Richmond City Council
February 1, 2022

City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2021
141

12. OTHER POSTEMPLOYMENT BENEFITS, Continued
B. Funding Policy and Actuarial Assumptions, Continued
City OPEB Plan, Continued
Investment Policy – PARS offers different investment portfolios as part of the investment vehicle. The City invests in the “Balanced/Moderately Aggressive Highmark PLUS” portfolio; the primary goal of the Highmark Plus portfolio is growth of principal and income. The major portions of the assets are invested in the equity securities and market fluctuations are expected. The portfolio is constructed to control risk through three layers of diversification as follows:

Investments of the City OPEB Trust Fund at June 30 , 2021 consisted of $32,439,802 invested in mutual funds.

The long-term expected rate of return on City OPEB Plan investments was determined using a building- block method in which best-estimates of expected future real rates of return (expected returns, net of City OPEB Plan investment expense and inflation) are developed for each major asset class. The weighted asset class estimates are combined with the inflation and investment expense assumptions to produce the portfolio long-term expected rate of return. The target allocation for the City OPEB Plan’s asset allocation as of the measurement date are summarized in the following table:

City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2021
142

12. OTHER POSTEMPLOYMENT BENEFITS, Continued
B. Funding Policy and Actuarial Assumptions, Continued
RPOA OPEB Plan
Rate of Return – The long-term expected rate of return on RPOA OPEB Plan investments was determined using a building-block method in wh ich best-estimates of expected future real rates of return (expected returns, net of RPOA OPEB Plan investment expens e and inflation) are developed for each major asset class. The weighted asset class estimates are comb ined with the inflation and investment expense assumptions to produce the portfolio long-term expected rate of return.

Investment Policy – The target allocation for the RPOA OPEB Plan’s asset allocation as of the measurement date are summarized in the following table:

City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2021
143

12. OTHER POSTEMPLOYMENT BENEFITS, Continued
C. Changes in Net OPEB Liability
The changes in the net OPEB liability for the City OPEB Plan is as follows:

Increase (Decrease)
Total OPEB Plan Fiduciary Net OPEB
Liability Net Position Liability/(Asset)
(a) (b) (a) - (b)
Balance at June 30, 2020 120,302,967 $ 22,861,318 $ 97,441,649 $ Changes Recognized for the Measurement Period:

Service Cost 2,072,961 - 2,072,961 Interest on the total OPEB liability 6,846,932 - 6,846,932 Differences between expected and actual experience (1) (140,135) - (140,135) Changes of assumptions 1,173,106 - 1,173,106 Contributions from the employer - 9,515,699 (9,515,699) Contributions from the employee - 623,088 (623,088) Net investment income - 6,562,745 (6,562,745) Administrative expenses - (111,868) 111,868 Benefit payments (2) (7,011,178) (7,011,178) - Net changes 2,941,686 9,578,486 (6,636,800) Balance at June 30, 2021 (Measurement Date) 123,244,653 $ 32,439,804 $ 90,804,849 $ (3) Benefit payments are comprised of $4,503,989 explicit subsidy payments to retirees and $2,507,189 implicit subsidy costs incurred during the measurement period ending 6/30/2021. (1) Due to the difference between expected and actual benefit payments during the measurement period ending 6/30/2021.

City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2021
144

12. OTHER POSTEMPLOYMENT BENEFITS, Continued
C. Changes in Net OPEB Liability, Continued
The changes in the net OPEB liability for the RPOA OPEB Plan is as follows:

City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2021
145

12. OTHER POSTEMPLOYMENT BENEFITS, Continued
D. Sensitivity of the Net OPEB Liability to Chang es in the Discount Rate and Healthcare Cost Trend Rates
The following presents the net OPEB liability of both plans, as well as what the net OPEB liabilities would be if it were calculated using the discount rate th at is 1-percentage-point lower or 1-percentage point higher than the current discount rate:

The following presents the net OPEB liability of both Plans, as well as what the net OPEB liabilities 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:

City OPEB Plan
Current
Discount Rate -1% Discount Rate Discount Rate +1%

4.75% 5.75% 6.75%
105,088,635$ 90,804,849 $ 78,834,871 $ RPOA OPEB Plan
Current
Discount Rate -1% Discount Rate Discount Rate +1%

4.50% 5.50% 6.50%
15,893,234$ 12,996,549 $ 10,610,378 $ Net OPEB Liability/(Asset)
Net OPEB Liability/(Asset)
City OPEB Plan
Current Healthcare Cost
Trend Rates Various -
1% Decrease see assumptions above 1% Increase
79,021,375$ 90,804,849 $ 104,891,041 $ RPOA OPEB Plan
Current Healthcare Cost
Trend Rates Various -
1% Decrease see assumptions above 1% Increase
11,122,153$ 12,996,549 $ 15,503,624 $ Net OPEB Liability/(Asset)
Net OPEB Liability/(Asset) Healthcare Cost Trend

City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2021
146

12. OTHER POSTEMPLOYMENT BENEFITS, Continued
E. OPEB Expense and Deferred Outflows/I nflows of Resources Related to OPEB For the year ended June 30, 2021, the City recognized OPEB expense on the City OPEB Plan and RPOA OPEB Plan of ($9,332,976) and $855,064, respectively. At June 30, 2021, the City reported deferred outflows and inflows of resources related to OPEB from the following sources:

Amounts reported as deferred outflows of resources and deferred inflows of resources related to the City OPEB Plan and RPOA OPEB Plan will be recognized as part of OPEB expense as follows:

City OPEB Plan
Year Annual
Ended June 30, Amortization
2022 (16,141,470)$
2023 (16,911,228)
2024 (6,345,433)
2025 (909,404)
RPOA OPEB Plan
Year Annual
Ended June 30, Amortization
2022 (1,074,676) $
2023 (1,074,676)
2024 (1,074,674)
2025 (1,083,482)
2026 (954,788)
Thereafter (4,599,907)

City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2021
147

13. DEFERRED COMPENSATION PLAN
City employees may defer a portion of their compensation under a City sponsored deferred compensation plan created in accordance with Internal Revenue Co de Section 457. Under this plan, participants are not taxed on the deferred portion of their compensation un til distributed to them; distributions may be made only at termination, retirement, death or in an emergency as defined by the plan.

The laws governing deferred compensation plan assets require plan assets to be held by a Trust for the exclusive benefit of plan participants and their beneficiaries. Since the assets held under this plan are not the City’s property and are not subject to claims by general creditors of the City, they have been excluded from these financial statements.

14. RISK MANAGEMENT
The City is exposed to various risks of loss related to theft of, damage to, and destruction of assets; general liability; errors and omissions; injuries to employees; natural disasters; and inverse condemnation. The City began self-insuring its workers’ compensation in 1976. In July 2009 the City joined the California Joint Powers Risk Management Authority (CJPRMA) for general liab ility and employment practices coverage. In April 2009 the City joined the California State Association of Counties Excess Insurance Authority (CSAC EIA) for worker’s compensation insurance. The City has chosen to establish a risk financing internal service fund where assets are accumulated for claim settlements and expenses associated with the above risks of loss up to certain limits.

Excess coverage for the risk categories excluding inverse condemnation is provided by policies with various commercial insurance carriers. Self-insurance and insurance company limits are as follows:

City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2021
148

14. RISK MANAGEMENT, Continued
CJPRMA
The CJPRMA provides coverage against the following types of loss risks under the terms of a joint powers agreement with the City as follows:

Once the self-insured retention is exhausted on each claim, CJPRMA becomes responsible for payment of future expenses related to the claim. The City paid co ntributions of $1,274,804 for the year ended June 30, 2021. Actual surpluses or losses are shared accordin g to a formula developed from overall loss costs and spread to member entities on a percentage basis after a retrospective rating.

Audited financial statements for the CJPRMA are available from CJPRMA, 3201 Doolan Road, Suite 285, Livermore, CA 94551.

CSAC-EIA
C S A C - E I A i s a p u b l i c e n t i t y r i s k p o o l o f c i t i e s a nd counties within California. The CSAC-EIA provides workers’ compensation coverage up to the statutory lim it and the City retains a self-insured retention of $750,000. Loss contingency reserves established by the CSAC-EIA are funded by contributions from member agencies. The City pays an annual contribution to the CSAC-EIA, which includes its pro-rata share of excess insurance premiums, charges for pooled risk, claims adjusting and legal costs, and administrative and other costs to operate the risk pool. The City paid contributions of $383,262 for the year ended June 30, 2021. CSAC- EIA provides insurance through the pool up to a cert ain level, beyond which group purchased commercial excess insurance is obtained. CSAC-E IA is currently fully funded. No provision has been made on these financial statements for liabilities related to possible additional assessments.

Audited financial statements for CSAC-EIA are availabl e from CSAC-EIA, 75 Iron Point Circle, Suite 200, Folsom, CA 95630.

Housing Authority Insurance Group
The Housing Authority is exposed to various risks of loss related to torts: theft, damage, and destruction of assets; errors and omissions; injuries to employees and natural disaster. The Authority joined together with other entities and participates in the Housing Authority Insurance Group, a public entity risk pool currently operating as a common risk management and insurance program for its member entities. The purpose of the Housing Authority Insurance Group is to spread the adverse effects of losses among the member entities and to purchase excess insurance as a group, thereby reducing its cost.

City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2021
149

14. RISK MANAGEMENT, Continued
Housing Authority Insurance Group, Continued
The Authority pays annual premiums to Housing Au thority Insurance Group for its property damage insurance as follows:

All of the Housing Authority properties are included in the general liability coverage under the CJPRMA program.

Liability for Self-Insured Claims
The City records a liability to reflect an actuarial estimate of ultimate uninsured losses for both general liability claims (including property damage claims ) and workers’ compensation claims. The estimated liability for workers’ compensation claims and general liability claims is based on case reserves and include amounts for claims incurred but not reported (IBNR), and is recorded in the Insurance Reserves Internal Service Fund. At June 30, 2021, the estimated claims pa yable of $44,392,339 consisting of reserves for both reported and IBNR losses, as well as allocated loss adjustment expenses, have been recorded in the Insurance Reserves Internal Service Fund. The claims payable are reported at their present value using expected future investment yield assumptions of 3% and an 80% confidence level. The undiscounted claims totaled $46,630,000 at June 30, 2021. Changes in the claims liabilities for the years ended June 30, 2021 and 2020 were as follows:

For the years ended June 30, 2021, 2020 and 2019 the amount of settlements did not exceed insurance coverage.

City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2021
150

15. SEGMENT INFORMATION FOR ENTERPRISE FUNDS
The City’s non-major enterprise funds include the following:
x Richmond Marina Fund – Marina operations and maintenance, including berth rentals and use of marina facilities.
x Storm Sewer Fund – Storm sewer management and urban runoff control. x Cable TV Fund – Administration and enforcement of the franchise agreements with two cable television systems, management of a municipal cable channel, departmental video services, media and public information, and telecommunications planning.

City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2021
151

15. SEGMENT INFORMATION FOR ENTERPRISE FUNDS, Continued Fiscal 2021 condensed financial information for the Richmond Marina Enterprise Fund is as follows:

Condensed Statement of Net Position
Assets:

Current assets 4,430,839 $
Capital assets 1,518,883
Total assets 5,949,72 2
Liabilities:

Current liabilities 286,024
Long-term liabilities 2,235,20 2
Total liabilities 2,521,22 6
Net position:

Net investment in capital assets (817,975)
Restricted for debt service 89,72 6
Unrestricted 4,156,74 5
Total net position 3,428,49 6$
Condensed Statement of Revenues, Expenses
and Changes in Net Position
Operating revenues:

Lease income 574,453 $
Operating expenses:

General and administrative (36,305)
Depreciatio
n (85,563)
Operating income 452,58 5
Nonoperating revenues (expenses):

Interest income 18,789
Interest expense (105,523)
Income (Loss) Before Contributions and Transfers 365,85 1 Transfers out (86,778)
Change in net position 279,073
Beginning net position 3,149,423
Ending net position 3,428,49 6$
Condensed Statement of Cash Flows
Net cash provided (used) by:

Operating activities 552,573 $
Noncapital and related financin g activities (86,778)
Capital and related financin g activities (206,815)
Investing activities 22,777
Net increase 281,757
Beginning cash and investments 4,008,897
Ending cash and investments 4,290,654 $

City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2021
152

16. COMMITMENTS AND CONTINGENCIES
A. Lease and Construction Commitments
The Police Department occupies leased premises owne d by DiCon Fiberoptics, Inc. The City’s original lease was a three year lease which expired on December 31, 2009, and it had an option to renew for five (5) one year periods until December 31, 2014. In October 2014, the City and DiCon Fiberoptics, Inc. entered into a new five year lease extension with the term commencing January 1, 2015 through December 31, 2019, with an option to renew for five (5) one year periods until December 31, 2024. The lease calls for minimum monthly lease payments of $147,089.

The Richmond Municipal Sewer District occupies leased premises owned by West County Wastewater District. The City’s original lease was a two year lease which expired on December 31, 2012, with an option to renew for one (1) three year period and one (1) tw o year period until December 31, 2017. In January 2017, the City and West County Wastewater District entered into a first amendment to the ground lease with four possible extensions for terms commencing January 1, 2016 through December 31, 2017; January 1, 2018 through December 31, 2020; and January 1, 2021 through December 31, 2025. The lease calls for minimum monthly lease payments of $195,383.

The City’s future commitments under construction and other projects totale d approximately $125.2 million at June 30, 2021 for various projects.

B. Litigation
The City is involved in various claims and litigation resulting from its normal operations. The ultimate outcome of these matters is not presently determinable. In City management’s opinion these matters will not have a significant adverse effect on the City’s or RHA Properties’ financial position, with two potential exceptions noted below:

In March 2012, a developer and an associated entity filed a complaint in federal court against the United States of America, two individuals, and the City contending breach of contract related to a Land Disposition Agreement (LDA) between the developer and the City for the development of City-owned property for a specific use. The developer and associat ed entity seek damages of $30 million as well as lost profits of over $750 million. The City disputes the allegations and contends that the LDA did not commit the developer or the City to develop the prop erty for the specific use and that the developer’s right to move forward with the development was subject to various federal approvals. The City received a favorable judgement on the matter, but an appeal by the developer and associated entity resulted in the Ninth Circuit reversing the decision, concluding the plaintiffs should be given another opportunity to amend their complaint. The plaintiffs filed an amended complaint and the City answered, denying the plaintiffs’ allegations and asserting affirmative defenses and counterclaims. In April 2018, the City again received a favorable judgement on the matter under which the City will pay no monetary damages to the developer and the developer’s claims were dismissed. Under the terms of the judgment, future proceeds from the sale of the property will be shared equall y between the City and the developer. However, the judgment is being challenged by an environmental rights group. The City may be negatively impacted should the court rule in favor of the group, however any such impact cannot be determined at this time.

City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2021
153

16. COMMITMENTS AND CONTINGENCIES, Continued
C. Grant Programs
The City participates in several fe deral and State grant programs. Thes e programs are subject to further examination by the grantors and the amount, if any, of expenditures which may be disallowed by the granting agencies cannot be determined at this time, except as noted under Grant Programs – Disallowed Costs below.

D. Housing Authority – Easter Hill Project
The Authority participates in a number of federally assisted grant programs, principal of which are the Low Income Public Housing Program and the HOPE VI Re vitalization Grant. It is possible that at some future date, it may be determined that the Author ity is not in compliance with applicable grant requirements. The amounts, if any, of expenditures which may be disallowed by the granting agencies cannot be determined at this time, although the Authority does not expect such disallowed amounts, if any, to materially affect the financial statements.

In June 2000, the Richmond Housing Authority received a $35 million grant (HOPE VI Grant) from the U.S. Department of Housing and Urban Development (“HUD”) for the revitalization of the former Easter Hill Public Housing Project. The original Easter Hill site, owned by the Richmond Housing Authority, included 300 units on 21 acres in the Cortez/Stege neighborhood of Richmond.

The California Tax Credit Committee, City of Richmond, Bank of America, Silicon Valley, Federal Home Loan Bank, California Housing Finance Agency, the Richmond Housing Authority along with the $35 million dollar HUD grant financed this $120 million revi talization effort. Physical costs are estimated to be approximately $108 million and life services, relocation, acquisition, administrative and other costs are estimated to be approximately $12 million. The physical development includes approximately 320 rental and homeownership units to replace the 300 rental units originally at the site and 273 remaining units at the time of grant approval. Amenities at the revitalized site include a pool and a 5,000 square feet community room with facilities for an after school program, computer center, gymnasium and conference room.

In addition, pursuant to the same agreement, the Authority is entitled to receive reimbursement for certain costs it has incurred in development of these projects. Upon completion of the project, the Authority recorded $14,276,909, representing reimbursement from the developer which had been recorded in the accompanying financial statements as due from developer. The balance outstanding as of June 30, 2021 is $11,221,743.

In 2002, the Authority chose the development team of McCormack Baron Salazar, Inc. and Em Johnson Interest, Inc. to develop the site. Em Johnson Interest has developed the 82 homeownership units affordable to low, moderate and market rate buyers. McCormack Baron was charged with the development of 300 rental units, affordable to ho useholds 60% or below the area median income for Contra Costa County.

City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2021
154

16. COMMITMENTS AND CONTINGENCIES, Continued
D. Housing Authority – Eas ter Hill Project, Continued
Thus far, all new construction rental units at the form er Easter Hill site have been developed. Thirty-six rehab rental units at the site have been constructed. The remaining 202 rental units at the site have been leased. Similarly, all 82 homeownership units at the former Easter Hill and Cortez sites have been constructed. All homeownership units have been sold.

E. RHA Properties – Status of Operations
RHA Properties having sold Westridge at Hilltop Apartm ents is at the point of being an entity with no activity. It is idle and available to be used in the future. Management currently has no further plans for the entity.

F. Point Molate – Pollution Remediation
In September 2008, the City entered into an Early Transfer Cooperative Agreement (ETCA) with the United States Department of the Navy the (Navy) to facilitate the transfer of 41 acres of property that was formerly the Naval Fuel Depot Point Molate (Point Molate). The ETCA identifies certain known pollution issues with the property, and the Navy is the respon sible party. However, under the provisions of the ETCA, the Navy advanced $28 million to the City representing the estimated cost of cleanup, and the City committed to manage the project. Any pollution found that was not caused by the Navy’s use of the land is to be paid by the City, however, as of June 30, 2021, no additional pollution has been identified.

The City also entered into an agreement in September 2008 with a Developer to sell approximately 134 acres of land located on Point Molate along with the 41 acres of which the Navy is to transfer to the City.

The Developer is to complete the cleanup on behalf of the City in accordance with the requirements of the ETCA. The City committed to pass-through the funds received from the Navy to the Developer.

In April 2010, the City and Developer entered into an agreement to establish a fiscal agent escrow account to maintain the funds held for the remediation of Point Molate. The funds advanced by the Navy are to be held in escrow with a fiscal agent and the agent is responsible for disbursing funds to the Developer as costs are incurred. The terms of the agreement are e ffective until a certificate of completion is issued for the remediation of the property.

Under the terms of the agreements with the Navy and the Developer, the City does not retain responsibility for the cleanup of the known pollution. The City is merely acting as a pass-thru of the grant funds from the Navy to the Developer and the activiti es for the project are reported in the Pt. Molate Private-Purpose Trust Fund.

City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2021
155

16. COMMITMENTS AND CONTINGENCIES, Continued
G. Other – Major Taxpayer
In fiscal year 2009, a major business license taxpayer filed a complaint challenging the legality of Measure T, a voter initiative that took effect on January 1, 2009. Measure T amended the City’s business license tax calculation for manufacturers. Although the City be lieved Measure T to be lawful, the court ruled on December 17, 2009 that the tax was unconstitutional . The court ruled in favor of the business license taxpayer awarding a refund of the $20.5 million Measure T taxes paid. The City filed an appeal, however in May 2010 the taxpayer and the City entered into a settlement agreement in order to achieve certainty in the tax revenue that the City will receive from the taxpayer over the next 15 years. The agreement provides for annual payments from the taxpayer rangin g from $4 million to $13 million starting July 1, 2011, with payments totaling $114 million. In addition, the agreement incorporated the prior settlement of a dispute over fiscal year 2006, 2007 and 2008 utility user’s taxes totaling $28 million that was paid in four installments beginning in fisc al year 2009. Payments totaling $9 8 million were received under the settlement agreements in fiscal years 2011 through 2021.

In fiscal year 2015, the City entered into an Environmental Community Investment Agreement (ECIA) with the same taxpayer that provides for funding to the City and other community agencies totaling $80 million over the next ten years. During fiscal year 2021, the City received $8 million that is restricted for use on pre-approved projects, and the City has received $56 million to date.

H. Police Communications Systems
The City administered program to provide records ma nagement and dispatch services to participating local agencies. The participating agencies, which including the City, are responsible for maintenance and system enhancements. The City is required to account for the enhancement in a separate account which is shown in the Police Telecommunications Internal Service Fund. The program dissolved effective June 30, 2017. The distribution of the funds the City holds for enhancement from all participating agencies began in fiscal year 2018 and will be completed by fiscal year 2020.

I. Housing Authority Rental Assistance Demonstration
RHA Rental Assistance Demonstration (“RAD”) Prog ram conversion of the Friendship Manor and Triangle Court public housing sites occurred during the 2016 calendar year (includes both the 2015 and 2016 fiscal years). The RAD project consists of 156 units of Public Housing w ill that were converted to non-profit ownership with Section 8-Project Based Voucher rental subsidy on the two separate properties; all 156 units, except for three units (two are reserved for onsite managers and one for a manager's office), will be used to house low-income residents.

On October 8, 2015, the Department of Housing and Urban Development (HUD) issued and executed the RAD Conversion Commitment (RCC) which represents the agreed upon and approved terms of the RAD conversion transaction.

City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2021
156

16. COMMITMENTS AND CONTINGENCIES, Continued
I. Housing Authority Rental Assistance Demonstration, Continued On November 18, 2015, California Tax Credit Alloca tion Committee made a preliminary reservation of federal tax credits in the amount of $1,228,999 accommodated upon executing Tax-Exempt Bond Project to raise funding in the amount of $36.7 million, the approximate estimated cost of the RAD project; of which $16.5 million shall be provided by a third-party Tax Credit investor.

The Authority has partnered with the John Stewart Company and The Richman Group to form a Limited Partnership, RHA RAD Housing Partners L.P., that will complete the conversion, manage the property and own the buildings. The Authority will relinquish the land via a long term ground lease.

In furtherance of the finances provided by the Authority, the City of Richmond loaned $5.4 million to RHA RAD Housing Partners L.P. that will be repaid in 55 years and accrues interest at a rate of 1%. The loan was initially signed with RHA Housing Corporatio n and then it was transferred and reassigned to RHA RAD Housing Partners L.P., as discussed in Note 4.

After the property is placed in service and receives approval of the 8609 documents from the State of California, the Authority will split a developer fee of $2.5 million with its general partner John Stewart Company (70%/30%). The project was converted to permanent financing on June 6, 2019.

RHA RAD Housing Partners L.P. will also receive $732,557 in Public Housing and Capital Improvement funds throughout the January 1, 2016 – December 31, 2016 calendar year to cover the RAD Housing Assistance Program (HAP) Voucher commitments of subsidy for the low income housing units at the two developments. The terms of this requirement are consistent with Notice 2012-32 of the Rental Assistance Demonstration program which requires RAD conversions that close after November 30th of the calendar year to be funded out of Public Housing and Capital Fund Programs until the next calendar year, at which time the Developments will be funded with Section 8 Housing Choice RAD Vouchers.

In a transaction related to the RAD project during the fiscal year ended June 30, 2016, the Richmond Housing Authority transferred capital assets to RHA RAD LLC, which then sold the capital assets to RHA RAD Housing Partners LP with a carrying value of $14, 358,255 in return for two loans receivable in the amounts of $8,891,500 and $5,618,500. These loans are to be repaid in 55 years and bear annual interest rates of 2.82%.

City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2021
157

16. COMMITMENTS AND CONTINGENCIES, Continued
J. Marina Bay – Pollution Remediation
The Successor Agency owned a group of land tracts collectively referenced as the “Nine Deed Restricted Properties.” The Successor Agency was named as a responsible party at these sites under a Voluntary Cleanup Agreement with the State Department of Toxic Substances Control (DTSC) to conduct pollution monitoring and remediation. However, the Successor Agency received approval from the DOF to transfer the properties and their maintenance to the City on June 30, 2016. Therefore, the City is now the responsible party at the sites. These nine properties sit within the larger Marina Bay development site. A Remediation Action Plan (RAP) was prepared for Marina Bay in 1993 and included references to each of the Deed Restricted Properties. Eight of the nine deed restricted properties are subject to an Operations & Maintenance (O&M) Plan. The O&M Plans require annual inspections of the cap material and reporting of the findings to DTSC. The O&M Plans also require that a five-year review report be prepared and submitted to DTSC. The five-year review reports describe the inspection and maintenance activities that were performed over the previous five years. The annual inspection costs are estimated at $13,500, with the five year review estimated at $40,000 (this cost includes revising a previously submitted work plan, conducting the review, and preparing the report). The monitoring costs over a five year period are estimated at $125,500. Additionally, costs for environmental consultation to address DTSC concerns at the nine deed the nine deed restricted properties are estimated at $15,000 annually.

The RAP was subsequently amended in 2008 to address Area T, one of the Nine Deed Restricted Properties. The amended RAP subjects the site to groundwater sampling and analysis. The approximate annual costs for the existing groundwater sampling and analysis program is approximately $26,000. The known pollution at this site are petroleum hydrocar bons dissolved in groundwater. Active remediation has been conducted since September 2008 by the former Redevelopment Agency and now by the Successor Agency and the active remediation has been successful at removing a layer of petroleum hydrocarbons on the groundwater. However, the groundwater impacted with dissolved petroleum hydrocarbons is located in close proximity to the Marina Bay harbor. It is anticipated that DTSC will request that the Successor Agency submit a work plan describing the methods to petroleum hydrocarbons at Area T. Groundwater impacted by dissolved petroleum hydrocarbons is anticipated to be required by DTSC. The Successor Agency requested that its consultant prepare a feasibility study and cost analysis to conduct such remediation. The preliminary cost estimate to implement the groundwater remediation program is estimated at $120,000. A plan to maintain the cap on Area T will be prepared and the cost for this plan is $7,500. This preliminary estimate has not been accrued as a liability in the City’s Statement of Net Position. This estimate is also subject to change from price increases or reductions, technology, and changes in applicable laws or regulations.

City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2021
158

16. COMMITMENTS AND CONTINGENCIES, Continued
J. Marina Bay – Pollution Remediation, Continued
A Remedial Design Implementation Plan (RDIP) was prepared in 2008 to address Area FM, one of the Nine Deed Restricted properties at Marina Bay. According to the DTSC-approved RDIP for Area FM, the proposed permanent cap will be implemented during site redevelopment activities and will consist of building foundations and slabs, paved walkways and parking areas, landscaping and other features constructed over the site. A Covenant to Restrict Use of Property for Area FM was recorded in March 2005 (Deed Restriction). According to the Deed Restriction, the remedial alternative for the property includes installing and maintaining a temporary 1-foot thick cap over the entire property as an interim measure. In August 2016 a Work Plan was submitted to DTSC to install the interim temporary cap at the unpaved portion of Area FM. DTSC approved the wo rk plan in August 2016. The City is proceeding with working with DTSC to construct a temporary cap on the unpaved portions of Area FM. The cost to prepare a Soil Management Plan, Health and Safety Plan, Work Notice, conduct observation and documentation of the interim cap installation, waste characterization and reporting is $73,200. The cost to construct the interim cap is $953,600. The Deed Restriction also requires the preparation of an Operations and Maintenance (O&M) Plan. The cost to prepare the O&M Plan is $8,000.

K. Other Commitments and Contingencies
The Authority and its component units RHA Hous ing Corporation and RHA RAD LLC entered into several arrangements including a Co-Guarantor Contribution Agreement with third parties as participants in a tax credit bonds project to accommodate the required funding to convert two properties from a conventional public housing project to a rental assistance demonstration program, as discussed in Note 16.I.

L. Encumbrances
The City uses an encumbrance system as an extension of normal budgetary accounting for governmental funds. Under this system, purchase orders, contracts, and other commitments for the expenditure of monies are recorded in order to reserve that po rtion of applicable appropriations. Encumbrances outstanding at year-end are recorded as restricted, committed or assigned fund balance, depending on the classification of the resources to be used to liquidate the encumbrance, since they do not constitute expenditures or liabilities. Outstanding encumbrances at year-end are automatically reappropriated for the following year. Unencumbered and unexpended appropriations lapse at year-end. Encumbrances outstanding as of June 30, 2021 were as listed below:

City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2021
159

17. REDEVELOPMENT AGENCY DISSOLUTION AND SUCCESSOR AGENCY ACTIVITIES A. Redevelopment Dissolution
In an effort to balance its budget, the State of California adopted ABx1 26 on June 28, 2011, amended by AB1484 on June 27, 2012, which suspended all new redevelopment activities except for limited specified activities as of that date and dissolved redevelopment agencies on January 31, 2012.

The suspension provisions prohibit all redevelopment agencies from a wide range of activities, including incurring new indebtedness or obligations, entering into or modifying agreements or contracts, acquiring or disposing of real property, taking actions to adopt or amend redevelopment plans and other similar actions, except actions required by law or to carry out existing enforceable obligations, as defined in ABx1

26. ABx1 26 and AB1484 created three regulatory authorities, the Successor Agency Oversight Board, State Controller and Department of Finance (DOF), to review former Agency’s asset transfers, obligation payments and wind down activities. ABx1 26 specif ically directs the State Controller to review the activities of all redevelopment agencies to determine whether an asset transfer between an agency and any public agency occurred on or after January 1, 2011. If an asset transfer did occur and the public agency that received the asset is not contractually committed to a third party for the expenditure or encumbrance of the asset, the legislation purports to require th e State Controller to order the asset returned to the Redevelopment Agency or, on or after February 1, 2012, to the Successor Agency. The State Controller’s Office completed its asset transfer review in Novemb er 2013 and the State ordered the return of certain assets to the Successor Agency to the Redevelopment Agency. The City complied with certain aspects of the State’s order during fiscal year 2013 by returning applicable capital assets to the Successor Agency and the Oversight Board retroactively approved other prior transfers to the City and the State has indicated that no further action is necessary. The State also ordered the return of assets previously transferred to the City as Housing Successor totaling $16,460,848, because the transfer of the housing assets had not been approved by the Oversight Board. The Oversight Board adopted a Resolution on February 25, 2014 retroactively approving the transfer of the loans to the Housing Successor.

Effective January 31, 2012, the Redevelopment Ag ency was dissolved. Certain assets of the Redevelopment Agency Low and Moderate Income Housing Fund were distributed to a Housing Successor; and the remaining Redevelopment Agency assets and liabilities were distributed to a Successor Agency.

Under the provisions of AB 1484, the City can elect to become the Housing Successor and retain the housing assets. The City elected to become the Ho using Successor and on February 1, 2012, certain housing assets were transferred to the City’s Low and Moderate Income Housing Fund which is included in the Community Development and Loan Programs Special Revenue Fund. The activities of the Housing Successor are reported in the Low and Moderate Income Housing Asset Fund as the City has control of those assets, which may be used in accordance with the low and moderate income housing provisions of California Redevelopment Law.

City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2021
160

17. REDEVELOPMENT AGENCY DISSOLUTION AND SUCCESSOR AGENCY ACTIVITIES, Continued
A. Redevelopment Dissolution, Continued
The City also elected to become the Successor Ag ency and on February 1, 2012 the Redevelopment Agency’s remaining assets were distributed to an d liabilities were assumed by the Successor Agency.

ABx1 26 requires the establishment of an Oversight Board to oversee the activities of the Successor Agency and one was established in April 2012. As of July 1, 2018, Contra Costa County has formed a county-wide Oversight Board to oversee the activities of all Successor Agencies within the County, including Richmond. The activities of the Successor Agency ar e subject to review and approval of the Oversight Board, which is comprised of seven members, incl uding one member of City Council and one former Redevelopment Agency employee appointed by the Mayor.

AB1484 required the Successor Agency to complete two due diligence reviews – one for the low and moderate income housing assets of the Successor Agency (Housing DDR), and a second for all other balances of the Successor Agency (Non-housing DDR). The due diligence reviews were to calculate the balance of unencumbered balances as of June 30, 2012 available to be remitted to the County for disbursement to taxing entities. The Successor Agency submitted both due diligence reviews to the State Department of Finance for review and approval. The Department of Finance approved the Housing DDR, after making an adjustment, and the Successor Agency remitted the unencumbered balance of $4,067,242 to the County in November 2014. The Department of Finance approved the Non-housing DDR in December 2014, and no funds were required to be remitted to the County. The Successor Agency received a Finding of Completion on December 9, 2014.

The activities of the Successor Agency are reported in the Successor Agency to the Richmond Community 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.

Cash and investments of the Successor Agency as of June 30, 2021 are discussed in Note 2 above.

Information presented in the following footnotes repres ents other assets and liabilities of the Successor Agency as of June 30, 2021.

B. Loans Receivable
The Successor Agency assumed non-housing loans re ceivable of the Redevelopment Agency as of February 1, 2012. The Redevelopment Agency engaged in programs designed to encourage economic development. Under these programs, grants or loans were provided under favorable terms to developers who agreed to expend these funds in accordance with the Agency’s terms.

City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2021
161

17. REDEVELOPMENT AGENCY DISSOLUTION AND SUCCESSOR AGENCY ACTIVITIES, Continued
B. Loans Receivable, Continued
Ford Assembly Building Loan
Under a loan agreement dated November 22, 2004 between the Redevelopment Agency and Ford Point LLC, the Redevelopment Agency agreed to loan $3,000,000 to fund improvements to the Ford Assembly Building, collateralized by a Deed of Trust. After a period of variable interest rates, the loan has converted to a fixed 5% interest rate. Interest and principal payments are due semi-annually through 2025. The balance of the loan was $1,021,000 as of June 30, 2021.

C. Capital Assets
The Successor Agency assumed the non-housing capi tal assets of the Redevelopment Agency as of February 1, 2012. All capital assets are valued at historical cost or estimated historical cost if actual historical cost is not available. Contributed capital as sets are valued at their estimated fair market value on the date contributed. The Successor Agency’s policy is to capitalize all assets with costs exceeding certain minimum thresholds and with useful lives exceeding two years.

During the fiscal year 2019, the Successor Agency sold the remaining land with a prior carrying value of $4,313,167.

D. Long-term Obligations
The following is a summary of long-term debt transactions during the year ended June 30, 2021:

Balance Balance Due Within Due in More
July 1, 2020 Additions (A) Retirements (B) June 30, 2021 One Year than One Year Bonds Payable 51,801,216 $ 20,949,709 $ (27,330,000) $ 45,420,925 $ 5,195,000 $ 40,225,925 $ Loans payable from direct borrowing 16,875,000 - (2,185,000) 14,690,000 1,450,000 13,240,000 Notes payable from direct borrowing 9,966,022 - (9,966,022) - - - Total 78,642,238 $ 20,949,709 $ (39,481,022) $ 60,110,925 $ 6,645,000 $ 53,465,925 $ (A) Includes bond accretion for capital appreciation bonds totaling $851,732. (B) Retirements of bonds payable includes principle retirements in the amount of $5,705,000.

City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2021
162

17. REDEVELOPMENT AGENCY DISSOLUTION AND SUCCESSOR AGENCY ACTIVITIES, Continued
D. Long-term Obligations, Continued
Bonds Payable
Bonds payable at June 30, 2021 consisted of the following:
1998 Harbour Redevelopment Project Tax Allocation Refunding Bonds Series A – Original Issue $21,862,779
The bonds were issued by the Agency to refinance a portion of the 1991 Harbour Redevelopment Project Tax Allocation Refunding Bonds, refinance certain lo ans from the City to the Agency, which were used by the City to finance certain publicly owned capital projects, finance certain redevelopment activities within the Harbour Redevelopment Project Area, fund a reserve account and pay certain costs of issuance of the 1998 bonds. The bonds mature annually through 2023, in amounts ranging from $50,000 to $1,130,000. Interest rates vary from 3.5% to a maximum of 5.2% and are payable semiannually on January 1 and July 1. The bonds are secured by a pledge of tax revenues derived from taxable property within the Harbour Project Area. On March 27 , 2014, the Agency issued the Successor Agency to the Richmond Community Redevelopment Agency Refunding Bonds 2014 Series A & B which resulted in the defeasance of the outstanding balance of the current interest po rtion of the bonds in the amount of $9,180,000, as discussed below.

At June 30, 2021, the Bonds consisted of the following:

City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2021
163

17. REDEVELOPMENT AGENCY DISSOLUTION AND SUCCESSOR AGENCY ACTIVITIES, Continued
D. Long-term Obligations, Continued
1998 Harbour Redevelopment Project Tax Allocation Refunding Bonds Series A – Original Issue $21,862,779, Continued
The annual debt service requirements on the bonds are as follows:

Richmond Community Redevelopment Agency Subordinate Tax Allocation Bonds Series 2007A and Series B - Original Issue Series A $65,400,000, Series B $9,772,622 On July 12, 2007 the Redevelopment Agency issued Series 2007A Subordinate Tax Allocation Bonds in the amount of $65,400,000. The proceeds from the Bonds were used to pay the amount of $22,000,000 to the City to assist with the financing of the Civic Center Project, and to fund other Redevelopment Agency projects.

The 2007A Subordinate Tax Allocation Bonds were issu ed as variable auction rate bonds with interest calculated every thirty-five days, however, the Agency entered into a 29-year interest rate swap agreement for the entire amount of its 2007A Subordin ate Tax Allocation Bonds. In fiscal year 2010 the Agency experienced a significant decline in tax incremen t revenue. In order to bring debt service in line with current revenues and maintain compliance with the required 1.4:1 tax increment to debt service coverage ratio, the Agency suspended a number of projects originally funded by the 2007A Bonds and applied approximately $36 million of the unspent 2007A proceeds and other available funds along with the proceeds from the issuance of the Subordinate Tax Allocation Refunding Bonds, Series 2010A to refund the outstanding balance of the 2007A Bonds. As part of the issuance of the 2010A Bonds, the interest rate swap agreement associated with the 2007A Bonds was amended and restated as discussed with the Series 2010A Bonds below.

On July 12, 2007 the Redevelopment Agency issued Series 2007B Housing Set-Aside Subordinate Tax Allocation Capital Appreciation Bonds in the amount of $9,772,622 at interest rates ranging from 5.57% to 6.40%. The proceeds from the 2007B Bonds will be used to finance certain low and moderate income housing activities of the Redevelopment Agency. The 2007B Bonds mature annually through 2037, in amounts ranging from $465,000 to $2,020,000. The 2 007B Bonds are secured by a pledge of subordinated housing and non-housing tax revenues.

City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2021
164

17. REDEVELOPMENT AGENCY DISSOLUTION AND SUCCESSOR AGENCY ACTIVITIES, Continued
D. Long-term Obligations, Continued
Richmond Community Redevelopment Agency Subordinate Tax Allocation Bonds Series 2007A and Series B - Original Issue Series A $65,400,000, Series B $9,772,622, Continued At June 30, 2021, the 2007B Bonds consisted of the following:

The annual debt service requirements on the 2007B Bonds are as follows:
2010 Subordinate Tax Allocation Refunding Bonds Series A – Original Issue $33,740,000 The 2010A Bonds were issued on March 31, 2010 by the Agency. The proceeds of the 2010A Bonds were used to refund all of the outstanding Series 2007A Subordinate Tax Allocation Bonds. Interest rates range from 3.00% to 6.125% and are payable semiannually on March 1 and September 1. The 2010A Bonds mature annually through 2037 and are secured by a pledge of certain tax increment revenues derived from taxable property within the Merged Project Area.

For the Years
Ending June 30, Principal
2022 1,030,000 $
2023 1,085,000
2024 1,145,000
2025 1,175,000
2026 1,230,000
2027-2031 5,800,000
2032-2036 4,175,000
2037 835,000
Total 16,475,000 $

City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2021
165

17. REDEVELOPMENT AGENCY DISSOLUTION AND SUCCESSOR AGENCY ACTIVITIES, Continued
D. Long-term Obligations, Continued
2010 Subordinate Tax Allocation Refunding Bonds Series A – Original Issue $33,740,000, Continued In connection with the issuance of the Series 20 07A Subordinate Tax Allocation Bonds, the Agency entered into a swap agreement for $65,400,000, the entire amount of the 2007 A Bonds. With the issuance of the 2010A Bonds, the Agency amended and restated the swap agreement. The amended agreement requires the Agency to make and receive payments based on variable interest rates. The Agency will make payments based on a variable interest rate equal to 100% of SIFMA plus a fixed percentage of 0.83% and the Agency will receive variable rate interest payments equal to 68% of 1- month LIBOR from the swap counterparty. With the issuance of the 2014 Successor Agency to the Richmond Redevelopment Agency Refunding Bonds, the Successor Ag ency amended the swap agreement to subordinate the termination payment provisions of the swap agreement to the debt service on the 2014 Bonds.

The bonds were paid off during the fiscal year ended June 30, 2021 and the swap agreement was terminated
Successor Agency to the Richmond Community Redevelopment Agency Refunding Bonds 2014 Series A & B – Original Issue Amounts $25,795,000 and $1,655,000, respectively The 2014 A & B Bonds were issued on March 27, 2014 by the Successor Agency to the Richmond Community Redevelopment Agency. The proceeds of th e Bonds, together with other available funds, were used to refund and defease the outstanding balance of the current interest portion of the 1998 Harbour Redevelopment Project Tax Allocation Refunding Bonds Series A, and the outstanding balances of the Richmond Joint Powers Financing Authority Tax Allocation Revenue Bonds Series 2000 A & B and Richmond Joint Powers Financing Authority Tax Allo cation Revenue Bonds Series 2003A. Interest rates range from 1.40% to 5.00% and is payable semiannually on March 1 and September 1. The 2014A Bonds mature annually on each September 1 through 2025 while the 2014B Bonds mature annually on each September 1 through 2018. Both Bonds are secured by a pledge of Redevelopment Property Tax Trust Fund revenues. The outstanding balances of the defeased debt as of June 30, 2021 were as follows:

City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2021
166

17. REDEVELOPMENT AGENCY DISSOLUTION AND SUCCESSOR AGENCY ACTIVITIES, Continued
D. Long-term Obligations, Continued
At June 30, 2021, the 2014 A & B Bonds consisted of the following:

The annual debt service requirements on the A & B bonds are as follows:

Successor Agency to the Richmond Community Redevelopment Agency Refunding Bonds 2021 Series A & B – Original Issue Amounts $15,070,000 and $2,655,000, respectively On December 18, 2020, the Redevelopment Agency issued Series 2020A&B Community Redevelopment Agency Refunding Bonds. The proceeds was used to repay a portion of the obligations of the Successor Agency under a Loan Agreement (Housing), dated as of October 1, 2004, by and between the Former Agency and the Richmond Joint Powers Financing Authority that secures payment of the Richmond Joint Powers Financing Authority Housing Set-Aside Tax Allocation Revenue Bonds, Series 2004B (Tax- Exempt) in the outstanding principal amount of $720,000, and refund the $21,625,000 outstanding principal amount of Richmond Community Rede velopment Agency Subordinate Tax Allocation Refunding Bonds (Merged Project Areas), 2010 Series A (the “2010A Bonds” and, together with the 2004 Loan Agreement, the “Prior Obligations”)
The Series 2021 Refunding Bonds will each be issued as fully registered Bonds and, when delivered, will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”). DTC will act as securities depository for the Series 2021 Refunding Bonds, as more fully described in APPENDIX G. The Series 2021 Refunding Bonds will be dated the date of delivery and issued i n r e g i s t e r e d f o r m i n d e n o m i n a t i o n s o f $ 5 , 0 0 0 o r a ny integral multiple of $5,000 and will mature on September 1 of each year in the amounts as set forth on the inside cover page. Interest on the Series 2021 Refunding Bonds will be payable on each March 1 and September 1, commencing September 1, 2021.

City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2021
167

17. REDEVELOPMENT AGENCY DISSOLUTION AND SUCCESSOR AGENCY ACTIVITIES, Continued
D. Long-term Obligations, Continued
Successor Agency to the Richmond Community Redevelopment Agency Refunding Bonds 2021 Series A & B – Original Issue Amounts $15,070,000 and $2,655,000, respectively, Continued At June 30, 2021, the bond premium consisted of the following:

The annual debt service requirements on the A & B bonds are as follows:

Loans Payable
The Richmond Joint Powers Financing Authority (Authority) has issued the Bonds listed below to assist in financing the Agency’s operations. The Authority has retained reserve amounts required under the respective Bond indentures and loaned the net proceeds of these Bond issues to the Agency. The Authority is responsible for paying principal and inte rest on the Bonds; the Agency is responsible for making payments to the Authority in the amounts shown below.

The outstanding balances of loans pa yable to the Authority at June 30, 2021 came from the Bond issues listed below:

City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2021
168

17. REDEVELOPMENT AGENCY DISSOLUTION AND SUCCESSOR AGENCY ACTIVITIES, Continued
D. Long-term Obligations, Continued
Loan from the Authority dated August 1, 2003
In 2003, the Authority issued 2003 Tax Allocation Re venue Bonds Series A and Series B in the original amount of $28,580,000. The net proceeds of the bond issue were loaned to the Agency to provide funding for certain capital improvements and to repay the Ci ty of Richmond $18,000,000 in partial payment of prior obligations. Under the terms of the loan agreement between the Agency and the Authority dated August 1, 2003, repayment of the loan is being made from certain tax increment revenues derived from taxable property within the Post-2004 Limit Area pledged by the Agency for the purpose of loan repayment. On March 27, 2014, the Agency issued the Successor Agency to the Richmond Community Redevelopment Agency Refunding Bonds 2014 Series A & B which resulted in the refunding and defeasance of the outstanding balance of the 2003 Series A Bonds in the amount of $12,910,000, as discussed above.

At issuance, the Bonds were insured by MBIA Insurance Corporation (which was reinsured by National Public Finance Guarantee Corporation (“NPFGC”)). On December 5, 2017, Kroll Bond Rating Agency downgraded its insurance financial strength rating for NPFGC from ‘AA+’ to ‘AA’ and subsequently withdrew the rating citing business reasons. On January 17, 2018, Moody’s Investors Service (“Moody’s”) downgraded its insurance financial strength rating on NPFGC from ‘A3’ to ‘Baa2’. As a result of the foregoing, Moody’s downgraded its Insured Rating on the Bonds from ‘A3’ to ‘Baa2’. On February 13, 2019, S&P Global Ratings (formerly Standard and Poor ’s Ratings Services) upgraded its Local Currency Long-Term and Underlying Ratings on the Bonds from ‘A+’ to ‘AA-‘.

The annual debt service requirements on the 2003 Series B loan as of June 30, 2021 are as follows:

City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2021
169

17. REDEVELOPMENT AGENCY DISSOLUTION AND SUCCESSOR AGENCY ACTIVITIES, Continued
D. Long-term Obligations, Continued
Loan from the Authority dated October 1, 2004
In 2004, the Authority issued the 2004 Tax Allocation Revenue Bonds Series A and Series B in the original amounts of $15,000,000 and $2,000,000, respectively. Th e net proceeds of the bond issue were loaned to the Agency to provide funding for certain capital improvements, low/moderate income housing and to repay the City of Richmond $6,367,031 in prior obligations. Under the terms of the loan agreement between the Agency and the Authority dated August 1, 2003, repayment of the loan is being made from certain subordinate housing and non-housing tax increment revenues derived from the taxable property within the Merged Project Area pledged by the Agency for the purpose of loan repayment.

The annual debt service requirements for these loans as of June 30, 2021 are as follows:

Pledge of Redevelopment Tax Increment Revenues
The Bond issues and loans payable to the Authorit y discussed above consist of senior and parity obligations secured by future tax increment revenues. The pledge of all future tax increment revenues (housing and non-housing revenue) ends upon repayment of $68,339,963 remaining debt service on the Bonds and loans which is scheduled to occur in 2037.

With the dissolution of the Redevelopment Agency discussed above, Tax Increment is no longer distributed, and instead the Successor Agency receives payments from the County’s Redevelopment Property Tax Trust Fund (RPTTF) that are to be used to fund debt service on the Bonds, with no distinction between housing and non-housing revenues. In addition, under the provisions of the laws dissolving the Redevelopment Agency, the Successor Agency only rece ives the funds necessary to fulfill its approved obligations. Total property taxes available for dist ribution to the Successor Agency and other taxing entities for fiscal year 2021 calculated by the Co unty Auditor–Controller were $39,950,300. The total received by the Successor Agency for fiscal year 2021 debt service and other enforceable obligations was $13,966,821, which the Successor Agency used along with cash on-hand to pay debt service of $19,792,245.

City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2021
170

17. REDEVELOPMENT AGENCY DISSOLUTION AND SUCCESSOR AGENCY ACTIVITIES, Continued
D. Long-term Obligations, Continued
Notes Payable
SERAF Loan $ -
SERAF Loan
The State of California adopted AB26 4X in July 2009 which directs that a portion of the incremental property taxes received by the redevelopment agen cies, be paid instead to the County supplemental educational revenue augmentation fund (SERAF) in fiscal years 2010 and 2011. The Agency did not have the resources to make these payments and instead was able to enter into a structured payment plan agreement with the State Department of Finance that allows the payments to the County to be made over a ten year period. The loan bears interest at a rate of 2%. Payments of principal and interest are due on an annual basis, commencing May 10, 2014. The loan was paid off during the fiscal year ended June 30, 2021.

Debt Without Agency or City Commitment
A special assessment district has been established in an area of the Agency to provide improvements to properties located in that district. Properties in the district are assessed for the cost of improvements: these assessments are payable solely by property owners over the term of the debt issued to finance these improvements. The Agency is not legally or morally ob ligated to pay these debts or be the purchaser of last resort of any foreclosed properties in these special assessment districts, nor is it obligated to advance Agency funds to repay these debts in the event of default.

One District, Marina Westshore Community Facilities District No. 1998-1, had issued Community Facilities District No. 1998-1 Special Tax Bonds which had a remaining balance outstanding of $1,980,000 at June 30, 2021.

Conduit Debt
The Agency has assisted private-sector entities by sponsoring their issuance of debt for purposes the Agency deems to be in the public interest. These debt issues are secured solely by the property financed by the debt. The Agency is not legally or morally obligated to pay these debts or be the purchaser of last resort of any foreclosed properties secured by these debts, nor is it obligated to advance Agency funds to repay these debts in the event of default by any of these issuers. At June 30, 2021, the balances of these issuers’ outstanding debts were as follows:

Baycliff Apartment Project, 2004 Revenue Bonds $0
Crescent Park Apartment Project, 2007 Series A & Series A-T Revenue Bonds 21,704,219

City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2021

171

17. REDEVELOPMENT AGENCY DISSOLUTION AND SUCCESSOR AGENCY ACTIVITIES, Continued

E. Commitments and Contingencies

State Approval of Enforceable Obligations

The Successor Agency prepares a Recognized Ob ligation Payment Schedule (ROPS) annually that contains all proposed expenditures for the subsequent twelve-month period. The ROPS is subject to the review and approval of the Oversi ght Board as well as the State Department of Finance. Although the State Department of Finance may not question items included on the ROPS in one period, they may question the same items in a futu re period and disallow associated activities. The amount, if any, of current obligations that may be denied by the State Department of Finance cannot be determined at this time. The City expects such amounts, if any, to be immaterial.

18. SUBSEQUENT EVENTS

During December 2019, the Novel Corona Virus Disease (COVID-19) was discovered. The COVID-19 was subsequently declared a world-wide pandemic by the World Health Organization on March 11, 2020. On March 4, 2020, California State Governor Gavin Newsom proclaimed a State of Emergency as a result of the threat of the COVID-19 in the State of California, lead ing to the Contra Costa County Health Officer issuing a stay-at-home directive on March 16, 2020. This halte d all business within Contra Costa County outside of essential activities.

The American Rescue Plan Act of 2021 (ARPA) was signed into law on March 11, 2021. The City’s allocated amount was $27.7 million. The City received the first installment in the amount of $13.8 million in August 2021 and the second installment is to be received in July 2023.

COVID-19 pandemic is still having significant impacts on the City of Richmond’s tax revenues. Revenue reduction reflected in Transient Occupancy Tax (TOT), and fees and rentals collected by both the Police Department and Community Services. The TOT decreased 43% in FY2020-21 compared to FY2019-20. When compared to FY2018-19, a full year of pre-pandemic activity, the decrease is 56%.Due to facility closures and changes to other activities, some departments saw si gnificant decreases to revenue collected for either services provided or rental of facilities. For exam ple, Community services sa w a decrease of 60% for recreation program fees collected in FY2020-21, comp ared to FY2019-20. When compared to FY2018-19, the decrease is 70%. Revenue collection and projections for fiscal year 2022 have been budgeted conservatively and will require close monitoring and review.

City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2021
172

19. NEW ACCOUNTING STANDARDS
Accounting Standards Adopted
In January 2017, GASB issued Statement No. 84, Fiduciary Activities. Statement No. 84 establishes criteria for identifying fiduciary activities of all state and local go vernments. Activities meetin g the criteria should be reported in a fiduciary fund in the basic financial statements. This Statement also provides for recognition of a liability to the beneficiaries in a fiduciary fund wh en an event has occurred th at compels the entity to disburse fiduciary resources. The provisions of Statement No. 84 are effective for fiscal years beginning after December 15, 2019. Management has implemented this Statement on its financial statements.

In August 2018, GASB issued Statement No 90, Majority Equity Interests . Statement No. 90 improves the consistency and comparability of reporting a government’s majority equity interest in a legally separate organization and improves the relevance of financial statement information for certain component units. The provisions of Statement No. 90 are effective for fiscal years beginning after December 15, 2019 with earlier implementation encouraged. This Statement is not applicable to the City.

In March 2020, GASB issued Statement GASB No. 93, Replacement of Interbank Offered Rates. Statement No. 93 requires a government to terminate he dge accounting when it renegotiates or amends a critical term of a hedging derivative instrument, such as the reference rate of a hedging derivati ve instrument’s variable payment. In addition, in accordance with Statement No. 87, Leases, as amended, replacement of the rate on which variable payments depend in a lease contract would require a government to apply the provisions for lease modifications, including remeasurement of the le ase liability or lease receivable. The provisions of Statement No. 93 has multiple effective dates. This Statement is not applicable to the City.

In October 2021, GASB issued Statement GASB No. 98, The Annual Comprehensive Financial Report. Statement No. 98 establishes the term annual comprehensive financial report and its acronym ACFR. That new term and acronym replace instances of comprehensive annual financial report and its acronym in generally accepted accounting principles for state and loca l governments. Management has implemented this Statement on its financial statements.

New Accounting Standards
In June 2017, GASB issued Statement No. 87, Leases. Statement No. 87 increases the usefulness of entities’ financial statements by requiring recognition of certain le ase assets and liabilities for leases that previously were classified as operating leases and recognized as inflows of resources or outflows of resources based on the payment provisions of the contract. It establishe s a single model for lease accounting based on the foundational principle that leases are financings of th e right to use an underlying asset. The provisions of Statement No. 87 are effective for fiscal years beginning after December 15, 2020. Management has not yet determined the impact of this Statement on its financial statements.

In June 2018, GASB issued Statement No 89, Accounting for Interest Cost Incurred before the End of a Construction Period. Statement No. 89 enhances the relevance and comparability of information about capital assets and the cost of borrowing for a reporting period and simpli fies accounting for interest cost incurred before the end of a construction period. The provisions of Statement No. 89 are effective for fiscal years beginning after December 15, 2020. Management will determine the impact of this statement on its financial statements with the 2021-22 Comprehensive Annual Financial Report.

City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2021
173

19. NEW ACCOUNTING STANDARDS, Continued
In May 2019, GASB issued Statement No 91, Conduit Debt Obligations . Statement No. 91 provides a single method of reporting conduit debt obligations by issuers and eliminates diversity in practice associated with (1) commitments extended by issuers, (2) arrangements associated with conduit debt obligations, and (3) related note disclosures. Th is Statement achieves those objectives by clarifying the existing definition of a conduit debt obligation; establishing that a conduit debt obligation is not a liability of the issuer; establishing standards for accounting and financial reporting of additional commitments and voluntary commitments extended by issuers and arrangements associated with conduit debt obligations; and improving required note disclosures. The provisions of Statement No. 91 are ef fective for fiscal years beginning after December 15, 2021 with earlier implementation encouraged. Management has not yet determined the impact of this Statement on its financial statements.

In January 2020, GASB issued Statement No. 92, Omnibus 2020. Statement No. 92 is to enhance comparability in accounting and financial reporting and to improve the consistency of authoritative literature by addressing practice issues that have been identified during implementation and application of certain GASB Statements.

The provisions of Statement No. 92 has multiple effe ctive dates. Management has not yet determined the impact of this Statement on its financial statements.

In March 2020, GASB issued GASB Statement No. 94, Public-Private and Public -Public Partnerships and Availability Payment Arrangements . Statement No. 94 is to improve financial reporting by addressing issues related to public-private and public-public partnership arrangements (PPPs), and also provides guidance for accounting and financial reporting for availability payment arrangements (APAs). The provisions of Statement No. 94 are effective for fiscal years beginning after June 15, 2022. Management has not yet determined the impact of this Statement on its financial statements.

In May 2020, GASB issued GASB Statement No. 96, Subscription-Based Information Technology Arrangements.

Statement No. 96 provides guidance on the accounting and financial reporting for subscription-based information technology arrangements (SBITAs) for government end users (governments). The provisions of Statement No. 96 are effective for fiscal years beginning after June 15, 2022. Management has not yet determined the impact of this Statement on its financial statements.

In June 2020, GASB issued GASB Statement No. 97, Certain Component Unit Criteria, and Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans—an amendment of GASB Statements No. 14 and No. 84, and a supersession of GASB Statement No. 32. Statement No. 97 will result in more consistent financial reporting of defined contribution pension plans, defined contribution OPEB plans, and other employee benefit plans, while mitigating the costs associated with reporting those plans. The requirements will also enhance the re levance, consistency, and comparabil ity of (1) the information related to Section 457 plans that meet the definition of a pension plan and the benefits provided through those plans and (2) investment information for all Section 457 plans . The provisions of Statement No. 97 has multiple effective dates. Management has not yet determined the impact of this Statement on its financial statements.

174
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175

REQUIRED

SUPPLEMENTARY INFORMATION

176
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City of Richmond
Required Supplementary Information
For the year ended June 30, 2021

BUDGET AND BUDGETARY ACCOUNTING
Budgeting Procedures
The City adopts a budget annually to be effective July 1, for the ensuing fiscal year. Budgeted expenditures are adopted through the passage of a resolution. This resolution constitutes the maximum authorized expenditures for the fiscal year and c annot legally be exceeded except by subsequent amendments of the budget by the City Council.

The City uses an encumbrance system as an extension of normal budgetary accounting for the General Fund, special revenue funds, and capital projects funds. Under this system, purchase orders, contracts, and other commitments for the expenditure of monies are recorded in order to reserve that portion of applicable appropriations. Encumbrances outstanding at year-end are recorded as reservations of fund balance since they do not constitute expenditures or liabilities. Outstanding encumbrances at year-end are reappropriated for the following year. Unencumbered and unexpended appropriations lapse at year- end.

An operating budget is adopted each fiscal year on a basis consistent with Generally Accepted Accounting Principles (GAAP) for the General Fund, certain Special Revenue Funds (State Gas Tax, General Purpose, Paratransit Operations, Public Safety, Lighting and Landscaping Districts, Developer Impact Fees, Community Development and Loan Programs, Richmond Neighborhood Stabilization Corporation, Rent Control, Cost Recovery and Environmental Community Investment Agreement) and the debt service funds (2005 Pension Obligation Bonds, General Debt Service and Civic Center Debt Service). Public hearings are conducted on the proposed budgets to review all appropriations and sources of financing. Capital projects funds are budgeted on a project length basis and are therefore not comparable on an annual basis.

Expenditures are controlled at the fund level for all budgeted departments within the City. This is the level at which expenditures may not legally exceed appropriations. Budgeted amounts for the Statement of Revenues, Expenditures and Changes in Fun d Balances-Budget and Actual include budget amendments approved by City Council.
177Page 624 of 789
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178Page 625 of 789
City of Richmond
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual General Fund
For the year ended June 30, 2021
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Property taxes 43,928,806$ 44,065,406 $ 45,140,902 $ 1,075,496 $ Sales taxes 40,995,626 44,379,717 48,998,406 4,618,689
Utility user taxes 44,506,312 44,562,759 45,240,705 677,946 Other taxes 13,704,709 21,111,956 27,066,292 5,954,336
Licenses, permits and fees 3,278,527 3,028,527 3,235,49 1 206,964 Fines, forfeitures and penalties 831,966 641,966 454,778 (187,188) Use of money and property 236,079 236,079 107,022 (129,057) Intergovernmental 633,589 705,78 1 803,692 97,91 1
Charges for services 6,582,729 6,441,690 6,730,499 288,809 Rent 952,124 855,349 699,30 1 (156,048)
Other 196,496 197,296 403,034 205,738
Total revenues 155,846,963 166,226,526 178,880,122 12,653,596 EXPENDITURES:

Current:

General government 30,621,129 33,437,084 30,245,217 3,191,867 Public safety 95,582,986 98,066,670 96,372,052 1,694,618 Public works 25,218,946 25,293,864 24,754,57 1 539,293
Cultural and recreational 9,673,494 9,500,997 9,087,406 413,59 1 Capital outlay 347,761 1,368,736 113,178 1,255,558
Debt service:

Principal 1,910,082 910,082 910,082 -
Interest and fiscal charges 139,668 139,668 137,257 2,41 1 Total expenditures 163,494,066 168,717,101 161,619,763 7,097,338

REVENUES OVER (UNDER)
EXPENDITURES (7,647,103) (2,490,575) 17,260,359 19,750,934 OTHER FINANCING SOURCES (USES):

Proceeds from sale of property 55,000 70,215 71,458 1,243 Transfers in 9,258,229 9,267,60 1 9,454,780 187,179
Transfers out (4,961,206) (5,388,927) (16,318,786) (10,929,859) Total other financing sources (uses) 4,352,023 3,948,889 (6,792,548) (10,741,437) Net change in fund balances (3,295,080)$ 1,458,314 $ 10,467,811 9,009,497 $ FUND BALANCES (DEFICITS):

Beginning of year 38,646,231
End of year 49,114,042$
Budgeted Amounts
179Page 626 of 789
City of Richmond
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Community Development and Loan Programs Special Revenue Fund For the year ended June 30, 2021
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Licenses, permits and fees 1,239,010$ 1,239,010 $ 665,999 $ (573,011)$ Use of money and property 239,166 239,166 202,108 (37,058) Intergovernmental 635,201 635,201 1,579,842 944,64 1
Other 1,187,472 1,187,472 898,903 (288,569)
Total revenues 3,300,849 3,300,849 3,346,852 46,003 EXPENDITURES:

Current:

Community development 2,254,547 2,569,470 505,50 1 2,063,969 Housing and redevelopment 1,463,673 1,486,128 945,529 540,599 Capital outlay 300,000 300,000 - 300,000
Total expenditures 4,018,220 4,355,598 1,451,030 2,904,568

REVENUES OVER (UNDER)
EXPENDITURES (717,371) (1,054,749) 1,895,822 2,950,571 OTHER FINANCING SOURCES (USES):

Proceeds from sale of property 78,000 90,455 - (90,455) Total other financing sources (uses) 78,000 90,455 - (90,455) Net change in fund balances (639,371)$ (964,294) $ 1,895,822 2,860,116 $ FUND BALANCES (DEFICITS):

Beginning of year 29,319,214
End of year 31,215,036$
Budgeted Amounts
180Page 627 of 789
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181Page 628 of 789
City of Richmond
Required Supplementary Information
For the year ended June 30, 2021
Miscellaneous Agent Multiple-Employer Defined Benefit Pension Plan Schedule of Changes in the Net Pension Liability and Related Ratios - Last 10 Years* Fiscal Year Ended: 6/30/ 2021 6/30/2020 6/30/2019 6/30/2018 Measurement Date 6/30/2020 6/30/2019 6/30/2018 6/30/2017 Total Pension Liability
Service cost 7,529,439$ 7,652,864 $ 7,637,812 $ 8,053,459 $ Interest 34,974,846 34,315,542 33,323,855 32,804,753
Differences between actual
and expected experience (4,393,691) (331,531) (4,642,948) (4,464,966) Changes in assumptions - - (3,224,832) 25,548,824
Changes in benefits ----
Benefit payments, including refunds
of employee contributions (29,018,486) (27,565,398) (25,970,450) (25,074,448) Net change in the total pension liability 9,092,108 14,071,477 7,123,437 36,867,622 Total pension liability - beginning 504,296,912 490,225,435 483,101,998 446,234,376 Total pension liability - ending (a) 513,389,020$ 504,296,912 $ 490,225,435 $ 483,101,998 $ Plan Fiduciary Net Position
Contributions - employer 13,778,755 $ 12,156,723 $ 10,489,795 $ 8,860,295 $ Contributions - employee 2,749,990 2,843,043 2,894,84 1 2,996,354 Net investment income 18,237,576 23,350,283 28,880,923 35,805,938 Plan to plan resource movement - - (842) (50,018)
Administrative expense (526,586) (259,047) (542,721) (481,651) Changes in benefits ----
Benefit payments, including refunds
of employee contributions (29,018,486) (27,565,398) (25,970,450) (25,074,448) Other miscellaneous income (expense) - 842 (1,030,636) - Net change in plan fiduciary net position 5,221,249 10,526,446 14,720,910 22,056,470 Plan fiduciary net position - beginning 373,530,332 363,003,886 348,282,976 326,226,506 Plan fiduciary net position - ending (b) 378,751,581$ 373,530,332 $ 363,003,886 $ 348,282,976 $ Net pension liability - ending (a) - (b) 134,637,439 $ 130,766,580 $ 127,221,549 $ 134,819,022 $ Plan fiduciary net position as a percentage
percentage of the total pension liability 73.77% 74.07% 74.05% 72.09% Covered payroll 35,129,597 $ 36,295,759 $ 35,725,31 1$ 35,964,798 $ Net pension liability as a percentage of
covered payroll 383.26% 360.28% 356.11% 374.86%
Notes to the schedule:
* Fiscal year 2015 was the 1st year of implementation.

Benefit Changes: The figures above include any liability impact that may have resulted from voluntary benefit changes that occurred after the Ju ne 30, 2019 valuation. However, offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes) that occurred after the June 30, 2 019 valuation date are not included in the figures above, unless the liability impact is deemed to be material by the plan actuary.

Changes in Assumptions: None in 2019 or 2020. In 2018, demographic assumptions and inflation rate were changed in accordance to the CalPERS Experience Study and Review of Assumptions December 2017. There were no changes in the discount rate. In 2017, the discount rate was reduc ed from 7.65 percent to 7.15 percent. In 2016, there were no changes. In 2015, amounts reported reflect an adjustment of the discount rate from 7.5 percent (net of administrative expense) to

7.65 percent (without a reduction for pension plan administrative expense). In 2014, amounts reported were based on the 7.5 per cent discount rate. 182Page 629 of 789
6/30/2017 6/30/2016 6/30/2015
6/30/2016 6/30/2015 6/30/2014
7,200,571$ 7,446,410 $ 7,816,868 $
32,305,003 31,414,256 30,597,498
(3,484,064) (5,280,549) -
- (7,116,200) -
---
(23,917,069) (23,302,793) (23,007,539)
12,104,441 3,161,124 15,406,827
434,129,935 430,968,81 1 415,561,984
446,234,376$ 434,129,935 $ 430,968,81 1$
8,093,834$ 7,189,716 $ 6,661,038 $
3,087,656 3,141,565 3,195,699
1,630,388 7,502,958 51,867,728
(4,762) (6,885) -
(205,714) (379,925) -
---
(23,917,069) (23,302,793) (23,007,539)
---
(11,315,667) (5,855,364) 38,716,926
337,542,173 343,397,537 304,680,61 1
326,226,506$ 337,542,173 $ 343,397,537 $
120,007,870$ 96,587,762 $ 87,571,274 $

73.11% 77.75% 79.68%
36,638,889$ 36,151,102 $ 37,210,225 $
327.54% 267.18% 235.34%
183Page 630 of 789
City of Richmond
Required Supplementary Information
For the year ended June 30, 2021
Miscellaneous Agent Multiple-Employer Defined Benefit Pension Plan Schedule of Contributions - Last 10 Years*
Fiscal Year Ended: 6/30/ 2021 6/30/2020 6/30/2019 6/30/2018 Actuarially determined contribution 14,438,844 $ 13,783,427 $ 12,150,650 $ 10,436,250 $ Contributions in relation to actuarially determined contributions (14,438,844) (13,783,427) (12,150,650) (10,436,250) Contribution deficiency (excess) - $ - $ - $ - $ Covered payroll 32,686,024 $ 35,129,597 $ 36,295,759 $ 35,725,31 1$ Contributions as a percentage of covered payroll 44.17% 39.24% 33.48% 29.21% Notes to the schedule:

Valuation date: 6/30/2019 6/30/2017 6/30/2016 6/30/2015 Methods and assumptions used to determine contribution rates:

Actuarial cost method
Amortization method
Asset valuation method
Inflation
Payroll growth
Salary increases
Investment rate of return
Retirement age
Mortality rate table
* Fiscal year 2015 was the 1st year of implementation.

7.50% for 2015 to 2018, 7.375% for 2019 and 7.25% for 2020, net of pension plan investment and administrative expenses, including inflation.

The probabilities of Retirement are based on the 2017 CalPERS Experience Study for the period from 1997 to 2015.

The probabilities of mortality are based on the 2017 CalPERS Experience Study for the period from 1997 to 2015. Pre-retirement and Post-retirement mortality rates include 15 years of projected mortality improvement using 90% of Scale MP-2016 published by the Society of Actuaries
Market Value of Assets. For details, see June 30 Funding Valuation Report.

Entry age normal
For details, see June 30 Funding Valuation Report

2.625%

2.875%
Varies by Entry Age and Service.
184Page 631 of 789
6/30/2017 6/30/2016 6/30/2015
8,867,763$ 8,084,584 $ 7,178,549 $
(8,867,763) (8,084,584) (7,178,549)
-$ - $ - $
35,964,798$ 36,638,889 $ 36,151,102 $

24.66% 22.07% 19.86%
6/30/2014 6/30/2013 6/30/2012
185Page 632 of 789
City of Richmond
Required Supplementary Information
For the year ended June 30, 2021
Safety Agent Multiple-Employer Defined Benefit Pension Plan Schedule of Changes in the Net Pension Liability and Related Ratios - Last 10 Years* Fiscal Year Ended: 6/30/2021 6/30/ 2020 6/30/2019 6/30/2018 Measurement Date 6/30/2020 6/30/2019 6/30/2018 6/30/2017 Total Pension Liability
Service cost 10,958,278$ 11,313,128 $ 11,391,456 $ 11,650,927 $ Interest 47,218,257 46,009,128 44,562,419 43,264,626
Differences between actual
and expected experience (2,189,929) 433,759 413,272 797,969 Changes in assumptions - - (2,676,340) 35,109,898
Benefit payments, including refunds
of employee contributions (38,982,005) (37,105,985) (35,123,568) (33,620,000) Net change in the total pension liability 17,004,601 20,650,030 18,567,239 57,203,420 Total pension liability - beginning 676,597,009 655,946,979 637,379,740 580,176,320 Total pension liability - ending (a) 693,601,610$ 676,597,009 $ 655,946,979 $ 637,379,740 $ Plan Fiduciary Net Position
Contributions - employer 19,362,087 $ 16,658,515 $ 14,016,085 $ 12,699,049 $ Contributions - employee 4,232,707 4,238,132 4,226,345 4,471,008 Net investment income 22,875,702 29,333,974 36,380,672 45,166,243 Plan to plan resource movement - - (1,062) 50,018
Administrative expense (662,340) (326,144) (684,883) (607,337) Benefit payments, including refunds
of employee contributions (38,982,005) (37,105,985) (35,123,568) (33,620,000) Other miscellaneous income (expense) - 1,062 (1,300,605) - Net change in plan fiduciary net position 6,826,151 12,799,554 17,512,984 28,158,98 1 Plan fiduciary net position - beginning 469,826,178 457,026,624 439,513,640 411,354,659 Plan fiduciary net position - ending (b) 476,652,329$ 469,826,178 $ 457,026,624 $ 439,513,640 $ Net pension liability - ending (a) - (b) 216,949,28 1$ 206,770,83 1$ 198,920,355 $ 197,866,100 $ Plan fiduciary net position as a percentage
percentage of the total pension liability 68.72% 69.44% 69.67% 68.96% Covered payroll 34,316,884 $ 35,870,534 $ 34,439,607 $ 37,273,957 $ Net pension liability as a percentage of
covered payroll 632.19% 576.44% 577.59% 530.84%
Notes to the schedule:
* Fiscal year 2015 was the 1st year of implementation.

Benefit Changes: The figures above include any liability impact that may have resulted from voluntary benefit changes that occurred after the Ju ne 30, 2019 valuation. However, offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes) that occurred after the June 30, 2 019 valuation date are not included in the figures above, unless the liability impact is deemed to be material by the plan actuary.

Changes in Assumptions: None in 2019 or 2020. In 2018, demographic assumptions and inflation rate were changed in accordance to the CalPERS Experience Study and Review of Assumptions December 2017. There were no changes in the discount rate. In 2017, the discount rate was reduc ed from 7.65 percent to 7.15 percent. In 2016, there were no changes. In 2015, amounts reported reflect an adjustment of the discount rate from 7.5 percent (net of administrative expense) to

7.65 percent (without a reduction for pension plan administrative expense). In 2014, amounts reported were based on the 7.5 per cent discount rate. 186Page 633 of 789
6/30/2017 6/30/2016 6/30/2015
6/30/2016 6/30/2015 6/30/2014
10,297,536$ 10,142,245 $ 10,167,167 $
41,950,593 40,142,006 38,254,517
2,950,295 3,799,388 -
- (9,563,090) -
(30,593,589) (28,747,508) (27,199,743)
24,604,835 15,773,04 1 21,221,941
555,571,485 539,798,444 518,576,503
580,176,320$ 555,571,485 $ 539,798,444 $
11,488,714$ 10,652,64
1$ 9,352,438 $
4,607,993 3,797,568 3,348,408
2,062,417 9,408,186 64,842,562
4,762 3,476 -
(258,432) (477,249) -
(30,593,589) (28,747,508) (27,199,743)
---
(12,688,135) (5,362,886) 50,343,665
424,042,794 429,405,680 379,062,015
411,354,659$ 424,042,794 $ 429,405,680 $
168,821,661$ 131,528,69 1$ 110,392,764 $

70.90% 76.33% 79.55%
37,352,212$ 36,161,966 $ 35,479,947 $
451.97% 363.72% 311.14%
187Page 634 of 789
City of Richmond
Required Supplementary Information
For the year ended June 30, 2021
Safety Agent Multiple-Employer Defined Benefit Pension Plan Schedule of Contributions - Last 10 Years*
Fiscal Year Ended: 6/30/ 2021 6/30/2020 6/30/2019 6/30/2018 Actuarially determined contribution 21,315,23 1$ 19,355,578 $ 16,363,802 $ 14,013,858 $ Contributions in relation to actuarially determined contributions (21,315,231) (19,355,578) (16,363,802) (14,013,858) Contribution deficiency (excess) - $ - $ - $ - $ Covered payroll 33,272,769 $ 34,316,884 $ 35,870,534 $ 34,439,607 $ Contributions as a percentage of covered payroll 64.06% 56.40% 45.62% 40.69% Notes to the schedule:

Valuation date: 6/30/2019 6/30/2017 6/30/2016 6/30/2015 Methods and assumptions used to determine contribution rates:

Actuarial cost method
Amortization method
Asset valuation method
Inflation
Payroll growth
Salary increases
Investment rate of return
Retirement age
Mortality rate table
* Fiscal year 2015 was the 1st year of implementation.

7.50% for 2015 to 2018, 7.375% for 2019 and 7.25% for 2020, net of pension plan investment and administrative expenses, including inflation.

The probabilities of mortality are based on the 2017 CalPERS Experience Study for the period from 1997 to 2015. Pre-retirement and Post-retirement mortality rates include 15 years of projected mortality improvement using 90% of Scale MP-2016 published by the Society of Actuaries
Market Value of Assets. For details, see June 30 Funding Valuation Report.

Entry age normal
For details, see June 30 Funding Valuation Report

2.63%

2.875%
Varies by Entry Age and Service.

The probabilities of Retirement are based on the 2017 CalPERS Experience Study for the period from 1997 to 2015.
188Page 635 of 789
6/30/2017 6/30/2016 6/30/2015
12,696,582$ 11,492,798 $ 10,650,057 $
(12,696,582) (11,492,798) (10,650,057)
-$ - $ - $
37,273,957$ 37,352,212 $ 36,151,966 $

34.06% 30.77% 29.46%
6/30/2014 6/30/2013 6/30/2012
189Page 636 of 789
City of Richmond
Required Supplementary Information
For the year ended June 30, 2021
General Pension Plan
Schedule of Changes in the Net Pension Liability and Related Ratios - Last 10 Years* Fiscal Year Ended: 6/30/2021 6/30/ 2020 6/30/2019 6/30/2018 Measurement Date 6/30/2021 6/30/2020 6/30/2019 6/30/2018 Total Pension Liability
Interest 35,526$ 57,712 $ 70,585 $ 80,100 $ Differences between actual
and expected experience 106,639 - 150,123 -
Changes in assumptions 72,660 66,443 102,792 (20,669)
Benefit payments, including refunds
of employee contributions (401,991) (424,760) (494,605) (524,939) Net change in the total pension liability (187,166) (300,605) (171,105) (465,508) Total pension liability - beginning 1,995,238 2,295,843 2,466,948 2,932,456 Total pension liabilty - ending (a) 1,808,072$ 1,995,238 $ 2,295,843 $ 2,466,948 $ Plan Fiduciary Net Position
Contributions - employer 319,025 $ 503,714 $ 812,56 1$ 814,594 $ Contributions - donations and other income ----
C o n t r i b u t i o n s - m e m b e r ----
Net investment incom
e 5,501 23,724 8,124 2,207
Benefit payments, including member
contribution refunds (401,991) (424,760) (494,605) (524,939) Net change in the total pension liability (77,465) 102,678 326,080 291,862 Plan fidcuiary net position - beginning 1,170,491 1,067,813 741,733 449,87 1 Plan fidcuiary net position - ending (b) 1,093,026$ 1,170,49 1$ 1,067,813 $ 741,733 $ Net pension liability - ending (a) - (b) 715,046 $ 824,74 7$ 1,228,030 $ 1,725,215 $ Plan fiduciary net position as a percentage
percentage of the total pension liability 60.5% 58.7% 46.5% 30.1% Covered payroll n/a n/a n/a n/a
Net pension liability as a percentage of
covered payroll n/a n/a n/a n/a
* Fiscal year 2014 was the 1st year of implementation.
190Page 637 of 789
6/30/2017 6/30/2016 6/30/2015 6/30/2014
6/30/2017 6/30/2016 6/30/2015 6/30/2014
92,742$ 107,632 $ 128,954 $ 147,247 $ 40,459 - 345,786 -
- - 322,312 -
(584,272) (623,662) (672,546) (592,105)
(451,071) (516,030) 124,506 (444,858)
3,383,527 3,899,557 3,775,05 1 4,219,909
2,932,456$ 3,383,527 $ 3,899,557 $ 3,775,05 1$ 73,592$ 602,970 $ 602,970 $ 602,970 $ ----
----
3,35
1 2,255 2,017 (837)
(584,272) (623,662) (672,546) (592,105)
(507,329) (18,437) (67,559) 10,028
957,200 975,637 1,043,196 1,033,168
449,87
1$ 957,200 $ 975,637 $ 1,043,196 $ 2,482,585$ 2,426,327 $ 2,923,920 $ 2,731,855 $

15.3% 28.3% 25.0% 27.6%
n/a n/a n/a n/a
n/a n/a n/a n/a
191Page 638 of 789
City of Richmond
Required Supplementary Information
For the year ended June 30, 2021
Police and Firemen's Pension Plan
Schedule of Changes in the Net Pension Liability and Related Ratios - Last 10 Years* Fiscal Year Ended: 6/30/ 2021 6/30/2020 6/30/2019 6/30/2018 Measurement Date 6/30/2021 6/30/2020 6/30/2019 6/30/2018 Total Pension Liability
Interest 561,163$ 606,022 $ 952,312 $ 1,031,753 $ Differences between actual
and expected experience (3,680,825) - (3,103,425) -
Changes in assumptions 28,483 - 1,037,914 -
Benefit payments, including refunds
of employee contributions (1,412,673) (1,793,082) (2,170,136) (2,656,508) Net change in the total pension liability (4,503,852) (1,187,060) (3,283,335) (1,624,755) Total pension liability - beginning 13,176,626 14,363,686 17,647,02 1 19,271,776 Total pension liabilty - ending (a) 8,672,774$ 13,176,626 $ 14,363,686 $ 17,647,02 1$ Plan Fiduciary Net Position
Contributions - employer 937,004 $ 937,004 $ 1,270,466 $ 1,270,466 $ Net investment income 2,527,138 584,954 645,593 589,027 Benefit payments, including member
contribution refunds (1,412,673) (1,793,082) (2,170,136) (2,656,508) Other deductibles ----
Net change in the total pension liability 2,051,469 (271,124) (254,077) (797,015) Plan fidcuiary net position - beginning 11,062,378 11,333,502 11,587,579 12,384,594 Plan fidcuiary net position - ending (b) 13,113,847$ 11,062,378 $ 11,333,502 $ 11,587,579 $ Net pension liability - ending (a) - (b) (4,441,073) $ 2,114,248 $ 3,030,184 $ 6,059,442 $ Plan fiduciary net position as a percentage
percentage of the total pension liability 151.2% 84.0% 78.9% 65.7% Covered payroll n/a n/a n/a n/a
Net pension liability as a percentage of
covered payroll n/a n/a n/a n/a
* Fiscal year 2014 was the 1st year of implementation.
192Page 639 of 789
6/30/2017 6/30/2016 6/30/2015 6/30/2014
6/30/2017 6/30/2016 6/30/2015 6/30/2014
1,111,386$ 1,214,089 $ 1,464,746 $ 1,579,762 $ 261,891 - (323,462) -
- - 1,380,854 -
(2,859,902) (3,140,552) (3,074,421) (3,436,887)
(1,486,625) (1,926,463) (552,283) (1,857,125)
20,758,401 22,684,864 23,237,147 25,094,272
19,271,776$ 20,758,40 1$ 22,684,864 $ 23,237,147 $ 1,270,466$ 1,222,197 $ 740,235 $ 740,235 $ 1,340,997 (165,490) 369,240 2,968,492
(2,859,902) (3,140,552) (3,074,421) (3,436,887)
- - - (3,424,568)
(248,439) (2,083,845) (1,964,946) (3,152,728)
12,633,033 14,716,878 16,681,824 19,834,552
12,384,594$ 12,633,033 $ 14,716,878 $ 16,681,824 $ 6,887,182$ 8,125,368 $ 7,967,986 $ 6,555,323 $

64.3% 60.9% 64.9% 71.8%
n/
a n/a n/a n/a
n/a n/a n/a n/a
193Page 640 of 789
City of Richmond
Required Supplementary Information
For the year ended June 30, 2021
Garfield Pension Plan
Schedule of Changes in the Net Pension Liability and Related Ratios - Last 10 Years* Fiscal Year Ended: 6/30/ 2021 6/30/2020 6/30/2019 6/30/2018 Measurement Date 6/30/2021 6/30/2020 6/30/2019 6/30/2018 Total Pension Liability
Interest 4,877$ 7,756 $ 17,334 $ 19,334 $ Differences between actual
and expected experience 51,995 - (220,079) -
Changes in assumptions 10,397 10,225 (1,426) -
Benefit payments, including refunds
of employee contributions (50,048) (49,067) (77,703) (94,323) Net change in the total pension liability 17,221 (31,086) (281,874) (74,989) Total pension liability - beginning 303,693 334,779 616,653 691,642 Total pension liabilty - ending (a) 320,914$ 303,693 $ 334,779 $ 616,653 $ Plan Fiduciary Net Position
Contributions - employer - $ - $ 102,140$ 102,140 $ Net investment income 1,984 6,914 7,024 2,627
Benefit payments, including member
contribution refunds (50,048) (49,067) (77,703) (94,323) Net change in the total pension liability (48,064) (42,153) 31,461 10,444 Plan fidcuiary net position - beginning 297,069 339,222 307,76 1 297,317 Plan fidcuiary net position - ending (b) 249,005$ 297,069 $ 339,222 $ 307,76 1$ Net pension liability - ending (a) - (b) 71,909 $ 6,624 $ (4,443) $ 308,892 $ Plan fiduciary net position as a percentage
percentage of the total pension liability 77.6% 97.8% 101.3% 49.9% Covered payroll n/a n/a n/a n/a
Net pension liability as a percentage of
covered payroll n/a n/a n/a n/a
* Fiscal year 2014 was the 1st year of implementation.
194Page 641 of 789
6/30/2017 6/30/2016 6/30/2015 6/30/2014
6/30/2017 6/30/2016 6/30/2015 6/30/2014
19,517$ 21,615 $ 28,597 $ 30,759 $ 67,810 - (45,458) -
- - 64,544 -
(92,474) (90,660) (88,883) (87,140)
(5,147) (69,045) (41,200) (56,381)
696,789 765,834 807,034 863,415
691,642$ 696,789 $ 765,834 $ 807,034 $ 102,140$ 102,140 $ 102,140 $ 102,140 $ 1,517 933 577 227
(92,474) (90,660) (88,883) (87,141)
11,183 12,413 13,834 15,226
286,134 273,72
1 259,887 244,66 1
297,317$ 286,134 $ 273,72 1$ 259,887 $ 394,325$ 410,655 $ 492,113 $ 547,147 $

43.0% 41.1% 35.7% 32.2%
n/a n/a n/a n/a
n/a n/a n/a n/a
195Page 642 of 789
City of Richmond
Required Supplementary Information
For the year ended June 30, 2021
Schedule of Contributions - Last 10 Years
(1) (3)
Actuarially Contribution (4) (5)
Determined (2) Deficiency Covered ADC / Covered
Fiscal Year Contribution Employer (Excess) Employee Employee Payroll Ended (ADC) Contributions (1) - (2) Payroll (1) / (4)
General Pension Plan
June 30, 2011 486,092 $ 486,092 $ - $ n/a n/a June 30, 2012 455,662 148,186 307,476 n/a n/a June 30, 2013 502,278 660,992 (158,714) n/a n/a June 30, 2014 602,970 602,970 - n/a n/a June 30, 2015 602,970 602,970 - n/a n/a June 30, 2016 750,016 602,970 147,046 n/a n/a June 30, 2017 750,016 73,592 676,424 n/a n/a June 30, 2018 947,219 814,594 132,625 n/a n/a June 30, 2019 947,219 812,561 134,658 n/a n/a June 30, 2020 469,402 503,714 (34,312) n/a n/a June 30, 2021 312,462 319,025 (6,563) n/a n/a Police & Firemen's Pension Plan
June 30, 2011 2,257,912 $ - $ 2,257,912$ n/a n/a June 30, 2012 1,596,771 - 1,596,771 n/a n/a June 30, 2013 1,813,721 1,596,771 216,950 n/a n/a June 30, 2014 740,235 740,234 1 n/a n/a June 30, 2015 740,235 740,235 - n/a n/a June 30, 2016 1,270,466 1,222,197 48,269 n/a n/a June 30, 2017 1,270,466 1,270,466 - n/a n/a June 30, 2018 1,389,612 1,270,466 119,146 n/a n/a June 30, 2019 1,389,612 1,270,466 119,146 n/a n/a June 30, 2020 937,004 937,004 - n/a n/a June 30, 2021 937,004 937,004 - n/a n/a Garfield Pension Plan
June 30, 2011 76,692 $ 76,692 $ - $ n/a n/a June 30, 2012 78,731 - 78,731 n/a n/a June 30, 2013 92,092 77,000 15,092 n/a n/a June 30, 2014 102,140 102,140 - n/a n/a June 30, 2015 102,140 102,140 - n/a n/a June 30, 2016 78,987 102,140 (23,153) n/a n/a June 30, 2017 78,987 102,140 (23,153) n/a n/a June 30, 2018 86,103 102,140 (16,037) n/a n/a June 30, 2019 86,103 102,140 (16,037) n/a n/a June 30, 2020 - - - n/a n/a June 30, 2021 - - - n/a n/a 196Page 643 of 789
City of Richmond
Required Supplementary Information
For the year ended June 30, 2021
Schedule of Contributions - Last 10 Years, Continued
Notes to Schedule:

Actuarially determined contribution rates are calculated as of the end of the fiscal year in which contributions are reported from the July 1, 2019 Actuarial Valuation.

Methods and assumptions used to determine contribution rates:

Actuarial cost method
Amortization method
Remaining amortization period
Asset valuation method
Inflation (short-term)
Salary increases used to estimate future
increases to pensions
Discount rate, net of investment expenses
Retirement age
Mortality
(A) There is no amortization of unfudned liability if the plan is more than 100% funded.

Schedule of Investment Returns - Last 10 Years*
Annual money-weighted rate
of return, net of investment
expense 2021 2020 2019 2018 2017 2016 2015 2014
General Pension Plan 0.44% 1.54% 0.64% 1.00% 0.50% 0.30% 0.30% 0.10% Police and Firemen's Pension
Plan 22.61% 5.11% 5.51% 4.90% 11.80% -1.20% 2.40% 3.90% Garfield Pension Plan 0.72% 2.18% 1.93% 1.00% 0.60% 0.40% 0.30% 0.40% * Fiscal year 2014 was the 1st year of implementation.

Investment Gains & Losses: Straight-line amortization over a closed 5-year period.

Effects of Assumptions Changes and Experience Gains and Losses:

Police and Firemen's Plan General Pension Plan Garfield Pension Plan n/a n/a
5 years 1 year (A)
Market value of assets Market value of assets Market value of assets (based on CalPERS 1997 - 2015 experience)
Straight-line amortization over a closed period equal to the average of the expected remaining service lives of all members that are provided with pensions through the pension plan. Since the plan no longer has active members, the effects of assumption changes and experience are recognized immediately.

1.00%
Closed to new members
Entry age normal cost Entry age normal cost Entry age normal cost California PERS Mortality Table in its 2017 experience study

3.50%
Closed to new members

1.00%
Closed to new members

2.00% 2.00% 2.00%
n/a
197Page 644 of 789
City of Richmond
Required Supplementary Information
For the year ended June 30, 2021

OTHER POST-EMPLOYMENT BENEFITS PLAN SCHEDULES
OPEB Plan, an Agent Multiple-Employer Defined Benefit Plan Schedule of Changes in the Net OPEB Liability and Related Ratios - Last 10 Years* For the Measurement Period Ended: 6/30/202 1 6/30/2020 6/30/2019 6/30/2018 6/30/2017 Total OPEB Liability
Service cost 2,072,96 1$ 4,292,499 $ 3,452,679 $ 6,730,397 $ 7,558,987 $ Interest 6,846,932 7,222,766 7,625,498 7,927,217 7,064,307 Chan
ges in benefit terms - - (19,910,800) - -
Differences between actual
and expected experience (140,135) (28,723,614) - (2,816,969) - Changes in assumptions 1,173,106 (42,412,472) (1,409,953) 8,715,168 (15,340,529) Benefit payments (7,011,178) (7,753,129) (7,247,073) (6,861,529) (6,497,645) Net change in the total OPEB liability 2,941,686 (67,373,950) (17,489,649) 13,694,284 (7,214,880) Total OPEB liability - beginning 120,302,967 187,676,917 205,166,566 191,472,282 198,687,162 Total OPEB liabilty - ending (a) 123,244,653$ 120,302,967 $ 187,676,917 $ 205,166,566 $ 191,472,282 $ Plan Fiduciary Net Position
Contributions - employer 9,515,699 $ 12,720,085 $ 6,714,785 $ 13,599,120 $ 13,218,475 $ Contributions - employee 623,088 642,475 532,288 765,475 278,850 Net investment income 6,562,745 709,908 1,170,454 632,089 227,394 Administrative expense (111,868) (89,764) (81,950) (49,169) (11,250) Benefit payments (7,011,178) (7,753,129) (7,247,073) (6,861,529) (6,497,645) Plan to Plan transfer (1) - - (1,879,640) - -
Net change in the total OPEB liability 9,578,486 6,229,575 (791,136) 8,085,986 7,215,824 Plan fidcuiary net position - beginning 22,861,318 16,631,743 17,422,879 9,336,893 2,121,069 Plan fidcuiary net position - ending (b) 32,439,804$ 22,861,318 $ 16,631,743 $ 17,422,879 $ 9,336,893 $ Net OPEB liability - ending (a) - (b) 90,804,849 $ 97,441,649 $ 171,045,174 $ 187,743,687 $ 182,135,389 $ Plan fiduciary net position as a percentage
percentage of the total OPEB liability 26.32% 19.00% 8.86% 8.49% 4.88% Covered employee payroll 46,698,024 $ 50,016,647 $ 49,511,523 $ 65,359,713 $ 66,774,795 $ Net OPEB liability as a percentage of
covered employee payroll 194.45% 194.82% 345.47% 287.25% 272.76% (1) Transferred to the RPOA Plan established in fiscal year 2019. * Fiscal year 2017 was the 1st year of implementation.
198Page 645 of 789
City of Richmond
Required Supplementary Information
For the year ended June 30, 2021
OTHER POST-EMPLOYMENT BENEFITS PLAN SCHEDULES, Continued OPEB Plan, an Agent Multiple-Employer Defined Benefit Plan, Continued Schedule of Plan Contributions - Last 10 Years*
Fiscal Year Ended: 6/30/2021 6/30/2020 6/30/2019 6/30/ 2018 6/30/2017 Contractually required
contributions (CRC) (1) 7,011,178 $ 7,753,129 $ 7,247,073 $ 6,861,529 $ 6,497,645 $ Contributions in relation to the CRC (7,011,178) (7,753,129) (7,247,073) (6,861,529) (6,497,645) Contribution deficiency (excess) - $ - $ - $ - $ - $ Notes:
(1) The City does not calculate an Actuarially Determined Contribution, but the City's agreements with its bargaining units pro vide for various benefit levels as discussed in the Notes to the Financial Statements. Contributions reported include the implicit subsidy.

Schedule of Investment Returns - Last 10 Years*
Fiscal Year Ended: 6/30/2021 6/30/2020 6/30/2019 6/30/ 2018 6/30/2017 Annual money weighted rate of return,
net of investmentment expense 26.66% 3.48% 6.74% 6.30% 10.75% * Fiscal year 2017 was the 1st year of implementation.
199Page 646 of 789
City of Richmond
Required Supplementary Information
For the year ended June 30, 2021
OTHER POST-EMPLOYMENT BENEFITS PLAN SCHEDULES, Continued RPOA OPEB Plan, an Agent Multiple-Employer Defined Benefit Plan Schedule of Changes in the Net OPEB Liability and Related Ratios - Last 10 Years* For the Measurement Period Ended: 6/30/202 1 6/30/2020 6/30/2019 Total OPEB Liability
Service cost 1,871,012$ 2,053,367 $ 1,939,517 $ Interest 800,939 850,944 764,597
Changes in benefit terms - - 21,995,467
Differences between actual
and expected experience 10,367 (1,784,304) -
Changes in assumptions (9,082,375) 401,383 -
Benefit payments (277,277) (156,536) (82,673)
Net change in the total OPEB liability (6,677,334) 1,364,854 24,616,908 Total OPEB liability - beginning 25,981,762 24,616,908 - Total OPEB liabilty - ending (a) 19,304,428$ 25,981,762 $ 24,616,908 $ Plan Fiduciary Net Position
Contributions - employer 1,028,868$ 1,851,964 $ - $ Contributions - employee 453,163 425,213 82,673
Net investment income 935,134 170,322 -
Plan to Plan transfer (1) - - 1,879,640
Benefit payments (277,277) (156,536) (82,673)
Administrative expense (2,612) - -
Net change in the total OPEB liability 2,137,276 2,290,963 1,879,640 Plan fidcuiary net position - beginning 4,170,603 1,879,640 - Plan fidcuiary net position - ending (b) 6,307,879$ 4,170,603 $ 1,879,640 $ Net OPEB liability - ending (a) - (b) 12,996,549 $ 21,811,159 $ 22,737,268 $ Plan fiduciary net position as a percentage
percentage of the total OPEB liability 32.68% 16.05% 7.64% Covered employee payroll 16,100,126$ 16,699,113 $ 17,404,407 $ Net OPEB liability as a percentage of
covered employee payroll 80.72% 130.61% 130.64%
(1) Transferred from the OPEB Plan.
* Fiscal year 2019 was the 1st year of implementation.
200Page 647 of 789
City of Richmond
Required Supplementary Information
For the year ended June 30, 2021
OTHER POST-EMPLOYMENT BENEFITS PLAN SCHEDULES, Continued RPOA OPEB Plan, an Agent Multiple-Employer Defined Benefit Plan, Continued Schedule of Plan Contributions - Last 10 Years*
Fiscal Year Ended: 6/30/2021 6/30/2020 6/30/2019
Contractually required contributions (CRC) (1) 1,028,868 $ 1,851,964 $ 82,673 $ Contributions in relation to the CRC (1,028,868) (1,851,964) (82,673) Contribution deficiency (excess) -$ - $ - $ Notes:
(1) The City does not calculate an Actuarially Determined Contribution, but the City's agreements with its bargaining units pro vide for various benefit levels as discussed in the Notes to the Financial Statements. Contributions reported include the implicit subsidy. * Fiscal year 2019 was the 1st year of implementation.
201Page 648 of 789
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202Page 649 of 789

SUPPLEMENTARY

INFORMATION
203Page 650 of 789
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204Page 651 of 789

NONMAJOR GOVERNMENTAL FUNDS
Special Revenue Funds
State Gas Tax Fund accounts for the subventions received from state gas taxes under the provision of the Streets and Highways Code. State gas taxes are restricted for street construction activities including location of underground utilities, geotechnical work relating to identification of so il and groundwater contamination, materials sampling, and testing.

General Purpose Fund accounts for other restricted monies that are to be used for the specific purposes for which the funds were set up.

Paratransit Operations Fund accounts for monies used to provide subsidized, accessible transportation to the seniors and disabled residents of the City of Richmond and the adjacent unincorporated areas of West Contra Costa County.

Employment & Training Fund is a fund set up to plan, administer and operate job training programs for the adult and youth residents of Richmond.

Public Safety Fund records the receipt and use of grant monies under the Local Law Enforcements Block Grant Program, Office of Traffic Safety Grants, OES Grants, FEMA Grants, and various other grants.

Lighting and Landscaping Districts Fund was set up to account for maintenance services in the nature of landscaping, lighting, cleaning provided to the Hilltop parking lot area, the Marina Way Development area, and the Marina Bay area.

Developer Impact Fees Fund is used to account for monies received from fees levied by the City on new commercial and residential projects. These funds will be used to mitigate the additional public safety and infrastructure costs resulting from these development projects.

Secured Pension Override Fund records the receipt of Pension Tax override collected through property taxes for payment of pension contributions.

Richmond Neighborhood Stabilization Corporation Fund accounts for the activities of the Corporation.

Rent Control Fund is used to account for fees paid by landlords to find the operation of Richmond's Fair Rent, Just Cause for Eviction, and Homeowner Protection programs.

Cost Recovery Fund is used to record the receipt and use of monies for services provided to the public and developers.

Environmental and Community Investment Agreement (ECIA) Fund accounts for funding received from Chevron in conjunction with the Chevron Modernization Project Environmental and Community Investment Agreement to fund various projects and programs within the City of Richmond. 205Page 652 of 789
NONMAJOR GOVERNMENTAL FUNDS (Continued)
Debt Service Funds
2005 Pension Obligation Bonds Debt Service Fund receives transfers from the General Fund and the Pension Tax Override Fund, and pays the debt service on the 2005 Pension Obligation Bonds.

General Debt Service Fund accounts for monies received in connection with the 1995A and the 1999 Series A Pension Obligation Bonds and the related payments on such debt. The 1995 Series A bonds were to refinance the cost of capital improvements, and the 1999 Series A bonds were issued to fi nd a portion of the unfunded accrued actuarial liability in the Pension Fund.

Civic Center Debt Service Fund accounts for principal and interest payments on the Civic Center Project Lease Revenue Bonds.

Capital Projects Funds
General Capital Improvement Fund accounts for monies designated for capital improvement projects.

Measure C/J Fund was set up when the voters of Contra Costa County approved Measure C providing for the creation of the Contra Costa County Transportation Authority. The half-cent transportation sales tax was renewed under Measure J, effective April 1, 2009. The Authority collects one-half percent sales and use tax. Twenty percent of this tax is allocated to the City of Richmond to be used for the improvement of local transportation, including streets and roads in accordance with Measure C and Measure J compliance.

Harbor Navigation Fund records expenses relating to the construction of certain public improvements relating to the Port of Richmond consisting of dredging and deepening of the Richmond Harbor. 206Page 653 of 789
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207Page 654 of 789
City of Richmond
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2021
Paratransit Employment
State Gas Tax General Purpos e Operations and Training
Fund Fund Fund Fund
ASSETS
Cash and investments 4,008,432$ 1,557,533 $ 412,314 $ 2,345,449 $ Restricted cash and investments - - - 1,398
Receivables:

Accounts, net 257,813 167 230 46,076
Interest 1,134 540 62 - Grants - 1,720,090 35,903 916,825
Loans ----
Total assets 4,267,379 3,278,330 448,509 3,309,748

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
Liabilities:

Accounts payable and accrued liabilities 1,025,792 1,086,862 50,587 377,173 Refundable deposits ----
Due to other funds ----
Advances to other funds ----
Unearned revenue - 327,422 - 600
Total liabilities 1,025,792 1,414,284 50,587 377,773
Deferred inflows of resources:

Unavailable revenue - 1,580,079 35,903 456,335
Total deferred inflows of resouces - 1,580,079 35,903 456,335 Fund Balances:

Restricted 3,241,587 283,967 362,019 -
Assigned - - - 2,475,640
Unassign e d ----
Total fund balances 3,241,587 283,967 362,019 2,475,640 Total liabilities, deferred inflows
of resources, and fund balances 4,267,379$ 3,278,330 $ 448,509 $ 3,309,748 $ Special Revenue Funds
208Page 655 of 789
Richmond
Lighting and Develope r Secured Neighborhood
Public Safety Landscaping Impact Fees Pension Override Stabilization Rent Control Fund Districts Fund Fund Fund Corporation Fund Fund
286,947$ 1,404,342 $ 10,251,759 $ 144,998 $ - $ 1,179,244$ ---- 124,772 -
29,443 1,496 - - - 9,376
101 454 3,139 - 11 376 ------
---- 779,013 -
316,491 1,406,292 10,254,898 144,998 903,796 1,188,996
9,373 47,188 402,676 - - 39,02 1
------
---- 1 , 7 6 3-
------
----- 4 9 9
9,373 47,188 402,676 - 1,763 39,520
- 1,496 - - 779,013 -
- 1,496 - - 779,013 -
307,118 1,357,608 9,852,222 144,998 123,020 1,149,476
------
------
307,118 1,357,608 9,852,222 144,998 123,020 1,149,476
316,49
1$ 1,406,292 $ 10,254,898 $ 144,998 $ 903,796 $ 1,188,996 $ Special Revenue Funds
209Page 656 of 789
City of Richmond
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2021
Environmental
and Community 2005 Pension General
Cost Recovery Investment Obligation Bond s Debt Service Fund Agreement Fund Fund Fund
ASSETS
Cash and investments 2,451,253$ 18,739,152 $ - $ 8,889$ Restricted cash and investments - - 11,845,153 -
Receivables:

Accounts, net 633,007 - - -
Interest 2,084 4,510 - 3 Grants 2,865,324 - - -
Loans ----
Total assets 5,951,668 18,743,662 11,845,153 8,892

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
Liabilities:

Accounts payable and accrued liabilities 2,186,057 3,337,085 - - Refundable deposits 665,933 - - -
Due to other funds -- 3 , 9 6 9-
Advances to other funds ----
Unearned revenue 20,093 - - -
Total liabilities 2,872,083 3,337,085 3,969 -
Deferred inflows of resources:

Unavailable revenue 2,859,324 - - -
Total deferred inflows of resouces 2,859,324 - - -
Fund Balances:

Restricted 220,26 1 15,406,577 11,841,184 8,892
Assign e d ----
Unassign e d ----
Total fund balances 220,261 15,406,577 11,841,184 8,892 Total liabilities, deferred inflows
of resources, and fund balances 5,951,668$ 18,743,662 $ 11,845,153 $ 8,892 $ Special Revenue Funds Debt Service Funds
210Page 657 of 789
Total
Civic Center General Capital Harbo r Nonmajor
Debt Service Improvement Measure C/ J Navigation Governmental Fund Fund Fund Fund Fund s
955,397$ 2,916,040 $ 242,346 $ 45,445 $ 46,949,540$ 39 89,354 - - 12,060,716
- - 1,657,713 - 2,635,32 1
123 - 139 14 12,690 - - 342,865 - 5,881,007
---- 779,013
955,559 3,005,394 2,243,063 45,459 68,318,287
- 15,078 323,974 - 8,900,866
---- 665,933
---- 5 , 7 3 2
-----
2,551,845 - - - 2,900,459
2,551,845 15,078 323,974 - 12,472,990
- - 342,865 - 6,055,015
- - 342,865 - 6,055,015
- 2,990,316 1,657,713 - 48,946,958
- - - 45,459 2,521,099
(1,596,286) - (81,489) - (1,677,775)
(1,596,286) 2,990,316 1,576,224 45,459 49,790,282
955,559$ 3,005,394 $ 2,243,063 $ 45,459 $ 68,318,287$ Capital Projects Funds
211Page 658 of 789
City of Richmond
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the year ended June 30, 2021
Paratransit Employment
State Gas Tax General Purpose Operations and Training
Fund Fund Fund Fund
REVENUES:

Property taxes - $ - $ - $ - $ Licenses, permits and fees - 25,000 - - Fines, forfeitures and penalties - 692 - - Use of money and property 11,113 5,923 381 - Intergovernmental 4,489,591 3,039,844 1,157,832 3,206,590 Charges for services - 394,595 5,920 - Other - 150 - 75,021 Total revenues 4,500,704 3,466,204 1,164,133 3,281,611 EXPENDITURES:

Current:

General government - 1,990,463 776,338 - Public safety - 879,671 - - Public works 2,658,021 75,192 - - Community development - 8,989 - 4,692,920 Cultural and recreational - 322,057 - - Housing and redevelopment - 437 - - Capital outlay 619,466 - - - Debt service:

Principal - - - - Interest and fiscal charges - - - - Total expenditures 3,277,487 3,276,809 776,338 4,692,920

REVENUES OVER (UNDER)
EXPENDITURES 1,223,217 189,395 387,795 (1,411,309) OTHER FINANCING SOURCES (USES):

Transfers in - 126,186 - 1,495,705 Transfers out - (126,186) - - Total other financing sources (uses) - - - 1,495,705 Net change in fund balances 1,223,217 189,395 387,795 84,396 FUND BALANCES (DEFICITS):

Beginning of year 2,018,370 94,572 (25,776) 2,391,244 End of year 3,241,587$ 283,967 $ 362,019 $ 2,475,640 $ Special Revenue Funds
212Page 659 of 789
Richmond
Lighting and Developer Secured Neighborhood
Public Safety Landscaping Impact Fees Pension Override Stabilization Rent Control Fund Districts Fund Fund Fund Corporation Fund Fund
-$ 1,676,745$ - $ 11,352,354$ - $ - $ - - 3,237,510 - - 2,764,961 - - - - - - 1,410 5,274 35,663 - 145 6,096 258,269 - - - - - - - - - - - 33,301 - - - - 24,796 292,980 1,682,019 3,273,173 11,352,354 145 2,795,853 - - - 6,563 - - 299,396 - 79,431 937,004 - - - 2,444,618 429,829 - - - - - - - - - - - 66,520 - - - - - - - 35,576 2,143,246 - - 601,084 - - - - - - - - - - - - - - - 299,396 2,444,618 1,176,864 943,567 35,576 2,143,246 (6,416) (762,599) 2,096,309 10,408,787 (35,431) 652,607 - 645,563 - - - - - - - (10,263,789) - - - 645,563 - (10,263,789) - - (6,416) (117,036) 2,096,309 144,998 (35,431) 652,607 313,534 1,474,644 7,755,913 - 158,451 496,869 307,118$ 1,357,608 $ 9,852,222 $ 144,998 $ 123,020 $ 1,149,476 $ Special Revenue Funds
213Page 660 of 789
City of Richmond
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the year ended June 30, 2021
Environmental
and Community 2005 Pension General
Cost Recovery Investment Obligation Bonds Debt Service
Fund Agreement Fund Fund Fund
REVENUES:

Property taxes - $ - $ 12,124,486$ - $ Licenses, permits and fees 8,387,591 - - - Fines, forfeitures and penalties - - - - Use of money and property 24,665 62,573 3,281 209 Intergovernmental 718,961 7,000,000 - - Charges for services 2,544,424 - - - Other 6,026 50,083 - - Total revenues 11,681,667 7,112,656 12,127,767 209 EXPENDITURES:

Current:

General government 8,830,541 4,643,862 - - Public safety - 51,908 - - Public works 800,652 153,769 - - Community development - 500,000 - - Cultural and recreational - 330,067 - - Housing and redevelopment - - - - Capital outlay 2,521,583 401,638 - - Debt service:

Principal - - 9,458,000 795,000 Interest and fiscal charges - - 2,143,869 296,687 Total expenditures 12,152,776 6,081,244 11,601,869 1,091,687

REVENUES OVER (UNDER)
EXPENDITURES (471,109) 1,031,412 525,898 (1,091,478) OTHER FINANCING SOURCES (USES):

Transfers in - - - 1,092,338 Transfers out - (325,000) - - Total other financing sources (uses) - (325,000) - 1,092,338 Net change in fund balances (471,109) 706,412 525,898 860 FUND BALANCES (DEFICITS):

Beginning of year 691,370 14,700,165 11,315,286 8,032 End of year 220,261$ 15,406,577$ 11,841,184 $ 8,892 $ Special Revenue Funds Debt Service Funds
214Page 661 of 789
Total
Civic Center General Capital Harbor Nonmajor
Debt Service Improvement Measure C/J Navigation Governmental Fund Fund Fund Fund Fund s
-$ - $ - $ - $ 25,153,585$ - - - - 14,415,062 - - - - 692 2,613 22 3,523 195 163,086 - - 1,657,713 - 21,528,800 5,696,151 - - - 8,641,090 - - - - 189,377 5,698,764 22 1,661,236 195 70,091,692 - - - - 16,247,767 - - - - 2,247,410 - - 716,192 - 7,278,273 - - - - 5,201,909 - - - - 718,644 - - - - 2,179,259 - 839,634 985,430 - 5,968,835 3,260,000 - - - 13,513,000 4,466,982 - - - 6,907,538 7,726,982 839,634 1,701,622 - 60,262,635 (2,028,218) (839,612) (40,386) 195 9,829,057 2,406,458 303,275 - - 6,069,525 - - - - (10,714,975) 2,406,458 303,275 - - (4,645,450) 378,240 (536,337) (40,386) 195 5,183,607 (1,974,526) 3,526,653 1,616,610 45,264 44,606,675 (1,596,286)$ 2,990,316 $ 1,576,224 $ 45,459 $ 49,790,282$ Capital Projects Funds
215Page 662 of 789
City of Richmond
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual State Gas Tax Fund
For the year ended June 30, 2021
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Use of money and property -$ - $ 11,113$ 11,113 $ Intergovernmental 4,513,317 4,513,317 4,489,59 1 (23,726) Total revenues 4,513,317 4,513,317 4,500,704 (12,613) EXPENDITURES:

Current:

Public works 2,827,121 3,124,644 2,658,02 1 466,623
Capital outlay 1,450,845 1,153,322 619,466 533,856
Total expenditures 4,277,966 4,277,966 3,277,487 1,000,479 Net change in fund balances 235,351$ 235,351 $ 1,223,217 987,866 $ FUND BALANCES (DEFICITS):

Beginning of year 2,018,370
End of year 3,241,587$
Budgeted Amounts
216Page 663 of 789
City of Richmond
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual General Purpose Fund
For the year ended June 30, 2021
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Licenses, permits and fees 25,000$ 148,207 $ 25,000 $ (123,207)$ Fines, forfeitures and penalties 19,000 500 692 192
Use of money and property - 1,000 5,923 4,923
Intergovernmental 1,471,859 2,458,423 3,039,844 581,42 1 Charges for services 50,000 50,000 394,595 344,595
Other 17,733 17,733 150 (17,583)
Total revenues 1,583,592 2,675,863 3,466,204 790,341 EXPENDITURES:

Current:

General government 604,977 811,463 1,990,463 (1,179,000) Public safety 318,618 1,102,824 879,67 1 223,153
Public works 1,073 112,814 75,192 37,622
Community development - - 8,989 (8,989)
Cultural and recreational 477,939 493,326 322,057 171,269 Housing and redevelopment - - 437 (437)
Capital outlay 284,000 284,000 - 284,000
Total expenditures 1,686,607 2,804,427 3,276,809 (472,382)

REVENUES OVER (UNDER)
EXPENDITURES (103,015) (128,564) 189,395 317,959 OTHER FINANCING SOURCES (USES):

Transfers in - - 126,186 126,186
Transfers out - - (126,186) (126,186)
Total other financing sources (uses) - - - - Net change in fund balances (103,015)$ (128,564) $ 189,395 317,959 $ FUND BALANCES (DEFICITS):

Beginning of year 94,572
End of year 283,967$
Budgeted Amounts
217Page 664 of 789
City of Richmond
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Paratransit Operations Fund
For the year ended June 30, 2021
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Use of money and property -$ - $ 38 1$ 38 1$ Intergovernmental 895,000 895,000 1,157,832 262,832
Charges for services - - 5,920 5,920
Other 20,000 20,000 - (20,000)
Total revenues 915,000 915,000 1,164,133 249,133 EXPENDITURES:

Current:

General government 1,142,342 1,143,292 776,338 366,954
Community development 25,600 24,650 - 24,650
Total expenditures 1,167,942 1,167,942 776,338 391,604

REVENUES OVER (UNDER)
EXPENDITURES (252,942) (252,942) 387,795 640,737 OTHER FINANCING SOURCES (USES):

Transfers in 252,942 252,942 - (252,942)
Total other financing sources (uses) 252,942 252,942 - (252,942) Net change in fund balances -$ - $ 387,795 387,795 $ FUND BALANCES (DEFICITS):

Beginning of year (25,776)
End of year 362,019$
Budgeted Amounts
218Page 665 of 789
City of Richmond
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Employment and Training Fund
For the year ended June 30, 2021
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Intergovernmental 8,258,640$ 8,624,536 $ 3,206,590 $ (5,417,946)$ Charges for services 116,371 116,371 - (116,371)
Other 212,940 212,940 75,02 1 (137,919)
Total revenues 8,587,951 8,953,847 3,281,611 (5,672,236) EXPENDITURES:

Current:

Community development 9,703,826 10,069,722 4,692,920 5,376,802 Total expenditures 9,703,826 10,069,722 4,692,920 5,376,802

REVENUES OVER (UNDER)
EXPENDITURES (1,115,875) (1,115,875) (1,411,309) (295,434) OTHER FINANCING SOURCES (USES):

Transfers in 1,495,705 1,495,705 1,495,705 -
Total other financing sources (uses) 1,495,705 1,495,705 1,495,705 - Net change in fund balances 379,830$ 379,830 $ 84,396 (295,434) $ FUND BALANCES (DEFICITS):

Beginning of year 2,391,244
End of year 2,475,640$
Budgeted Amounts
219Page 666 of 789
City of Richmond
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Public Safety Fund
For the year ended June 30, 2021
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Use of money and property -$ - $ 1,410$ 1,410 $ Intergovernmental 360,335 360,335 258,269 (102,066)
Other - 20,780 33,30 1 12,521
Total revenues 360,335 381,115 292,980 (88,135) EXPENDITURES:

Current:

Public safety 566,811 566,811 299,396 267,415
Total expenditures 566,811 566,811 299,396 267,415 Net change in fund balances (206,476)$ (185,696) $ (6,416) 179,280 $ FUND BALANCES (DEFICITS):

Beginning of year 313,534
End of year 307,118$
Budgeted Amounts
220Page 667 of 789
City of Richmond
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Lighting and Landscaping Districts Fund
For the year ended June 30, 2021
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Property taxes 1,678,479$ 1,678,479 $ 1,676,745 $ (1,734)$ Use of money and property - - 5,274 5,274
Total revenues 1,678,479 1,678,479 1,682,019 3,540 EXPENDITURES:

Current:

Public works 2,083,585 2,369,939 2,444,618 (74,679)
Total expenditures 2,083,585 2,369,939 2,444,618 (74,679)

REVENUES OVER (UNDER)
EXPENDITURES (405,106) (691,460) (762,599) (71,139) OTHER FINANCING SOURCES (USES):

Transfers in 645,563 645,563 645,563 -
Total other financing sources (uses) 645,563 645,563 645,563 - Net change in fund balances 240,457$ (45,897) $ (117,036) (71,139) $ FUND BALANCES (DEFICITS):

Beginning of year 1,474,644
End of year 1,357,608$
Budgeted Amounts
221Page 668 of 789
City of Richmond
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Developer Impact Fees Fund
For the year ended June 30, 2021
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Licenses, permits and fees -$ 436,278$ 3,237,510 $ 2,801,232 $ Use of money and property - - 35,663 35,663
Total revenues - 436,278 3,273,173 2,836,895 EXPENDITURES:

Current:

Public safety -- 7 9 , 4 3 1 (79,431)
Public works - - 429,829 (429,829)
Cultural and recreational - - 66,520 (66,520)
Capital outlay - - 601,084 (601,084)
Total expenditures - - 1,176,864 (1,176,864) Net change in fund balances -$ 436,278$ 2,096,309 1,660,031 $ FUND BALANCES (DEFICITS):

Beginning of year 7,755,913
End of year 9,852,222$
Budgeted Amounts
222Page 669 of 789
City of Richmond
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Secured Pension Override Fund
For the year ended June 30, 2021
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Property taxes 11,200,793$ 11,200,793 $ 11,352,354 $ 151,56 1$ Total revenues 11,200,793 11,200,793 11,352,354 151,561 EXPENDITURES:

Current:

General government - - 6,563 (6,563)
Public safety 937,004 937,004 937,004 -
Total expenditures 937,004 937,004 943,567 (6,563)

REVENUES OVER (UNDER)
EXPENDITURES 10,263,789 10,263,789 10,408,787 144,998 OTHER FINANCING SOURCES (USES):

Transfers out (10,263,789) (10,263,789) (10,263,789) -
Total other financing sources (uses) (10,263,789) (10,263,789) (10,263,789) - Net change in fund balances -$ - $ 144,998 144,998 $ FUND BALANCES (DEFICITS):

Beginning of year -
End of year 144,998$
Budgeted Amounts
223Page 670 of 789
City of Richmond
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Richmond Neighborhood Stabilization Corporation Fund
For the year ended June 30, 2021
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Use of money and property 766$ 766 $ 145 $ (621)$ Total revenues 766 766 145 (621) EXPENDITURES:

Current:

Housing and redevelopment 4,750 4,750 35,576 (30,826)
Total expenditures 4,750 4,750 35,576 (30,826) Net change in fund balances (3,984)$ (3,984) $ (35,431) (31,447) $ FUND BALANCES (DEFICITS):

Beginning of year 158,451
End of year 123,020$
Budgeted Amounts
224Page 671 of 789
City of Richmond
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Rent Control Fund
For the year ended June 30, 2021
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Licenses, permits and fees 2,609,056$ 2,609,056 $ 2,764,96 1$ 155,905 $ Use of money and property - - 6,096 6,096
Other - - 24,796 24,796
Total revenues 2,609,056 2,609,056 2,795,853 186,797 EXPENDITURES:

Current:

Housing and redevelopment 2,425,312 2,425,312 2,143,246 282,066 Total expenditures 2,425,312 2,425,312 2,143,246 282,066 Net change in fund balances 183,744$ 183,744 $ 652,607 468,863 $ FUND BALANCES (DEFICITS):

Beginning of year 496,869
End of year 1,149,476$
Budgeted Amounts
225Page 672 of 789
City of Richmond
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Cost Recovery Fund
For the year ended June 30, 2021
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Licenses, permits and fees 6,871,937$ 6,905,005 $ 8,387,59 1$ 1,482,586 $ Use of money and property - - 24,665 24,665
Intergovernmental 22,213,448 28,573,95 1 718,961 (27,854,990) Charges for services 2,195,718 3,495,718 2,544,424 (951,294) Other - - 6,026 6,026
Total revenues 31,281,103 38,974,674 11,681,667 (27,293,007) EXPENDITURES:

Current:

General government 8,338,655 10,801,139 8,830,54 1 1,970,598 Public works 909,949 1,498,517 800,652 697,865
Capital outlay 21,629,581 26,551,616 2,521,583 24,030,033 Total expenditures 30,878,185 38,851,272 12,152,776 26,698,496 Net change in fund balances 402,918$ 123,402 $ (471,109) (594,511) $ FUND BALANCES (DEFICITS):

Beginning of year 691,370
End of year 220,261$
Budgeted Amounts
226Page 673 of 789
City of Richmond
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Environmental and Community Investment Agreement Fund
For the year ended June 30, 2021
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Use of money and property -$ - $ 62,573$ 62,573 $ Intergovernmental 9,258,000 9,258,000 7,000,000 (2,258,000) Other - - 50,083 50,083
Total revenues 9,258,000 9,258,000 7,112,656 (2,145,344) EXPENDITURES:

Current:

General government 7,269,907 6,944,807 4,643,862 2,300,945 Public safety 304,569 235,940 51,908 184,032
Public works 303,800 303,800 153,769 150,03 1
Community development 3,500,000 3,500,100 500,000 3,000,100 Cultural and recreational 781,514 781,514 330,067 451,447 Capital outlay 1,826,312 1,894,94 1 401,638 1,493,303
Total expenditures 13,986,102 13,661,102 6,081,244 7,579,858

REVENUES OVER (UNDER)
EXPENDITURES (4,728,102) (4,403,102) 1,031,412 5,434,514 OTHER FINANCING SOURCES (USES):

Transfers out (252,942) (577,942) (325,000) 252,942
Total other financing sources (uses) (252,942) (577,942) (325,000) 252,942 Net change in fund balances (4,981,044)$ (4,981,044) $ 706,412 5,687,456 $ FUND BALANCES (DEFICITS):

Beginning of year 14,700,165
End of year 15,406,577$
Budgeted Amounts
227Page 674 of 789
City of Richmond
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual 2005 Pension Obligation Bonds Fund
For the year ended June 30, 2021
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Property taxes 12,124,486$ 12,124,486 $ 12,124,486 $ - $ Use of money and property -- 3 , 2 8 1 3,281
Total revenues 12,124,486 12,124,486 12,127,767 3,281 EXPENDITURES:

Debt service:

Principal 9,458,000 9,458,000 9,458,000 -
Interest and fiscal charges 4,575,500 4,575,500 2,143,869 2,431,63 1 Total expenditures 14,033,500 14,033,500 11,601,869 2,431,631 Net change in fund balances (1,909,014)$ (1,909,014) $ 525,898 2,434,912 $ FUND BALANCES (DEFICITS):

Beginning of year 11,315,286
End of year 11,841,184$
Budgeted Amounts
228Page 675 of 789
City of Richmond
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual General Debt Service Fund
For the year ended June 30, 2021
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Use of money and property -$ - $ 209 $ 209 $ Total revenues - - 209 209 EXPENDITURES:

Debt service:

Principal 795,000 795,000 795,000 -
Interest and fiscal charges 295,838 295,838 296,687 (849) Total expenditures 1,090,838 1,090,838 1,091,687 (849)

REVENUES OVER (UNDER)
EXPENDITURES (1,090,838) (1,090,838) (1,091,478) (640) OTHER FINANCING SOURCES (USES):

Transfers in 1,092,338 1,092,338 1,092,338 -
Total other financing sources (uses) 1,092,338 1,092,338 1,092,338 - Net change in fund balances 1,500$ 1,500 $ 860 (640) $ FUND BALANCES (DEFICITS):

Beginning of year 8,032
End of year 8,892$
Budgeted Amounts
229Page 676 of 789
City of Richmond
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Civic Center Debt Service Fund
For the year ended June 30, 2021
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Use of money and property -$ - $ 2,613$ 2,613 Charges for services 5,580,311 5,580,311 5,696,151 115,840 Total revenues 5,580,311 5,580,311 5,698,764 118,453 EXPENDITURES:

Debt service:

Principal 3,260,000 (74,055,000) 3,260,000 (77,315,000) Interest and fiscal charges 4,455,769 4,455,769 4,466,982 (11,213) Total expenditures 7,715,769 (69,599,231) 7,726,982 (77,326,213)

REVENUES OVER (UNDER)
EXPENDITURES (2,135,458) 75,179,542 (2,028,218) (77,207,760) OTHER FINANCING SOURCES (USES):

Payment to refunded bonds escrow agent - (77,315,000) - 77,315,000 Transfers in 2,406,458 2,406,458 2,406,458 -
Total other financing sources (uses) 2,406,458 (74,908,542) 2,406,458 77,315,000 Net change in fund balances 271,000$ 271,000 $ 378,240 107,240 $ FUND BALANCES (DEFICITS):

Beginning of year (1,974,526)
End of year (1,596,286)$
Budgeted Amounts
230Page 677 of 789
City of Richmond
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual General Capital Improvement Fund
For the year ended June 30, 2021
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Use of money and property -$ - $ 22 $ 22 $ Total revenues - - 22 22 EXPENDITURES:

Capital outlay - - 839,634 (839,634)
Total expenditures - - 839,634 (839,634)

REVENUES OVER (UNDER)
EXPENDITURES - - (839,612) (839,612) OTHER FINANCING SOURCES (USES):

Transfers in - 303,275 303,275 -
Total other financing sources (uses) - 303,275 303,275 - Net change in fund balances -$ 303,275$ (536,337) (839,612) $ FUND BALANCES (DEFICITS):

Beginning of year 3,526,653
End of year 2,990,316$
Budgeted Amounts
231Page 678 of 789
City of Richmond
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Measure C/J Fund
For the year ended June 30, 2021
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Use of money and property -$ - $ 3,523$ 3,523 $ Intergovernmental 4,756,391 4,756,391 1,657,713 (3,098,678) Total revenues 4,756,391 4,756,391 1,661,236 (3,095,155) EXPENDITURES:

Current:

Public works - - 716,192 (716,192)
Capital outlay - - 985,430 (985,430)
Total expenditures - - 1,701,622 (1,701,622)

REVENUES OVER (UNDER)
EXPENDITURES 4,756,391 4,756,391 (40,386) (4,796,777) Net change in fund balances 4,756,391$ 4,756,391 $ (40,386) (4,796,777)$ FUND BALANCES (DEFICITS):

Beginning of year 1,616,610
End of year 1,576,224$
Budgeted Amounts
232Page 679 of 789
City of Richmond
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Harbor Navigation Fund
For the year ended June 30, 2021
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Use of money and property -$ - $ 195 $ 195 $ Total revenues - - 195 195 Net change in fund balances -$ - $ 195 195 $ FUND BALANCES (DEFICITS):

Beginning of year 45,264
End of year 45,459$
Budgeted Amounts
233Page 680 of 789

NONMAJOR ENTERPRISE FUNDS
Richmond Marina Fund records revenues collected from berth rentals and the use of the marina facilities. The fund also records expenses incurred for the operation of the facility and for the payment of the loan from the California Department of Boating and Waterways.

Storm Sewer Fund records the revenues from storm sewer fees and transfers from operations reserves. It also records the expenses of maintaining a clean storm sewer system so that the City is in compliance with the federally mandated Storm Water Pollution Prevention Program.

Cable TV Fund was setup for the administration and enforcement of the franchise agreements with two cable television systems, management of municipal cable channel, departmental video services, media and public information, and telecommunications planning. The fund records revenue received from franchise fees and indirect charges to other funds and administration expenses incurred in operating the system. 234Page 681 of 789
City of Richmond
Combining Statement of Net Position
Nonmajor Enterprise Funds
For the year ended June 30, 2021
Total
Richmond Storm Sewer Cable TV Nonma jor
Marina Fund Fund Fund Enterprise Funds
ASSETS
Current assets:

Cash and investments 4,200,928 $ 953,168 $ 669,936 $ 5,824,032 $ Restricted cash and investments 89,726 - - 89,726
Receivables
:

Accounts, net 138,887 5,579 290,323 434,789
Interest 1,298 - 189 1,487
Total current assets 4,430,839 958,74 7 960,448 6,350,034 Noncurrent assets:

Capital assets:

Nondepreciable 330,794 3,523,900 - 3,854,694
Depreciable 4,338,356 30,889,66 1 120,981 35,348,998
Less accumulated depreciation (3,150,267) (29,847,123) (120,981) (33,118,371) Net capital assets 1,518,883 4,566,438 - 6,085,32 1
Total noncurrent assets 1,518,883 4,566,438 - 6,085,32 1 Total assets 5,949,722 5,525,185 960,448 12,435,355

DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows of resources - pension - 46,594 263,370 309,964 Deferred outflows of resources - OPEB - 4,608 24,930 29,538 Total deferred outflows of resources - 51,202 288,300 339,502

LIABILITIES
Current liabilities:

Accounts payable and accrued liabilities - 323,610 10,327 333,937 Interest payable 96,395 - - 96,395
Refundable deposits 87,973 1,200 - 89,173
Compensated absences - current - - 41,737 41,737
Long-term debt - current 101,656 - - 101,656
Total current liabilities 286,024 324,810 52,064 662,898 Noncurrent liabilities:

Advances from other funds - 2,580,535 - 2,580,535
Unearned revenue - 591,867 - 591,867 Compensated absences - - 5,838 5,838
Long-term debt 2,235,202 - - 2,235,202
Net pension liability - 355,89 1 2,011,645 2,367,536
Net OPEB liability - 149,582 809,50 1 959,083
Total noncurrent liabilities 2,235,202 3,677,875 2,826,984 8,740,06 1 Total liabilities 2,521,226 4,002,685 2,879,048 9,402,959

DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources - pension - 6,125 34,622 40,747 Deferred inflows of resources - OPEB - 71,005 384,26 1 455,266 Total deferred inflows of resources - 77,130 418,883 496,013

NET POSITION (DEFICIT)
Net investment in capital assets (817,975) 4,566,438 - 3,748,463 Restricted for debt service 89,726 - - 89,726
Unrestricted 4,156,745 (3,069,866) (2,049,183) (962,304) Total net position 3,428,496$ 1,496,572 $ (2,049,183)$ 2,875,885 $ 235Page 682 of 789
City of Richmond
Combining Statement of Revenues, Expenses and Changes in Fund Net Position Nonmajor Enterprise Funds
For the year ended June 30, 2021
Total
Richmond Storm Sewer Cable TV Nonmajor
Marina Fund Fund Fund Enterprise Funds
OPERATING REVENUES:

Service charges - $ 2,098,685$ 1,145,886 $ 3,244,571 $ Lease income 574,453 5,243 - 579,696 Other - - 50 50 Total operating revenues 574,453 2,103,928 1,145,936 3,824,317 OPERATING EXPENSES:

Salaries and benefits - 134,662 536,089 670,751 General and administrative 36,305 1,543,522 252,868 1,832,695 Depreciation 85,563 45,088 - 130,651 Total operating expenses 121,868 1,723,272 788,957 2,634,097 OPERATING INCOME (LOSS) 452,585 380,656 356,979 1,190,220 NONOPERATING REVENUES (EXPENSES):

Interest income 18,789 - 2,310 21,099 Grants - 1,722,930 - 1,722,930 Interest expense (105,523) (73,150) - (178,673) Total nonoperating revenues (expenses) (86,734) 1,649,780 2,310 1,565,356 Income (loss) before
contributions and transfers 365,851 2,030,436 359,289 2,755,576 CONTRIBUTIONS AND TRANSFERS:

Transfers out (86,778) - - (86,778) Total contributions and transfers (86,778) - - (86,778) Change in net position 279,073 2,030,436 359,289 2,668,798 NET POSITION:

Beginning of year 3,149,423 (533,864) (2,408,472) 207,087 End of year 3,428,496$ 1,496,572 $ (2,049,183) $ 2,875,885 $ 236Page 683 of 789
City of Richmond
Combining Statement of Cash Flows
Nonmajor Enterprise Funds
For the year ended June 30, 2021
Total
Richmond Storm Sewer Cable TV Nonma jor
Marina Fund Fund Fund Enterprise Funds
CASH FLOWS FROM OPERATING ACTIVITIES:

Receipts from customers 588,224 $ 2,695,408 $ 1,149,802 $ 4,433,434 $ Payments to suppliers (35,651) (1,463,315) (242,727) (1,741,693) Payments to employees - (179,976) (699,233) (879,209)
Net cash provided by (used in) operating activities 552,573 1,052,117 207,842 1,812,532

CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES:

Interfund receipts (payments) - (46,719) - (46,719)
Transfers out (86,778) -- (86,778)
Net cash provided by (used in)
noncapital financing activities (86,778) (46,719) - (133,497)

CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:

Grant receipts - 1,722,930 - 1,722,930
Acquisition of capital assets - (1,702,010) - (1,702,010) Principal payments on capital debt (97,279) -- (97,279) Interest paid (109,536) (73,150) - (182,686)
Net cash provided by (used in)
capital and related financing activities (206,815) (52,230) - (259,045) CASH FLOWS FROM INVESTING ACTIVITIES:

Interest 22,777 - 2,646 25,423 Net cash provided by (used in) investing activities 22,777 - 2,646 25,423 Net cash flows 281,757 953,168 210,488 1,445,413 CASH AND INVESTMENTS - Beginning of year 4,008,897 - 459,448 4,468,345 CASH AND INVESTMENTS - End of year 4,290,654$ 953,168 $ 669,936 $ 5,913,758 $ ---

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

Operating income (loss) 452,585$ 380,656 $ 356,979 $ 1,190,220 $ Adjustments to reconcile operating income (loss) to
net cash provided by (used in) operating activities:

Depreciation expense 85,563 45,088 - 130,65 1
Changes in assets and liabilities:

Receivables, net 13,77 1 (387) 3,866 17,250
Accounts payable and accrued liabilities - 80,207 10,14 1 90,348 Refundable deposits 654 - - 654
Unearned revenue - 591,867 - 591,867 Compensated absences payable - (14,890) 1,348 (13,542)
Net pension liability and deferred outflows/inflows - 626 3,539 4,165 Net OPEB liability and deferred outflows/inflows - (31,050) (168,031) (199,081) Net cash provided by (used in) operating activities 552,573$ 1,052,117 $ 207,842 $ 1,812,532 $ 237Page 684 of 789

INTERNAL SERVICE FUNDS
Internal Service Funds are used to finance and account for special activities and services performed by a designated department for other departments in the City on a cost reimbursement basis.

The concept of major funds introduced by GASB Statement No. 34 does not extend to internal service funds because they do not do business with outside parties. GASB Statement No. 34 requires that for the Statement of Activities, the net revenues or expenses of each internal service fund be eliminated by netting them against the operations of the other City departments which generated them. The remaining balance sheet items are consolidated with these same funds in the Statement of Net Position.

However, internal service funds are still presented separatel y in the fund financial statements, including the funds below.

Insurance Reserves Fund is used t o report activitie s related t o employees' claim s due t o industrial in juries and activities related to general claims against the City for damages incurred.

Equipment Services and Replacement Fund is used to report activities related to maintenance and replacement of City vehicles.

Police Telecommunications Fund is used to report activities related to CAD dispatch, RMS records, maintenance, and 800 MHz equipment expense.

Compensated Absences Fund is used t o account for sick, vacatio n and compensatory time leave pa youts related t o employee retirements.
238Page 685 of 789
City of Richmond
Combining Statement of Net Position
Internal Service Funds
For the year ended June 30, 2021
Equipment Total
Insurance Services and Police Tele- Com pensated Internal Service Reserves Re placement communications Absences Funds
ASSETS
Current assets:

Cash and investments 50,812,459 $ 313,895 $ - $ 910,95 1$ 52,037,305 $ Restricted cash and investments - 1,233,426 - - 1,233,426 Receivables
:

Accounts, net 9,000 - - - 9,000
Interest 16,130 62 - - 16,192
Total current assets 50,837,589 1,547,383 - 910,95 1 53,295,923 Noncurrent assets:

Receivables:

Advances to other funds 2,580,535 - - - 2,580,535
Capital assets:

Nondepreciable - 2,826,937 - - 2,826,937
Depreciable - 24,784,013 - - 24,784,013
Less accumulated depreciation - (19,681,861) -- (19,681,861) Net capital assets - 7,929,089 - - 7,929,089
Total noncurrent assets 2,580,535 7,929,089 - - 10,509,624 Total assets 53,418,124 9,476,472 - 910,95 1 63,805,547

DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows of resources - pension 481,556 - - - 481,556 Deferred outflows of resources - OPEB 44,441 - - - 44,44 1 Deferred charge on refunding -----
Total deferred outflows of resources 525,997 - - - 525,997

LIABILITIES
Current liabilities:

Accounts payable and accrued liabilities 1,609,733 - - - 1,609,733 Interest payable - 9,717 - - 9,717
Compensated absences - current 35,782 - - - 35,782
Claims payable - current 13,033,895 - - - 13,033,895
Long-term debt - current - 251,95 1 - - 251,95 1
Total current liabilities 14,679,410 261,668 - - 14,941,078 Noncurrent liabilities:

Compensated absences 75,445 - - - 75,445
Claims payable 31,358,444 - - - 31,358,444
Long-term debt - 1,736,079 - - 1,736,079
Net pension liability 3,678,178 - - - 3,678,178
Net OPEB liability 1,443,023 - - - 1,443,023
Total noncurrent liabilities 36,555,090 1,736,079 - - 38,291,169 Total liabilities 51,234,500 1,997,747 - - 53,232,247

DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources - pension 63,305 - - - 63,305 Deferred inflows of resources - OPEB 684,987 - - - 684,987 Total deferred inflows of resources 748,292 - - - 748,292

NET POSITION (DEFICIT)
Net investment in capital assets - 7,174,485 - - 7,174,485 Unrestricted 1,961,329 304,240 - 910,95 1 3,176,520
Total net position 1,961,329$ 7,478,725 $ - $ 910,95 1$ 10,351,005 $ 239Page 686 of 789
City of Richmond
Combining Statement of Revenues, Expenses and Changes in Fund Net Position Internal Service Funds
For the year ended June 30, 2021
Equipment Total
Insurance Services and Police Tele- Compensated Internal Service Reserves Replacement communication s Absences Funds
OPERATING REVENUES:

Service charges - internal 17,985,992 $ 1,245,000 $ 106,026 $ 2,400,000 $ 21,737,018 $ Service charges - external - - - - - Other 272 - - - 272 Total operating revenues 17,986,264 1,245,000 106,026 2,400,000 21,737,290 OPERATING EXPENSES:

Salaries and benefits 1,317,218 - - 2,175,310 3,492,528 General and administrative 1,097,351 - - - 1,097,351 Maintenance 1,756,589 24,382 - - 1,780,971 Depreciation - 985,343 - - 985,343 Claims losses 13,476,986 - - - 13,476,986 Other 1,005 - - - 1,005 Total operating expenses 17,649,149 1,009,725 - 2,175,310 20,834,184 OPERATING INCOME (LOSS) 337,115 235,275 106,026 224,690 903,106 NONOPERATING REVENUES (EXPENSES):

Interest income 285,258 4,249 - - 289,507 Grants 1,292,953 - - - 1,292,953 Interest expense - (82,498) - - (82,498) Total nonoperating revenues (expenses) 1,578,211 (78,249) - - 1,499,962 Income (loss) before
contributions and transfers 1,915,326 157,026 106,026 224,690 2,403,068 CONTRIBUTIONS AND TRANSFERS:

Transfers in - 426,018 - - 426,018
Transfers out - - (196,550) - (196,550)
Total contributions and transfers - 426,018 (196,550) - 229,468 Change in net position 1,915,326 583,044 (90,524) 224,690 2,632,536 NET POSITION:

Beginning of year 46,003 6,895,68 1 90,524 686,26 1 7,718,469 End of year 1,961,329$ 7,478,725 $ - $ 910,95 1$ 10,351,005 $ 240Page 687 of 789
City of Richmond
Combining Statement of Cash Flows
Internal Service Funds
For the year ended June 30, 2021
Equipment Total
Insurance Services and Police Tele- Com pensated Internal Servic e Reserves Replacement communication s Absences Funds
CASH FLOWS FROM OPERATING ACTIVITIES:

Receipts from interfund services 18,282,044 $ 1,245,000 $ 176,058 $ 2,400,000 $ 22,103,102 $ Payments to suppliers (1,410,930) (194,850) (3,614) - (1,609,394) Payments to employees (1,638,880) - (150,985) (2,175,310) (3,965,175) Insurance premiums and claims paid (12,325,014) --- (12,325,014) Net cash provided by (used in) operating activities 2,907,220 1,050,150 21,459 224,690 4,203,519

CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES:

Interfund receipts (payments) 9,703,154 - - - 9,703,154 Transfers in - 426,018 - - 426,018
Transfers out - -
(151,591) - (151,591)
Net cash provided by (used in)
noncapital financing activities 9,703,154 426,018 (151,591) - 9,977,58 1

CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:

Grant receipts 1,292,953 - - - 1,292,953
Acquisition of capital assets - (2,003,389) -- (2,003,389) Principal payments on capital debt - (242,336) -- (242,336) Interest paid - (83,682) -- (83,682)
Net cash provided by (used in)
capital and related financing activities 1,292,953 (2,329,407) -- (1,036,454) CASH FLOWS FROM INVESTING ACTIVITIES:

Interest 331,912 5,851 998 - 338,761 Net cash provided by (used in) investing activities 331,912 5,85 1 998 - 338,76 1 Net cash flows 14,235,239 (847,388) (129,134) 224,690 13,483,407 CASH AND INVESTMENTS - Beginning of year 36,577,220 2,394,709 129,134 686,26 1 39,787,324 CASH AND INVESTMENTS - End of year 50,812,459$ 1,547,32 1$ - $ 910,95 1$ 53,270,73 1$ -----

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

Operating income (loss) 337,115$ 235,275 $ 106,026 $ 224,690 $ 903,106 $ Adjustments to reconcile operating income (loss) to
net cash provided by (used in) operating activities:

Depreciation expense - 985,343 - - 985,343
Changes in assets and liabilities:

Receivables, net 295,780 - 70,032 - 365,812
Accounts
payable and accrued liabilities 1,444,015 (170,468) (3,614) - 1,269,933 Compensated absences payable (28,603) - (150,985) - (179,588) Claims payable 1,151,972 - - - 1,151,972
Net pension liability and deferred outflows/inflows 6,474 - - - 6,474 Net OPEB liability and deferred outflows/inflows (299,533) --- (299,533) Net cash provided by (used in) operating activities 2,907,220$ 1,050,150 $ 21,459 $ 224,690 $ 4,203,519 $ See accompanying Notes to Basic Financial Statements 241Page 688 of 789 This page intentionally left blank
242Page 689 of 789

TRUST FUNDS
Pension Trust Funds
General Pension Fund records the activity of the General Pension Plan, a defined benefit plan that covers 28 former City employees not covered by PERS, all of whom have retired.

Police and Firemen's Pension Fund records the activity of the Police and Firemen's Pension Plan, a defined benefit pension plan that covers 75 police and fire personnel employed prior to October 1964.

Garfield Pension Fund records the activity of the Garfield Pension Plan, a defined contribution pension plan that was set up for a retired police chief.

Private-Purpose Trust Funds
Pt. Molate Fund is used to account for assets held by the City as an agent for the U.S. Navy and a private developer for the cleanup of Point Molate.

Successor Agency to the Richmond Community Redevelopment Agency Fund accounts for the activities of the Successor Agency to the former Redevelopment Agency.
243Page 690 of 789
City of Richmond
Combining Statement of Fiduciary Net Position
Pension Trust Funds
June 30, 2021
General Police and Garfield
Pension Firemen's Pension Pension Total
ASSETS
Restricted cash and investments 1,092,667 $ 71,321 $ 62,921 $ 1,226,909$ Local Agency Investment Fund - - 186,062 186,062 Mutual fund investments - 13,042,440 - 13,042,440 Interest receivable 359 86 22 467 Total assets 1,093,026 13,113,847 249,005 14,455,878 NET POSITION:

Restricted for employees' pension and OPEB benefits 1,093,026 13,113,847 249,005 14,455,878 Total net position 1,093,026$ 13,113,847 $ 249,005 $ 14,455,878$ Pension
244Page 691 of 789
City of Richmond
Combining Statement of Changes in Fiduciary Net Position Pension Trust Funds
For the year ended June 30, 2021
General Police and Garfield
Pension Firemen's Pension Pension Total
ADDITIONS:

Contributions to trust - employers 319,025 $ 937,004 $ - $ 1,256,029$ Net investment income:

Net increase (decrease) in fair value of investments 101 2,392,461 22 2,392,584 Interest income 5,400 207,245 1,963 214,608 Less investment management fees - (72,568) - (72,568) Total additions 324,526 3,464,142 1,985 3,790,653 DEDUCTIONS:

Pension and OPEB benefits 401,991 1,412,673 50,049 1,864,713 Total deductions 401,991 1,412,673 50,049 1,864,713 Change in net position (77,465) 2,051,469 (48,064) 1,925,940 NET POSITION:

Beginning of year 1,170,491 11,062,378 297,069 12,529,938 End of year 1,093,026$ 13,113,847 $ 249,005 $ 14,455,878$ Pension
245Page 692 of 789
City of Richmond
Combining Statement of Fiduciary Net Position
Private Purpose Trust Funds
June 30, 2021
Successor
Agency to the
Richmond Community
Pt. Molate Redevelopment Agency Total
ASSETS
Cash and investments - $ 7,075,368$ 7,075,368 $ Restricted cash and investments 2,266,164 15,439,808 17,705,972 Accounts receivable - 33,665 33,665 Interest receivable 131 22,141 22,272 Grants receivable - 451,406 451,406 Loans receivable - 1,021,000 1,021,000 Prepaids and other assets - 5,716,860 5,716,860 Total assets 2,266,295 29,760,248 32,026,543

DEFERRED OUTFLOWS OF RESOURCES
Deferred ouflows of resources - deferred loss on refunding - 436,160 436,160 Total deferred outflows of resources - 436,160 436,160

LIABILITIES
Accounts payable and accrued liabilities 71,757 194,505 266,262 Interest payable - 697,901 697,901 Long-term debt:

Due within one year - 6,645,000 6,645,000 Due in more than one year - 53,465,925 53,465,925 Total liabilities 71,757 61,003,331 61,075,088 NET POSITION:

Held in trust for other governments 2,194,538 (30,806,923) (28,612,385) Total net position 2,194,538$ (30,806,923) $ (28,612,385) $ 246Page 693 of 789
City of Richmond
Combining Statement of Changes in Fiduciary Net Position Private Purpose Trust Funds
For the year ended June 30, 2021
Successor
Agency to the
Richmond Community
Pt. Molate Redevelopment Agency Total
ADDITIONS:

Property taxes -$ 12,927,768$ 12,927,768 $ Contributions from the City - 451,406 451,406 Interest income 1,989 1,044,655 1,046,644 Gain from sale of property - 925,585 925,585 Total additions 1,989 15,349,414 15,351,403 DEDUCTIONS:

Community development - 1,970,023 1,970,023 Payments in accordance with trust agreements 211,835 - 211,835 Interest and fiscal charges - 4,128,651 4,128,651 Total deductions 211,835 6,098,674 6,310,509 Change in net position (209,846) 9,250,740 9,040,894 NET POSITION:

Beginning of year 2,404,384 (40,057,663) (37,653,279) End of year 2,194,538$ (30,806,923) $ (28,612,385) $ 247Page 694 of 789
City of Richmond
Subcombining Statement of Fiduciary Net Position
Successor Agency to the Richmond Community Redevelopment Agency June 30, 2021
Redevelopment
Property Tax Capital Bond Funded
Trust Fund Administration Projects Capital Projects
ASSETS
Cash and investments 5,166,462 $ 16,627 $ 1,891,316 $ - $ Restricted cash and investments - - 3,678,229 - Accounts receivable - - 33,665 - Interest receivable - - 22,141 - Grants receivable - - 451,406 -
Loans receivable - - 1,021,000 - Prepaids and other assets - - 5,716,860 -
Total assets 5,166,462 16,627 12,814,617 -

DEFERRED OUTFLOWS OF RESOURCES
Deferred ouflows of resources - deferred loss on refunding - - - - Total deferred outflows of resources - - - -

LIABILITIES
Accounts payable and accrued liabilities - 16,627 176,915 - Interest payable - - - - Long-term debt:

Due within one year - - - - Due in more than one year - - - - Total liabilities - 16,627 176,915 - NET POSITION:

Held in trust for successor agency 5,166,462 - 12,637,702 - Total net position 5,166,462$ - $ 12,637,702$ - $ 248Page 695 of 789
Bond Intrafund
Payments Eliminations Total
963$ - $ 7,075,368$ 11,761,579 - 15,439,808 - - 33,665 - - 22,141 - - 451,406
- - 1,021,000 - - 5,716,860
11,762,542 - 29,760,248 436,160 - 436,160 436,160 - 436,160 963 - 194,505 697,901 - 697,901 6,645,000 - 6,645,000 53,465,925 - 53,465,925 60,809,789 - 61,003,331 (48,611,087) - (30,806,923)
(48,611,087)$ - $ (30,806,923)$ 249Page 696 of 789
City of Richmond
Subcombining Statement of Changes in Fiduciary Net Position Successor Agency to the Richmond Community Redevelopment Agency For the year ended June 30, 2021
Redevelopment
Property Tax Capital Bond Funded
Trust Fund Administration Projects Capital Projects
ADDITIONS:

Property taxes 12,927,768 $ - $ - $ - $ Contributions from the local agency - - 451,406 - Contributions from employees - - - - Net investment income:

Net increase (decrease) in fair value of investments - - - - Interest income - - 59,996 - Less investment management fees - - - - Transfers from other funds - 309,863 85,457 - Gain from sale of property - - 925,585 - Total additions 12,927,768 309,863 1,522,444 - DEDUCTIONS:

Community development - 309,863 1,074,504 - Interest and fiscal charges - - - - Transfers to other funds 13,975,965 - 6,211,600 - Total deductions 13,975,965 309,863 7,286,104 - Change in net position (1,048,197) - (5,763,660) - NET POSITION:

Beginning of year 6,214,659 - 18,401,362 - End of year 5,166,462$ - $ 12,637,702$ - $ 250Page 697 of 789
Bond Intrafund
Payments Eliminations Total
-$ - $ 12,927,768$ - - 451,406 - - - - - - 984,659 - 1,044,655 - - - 19,792,245 (20,187,565) -
- - 925,585 20,776,904 (20,187,565) 15,349,414
585,656 - 1,970,023 4,128,651 - 4,128,651 - (20,187,565) -
4,714,307 (20,187,565) 6,098,674
16,062,597 - 9,250,740 (64,673,684) - (40,057,663) (48,611,087)$ - $ (30,806,923)$ 251Page 698 of 789
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252Page 699 of 789

CUSTODIAL FUNDS
Custodial Funds
Special Assessment Fund accounts for the monies collected and disbursed for land-based debt, where the City is not obligated for the debt.

General Agency Fund accounts for the assets held by the City as an agent for individuals, private organizations, and other governments.

Johnson Library Fund accounts for nonexpendable funds to be used to provide funding for special library projects.

Senior Center Fund accounts for assets held by the City in an agent capacity for programs benefiting the senior citizens residing within the City.

JPFA Reassessment Fund receives secured tax payments (from assessment rolls), and makes payments on the JPFA Revenue Reassessment Bonds; Series 2011A.
2016 A&B Reassessment District Fund receives payments of principal and in terest on prior assessment bonds, and makes payment on the JPFA Reassessment Revenue Bonds Series A and B. 253Page 700 of 789
City of Richmond
Combining Statement of Fiduciary Net Position
Custodial Funds
For the year ended June 30, 2021
Special General Johnson
Assessment Agenc y Library
ASSETS
Cash and investments 895,415$ 2,691,854 $ 10,765 $ Restricted cash and investments 342,219 17,264 -
Interest receivable 259 847 4
Total assets 1,237,893 2,709,965 10,769

LIABILITIES
Accounts payable and accrued liabilities -3 , 6 9 1 -
Total liabilities -3 , 6 9 1 -

NET POSITION
Restricted for:

Individuals, organizations, and
other governments 1,237,893 2,706,274 10,769
Total net position 1,237,893$ 2,706,274 $ 10,769 $ 254Page 701 of 789
2016 A&B Total
Senior JPFA Reassessment Custodial
Center Reassessment District Fund s
64,927$ 1,845,567 $ 1,063,705 $ 6,572,233 $ - - 564,014 923,497
21 576 298 2,005
64,948 1,846,143 1,628,017 7,497,735
1,965 - - 5,656
1,965 - - 5,656
62,983 1,846,143 1,628,017 7,492,079
62,983$ 1,846,143 $ 1,628,017 $ 7,492,079 $ 255Page 702 of 789
City of Richmond
Combining Statement of Changes in Fiduciary Net Position Custodial Funds
For the year ended June 30, 2021
Special General Johnson
Assessment Agenc y Library
ADDITIONS:

Property taxes 316,243$ - $ - $ Contributions - 1,501,073 -
Net investment income:

Interest income 3,474 12,433 46
Total additions 319,717 1,513,506 46 DEDUCTIONS:

Interest and fiscal charges 307,186 - -
Other 13,324 460,457 -
Total deductions 320,510 460,457 - Change in net position (793) 1,053,049 46
NET POSITION:

Beginning of year ---
Restatements 1,238,686 1,653,225 10,723
Beginning of year, as restated 1,238,686 1,653,225 10,723 End of year 1,237,893$ 2,706,274 $ 10,769 $ 256Page 703 of 789
2016 A&B Total
Senior JPFA Reassessment Custodial
Center Reassessment District Fund s
2,997$ - $ 885,094$ 1,204,334 $ - - - 1,501,073
301 7,912 3,140 27,306
3,298 7,912 888,234 2,732,713 - - 668,592 975,778
10,947 - 16,128 500,856
10,947 - 684,720 1,476,634 (7,649) 7,912 203,514 1,256,079
----
70,632 1,838,23 1 1,424,503 6,236,000
70,632 1,838,23 1 1,424,503 6,236,000
62,983$ 1,846,143 $ 1,628,017 $ 7,492,079 $ 257Page 704 of 789
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258Page 705 of 789
259Page 706 of 789
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260Page 707 of 789
Financial Trends

1. Net Position by Component

2. Changes in Net Position

3. Fund Balances of Governmental Funds

4. Changes in Fund Balance of Governmental Funds
Revenue Capacity

1. Assessed and Estimated Actual Value of Taxable Property

2. Property Tax Rates, All Overlapping Governments

3. Principal Property Tax Payers

4. Property Tax Levies and Collections

5. Utility Users Tax Collections

6. Utility Users Tax Direct Rates

7. Top Ten Utility Users Taxpayers
Debt Capacity

1. Ratio of Outstanding Debt by Type

2. Revenue Bond Coverage - 1999, 2006, 2008, 2010A & 2010B Wastewater Revenue Bonds

3. Revenue Bond Coverage - 1996, 1999, 2004, 2007, and 2009 Port Terminal Lease Revenue Bonds, Note and Point Potrero Lease Revenue Bonds.

4. General Bonded Debt - Pension Obligation Bonds

5. Bonded Debt Pledged Revenue Coverage - Tax Allocation Bonds all Refunding Bonds

6. Computation of Direct and Overlapping Debt

7. Computation of Legal Bonded Debt Margin
Demographic and Economic Information

1. Demographic and Economic Statistics

2. Principal Employers
These schedules contain trend information to help the read er understand how the City’s financial performance and wellbeing have changed over time:

CITY OF RICHMOND
JUNE 30, 2021

STATISTICAL SECTION
This part of the City’s Annual Comprehensive Financial Report presents detailed information as a context for understanding what the information in the financial sta tements, note disclosures, and required supplementary information says about the City’s overall financial health. In contrast to the financial section, the statistical section information is not subject to independent audit.

These schedules contain information to help the reader asse ss the City’s most significant local revenue source, the property tax:

These schedules present information to help the reader assess the affordability of the City’s current levels of outstanding debt and the City’s ability to issue additional debt in the future:

These schedules offer demographic and economic indicators to help the reader understand the environment within which the City’s financial activities take place:
261Page 708 of 789
Operating Information

1. Full-Time Equivalent City Government Employees by Function

2. Operating Indicators by Function/Program

3. Capital Asset Statistics by Function/Program
Sources
These schedules contain service and infrastructure data to help the reader understand how the information in the City’s financial report relates to the services the City provides and the activities it performs:

Unless otherwise noted, the information in these schedules is derived from the Annual Financial Reports for the relevant year.

CITY OF RICHMOND
JUNE 30, 2021
262Page 709 of 789
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263Page 710 of 789

CITY OF RICHMOND
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)
Fiscal Year Ended June 30
2012 (a) 2013 (b) (c) 2014 2015 (d) 2016
Governmental activities
Net investment in capital assets $242,2 81,323 $214,572,546 $227,828,243 $218,144,811 $228,292,389 Restricted 57,989,820 55,396,056 50,461,923 54,578,939 70,322,707 Unrestricted (118,620,471) (119,231,699) ( 148,161,106) (479,961,080) (508,981,299) Total governmental activities net position $181,650, 672 $150,736,903 $130,129,060 ($207,237,330) ($210,366,203) Business-type activities
Net investment in capital assets $76,73 1,871 $76,966,448 $72,911,000 $74,922,303 $63,405,228 Restricted 8,169,878 9,196,255 9,793,767 9,408,237 9,008,038 Unrestricted (24,759,367) (6,365,74 2) (3,096,845) (18,432,590) (23,382,659) Total business-type activities net position $ 60,142,382 $79,796,961 $79,6 07,922 $65,897,950 $49,030,607 Primary government
Net investment in capital assets $319,0 13,194 $291,538,994 $300,739,243 $293,067,114 $291,697,617 Restricted 66,159,698 64,592,311 60,255,690 63,987,176 79,330,745 Unrestricted (143,379,838) (125,597,441) ( 151,257,951) (498,393,670) (532,363,958) Total primary government net position $241,793 ,054 $230,533,864 $209,736,982 ( $141,339,380) ($161,335,596) (a) Balance was restated in fiscal year 2013. Years prior to 2012 have not been restated. (b) The City implemented the provisions of GASB Statement 63 in fiscal year 2013, which replaced the term "net assets" with the term "net position". (c) Balance was restated in fiscal year 2014. Years prior to 2013 have not been restated. (d) The City implemented the provisions of GASB Statement No. 68 in fiscal year 2015. Years prior to 2015 have not been restated. (e) The City implemented the provisions of GASB Statement No. 75 in fiscal year 2018. Years prior to 2018 have not been restated. ($800,000)
($600,000)
($400,000)
($200,000)
$0
$200,000
$400,000
2012 (a) 2013 (b)
(c)
2014 2015 (d) 2016 2017 2018(e) 2019 2020 2021
Net Investment in Capital Assets Restricted Unrestricted 264Page 711 of 789
Fiscal Year Ended June 30
2017 2018(e) 2019 2020 2021
$233,619,046 $221,336,363 $211,717,676 $205,374,054 $206,419,763 76,810,440 87,380,363 93,157,922 93,703,974 103,401,613 (504,602,583) (625,067,289) (644,34 1,826) (597,270,745) (568,565,683) ($194,173,097) ($316,350,563) ($339,4 66,228) ($298,192,717) ($258,744,307) $71,000,240 $68,213,687 $52,1 61,380 $64,270,898 $75,738,268 9,441,288 9,514,522 9,440,965 1,517,087 13,859,999
(24,096,174) (27,908,968) (8,644,683) (1,045,003) (1,417,443) $56,345,354 $49,819,241 $52,9 57,662 $64,742,982 $88,180,824 $304,619,286 $289,550,050 $263,879,056 $269,644,952 $282,158,031 86,251,728 96,894,885 102,598,887 95,221,061 117,261,612 (528,698,757) (652,976,257) (652,98 6,509) (598,315,748) (569,983,126) ($137,827,743) ($266,531,322) ($286,5 08,566) ($233,449,735) ($170,563,483) 265Page 712 of 789

CITY OF RICHMOND
Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
Fiscal Year Ended June 30
2012 2013 (b) 2014 2015 (c) 2016
Expenses
Governmental Activities:

General Government $32,549,754 $35,272,517 $36,119,297 $28,879,074 $32,197,941 Public Safety 100,403,365 97,136,602 102,664,551 102,732,652 107,380,286 Public Works 42,747,958 46,011,618 46,403,830 43,363,799 44,410,102 Community Development 5,845,968 4,909,158 4,618,101 4,771,875 5,003,045 Cultural and Recreational 14,583,687 12,129,962 10,808,931 10,492,020 11,021,226 Housin
g and Redevelopment 19,768,765 2,816,094 1,984,908 2,751,290 2,051,898 Interest and Fiscal Charges 19,633,486 1 5,411,831 19,439,248 17,219,905 18,902,831 Total Governmental Activities Expenses 235,532,983 213,687,782 222,038,866 210,210,615 220,967,329 Business-Type Activities:

Richmond Housing Authority 30,989,229 28,992,229 29,771,151 28,049,474 26,385,133 Port of Richmond 7,868,918 9,337,252 9,530,693 9,923,282 11,132,997 Richmond Marina 1,681,461 266,918 253,190 235,054 237,129 Municipal Sewer 14,655,752 16,964,17 5 16,298,623 15,965,608 16,446,626 Storm Sewer 2,744,775 2,815,541 3,210,678 3,282,406 2,465,929 Cable TV 1,037,142 990,802 890,846 948,426 2,114,436
Total Business-Type Activities Expenses 58,977, 277 59,366,917 59,955,181 58,404,250 58,782,250 Total Primary Government Expense
s $294,510,260 $273,054,699 $281,994,04 7 $268,614,865 $279,749,579 Program Revenues
Governmental Activities:

Charges for Services:

General Government $8,496,532 $11,596,612 $16,917,113 $11,107,654 $12,468,525 Public Safety 5,075,588 5,400,290 6,217,749 10,466,292 7,271,472 Public Works 2,596,312 3,090,211 4,160,804 3,609,577 3,936,242 Community Development 361,706 234,836 405,404 1,385,689 1,069,767 Cultural and Recreational 1,118,777 516,499 584,475 475,091 1,128,267 Housing and Redevelopment 42,040
Operating Grants and Contributions 11,259,829 9,703,416 8,434,018 9,231,039 20,994,534 Capital Grants and Contributions 17,238,057 11,360,153 34,530,908 21,097,186 17,534,992 Total Government Activities Program Revenues 46 ,146,801 41,902,017 71,250,471 57,372,528 64,445,839 Business-Type Activities:

Charges for Services:

Richmond Housing Authority 2,354,197 2,619,669 2,638,834 1,917,602 1,851,337 Port of Richmond 7,745,580 9,043,026 10,201,751 9,480,367 10,581,419 Richmond Marina 259,777 466,921 456,956 488,201 517,108 Municipal Sewer 17,565,632 17,733,454 18,569,191 19,033,406 19,757,863 Storm Sewer 1,800,536 1,842,001 1,869,064 1,845,648 1,966,537 Cable TV 1,022,100 1,320,552 1,228,864 1,376,194 1,320,486 Operating Grants and Contributions 22,742,102 22,323,336 21,953,401 22,112,391 21,951,328 Capital Grants and Contributions 3,775,002 10,087,538 1,673,398 2,189,724 2,155,686 Total Business-Type Activities Program Revenue 57,26 4,926 65,436,497 58,591,459 58,443,533 60,101,764 Total Primary Government Program Revenue
s $103,411,727 $107,338,514 $129,841,930 $115,816,061 $124,547,60 3 Net (Expense)/Revenue
Governmental Activities ($189,386,182) ($171,785, 765) ($150,788,395) ($152,838,087) ($156,521,490) Business-Type Activities (1,712,351) 6,069,580 (1,363,722) 39,283 1,319,514 Total Primary Government Net Expense ($191,098,533) ($165,716,185) ($152,152,117) ($152,798,804) ($155,201,976) General Revenues and Other Changes in Net Position
Governmental Activities:

Taxes:

Property Taxes:

Current Collections $52,219,777 $47,207,734 $42,226,820 $45,129,392 $51,302,638 Sales Taxes 27,788,339 29,865,548 29,627,711 33,155,376 40,877,125 Utility User Taxes 45,984,315 48,398,349 48,033,706 48,299,958 43,365,249 Documentary Transfer Taxes 2,765,842 2,957,834 3,461,473 4,818,936 6,187,096 Other Taxes 3,784,986 3,289,518 3,592,218 5,099,511 5,734,802 Unrestricted Intergovernmental 4,752,245 44,814 1,806,532 43,312 Use of Money and Property (22,064,295) 11,331,823 (1,164,987) (4,752,198) 1,198,266 Gain From Sale of Capital Assets 174,874 268,92 7 262,667 Miscellaneous 7,917,715 3,461,402 3,229,898 2,151,042 4,258,061 Pension Stabilization Revenue 2,544,1 75 2,549,922 998,839 954,202 915,860 Developer Revenue Sharing 55,958
Transfers 1,030,428 (590,394) 178,487 600,000
Special/Extraordinary Items:

Swap Termination (16,321,171)
Transfer of Loans to Housing Successor
Assets Transferred To/Liabilities Assumed By 14,968,712 Housing Successor/Successor Agency 84,426,106 (a) (5,328,244) Total Government Activities 211,205,591 143, 188,306 130,180,552 137,110,165 153,392,617 Business-Type Activities:

Taxes:

Property Taxes
Use of Money and Property (5,331,300) 4,054,073 (185,246) (563,129) (3,076,857) Settlement
Other
Special Item (14,510,000)
Transfers (1,030,428) 590,394 (178,487) (600,000)
Extraordinary Items 9,023,704 1,359,929
Total Business-Type Activities (6,361,728) 13 ,668,171 1,174,683 (741 ,616) (18,186,857) Total Primary Governmen
t $204,843,863 $156,856,477 $131,355,235 $136,368,549 $135,205,760 Change in Net Position
Governmental Activities $21,819,409 ($28,597,4 59) ($20,607,843) ($15,7 27,922) ($3,128,873) Business-Type Activities (8,074,079) 19,737,751 (189,039) (702,333) (16,867,343) Total Primary Government $13,745,330 ($8,859,708) ($20,796,882) ($16,430,255) ($19,996,216) (a) The Redevelopment Agency was dissolved effective January 31 , 2012 and its net position transferred to a Successor Agency. (b) The City implemented the provisions of GASB Statement 63 in fiscal year 2013, which replaced the term "net assets" with the term "net position". (c) The City implemented the provisions of GASB Statement No. 68 in fiscal year 2015. Years prior to 2015 have not been restate d. (d) The City implemented the provisions of GASB Statement No. 75 in fiscal year 2018. Years prior to 2018 have not been restate d. 266Page 713 of 789
Fiscal Year Ended June 30
2017 2018 (d) 2019 2020 202 1
$34,851,005 $45,715,329 $45,626,305 $43,495,871 $47,854,126 104,919,259 114,932,219 116,621,006 108,947,688 93,441,711 41,558,084 48,617,290 49,893,124 45,051,479 33,979,639
3,290,142 4,589,328 5,791,630 4,115,214 4,433,192
10,996,526 14,280,985 15,074,312 10,409,881 9,006,470
7,449,42
3 3,442,239 2,676,89 7 2,807,611 3,108,240
16,387,887 16,127,479 15,380,005 14,896,558 12,825,356
219,452,326 247,704,869 251,063,279 229,724,302 204,648,734 26,241,916 30,978,813 36,766,319 5,834,686 3,607,603
10,102,104 10,257,553 8,811,486 7,744,773 6,263,232
230,621 327,442 273,929 21,767,690 20,466,640
17,720,735 21,696,370 19,259,997 241,445 227,391
2,320,723 1,661,808 1,643,453 1,965,353 1,796,422
1,028,185 1,697,155 973,747 671,790 788,957
57,644,284 66,619,141 67,728,931 38,225,737 33,150,245
$277,096,610 $314,324,010 $318,792,210 $267,950,039 $237,798,979 $15,543,381 $16,838,782 $15,310,347 $13,211,033 $13,777,010 8,932,212 8,147,458 7,124,227 6,631,900 3,674,412
4,796,586 6,529,172 5,118,216 7,792,157 7,198,221
615,388 1,748,222 1,603,581 827,055 665,999
1,252,192 1,545,399 2,200,702 1,111,472 814,073
1,878,958 2,189,703
16,083,370 20,556,989 20,514,833 25,354,387 29,316,141
14,008,833 10,471,376 5,778,572 4,987,273 4,386,950
61,231,962 67,716,356 59,840,181 59,915,277 59,832,806
3,067,020 1,740,399 3,329,072 841,319 861,943
10,182,777 10,580,246 10,629,229 10,454,061 10,704,024
540,567 537,438 602,591 27,934,684 27,759,474
20,767,925 22,447,439 24,476,967 564,988 574,453
1,992,758 2,068,110 1,942,171 2,087,561 2,103,928
1,339,104 1,281,952 1,240,754 1,203,837 1,145,936
22,636,922 26,098,804 28,666,300 4,027,791 3,771,674
969,910 1,155,536 2,170,137 322,164 13,167
61,496,983 65,909,924 73,057,221 47,436,405 46,934,599
$122,728,94
5 $133,626,280 $132,897,402 $107,351,682 $106,767,40 5
($158,220,364) ($179,988,513) ($191,22 3,098) ($169,809,025) ($144,815,928) 3,852,699 (709,217) 5,328,290 9,210,668 13,784,354
($154,367,665) ($180,697,730) ($185,894,808) ($160,598,357) ($131,031,574) $56,588,547 59,441,796 60,592,022 63,004,942 65,075,408 41,620,189 44,474,973 47,659,481 44,537,156 48,998,406
44,966,489 46,079,755 45,905,937 45,552,523 45,240,705
7,452,985 6,486,347 8,011,672 8,707,564 19,857,680
5,329,465 6,144,968 6,227,213 7,127,375 7,424,135
49,448 58,842 4,705,047 5,367,784 6,593,602
12,230,256 7,000,785 (6,825,744) 2,946,978 1,461,004
64,651 39,22 6 71,779 82,03 6 71,458
5,138,724 4,195,794 1,980,97 3 1,992,600 1,357,022
885,938
86,778 86,778 (220,947) 86,778 (11,279,988)
1,208,259
174,413,470 175,217,523 168,107,433 179,405,736 184,799,432 3,548,826 3,431,293 (1,015,459) 770,319 145,810
(86,778) (86,778) 220,947 (86,778) 11,279,988
3,462,048 3,344,515 (794,512) 683,541 11,425,798
$177,875,518 $178,562,038 $167,312,921 $180,089,27 7 $196,225,230 $16,193,106 ($4,770,990) ($23,115,665) $9,596,711 $39,983,504 7,314,747 2,635,298 4,533,778 9,894,209 25,210,152
$23,507,853 ($2,135,692) ($18,581,887) $19,490,920 $65,193,65 6 267Page 714 of 789

CITY OF RICHMOND
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
Fiscal Year Ended June 30
2012 2013 (b) 2014 2015 2016 2017 2018 2019 2020 2021
General Fund
Nonspendable $25,944,325 $26,366,829 $19,505,987 $18,708,682 $18,404, 669 $15,697,680 $17,967,653 $17,170,714 $16,705,993 $14,399,738 Committed 1,500,000 9,800,000
Assigned 377,181 219,646 56,786 23,934 4,460 10,013 72,506 63,180 113,349 2,436,475 Unassigned 11,036,847 10,238,862 7,979,055 9,949,120 10,988,266 19,709,197 17,590,764 19,534,660 20,326,889 22,477,829 Total General Fund $37,358,353 $36,825,337 $27,541,828 $28,681 ,736 $29,397,395 $35,416,890 $35,630,923 $36,768,554 $38,646,231 $49,114,04 2( a ) All Other Governmental Funds
Nonspendable $174,067 $484 $550
Restricted 42,888,150 $42,117,459 $39,066,351 41,017,602 53,7 52,247 $56,052,014 $64,125,353 $72,865,392 $75,880,927 $80,161,994 Committed
Assigned 5,147,506 1,734,260 428,766 430,083 431,867 782,617 43,906 44,602 45,264 2,521,099 Unassigned (11,929,833) (14,357,112) (15,499,990) (9,755,130) (13, 824,433) (12,190,388) (8,939,781) (5,403,755) (2,000,302) (1,677,775) Total all other governmental funds $36,279,890 $29,494,607 $23,995,127 $31,693,039 $40,360,231 $44,644, 243 $55,229,478 $67,506,239 $73,9 25,889 $81,005,318 (a) (a) The change in total fund balance for the General Fund and other governmental funds is explained in Management's Discussion and Analysis.
(b) Balance was restated in fiscal year 2014. Years prior to 2013 have not been restated. ($20)
$0
$20
$40
$60
$80
$100
$120
$140
2012 2013 (b) 2014 2015 2016 2017 2018 2019 2020 2021
Millions
Reserved Unreserved Nonspendable Restricted Committed Assigned Unassigned 268Page 715 of 789
This page intentionally left blank
269Page 716 of 789

CITY OF RICHMOND
Changes in Fund Balance of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
Fiscal Year Ended June 30,
2012 2013 2014 2015 2016
Revenues
Property taxes $51,964,005 $48,51 8,328 $43,559,305 $46 ,498,061 $52,714,540 Sales taxes 27,788,339 29,865,5 48 29,627,711 33,131,486 40,877,125 Utility user fees 50,984,315 48,398,349 48,033,706 48,299,958 43,365,249 Other taxes 6,550,828 6, 247,352 7,053,691 9,918 ,447 11,628,519 Licenses, permits and fees 9,393,833 11,830,426 7,713,6 34 12,409,625 12,235,483 Developer revenue sharing 55,958
Fines, forfeitures and penalties 536,510 617,509 821,411 1,353,518 901,838 Use of money and property 932,393 557,936 153,958 225,529 212,787 Intergovernmental 36,121,56 1 19,995,922 17,078,035 19,228,997 14,440,543 Private grants 12,971,138
Charges for services 9,204,016 9,350,051 20,022,968 13,607,840 13,462,270 Pension stabilization revenue 2,544,175 2,549,922 9 98,839 954,202 915,860 Rent 793,144 681,141 7 08,626 809,113 768,753
Other 7,142,854 2,703,133 2,845,117 1,977,688 4,300,150 Total Revenues 204,011,931 181,315,617 178,617,001 188,414,464 208,794,255 Expenditures
Current:

General government 30,303,6 14 33,251,610 32,005,878 29,786,089 31,819,369 Public safety 87,286,248 87 ,573,539 91,676,955 90,219,981 94,774,545 Public works 25,555,928 26 ,065,996 26,363,885 25,806,437 25,690,663 Community development 5,64 3,542 4,709,478 4,357,885 4,586,333 4,843,687 Cultural and recreational 12,183,399 11,175,362 10,223, 708 10,021,481 10,551,337 Housing and redevelopment 6,267,418 3,089,640 2,2 66,265 2,625,533 3,038,135 SERAF
Capital outlay 28,721,772 15,704,486 14,365,888 8 ,178,649 8,566,563 Debt service:

Principal repayment 14,3 12,544 8,691,629 6,775,769 7,842,830 9,148,909 Interest and fiscal charges 11,393,091 7,504,922 10,98 9,996 13,407,604 12,503,442 Swap termination payment 28,554,000
Total Expenditures 221,667,556 197,766,662 199,026,229 1 92,474,937 229,490,650 Excess (deficiency) of revenues over
(under) expenditures (17,655,625) ( 16,451,045) (20,409,228) (4, 060,473) (20,696,395) Other Financing Sources (Uses)
Transfers in 38,456,022 21,145 ,031 20,145,264 12, 879,975 12,124,166 Transfers out (33,437,663) (19 ,666,470) (20,859,344) ( 13,815,569) (12,091,206) Sale of property 1 88,489 53,618 174,874 268,927 262,667 Payment to refund bond escrow agent
Issuance of long-term debt 3,214,243 2,621,558 6,165 ,445 11,175,436 28,390,000 Bond issuance premium 109,701 106,740 82,880 1,393,619
Total other financing sources (uses) 8,530,792 4,260,477 5,626,239 10,591,649 30,079,246 Special and Extraordinary Items
Assets transferred to/liabilities assumed by
Housing Successor/Successor Agency (33,902,636) (a)
Transfer of loans to housing successor
Interfund advance restructuring 745,119
Total Special and Extraordinary Items (33,902,636) 745,119 Net Change in fund balances ( $43,027,469) ($11,445,449) ($ 14,782,989) $6,531,176 $9,382,851 Debt service as a percentage of
noncapital expenditures 12.3% 8.7% 9.4% 11.4% 9.8%
NOTE:
(a) The Redevelopment Agency was dissolved effective January 31, 2012 and its net assets transferred to a Successor Agency. 270Page 717 of 789
Fiscal Year Ended June 30,
2017 2018 2019 2020 2021
$58,042,766 $60,963,189 $ 66,816,032 $68,285,321 $70,294,487 41,620,189 44,474,973 47,659 ,481 44,537,156 48,998,406 44,966,489 46,079,755 45,905 ,937 45,552,523 45,240,705 12,566,579 12,413,127 14,020 ,347 15,619,151 27,066,292 16,577,695 21,552,883 18,865 ,730 15,385,538 18,316,552 1,065,421 1,001,927 964,2 55 815,910 455,470
422,324 746,525 1,3 02,922 1,302,020 472,216
19,913,858 20,137,593 17,691 ,976 24,284,779 23,912,334 5,000,000 9,000,000 9,000,000
15,947,909 17,045,201 16,625 ,733 16,807,806 15,371,589 885,938
839,821 852,940 9 88,741 892,579 699,301
5,472,719 4,418,779 2,999,9 47 1,998,535 1,491,314
223,321,708 238,686,892 2 42,841,101 235,481,318 252,318,666 36,973,645 44,009,256 42,470 ,628 47,122,400 47,429,988 95,479,682 96,546,035 9 9,824,574 100,037,206 97,682,457 30,327,553 35,016,495 37,133 ,097 34,207,196 32,067,844 6,374,607 8,057,638 5,126,8 48 5,189,613 5,606,322
10,786,216 11,347,436 1 2,713,460 11,482,027 9,717,875
7,672,540 1,942,637 3,436,9 88 3,544,492 3,225,876
3,667,134 10,000,595 5 ,774,234 4,871,461 6,135,189
9,966,416 11,032,933 12,518,8 07 12,552,283 14,423,082
11,471,169 10,785,342 1 0,026,887 10,431,652 7,044,795
212,718,962 228,738,367 2 29,025,523 229,438,330 223,333,428 10,602,746 9,948,525 13,815 ,578 6,042,988 28,985,238
18,770,780 14,472,164 19,215 ,848 18,336,677 15,524,305 (19,251,041) (14,868,906) (19,688,81 3) (18,221,126) (27,033,761) 181,022 39,226 71,779 82,036 71,458
(77,315,000)
79,171,752
(299,239) (357,516) (401,1 86) 2,054,339 (11,437,998)
1,208,259
1,208,259
$10,303,507 $10,799,268 $ 13,414,392 $8,097,327 $17,547,240

10.3% 10.0% 10.2% 10.3% 9.9%
271Page 718 of 789

CITY OF RICHMOND

ASSESSED AND ESTIMATED ACTUAL

VALUE OF TAXABLE PROPERTY

LAST TEN FISCAL YEARS
(In Thousands)
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
ASSESSED VALUE (1)
Land $3,329,164 $3,216,147 $3,218,339 $3,781,609 $4,186,239 $4,520,312 $4,946,654 $5,423,245 $5,888,775 $6,277,934 Improvements 7,413,276 9,268,934 7,181,567 8,187,280 8,683,770 9,216,704 9,400,903 10,129,347 10,214,867 10,541,291 Total Real Property 10,742,440 12,485,081 10 ,399,906 11,968,889 12,870,009 13,737,016 14,347,557 15,552,592 16,103,642 16,819,225 Personal Property 681,204 795,573 53,195 460,661 669 ,634 585,832 $589,457 $584,968 $617,157 $652,386 TOTAL $11,423,644 $13,280,654 $10,453,101 $12,429,55 0 $13,539,643 $14,322,848 $14,937,014 $16,137,560 $16,720,799 $17,471,611 EXEMPTIONS(2)
Homeowners(a) $107,571 $104 ,144 $100,680 $98,456 $96,539 $95,052 $94,266 $93,219 $91,907 $91,372 Other(b) 495,344 519,976 527,179 587,350 641,475 688,713 760,841 809 ,325 932,222 1,008,837 TOTAL $602,915 $624,120 $627,859 $685,806 $738,014 $783,765 $855,107 $902,544 $1,024,129 $1,100,209

ASSESSED VALUE
(Net of Exemptions) $10,820,729 $12,656,534 $9,825,242 $11,743,744 $12,801,629 $13,539,083 $14,081,907 $15,235,016 $15,696,670 $16,371,402 Redevelopment Tax
Increments(3) 1,578,082 1,558,233 1,595,033 1,799,831 2 ,055,811 2 ,248,742 2,567,061 2 ,892,823 3,175,294 3,175,294

NET ASSESSED
VALUE $9,242,647 $11,098,301 $8,230,20 9 $9,943,913 $10,745,818 $11,290,341 $11,514,84 6 $12,342,193 $12,521,376 $13,196,108

NET INCREASE
(DECREASE) $601,337 $1,855,654 ($2,868,092) $1,713,704 $801,905 $544,523 $224,505 $827,347 $179,183 $674,732 % OF INCREASE
(DECREASE) 6.96% 20.08% -25.84% 20.82% 8.06% 5.07% 1.99% 7.19% 1.45% 5.39% Total Direct Tax Rate(4) 0.00000% 0.38653% 0.41948% 0.41930% 0.43781% 0.43675% 0.43591% 0.43540% 0.43473% 0.43394% (1) Assessed value (full cash value) of taxable property represents all property within the City. For the fiscal year 1981-82 and thereafter, the assessed value is 100% of the full cash value in accordance with State legislation. The maximum tax rate is 1% of the full cash value or $1/$100 of the assessed value, excluding the tax rate for debt service.
(2) Exemptions are summarized as follows:
(a) Homeowners' exemption arises from Article XIII(25) which reimburses local governments for revenues lost through the homeowners' exemption in Article XIII(3)(k).
(b) Other exemptions are revenues lost to the City because of provisions of California Constitution, Article XIII(3). (3) Tax increments are allocations made to the Redevelopment Agency under authority of California Constitution, Article XVI. (4) California cities do not set their own direct tax rate. The state constitution establishes the rate at 1% and allocates a portion of that amount, by an annual calculation, to all the taxing entities within a tax rate area.

The City of Richmond encompasses more than 92 tax rate areas.

See Property Tax Rates statistics for additional information.

Source: County of Contra Costa, Office of the Auditor-Controller HdL reports
272Page 719 of 789
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273Page 720 of 789

CITY OF RICHMOND

PROPERTY TAX RATES

ALL OVERLAPPING GOVERNMENTS

LAST TEN FISCAL YEARS
Basic City of East Bay West Contra Total
County Richmond Regional East Bay Contra Costa Direct & Fiscal Wide 1981 Pension Parks Acalanes MUD Dist. 1 Orinda Costa Community Overlapping Year Levy (1) Liability (2) BART District Union Bond Elementary Unified College Tax Rates (3) 2012 1.00000 0.14000 0.00410 0.00710 0.03330 0.00670 0.02740 0.23220 0.01440 1.46520 2013 1.00000 0.14000 0.00430 0.00510 0.03330 0.00680 0.02730 0.21570 0.00870 1.44120 2014 1.00000 0.14000 0.00750 0.00780 0.03610 0.00660 0.02550 0.28180 0.01330 1.51860 2015 1.00000 0.14000 0.00450 0.00850 0.03500 0.00470 0.02320 0.28030 0.02520 1.52140 2016 1.00000 0.14000 0.00260 0.00670 0.00000 0.00340 0.00000 0.27810 0.02200 1.45280 2017 1.00000 0.14000 0.00800 0.00320 0.00000 0.00280 0.00000 0.26040 0.01200 1.42640 2018 1.00000 0.14000 0.00840 0.00210 0.00000 0.00110 0.00000 0.23970 0.01140 1.40270 2019 1.00000 0.14000 0.00700 0.00210 0.00000 0.00000 0.00000 0.23900 0.01100 1.39910 2020 1.00000 0.14000 0.01200 0.00940 0.00000 0.00000 0.00000 0.23790 0.01880 1.41810 2021 1.00000 0.14000 0.01390 0.00140 0.00000 0.00000 0.00000 0.24320 0.01610 1.41460 NOTES:
(1) In 1978, California voters passed Propositi on 13 which set the property tax rate at a 1.00% fixed amount. This 1.00% is shared by all taxing agencies for which the subject property resides within. In addition to the 1.00% fixed amount, property owners are charged taxes as a percentage of assessed property values for the payment of any voter approved bonds.
(2) Voter approved debt.
(3) Overlapping rates are those of local and county governments th at apply to property owners within the City. Not all overlapping rates apply to all city property owners. (4) City's Share of 1% Levy is ba sed on the City's share of the general fund tax rate area with the largest next taxable value within the City. ERAF general fund tax shifts may not be included in tax ratio figures.
(5) RDA rate is based on the largest RDA tax rate area (TRA) and includes only rate(s) from indebtedness adopted prior to 1989 per California state statute.

RDA direct and overlapping rates are applied only to the incremental property values. (6) Total Direct Rate is the weighted average of all individua l direct rates applied by the government preparing the statistical section information and excludes revenues derived from aircraft. Beginning in 2013/14 the Total Direct Rate no longer includes revenue generated from the former redevelopment tax rate areas. Challenges to recognized enforceable obligations are assumed to have been resolved during 2012/13. For the purposes the rates reported, residual revenue is assumed to be distribute d
to the City in the same proportions as general fund revenue.

Source: County of Contra Costa, Office of the Auditor-Controller $0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Series7 Series3 Series1 Series4 Series5 Series9 Series6 Series2 Series8 274Page 721 of 789
City's
Share of General Total
1% Levy Per Obligation Debt Redevelopment Direct
Prop 13 (4) Rate Rate (5 ) Rate (6)

0.28784 0.14000 1.14710 0.40618

0.28784 0.14000 0.00000 0.38653

0.28784 0.14000 0.00000 0.41948

0.28784 0.14000 0.00000 0.41930

0.28784 0.14000 0.00000 0.43781

0.28784 0.14000 0.00000 0.43675

0.28784 0.14000 0.00000 0.43591

0.28784 0.14000 0.00000 0.43540

0.28784 0.14000 0.00000 0.43473

0.28784 0.14000 0.00000 0.43394
275Page 722 of 789

CITY OF RICHMOND
Principal Property Tax Payers
Current Year and Nine Years Ago
(In Thousands)
2020-2021 2011-2012
PercentageP e r c e n t a ge
of Total City of Total City
Taxable Taxable Taxable Taxable
Assessed Assessed Assessed Assessed
Taxpayer T ype of Business Value Ran k Value Value Ran k Value Chevron USA Inc. Industrial $3,489,775 1 21.32% $3,143,118 1 29.05% Guardian KW Hilltop LLC Residen tial 209,287 2 1.28% 101,776 2 0.94% Kaiser Foundation Hospitals Industrial 91,884 3 0.56 % 70,302 3 LIPT Giant Road Inc. Industrial 89,226 4 0.55%
Richmond Essex, LP Residential 81,861 5 0.50 % 47,694 7 0.44 % Centerpoint Properties Trust Industrial 56,312 6 0.34%
Pacific Atlantic Terminals LLC Industrial 54,639 7 0.33% 43,478 10 0.40% Phillips 66 Company I ndustrial 51,218 8 0.31%
2930 Technology Court LLC Institutional 50,870 9 0.31%
KM Phoenix Holdings LLC Industrial 50,412 10 0.31%
Richmond Associates LLC Commercial 65,002 40 . 6 0 %
Berlex Laboratories, Inc. Industrial 60,228 5 0.56%
BP West Coast Products Industrial 58,405 6 0.54%
Cherokee Simeon Venture I LLC Commercial 46,605 8 0.43% Auto Warehousing Company Unsecured 44,748 9 0.41%
Subtotal $4,225,484 25.81 % $3,681,357 34.02%
Total Net Assessed Valuation:

Fiscal Year 2020-2021 $16,371,402
Fiscal Year 2011-2012 $10,820,729
Source: Contra Costa County Assessor Fiscal Year Combined Tax Rolls and the SBE Non Unitary Tax Roll 276Page 723 of 789

CITY OF RICHMOND

PROPERTY TAX LEVIES AND COLLECTIONS

LAST TEN FISCAL YEARS
(In Thousands)
##
##
##
Percent of
Voter Total Total Ta x
Fiscal 1% Tax Approve Debt Ta x Collections
Year Roll (1) Tax Rolls (2) Collections (3) to Tax Levy 2012 27,669 14,37 7 42,046 100 %
2013 31,638 14,718 46,356 100 %
2014 27,289 13,26 7 40,556 100 %
2015 29,392 14,225 43,61 7 100%
2016 31,490 18,07 1 49,561 100%
2017 33,152 19,618 52,770 100 %
2018 33,780 20,48 1 54,261 100%
2019 36,116 22,078 58,194 100 %
2020 36,435 22,513 58,948 100 %
2021 37,506 23,47 7 60,983 100 %
Source: City of Richmond Records
NOTES: (1) The maximum tax rate is 1% of the assessed value or $1/$100 of the assessed value, excluding the tax rate for debt.
(2) Voter approved tax roll for debt is in addition to the 1% rate shown in note (1). (3) During fiscal year 1995, the County began providing the City 100% of its tax levy under an agreement which allows the County to keep all interest and delinquency charges collected. $0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
$80.0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
1% Tax Roll (1) Tax Collections (3)
277Page 724 of 789
Fiscal Year Ended June 30
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Cable TV Users $810,755 $809,972 $983,465 $1,016,552 $9 88,547 $924,912 $1,036,854 $1,025,549 $951,147 $961,286 Gas & Electric 9,660,557 8,943,183 8,787,715 9,003,928 9,966, 642 11,433,006 11,250,415 11,404,175 11,416,601 13,118,252 Telephone 5,473,445 5,688,505 5,183,418 4,807,499 4, 093,128 3,668,092 3,300,001 2,910,450 2,621,565 2,302,969 Operations 20,039,558 19,956,689 20,079,108 20,471,979 21,004, 080 21,209,540 22,884,443 23,230,610 23,351,283 24,657,999 UUT Settlement 10,000,000 13,000,000 13,000,000 13,000,000 7 ,000,000 7,000,000 7,000,000 7,000,000 7,000,000 4,000,000 Prepaid Wireless 312,852 730,939 608,042 335,153 211,927 200,199 Combined (A)
$45,984,315 $48,398,349 $48,033, 706 $48,299,958 $43,365,249 $44,966,489 $46, 079,755 $45,905,937 $45,552,523 $45,240,705 NOTES:
(A) Components of collections by type are not available, therefore amount represents total UUT collections for the fiscal year, and these amounts have been excluded from the graph.

SOURCE: City of Richmond, Finance Department (Revenue)

CITY OF RICHMOND

UTILITY USERS TAX COLLECTIONS

LAST TEN FISCAL YEARS
$0
$5
$10
$15
$20
$25
$30
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Cable TV Users Gas & Electric Telephone Operations UUT Settlement Prepaid Wireless 278Page 725 of 789

CITY OF RICHMOND

UTILITY USERS TAX DIRECT RATES

ON CHARGES FOR SERVICES

LAST TEN FISCAL YEARS (A)
2012 2013 2014 2015 2016 2017 201 8 2019 202 0 2021
Cable TV Users 5 % 5% 5% 5% 5% 5% 5% 5% 5% 5%
Gas & Electric 10 % 10% 10% 10% 10% 10% 10% 10% 10% 10% Telephone 9.50% 9.50% 9.50% 9.50% 9.50% 9.50% 9.50% 9.50% 9.50% 9.50% O p e r a t i o n s ( B )( B )( B )( B )( B )( B )( B )( B )( B )( B ) UUT Settlement (C) (C) (C) (C) (C) (C) (C) (C) (C) (C)
NOTES:
(A)
(B)
SOURCE: City of Richmond, Finance Department (Revenue) Based on the Cap Provision in the City of Richmond Municipal Code Section

13.52.100 - Maximum Tax Payable of the Richmond Municipal Code.

Annual amount is per agreement signed by a Major Taxpayer and the City in 2010.
279Page 726 of 789

CITY OF RICHMOND

TOP TEN UTILITY USERS TAXPAYERS
(ALPHABETICAL ORDER)
Current Year
Taxpayer Type of Business (A)
CHEVRON Industrial
COMCAST Cable
CONSTELLATION NEW ENERGY Utility
GTE MOBILNET OF CALIFORNIA LTD Telecommunications
MARIN CLEAN ENERGY Utility
NEW CINGULAR WIRELESS Telecommunications
PACIFIC BELL Telecommunications
PG&E Utility
SHELL ENERGY Utility
SPRINT SPECTRUM Telecommunications
NOTES:
(A) Re venue base information by taxpayer is confidential.

SOURCE: City o
f Richmond, Finance Department (Revenue)
280Page 727 of 789

CITY OF RICHMOND
Ratio of Outstanding Debt by Type
Last Ten Fiscal Years
Governmental Activities
Tax Pension Loans
Fiscal Allocation Obligation Revenue and Notes Capital
Year Bonds Bonds Bonds Payable Leases Total
2012 (B) 155,060,554 $ 87,526,545 $ 635,646 $ (B) 8,523,072 $ 251,745,817 $ 2013 (B) 156,483,676 87,121,545 1,231,880 8,269,494 253,106,595 2014 (B) 157,555,624 87,121,545 2,631,887 11,186,685 258,495,741 2015 (B) 156,491,679 87,121,545 12,970,813 9,295,123 265,879,160 2016 (B) 155,070,539 115,218,619 2,143,560 7,944,891 280,377,609 2017 (B) 153,058,033 113,275,266 1,993,820 6,872,843 275,199,962 2018 (B) 150,485,289 111,241,920 1,844,775 8,650,840 272,222,824 2019 (B) 147,275,826 109,098,574 1,287,277 7,640,339 265,302,016 2020 (B) 144,339,640 107,666,888 1,156,441 6,661,805 259,824,774 2021 (B) 140,816,305 103,543,450 1,023,224 5,642,605 251,025,583 Business-Type Activities
Wastewater Port Lease Loans Total Percentage
Fiscal Revenue Revenue and Notes Primary of Personal Per Year Bonds Bonds Payable Total Government Income (A) Capita (A) 2012 84,246,892$ 48,252,294$ 3,516,009$ 136,015,195$ 387,761,012$ 15.37% 3,671 2013 90,096,593 (C) 47,834,187 3,007,372 140,938,152 394,044,747 15.51% 3,757 2014 89,012,056 44,944,399 2,935,889 136,892,344 395,388,085 15.11% 3,746 2015 86,867,520 41,984,610 2,861,189 131,713,319 397,592,479 14.62% 3,746 2016 84,637,983 39,354,875 2,783,127 126,775,985 407,153,594 15.04% 3,827 2017 82,313,447 36,588,791 3,401,553 122,303,791 397,503,753 14.49% 3,601 2018 111,698,772 33,587,707 3,316,308 148,602,787 420,825,611 15.04% 3,765 2019 144,811,738 30,331,623 3,227,227 178,370,588 443,672,604 15.19% 3,969 2020 141,391,552 17,940,892 3,134,137 162,466,581 422,291,355 13.95% 3,834 2021 137,886,366 13,604,419 3,338,388 154,829,173 405,854,756 12.53% 3,649 Notes: Debt amounts exclude any premiums, discounts, or other amortization amounts. (A) See Demographic Statistics for pe rsonal income and population data. (B) Due to the dissolution of the Redeve lopment Agency, the Tax Allocation Bonds and the Loans and Notes Payable that were related to the Redevelopment Agency were transferred to the Successor Agency as of February 1, 2012 and are no longer governmental commitments.
(C) With the implementation of GASB Statement No. 65, the deferred amount on refunding previously reported as a component of the long-term debt balance is not reported as a deferred inflows of resources.

Sources: City of Richmond
State of California, Department of Finance (population) U.S. Department of commerce, Bureau of the Census (income) $-
$50,000,000
$100,000,000
$150,000,000
$200,000,000
$250,000,000
$300,000,000
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Series1 Series2
281Page 728 of 789

CITY OF RICHMOND

REVENUE BOND COVERAGE
1999, 2006, 2008, 2010A, 2010B, 2017A, 2019A and 2019B WASTEWATER REVENUE BONDS

LAST TEN FISCAL YEARS
Debt Service Requirements
Net Revenue
Fiscal Gross Operating Available for
Year Revenue (1) Expenses (2) Debt Service Principal Interest Total Coverage 2012 17,697,208$ 8,956,411 $ 8,740,797 $ 975,000 $ 4,399,406 $ 5,374,406 $ 1.63 2013 17,840,042 9,447,236 8,392,806 1,005,000 4,613,635 5,618,635 1.49 2014 18,569,191 9,734,277 8,834,914 1,055,000 4,560,528 5,615,528 1.57 2015 19,098,835 9,524,878 9,573,957 2,115,000 4,536,302 6,651,302 1.44 2016 19,843,677 9,954,037 9,889,640 2,200,000 4,393,375 6,593,375 1.50 2017 20,880,739 10,831,250 10,049,489 2,295,000 4,344,233 6,639,233 1.51 2018 23,752,946 11,885,819 11,867,127 2,400,000 5,599,008 7,999,008 1.48 2019 29,993,700 10,647,739 19,345,961 35,240,000 5,286,578 40,526,578 0.48 2020 28,589,996 13,183,065 15,406,931 3,420,186 3,386,178 6,806,364 2.26 (3) 2021 27,879,891 12,214,607 15,665,284 2,515,000 5,633,851 8,148,851 1.92 Notes: (1) Includes all Municipal Sewer Operating Revenues and Non-operating Interest Revenue excluding Derivative Investment Interest.
(2) Includes all Municipal Sewer Operating Expenses less Depreciation and Pension and OPEB Expense related to GASB Statements 68 and 75.
(3) Includes the current refunding of the 2008A Wastewater Revenue Refunding Bonds Source: City of Richmond Annual Financial Statements

0.00 0.25

0.50 0.75

1.00 1.25

1.50 1.75

2.00 2.25

2.50 2.75

3.00 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Coverage
282Page 729 of 789

CITY OF RICHMOND

REVENUE BOND COVERAGE
1996, 1999, 2004, 2007 AND 2009 PORT TERMINAL LEASE REVENUE BONDS, NOTE

AND POINT POTRERO LEASE REVENUE BONDS

LAST TEN FISCAL YEARS
Debt Service Requirements
Net Revenue
Fiscal Gross Operating Available for
Year Revenue (1) Expenses (2) Debt Service Principal Interest Total Coverage 2012 7,822,496$ 2,931,799 $ 4,890,697 $ 505,000 $ 3,381,546 $ 3,886,546 $ 1.26 2013 9,138,193 2,964,060 6,174,133 525,000 3,348,154 3,873,154 1.59 2014 10,280,894 3,189,866 7,091,028 2,955,000 3,255,221 6,210,221 1.14 2015 9,481,315 3,380,916 6,100,399 3,025,000 3,077,165 6,102,165 1.00 2016 10,081,074 4,533,796 5,547,278 2,723,455 2,869,343 5,592,798 0.99 2017 10,194,121 3,522,216 6,671,905 2,830,000 2,641,797 5,471,797 1.22 2018 10,633,233 4,450,592 6,182,641 3,065,000 2,393,977 5,458,977 1.13 2019 10,783,561 3,289,965 7,493,596 3,320,000 2,126,229 5,446,229 1.38 2020 10,511,283 2,972,218 7,539,065 12,390,731 2,141,506 14,532,237 0.52 2021 10,707,743 2,495,128 8,212,615 3,945,000 748,210 4,693,210 1.75 Notes: (1) Includes all Port of Richmond Operating Revenues and Non-operating Interest Revenue excluding Derivative Investment Interest.
(2) Includes all Port of Richmond Operating Expenses, less Depreciation and Pension and OPEB Expense related to GASB Statements 68 and 75.

Source: City of Richmond Annual Financial Statements

0.00 0.10

0.20 0.30

0.40 0.50

0.60 0.70

0.80 0.90

1.00 1.10

1.20 1.30

1.40 1.50

1.60 1.70

1.80 1.90

2.00 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Coverage
283Page 730 of 789

CITY OF RICHMOND

GENERAL BONDED DEBT
PENSION OBLIGATION BONDS (1)

LAST TEN FISCAL YEARS
Ratio of General Net General
Restricted Net Bonded Debt to Net Bonde d
Fiscal Bonds Cash and Bond s Net Assessed Assessed Value Debt per Year Outstanding Investments (2) Outstanding Value of Property of Property Capit a 2012 155,060,554$ 8,617,952 $ 146,442,602 $ 9,242,647,000 $ 1.58% 1,386 $ 2013 156,483,676 7,054,942 149,428,734 11,098,301,000 1.35% 1,425 2014 157,555,624 8,089,647 149,465,977 8,230,209,000 1.82% 1,416 2015 156,491,679 8,148,121 148,343,558 9,943,913,000 1.49% 1,398 2016 155,070,539 8,936,523 146,134,016 10,745,818,000 1.36% 1,374 2017 153,058,033 9,777,863 143,280,170 11,290,341,000 1.27% 1,298 2018 150,485,289 9,844,431 140,640,858 11,514,846,000 1.22% 1,258 2019 147,275,826 10,041,550 137,234,276 12,342,193,000 1.11% 1,228 2020 144,339,640 11,315,256 133,024,384 12,521,376,000 1.06% 1,208 2021 140,816,305 11,845,153 128,971,152 13,196,108,000 0.98% 1,160 Note: (1) Includes the 1999 Bonds issued in fiscal year 2000, and the 2005 Bonds issued in fiscal year 2006. (2) Restricted cash is being held with the City's fiscal agent, Union Bank, and is restricted for the payment of the bonds.

Source: City of Richmond Annual Financial Statements
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000
$1,100
$1,200
$1,300
$1,400
$1,500
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Series1
284Page 731 of 789

CITY OF RICHMOND

BONDED DEBT PLEDGED REVENUE COVERAGE
TAX ALLOCATION BONDS AND REFUNDING BONDS (1)

LAST TEN FISCAL YEARS
Debt Service Requirements
Fiscal Tax
Year Revenue Principal Interest Total Covera ge
2012 15,619,530$ (3) (4) 6,285,000 $ 5,972,529 $ 12,257,529 $ 1.27 2013 16,320,481 (4) 6,565,000 5,754,825 12,319,825 1.32 2014 16,776,169 (4) 5,030,000 5,461,989 10,491,989 1.60 2015 17,206,306 (4) 2,930,000 4,500,409 7,430,409 2.32 2016 19,953,198 (4) 6,180,000 4,445,674 10,625,674 1.88 2017 14,156,746 (4) 6,395,000 4,653,678 11,048,678 1.28 2018 12,255,069 (4) 7,575,000 4,746,564 12,321,564 0.99 2019 10,714,239 (4) 7,895,000 4,662,021 12,557,021 0.85 2020 10,720,489 (4) 8,820,000 4,244,580 13,064,580 0.82 2021 12,927,768 (4) 12,949,294 4,128,651 17,077,945 0.76 Note: (1) Includes the 1991, 1998, 2000, 2003, 2004, 2007, 2010 and 2014 Bonds. (2) Includes current refunding of the 2007 Bonds of $64,275,000. (3) The Redevelopment Agency was dissolved effective January 31, 2012, and its liabilities were assumed by a Successor Agency. Amounts reported here include tax revenue and debt service of both the former Redevelopment Agency and the Successor Agency. (4) Beginning in fiscal year 2012, tax increment reported in this table is the amount calculated by the County Auditor-Controller. Under the provisions of the laws dissolving the Redevelopment Agency, the Successor Agency only receives the funds necessary to fulfill its approved obligations.

Source: City of Richmond Annual Financial Statements
$-
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Tax Increment Revenue Debt Service Payment
285Page 732 of 789

CITY OF RICHMOND

COMPUTATION OF DIRECT AND OVERLAPPING DEBT
JUNE 30, 2021
2020-2021 Assessed Valuation: $16,462,773,688
Total Debt City's Share of Debt
OVERLAPPING TAX AND ASSESSMENT DEBT: June 30, 2021 % Applicable (1) June 30, 2021 Bay Area Rapid Transit District $1,871,890,000 1.922% $35,977,726 Contra Costa Community College District 596,325,000 7.300% $43,531,725 West Contra Costa Unified School District 1,214,983,000 46.630% $566,546,573 West Contra Costa Healthcare District Parcel Tax Obligations 51,237,000 43.802% $22,442,831 East Bay Regional Park District 133,170,000 3.075% $4,094,978 City of Richmond Community Facilities District No. 1998-1 1,980,000 100% $1,980,000 City of Richmond 1915 Act Bonds 5,940,000 100% $5,940,000 California Statewide Community Development Authority 1915 Act Bonds 1,480,173 100% $1,480,173 TOTAL NET OVERLAPPING TAX AND ASSESSMENT DEBT 681,994,006 DIRECT AND OVERLAPPING GENERAL FUND DEBT:

Contra Costa County General Fund Obligations $254,570,000 7.275% 18,519,968 Contra Costa County Pension Obligation Bonds 44,925,000 7.275% 3,268,294 Alameda-Contra Costa Transit District Certificates of Participation 11,655,000 5.806% 676,689 West Contra Costa Unified School District Certificates of Participation 7,105,000 46.630% 3,313,062 Cit
y of Richmond General Fund Obligations 101,295,000 100 % 101,295,000 City of Richmond Pension Obligations Bonds 62,482,525 100 % 62,482,525 TOTAL DIRECT AND OVERLAPPING GENERAL FUND OBLIGATION DEBT 189,555,538 Less: Contra Costa County general fund obligations supported by revenue funds 2,981,493 City of Richmond obligations supported by port revenues 12,430,000 TOTAL NET DIRECT AND OVERLAPPING GENERAL FUND OBLIGATION DEBT 174,144,045 OVERLAPPING TAX INCREMENT DEBT (Successor Agency) $48,638,477 100% 48,638,477 TOTAL GROSS DIRECT DEBT $163,777,525
TOTAL NET DIRECT DEBT $151,347,525
TOTAL GROSS OVERLAPPING DEBT $756,410,496
TOTAL NET OVERLAPPING DEBT $753,429,003
GROSS COMBINED TOTAL DEBT $920,188,021 (2)
NET COMBINED TOTAL DEBT $904,776,528
(1) The percentage of overlapping debt applicable to the city is estimated using taxable assessed property value. Applicable percentages were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the city divided by the district's total taxable assessed value. (2) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and non-bonded capital lease obligations.

Ratios to 2020-21 Assessed Valuation:

Total Overlapping Tax and Assessment Debt 4.14%
Ratios to Adjusted Assessed Valuation:

Gross Total Direct Debt ($163,777,525) 0.99%
Net Total Direct Debt ($151,347,525) 0.92%
Gross Combined Total Debt 5.59%
Net Combined Total Debt 5.50%
Ratios to Redevelopment Successor Agency Incremental Valuation ($3,477,991,163):

Total Overlapping Tax Increment Debt 1.40%
____________________________
Source: HdL Coren & Cone, Contra Costa County Assessor and Auditor, City of Richmond Finance Department 286Page 733 of 789

CITY OF RICHMOND

COMPUTATION OF LEGAL BONDED DEBT MARGIN
JUNE 30, 2021
ASSESSED VALUATION:

Secured property assessed value, net of
exempt real property $16,371,402,000
BONDED DEBT LIMIT (3.75% OF ASSESSED VALUE) (a) $613,927,575 AMOUNT OF DEBT SUBJECT TO LIMIT:

Total Bonded Debt $0
Less Tax Allocation Bonds and Sales Tax Revenue
Bonds, Certificate of Participation not subject to limit 0 Amount of debt subject to limit 0
LEGAL BONDED DEBT MARGIN $613,927,575
Total net debt
Total Net Debt Legal applicable to the limit
Fiscal Debt Applicable to Debt as a percentage
Year Limit Limit Margin of debt limit
2012 405,777,338 0 405,777,338 0.00%
2013 474,620,025 0 474,620,025 0.00%
2014 368,446,575 0 368,446,575 0.00%
2015 440,390,400 0 440,390,400 0.00%
2016 480,061,088 0 480,061,088 0.00%
2017 507,715,613 0 507,715,613 0.00%
2018 528,071,513 0 528,071,513 0.00%
2019 571,313,100 0 571,313,100 0.00%
2020 588,625,125 0 588,625,125 0.00%
202
1 613,927,575 0 613,927,575 0.00 %
NOTE:
(a) California Government Code, Section 43605 sets the debt limit at 15%. The Code section was enacted prior to the change in basing assessed value to full market value when it was previously 25% of market value. Thus, the limit shown as 3.75% is one-fourth the limit to account for the adjustment of showing assessed valuation at full cash value.
287Page 734 of 789

CITY OF RICHMOND

DEMOGRAPHIC AND ECONOMIC STATISTICS

LAST TEN CALENDAR YEARS
Total Per Capita Contra Costa City
Calendar City Personal Personal Unemployment County Population Year Population Income Income Rate (%) Population % of County 2011 104,887 2,540,888,000 24,225 16.7% 1,065,117 9.85% 2012 105,562 2,615,932,000 24,781 11.6% 1,079,597 9.78% 2013 106,138 2,718,619,000 25,614 10.1% 1,094,205 9.70% 2014 106,388 2,707,894,000 24,453 7.1% 1,089,291 9.77%
2015 110,378 2,743,560,000 24,856 5.8% 1,126,745 9.80%
2016 111,785 2,797,360,000 25,024 5.1% 1,135,127 9.85%
2017 111,785 2,920,370,000 26,317 4.6% 1,147,439 9.74%
2018 110,146 3,027,471,000 27,413 3.6% 1,150,215 9.58%
2019 111,217 3,240,034,000 29,132 3.5% 1,153,526 9.64%
2020 110,130 3,416,146,000 31,019 11.2% 1,165,927 9.45% Source: HdL, Coren & Cone

0.00%

2.50%

5.00%

7.50%

10.00%

12.50%

15.00%

17.50%

20.00%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Series1

5.00%

6.00%

7.00%

8.00%

9.00%

10.00%

11.00%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Series1
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Series1
$0
$10,000
$20,000
$30,000
$40,000
$50,000
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Per Capita Personal Income
288Page 735 of 789

CITY OF RICHMOND
Principal Employers
Current Year and Nine Years Ago
2020-2021 2011-2012
Percentage Percentage
Number of of Total City Number of of Total City
Employer Employees Rank Employment Employees Rank Employment Chevron Refinery 3,264 1 3.3% 1,950 1 1.9%
West Contra Costa Unified School District 1,658 2 1.7% 1,580 2 1.5% Kaiser Foundation Hospitals 1,596 3 1.6% 677 7 0.6%
United Parcel Service 1,332 4 1.4%
Social Security Administration 1,259 5 1.3% 1,259 3 1.2% Amazon.com Services 1,055 6 1.1%
The Permanente Medical Group 1,051 7 1.1%
U.S. Postal Service 1,047 8 1.1% 1,047 4 1.0%
Contra Costa County 844 9 0.9% 844 5 0.8%
City of Richmond 860 10 0.9% 771 6 0.7%
Bio-RAD Laboratories 473 8 0.5%
Michael Stead Auto Depot & Sales 472 9 0.5%
Walmart 400 10 0.4%
Dicon Fiberoptic 400 10 0.4%
Subtotal 13,966 14.2% 9,873 9.4%
Total City Day Populatio
n 98,229 104,88 7
Source: City of Richmond Community Development Department 289Page 736 of 789

CITY OF RICHMOND
Full-Time Equivalent City Government Employees by Function Last Ten Fiscal Years
Adopted for Fiscal Year Ended June 30
2012 2013 2014 2015 201 6 2017 201 8 2019 2020 202 1
Function
General government 101.7 102.9 104 .4 105.2 99.8 105.4 116.5 114.7 118.7 113.1 Public safety 386.0 388.0 398.0 390.0 375.5 349.0 341.0 340.0 342.0 309.0 Public works 116.0 113.0 116.0 109.0 112.0 144.0 143.0 148.0 145.0 171.5 Community development 71.0 66.0 64.0 56.0 59.5 41.0 40.0 41.0 42.0 7.0 Cultural and recreational 73.8 73.2 76.8 66.0 59.0 57.0 59.1 61.7 61.7 58.1 Housing and redevelopment 19.6 13.0 12.0 10.0 5.9 3.8 3.8 3.8 3.8 2.8 Richmond Housing Authority
and RHA Properties 32.0 25.0 29.0 25.0 23.0 19.0 19.0 20.0 5.3 4.0 Port of Richmond 6.0 6.0 6.0 6.0 4.0 4.0 4.0 4.0 4.0 4.0 Richmond Marina (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) Municipal Sewer (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) Storm Sewer (1) (1) (1) (1) (1) (1) (1) (1) (1) (1)
Cable TV (3) (3) (3) (3) (3) (3) (3) (3) (3) (3)
Convention Center (3) (3) (3) (3) (3) (3) (3) (3) (3) (3) Total 806.1 787.1 806.2 767.2 738.7 723.2 726.4 733.2 722.5 669.5 Source: City of Richmond Budget
Notes:
(1) These services are provided by outside contractors. (2) Convention Center closed during renovation and staff moved under cultural and recreational. (3) Staff that perform these functions are included under General Government and Cultural and Recreational. (100)
0 100
200
300
400
500
600
700
800
900
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
General government Public safety Public works Community development Cultural and recreational Housing and redevelopment Richmond Housing Authority Port of Richmond Richmond Marina Municipal Sewer Storm Sewer Cable TV Convention Center
290Page 737 of 789
2012 2013 2014 2015 201 6 2017 201 8 2019 2020 2021
Function/Program
Public safety:

Fire:

Fire calls for service 12,770 12,868 12,988 13,670 14,497 14,372 14,375 13,900 14,318 18,150 Primary fire inspections conducted 1,0 71 2,716 3,000 1,569 1,134 1,160 5,378 3,929 2,919 3,320 Number of firefighters 85 93 85 94 91 90 91 90 89 89
Number of firefighters and civilians
per thousand population 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 Police:

Number of police officers
per thousand population 1.8 1.8 1.7 1.8 1.7 1.6 1.6 1.6 1.6 1.3 Number of sworn officers 191 195 186 196 185 182 178 178 178 157 Water
Daily average consumption
in gallons per family 250 250 250 250 250 250 250 250 160 194 Source
: City of Richmond

CITY OF RICHMOND
Operating Indicators by Function/Program
Last Ten Fiscal Years
291Page 738 of 789
2012 2013 2014 2015 2016 2017 2018 20 19 2020 2021
Function/Program
Public safety:

F i r e s t a t i o n s 7777777 7 7 7
P o l i c e s t a t i o n s 44444444 4 4
L i b r a r y ( # ) o f L o c a t i o n s 33333333 3 3 Public works
Miles of streets 280 280 280 280 280 280 280 280 290 280 Street lights 7,000 7,000 6,543 8,343 8,543 9,000 9,000 9,000 7,801 9,000 Urban Forest (trees) (a) 41,562 26,000 21,609 22,009 35,620 35,782 36,231 36,499 36,766 36,700 Culture and recreation:

Community services:

C i t y p a r k s 5 55 55 55 55 55 55 5 5 5 5 5 5 5
City parks acreage 336.6 336.6 336.6 336.6 336.6 336.6 336.6 336.6 336.6 336.6 Open Space & Public Landscapes acreage 510. 0 510.0 510.0 510.0 510.0 510.0 510.0 510.0 510.0 510.0 Lawn bowling 1 1 1 1 1 1 1 1 1 1
Recreation centers 8 8 8 8 8 8 8 8 8 8
Auditorium/Theater 1 1 1 1 1 1 1 1 1 1
Gymnasiums 3 3 3 3 3 3 3 3 3 3
S e n i o r c e n t e r s 2222222 2 2 2
Headstart centers/day cares 6 6 6 6 6 6 6 6 6 6
P u t t i n g g r e e n 11111111 1 1
Basketball courts 28 28 28 28 28 28 28 28 28 28
Swimming pools 2 2 2 2 2 2 2 2 2 2
Tennis courts 20 20 20 20 20 20 20 20 20 20
Baseball/softball diamonds 26 26 26 26 26 26 26 26 26 26 Soccer/football fields 17 17 17 17 17 17 17 17 17 17
Cricket fields 2 2 2 2 2 2 2 2 2 2
Water
Fire hydrants 3,153 3,153 3,153 3,153 3,153 3,153 3,153 3,153 3,153 3,153 Wastewater
Miles of sanitary sewers 183 183 183 183 183 183 183 230 189 194 Miles of storm sewers 310 310 310 310 310 310 310 310 198 310 Land Area (square miles) 33.7 33.7 33.7 33.7 33.7 33.7 33.7 33.7 33.7 33.7 Miles of waterfront 32 32 32 32 32 32 32 32 32 32
Source
: City of Richmond
(a) Trees managed by the City for 2013 to present.

Data Prior to 2013 includes trees managed by other entities, such as East Bay Regional Park District, National Parks and Privately owned.

CITY OF RICHMOND
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
292Page 739 of 789
City of Richmond
Presentation to City Council
January 25, 2022
Presented by: Ahmed Badawi, CPA
Partner

Badawi & Associates
Audit of the
City of Richmond
1Page 741 of 789
Agenda
Engagement Team
Deliverables and Scope of the Audit
Areas of Primary Emphasis
Auditors Report and Financial Statements
Required Communications
New Accounting Standards
Conclusion & Discussion/Questions
2Page 742 of 789
Engagement T eam
3

Engagement T eam
Engagement
Partner
Ahmed Badawi,
CPA
Engagement
Partner
Ahmed Badawi,
CPA
4 Audit Senior
Wenwei Zhao,
CPA
Audit Senior
Wenwei Zhao,
CPA
Professional
Audit Staff
Professional
Audit Staff
Professional
Audit Staff
Professional
Audit Staff
Professional
Audit Staff
Professional
Audit Staff
Independent
Quality Control
Reviewer
Mitesh Desai,
CPA
Independent
Quality Control
Reviewer
Mitesh Desai,
CPA

Deliverables and Scope of the Audit
Report of Independent Auditors on City of Richmond Annual Comprehensive Financial Report (ACFR)
Report on Internal Control Over Financial Reporting and on Compliance and Other Matters
Independent Auditor’s Report on Compliance with Requirements Applicable to Each Major Program and Internal Control over Compliance in Accordance with the Uniform Guidance (City and Housing Authority)
Report on Compliance with TDA
Report of Independent Auditors on the Joint Powers Financing Authority Basic Financial Statements
Report of Independent Auditors on the Housing Authority Basic Financial Statements Annual Report of Financial Transactions to the State Controller (City, Sewer District, JPFA and 3 non-CalPERS pension plans)
Agreed Upon Procedures
– Appropriations Limit
Communications With Those Charged With Governance
Letter used to summarize communication of various significant matters to those charged with governance.
5Page 745 of 789
Areas of Primary Audit Emphasis
The risk of management override of controls is addressed by the following procedures:

Assignment of audit staff based on consideration of audit risk.

Procedures to incorporate an element of unpredictability in the audit.

Consideration of the selection and application of significant accounting principles.

Examination of journal entries.

Review of accounting estimates for bias.

Evaluation of business rationale for unusual transactions.

Evaluation of the appropriateness of fraud
-related inquiries performed
Impact of the Shelter in place and remote work on the control environment Revenues & Receivables (Tax, Grants, Notes,
etc): Improper revenue recognitions
Governmental
Funds: Confirm/validate property taxes, sales taxes, franchise taxes & other significant revenues/receivables.

Proprietary
Funds: Substantive analytical procedures
Pension
and OPEB: Complex accounting treatment
Reviewed
management’s journal entries for implementing GASB 68 and GASB 75 Reconciled
amounts recorded to reports provided by CalPERS and their auditors 6Page 746 of 789
7Page 747 of 789
Auditors Report
Unmodified opinion except for RHA; Business
-Type
Activities; RHA RAD, LLC; RHA Properties; and RHA
Housing Corporation for which we disclaimed the opinion Audit performed in accordance with Generally Accepted
Auditing Standards, and Government Auditing Standards
Financial statements are fairly presented in all material respects
Significant accounting policies have been consistently
applied
Estimates are reasonable
Disclosures are properly reflected in the financial
statements
8Page 748 of 789
9Page 749 of 789
Government-Wide Financial Statements
10 Cash &
Investments Receivables Capital
Assets Other Assets
Deferred
Outflow of
Resources
2019 $170,968,330 $81,645,497 $489,051,276 $703,579 $62,541,674 2020 $176,433,577 $86,516,460 $487,201,965 $519,440 $97,099,816 2021 $217,722,975 $84,855,461 $487,930,997 $5,156,602 $88,738,534 $-
$100,000,000
$200,000,000
$300,000,000
$400,000,000
$500,000,000
Assets and Deferred Outflow of Resources

Government-Wide Financial Statements
Accounts
Payable and
Accrued
Expenses
Unearned
Revenues
Compensated
Absences Claims Liability Long-Term
Liabilities
Net Pension
Liability
Net OPEB
Liability
Deferred
Inflows of
Resources
2019 $16,161,809 $9,021,062 $13,288,238 $44,577,999 $475,149,404 $330,400,118 $193,782,442 $9,037,850 2020 $23,791,044 $8,521,940 $13,499,712 $43,240,367 $468,877,637 $340,483,031 $119,252,808 $63,554,454 2021 $30,606,689 $9,478,571 $13,317,044 $44,392,339 $441,820,728 $352,373,675 $103,801,398 $59,177,608 $-
$100,000,000
$200,000,000
$300,000,000
$400,000,000
$500,000,000
Liabilities and Deferred Inflows of Resources
11Page 751 of 789
Government-Wide Financial Statements
Net Investment in
Capital Assets Restricted Unrestricted
2019 $263,879,056 $102,598,887 $(652,986,509)
2020 $269,644,952 $95,221,061 $(598,315,748)
2021 $282,158,031 $117,261,612 $(569,983,126)
$(600,000,000)
$(500,000,000)
$(400,000,000)
$(300,000,000)
$(200,000,000)
$(100,000,000)
$-
$100,000,000
$200,000,000
$300,000,000
Net Position
12Page 752 of 789
Government-Wide Financial Statements
$(18,581,887)
$19,490,920
$65,193,656
$(30,000,000)
$(20,000,000)
$(10,000,000)
$-
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
$70,000,000
2019 2020 2021
Changes in Net Position
13Page 753 of 789
Government-Wide Financial Statements
2019 2020 2021
Net Cost of Service $191,223,098 $169,809,025 $144,815,928 Tax Revenue $168,396,325 $168,929,560 $186,596,334
$-
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
$120,000,000
$140,000,000
$160,000,000
$180,000,000
$200,000,000
Net Cost of Service to Tax Revenue
14Page 754 of 789
GeneralFund
Expenditure Coverage
15 2019 2020 2021
Committed Fund Balance -$ 1,500,000$ 9,800,000$ Assigned Fund Balance 63,180 113,349 2,436,475 Unassigned Fund Balance 19,534,660 20,326,889 22,477,829 Total Unrestricted Fund Balance 19,597,840$ 21,940,238$ 34,714,304$ Total Expenditures 162,941,088$ 162,447,955$ 161,619,763$ Unrestricted Fund Balance as
a % of Total Expenditures 12.03% 13.51% 21.48%
Number of months 1 2 3
GFOA recommendation
Measure of City's ability to operate with no revenues using available fund balance.

No less than 2 monthsPage 755 of 789
Pension Plan
City’s Annual Pension Contributions
16 2019 2020 2021
Annual Pension
Contributions $30,699,619 $34,579,723 $37,010,104
$-
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
$35,000,000
$40,000,000

Pension Plan
17 CalPERS -
Miscellaneous
(7.15%)
CalPERS - Safety
(7.15%)
Police and
Firemen's
(3.50%)
General Pension
(1.00%)
Garfield Pension
(1.00%)
-1% $196,355,201 $305,868,453 $(3,942,720) $795,669 $86,811 % $134,637,439 $216,949,281 $(4,441,073) $715,046 $71,909 +1 $83,177,322 $143,617,664 $(4,891,344) $640,963 $58,184 $(50,000,000)
$-
$50,000,000
$100,000,000
$150,000,000
$200,000,000
$250,000,000
$300,000,000
$350,000,000
City’s Pension Plans Sensitivity to Discount Rate

Other Postemployment Benefits
City’s Annual OPEB Contributions
18 2019 2020 2021
Annual OPEB Contributions $6,797,458 $14,572,049 $10,544,567 $-
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
$16,000,000

OPEB Plans
19 City Plan (5.75%) RPOA Plan (5.50%)
-1% $105,088,635 $15,893,234
% $90,804,849 $12,996,549
+1 $78,834,871 $10,610,378
$-
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
$120,000,000
City’s OPEB Plans Sensitivity to Discount Rate

OPEB Plans
20 City Plan RPOA Plan
-1% $79,021,375 $11,122,153
% $90,804,849 $12,996,549
+1 $104,891,041 $15,503,624
$-
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
$120,000,000
City’s OPEB Plans Sensitivity to Healthcare Trend Rate

21Page 761 of 789
Required Communications
Our Responsibility Under
U.S GAAS
• Opinion on whether financial
statements are fairly stated in
accordance with U.S GAAP
• Evaluate internal control over
financial reporting including tone
at the top
• Evaluate compliance with laws,
contract and grants
• Ensure financial statements are
clear and transparent
• Communicate with the governing
body
22 Management Responsibility
• Management is responsible for the
financial statements
• Establish and maintain internal control
over financial reporting
• Making all financial records available to
us
• Establish internal control to prevent
and detect fraud
• Inform us of all known and suspected
fraud
• Comply with laws and regulations
• Take corrective action on audit findings

Required Communications
Independence
Timing of the Audit
• It is our responsibility to maintain
independence
• We will maintain our independence by strict
adherence to the AICPA and the Board of
Accountancy rule
• Other than compiling the financial
statements, no other services performed that
could affect our independence
• Within the time frame communicated to the
City in our engagement letters
23 • GASB Statement No. 84
• GASB Statement No. 90
• GASB Statement No. 93
• GASB Statement No. 98
Significant Accounting
Policies and Unusual
Transactions

Required Communications
Management Judgment and
Accounting Estimates
Significant management estimates
impacting the financial statements
include the following:
• Useful lives of Capital Assets
• Investment valuations
• Pension Liability
• OPEB Liability
• Claim Liability
24 Sensitive Disclosures
• Summary of Significant Accounting
Policies
• Cash and Investments
• Capital Assets
• Pension Plan
• OPEB Plan
• COVID 19 Pandemic

Required Communications
Difficulties Encountered in
Performing the Audit None.
25 Significant Audit Adjustments and
Unadjusted Differences Considered
by Management to be Immaterial
Potential Effect on the Financial
Statements of Any Significant Risks
and Exposures
None.

No significant risks or exposures were
identified. Legal matters and potential
liabilities are disclosed in the financial
statements.

Disagreement with Management
None.

Required Communications
26 Deficiencies in Internal Control over
Financial Reporting
• City’s financial condition
• Large volume of unprocessed
invoices
• Delays in PAF submission and
approvals
• Segregation of duties in AP and
Payroll
• Grant Management

Required Communications
Representations Requested of
Management
Management Consultation with
Other Accountants
We obtained representations from management prior
to issuance of our reports.

We are not aware of any significant accounting or
auditing matters for which management consulted
with other accountants
27 Other Material Written
Communications
Material Uncertainties Related
to Events and Conditions
Fraud and Illegal Acts
Other than the engagement letters and
management representation letters, there have
been no other significant communications
There were no material uncertainties related to
events and conditions.

We have not become aware of any instances of
fraud or illegal acts, which was not disclosed by
the City

28 New Accounting Standards
2022
• GASB Statement No. 87 – Leases
• GASB Statement No. 89 – Construction-period interest
• GASB Statement No. 92– Omnibus (multiple effective date) • GASB Statement No. 93 – LIBOR removal and lease modifications • GASB Statement No. 97 - Certain Component Unit Criteria, and Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans • GASB Statement No. 98 – The Annual Comprehensive Financial Report • Statement 91 – Conduit Debt Obligations
• Statement 94 – Public-private partnerships
• Statement 96 – Subscription-Based Information Technology Arrangements2023

Questions
Ahmed M. Badawi
[email protected]
29Page 769 of 789
Thank You
For Allowing Us to Provide Audit Services
to the City of Richmond
30Page 770 of 789

February 1, 2022

Finance Department

DATE: February 1, 2022
TO: Mayor Butt and Members of the City Council
FROM:

Anil Comelo, Interim Deputy City Manager
Belinda Brown, Director of Finance
Antonio Banuelos, Accounting Manager
Thomas Omolo, Management Analyst II

Subject:

Gross Receipts Business Tax Measure U Fiscal Impact
Estimates
FINANCIAL IMPACT: No General Fund impact in receiving this update.

PREVIOUS COUNCIL
ACTION:
(List all dates items were heard or
council action took place)
At the December 21, 2021, Council meeting, the
proposed action on the Measure U agenda item included
approval of a resolution allowing landlords with four or less residential units to credit their paid Rent Board fees against their gross receipts tax obligation and for City Council to receive an update on Measure U Fiscal
Estimates. The resolution was approved and the section
to receive information was postponed to a subsequent
Council meeting.

STATEMENT OF THE
ISSUE:

This report provides important information regarding the potential fiscal impact of Measure U.

AGENDA
REPORT

February 1, 2022
RECOMMENDED ACTION:

RECEIVE an update on Measure U Fiscal Estimates –
Finance Department (Anil Comelo 510-620-6600/Belinda
Brown 510-620-6740/Antonio Banuelos 510-620-6741).

DISCUSSION:

City Council placed a measure on the November 3, 2020, ballot that was approved by the voters, which changed the Business Tax calculation methodology to be based on gross receipts instead of the prior method based upon the number of employees employed by a business.

Fiscal Impact
Measure U Business Tax revenues, as approved by voters, was projected to result in additional revenue growth of about $6 million per year, $9.5 million total assuming full implementation. The City's estimates include revenues anticipated from residential properties and commercial businesses operating in Richmond. The City estimated approximately $3.4 million in Business Tax revenues from commercial businesses and $6.1 million from residential properties. These Business Tax revenue estimates were incorporated into the City's long-range fiscal model presented to the City Council during the adoption of the FY 2021-2022 budget in June 2021.

On December 21, 2021, the Council adopted a resolution allowing landlords with four or fewer residential units to credit their paid Rent Board fees against their gross receipts tax obligation. Based on current Rent Board rates, approximately $1.6 million in Rent Board Fees paid by owners of small residential properties could be applied as a credit to the business tax obligation, thus reducing the Business Tax collected. Additionally, staff and consultants believe there will be a one-time delay of Business Tax revenues received during the first year of implementation that could total up to $2 million.

Business Tax revenues in the first year could be as low as $5.9 million, and not the $9.5 million originally projected. Ongoing Business Tax Revenue after the first year, though, is projected to be $7.9 million per year.

Business Community Input

As part of the Measure U community engagement efforts, the West Contra Costa County Council of Business and Industries (COBI) provided an estimate of Business Tax revenues under Measure U that focused exclusively on the commercial business sector. The calculation was based on data from the City regarding the number of

February 1, 2022
businesses operating in Richmond and a separate calculation methodology from publicly available data. The COBI calculation estimated that the City would generate Business Tax revenues of over $12 million per year. COBI's calculations excluded rental properties.

The two different calculation methodologies can be found below.

A summary of the two calculation methodologies is provided in Table 1.

Table 1. Comparison of Methodologies for Business Tax Estimates City of Richmond Council of Business and Industries
Calculation methodology Gross receipts estimate based on 2020 sales tax data; business
categories based on known sales
tax business codes
Gross receipts estimate based on national
and regional data, localized based on
Richmond businesses and using per-
employee revenue generation assumptions
Data sources 1Q 2020 sales tax data from City's
tax consultant, Avenu Insights &
Analytics
 Small business revenue statistics (2020):

Annual sales and earnings, published by
Fundera
 City's business license data (companies,
categories, and employee counts)
 US Census data on number of firms,
establishments, employment, annual
payroll, and preliminary receipts by
enterprise employment size for the US, all
industries (2017)
Number of Richmond-
based businesses used in
calculation
1,037 2,273
Methodology limitations  Assumes gross receipts only
from sales tax revenue sources
 Ignores gross receipts from non-
sales tax-paying sources (e.g.,
wholesalers, personal service
industries, groceries, etc.)
 Number of businesses included
in model nearly 70% lower than
current BUSINESS TAX database
(actual in 2021 database is
3,505*)
 National statistics and industry
composition that may not be reflective of
Richmond-based businesses
 US Census data not available after 2017
 Number of businesses included in model
nearly 35% lower than current BUSINESS
TAX database (actual in 2021 database is
3,505*)
Estimated Revenues
based on Measure U
approved rates and
calculation methodology
$3,438,000 $12,050,000
*Staff reported the increase in business licenses is a result of pandemic-related assistance programs that require businesses to comply with local regulations.

February 1, 2022
Management Partners reviewed both the City's and COBI's calculations. As described above, several unknown factors could impact the estimates including: the anticipated gross receipts that will be reported by Measure U Tax Revenue Analysis of commercial businesses, the categories under which they will be classified when applying for their business licenses, and the resulting tax revenues that will be received.

Customer Service Update
In October 2021, staff mailed approximately 9,000 datasheets to all city businesses including rental property owners, as the first step implementation. These datasheets helped set up business’ tax accounts with the information needed to estimate the taxes due based on gross receipts. The datasheet confirmed current business license data, including business address, tax identification number, email address, and telephone number, and asked for new information, including projected gross receipts and business classification number. The City of Richmond received over 1,500 responses, which helped populate renewal notices with amounts due and provided businesses access to the online portal, which would allow businesses to pay their taxes online.

A subsequent prefilled or blank renewal notice was sent on Friday, January 21, 2022, to businesses who completed the datasheet and non-responsive businesses, respectively.

Businesses that do not receive a notice by February 14, 2022, are encouraged to reach out to the Finance department by calling 510-620-5555 or emailing [email protected]. After receiving three renewal notices and after June 30, 2022, businesses with unpaid taxes may receive a penalty due to non- compliance with Measure U (see Section 7.04.370 of the Municipal Code).

In addition to distributing Renewal Notices to businesses with expired licenses, City staff members distributed over 4,000 postcards to all active businesses and businesses whose licenses have expired since July 2018. The postcard included Spanish translations and informed businesses of the newly updated and streamlined website for Measure U https://www.ci.richmond.ca.us/measureU and how to sign up for a One- on-One meeting with Finance staff to discuss the Measure U Business Tax Certificate program and support businesses with completing the renewal process. The newly designed website includes:

1. Business Tax Calculator – Use to calculate your curren t and proposed tax rate under Measure U

2. One-on-One session with Finance Department – Schedule a 15 -minute call with Finance staff to answer your questions and/or support your business complete the renewal process

3. Business Activity Code and Measure U Business Class – Determine your businesses' class under Measure-U to determine your businesses tax rate ba sed on Gross Receipts

4. Frequently Asked Question

February 1, 2022
Next Steps
During the next few weeks, staff will continue to provide information and support to the business community and continue the implementation phase. The implementation phase includes the testing and installation of a new business tax system by the Information Technology and Finance departments providing augmented business tax services to the Richmond business community.

The community is welcome to direct questions for staff to the business tax hotline at 510-620-5555 or email to [email protected].

DOCUMENTS ATTACHED:

Attachment 1 – Presentation
Attachment 2 – Measure U Outreach Flyer
Attachment 3 – Renewal Notice
Attachment 4 – Renewal Datasheet

Measure U – Business Tax
Fiscal Impact Estimates
February 1, 2022
Presented by
Anil Comelo, Interim Deputy City Manager
Belinda Brown, Director of Finance
Antonio Banuelos, Accounting Manager

Agenda
 Business Tax Estimates
 Transition Year
 Revenue Comparisons
 Administrative Rulings and Procedures
 Council Action

Business Tax Estimates
 Original estimate was $9.5 million
 Transition year (FY 2022) revenue loss estimated to be $2.0M  Allowing Rent Board fees for small residential rental properties as credit towards Business Tax will reduce revenue by $1.6M (FY 2022)  Rent Board fees are typically adjusted in May and new rates go into effect in July
 Ongoing revenue estimate is $7.9 million
 Council of Industries estimate of ongoing revenue is $12 million* * Does not include revenues from rental properties or cannabis businesses

Transition Year
One-time shortfall from original projections in FY
2022 by approximately $2 million.
Revenue loss stems from the postponement of
the implementation date
Business Licenses expiring before 12/31/2021
will not get transitioned to the new
methodology until after their current license
expires in 2022

Revenue Comparisons
City of Richmond Council of Business and Industries
Calculation methodology Estimate based on 2020 sales tax data Estimate based on national and regional census
data and local per-employee revenue generation
assumptions
Data sources 1Q 2020 sales tax data from City’s tax consultant, Avenu Insights & Analytics
Small business revenue statistics (2020): Annual
sales and earnings, published by Fundera
City’s business license data (companies,
categories, and employee counts)
US Census data on number of firms,
establishments, employment, annual payroll, and
preliminary receipts by enterprise employment
size for the US, all industries (2017)
Number of Richmond-based businesses used in
calculation 1,037 2,273
Assumes gross receipts only from sales tax
revenue sources
National statistics and industry composition that
may not be reflective of Richmond-based
businesses
Methodology limitations Ignores gross receipts from non-sales tax-paying sources US Census data not available after 2017
Number of businesses included in model nearly
70% lower than current BUSINESS TAX database
(actual in 2021 database is 3,505*)
Number of businesses included in model nearly
35% lower than current BUSINESS TAX database
(actual in 2021 database is 3,505*)
Estimated Revenues based on Measure U
approved rates and calculation methodology $3,438,000 $12,050,000

Administrative Rulings and Procedures
 New situations will arise and will have to be addressed in a consistent and fair manner
 Administrative Rulings
Used to add clarification & transparency to definitions Added on an as needed basis
 Procedures
Needed to deal with recurring issues in a consistent
and fair manner
Allows new staff to more easily assume Business Tax
duties

Amnesty on Late Fees
All business taxes are due on the renewal date.
Council action on November 23, 2021 established late
fee amnesty until June 30, 2022.

Public Information Tools
Review the frequently asked questions
(FAQ) list
Sending business information requests to
prepare for December mailing of
renewal notices
Leave questions for staff on the business
tax certificate hotline 510-620-6555
8

Public Information Tools
http://www.ci.richmond.ca.us/2913/Measure-U---Gross-Receipts-Ballot-Measur

Business Tax Renewal
Contact Us/Contacta con Nosotros
City of Richmond Finance Department
Email: [email protected]
Phone: (510) 620-5555
Review resources and renew your business
application by scanning the QR code or by
visiting:
www.ci.richmond.ca.us/measureU
Revise los recursos y renueve su aplicación
comercial escaneando el código QR o
visitando el sitio web de la Medida U.

Schedule a 15 minute One-on-One
meeting with Finance Department by
scanning the QR code or visiting:
calendly.com/measure_u_info
Programe una cita individual de 15 minutos
con el Departamento de finanzas
escaneando el código QR o visitando el
sitio web de la Medida U o Calendly.

Dear Business Community,
Richmond voters approved Measure U on November 3,
2020, which changes the Business Tax calculation
methodology to be based on gross receipts in the City of Richmond instead of the number of employees. As the City moves forward with implementing the new Tax, City staff have created a number of resources to support Richmond
businesses through the renewal process.

Estimada comunidad empresarial,
Los votantes de Richmond aprobaron la Medida U el 3 de
noviembre de 2020, que cambia la metodología de cálculo del impuesto comercial para que se base en los ingresos brutos en la ciudad de Richmond en lugar de la cantidad de empleados. Mientras la ciudad avanza en la implementación del nuevo impuesto, el personal de la Ciudad ha creado una serie de recursos para apoyar a las empresas de Richmond a través del proceso de renovación.

Escanee

RENEWAL NOTICE

CITY OF RICHMOND
Finance Department - Business Tax Division
450 CIVIC CENTER PLAZA
RICHMOND, CA 94804
Phone: (510) 620-6742 Fax: (510) 620-6522
Website: www.ci.richmond.ca.us\BL

RENEWAL NOTICE
Notice Date Business Number
Prepared in accordance to the Administrative Policy and Procedures Manual POLICY NUMBER: AP 516 Business Mailing Address
Business Location

Measure U facts
ACTUAL GROSS RECEIPTS reported for calendar year ending 2021 Taxable Gross Amount. (Subtract line 8 from line 7 if zero or less enter -0-) Allowable Deductions (Tax Class C only)
Business TAX (Line 9 Taxable Gross Amount x Tax Rate ___________)

7. 8.

9. 10.

11. 12.

13. 1.

2. 3.

4. 5.

6.2021 Business TAX Due or Adjustment (Line 5 minus Line 4) 2021 Estimated Business TAX Paid
Calculate business tax to the next $1,000 or Fraction thereof. Your business tax is now due and payable. Business tax reporting may be subject to an audit. To avoid penalty fee, please submit payment immediately.

1. 2.

3. 4.

5. 6.

DO NOT FORGET:

ENCLOSE A COPY OF YOUR

BUSINESS

FEDERAL

INCOME TAX RETURN (SCHEDULE

C) OR ALL

WORKPAPERS CONTAINING

CALCULATIONS

USED TO DETERMINE AMOUNT OF
GROSS RECEIPTS REPORTED.

Business TAX (Line 3 Taxable Gross Amount x Tax Rate ___________) Measure U Tax Calculation
TAX ADJUSTMENT FIRST AND SECOND CERTIFICATE ONLY 2021 (if any) ESTIMATED GROSS RECEIPTS reported for calendar year ending 2021 Taxable Gross Amount. (Subtract line 2 from line 1 if zero or less enter -0-) Allowable Deductions (Tax Class C only)
2022 ACTUAL TAX - THIRD AND SUBSEQUENT CERTIFICATE

ESTIMATE FOR FIRST AND SECOND CERTIFICATE
For Instructions to complete the table below please see the reverse side For additional information or to
review the full text of the
Measure U regulations scan the
QR code below
- read the ordinance
- sign up for updates
- estimate your tax
State Mandated Disability Access and Education Revolving Fund 4.00 Subtotal TAX Due or Adjustment (Add Line 6 and 10)
Failure to comply with this notice will result in further enforcement action by the City of Richmond to compel your compliance. IF THE CITY TAKES FURTHER ACTION TO COMPEL YOUR COMPLIANCE, THE RESPONSIBLE PARTIES, WILL BE LIABLE FOR ALL ADMINISTRATIVE CITATION FINES, NOT LIMITED TO LATE FEES, ARREARS AND ATTORNEY FEES. Violation of RMC 7.04.030 section is a misdemeanor and may also subject the property owners and/or responsible parties to criminal actions. If the same violation(s) occur within a twelve-month period, you may automatically be subject to Administrative Citations and/or criminal and/or civil legal action without further warning. If the business no longer exists or material changes have been made, please contact the Business Tax Divison.

TitleSignature of Owner or Authorized Agent
Date __________________________________
I certify that the information provided is true and correct to the best of my knowledge and belief.

Total Amount Due (include check or use CC authorization on back) 2022 Business TAX Due or Adjustment (Add Line 6,10,11,12 and 13) Penalty (if Applicable): Line11 X (10% past due 1 - 30 days), (25% past due 31 - 60 days), (50% past due over 60 days)

7. 8.

9. 10.

11. 12.

13.

PRIMARY EMAIL ADDRESS: __________________________________________________________________________ Business Class ________________________________________________________________ Primary Business Activity Code (PBA) ________________________________________________________________ six-digit code from the Principal Business or Professional Activity Codes chart.

O ne Tim e C redit C ard P aym ent A uthorization
**** If paying by C redit C ard a 2% processing fee w ill be added **** C ardholder N am e: P hone # :

B illing A ddress: Z ip:

C ard:

E X P IR A TIO N D A TE :

C V C C ode

S ignature: D ate: A uthorization A m ount: $

City of Richmond
c/o Finance Department
450 CIVIC CENTER PLAZA
P.O. Box 4046
RICHMOND, CA 94804
In November 2021, a Business Data Sheet was sent out to collect data regarding your Primary Business activity under Measure U which will determine your BUSINESS CLASS.

What are gross receipts, and which need to be reported to the City? Gross receipts are the total amounts of revenue received in connection with engaging in a business in the City of Richmond.

1. If your business is physically located in the City of Richmond, all gross receipts received/receivable in the city need to be reported.

2. If your business has locations outside of Richmond, gross receipts received/ receivable for business conducted in the City of Richmond need to be reported.

How do I estimate how much my certificate will cost?
A business tax calculator has been created so business owners can calculate the estimated business tax owed pursuant to the new methodology. Refer to the City’s business tax calculator at https://calculator.mystagingwebsite.com.

When is payment due under Measure U?

1. Business tax payments for rental businesses are due by or before March 1 of each calendar year.

2. Business tax payments for all other businesses are due on or before July 1 of each calendar year.

Are there exceptions to the payment of business taxes?
Yes, Measure U includes some exemptions, business tax reductions, and alternative rate provisions. In all cases, specific criteria must be met and any business owners who believe their business is exempt should refer to the ordinance. Examples include:

1. A one-year exemption for buildings and major renovations completed before July 1, 2021,

2. Owner-occupied rental property,

3. Rental of five or more units of Residential Real Property that include specific categories,

4. Small business enterprises,

5. Buildings rented by the City,

6. Affordable housing units and developments,
Determine your Primary Business Activity code using the following link:
www.ci.richmond.ca.us/DocumentCenter/View/59170/Principal-Business-or-Professional-Activity-Codes

Find your applicable tax rate table using the following link:
https://www.ci.richmond.ca.us/MeasureU
For instructions on how to complete the table on page 1, refer to the links below Make your payment on-line and receive your Certificate
within 5-7 business days https://etrakit.ci.richmond.ca.us Return this entire form with your payment
Make Checks Payable and REMIT TO: License Number:

Notice Date: 01-20-2022
Owner/Contact name:

Amount Due: __________or _______ w 2% CC
Fee
Total Due when paying by Credit or On-line:

Total Due:

BUSINESS DATA SHEETBUSINESS DATA SHEET
Demographic Survey Data
Number of Rental Properties
in Richmond:

Required:

Business Number:

Company Name:

DBA Name:

Business Mailing
Address

Contact Information
Tax ID (SSN) or (EIN)

Primary Business
Activity Code (PBA)
The six-digit code from
the Principal Business
or Professional Activity
Codes chart.

Gross Receipts:

Enter gross receipts from your trade or
business. (Refer to instructions). Businesses
located outside of the city report gross
receipts tax on work performed within the
boundaries of the city.

Use the space provided below each line if corrections are needed Primary Business Phone Fax Emergency number
Corrected TaxID:

Required:

Required:

Only last four are shown
Contact Name/Address/City/State/Zip
I declare under penalty of perjury that: the information contained in this application is true and correct to the best of my knowledge; that I am licensed or otherwise qualified to conduct the business as described in this application; and that I do not intend or allow criminal activity on the business premises. I agree to comply with all regulations of the Zoning, Building, Fire and all other applicable laws, ordinances and regulations pertaining to the operation of such business. The issuance of a Business Tax Certificate does not constitute the City ’s consent that the holder of such certificate may operate a business in violation of any such codes or Number of Employees
in Richmond:

XSignature
Date
IT-08-21
Primary Contact eMail Required:

M -Male F - Female X -Gender nonconforming O - To be determined Yes - Hispanic or Latino No - not Hispanic or Latino American Indian or Alaska Native Asian Black or African American Native Hawaiian or other Pacific Islander White Two or More Races Veteran Disabled Veteran Active
Gender:

Ethnicity:

Race:

Veteran Status:

Required: