary net position - beginning 60,121,603 61,130,408 61,162,394 Plan fiduciary net position - ending (b) 61,130,408$ 61,162,394$ 67,928,618$ Net pension liability - ending (a) - (b) 16,560,963$ 22,072,256$ 24,377,323$ Plan fiduciary net position as a percentage of the total pension 78.68% 73.48% 73.59% Covered payroll 11,958,650$ 12,684,949$ 13,415,686$ Net pension liability as a percentage of covered payroll 138.49% 174.00% 181.71% Notes to the Schedule:

Miscellaneous Plan
Benefit changes: The figures above do not include any liability impact that may have resulted from plan changes, which occurred after the June 30 valuation date. This applies for voluntary benefit changes as well as any offers of Two Years Additional Service Credit (aka. Golden Handshakes).

Changes in assumptions:In 2018, 2019, 2020 and 2021, there were no changes. In 2022, the accounting discount rate reduced from 7.15% to 6.90%. In 2017, the accounting discount rate reduced from 7.65% to 7.15%. In 2015, amounts reported reflect an adjustment of the discount rate from 7.5% (net of administrative expense) to 7.65% (without a reduction for pension plan administrative expense). In 2014, amounts were based on the 7.5% discount rate. All other assumptions for the 30, 2014 measurement date were the same as those used for the June 30, 2015 and 2016 measurement dates.
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2018 2019 2020 2021 2022 2023 2024
2,232,196$ 2,288,787$ 2,353,997$ 2,424,499$ 2,555,597$ 2,782,716$ 3,100,151$ 6,453,806 7,017,326 7,496,928 7,781,919 8,005,677 8,596,775 9,212,523 1,226,287 2,711,217 1,434,791 (1,431,592) (704,978) 3,060,870 3,225,006 (2,707,757) - - - 2,393,680 - - - - - - - 119,894 - (3,355,097) (3,733,114) (4,398,489) (4,538,899) (5,009,882) (5,568,045) (6,110,586) 3,849,435 8,284,216 6,887,227 4,235,927 7,240,094 8,992,210 9,427,094 92,305,941 96,155,376 104,439,592 111,326,819 115,562,746 122,802,840 131,795,050 96,155,376$ 104,439,592$ 111,326,819$ 115,562,746$ 122,802,840$ 131,795,050$ 141,222,144$ 2,157,639$ 2,465,718$ 2,806,209$ 3,074,038$ 3,608,526$ 3,756,882$ 3,797,416$ 1,304,579 1,158,921 1,201,689 1,174,220 1,246,674 1,379,182 1,646,398 5,770,585 4,832,621 3,927,075 18,549,157 (7,577,502) 5,719,597 9,344,689 (105,852) (52,429) (110,160) (81,481) (62,141) - - (3,355,097) (3,733,114) (4,398,489) (4,538,899) (5,009,882) (5,568,045) (6,110,586) (29,876) - - 10,124 - - - (201,014) 170 - - - (67,624) (79,076) 5,540,964 4,671,887 3,426,324 18,187,159 (7,794,325) 5,219,992 8,598,841 67,928,618 73,469,582 78,141,469 81,567,793 99,754,952 91,960,627 97,180,619 73,469,582$ 78,141,469$ 81,567,793$ 99,754,952$ 91,960,627$ 97,180,619$ 105,779,460$ 22,685,794$ 26,298,123$ 29,759,026$ 15,807,794$ 30,842,213$ 34,614,431$ 35,442,684$

76.41% 74.82% 73.27% 86.32% 74.88% 73.74% 74.90%
14,252,307$ 16,955,330$ 15,500,208$ 16,948,240$ 18,566,233$ 20,228,530$ 21,992,020$ 159.17% 155.10% 191.99% 93.27% 166.12% 171.12% 161.16%
Miscellaneous Plan
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City of Pittsburg
Required Supplementary Information
For the year ended June 30, 2025
Agent-Multiple Employer Pension Plan
Schedule of Contributions - Last 10 Years
Fiscal Year Ended 2016 2017 2018
Actuarially determined contribution 2,745,066$ 3,094,191$ 2,253,288$ Contributions in relation to actuarially
determined contributions (2,745,066) (3,094,191) (2,253,288) Contribution deficiency (excess) -$ -$ -$ Covered employee payroll 12,684,949$ 13,415,686$ 14,252,307$ Contributions as a percentage of
covered employee payroll 21.64% 23.06% 15.81%
Notes to Schedule
Valuation date
Actuarial cost method
Amortization method
Asset valuation method
Inflation
Salary increases
Payroll Growth
Investment rate of return
Retirement age
Mortality
Miscellaneous Plan
Net of Pension Plan Investment and Administrative Expenses; includes Inflation.

The probabilities of Retirement are based on the CalPERS Experience Study.

The probabilities of mortality are based on the CalPERS Experience Study. Pre- retirement and Post-retirement mortality rates include 20 years of projected mortality improvement using Scale AA published by the Society of Actuaries for 2015 to 2018. For 2019, 2020, 2021, and 2022 preretirement and post- retirement mortality rates include 15 years of projected mortality improvement using 90% of Scale MP-2016 published by the Society of Actuaries.

June 30, 2023
Entry-Age Normal Cost Method
Level Percent of Payroll
Actuarial Value of Assets
Varies by Entry Age and Service

2.80%

2.75% for 2015 to 2019, and 2.875% for 2020, and 2.50% for 2021 to 2022, 2.3% in 2023

7.50% for 2015 to 2018, 7.375% for 2019, 7.25% for 2020, 7.00% for 2021, 7.15% for 2022, and 7.00% for 2023.
134

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2019 2020 2021 2022 2023 2024 2025
2,333,907$ 2,806,210$ 3,072,547$ 3,603,067$ 3,757,320$ 3,797,186$ 4,418,568$ (2,333,907) (2,806,210) (3,072,547) (3,603,067) (3,757,320) (3,797,186) (4,418,568) -$ -$ -$ -$ -$ -$ -$ 16,955,330$ 15,500,208$ 16,948,240$ 18,566,233$ 20,228,530$ 21,992,020$ 22,676,137$

13.77% 18.10% 18.13% 19.41% 18.57% 17.27% 19.49%
Miscellaneous Plan
135

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City of Pittsburg
Required Supplementary Information
For the year ended June 30, 2025
Cost-Sharing Defined Pension Plan
Schedule of Changes in the Net Pension Liability and Related Ratios - Last 10 Years Measurement Date 6/30/2015 6/30/2016 6/30/2017
Plan's proportion of the net pension liability 0.39815% 0.46609% 0.48116% Plan's proportionate share of
the net pension liability 16,405,587$ 21,519,369$ 25,094,362$ Plan's covered payroll 13,134,628$ 14,209,375$ 10,647,118$ Plan's proportionate share of the net pension
liability as percentage of its covered payroll 124.90% 151.44% 235.69% Fiduciary net position as a percentage of the
total pension liability 79.38% 74.91% 74.42%
Plan's Proportionate Share of Aggregate Employer Contributions 2,148,293$ 2,219,565$ 2,518,889$ Safety Plan
136

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6/30/2018 6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024

0.49472% 0.44506% 0.46340% 0.49214% 0.53469% 0.54444% 0.33015% 25,389,095$ 27,782,901$ 30,873,359$ 17,271,735$ 36,741,589$ 40,696,551$ 40,038,955$ 10,804,084$ 12,017,570$ 10,485,001$ 12,076,801$ 12,796,156$ 13,199,562$ 13,673,281$ 235.00% 231.19% 294.45% 143.02% 287.13% 308% 293%

75.93% 75.53% 74.62% 86.58% 73.42% 76.21% 76.21%
2,954,663$ 3,357,057$ 4,346,298$ 5,968,738$ 7,564,096$ 4,677,823$ 5,317,504$ Safety Plan
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City of Pittsburg
Required Supplementary Information
For the year ended June 30, 2025
Cost-Sharing Defined Pension Plan
Schedule of Contributions - Last 10 Years
Fiscal Year Ended 2016 2017 2018
Actuarially determined contribution 2,449,689$ 2,573,034$ 2,674,332$ Contributions in relation to actuarially
deemed contributions (2,449,689) (2,573,034) (2,674,332) Contribution deficiency (excess) -$ -$ -$ Covered payroll 14,209,375$ 10,647,118$ 10,804,084$ Contributions as a percentage of
covered payroll 17.24% 24.17% 24.75%
Valuation date: June 30, 2014 June 30, 2015 June 30, 2016 Methods and assumptions used to determine contribution rates:

Actuarial cost method
Amortization method
Remaining amortization period
Asset valuation method
Discount Rate
Inflation
Varies by Entry Age and Service
Investment rate of return
Retirement age
Mortality
Entry age
Level percentage of payroll, closed
30 years
Market Value of Assets

6.90%

2.50%
Annual increase vary by category, entry age and duration of service. 7% Net of Pension Plan Investment and Administrative Expenses; includes Inflation.

The probabilities of Retirement are based on the 2021 CalPERS Experience Study for the period from 2000 to 2019.

The probabilities of mortality are derived from CalPERS' Membership Data for all Funds based on CalPERS' specific data from a 2021 CalPERS Experience Study. The table includes 20 years of mortality improvements using the Society of Actuaries Scale BB.
138

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2019 2020 2021 2022 2023 2024 2025
2,771,970$ 3,602,530$ 3,943,074$ 4,278,885$ 4,560,882$ 4,677,823$ 5,317,504$ (2,771,970) (3,602,530) (3,943,074) (4,278,885) (4,560,882) (4,677,823) (5,317,504) -$ -$ -$ -$ -$ -$ -$ 12,017,570$ 10,485,001$ 12,076,801$ 12,796,156$ 13,199,562$ 13,673,281$ 13,984,182$

23.07% 34.36% 32.65% 33.44% 34.55% 34.21% 38.03%
June 30, 2017 June 30, 2018 June 30, 2019 June 30, 2020 June 30, 2021 June 30, 2022 June 30, 2023 Safety Plan
139

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City of Pittsburg
Required Supplementary Information
For the year ended June 30, 2025
Agent Multiple Employer OPEB Plan
Schedule of Changes in the Net OPEB Liability and Related Ratios - Last 10 Years* Measurement Date 6/30/2017 6/30/2018 6/30/2019
Total OPEB Liability
Service cost 807,000$ 830,803$ 801,058$
Interest 2,558,000 2,680,717 2,806,423
Differences between expected and actual experience - - (2,201,658) Changes of assumptions - - (933,286) Benefit payments (1,625,000) (1,536,951) (1,701,943) Net change in the total OPEB liability 1,740,000 1,974,569 (1,229,406) Total OPEB liability - beginning 37,912,000 39,652,000 41,626,569 Total OPEB liabilty - ending (a) 39,652,000 41,626,569 40,397,163 Plan Fiduciary Net Position
Contribution - employer 2,106,000 2,021,796 2,201,943 Net investment income 295,000 270,566 277,898 Administrative expense (1,000) (6,320) (919) Benefit payments (1,625,000) (1,536,951) (1,701,943) Net change in plan fiduciary net position
775,000 749,091 776,979
Plan fiduciary net position - beginning 2,585,000 3,359,734 4,108,825 Plan fiduciary net position - ending (b) 3,360,000 4,108,825 4,885,804 Net OPEB liability/asset - ending (a) - (b) 36,292,000$ 37,517,744$ 35,511,359$ Plan fiduciary net position as a percentage of
the total OPEB liability 8.47% 9.87% 12.09%
Covered-employee payroll 15,921,000$ 16,568,668$ 14,845,791$ Net OPEB liability as a percentage of covered-employee payroll 227.95% 226.44% 239.20% * Fiscal year 2018 was the first year of implementation; therefore, only eight years are shown. 140

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6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024
647,726$ 634,868$ 630,242$ 624,246$ 526,035$ 2,720,705 2,794,547 2,340,650 2,418,343 2,520,516 - (5,776,939) - (2,289,948) - (710,108) 69,768 - 2,732,465 - (1,476,338) (1,626,643) (1,709,185) (1,734,444) (1,769,784) 1,181,985 (3,904,399) 1,261,707 1,750,662 1,276,767 40,397,163 41,579,148 37,674,749 38,936,456 40,687,118 41,579,148 37,674,749 38,936,456 40,687,118 41,963,885 1,976,338 726,643 2,109,185 2,234,444 2,269,784 172,535 1,527,524 (823,764) 373,468 728,343 (2,459) (2,103) (1,575) (1,673) (2,162) (1,476,338) (1,626,643) (1,709,185) (1,734,444) (1,769,784) 670,076 625,421 (425,339) 871,795 1,226,181 4,885,804 5,555,880 6,181,301 5,755,962 6,627,757 5,555,880 6,181,301 5,755,962 6,627,757 7,853,938 36,023,268$ 31,493,448$ 33,180,494$ 34,059,361$ 34,109,947$

13.36% 16.41% 14.78% 16.29% 18.72%
14,623,265$ 13,712,707$ 13,191,542$ 12,659,854$ 11,800,274$ 246.34% 229.67% 251.53% 269.03% 289.06%
141

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City of Pittsburg
Required Supplementary Information
For the year ended June 30, 2025
Agent Multiple Employer OPEB Plan
Schedule of OPEB Contributions - Last 10 Years*
Fiscal Year Ended June 30, 2018 2019 2020
Actuarially determined contribution 3,938,000$ 4,096,000$ 4,270,000$ Contributions in relation to the actuarially
determined contribution (2,021,796) (2,201,943) (2,038,794) Contribution deficiency (excess) 1,916,204$ 1,894,057$ 2,231,206$ Covered employee payroll 16,568,668$ 14,845,791$ 14,623,265$ Contributions as a percentage of
covered employee payroll 12.20% 14.83% 13.94%
Notes to Schedule
Valuation date: June 30, 2017 June 30, 2017 June 30, 2019 Actuarial cost method
Amortization method
Amortization period
Asset valuation method
Inflation
Salary increases
Payroll Growth
Investment rate of return
Retirement age
Mortality
* Fiscal year 2018 was the first year of implementation; therefore, only eight years are shown.

Entry-Age Normal
Level percent of payroll
18 years remaining as of June 30, 2024
Investment gains and losses spread over 5-year rolling period

2.50%
Varies by Entry Age and Service

2.75%

6.25%
The probabilities of Retirement are based on CalPERS Experience Study for the period from 2000-2019.

Society of Actuaries Scale MP-21
142

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2021 2022 2023 2024 2025
3,911,000$ 4,117,000$ 3,639,000$ 3,738,000$ 3,858,000$ (726,643) (2,234,444) (2,234,444) (2,168,821) (2,272,373) 3,184,357$ 1,882,556$ 1,404,556$ 1,569,179$ 1,585,627$ 13,712,707$ 13,191,542$ 12,659,854$ 11,800,274$ 11,334,527$

5.30% 16.94% 17.65% 18.38% 20.05%
June 30, 2019 June 30, 2021 June 30, 2021 June 30, 2023 June 30, 2023 143

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This Page Intentionally Left Blank
144

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SUPPLEMENTARY INFORMATION
145

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146

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City of Pittsburg
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Capital Improvement
For the year ended June 30, 2025
Variance
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:

Intergovernmental revenues -$ 12,057,718$ 3,180,855$ (8,876,863)$ Use of money and property 348,308 348,308 609,298 260,990 Other revenues - 74,200 72,640 (1,560) Total revenues 348,308 12,480,226 3,862,793 (8,617,433) EXPENDITURES:

Current:

Capital outlay and improvements 465,620 39,516,618 13,784,180 25,732,438 Total expenditures 465,620 39,516,618 13,784,180 25,732,438

REVENUES OVER (UNDER)
EXPENDITURES (117,312) (27,036,392) (9,921,387) 17,115,005 OTHER FINANCING SOURCES (USES):

Transfers in - 6,906,696 5,656,695 (1,250,001) Transfers out - (692) (1,613,704) (1,613,012) Total other financing sources (uses) - 6,906,004 4,042,991 (2,863,013) Net change in fund balances (117,312)$ (20,130,388)$ (5,878,396) 14,251,992$ FUND BALANCES:

Beginning of year, as previously presented -
Restatements 18,342,507
Beginning of year, as restated 18,342,507
End of year 12,464,111$
Budget Amounts
147

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City of Pittsburg
Nonmajor Governmental Funds
For the Year Ended June 30, 2025
Special Revenue Funds
Special revenue funds are used to account for specific revenues (other than those for major capital projects) that are restricted legally to expenditures for particular purposes.

Small Cities Grants Fund
This fund was established to account for direct grants received for housing and rental rehabilitation programs, which are program income and used to supplement housing rehabilitation costs.

Gas Tax Fund
This fund receives 18% of the collected half-cent sales tax, which is based on the population and road mileage, to fund regional transportation and transit related projects.

Measure J Tax Fund
This fund accounts for 3/4% add-on sales tax approved by voters in November 2005 for enhanced public safety services.

Lighting & Landscape Fund
Receipts of the assessments from residential and commercial properties are used by this fund to provide maintenance of street lighting, street trees, landscape, curbs, gutters and sidewalks within the City.

Lighting & Landscape Oak Hills Fund
Receipts of the special assessments from residential and commercial properties, in the Oak Hill area, are used by this fund to provide maintenance of street lighting, street trees, landscape, curbs, gutters and sidewalks.

Assets Seizure Fund
This fund was established to administer the seized assets from criminal activities.

Marina Vista Field Replacement Fund
This fund accounts for the collection of rents (maximum of $60,000 annually) from the Athletic Fields rentals of the Marina Vista School fields as set forth in the Construction and Use Agreement for the contingent turf replacement of the fields.

Local Law Enforcement Block Grant Fund
This fund accounts for the funds provided by Department of Justice to supplement local crime prevention and public safety efforts.

Southwest Pittsburg GHAD II Fund
Southwest Pittsburg Geological Hazard Abatement fund was created to account for the maintenance district of which responsibilities are restricted to mitigation/abatement of geologic landslide and erosion hazards. The fund receives revenues from assessments levied on the properties located on the hillside areas for its operation costs.

Southwest Pittsburg GHAD II Administrative Fund
This fund was created to facilitate the administration (salaries and fringe benefits) for the Southwest Pittsburg GHAD II Fund.
148

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City of Pittsburg
Nonmajor Governmental Funds
For the Year Ended June 30, 2025
Special Revenue Funds (Continued)
Storm Water Utility (NPDES) Fund
This fund accounts for property assessments collected by the County of Contra Costa on behalf of the City to provide funding for National Pollutant Discharge Elimination System (NPDES) and general drainage maintenance activities within the Pittsburg Storm Water Utility Area to reduce pollutants.

HUD Community Development Block Grant Fund
Receives annual entitlement from Department of HUD to finance public services, housing activities, economic development projects, public facility projects, program planning and administration.

NSP Neighborhood Stabilization Program Fund
This fund accounts for the funding by the California Department of Housing and Community Development for purchases and redevelopment of foreclosed homes, the purchase and rehabilitation of abandoned or foreclosed homes, the demolition of blighted structures, and the redevelopment of demolished or vacant property within the City.

CalHome Program Fund
This fund was established to account for the funding from the California Department of Housing and Community Development for mortgage assistance and owner-occupied housing rehabilitation loans.

California Energy Conservation Program
This fund is funded by the Energy Efficiency and Conservation Block Grant to enable the City to pursue the City's LED streetlight retrofit, to develop and implement projects to improve energy efficiency and reduce energy use and fossil fuel emissions within the City.

San Marco CFD 2004-01 Fund
The receipts of this fund provide funding for the increased demand of police services in the San Marco subdivision of the Community Facilities District.

Solid Waste Fund
This fund has been established to finance City activities associated with AB 939 compliance such as the annual reporting of recycling programs, hazardous waste collection and the coordination of public education programs. In addition this fund finances the City’s solid waste facility Local Enforcement Program (LEA) for permitting, inspection and enforcement of State regulations governing operational, closed and illegal landfills and refuse processing facilities.

These revenues will also provide for litter abatement and other similar services to mitigate the impact on the City of Pittsburg associated with hosting the Material Recovery and Transfer Station (MRTS), which services the entire region.

The Solid Waste Fund revenues are generated by a $1.50 surcharge on each ton of solid waste received at the Material Recovery and Transfer Station.

Vista Del Mar CFD 2005-2 Fund
The receipts of the fund provided funding for increased demand for police services in and for the Vista Del Mar CFD 2005-2.

Public Safety Services CFD 2005-1 Fund
The receipts of this fund provide funding for increased demand for public safety services within this Community Facilities District.
149

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City of Pittsburg
Nonmajor Governmental Funds
For the Year Ended June 30, 2025
Special Revenue Funds (Continued)
Park Maintenance CFD 2007-1 Fund
The receipts of this fund provide funding for increased demand for park maintenance services within this Community Facilities District.

Cops Hiring Recovery Fund
This fund was established to account for Grants received from law enforcement agencies to create and preserve jobs and to increase their community policing capacity and crime-prevention efforts.

Pittsburg Arts & Community Foundation
This fund was created for an independent non-profit corporation set up to increase, support and encourage art, literacy, education, economic development, affordable housing, and other community resources and programs to benefit the City of Pittsburg and its residents.

Hillview Jr. High Athletic Field
This fund was established to account for Grants received from Measure WW for financing, construction and joint use of an athletic field at Hillview Junior High School with Pittsburg Unified School District.

Public, Education and Government Fees (PEG)
The City is given authority from California Public Utilities Code to levy State Franchise Holder. The revenue of this fund supports Public Education and Government (PEG) channel facilities.

Railroad Avenue Specific Area Plan
This fund was created to account for the funding and financing of facilities according to the Railroad Avenue Specific Plan.

Project Amenities Management Fund
This fund was created to account for continuous maintenance and management of various project amenities for Greystone Place such as stormwater treatment facilities, sanitary sewer lift stations, emergency vehicle access and gates.

Fire District CFD 2017-01 Fund
The funds are used solely for supplemental services and facilities of the Fire District that benefited City of Pittsburg.

Golf Course Fund
This fund was established to account for revenues and expenditures associated with providing golfing facilities and services to our community.

US EPA Grants Fund
This fund was established to account for direct grants to enhance public enjoyment, reduce existing environmental contamination of the waterfront and opportunities for economic development in alignment with the General and Trust Lands Use Plans.
150

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City of Pittsburg
Nonmajor Governmental Funds
For the Year Ended June 30, 2025
Special Revenue Funds (Continued)
Marina Dredging & Infrastructure Improvement Fund
This fund was established to account for funding to help facilitate the dredging project, various infrastructure improvements and modernize Marina operations.

Tuscany Meadows CFD 2021-1 Fund
This fund was established to provide funding to help the developer finance the cost of design and construction of public improvements relating to the development of the Tuscany Meadows subdivision. The special tax for the CFD may be used to pay the debt service on bonds issued by the City in the future to finance the facilities or may be used to pay for the facilities on a pay-as-you-go basis, without the issuance of bonds.

Debt Service Funds
Debt service funds are used to account for the accumulation of resources for, and the retirement of, long-term debt principal and interest.

Pension Obligations Fund
This fund accounts for the accumulation of resources for payment of principal, interest and related costs of the Pension Obligation Bonds long-term debt and for payments to the Contra Costa County Employees’ Retirement Association for unfunded accrued pension obligations.

Capital Projects Funds
Capital projects funds are used to account for the acquisition and construction of major capital facilities other than those financed by proprietary funds and trust funds.

Inclusionary Housing Fund
This fund was established to account for fees paid by developers in the form of "in-lieu" fees that would be used for the construction of affordable housing.

Traffic Impact Fair Share Fund
This fund was established to account for developer fees as a condition of development to mitigate future traffic impacts.

Kirker Creek Drainage Fees Fund
This fund was established to account for the drainage fees collected from developers to finance drainage improvement projects.

Traffic Mitigation Fund
Fees collected from developers are used by this fund to finance the capital improvement projects that mitigate the traffic impact.

Park Dedication Fund
This fund was established to account for the fees collected from developers and used for design, development, construction of new park projects and the rehabilitation of existing parks. 151

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City of Pittsburg
Nonmajor Governmental Funds
For the Year Ended June 30, 2025
Capital Projects Funds (Continued)
Regional Traffic Mitigation Fund
Provides funding from developer fees for projects that mitigate traffic impacts and improve regional transportation infrastructure.

Infrastructure Repair & Replacement Fund
Supports the maintenance and replacement of essential City infrastructure, including roads, utilities, and public facilities.

Community Capital Improvement Fund
Finances community-wide capital projects such as parks, recreation facilities, and civic buildings to enhance public amenities.

Bailey Road Maintenance Fund
Restricted for maintenance and improvements along the Bailey Road corridor to ensure safe and efficient travel.

Gas Tax – Road Maintenance and Rehabilitation Fund
Accounts for state gas tax revenues dedicated to street maintenance, pavement rehabilitation, and related transportation improvements.

Regional Freeway Security Fee Fund
Funds freeway safety and security enhancements, including lighting, surveillance, and emergency response infrastructure.

Developer Deposit Fund
This fund accounts for monies received from developers for funding of various capital activities. 152

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153

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City of Pittsburg
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2025
ASSETS
Cash and investments 375,039$ 203,552$ -$ -$ Restricted cash and investments - - - - Receivables:

Accounts - 181,245 2,720,795 - Loans and notes 1,097,663 - - - Leases - - - - Inventory - - - - Prepaid items and other assets - - - 2,515 Advances to other funds - - - - Total assets 1,472,702$ 384,797$ 2,720,795$ 2,515$

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES

Liabilities:

Accounts payable -$ 19,129$ 1,542,176$ 119,081$ Taxes payable - - - - Refundable deposits - - - - Unearned revenue - - - - Due to other funds - - 167,792 3,740 Advances from other funds - - - - Total liabilities - 19,129 1,709,968 122,821

Deferred Inflows of Resources
Unavailable revenue - - - - Leases - - - - Total deferred inflows of resources - - - -

Fund Balances:

Nonspendable - - - 2,515 Restricted 1,472,702 365,668 1,010,827 - Committed - - - - Assigned - - - - Unassigned - - - (122,821) Total fund balances 1,472,702 365,668 1,010,827 (120,306) Total liabilities, deferred inflows of
resources and fund balances 1,472,702$ 384,797$ 2,720,795$ 2,515$ Special Revenue
Small Cities
Grants Gas Tax Measure J Tax
Lighting &
Landscape
154

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70,807$ 63,686$ 344,540$ 5,330$ 5,562,751$ 293,440$ - 159,886 - - - - - - - 30,973 - - - - - - - - - - - - - - - 14,574 - 26,453 - - - - - - - - - - - - 2,117,588 - 70,807$ 238,146$ 344,540$ 62,756$ 7,680,339$ 293,440$ 2,662$ -$ -$ -$ 11,601$ -$ - - - - - - - 159,781 - - (10,925) - - - - 42,467 - - - - - 33,030 - - - - - - - - 2,662 159,781 - 75,497 676 - - - - - - - - - - - - - - - - - - - - 14,574 - 26,453 - - 68,145 - - - 7,679,663 293,440 - - 344,540 - - - - 63,791 - - - - - - - (39,194) - - 68,145 78,365 344,540 (12,741) 7,679,663 293,440 70,807$ 238,146$ 344,540$ 62,756$ 7,680,339$ 293,440$ Special Revenue
Lighting &
Landscape Oak
Hills Assets Seizure
Marina Vista Field
Replacement
Local Law
Enforcement Block
Grant
Southwest
Pittsburg GHAD II
Southwest
Pittsburg GHAD II
Administrative
155

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City of Pittsburg
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2025
ASSETS
Cash and investments 37,546$ -$ 52,234$ 263,935$ Restricted cash and investments - - - - Receivables:

Accounts - 595,844 - - Loans and notes - 235,800 2,187,914 411,166 Leases - - - - Inventory 1,829 - - - Prepaid items and other assets - - - - Advances to other funds - - - - Total assets 39,375$ 831,644$ 2,240,148$ 675,101$

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES

Liabilities:

Accounts payable 17,065$ 141,451$ -$ -$ Taxes payable - - - - Refundable deposits - - - - Unearned revenue - - - - Due to other funds - 236,531 - - Advances from other funds - - - - Total liabilities 17,065 377,982 - -

Deferred Inflows of Resources
Unavailable revenue - - 567,201 - Leases - - - - Total deferred inflows of resources - - 567,201 -

Fund Balances:

Nonspendable 1,829 - - - Restricted 20,481 453,662 1,672,947 675,101 Committed - - - - Assigned - - - - Unassigned - - - - Total fund balances 22,310 453,662 1,672,947 675,101 Total liabilities, deferred inflows of
resources and fund balances 39,375$ 831,644$ 2,240,148$ 675,101$ Special Revenue
Storm Water
Utility (NPDES)
HUD Community
Development
Block Grant
Neighborhood
Stabilization
Program CalHome Program
156

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-$ 103,624$ 943,191$ 21,810$ 366,194$ 684,170$ - - - - - - - - 271,773 - - 40,610 - - - - - - - - - - - - - - - - - - - - 8,085 - - - - - - - - - -$ 103,624$ 1,223,049$ 21,810$ 366,194$ 724,780$ -$ 2,457$ 25,381$ 1,141$ 3,094$ 1,550$ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2,457 25,381 1,141 3,094 1,550 - - - - - - - - - - - - - - - - - - - - 8,085 - - - - 101,167 1,189,583 20,669 363,100 723,230 - - - - - - - - - - - - - - - - - - - 101,167 1,197,668 20,669 363,100 723,230 -$ 103,624$ 1,223,049$ 21,810$ 366,194$ 724,780$ Special Revenue
California Energy
Conservation
San Marco CFD
2004-01 Solid Waste
Vista Del Mar
CFD 2005-2
Public Safety
Services CFD 2005-
1 Park Maintenance
CFD 2007-1
157

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City of Pittsburg
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2025
ASSETS
Cash and investments -$ 321,245$ 459,746$ 828,002$ Restricted cash and investments - - - - Receivables:

Accounts - - - 24,888 Loans and notes - 4,020 - - Leases - 170,102 - - Inventory - 167,857 - - Prepaid items and other assets - - - - Advances to other funds - - - - Total assets -$ 663,224$ 459,746$ 852,890$

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES

Liabilities:

Accounts payable -$ 39,367$ -$ 2,550$ Taxes payable - 260 - - Refundable deposits - 12,700 - - Unearned revenue - 10,084 - - Due to other funds - - - - Advances from other funds - - - - Total liabilities - 62,411 - 2,550

Deferred Inflows of Resources
Unavailable revenue - 4,020 - - Leases - 131,609 - - Total deferred inflows of resources - 135,629 - -

Fund Balances:

Nonspendable - 167,857 - - Restricted - 297,327 - - Committed - - 459,746 850,340 Assigned - - - - Unassigned - - - - Total fund balances - 465,184 459,746 850,340 Total liabilities, deferred inflows of
resources and fund balances -$ 663,224$ 459,746$ 852,890$ Special Revenue
Cops Hiring
Recovery
Pittsburg Arts &
Community
Foundation
Hillview Jr. High
Athletic
Public, Education
and Government
Fees (PEG)
158

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-$ 46,728$ 213,279$ 1,671$ 1,204,208$ 257,164$ - - - - - - - - - - 1,207,073 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -$ 46,728$ 213,279$ 1,671$ 2,411,281$ 257,164$ -$ 669$ 1,644$ -$ 1,073,280$ -$ - - - - - - - 1,066 - - - - - - - - 86,004 - - - - - - - 3,301,791 - - 375,000 - - 3,301,791 1,735 1,644 375,000 1,159,284 - - - - - - - - - - - - - - - - - - - - - - - - - - 44,993 211,635 - 1,251,997 257,164 - - - - - - - - - - - - (3,301,791) - - (373,329) - - (3,301,791) 44,993 211,635 (373,329) 1,251,997 257,164 -$ 46,728$ 213,279$ 1,671$ 2,411,281$ 257,164$ Marina Dredging
& Infrastructure
Improvement
Special Revenue
Railroad Avenue
Specific Area Plan
Project Amenities
Management
Fire District CFD
2017-01 Golf Course US EPA Grants
159

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City of Pittsburg
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2025
Special Revenue Debt Service
ASSETS
Cash and investments 31,406$ -$ 42,450$ 576,054$ Restricted cash and investments - 3,601,187 - - Receivables:

Accounts - - - - Loans and notes - - - - Leases - - - - Inventory - - - - Prepaid items and other assets - 711,803 - - Advances to other funds - - 380,000 - Total assets 31,406$ 4,312,990$ 422,450$ 576,054$

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES

Liabilities:

Accounts payable 1,394$ 2,750$ -$ -$ Taxes payable - - - - Refundable deposits - - - - Unearned revenue - - - - Due to other funds - 793,979 - - Advances from other funds - - - - Total liabilities 1,394 796,729 - -

Deferred Inflows of Resources
Unavailable revenue - - - - Deferred inflow related to leases - - - - Total deferred inflows of resources - - - -

Fund Balances:

Nonspendable - 711,803 - - Restricted 30,012 2,804,458 422,450 576,054 Committed - - - - Assigned - - - - Unassigned - - - - Total fund balances 30,012 3,516,261 422,450 576,054 Total liabilities, deferred inflows of
resources and fund balances 31,406$ 4,312,990$ 422,450$ 576,054$ Tuscany Meadows
CFD 2021-1
Pension
Obligations
Capital Projects
Inclusionary
Housing
Traffic Impact Fair
Share
160

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397,100$ 4,582,873$ -$ 2,663,850$ 634,974$ 1,137$ - - - - - - - 183,188 - - - - - - - - - - - - - - - - - - - 886 - - - 5,000 - - - - - - - - 3,301,791 - 397,100$ 4,771,061$ -$ 2,664,736$ 3,936,765$ 1,137$ -$ 31,216$ -$ 1,152,517$ -$ -$ - - - - - - - 5,000 - - - - - - - - - - - - - - - - - - - - - - - 36,216 - 1,152,517 - - - - - - - - - - - - - - - - - - - - - 5,000 - 886 - - 397,100 4,729,845 - 1,511,333 3,936,765 - - - - - - 1,137 - - - - - - - - - - - - 397,100 4,734,845 - 1,512,219 3,936,765 1,137 397,100$ 4,771,061$ -$ 2,664,736$ 3,936,765$ 1,137$ Traffic Mitigation
Capital Projects
Kirker Creek
Drainage Fees
Capital
Improvement Park Dedication
Regional Traffic
Mitigation
Infrastructure
Repair &
Replacement
161

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City of Pittsburg
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2025
ASSETS
Cash and investments 364,155$ 2,409,015$ 271,046$ -$ Restricted cash and investments - - - - Receivables:

Accounts 68,634 36,899 567,494 98,930 Loans and notes - - - - Leases - - - - Inventory - - - - Prepaid items and other assets - - - - Advances to other funds - - - - Total assets 432,789$ 2,445,914$ 838,540$ 98,930$

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES

Liabilities:

Accounts payable 14,805$ -$ 164,094$ -$ Taxes payable - - - - Refundable deposits - - - - Unearned revenue - - - - Due to other funds - - - 148,462 Advances from other funds - - - - Total liabilities 14,805 - 164,094 148,462

Deferred Inflows of Resources
Unavailable revenue - - - - Leases - - - - Total deferred inflows of resources - - - -

Fund Balances:

Nonspendable - - - - Restricted - 2,445,914 674,446 - Committed 417,984 - - - Assigned - - - - Unassigned - - - (49,532) Total fund balances 417,984 2,445,914 674,446 (49,532) Total liabilities, deferred inflows of
resources and fund balances 432,789$ 2,445,914$ 838,540$ 98,930$ Gas Tax – Road
Maintenance and
Rehabilitation
Community
Capital
Improvement
Bailey Road
Maintenance
Regional Freeway
Security Fee
Capital Projects
162

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Capital Project
Total Nonmajor
Governmental
Funds
519,121$ 25,217,073$
- 3,761,073
- 6,028,346
- 3,936,563
- 170,102
- 211,599
- 727,403
- 5,799,379
519,121$ 45,851,538$
19,326$ 4,390,400$
- 260
853,324 1,020,946
- 138,555
- 1,383,534
- 3,676,791
872,650 10,610,486
- 571,221
- 131,609
- 702,830
- 939,002
- 35,701,878
- 2,073,747
- 63,791
(353,529) (4,240,196)
(353,529) 34,538,222
519,121$ 45,851,538$
Developer
Deposit
163

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City of Pittsburg
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the year ended June 30, 2025
REVENUES:

Franchise tax -$ -$ -$ -$ Other taxes - 1,935,737 2,212,457 - Intergovernmental revenues - - 3,032,157 - Permits, licenses, and fees - - - - Fines and forfeitures - - - - Special assessments - - - 3,043,979 Service fees 135 - - - Use of money and property 44,420 23,035 48,053 - Other revenues - - (1,117) 35,585 Total revenues 44,555 1,958,772 5,291,550 3,079,564 EXPENDITURES:

Current:

General government - - - 73,971 Finance and services - - - - Community development and services - - 226,057 - Public safety - - - - Public works - administration - - - - Public works - streets - 301,704 - 5,776,516 Capital outlay and improvements - - 6,042,425 - Debt service:

Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures - 301,704 6,268,482 5,850,487

REVENUES OVER (UNDER)
EXPENDITURES 44,555 1,657,068 (976,932) (2,770,923) OTHER FINANCING SOURCES (USES):

Transfers in - - 86,000 2,265,000 Transfers out - (2,567,089) (710,000) (47,004) Total other financing sources (uses) - (2,567,089) (624,000) 2,217,996 Net change in fund balances 44,555 (910,021) (1,600,932) (552,927) FUND BALANCES:

Beginning of year, as previously presented 1,428,147 1,275,689 2,611,759 432,621 Restatements - - - - Beginning of year, as restated 1,428,147 1,275,689 2,611,759 432,621 End of year 1,472,702$ 365,668$ 1,010,827$ (120,306)$ Special Revenue
Small Cities
Grants Gas Tax Measure J Tax
Lighting &
Landscape
164

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-$ -$ -$ -$ -$ -$ - - - - 1,293,657 - - - - 48,034 - - - - - - - - - 2,346 - - - - 33,959 - - - - - - - - - - - 2,512 17 12,816 489 281,367 13,866 - - - - - - 36,471 2,363 12,816 48,523 1,575,024 13,866 - - - - - - - - - - - - - - - 13,702 299,484 743,948 (2) 46,092 - 47,419 - - 1,597 - - - - - 40,840 - - - - - - - - - - - - - - - - - - - - - - - 42,435 46,092 - 61,121 299,484 743,948 (5,964) (43,729) 12,816 (12,598) 1,275,540 (730,082) 1,500 - - - - 569,530 - - - - (569,530) (5,431) 1,500 - - - (569,530) 564,099 (4,464) (43,729) 12,816 (12,598) 706,010 (165,983) 72,609 122,094 331,724 (143) 6,973,653 459,423 - - - - - 72,609 122,094 331,724 (143) 6,973,653 459,423 68,145$ 78,365$ 344,540$ (12,741)$ 7,679,663$ 293,440$ Special Revenue
Lighting &
Landscape Oak
Hills Assets Seizure
Marina Vista Field
Replacement
Local Law
Enforcement Block
Grant
Southwest
Pittsburg GHAD II
Southwest
Pittsburg GHAD II
Administrative
165

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City of Pittsburg
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the year ended June 30, 2025
REVENUES:

Franchise tax -$ -$ -$ -$ Other taxes 870,116 - - - Intergovernmental revenues - 1,078,910 - - Permits, licenses, and fees - - - - Fines and forfeitures - - - - Special assessments - - - - Service fees - - - - Use of money and property - - 1,943 27,879 Other revenues 16,210 - - - Total revenues 886,326 1,078,910 1,943 27,879 EXPENDITURES:

Current:

General government - - - - Finance and services - - - - Community development and services - 814,494 - 1,365 Public safety - 68,431 - - Public works - administration 202,138 - - - Public works - streets 826,079 - - - Capital outlay and improvements - - - - Debt service:

Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures 1,028,217 882,925 - 1,365

REVENUES OVER (UNDER)
EXPENDITURES (141,891) 195,985 1,943 26,514 OTHER FINANCING SOURCES (USES):

Transfers in 215,000 - - - Transfers out (14,644) (2,060) - - Total other financing sources (uses) 200,356 (2,060) - - Net change in fund balances 58,465 193,925 1,943 26,514 FUND BALANCES:

Beginning of year, as previously presented (36,155) 259,737 1,671,004 648,587 Restatements - - - - Beginning of year, as restated (36,155) 259,737 1,671,004 648,587 End of year 22,310$ 453,662$ 1,672,947$ 675,101$ Special Revenue
Storm Water
Utility (NPDES)
HUD Community
Development
Block Grant
NSP
Neighborhood
Stabilization
Program CalHome Program
166

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-$ -$ -$ -$ -$ -$ - - - 446,682 1,407,552 - - - 76,437 - - 40,610 - - 812,593 - - - - - - - - - - 1,553,901 - - - 198,075 - - 18,299 - - - - 803 38,806 170 2,955 21,839 - - 25,389 - - - - 1,554,704 971,524 446,852 1,410,507 260,524 - - - - - - - - - - - - - - 611,702 - - - - - 285,862 1,832 1,124 - - - - - - - - - - - - 74,220 - - - - - - - - - - - - - 9,120 - - 8,645 6,064 - 9,120 897,564 1,832 9,769 80,284 - 1,545,584 73,960 445,020 1,400,738 180,240 - - - - - - (7) (1,455,273) (205,617) (425,413) (1,043,693) (936) (7) (1,455,273) (205,617) (425,413) (1,043,693) (936) (7) 90,311 (131,657) 19,607 357,045 179,304 7 10,856 1,329,325 1,062 6,055 543,926 - - - - - - 7 10,856 1,329,325 1,062 6,055 543,926 -$ 101,167$ 1,197,668$ 20,669$ 363,100$ 723,230$ Special Revenue
California Energy
Conservation
San Marco CFD
2004-01 Solid Waste
Vista Del Mar
CFD 2005-2
Public Safety
Services CFD 2005-
1 Park Maintenance
CFD 2007-1
167

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City of Pittsburg
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the year ended June 30, 2025
REVENUES:

Franchise tax -$ -$ -$ 105,317$ Other taxes - - - - Intergovernmental revenues - - - - Permits, licenses, and fees - - - - Fines and forfeitures - 880 - - Special assessments - - - - Service fees - 6,793 - - Use of money and property - 9,237 17,102 29,610 Other revenues - 301,645 - - Total revenues - 318,555 17,102 134,927 EXPENDITURES:

Current:

General government - - - - Finance and services - - - - Community development and services - 362,744 - 30,560 Public safety - - - - Public works - administration - - - - Public works - streets - - - - Capital outlay and improvements - - - - Debt service:

Principal retirement - 33,955 - - Interest and fiscal charges - 15,304 - - Total expenditures - 412,003 - 30,560

REVENUES OVER (UNDER)
EXPENDITURES - (93,448) 17,102 104,367 OTHER FINANCING SOURCES (USES):

Transfers in - - - - Transfers out - - - - Total other financing sources (uses) - - - - Net change in fund balances - (93,448) 17,102 104,367 FUND BALANCES:

Beginning of year, as previously presented - 558,632 442,644 745,973 Restatements - - - - Beginning of year, as restated - 558,632 442,644 745,973 End of year -$ 465,184$ 459,746$ 850,340$ Cops Hiring
Recovery
Pittsburg Arts &
Community
Foundation
Hillview Jr. High
Athletic
Public, Education
and Government
Fees (PEG)
Special Revenue
168

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-$ -$ -$ -$ -$ -$ - - - - - - - - - - 1,921,253 - - - - - - - - - - - - - 15,301 56,424 69,140 - - - - - - - - - 4,113 2,449 6,288 34 51,297 9,566 - - - - - - 19,414 58,873 75,428 34 1,972,550 9,566 - - - - - - - - - - - - - 6,154 5,150 - 2,401,637 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 145,431 - - - - - 145,431 6,154 5,150 - 2,401,637 - (126,017) 52,719 70,278 34 (429,087) 9,566 - - - 1,600 150,000 - - (115,000) - - - - - (115,000) - 1,600 150,000 - (126,017) (62,281) 70,278 1,634 (279,087) 9,566 (3,175,774) 107,274 141,357 (374,963) 1,531,084 247,598 - - - - - - (3,175,774) 107,274 141,357 (374,963) 1,531,084 247,598 (3,301,791)$ 44,993$ 211,635$ (373,329)$ 1,251,997$ 257,164$ Project Amenities
Management
Fire District CFD
2017-01 Golf Course
Marina Dredging
& Infrastructure
Improvement
Railroad Avenue
Specific Area Plan
Special Revenue
US EPA Grants
169

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City of Pittsburg
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the year ended June 30, 2025
Special Revenue Debt Service
REVENUES:

Franchise tax -$ -$ -$ -$ Other taxes - - - - Intergovernmental revenues - - - - Permits, licenses, and fees - - - - Fines and forfeitures - - - - Special assessments 9,809 - - - Service fees - 4,587,247 - - Use of money and property 942 154,201 1,579 21,429 Other revenues - - - - Total revenues 10,751 4,741,448 1,579 21,429 EXPENDITURES:

Current:

General government 4,644 - - - Finance and services - 300,194 - - Community development and services - - - - Public safety - - - - Public works - administration - - - - Public works - streets - - - - Capital outlay and improvements - - - - Debt service:

Principal retirement - 2,750,000 - - Interest and fiscal charges - 1,636,500 - - Total expenditures 4,644 4,686,694 - -

REVENUES OVER (UNDER)
EXPENDITURES 6,107 54,754 1,579 21,429 OTHER FINANCING SOURCES (USES):

Transfers in - - - - Transfers out - - - - Total other financing sources (uses) - - - - Net change in fund balances 6,107 54,754 1,579 21,429 FUND BALANCES:

Beginning of year, as previously presented 23,905 3,461,507 420,871 554,625 Restatements - - - - Beginning of year, as restated 23,905 3,461,507 420,871 554,625 End of year 30,012$ 3,516,261$ 422,450$ 576,054$ Tuscany Meadows
CFD 2021-1
Pension
Obligations
Inclusionary
Housing
Traffic Impact Fair
Share
Capital Projects
170

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-$ -$ -$ -$ -$ -$ - - - - - - - - - - - - - 629,079 - - - - - - - - - - - - - - - - - - - - - - 14,772 163,826 - 170,328 164,876 43 - - - - - - 14,772 792,905 - 170,328 164,876 43 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 122,008 - 4,639,873 - - - - - - - - - - - - - - - 122,008 - 4,639,873 - - 14,772 670,897 - (4,469,545) 164,876 43 - - - 1,074,234 - - - - - - - - - - - 1,074,234 - - 14,772 670,897 - (3,395,311) 164,876 43 382,328 4,063,948 18,342,507 4,907,530 3,771,889 1,094 - - (18,342,507) - - - 382,328 4,063,948 - 4,907,530 3,771,889 1,094 397,100$ 4,734,845$ -$ 1,512,219$ 3,936,765$ 1,137$ Kirker Creek
Drainage Fees
Infrastructure
Repair &
Replacement
Capital Projects
Traffic Mitigation
Capital
Improvement Park Dedication
Regional Traffic
Mitigation
171

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City of Pittsburg
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the year ended June 30, 2025
REVENUES:

Franchise tax -$ -$ -$ -$ Other taxes - - - - Intergovernmental revenues 382,570 - 3,492,675 - Permits, licenses, and fees - 184,552 - - Fines and forfeitures - - - - Special assessments - - - - Service fees - - - - Use of money and property 15,475 86,852 2,097 - Other revenues - - - (6,663) Total revenues 398,045 271,404 3,494,772 (6,663) EXPENDITURES:

Current:

General government - - - - Finance and services - - - - Community development and services 403,977 - - - Public safety - - - 2,094 Public works - administration - - - - Public works - streets - - 1,662,536 - Capital outlay and improvements - - - - Debt service:

Principal retirement - - - - Interest and fiscal charges - - - - Total expenditures 403,977 - 1,662,536 2,094

REVENUES OVER (UNDER)
EXPENDITURES (5,932) 271,404 1,832,236 (8,757) OTHER FINANCING SOURCES (USES):

Transfers in 75,000 - - - Transfers out (106,868) - (1,900,000) - Total other financing sources (uses) (31,868) - (1,900,000) - Net change in fund balances (37,800) 271,404 (67,764) (8,757) FUND BALANCES:

Beginning of year, as previously presented 455,784 2,174,510 742,210 (40,775) Restatements - - - - Beginning of year, as restated 455,784 2,174,510 742,210 (40,775) End of year 417,984$ 2,445,914$ 674,446$ (49,532)$ Regional Freeway
Security Fee
Capital Projects
Community
Capital
Improvement
Bailey Road
Maintenance
Gas Tax – Road
Maintenance and
Rehabilitation
172

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Capital Project
Total Nonmajor
Governmental
Funds
-$ 105,317$
- 8,166,201
- 10,072,646
- 1,626,224
- 3,226
- 4,980,588
- 4,612,474
- 1,447,086
247,449 618,498
247,449 31,632,260
- 78,615
- 300,194
347,581 6,268,555
- 452,852
- 203,735
- 8,681,895
- 10,804,306
- 2,783,955
- 1,821,064
347,581 31,395,171
(100,132) 237,089
- 4,437,864
- (9,168,565)
- (4,730,701)
(100,132) (4,493,612)
(253,397) 57,374,341
- (18,342,507)
(253,397) 39,031,834
(353,529)$ 34,538,222$
Developer
Deposit
173

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City of Pittsburg
Combining Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Non-Major Governmental Funds
For the year ended June 30, 2025
Variance Variance
Final Positive Final Positive
Budget Actual (Negative) Budget Actual (Negative)
REVENUES:

Franchise tax -$ -$ -$ -$ -$ -$ Other taxes - - - 2,089,500 1,935,737 (153,763) Intergovernmental revenues - - - - - - Permits, licenses, and fees - - - - - - Fines and forfeitures - - - - - - Special assessments - - - - - - Service fees - 135 135 - - - Use of money and property 3,876 44,420 40,544 84,556 23,035 (61,521) Other revenues - - - - - - Total revenues 3,876 44,555 40,679 2,174,056 1,958,772 (215,284) EXPENDITURES:

Current:

General government - - - - - - Finance and services - - - - - - Community development and services - - - - - - Public safety - - - - - - Public works - administration - - - - - - Public works - streets - - - - 301,704 (301,704) Capital outlay and improvements - - - - - - Debt service:

Principal retirement - - - - - - Interest and fiscal charges - - - - - - Total expenditures - - - - 301,704 (301,704)

REVENUES OVER (UNDER)
EXPENDITURES 3,876 44,555 40,679 2,174,056 1,657,068 (516,988) OTHER FINANCING SOURCES (USES):

Transfers in - - - - - - Transfers out - - - (2,542,089) (2,567,089) (25,000) Total other financing sources (uses) - - - (2,542,089) (2,567,089) (25,000) Net change in fund balances 3,876$ 44,555 40,679$ (368,033)$ (910,021) (541,988)$ FUND BALANCES:

Beginning of year
1,428,147 1,275,689
End of year 1,472,702$ 365,668$

SPECIAL REVENUE

SMALL CITIES GRANTS GAS TAX
174

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Variance Variance Variance
Final Positive Final Positive Final Positive
Budget Actual (Negative) Budget Actual (Negative) Budget Actual (Negative) -$ -$ -$ -$ -$ -$ -$ -$ -$ 2,212,457 2,212,457 - - - - - - - 5,105,839 3,032,157 (2,073,682) - - - - - - - - - - - - - - - - - - - - - - - - - - - 3,164,000 3,043,979 (120,021) 34,036 33,959 (77) - - - - - - - - - - 48,053 48,053 8,000 - (8,000) 1,784 2,512 728 - (1,117) (1,117) 66,544 35,585 (30,959) - - - 7,318,296 5,291,550 (2,026,746) 3,238,544 3,079,564 (158,980) 35,820 36,471 651 - - - 118,871 73,971 44,900 - - - - - - - - - - - - 26,685 226,057 (199,372) - - - - - - - - - - - - - (2) 2 - - - - - - - 1,597 (1,597) - - - 5,686,104 5,776,516 (90,412) 37,110 40,840 (3,730) - 6,042,425 (6,042,425) - - - - - - - - - - - - - - - - - - - - - - - - 26,685 6,268,482 (6,241,797) 5,804,975 5,850,487 (45,512) 37,110 42,435 (5,325) 7,291,611 (976,932) (8,268,543) (2,566,431) (2,770,923) (204,492) (1,290) (5,964) (4,674) 86,000 86,000 - 2,265,000 2,265,000 - 1,500 1,500 - (710,000) (710,000) - (47,004) (47,004) - - - - (624,000) (624,000) - 2,217,996 2,217,996 - 1,500 1,500 - 6,667,611$ (1,600,932) (8,268,543)$ (348,435)$ (552,927) (204,492)$ 210$ (4,464) (4,674)$ 2,611,759 432,621 72,609
1,010,827$ (120,306)$ 68,145$

SPECIAL REVENUE

LIGHTING AND LANDSCAPE

MEASURE J TAX LIGHTING AND LANDSCAPE OAK HILLS
175

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Franchise tax -$ -$ -$ -$ -$ -$ Other taxes - - - - - - Intergovernmental revenues - - - - - - Permits, licenses, and fees - - - - - - Fines and forfeitures - 2,346 2,346 - - - Special assessments - - - - - - Service fees - - - - - - Use of money and property - 17 17 9,046 12,816 3,770 Other revenues - - - - - - Total revenues - 2,363 2,363 9,046 12,816 3,770 EXPENDITURES:

Current:

General government - - - - - - Finance and services - - - - - - Community development and services - - - - - - Public safety - 46,092 (46,092) - - - Public works - administration - - - - - - Public works - streets - - - - - - Capital outlay and improvements - - - - - - Debt service:

Principal retirement - - - - - - Interest and fiscal charges - - - - - - Total expenditures - 46,092 (46,092) - - -

REVENUES OVER (UNDER)
EXPENDITURES - (43,729) (43,729) 9,046 12,816 3,770 OTHER FINANCING SOURCES (USES):

Transfers in - - - - - - Transfers out - - - - - - Total other financing sources (uses) - - - - - - Net change in fund balances -$ (43,729) (43,729)$ 9,046$ 12,816 3,770$ FUND BALANCES:

Beginning of year
122,094 331,724
End of year 78,365$ 344,540$

ASSETS SEIZURE MARINA VISTA FIELD REPLACEMENT

SPECIAL REVENUE
176

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Variance Variance Variance
Final Positive Final Positive Final Positive
Budget Actual (Negative) Budget Actual (Negative) Budget Actual (Negative) -$ -$ -$ -$ -$ -$ -$ -$ -$ - - - 1,224,000 1,293,657 69,657 - - - 47,994 48,034 40 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 798 489 (309) 165,786 281,367 115,581 10,802 13,866 3,064 - - - - - - - - - 48,792 48,523 (269) 1,389,786 1,575,024 185,238 10,802 13,866 3,064 - - - - - - - - - - - - - - - - - - 29,926 13,702 16,224 624,166 299,484 324,682 700,076 743,948 (43,872) 47,994 47,419 575 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 77,920 61,121 16,799 624,166 299,484 324,682 700,076 743,948 (43,872) (29,128) (12,598) 16,530 765,620 1,275,540 509,920 (689,274) (730,082) (40,808) - - - - - - 569,530 569,530 - - - - (569,530) (569,530) - (5,431) (5,431) - - - - (569,530) (569,530) - 564,099 564,099 - (29,128)$ (12,598) 16,530$ 196,090$ 706,010 509,920$ (125,175)$ (165,983) (40,808)$ (143) 6,973,653 459,423
(12,741)$ 7,679,663$ 293,440$

SOUTHWEST PITTSBURG

GHAD II ADMINENFORCEMENT BLOCK GRANT

SPECIAL REVENUE

GHAD II

LOCAL LAW SOUTHWEST PITTSBURG
177

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Franchise tax -$ -$ -$ -$ -$ -$ Other taxes 1,236,000 870,116 (365,884) - - - Intergovernmental revenues - - - 641,748 1,078,910 437,162 Permits, licenses, and fees - - - - - - Fines and forfeitures - - - - - - Special assessments - - - - - - Service fees - - - - - - Use of money and property - - - 910 - (910) Other revenues 2,930 16,210 13,280 - - - Total revenues 1,238,930 886,326 (352,604) 642,658 1,078,910 436,252 EXPENDITURES:

Current:

General government - - - - - - Finance and services - - - - - - Community development and services 313,929 - 313,929 603,069 814,494 (211,425) Public safety - - - 45,662 68,431 (22,769) Public works - administration 206,915 202,138 4,777 - - - Public works - streets 876,701 826,079 50,622 - - - Capital outlay and improvements - - - - - - Debt service:

Principal retirement - - - - - - Interest and fiscal charges - - - - - - Total expenditures 1,397,545 1,028,217 369,328 648,731 882,925 (234,194)

REVENUES OVER (UNDER)
EXPENDITURES (158,615) (141,891) 16,724 (6,073) 195,985 202,058 OTHER FINANCING SOURCES (USES):

Transfers in 215,000 215,000 - - - - Transfers out (14,644) (14,644) - (2,060) (2,060) - Total other financing sources (uses) 200,356 200,356 - (2,060) (2,060) - Net change in fund balances 41,741$ 58,465 16,724$ (8,133)$ 193,925 202,058$ FUND BALANCES:

Beginning of year
(36,155) 259,737
End of year 22,310$ 453,662$

SPECIAL REVENUE

UTILITY NPDES

STORM WATER HUD COMMUNITY DEVELOPMENT

BLOCK GRANT
178

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. Variance Variance Variance
Final Positive Final Positive Final Positive
Budget Actual (Negative) Budget Actual (Negative) Budget Actual (Negative) -$ -$ -$ -$ -$ -$ -$ -$ -$ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1,372 1,943 571 8,350 27,879 19,529 - - - - - - - - - - - - 1,372 1,943 571 8,350 27,879 19,529 - - - - - - - - - - - - - - - - - - - - - - - - 150,000 1,365 148,635 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 150,000 1,365 148,635 - - - 1,372 1,943 571 (141,650) 26,514 168,164 - - - - - - - - - - - - - - - - - - - (7) (7) - - - - - - - (7) (7) 1,372$ 1,943 571$ (141,650)$ 26,514 168,164$ -$ (7) (7)$ 1,671,004 648,587 7
1,672,947$ 675,101$ -$

SPECIAL REVENUE

NSP NEIGHBORHOOD CALIFORNIA ENERGY

CONSERVATION PROGRAMSTABILIZATION PROGRAM CALHOME PROGRAM 179

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Franchise tax -$ -$ -$ -$ -$ -$ Other taxes - - - - - - Intergovernmental revenues - - - 390,482 76,437 (314,045) Permits, licenses, and fees - - - 820,000 812,593 (7,407) Fines and forfeitures - - - - - - Special assessments 1,458,854 1,553,901 95,047 - - - Service fees - - - 7,725 18,299 10,574 Use of money and property - 803 803 24,852 38,806 13,954 Other revenues - - - 19,725 25,389 5,664 Total revenues 1,458,854 1,554,704 95,850 1,262,784 971,524 (291,260) EXPENDITURES:

Current:

General government - - - - - - Finance and services - - - - - - Community development and services - - - 909,901 611,702 298,199 Public safety 5,800 - 5,800 315,478 285,862 29,616 Public works - administration - - - - - - Public works - streets - - - - - - Capital outlay and improvements - - - - - - Debt service:

Principal retirement - - - - - - Interest and fiscal charges 5,000 9,120 (4,120) - - - Total expenditures 10,800 9,120 1,680 1,225,379 897,564 327,815

REVENUES OVER (UNDER)
EXPENDITURES 1,448,054 1,545,584 97,530 37,405 73,960 36,555 OTHER FINANCING SOURCES (USES):

Transfers in - - - - - - Transfers out (1,455,273) (1,455,273) - (205,617) (205,617) - Total other financing sources (uses) (1,455,273) (1,455,273) - (205,617) (205,617) - Net change in fund balances (7,219)$ 90,311 97,530$ (168,212)$ (131,657) 36,555$ FUND BALANCES:

Beginning of year
10,856 1,329,325
End of year 101,167$ 1,197,668$

SPECIAL REVENUE
SAN MARCO CFD 2004-1 SOLID WASTE
180

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Variance Variance Variance
Final Positive Final Positive Final Positive
Budget Actual (Negative) Budget Actual (Negative) Budget Actual (Negative) -$ -$ -$ -$ -$ -$ -$ -$ -$ 425,413 446,682 21,269 1,043,693 1,407,552 363,859 - - - - - - - - - 25,000 40,610 15,610 - - - - - - - - - - - - - - - - - - - - - - - - 161,307 198,075 36,768 - - - - - - - - - - 170 170 388 2,955 2,567 10,530 21,839 11,309 - - - - - - - - - 425,413 446,852 21,439 1,044,081 1,410,507 366,426 196,837 260,524 63,687 - - - - - - - - - - - - - - - - - - - - - - - - - - - 691 1,832 (1,141) 1,000 1,124 (124) - - - - - - - - - - - - - - - - - - 75,319 74,220 1,099 - - - - - - - - - - - - - - - - - - - - - 4,400 8,645 (4,245) 6,000 6,064 (64) 691 1,832 (1,141) 5,400 9,769 (4,369) 81,319 80,284 1,035 424,722 445,020 20,298 1,038,681 1,400,738 362,057 115,518 180,240 64,722 - - - - - - - - - (425,413) (425,413) - (1,043,693) (1,043,693) - (936) (936) - (425,413) (425,413) - (1,043,693) (1,043,693) - (936) (936) - (691)$ 19,607 20,298$ (5,012)$ 357,045 362,057$ 114,582$ 179,304 64,722$ 1,062 6,055 543,926
20,669$ 363,100$ 723,230$

SPECIAL REVENUE
PARK MAINTENANCE CFD 2007-1PUBLIC SAFETY CFD 2005-1VISTA DEL MAR CFD 2005-2 181

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Franchise tax -$ -$ -$ -$ -$ -$ Other taxes - - - - - - Intergovernmental revenues - - - - - - Permits, licenses, and fees - - - - - - Fines and forfeitures - - - - 880 880 Special assessments - - - - - - Service fees - - - - 6,793 6,793 Use of money and property - - - 3,924 9,237 5,313 Other revenues - - - 20,000 301,645 281,645 Total revenues - - - 23,924 318,555 294,631 EXPENDITURES:

Current:

General government - - - - - - Finance and services - - - - - - Community development and services - - - 120,140 362,744 (242,604) Public safety - - - - - - Public works - administration - - - - - - Public works - streets - - - - - - Capital outlay and improvements - - - - - - Debt service:

Principal retirement - - - - 33,955 (33,955) Interest and fiscal charges - - - - 15,304 (15,304) Total expenditures - - - 120,140 412,003 (291,863)

REVENUES OVER (UNDER)
EXPENDITURES - - - (96,216) (93,448) 2,768 OTHER FINANCING SOURCES (USES):

Transfers in - - - - - - Transfers out - - - - - - Total other financing sources (uses) - - - - - - Net change in fund balances -$ - -$ (96,216)$ (93,448) 2,768$ FUND BALANCES:

Beginning of year
- 558,632
End of year -$ 465,184$

COPS HIRING RECOVERY COMMUNITY FOUNDATION

PITTSBURG ARTS &

SPECIAL REVENUE
182

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Pittsburg City CouncilApril 6, 2026

Pittsburg City Council
April 6, 2026