Agenda — Richmond City Council, February 4, 2025 (part 4 of 4)

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, 2024 are as follows:

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. 870
City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
167

19. REDEVELOPMENT AGENCY DISSOLUTION AND SUCCESSOR AGENCY ACTIVITIES, Continued
C. Long-term Obligations, Continued
Loan from the Authority dated October 1, 2004, Continued The annual debt service requirements for these loans as of June 30, 2024 are as follows:

Pledge of Redevelopment Tax Increment Revenues
The Bond issues and loans payable to the Authority 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 $54,618,772 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 receives the funds necessary to fulfill its approved obligations. Total prop erty taxes available for distribution to the Successor Agency and other taxing entities for fiscal year 2024 calculated by the County Auditor–Controller were $53,902,931.

The total received by the Successor Agency for fiscal year 2024 debt service and other enforceable obligations was $8,784,067, which the Successor Agency used along with cash on-hand to pay debt service of $17,438,198.

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 obligated 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 $1,335,000 at June 30, 2024.
871
City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
168

19. REDEVELOPMENT AGENCY DISSOLUTION AND SUCCESSOR AGENCY ACTIVITIES, Continued
C. Long-term Obligations, Continued
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, 2024, the balance of the issuers’ outstanding debt was as follows:

Crescent Park Apartment Project, 2007 Series A & Series A-T Revenue Bonds $ 14,751,339 D. Commitments and Contingencies
State Approval of Enforceable Obligations
The Successor Agency prepares a Recognized Oblig ation 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 Oversight Board as well as the State Department of Finance. Although the State Department of Finance may not question items included on the ROPS in one period, they may question the same items in a future period and disa llow 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. 872
City of Richmond
Notes to Basic Financial Statements
For the Year Ended June 30, 2024
169

20. NEW ACCOUNTING STANDARDS
Accounting Standards Adopted
¾ GASB Statement No. 100, Accounting Changes and Error Corrections-a n Amendment of GASB Statement No. 62 – The primary objective of this Statement is to enhance accounting and financial reporting requirements for accounting changes and error corrections to provide more understandable, reliable, relevant, consistent, and comparable information for making decisions or assessing accountability. The City adopted this statement for the year ending June 30, 2024.

New Accounting Standards
The City is currently analyzing its accounting practice s to determine the potentia l impact on the financial statements for the following GASB Statements:
¾ GASB Statement No. 101, Compensated Absences – The primary objective of this Statement is to better meet the information needs of financial stat ement users by updating the recognition and measurement guidance for compensated absences. That objective is achieved by aligning the recognition and measurement guidance under a unif ied model and by amending certain previously required disclosures. The requirements of this Statement are effective for the City’s year ending June 30, 2025.
¾ GASB Statement No. 102, Certain Risk Disclosures. The primary objective of this Statement is to provide users of government financial statements with essential information about risks related to government’s vulnerabilities due to certain concentrations or constraints. The requirements of this Statement are going to be effective for the City’s year ending June 30, 2025. ¾ GASB Statement No. 103, Financial Reporting Model Improvements. The primary objective of this Statement is to improve key components of the financial reporting model to enhances its effectiveness in providing information that is essential for decision making and assessing a government’s accountability. The requirements of this Statement are going to be effective for the City’s year ending June 30, 2026.
¾ GASB Statement No. 104, Disclosure of Certain Capita l Asset. The is primary objective is to provide users of government financial statements with es sential information about certain types of capital assets, including their nature, use, and related financial impacts. The requirements of this Statement are going to be effective for the City’s year ending June 30, 2026. 873
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874
171

REQUIRED

SUPPLEMENTARY INFORMATION
875
172
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876
City of Richmond
Required Supplementary Information
For the year ended June 30, 2024

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 Program, Cost Recovery and Env ironmental Community Investment Agreement) and the debt service funds (Pension Obligation Bonds, G eneral 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.
173877
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174878
City of Richmond
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual General Fund
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Property taxes 50,567,173$ 52,181,354 $ 53,802,373 $ 1,621,019 $ Sales taxes 56,752,495 57,897,341 61,319,980 3,422,639 Utility user taxes 55,775,083 57,938,011 59,120,237 1,182,226 Other taxes 23,237,723 24,144,377 18,754,991 (5,389,386) Licenses, permits and fees 10,572,894 13,022,894 14,519,981 1,497,087 Fines, forfeitures and penalties 331,144 151,438 229,936 78,498 Use of money and property 1,011,535 1,796,421 4,058,357 2,261,936 Intergovernmental 485,000 588,911 641,157 52,246 Charges for services 5,275,293 5,293,273 4,948,584 (344,689) Rent 777,028 777,028 864,042 87,014 Other 278,880 278,880 432,808 153,928 Total revenues 205,064,248 214,069,928 218,692,446 4,622,518 EXPENDITURES:

Current:

General government 47,948,449 51,091,039 43,654,447 7,436,592 Public safety 117,377,844 120,954,585 105,663,918 15,290,667 Public works 34,193,617 34,631,276 32,133,919 2,497,357 Cultural and recreational 11,692,965 12,065,106 12,187,647 (122,541) Capital outlay 1,266,000 2,093,116 1,032,495 1,060,621 Debt service:

Principal 779,905 779,905 3,826,278 (3,046,373) Interest and fiscal charges 61,448 61,448 141,405 (79,957) Total expenditures 213,320,228 221,676,475 198,640,109 23,036,366

REVENUES OVER (UNDER)
EXPENDITURES (8,255,980) (7,606,547) 20,052,337 27,658,884 OTHER FINANCING SOURCES (USES):

Proceeds from sale of property - - 6,299 6,299 Transfers in 26,763,449 28,823,916 21,637,505 (7,186,411) Transfers out (18,189,702) (35,877,436) (28,585,425) 7,292,011 Total other financing sources (uses) 8,573,747 (7,053,520) (6,941,621) 111,899 Net change in fund balances 317,767$ (14,660,067)$ 13,110,716 27,770,783 $ FUND BALANCES (DEFICITS):

Beginning of year 86,311,943
End of year 99,422,659$
Budgeted Amounts
175879
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, 2024
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Licenses, permits and fees 520,269$ 940,396 $ 938,531 $ (1,865) $ Use of money and property 59,843 59,843 572,224 512,381 Intergovernmental 275,967 350,967 161,266 (189,701) Other 907,029 1,189,388 1,066,843 (122,545) Total revenues 1,763,108 2,540,594 2,738,864 198,270 EXPENDITURES:

Current:

General government - - 2 ,338 (2,338)
Community development 3,002,772 3,002,772 440,901 2,561,871 Housing and redevelopment 1,607,034 1,682,034 259,103 1,422,931 Capital outlay 1,150,000 1,150,000 - 1,150,000 Total expenditures 5,759,806 5,834,806 702,342 5,132,464

REVENUES OVER (UNDER)
EXPENDITURES (3,996,698) (3,294,212) 2,036,522 5,330,734 OTHER FINANCING SOURCES (USES):

Proceeds from sale of property 133,664 168,933 35,239 (133,694) Transfers out (480,000) (480,000) - 480,000 Total other financing sources (uses) (346,336) (311,067) 35,239 346,306 Net change in fund balances (4,343,034)$ (3,605,279) $ 2,071,761 5,677,040 $ FUND BALANCES (DEFICITS):

Beginning of year 32,611,177
End of year 34,682,938$
Budgeted Amounts
176880
City of Richmond
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual American Rescue Plan Act Special Revenue Fund
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Use of money and property -$ - $ 1,144,072$ 1,144,072 $ Intergovernmental - - 2,358,952 2,358,952 Total revenues - - 3,503,024 3,503,024 EXPENDITURES:

Current:

General government 310 ,000 3 ,010,000 1 ,013,839 1 ,996,161 Public works 1,000,000 12 ,422,305 40 ,263 12 ,382,042
Cultural and recreational - 2 ,017,490 - 2 ,017,490
Housing and redevelopment 493,750 2,477,983 - 2,477,983 Capital outlay 5,928,890 3,508,113 1,304,850 2,203,263 Total expenditures 7,732,640 23,435,891 2,358,952 21,076,939

REVENUES OVER (UNDER)
EXPENDITURES (7,732,640) (23,435,891) 1,144,072 24,579,963 Net change in fund balances (7,732,640)$ (23,435,891) $ 1,144,072 24,579,963 $ FUND BALANCES (DEFICITS):

Beginning of year 2,285,568
End of year 3,429,640$
Budgeted Amounts
177881
City of Richmond
Required Supplementary Information
For the year ended June 30, 2024
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: 6/30/2024 6/30/2023 6/30/2022 6/30/2021 Measurement Date 6/30/2023 6/30/2022 6/30/2021 6/30/2020 Total Pension Liability
Service cost 6,722,126 $ 6,682,973 $ 6,902,037 $ 7,529,439 $ Interest 35,674,633 35,458,653 35,423,024 34,974,846 Differences between actual
and expected experience (7,762,052) (5,319,202) (6,412,719) (4,393,691) Changes in assumptions - 12,173,403 - - Changes in benefits 632,505 - - - Benefit payments, including refunds
of employee contributions (32,597,551) (31,205,396) (30,000,846) (29,018,486) Net change in the total pension liability 2,669,661 17,790,431 5,911,496 9,092,108 Total pension liability - beginning 537,090,947 519,300,516 513,389,020 504,296,912 Total pension liability - ending (a) 539,760,608$ 537,090,947 $ 519,300,516 $ 513,389,020 $ Plan Fiduciary Net Position
Contributions - employer 14,445,711 $ 14,802,460 $ 14,612,575 $ 13,778,755 $ Contributions - employee 2,219,977 2,518,762 2,657,439 2,749,990 Net investment income 24,467,157 (33,609,940) 83,636,340 18,237,576 Plan to plan resource movement - - (4,882) - Administrative expense (295,244) (279,875) (378,350) (526,586) Benefit payments, including refunds
of employee contributions (32,597,551) (31,205,396) (30,000,846) (29,018,486) Other miscellaneous income (expense) - - - - Net change in plan fiduciary net position 8,240,050 (47,773,989) 70,522,276 5,221,249 Plan fiduciary net position - beginning 401,499,873 449,273,857 378,751,581 373,530,332 Plan fiduciary net position - ending (b) 409,739,923$ 401,499,868 $ 449,273,857 $ 378,751,581 $ Net pension liability - ending (a) - (b) 130,020,685 $ 135,591,079 $ 70,026,659 $ 134,637,439 $ Plan fiduciary net position as a percentage
percentage of the total pension liability 75.91% 74.75% 86.52% 73.77% Covered payroll 33,889,757 $ 31,565,766 $ 32,686,024 $ 35,129,597 $ Net pension liability as a percentage of
covered payroll 383.66% 429.55% 214.24% 383.26%
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 June 30, 2019 valuation. However, offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes) that occurred after the June 30, 2019 valuation date are not included in the figures above, unless the liability impact is deem ed to be material by the plan actuary.
178882
6/30/2020 6/30/2019 6/30/2018 6/30/2017 6/30/2016 6/30/2015 6/30/2019 6/30/2018 6/30/2017 6/30/2016 6/30/2015 6/30/2014 7,652,864$ 7,637,812 $ 8,053,459 $ 7,200,571 $ 7,446,410 $ 7,816,868 $ 34,315,542 33,323,855 32,804,753 32,305,003 31,414,256 30,597,498 (331,531) (4,642,948) (4,464,966) (3,484,064) (5,280,549) - - (3,224,832) 25,548,824 - (7,116,200) - - - - - - - (27,565,398) (25,970,450) (25,074,448) (23,917,069) (23,302,793) (23,007,539) 14,071,477 7,123,437 36,867,622 12,104,441 3,161,124 15,406,827 490,225,435 483,101,998 446,234,376 434,129,935 430,968,811 415,561,984 504,296,912$ 490,225,435 $ 483,101,998 $ 446,234,376 $ 434,129,935 $ 430,968,811 $ 12,156,723$ 10,489,795 $ 8,860,295 $ 8,093,834 $ 7,189,716 $ 6,661,038 $ 2,843,043 2,894,841 2,996,354 3,087,656 3,141,565 3,195,699 23,350,283 28,880,923 35,805,938 1,630,388 7,502,958 51,867,728 - (842) (50,018) (4,762) (6,885) - (259,047) (542,721) (481,651) (205,714) (379,925) - (27,565,398) (25,970,450) (25,074,448) (23,917,069) (23,302,793) (23,007,539) 842 (1,030,636) - - - - 10,526,446 14,720,910 22,056,470 (11,315,667) (5,855,364) 38,716,926 363,003,886 348,282,976 326,226,506 337,542,173 343,397,537 304,680,611 373,530,332$ 363,003,886 $ 348,282,976 $ 326,226,506 $ 337,542,173 $ 343,397,537 $ 130,766,580$ 127,221,549 $ 134,819,022 $ 120,007,870 $ 96,587,762 $ 87,571,274 $

74.07% 74.05% 72.09% 73.11% 77.75% 79.68%
36,295,759$ 35,725,311 $ 35,964,798 $ 36,638,889 $ 36,151,102 $ 37,210,225 $ 360.28% 356.11% 374.86% 327.54% 267.18% 235.34%
Changes in Assumptions: None in 2019,2020 or 2021. In 2022, the accounting discount rate was reduced from 7.15% to 6.90%. 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 reduced from 7.65% to

7.15%. In 2016, there were no changes. In 2015, amounts reported reflect an adjustment of the discount rate from 7.5% (net of administrative expense) to 7.65% (without a reduction for pension plan administrative expense). In 2014, amounts reported were based on the 7.5% discount rate.
179883
City of Richmond
Required Supplementary Information
For the year ended June 30, 2024
Miscellaneous Agent Multiple-Employer Defined Benefit Pension Plan Schedule of Contributions - Last 10 Years*
Fiscal Year Ended: 6/30/2024 6/30/2023 6/30/2022 6/30/2021 Actuarially determined contribution 14,445,711 $ 14,802,460 $ 14,466,499 $ 14,438,844 $ Contributions in relation to actuarially
determined contributions (14,445,711) (14,802,460) (14,466,499) (14,438,844) Contribution deficiency (excess) - $ - $ - $ - $ Covered payroll 41,658,338 $ 33,889,757 $ 31,565,766 $ 32,686,024 $ Contributions as a percentage of covered payroll 34.68% 43.68% 45.83% 44.17% Notes to the schedule:

Valuation date: 6/30/2021 6/30/2020 6/30/2019 6/30/2018 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.

The actuarial methods and assumptions used to set the actuarially determined contributions for Fiscal Year 2023- 24 were derived from the June 30, 2021 funding valuation report.

Entry age normal

2.30%
The probabilities of Retirement are based on the 2021 CalPERS Experience Study for the period from 2000 to 2019.

The probabilities of mortality are based on the 2021 CalPERS Experience Study for the period from 2000 to 2019. Pre- retirement and Post-retirement mortality rates include 15 years of projected mortality improvement using 80% of Scale MP-2020 published by the Society of Actuaries
For details, see June 30, 2021 CalPERS Funding Valuation Report

2.80%
Varies by Entry Age and Service.

For details, see June 30, 2021 CalPERS Funding Valuation Report

6.80%
180884
6/30/2020 6/30/2019 6/30/2018 6/30/2017 6/30/2016 6/30/2015 13,783,427$ 12,150,650 $ 10,436,250 $ 8,867,763 $ 8,084,584 $ 7,178,549 $ (13,783,427) (12,150,650) (10,436,250) (8,867,763) (8,084,584) (7,178,549) -$ - $ - $ - $ - $ - $ 35,129,597$ 36,295,759 $ 35,725,311 $ 35,964,798 $ 36,638,889 $ 36,151,102 $

39.24% 33.48% 29.21% 24.66% 22.07% 19.86%
6/30/2017 6/30/2016 6/30/2015 6/30/2014 6/30/2013 6/30/2012 181885
City of Richmond
Required Supplementary Information
For the year ended June 30, 2024
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: 6/30/2024 6/30/2023 6/30/2022 6/30/2021 Measurement Date 6/30/2023 6/30/2022 6/30/2021 6/30/2020 Total Pension Liability
Service cost 9,411,145$ 10,872,256 $ 10,261,858 $ 10,958,278 $ Interest 50,102,721 48,797,968 48,387,109 47,218,257 Differences between actual
and expected experience 3,695,356 (6,331,832) (1,211,011) (2,189,929) Changes in assumptions - 19,873,614 - - Changes in benefits 272,955 - - - Benefit payments, including refunds
of employee contributions (45,510,872) (42,486,153) (41,557,485) (38,982,005) Net change in the total pension liability 17,971,305 30,725,853 15,880,471 17,004,601 Total pension liability - beginning 740,207,934 709,482,081 693,601,610 676,597,009 Total pension liability - ending (a) 758,179,239$ 740,207,934 $ 709,482,081 $ 693,601,610 $ Plan Fiduciary Net Position
Contributions - employer 21,904,607$ 21,911,673 $ 21,598,699 $ 19,362,087 $ Contributions - employee 3,028,664 3,884,791 4,314,111 4,232,707 Net investment income 31,057,913 (42,434,599) 105,126,083 22,875,702 Plan to plan resource movement - - 4,881 - Administrative expense (372,225) (352,374) (476,147) (662,340) Benefit payments, including refunds
of employee contributions (45,510,872) (42,486,153) (41,557,485) (38,982,005) Other miscellaneous income (expense) - - - - Net change in plan fiduciary net position 10,108,087 (59,476,662) 89,010,142 6,826,151 Plan fiduciary net position - beginning 506,185,809 565,662,471 476,652,329 469,826,178 Plan fiduciary net position - ending (b) 516,293,896$ 506,185,809 $ 565,662,471 $ 476,652,329 $ Net pension liability - ending (a) - (b) 241,885,343$ 234,022,125 $ 143,819,610 $ 216,949,281 $ Plan fiduciary net position as a percentage
percentage of the total pension liability 68.10% 68.38% 79.73% 68.72% Covered payroll 28,453,678$ 30,325,691 $ 33,272,769 $ 34,316,884 $ Net pension liability as a percentage of
covered payroll 850.10% 771.70% 432.24% 632.19%
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 June 30, 2019 valuation. However, offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes) that occurred after the June 30, 2019 valuation date are not included in the figures above, unless the liability impact is deemed to be material by the plan actuary.
182886
6/30/2020 6/30/2019 6/30/2018 6/30/2017 6/30/2016 6/30/2015 6/30/2019 6/30/2018 6/30/2017 6/30/2016 6/30/2015 6/30/2014 11,313,128$ 11,391,456 $ 11,650,927 $ 10,297,536 $ 10,142,245 $ 10,167,167 $ 46,009,128 44,562,419 43,264,626 41,950,593 40,142,006 38,254,517 433,759 413,272 797,969 2,950,295 3,799,388 - - (2,676,340) 35,109,898 - (9,563,090) - - - - - - - (37,105,985) (35,123,568) (33,620,000) (30,593,589) (28,747,508) (27,199,743) 20,650,030 18,567,239 57,203,420 24,604,835 15,773,041 21,221,941 655,946,979 637,379,740 580,176,320 555,571,485 539,798,444 518,576,503 676,597,009$ 655,946,979 $ 637,379,740 $ 580,176,320 $ 555,571,485 $ 539,798,444 $ 16,658,515$ 14,016,085 $ 12,699,049 $ 11,488,714 $ 10,652,641 $ 9,352,438 $ 4,238,132 4,226,345 4,471,008 4,607,993 3,797,568 3,348,408 29,333,974 36,380,672 45,166,243 2,062,417 9,408,186 64,842,562 - (1,062) 50,018 4,762 3,476 - (326,144) (684,883) (607,337) (258,432) (477,249) - (37,105,985) (35,123,568) (33,620,000) (30,593,589) (28,747,508) (27,199,743) 1,062 (1,300,605) - - - - 12,799,554 17,512,984 28,158,981 (12,688,135) (5,362,886) 50,343,665 457,026,624 439,513,640 411,354,659 424,042,794 429,405,680 379,062,015 469,826,178$ 457,026,624 $ 439,513,640 $ 411,354,659 $ 424,042,794 $ 429,405,680 $ 206,770,831$ 198,920,355 $ 197,866,100 $ 168,821,661 $ 131,528,691 $ 110,392,764 $

69.44% 69.67% 68.96% 70.90% 76.33% 79.55%
35,870,534$ 34,439,607 $ 37,273,957 $ 37,352,212 $ 36,161,966 $ 35,479,947 $ 576.44% 577.59% 530.84% 451.97% 363.72% 311.14%
Changes in Assumptions: None in 2019, 2020 or 2021. In 2022, the accounting discount rate was reduced from 7.15% to 6.90%. 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 reduced from 7.65% to

7.15%. In 2016, there were no changes. In 2015, amounts reported reflect an adjustment of the discount rate from 7.5% (net of administrative expense) to 7.65% (without a reduction for pension plan administrative expense). In 2014, amounts reported were based on the 7.5% discount rate.
183887
City of Richmond
Required Supplementary Information
For the year ended June 30, 2024
Safety Agent Multiple-Employer Defined Benefit Pension Plan Schedule of Contributions - Last 10 Years*
Fiscal Year Ended: 6/30/2024 6/30/2023 6/30/2022 6/30/2021 Actuarially determined contribution 21,904,607 $ 21,911,673 $ 21,603,382 $ 21,315,231 $ Contributions in relation to actuarially
determined contributions (21,904,607) (21,911,673) (21,603,382) (21,315,231) Contribution deficiency (excess) - $ - $ - $ - $ Covered payroll 31,146,084 $ 28,453,678 $ 30,325,691 $ 33,272,769 $ Contributions as a percentage of covered payroll 70.33% 77.01% 71.24% 64.06% Notes to the schedule:

6.80%
The probabilities of Retirement are based on the 2021 CalPERS Experience Study for the period from 2000 to 2019.

The actuarial methods and assumptions used to set the actuarially determined contributions for Fiscal Year 2023- 24 were derived from the June 30, 2021 funding valuation report.

Entry age normal
For details, see June 30, 2021 CalPERS Funding Valuation Report
For details, see June 30, 2021 CalPERS Funding Valuation Report

2.30%

2.80%
184888
6/30/2020 6/30/2019 6/30/2018 6/30/2017 6/30/2016 6/30/2015 19,355,578$ 16,363,802 $ 14,013,858 $ 12,696,582 $ 11,492,798 $ 10,650,057 $ (19,355,578) (16,363,802) (14,013,858) (12,696,582) (11,492,798) (10,650,057) -$ - $ - $ - $ - $ - $ 34,316,884$ 35,870,534 $ 34,439,607 $ 37,273,957 $ 37,352,212 $ 36,151,966 $

56.40% 45.62% 40.69% 34.06% 30.77% 29.46%
6/30/2017 6/30/2016 6/30/2015 6/30/2014 6/30/2013 6/30/2012 185889
City of Richmond
Required Supplementary Information
For the year ended June 30, 2024
General Pension Plan
Schedule of Changes in the Net Pension Liability and Related Ratios - Last 10 Years* Fiscal Year Ended: 6/30/2024 6/30/2023 6/30/2022 6/30/2021 Measurement Date 6/30/2024 6/30/2023 6/30/2022 6/30/2021 Total Pension Liability
Service cost - $ - $ - $ - $ Interest 18,066 13,321 16,222 35,526 Differences between actual
and expected experience - (528,328) - 106,639 Changes in assumptions (1,445) (91,811) - 72,660 Changes in benefits - - - - Benefit payments, including refunds
of employee contributions (252,208) (240,913) (371,727) (401,991) Net change in the total pension liability (235,587) (847,731) (355,505) (187,166) Total pension liability - beginning 594,126 1,452,567 1,808,072 1,995,238 Total pension liability - ending (a) 358,539$ 604,836 $ 1,452,567 $ 1,808,072 $ Plan Fiduciary Net Position
Contributions - employer 252,208 $ 152,897 $ 345,348 $ 319,025 $ Contributions - donations and other income - - - - Contributions - member - - - - Net investment income - 26,443 3,617 5,501 Other additions - - - - Benefit payments, including member
contribution refunds (252,208) (240,913) (371,727) (401,991) Net change in the total pension liability - (61,573) (22,762) (77,465) Plan fiduciary net position - beginning - 1,070,264 1,093,026 1,170,491 Plan fiduciary net position - ending (b) -$ 1,008,691$ 1,070,264 $ 1,093,026 $ Net pension liability - ending (a) - (b) 358,539 $ (403,855) $ 382,303 $ 715,046 $ Plan fiduciary net position as a percentage
percentage of the total pension liability 0.0% 166.8% 73.7% 60.5% 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
* Error discovered in fiscal year ended 2024 that the Plan has no plan assets so should have been reported zero plan fiduciary net position in the past years. However, because the actuarial information is not available for the previous years, it is not practical to restated the prior years numbers. 186890
6/30/2020 6/30/2019 6/30/2018 6/30/2017 6/30/2016 6/30/2015 6/30/2020 6/30/2019 6/30/2018 6/30/2017 6/30/2016 6/30/2015 -$ - $ - $ - $ - $ - $ 57,712 70,585 80,100 92,742 107,632 128,954 - 150,123 - 40,459 - 345,786 66,443 102,792 (20,669) - - 322,312 - - - - - - (424,760) (494,605) (524,939) (584,272) (623,662) (672,546) (300,605) (171,105) (465,508) (451,071) (516,030) 124,506 2,295,843 2,466,948 2,932,456 3,383,527 3,899,557 3,775,051 1,995,238$ 2,295,843 $ 2,466,948 $ 2,932,456 $ 3,383,527 $ 3,899,557 $ 503,714$ 812,561 $ 814,594 $ 73,592 $ 602,970 $ 602,970 $ - - - - - - - - - - - - 23,724 8,124 2,207 3,351 2,255 2,017 - - - - - - (424,760) (494,605) (524,939) (584,272) (623,662) (672,546) 102,678 326,080 291,862 (507,329) (18,437) (67,559) 1,067,813 741,733 449,871 957,200 975,637 1,043,196 1,170,491$ 1,067,813 $ 741,733 $ 449,871 $ 957,200 $ 975,637 $ 824,747$ 1,228,030 $ 1,725,215 $ 2,482,585 $ 2,426,327 $ 2,923,920 $

58.7% 46.5% 30.1% 15.3% 28.3% 25.0%
n / an / an / an / an / an / a
n / an / an / an / an / an / a
187891
City of Richmond
Required Supplementary Information
For the year ended June 30, 2024
Police and Firemen's Pension Plan
Schedule of Changes in the Net Pension Liability and Related Ratios - Last 10 Years* Fiscal Year Ended: 6/30/2024 6/30/2023 6/30/2022 6/30/2021 Measurement Date 6/30/2024 6/30/2023 6/30/2022 6/30/2021 Total Pension Liability
Interest 221,136 $ 257,381 $ 283,996 $ 561,163 $ Differences between actual
and expected experience - (515,830) - (3,680,825) Changes in assumptions (27,985) (912,308) - 28,483 Benefit payments, including refunds
of employee contributions (854,345) (971,644) (1,117,194) (1,412,673) Net change in the total pension liability (661,194) (2,142,401) (833,198) (4,503,852) Total pension liability - beginning 6,156,088 7,839,576 8,672,774 13,176,626 Total pension liability - ending (a) 5,494,894$ 5,697,175 $ 7,839,576 $ 8,672,774 $ Plan Fiduciary Net Position
Contributions - employer 854,345 $ - $ - $ 937,004$ Net investment income - 954,475 (1,939,002) 2,527,138 Benefit payments, including member
contribution refunds (854,345) (971,644) (1,117,194) (1,412,673) Other deductibles - (2,546) - - Net change in the total pension liability - (19,715) (3,056,196) 2,051,469 Plan fiduciary net position - beginning - 10,057,651 13,113,847 11,062,378 Plan fiduciary net position - ending (b) -$ 10,037,936$ 10,057,651 $ 13,113,847 $ Net pension liability - ending (a) - (b) 5,494,894 $ (4,340,761) $ (2,218,075) $ (4,441,073) $ Plan fiduciary net position as a percentage
percentage of the total pension liability 0.0% 176.2% 128.3% 151.2% 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
*Error discovered in fiscal year ended 2024 that the Plan has no plan assets so should have been reported zero plan fiduciary net position in the past years. However, because the actuarial information is not available for the previous years, it is not practical to restated the prior years numbers. 188892
6/30/2020 6/30/2019 6/30/2018 6/30/2017 6/30/2016 6/30/2015 6/30/2020 6/30/2019 6/30/2018 6/30/2017 6/30/2016 6/30/2015 606,022$ 952,312 $ 1,031,753 $ 1,111,386 $ 1,214,089 $ 1,464,746 $ - (3,103,425) - 261,891 - (323,462) - 1,037,914 - - - 1,380,854 (1,793,082) (2,170,136) (2,656,508) (2,859,902) (3,140,552) (3,074,421) (1,187,060) (3,283,335) (1,624,755) (1,486,625) (1,926,463) (552,283) 14,363,686 17,647,021 19,271,776 20,758,401 22,684,864 23,237,147 13,176,626$ 14,363,686 $ 17,647,021 $ 19,271,776 $ 20,758,401 $ 22,684,864 $ 937,004$ 1,270,466 $ 1,270,466 $ 1,270,466 $ 1,222,197 $ 740,235 $ 584,954 645,593 589,027 1,340,997 (165,490) 369,240 (1,793,082) (2,170,136) (2,656,508) (2,859,902) (3,140,552) (3,074,421) - - - - - - (271,124) (254,077) (797,015) (248,439) (2,083,845) (1,964,946) 11,333,502 11,587,579 12,384,594 12,633,033 14,716,878 16,681,824 11,062,378$ 11,333,502 $ 11,587,579 $ 12,384,594 $ 12,633,033 $ 14,716,878 $ 2,114,248$ 3,030,184 $ 6,059,442 $ 6,887,182 $ 8,125,368 $ 7,967,986 $

84.0% 78.9% 65.7% 64.3% 60.9% 64.9%
n / an / a n / an / an / an / a
n / an / a n / an / an / an / a
189893
City of Richmond
Required Supplementary Information
For the year ended June 30, 2024

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: 6/30/2024 6/30/2023 6/30/2022 6/30/2021 Total OPEB Liability
Service cost 1,808,740 $ 1,756,058 $ 2,088,997 $ 2,072,961 $ Interest 6,379,004 6,314,835 6,997,592 6,846,932 Changes in benefit terms (374,980) - - - Differences between actual
and expected experience (99,709) 103,835 (11,982,490) (140,135) Changes in assumptions - - (6,119,213) 1,173,106 Benefit payments (7,384,770) (6,931,088) (7,272,797) (7,011,178) Net change in the total OPEB liability 328,285 1,243,640 (16,287,911) 2,941,686 Total OPEB liability - beginning 108,200,382 106,956,742 123,244,653 120,302,967 Total OPEB liability - ending (a) 108,528,667$ 108,200,382 $ 106,956,742 $ 123,244,653 $ Plan Fiduciary Net Position
Contributions - employer 9,641,744 $ 13,518,089 $ 10,042,891 $ 9,515,699 $ Contributions - employee 640,963 585,950 589,125 623,088 Net investment income 5,554,054 3,089,068 (4,613,857) 6,562,745 Administrative expense (77,988) (64,547) (61,195) (111,868) Benefit payments (7,384,770) (6,931,088) (7,272,797) (7,011,178) Plan to Plan transfer (1) - - - - Net change in the total OPEB liability 8,374,003 10,197,472 (1,315,833) 9,578,486 Plan fiduciary net position - beginning 41,321,443 31,123,971 32,439,804 22,861,318 Plan fiduciary net position - ending (b) 49,695,446$ 41,321,443 $ 31,123,971 $ 32,439,804 $ Net OPEB liability - ending (a) - (b) 58,833,221 $ 66,878,939 $ 75,832,771 $ 90,804,849 $ Plan fiduciary net position as a percentage
percentage of the total OPEB liability 45.79% 38.19% 29.10% 26.32% Covered employee payroll 58,268,870 $ 47,613,516 $ 45,133,662 $ 46,698,024 $ Net OPEB liability as a percentage of
covered employee payroll 100.97% 140.46% 168.02% 194.45% (1) Transferred to the RPOA Plan established in fiscal year 2019. * Fiscal year 2017 was the 1st year of implementation.
190894
6/30/2020 6/30/2019 6/30/2018 6/30/2017
4,292,499$ 3,452,679 $ 6,730,397 $ 7,558,987 $ 7,222,766 7,625,498 7,927,217 7,064,307 - (19,910,800) - - (28,723,614) - (2,816,969) - (42,412,472) (1,409,953) 8,715,168 (15,340,529) (7,753,129) (7,247,073) (6,861,529) (6,497,645) (67,373,950) (17,489,649) 13,694,284 (7,214,880) 187,676,917 205,166,566 191,472,282 198,687,162 120,302,967$ 187,676,917 $ 205,166,566 $ 191,472,282 $ 12,720,085$ 6,714,785 $ 13,599,120 $ 13,218,475 $ 642,475 532,288 765,475 278,850 709,908 1,170,454 632,089 227,394 (89,764) (81,950) (49,169) (11,250) (7,753,129) (7,247,073) (6,861,529) (6,497,645) - (1,879,640) - - 6,229,575 (791,136) 8,085,986 7,215,824 16,631,743 17,422,879 9,336,893 2,121,069 22,861,318$ 16,631,743 $ 17,422,879 $ 9,336,893 $ 97,441,649$ 171,045,174 $ 187,743,687 $ 182,135,389 $

19.00% 8.86% 8.49% 4.88%
50,016,647$ 49,511,523 $ 65,359,713 $ 66,774,795 $ 194.82% 345.47% 287.25% 272.76%
191895
City of Richmond
Required Supplementary Information
For the year ended June 30, 2024
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: 6/30/2024 6/30/2023 6/30/2022 6/30/2021 Contractually required contributions (CRC)
(1)/Actuarially determined employer
contribution (ADEC) 8,162,863$ 8,107,624 $ 9,525,000 $ 12,641,000 $ Contributions in relation to the CRC/ADEC (9,641,744) (13,518,089) (10,042,891) (9,515,697) Contribution deficiency (excess) (1,478,881) $ (5,410,465) $ (517,891) $ 3,125,303 $ Notes:

Schedule of Investment Returns - Last 10 Years*
Fiscal Year Ended: 6/30/2024 6/30/2023 6/30/2022 6/30/2021 Annual money weighted rate of return,
net of investment expense 13.18% 9.03% -13.92% 26.66%
* Fiscal year 2017 was the 1st year of implementation.
(1) Before FY2021, the City does not calculate an Actuarially Determined Contribution, but the City's agreements with its bargaining units provide for various benefit levels as discussed in the Notes to the Financial Statements.

Contributions reported include the implicit subsidy.
192896
6/30/2020 6/30/2019 6/30/2018 6/30/2017
7,753,129$ 7,247,073 $ 6,861,529 $ 6,497,645 $ (7,753,129) (7,247,073) (6,861,529) (6,497,645) -$ - $ - $ - $ 6/30/2020 6/30/2019 6/30/2018 6/30/2017

3.48% 6.74% 6.30% 10.75%
193897
City of Richmond
Required Supplementary Information
For the year ended June 30, 2024
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/ 30/2024 6/30/2023 6/30/2022 6/ 30/2021 6/30/2020 6/30/2019 Total OPEB Liability
Service cost 773,710 $ 751,175 $ 1,027,120 $ 1,871,012 $ 2,053,367 $ 1,939,517 $ Interest 1,045,967 962,027 1,107,706 800,939 850,944 764,597 Changes in benefit terms - - - - - 21,995,467 Differences between actual
and expected experience (3,178,929) 52,738 (4,595,658) 10,367 (1,784,304) - Changes in assumptions 605,196 - (323,325) (9,082,375) 401,383 - Benefit payments (341,982) (315,302) (382,892) (277,277) (156,536) (82,673) Net change in the total OPEB liability (1,096,038) 1,450,638 (3,167,049) (6,677,334) 1,364,854 24,616,908 Total OPEB liability - beginning 17,588,017 16,137,379 19,304,428 25,981,762 24,616,908 - Total OPEB liability - ending (a) 16,491,979$ 17,588,017 $ 16,137,379 $ 19,304,428 $ 25,981,762 $ 24,616,908 $ Plan Fiduciary Net Position
Contributions - employer 1,278,978 $ 1,952,362 $ 1,955,147 $ 1,028,868 $ 1,851,964 $ - $ Contributions - employee 351,000 344,550 403,650 453,163 425,213 82,673 Net investment income 852,098 321,979 (833,976) 935,134 170,322 - Plan to Plan transfer (1) - - - - - 1,879,640 Benefit payments (341,982) (315,302) (382,892) (277,277) (156,536) (82,673) Administrative expense (5,075) (4,052) (3,187) (2,612) - - Net change in the total OPEB liability 2,135,019 2,299,537 1,138,742 2,137,276 2,290,963 1,879,640 Plan fiduciary net position - beginning 9,746,158 7,446,621 6,307,879 4,170,603 1,879,640 - Plan fiduciary net position - ending (b) 11,881,177$ 9,746,158 $ 7,446,621 $ 6,307,879 $ 4,170,603 $ 1,879,640 $ Net OPEB liability - ending (a) - (b) 4,610,802 $ 7,841,859 $ 8,690,758 $ 12,996,549 $ 21,811,159 $ 22,737,268 $ Plan fiduciary net position as a percentage
percentage of the total OPEB liability 72.04% 55.41% 46.15% 32.68% 16.05% 7.64% Covered employee payroll 13,280,855 $ 12,167,295 $ 13,527,611 $ 16,100,126 $ 16,699,113 $ 17,404,407 $ Net OPEB liability as a percentage of
covered employee payroll 34.72% 64.45% 64.24% 80.72% 130.61% 130.64% (1) Transferred from the OPEB Plan.
* Fiscal year 2019 was the 1st year of implementation.
194898
City of Richmond
Required Supplementary Information
For the year ended June 30, 2024
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: 6/30/2024 6/30/2023 6/ 30/2022 6/30/2021 6/30/2020 6/30/2019 Contractually required(CRC)
/Actuarially determined
employer contributions (ADEC) (1) 1,130,352$ 1,107,178 $ 1,627,000 $ 1,878,000 $ 1,851,964 $ 82,673 $ Contributions in relation to the CRC/ADEC (1,278,978) (1,952,362) (1,955,147) (1,028,868) (1,851,964) (82,673) Contribution deficiency (excess) (148,626)$ (845,184)$ (328,147)$ 849,132 $ - $ - $ Notes:
* Fiscal year 2019 was the 1st year of implementation.
(1) Before FY2021 the City does not calculate an Actuarially Determined Contribution, but the City's agreements with its bargaining units provide for various benefit levels as discussed in the Notes to the Financial Statements. Contributions reported include the implicit subsidy. 195899
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196900

SUPPLEMENTARY

INFORMATION
197901
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198902

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 Program 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.

Transformative Climate Grant Fund is used to record the receipt and use of grant monies from the Transformative Climate Communities (TCC) Program which commits to supporting community-led initiatives to build a healthier environment for local residents. The program funds projects to reduce greenhouse gas emissions and local air pollution.
199903
NONMAJOR GOVERNMENTAL FUNDS (Continued)
Special Revenue Funds (Continued)
Encampment Resolution Grant Fund is used to account for provides resources to address the Castro Encampment by offering crisis support for unhoused individuals and facilitating their transition to safe and stable housing.

General Pension Plan Fund is used to account for 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. 3 participants remain in the Plan.

Police and Firemen's Pension Plan Fund is used to account for 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, all of whom have retired. 12 participants remain in the Plan.

Debt Service Funds
2022 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 2022 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
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 (0.5%) sales and use tax. Twenty percent (20%) 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. 200904
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201905
City of Richmond
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
Paratransit Employment
State Gas Tax General Purpos e Operations and Training
Fund Fund Fund Fund
ASSETS
Cash and investments 7,084,065$ 5,526,299 $ - $ 588,196$ Restricted cash and investments --- 3 1 , 9 9 3
Receivables:

Accounts, net 513,190 638 54 46,076
Interest 9,825 14,842 - - Grants - 8,552,535 2,139,432 1,638,67 1
Loans ----
Prepaids, supplies and other assets ----
Total assets 7,607,080$ 14,094,314 $ 2,139,486 $ 2,304,936 $

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
Liabilities:

Accounts payable and accrued liabilities 601,157$ 2,700,585 $ 33,623 $ 125,227 $ Refundable deposits ----
Due to other funds - - 1,644,379 -
Unearned revenue - 6,116,472 - 125,579
Total liabilities 601,157 8,817,057 1,678,002 250,806
Deferred inflows of resources:

Unavailable revenue - 5,897,754 2,139,432 899,658
Total deferred inflows of resources - 5,897,754 2,139,432 899,658 Fund Balances:

Restricted 7,005,923 - - 1,154,472
A s s i g n e d ----
Unassi
gned - (620,497) (1,677,948) -
Total fund balances 7,005,923 (620,497) (1,677,948) 1,154,472 Total liabilities, deferred inflows
of resources, and fund balances 7,607,080$ 14,094,314 $ 2,139,486 $ 2,304,936 $ Special Revenue Funds
202906
Richmond
Lighting and Develope r Secured Neighborhood
Public Safety Landscaping Impact Fees Pension Override Stabilization Rent Program Fund Districts Fund Fund Fund Corporation Fund Fund
263,402$ 842,353 $ 12,463,477 $ 3,083,69 1$ - $ 1,600,858$ ---- 124,772 -
- 1,496 - - - 38,248
421 1,320 19,654 - - 2,612 ------
---- 779,013 -
------
263,823$ 845,169 $ 12,483,13 1$ 3,083,69 1$ 903,785 $ 1,641,718 $ -$ 24,69 1$ 515,175 $ - $ 229 $ 25,977 $ ------
---- 6 0 , 6 9 2-
----- 6 , 0 9
1 - 24,69 1 515,175 - 60,92 1 32,068
-1 , 4 9 6 - - - -
-1 , 4 9 6 - - - -
263,823 818,982 11,967,956 3,083,69 1 842,864 1,609,650 ------
------
263,823 818,982 11,967,956 3,083,69
1 842,864 1,609,650
263,823$ 845,169 $ 12,483,13 1$ 3,083,69 1$ 903,785 $ 1,641,718 $ Special Revenue Funds
203907
City of Richmond
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
Environmental
and Community Transformative Encampment
Cost Recovery Investment Climat e Resolution
Fund Agreement Fund Grant Fund Grant Fund
ASSETS
Cash and investments 8,936,492$ 18,172,802 $ - $ 6,771,404$ Restricted cash and investments ----
Receivables:

Accounts, net 573,868 - - -
Interest 21,607 28,356 - - Grants 4,815,882 - 2,006,557 -
Loans ----
Prepaids, supplies and other assets 150,000 - 169,297 - Total assets 14,497,849$ 18,201,158 $ 2,175,854 $ 6,771,404 $

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
Liabilities:

Accounts payable and accrued liabilities 1,801,073$ 268,489 $ 636,786 $ 174,066 $ Refundable deposits 1,257,571 ---
Due to other funds - - 1,533,992 -
Unearned revenue 35,000 - 6,922 6,595,99 1
Total liabilities 3,093,644 268,489 2,177,700 6,770,057 Deferred inflows of resources:

Unavailable revenue 2,311,017 - 766,288 -
Total deferred inflows of resources 2,311,017 - 766,288 - Fund Balances:

Restricted 9,093,188 17,932,669 - 1,347
A s s i g n e d ----
Unassi
gned - - (768,134) -
Total fund balances 9,093,188 17,932,669 (768,134) 1,347 Total liabilities, deferred inflows
of resources, and fund balances 14,497,849$ 18,201,158 $ 2,175,854 $ 6,771,404 $ Special Revenue Funds
204908
Capital
Projects Fund
General Polic e 2022 Pension General Civic Center General Capital Pension and Firemen' s Obligation Bonds Debt Service Debt Service Improvement Fund Pension Fund Fund Fund Fund Fund
-$ - $ 142,460$ 78,737 $ 464,305 $ - $ 802,489 10,211,247 5,947 - 3,195 -
- - ----
1,590 932 56 126 - - - - ----
- - ----
- - ----
804,079$ 10,212,179 $ 148,463 $ 78,863 $ 467,500 $ - $ -$ - $ - $ - $ - $ - $ - - ----
- - ----
- - - - 2,187,117 -
- - - - 2,187,117 -
- - ----
- - ----
804,079 10,212,179 148,463 78,863 - -
- - ----
-- - -
(1,719,617) -
804,079 10,212,179 148,463 78,863 (1,719,617) -
804,079$ 10,212,179 $ 148,463 $ 78,863 $ 467,500 $ - $ Special Revenue Funds Debt Service Funds
205909
City of Richmond
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
Total
Harbor Nonmajor
Measure C/J Navigation Governmental
Fund Fund Fund s
ASSETS
Cash and investments 3,337,920$ 48,698 $ 69,405,159$ Restricted cash and investments - - 11,179,643
Receivables:

Accounts, net - - 1,173,570
Interest 5,552 78 106,971 Grants 1,790,351 - 20,943,428
Loans - - 779,013
Prepaids, supplies and other assets - - 319,297
Total assets 5,133,823$ 48,776 $ 103,907,08 1$

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
Liabilities:

Accounts payable and accrued liabilities 473,229$ - $ 7,380,307$ Refundable deposits - - 1,257,57 1
Due to other funds - - 3,239,063
Unearned revenue - - 15,073,172
Total liabilities 473,229 - 26,950,113
Deferred inflows of resources:

Unavailable revenue 958,943 - 12,974,588
Total deferred inflows of resources 958,943 - 12,974,588 Fund Balances:

Restricted 3,701,65 1 48,776 68,768,576
A s s i g n e d ---
Unassi
gned - (4,786,196)
Total fund balances 3,701,651 48,776 63,982,380
Total liabilities, deferred inflows
of resources, and fund balances 5,133,823$ 48,776 $ 103,907,08 1$ Capital Projects Funds
206910
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207911
City of Richmond
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the year ended June 30, 2024
Paratransit Employment
State Gas Tax General Purpose Operations and Training
Fund Fund Fund Fund
REVENUES:

Property taxes - $ - $ - $ - $ Licenses, permits and fees - 18,750 13,675 - Fines, forfeitures and penalties - 9,443 - - Use of money and property 198,480 412,430 - - Intergovernmental 6,077,543 12,266,522 24,000 3,871,282 Charges for services - 505,167 - - Other - 204 10,102 185 Total revenues 6,276,023 13,212,516 47,777 3,871,467 EXPENDITURES:

Current:

General government - 612,065 983,767 - Public safety - 3,283,221 - - Public works 2,534,891 7,510,409 - - Community development - - 1,682 6,939,746 Cultural and recreational - 1,252,635 - - Housing and redevelopment - 15,916 - - Capital outlay 208,218 2,911,539 - - Debt service:

Principal - - - - Interest and fiscal charges - - - - Total expenditures 2,743,109 15,585,785 985,449 6,939,746

REVENUES OVER (UNDER)
EXPENDITURES 3,532,914 (2,373,269) (937,672) (3,068,279) OTHER FINANCING SOURCES (USES):

Proceeds from sale of property - - - 8,120 Transfers in - 75,000 97,500 2,921,891 Transfers out - - - - Total other financing sources (uses) - 75,000 97,500 2,930,011 Net change in fund balances 3,532,914 (2,298,269) (840,172) (138,268) FUND BALANCES (DEFICITS):

Beginning of year 3,473,009 1,677,772 (837,776) 1,292,740 Prior period adjustments - - - - Beginning of year, as restated 3,473,009 1,677,772 (837,776) 1,292,740 End of year 7,005,923$ (620,497) $ (1,677,948) $ 1,154,472 $ Special Revenue Funds
208912
Richmond
Lighting and Developer Secured Neighborhood
Public Safety Landscaping Impact Fees Pension Override Stabilization Rent Program Fund Districts Fund Fund Fund Corporation Fund Fund
-$ 1,839,251$ - $ 27,165,722$ - $ - $ - - 988,310 - - 2,931,687 - - - - - - 12,825 40,996 550,277 - - 88,652 - - - - - - - - - - - - - - - - - 61,209 12,825 1,880,247 1,538,587 27,165,722 - 3,081,548 - - - - - - 9,996 - 49,668 - - - - 2,843,117 113,524 - - - - - - - - - - - 68,755 - - - - - - - 3,345 3,196,142 - 23,000 516,821 - - - - - - - - - - - - - - - 9,996 2,866,117 748,768 - 3,345 3,196,142 2,829 (985,870) 789,819 27,165,722 (3,345) (114,594) - - - - - - - 799,997 - - - 438,726 - - - (29,893,824) - - - 799,997 - (29,893,824) - 438,726 2,829 (185,873) 789,819 (2,728,102) (3,345) 324,132 260,994 1,004,855 11,178,137 5,811,793 67,196 1,285,518 - - - - 779,013 - 260,994 1,004,855 11,178,137 5,811,793 846,209 1,285,518 263,823$ 818,982 $ 11,967,956$ 3,083,691 $ 842,864 $ 1,609,650 $ Special Revenue Funds
209913
City of Richmond
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the year ended June 30, 2024
Environmental
and Community Transformative Encampment
Cost Recovery Investment Climate Resolution
Fund Agreement Fund Grant Fund Grant Fund
REVENUES:

Property taxes - $ - $ - $ - $ Licenses, permits and fees 8,403,057 - - - Fines, forfeitures and penalties - - - - Use of money and property 845,879 831,170 - 1,346 Intergovernmental 11,516,096 4,016,500 1,602,563 2,006,596 Charges for services 927,595 - - - Other 100 (42,075) - - Total revenues 21,692,727 4,805,595 1,602,563 2,007,942 EXPENDITURES:

Current:

General government 12,526,348 4,389,208 2,356,139 2,006,595 Public safety 1,150 149,509 - - Public works 746,823 113,680 - - Community development - - - - Cultural and recreational - - - - Housing and redevelopment - - - - Capital outlay 5,465,952 22,031 14,558 - Debt service:

Principal - - - - Interest and fiscal charges - - - - Total expenditures 18,740,273 4,674,428 2,370,697 2,006,595

REVENUES OVER (UNDER)
EXPENDITURES 2,952,454 131,167 (768,134) 1,347 OTHER FINANCING SOURCES (USES):

Proceeds from sale of property - - - - Transfers in 808,934 - - - Transfers out - - - - Total other financing sources (uses) 808,934 - - - Net change in fund balances 3,761,388 131,167 (768,134) 1,347 FUND BALANCES (DEFICITS):

Beginning of year 5,331,800 17,801,502 - - Prior period adjustments - - - - Beginning of year, as restated 5,331,800 17,801,502 - - End of year 9,093,188$ 17,932,669 $ (768,134) $ 1,347 $ Special Revenue Funds
210914
Capital
Projects Fund
General Police 2022 Pension General Civic Center General Capital Pension and Firemen's Obligation Bonds Debt Service Debt Service Improvement Fund Pension Fund Fund Fund Fund Fund
-$ - $ - $ - $ - $ - $ - - - - - - - - - - - - 52,507 1,084,320 161,707 3,470 12,079 - - - - - - - - - - - 6,808,174 - - - - - - - 52,507 1,084,320 161,707 3,470 6,820,253 - 252,207 - - - - - - 908,890 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 3,865,000 - - - 11,403,697 5,133 3,918,598 - 252,207 908,890 11,403,697 5,133 7,783,598 - (199,700) 175,430 (11,241,990) (1,663) (963,345) - - - - - - - - - 11,153,663 - 1,463,868 - - - - - - - - - 11,153,663 - 1,463,868 - (199,700) 175,430 (88,327) (1,663) 500,523 - - - 236,790 80,526 (2,220,140) 23,608,265 1,003,779 10,036,749 - - - (23,608,265) 1,003,779 10,036,749 236,790 80,526 (2,220,140) - 804,079$ 10,212,179$ 148,463 $ 78,863 $ (1,719,617)$ - $ Debt Service FundsSpecial Revenue Funds
211915
City of Richmond
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the year ended June 30, 2024
Total
Harbor Nonmajor
Measure C/J Navigation Governmental
Fund Fund Fund s
REVENUES:

Property taxes - $ - $ 29,004,973$ Licenses, permits and fees - - 12,355,479 Fines, forfeitures and penalties - - 9,443 Use of money and property 79,820 2,246 4,378,204 Intergovernmental 2,967,171 - 44,348,273 Charges for services - - 8,240,936 Other - - 29,725 Total revenues 3,046,991 2,246 98,367,033 EXPENDITURES:

Current:

General government - - 23,126,329 Public safety - - 4,402,434 Public works 810,032 - 14,672,476 Community development - - 6,941,428 Cultural and recreational - - 1,321,390 Housing and redevelopment - - 3,215,403 Capital outlay 438,229 - 9,600,348 Debt service:

Principal - - 3,865,000 Interest and fiscal charges - - 15,327,428 Total expenditures 1,248,261 - 82,472,236

REVENUES OVER (UNDER)
EXPENDITURES 1,798,730 2,246 15,894,797 OTHER FINANCING SOURCES (USES):

Proceeds from sale of property - - 8,120 Transfers in - - 17,759,579 Transfers out - - (29,893,824) Total other financing sources (uses) - - (12,126,125) Net change in fund balances 1,798,730 2,246 3,768,672 FUND BALANCES (DEFICITS):

Beginning of year 1,902,921 46,530 72,002,432 Prior period adjustments - - (11,788,724) Beginning of year, as restated 1,902,921 46,530 60,213,708 End of year 3,701,651$ 48,776 $ 63,982,380$ Capital Projects Funds
212916
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, 2024
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Use of money and property -$ - $ 198,480$ 198,480 $ Intergovernmental 6,154,382 6,154,382 6,077,543 (76,839) Total revenues 6,154,382 6,154,382 6,276,023 121,641 EXPENDITURES:

Current:

Public works 5,736,692 5,585,382 2,534,89 1 3,050,491
Capital outlay 328,057 1,293,102 208,218 1,084,884
Total expenditures 6,064,749 6,878,484 2,743,109 4,135,375

REVENUES OVER (UNDER)
EXPENDITURES 89,633 (724,102) 3,532,914 4,257,016 Net change in fund balances 89,633$ (724,102)$ 3,532,914 4,257,016 $ FUND BALANCES (DEFICITS):

Beginning of year 3,473,009
End of year 7,005,923$
Budgeted Amounts
213917
City of Richmond
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual General Purpose Fund
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Licenses, permits and fees 149,207$ 149,207 $ 18,750 $ (130,457)$ Fines, forfeitures and penalties - - 9,443 9,443
Use of money and property - - 412,430 412,430
Intergovernmental 32,496,350 41,957,365 12,266,522 (29,690,843) Charges for services 400,000 400,000 505,167 105,167
Other - - 204 204
Total revenues 33,045,557 42,506,572 13,212,516 (29,294,056) EXPENDITURES:

Current:

General government 8,576,163 16,973,79 1 612,065 16,361,726 Public safety 2,586,778 2,775,465 3,283,22 1 (507,756)
Public works 1,411,203 2,972,775 7,510,409 (4,537,634)
Community developm e n t -5 , 5 8 6 -5 , 5 8 6
Cultural and recreational 1,234,292 1,652,439 1,252,635 399,804 Housin
g and redevelopment (152,645) (171,291) 15,916 (187,207) Capital outlay 20,293,266 22,012,307 2,911,539 19,100,768 Total expenditures 33,949,057 46,221,072 15,585,785 30,635,287

REVENUES OVER (UNDER)
EXPENDITURES (903,500) (3,714,500) (2,373,269) 1,341,231 OTHER FINANCING SOURCES (USES):

Transfers in 75,000 75,000 75,000 -
Total other financing sources (uses) 75,000 75,000 75,000 - Net change in fund balances (828,500)$ (3,639,500) $ (2,298,269) 1,341,231 $ FUND BALANCES (DEFICITS):

Beginning of year 1,677,772
End of year (620,497)$
Budgeted Amounts
214918
City of Richmond
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Paratransit Operations Fund
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Licenses, permits and fees -$ - $ 13,675$ 13,675 $ Intergovernmental 859,097 859,097 24,000 (835,097)
Other 20,000 20,000 10,102 (9,898)
Total revenues 879,097 879,097 47,777 (831,320) EXPENDITURES:

Current:

General government 848,610 954,445 983,767 (29,322)
Community development 13,400 5,065 1,682 3,383
Total expenditures 862,010 959,510 985,449 (25,939)

REVENUES OVER (UNDER)
EXPENDITURES 17,087 (80,413) (937,672) (857,259) OTHER FINANCING SOURCES (USES):

Transfers in - 97,500 97,500 -
Total other financing sources (uses) - 97,500 97,500 - Net change in fund balances 17,087$ 17,087 $ (840,172) (857,259) $ FUND BALANCES (DEFICITS):

Beginning of year (837,776)
End of year (1,677,948)$
Budgeted Amounts
215919
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, 2024
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Intergovernmental 6,045,342$ 7,885,472 $ 3,871,282 $ (4,014,190)$ Other - - 185 185
Total revenues 6,045,342 7,885,472 3,871,467 (4,014,005) EXPENDITURES:

Current:

General government 6,000 40,200 - 40,200
Community development 8,332,534 9,609,423 6,939,746 2,669,677 Housing and redevelopment 1,200 1,200 - 1,200
Total expenditures 8,339,734 9,650,823 6,939,746 2,711,077

REVENUES OVER (UNDER)
EXPENDITURES (2,294,392) (1,765,351) (3,068,279) (1,302,928) OTHER FINANCING SOURCES (USES):

Proceeds from sale of property - - 8,120 8,120
Transfers in 2,466,20 1 2,966,110 2,921,89 1 (44,219)
Total other financing sources (uses) 2,466,201 2,966,110 2,930,011 (36,099) Net change in fund balances 171,809$ 1,200,759 $ (138,268) (1,339,027) $ FUND BALANCES (DEFICITS):

Beginning of year 1,292,740
End of year 1,154,472$
Budgeted Amounts
216920
City of Richmond
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Public Safety Fund
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Use of money and property -$ - $ 12,825$ 12,825 $ Total revenues - - 12,825 12,825 EXPENDITURES:

Current:

Public safety 90,000 152,025 9,996 142,029
Capital outlay 50,000 50,000 - 50,000
Total expenditures 140,000 202,025 9,996 192,029

REVENUES OVER (UNDER)
EXPENDITURES (140,000) (202,025) 2,829 204,854 Net change in fund balances (140,000)$ (202,025) $ 2,829 204,854 $ FUND BALANCES (DEFICITS):

Beginning of year 260,994
End of year 263,823$
Budgeted Amounts
217921
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, 2024
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Property taxes 1,834,118$ 1,834,118 $ 1,839,25 1$ 5,133 $ Use of money and property - - 40,996 40,996
Total revenues 1,834,118 1,834,118 1,880,247 46,129 EXPENDITURES:

Current:

Public works 2,851,161 2,914,161 2,843,117 71,044
Capital outlay - 1,000 23,000 (22,000)
Total expenditures 2,851,161 2,915,161 2,866,117 49,044

REVENUES OVER (UNDER)
EXPENDITURES (1,017,043) (1,081,043) (985,870) 95,173 OTHER FINANCING SOURCES (USES):

Transfers in 712,297 799,997 799,997 -
Total other financing sources (uses) 712,297 799,997 799,997 - Net change in fund balances (304,746)$ (281,046) $ (185,873) 95,173 $ FUND BALANCES (DEFICITS):

Beginning of year 1,004,855
End of year 818,982$
Budgeted Amounts
218922
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, 2024
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Licenses, permits and fees -$ 988,310$ 988,310 $ - $ Use of money and property - - 550,277 550,277
Total revenues - 988,310 1,538,587 550,277 EXPENDITURES:

Current:

Public safety 117,000 118,496 49,668 68,828
Public works 379,188 146,524 113,524 33,000
Cultural and recreational - 68,757 68,755 2
Capital outlay 1,618,264 2,692,370 516,82 1 2,175,549
Total expenditures 2,114,452 3,026,147 748,768 2,277,379

REVENUES OVER (UNDER)
EXPENDITURES (2,114,452) (2,037,837) 789,819 2,827,656 Net change in fund balances (2,114,452)$ (2,037,837) $ 789,819 2,827,656 $ FUND BALANCES (DEFICITS):

Beginning of year 11,178,137
End of year 11,967,956$
Budgeted Amounts
219923
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, 2024
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Property taxes 26,391,783$ 27,165,723 $ 27,165,722 $ (1)$ Total revenues 26,391,783 27,165,723 27,165,722 (1) OTHER FINANCING SOURCES (USES):

Transfers out (28,567,497) (29,893,824) (29,893,824) -
Total other financing sources (uses) (28,567,497) (29,893,824) (29,893,824) - Net change in fund balances (2,175,714)$ (2,728,101) $ (2,728,102) (1) $ FUND BALANCES (DEFICITS):

Beginning of year 5,811,793
End of year 3,083,691$
Budgeted Amounts
220924
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, 2024
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Other 15,000$ 15,000 $ - $ (15,000)$ Total revenues 15,000 15,000 - (15,000) EXPENDITURES:

Current:

Housing and redevelopment 9,500 9,500 3,345 6,155
Total expenditures 9,500 9,500 3,345 6,155 Net change in fund balances 5,500$ 5,500 $ (3,345) (8,845) $ FUND BALANCES (DEFICITS):

Beginning of year 67,196
Prior period adjustments 779,013
Beginning of year, as restated 846,209
End of year 842,864$
Budgeted Amounts
221925
City of Richmond
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Rent Program Fund
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Licenses, permits and fees 2,914,945$ 3,004,698 $ 2,931,687 $ (73,011)$ Use of money and property 20,000 20,000 88,652 68,652
Other 50,000 50,000 61,209 11,209
Total revenues 2,984,945 3,074,698 3,081,548 6,850 EXPENDITURES:

Current:

Housing and redevelopment 3,235,394 3,758,329 3,196,142 562,187 Total expenditures 3,235,394 3,758,329 3,196,142 562,187

REVENUES OVER (UNDER)
EXPENDITURES (250,449) (683,631) (114,594) 569,037 OTHER FINANCING SOURCES (USES):

Transfers in 150,000 438,726 438,726 -
Total other financing sources (uses) 150,000 438,726 438,726 - Net change in fund balances (100,449)$ (244,905) $ 324,132 569,037 $ FUND BALANCES (DEFICITS):

Beginning of year 1,285,518
End of year 1,609,650$
Budgeted Amounts
222926
City of Richmond
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Cost Recovery Fund
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Licenses, permits and fees 7,340,038$ 7,367,08 1$ 8,403,057 $ 1,035,976 $ Use of money and property 32,307 32,307 845,879 813,572 Intergovernmental 16,428,796 26,486,415 11,516,096 (14,970,319) Charges for services 5,051,000 5,051,000 927,595 (4,123,405) Other 50 50 100 50
Total revenues 28,852,191 38,936,853 21,692,727 (17,244,126) EXPENDITURES:

Current:

General government 17,807,888 21,355,755 12,526,348 8,829,407 Public safety -- 1 , 1 5 0 (1,150)
Public works 988,976 991,964 746,823 245,14 1
Capital outlay 11,845,956 28,673,395 5,465,952 23,207,443 Total expenditures 30,642,820 51,021,114 18,740,273 32,280,841

REVENUES OVER (UNDER)
EXPENDITURES (1,790,629) (12,084,261) 2,952,454 15,036,715 OTHER FINANCING SOURCES (USES):

Transfers in 1,800,000 1,800,000 808,934 (991,066)
Total other financing sources (uses) 1,800,000 1,800,000 808,934 (991,066) Net change in fund balances 9,371$ (10,284,261)$ 3,761,388 14,045,649 $ FUND BALANCES (DEFICITS):

Beginning of year 5,331,800
End of year 9,093,188$
Budgeted Amounts
223927
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, 2024
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Use of money and property -$ - $ 831,170$ 831,170 $ Intergovernmental 4,000,000 4,016,500 4,016,500 -
Other -- (42,075) (42,075)
Total revenues 4,000,000 4,016,500 4,805,595 789,095 EXPENDITURES:

Current:

General government 8,913,829 8,622,409 4,389,208 4,233,20 1 Public safety 198,000 473,000 149,509 323,49 1
Public works 186,442 224,312 113,680 110,632
Cultural and recreational 432,442 432,442 - 432,442 Capital outlay - 435,35 1 22,031 413,320
Total expenditures 9,730,713 10,187,514 4,674,428 5,513,086

REVENUES OVER (UNDER)
EXPENDITURES (5,730,713) (6,171,014) 131,167 6,302,181 Net change in fund balances (5,730,713)$ (6,171,014) $ 131,167 6,302,181 $ FUND BALANCES (DEFICITS):

Beginning of year 17,801,502
End of year 17,932,669$
Budgeted Amounts
224928
City of Richmond
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Transformative Climate Grant Fund
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Intergovernmental -$ - $ 1,602,563$ 1,602,563 $ Total revenues - - 1,602,563 1,602,563 EXPENDITURES:

Current:

General government 310,000 3,010,000 2,356,139 653,86 1 Public works 1,000,000 12,422,305 - 12,422,305
Cultural and recreational - 2,017,490 - 2,017,490 Housing and redevelopment 493,750 2,477,983 - 2,477,983 Capital outlay 5,928,890 3,508,113 14,558 3,493,555
Total expenditures 7,732,640 23,435,891 2,370,697 21,065,194

REVENUES OVER (UNDER)
EXPENDITURES (7,732,640) (23,435,891) (768,134) 22,667,757 Net change in fund balances (7,732,640)$ (23,435,891) $ (768,134) 22,667,757 $ FUND BALANCES (DEFICITS):

Beginning of year -
End of year (768,134)$
Budgeted Amounts
225929
City of Richmond
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Encampment Resolution Grant Fund
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Use of money and property -$ - $ 1,346$ 1,346 $ Intergovernmental - 35,000,000 2,006,596 (32,993,404)
Total revenues - 35,000,000 2,007,942 (32,992,058) EXPENDITURES:

Current:

General government - 30,295,856 2,006,595 28,289,26 1
Community development - 81,500 - 81,500
Capital outlay - 5,095,358 - 5,095,358
Total expenditures - 35,472,714 2,006,595 33,466,119

REVENUES OVER (UNDER)
EXPENDITURES - (472,714) 1,347 474,061 Net change in fund balances -$ (472,714)$ 1,347 474,061 $ FUND BALANCES (DEFICITS):

Beginning of year -
End of year 1,347$
Budgeted Amounts
226930
City of Richmond
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual General Pension Fund
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Use of money and property -$ - $ 52,507$ 52,507 $ Total revenues - - 52,507 52,507 EXPENDITURES:

Current:

General government - - 252,207 (252,207)
Total expenditures - - 252,207 (252,207)

REVENUES OVER (UNDER)
EXPENDITURES - - (199,700) (199,700) OTHER FINANCING SOURCES (USES):

Transfers in 152,897 152,897 - (152,897)
Total other financing sources (uses) 152,897 152,897 - (152,897) Net change in fund balances 152,897$ 152,897 $ (199,700) (352,597) $ FUND BALANCES (DEFICITS):

Beginning of year -
Prior period adjustments 1,003,779
Beginning of year, as restated 1,003,779
End of year 804,079$
Budgeted Amounts
227931
City of Richmond
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Police and Fire Pension Fund
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Use of money and property -$ - $ 1,084,320$ 1,084,320 $ Total revenues - - 1,084,320 1,084,320 EXPENDITURES:

Current:

Public safety - - 908,890 (908,890)
Total expenditures - - 908,890 (908,890)

REVENUES OVER (UNDER)
EXPENDITURES - - 175,430 175,430 Net change in fund balances -$ - $ 175,430 175,430 $ FUND BALANCES (DEFICITS):

Beginning of year -
Prior period adjustments 10,036,749
Beginning of year, as restated 10,036,749
End of year 10,212,179$
Budgeted Amounts
228932
City of Richmond
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual 2022 Pension Obligation Bonds Fund
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Use of money and property -$ - $ 161,707$ 161,707 $ Total revenues - - 161,707 161,707 EXPENDITURES:

Debt service:

Interest and fiscal charges 11,403,165 11,403,165 11,403,697 (532) Total expenditures 11,403,165 11,403,165 11,403,697 (532)

REVENUES OVER (UNDER)
EXPENDITURES (11,403,165) (11,403,165) (11,241,990) 161,175 OTHER FINANCING SOURCES (USES):

Transfers in 11,403,165 11,403,165 11,153,663 (249,502) Total other financing sources (uses) 11,403,165 11,403,165 11,153,663 (249,502) Net change in fund balances -$ - $ (88,327) (88,327) $ FUND BALANCES (DEFICITS):

Beginning of year 236,790
End of year 148,463$
Budgeted Amounts
229933
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, 2024
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Use of money and property -$ - $ 3,470$ 3,470 $ Total revenues - - 3,470 3,470 EXPENDITURES:

Debt service:

Interest and fiscal charges -- 5 , 1 3 3 (5,133)
Total expenditures - - 5,133 (5,133)

REVENUES OVER (UNDER)
EXPENDITURES - - (1,663) (1,663) Net change in fund balances -$ - $ (1,663) (1,663) $ FUND BALANCES (DEFICITS):

Beginning of year 80,526
End of year 78,863$
Budgeted Amounts
230934
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, 2024
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Use of money and property -$ - $ 12,079$ 12,079 Charges for services 6,684,183 6,684,183 6,808,174 123,99 1 Total revenues 6,684,183 6,684,183 6,820,253 136,070 EXPENDITURES:

Current:

Debt service:

Principal 3,865,000 3,865,000 3,865,000 -
Interest and fiscal charges 3,906,713 3,906,713 3,918,598 (11,885) Total expenditures 7,771,713 7,771,713 7,783,598 (11,885)

REVENUES OVER (UNDER)
EXPENDITURES (1,087,530) (1,087,530) (963,345) 124,185 OTHER FINANCING SOURCES (USES):

Transfers in 1,463,868 1,463,868 1,463,868 -
Total other financing sources (uses) 1,463,868 1,463,868 1,463,868 - Net change in fund balances 376,338$ 376,338 $ 500,523 124,185 $ FUND BALANCES (DEFICITS):

Beginning of year (2,220,140)
End of year (1,719,617)$
Budgeted Amounts
231935
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, 2024
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Use of money and property -$ - $ 1,197,428$ 1,197,428 $ Other - 300,000 300,00 1 1
Total revenues - 300,000 1,497,429 1,197,429 EXPENDITURES:

Current:

General government - 760,000 633,832 126,168
Public works 4,015,181 7,624,836 2,413,026 5,211,810
Capital outlay 18,805,268 34,479,865 882,59 1 33,597,274 Total expenditures 22,820,449 42,864,701 3,929,449 38,935,252

REVENUES OVER (UNDER)
EXPENDITURES (22,820,449) (42,564,701) (2,432,020) 40,132,681 OTHER FINANCING SOURCES (USES):

Transfers in 650,000 18,022,656 18,819,926 797,270
Total other financing sources (uses) 650,000 18,022,656 18,819,926 797,270 Net change in fund balances (22,170,449)$ (24,542,045) $ 16,387,906 40,929,951 $ FUND BALANCES (DEFICITS):

Beginning of year -
Prior period adjustments 23,608,265
Beginning of year, as restated 23,608,265
End of year 39,996,171$
Budgeted Amounts
232936
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, 2024
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Use of money and property -$ - $ 79,820$ 79,820 $ Intergovernmental 4,292,882 3,128,82 1 2,967,171 (161,650) Total revenues 4,292,882 3,128,821 3,046,991 (81,830) EXPENDITURES:

Current:

Public works 1,190,000 1,873,906 810,032 1,063,874
Capital outlay 4,952,803 1,304,255 438,229 866,026
Total expenditures 6,142,803 3,178,161 1,248,261 1,929,900

REVENUES OVER (UNDER)
EXPENDITURES (1,849,921) (49,340) 1,798,730 1,848,070 Net change in fund balances (1,849,921)$ (49,340) $ 1,798,730 1,848,070 $ FUND BALANCES (DEFICITS):

Beginning of year 1,902,921
End of year 3,701,651$
Budgeted Amounts
233937
City of Richmond
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Harbor Navigation Fund
For the year ended June 30, 2024
Variance with
Final Budget
Actual Positive
Original Final Amount s (Negative)
REVENUES:

Use of money and property -$ - $ 2,246$ 2,246 $ Total revenues - - 2,246 2,246 Net change in fund balances -$ - $ 2,246 2,246 $ FUND BALANCES (DEFICITS):

Beginning of year 46,530
End of year 48,776$
Budgeted Amounts
234938

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. 235939
City of Richmond
Combining Statement of Net Position
Nonmajor Enterprise Funds
For the year ended June 30, 2024
Total
Richmond Storm Sewer Cable TV Nonma jor
Marina Fund Fund Fund Enterprise Funds
ASSETS
Current assets:

Cash and investments 5,416,573 $ - $ 323,040$ 5,739,613 $ Restricted cash and investments 91,320 - - 91,320
Receivables:

Accounts, net 85,786 2,683 218,332 306,80 1
Interest 8,667 - 618 9,285
Grants - 1,195,958 - 1,195,958
Leases 110,682 4,847 - 115,529
Total current assets 5,713,028 1,203,488 541,990 7,458,506 Noncurrent assets:

Receivables:

Lease receivables 5,072,772 41,903 - 5,114,675
Capital assets:

Nondepreciable 330,794 6,332,078 - 6,662,872
Depreciable 4,338,356 31,106,167 140,882 35,585,405
Less accumulated depreciation (3,404,280) (30,197,615) (126,786) (33,728,681) Net capital assets 1,264,870 7,240,630 14,096 8,519,596 Total noncurrent assets 6,337,642 7,282,533 14,096 13,634,27 1 Total assets 12,050,670 8,486,02 1 556,086 21,092,777

DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows of resources - pension - 24,893 382,804 407,697 Deferred outflows of resources - OPEB -8 6 1 , 4 3 1 1,517 Total deferred outflows of resources - 24,979 384,235 409,214

LIABILITIES
Current liabilities:

Accounts payable and accrued liabilities - 881,440 584 882,024 Interest payable 83,241 - - 83,24 1
Due to other funds - 76,910 - 76,910
Refundable de
posits 94,12 1 1,200 - 95,32 1
Compensated absences - current - - 33,84 1 33,841
Long-term debt - current 116,007 - - 116,007
Total current liabilities 293,369 959,550 34,425 1,287,344 Noncurrent liabilities:

Compensated absences - - 42,913 42,913
Long-term debt 1,901,953 - - 1,901,953
Net pension liability - 93,149 1,432,459 1,525,608
Net OPEB liability - 33,877 564,618 598,495
Total noncurrent liabilities 1,901,953 127,026 2,039,990 4,068,969 Total liabilities 2,195,322 1,086,576 2,074,415 5,356,313

DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources - pension - 2,634 40,507 43,14 1 Deferred inflows of resources - OPEB - 4,072 67,873 71,945 Deferred inflows of resources - leases 5,046,082 43,763 - 5,089,845 Total deferred inflows of resources 5,046,082 50,469 108,380 5,204,93 1

NET POSITION (DEFICIT)
Net investment in capital assets (753,090) 7,240,630 14,096 6,501,636 Restricted for debt service 91,320 - - 91,320
Unrestricted 5,471,036 133,325 (1,256,570) 4,347,791
Total net position 4,809,266$ 7,373,955 $ (1,242,474)$ 10,940,747 $ 236940
City of Richmond
Combining Statement of Revenues, Expenses and Changes in Fund Net Position Nonmajor Enterprise Funds
For the year ended June 30, 2024
Total
Richmond Storm Sewer Cable TV Nonmajor
Marina Fund Fund Fund Enterprise Funds
OPERATING REVENUES:

Rental 162,777$ 5,865 $ - $ 168,642$ Service charges - 3,756,338 922,077 4,678,415 Lease income 366,762 19 - 366,781 Total operating revenues 529,539 3,762,222 922,077 5,213,838 OPERATING EXPENSES:

Salaries and benefits - 8,100 616,822 624,922 General and administrative 37,833 1,865,020 278,672 2,181,525 Maintenance - 758,622 - 758,622 Depreciation 84,278 131,077 1,990 217,345 Other - (11,212) 824 (10,388) Total operating expenses 122,111 2,751,607 898,308 3,772,026 OPERATING INCOME (LOSS) 407,428 1,010,615 23,769 1,441,812 NONOPERATING REVENUES (EXPENSES):

Interest income 374,878 61,828 25,845 462,551 Interest expense (91,224) (128) - (91,352) Total nonoperating revenues (expenses) 283,654 61,700 25,845 371,199 Income (loss) before
contributions and transfers 691,082 1,072,315 49,614 1,813,011 CONTRIBUTIONS AND TRANSFERS:

Transfers out (86,778) - - (86,778) Total contributions and transfers (86,778) - - (86,778) Change in net position 604,304 1,072,315 49,614 1,726,233 NET POSITION:

Beginning of year 4,204,962 6,301,640 (1,292,088) 9,214,514 End of year 4,809,266$ 7,373,955 $ (1,242,474) $ 10,940,747 $ 237941
City of Richmond
Combining Statement of Cash Flows
Nonmajor Enterprise Funds
For the year ended June 30, 2024
Total
Richmond Storm Sewer Cable TV Nonma jor
Marina Fund Fund Fund Enterprise Funds
CASH FLOWS FROM OPERATING ACTIVITIES:

Receipts from customers 481,847 $ 2,067,20 1$ 957,407 $ 3,506,455 $ Payments to suppliers (34,383) (2,189,261) (285,456) (2,509,100) Payments to employees - (61,811) (960,722) (1,022,533)
Net cash provided by (used in) operating activities 447,464 (183,871) (288,771) (25,178)

CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES:

Interfund receipts (payments) - 76,910 - 76,910
Transfers out (86,778) -- (86,778)
Net cash provided by (used in)
noncapital financing activities (86,778) 76,910 - (9,868)

CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:

Acquisition of capital assets - (1,870,502) - (1,870,502) Principal payments on capital debt (111,011) (89,568) - (200,579) Interest paid (95,802) (128) - (95,930)
Net cash provided by (used in)
capital and related financing activities (206,813) (1,960,198) - (2,167,011) CASH FLOWS FROM INVESTING ACTIVITIES:

Interest 375,219 65,119 26,390 466,728 Net cash provided by (used in) investing activities 375,219 65,119 26,390 466,728 Net cash flows 529,092 (2,002,040) (262,381) (1,735,329) CASH AND INVESTMENTS - Beginning of year 4,978,801 2,002,040 585,42 1 7,566,262 CASH AND INVESTMENTS - End of year 5,507,893$ - $ 323,040$ 5,830,933 $ ---

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

Operating income (loss) 407,428$ 1,010,615 $ 23,769 $ 1,441,812 $ Adjustments to reconcile operating income (loss) to
net cash provided by (used in) operating activities:

Depreciation expense 84,278 131,077 1,990 217,345
Changes in assets and liabilities:

Receivables, net 7,216 (1,101,769) 35,330 (1,059,223)
Accounts payable and accrued liabilities - 423,169 (5,960) 417,209 Refundable deposits 3,450 - - 3,450
Unearned revenue - (591,867) - (591,867) Compensated absences payable - - 14,070 14,070
Net pension liability and deferred outflows/inflows - 27,328 (139,719) (112,391) Net OPEB liability and deferred outflows/inflows - (81,039) (218,251) (299,290) lease receivable and deferred outflows/inflows (54,908) (1,385) - (56,293) Net cash provided by (used in) operating activities 447,464$ (183,871)$ (288,771)$ (25,178)$ 238942

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 fund
s are still presented separatel y in the fund financial statements, includin g 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.

Compensated Absences Fund is used t o account for sick, vacatio n and compensatory time leave pa youts related t o employee retirements.
239943
City of Richmond
Combining Statement of Net Position
Internal Service Funds
For the year ended June 30, 2024
Equipment Total
Insurance Services and Compensated Internal Service
Reserves Re placement Absences Funds
ASSETS
Current assets:

Cash and investments 59,038,357 $ 3,716,733 $ 2,092,647 $ 64,847,737 $ Receivables:

Interest 96,513 - 3,215 99,728
Grants 923,341 - - 923,34 1
Prepaids 219,680 - - 219,680
Total current assets 60,277,89 1 3,716,733 2,095,862 66,090,486 Noncurrent assets:

Capital assets:

Nondepreciable - 5,459,255 - 5,459,255 Depreciable - 34,915,889 - 34,915,889 Less accumulated depreciation - (23,877,792) - (23,877,792) Net capital assets - 16,497,352 - 16,497,352
Total noncurrent assets - 16,497,352 - 16,497,352
Total assets 60,277,891 20,214,085 2,095,862 82,587,838

DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows of resources - pension 276,413 - - 276,413 Deferred outflows of resources - OPEB 859 - - 859
Total deferred outflows of resources 277,272 - - 277,272

LIABILITIES
Current liabilities:

Accounts payable and accrued liabilities 1,446,110 495,527 - 1,941,637 Interest payable - 5,874 - 5,874
Compensated absences - current 4,549 - - 4,549
Claims payable - current 14,192,093 - - 14,192,093
Long-term debt - current - 283,146 - 283,146
Total current liabilities 15,642,752 784,547 - 16,427,299 Noncurrent liabilities:

Compensated absences 8,477 - - 8,477
Claims payable 37,979,471 - - 37,979,47 1
Long-term debt - 918,646 - 918,646
Net pension liability 1,034,345 - - 1,034,345
Net OPEB liability 338,771 - - 338,77 1
Total noncurrent liabilities 39,361,064 918,646 - 40,279,710 Total liabilities 55,003,816 1,703,193 - 56,707,009

DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources - pension 29,249 - - 29,249 Deferred inflows of resources - OPEB 40,724 - - 40,724
Total deferred inflows of resources 69,973 - - 69,973

NET POSITION (DEFICIT)
Net investment in capital assets - 15,295,560 - 15,295,560 Unrestricted 5,481,374 3,215,332 2,095,862 10,792,568
Total net position 5,481,374$ 18,510,892 $ 2,095,862 $ 26,088,128 $ 240944
City of Richmond
Combining Statement of Revenues, Expenses and Changes in Fund Net Position Internal Service Funds
For the year ended June 30, 2024
Equipment Total
Insurance Services and Compensated Internal Service
Reserves Replacement Absence s Funds
OPERATING REVENUES:

Service charges - internal 21,832,182 $ 5,665,733 $ 2,600,000 $ 30,097,915 $ Other - 119,656 - 119,656 Total operating revenues 21,832,182 5,785,389 2,600,000 30,217,571 OPERATING EXPENSES:

Salaries and benefits 464,999 - 1,814,344 2,279,343 General and administrative 2,612,725 - - 2,612,725 Maintenance 1,309,542 123,538 - 1,433,080 Depreciation - 2,023,873 - 2,023,873 Claims losses 16,614,347 - - 16,614,347 Other 28 - - 28 Total operating expenses 21,001,641 2,147,411 1,814,344 24,963,396 OPERATING INCOME (LOSS) 830,541 3,637,978 785,656 5,254,175 NONOPERATING REVENUES (EXPENSES):

Interest income 2,622,307 23,411 69,314 2,715,032 Grants (310,411) - - (310,411) Interest expense - (52,347) - (52,347) Total nonoperating revenues (expenses) 2,311,896 (28,936) 69,314 2,352,274 Income (loss) before
contributions and transfers 3,142,437 3,609,042 854,970 7,606,449 CONTRIBUTIONS AND TRANSFERS:

Transfers in - 426,018 - 426,018
Transfers out (1,240,000) -- (1,240,000)
Total contributions and transfers (1,240,000) 426,018 - (813,982) Change in net position 1,902,437 4,035,060 854,970 6,792,467 NET POSITION:

Beginning of year 3,578,937 14,475,832 1,240,892 19,295,66 1 End of year 5,481,374$ 18,510,892 $ 2,095,862 $ 26,088,128 $ 241945
City of Richmond
Combining Statement of Cash Flows
Internal Service Funds
For the year ended June 30, 2024
Equipment Total
Insurance Services and Com pensated Internal Servic e
Reserves Replacement Absence s Funds
CASH FLOWS FROM OPERATING ACTIVITIES:

Receipts from interfund services 21,832,182 $ 5,785,389 $ 2,600,000 $ 30,217,57 1$ Payments to suppliers (4,012,949) 166,196 - (3,846,753) Payments to employees (867,598) - (1,814,344) (2,681,942) Insurance premiums and claims paid (14,124,469) -- (14,124,469) Net cash provided by (used in) operating activities 2,827,166 5,951,585 785,656 9,564,407

CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES:

Transfers in - 426,018 - 426,018
Transfers out (1,240,000) -- (1,240,000)
Net cash provided by (used in)
noncapital financing activities (1,240,000) 426,018 - (813,982)

CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:

Grant receipts 1,291,464 - - 1,291,464
Acquisition of capital assets - (9,029,275) - (9,029,275) Principal payments on capital debt - (272,340) - (272,340) Interest paid - (53,678) - (53,678)
Net cash provided by (used in)
capital and related financing activities 1,291,464 (9,355,293) - (8,063,829) CASH FLOWS FROM INVESTING ACTIVITIES:

Interest 2,625,764 35,222 66,099 2,727,085 Net cash provided by (used in) investing activities 2,625,764 35,222 66,099 2,727,085 Net cash flows 5,504,394 (2,942,468) 851,755 3,413,681 CASH AND INVESTMENTS - Beginning of year 53,533,963 6,659,20 1 1,240,892 61,434,056 CASH AND INVESTMENTS - End of year 59,038,357$ 3,716,733 $ 2,092,647 $ 64,847,737 $ ----

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

Operating income (loss) 830,541$ 3,637,978 $ 785,656 $ 5,254,175 $ Adjustments to reconcile operating income (loss) to
net cash provided by (used in) operating activities:

Depreciation expense - 2,023,873 - 2,023,873
Changes in assets and liabilities:

Prepaids and other assets (219,680) -- (219,680)
Accounts payable and accrued liabilities 129,026 289,734 - 418,760 Compensated absences payable (59,123) -- (59,123)
Claims payable 2,489,878 - - 2,489,878
Net pension liability and deferred outflows/inflows (71,540) -- (71,540) Net OPEB liability and deferred outflows/inflows (271,936) -- (271,936) Net cash provided by (used in) operating activities 2,827,166$ 5,951,585 $ 785,656 $ 9,564,407 $ 242946

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. 3 participants remain in the Plan.

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, all of whom have retired. 12 participants remain in the Plan.

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.
243947
City of Richmond
Combining Statement of Fiduciary Net Position
Pension Trust Funds
June 30, 2024
General Police and
Pension Firemen's Pension Total
ASSETS
Restricted cash and investments - $ - $ - $ Pension and OPEB plan cash and investments:

Mutual fund investments - - - Interest receivable - - - Total assets - - - NET POSITION:

Restricted for employees' pension and OPEB benefits - - - Total net position -$ - $ - $ Pension
244948
City of Richmond
Combining Statement of Changes in Fiduciary Net Position Pension Trust Funds
For the year ended June 30, 2024
General Police and
Pension Firemen's Pension Total
ADDITIONS:

Net investment income:

Net increase (decrease) in fair value of investments - $ - $ - $ Interest income - - - Less investment management fees - - - Total additions - - - DEDUCTIONS:

Pension benefits - - - Total deductions - - - Change in net position - - - NET POSITION:

Beginning of year 1,003,779 10,036,749 11,040,528 Prior Period Adjustments (1,003,779) (10,036,749) (11,040,528) Beginning of year, restated - - - End of year -$ - $ - $ Pension
245949
City of Richmond
Combining Statement of Fiduciary Net Position
Private Purpose Trust Funds
June 30, 2024
Successor
Agency to the
Richmond Community
Pt. Molate Redevelopment Agency Total
ASSETS
Cash and investments - $ 9,776,691$ 9,776,691 $ Restricted cash and investments 628,484 15,499,277 16,127,761 Accounts receivable - 854 854
Interest receivable 2,530 - 2,530 Prepaids and other assets - 4,997,462 4,997,462 Total assets 631,014 30,274,284 30,905,298

DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows of resources - deferred loss on refunding - 301,218 301,218 Total deferred outflows of resources - 301,218 301,218

LIABILITIES
Accounts payable and accrued liabilities 68,393 44,636 113,029 Interest payable - 446,519 446,519
Long-term debt:

Due within one year - 6,855,000 6,855,000
Due in more than one year - 32,647,830 32,647,830
Total liabilities 68,393 39,993,985 40,062,378 NET POSITION:

Held in trust for other governments 562,621 (9,418,483) (8,855,862) Total net position 562,621$ (9,418,483)$ (8,855,862) $ 246950
City of Richmond
Combining Statement of Changes in Fiduciary Net Position Private Purpose Trust Funds
For the year ended June 30, 2024
Successor
Agency to the
Richmond Community
Pt. Molate Redevelopment Agency Total
ADDITIONS:

Property taxes -$ 10,171,374$ 10,171,374 $ Net investment income:

Interest income 37,808 872,273 910,081 Gain from sale of property - 357,223 357,223 Total additions 37,808 11,400,870 11,438,678 DEDUCTIONS:

Community development - 1,219,365 1,219,365 Payments in accordance with trust agreements 273,544 - 273,544 Interest and fiscal charges - 1,566,348 1,566,348 Total deductions 273,544 2,785,713 3,059,257 Change in net position (235,736) 8,615,157 8,379,421 NET POSITION:

Beginning of year 798,357 (18,033,640) (17,235,283) End of year 562,621$ (9,418,483)$ (8,855,862) $ 247951
City of Richmond
Subcombining Statement of Fiduciary Net Position
Successor Agency to the Richmond Community Redevelopment Agency June 30, 2024
Redevelopment
Property Tax Capital Bond Funded
Trust Fund Administration Projects Capital Projects
ASSETS
Cash and investments 4,255,376 $ 408 $ 5,520,907$ - $ Restricted cash and investments - - 3,341,316 - Accounts receivable - - 854 - Prepaids and other assets - - 4,997,462 -
Total assets 4,255,376 408 13,860,539 -

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

LIABILITIES
Accounts payable and accrued liabilities - 408 40,278 - Interest payable ----
Long-term debt:

Due within one year ----
Due in more than one year ----
Total liabilities - 408 40,278 - NET POSITION:

Held in trust for successor agency 4,255,376 - 13,820,261 - Total net position 4,255,376$ - $ 13,820,261$ - $ 248952
Bond Intrafund
Payments Eliminations Total
-$ - $ 9,776,691$ 12,157,961 - 15,499,277 - - 854 - - 4,997,462
12,157,961 - 30,274,284 301,218 - 301,218 301,218 - 301,218 3,950 - 44,636
446,519 - 446,519
6,855,000 - 6,855,000
32,647,830 - 32,647,830
39,953,299 - 39,993,985 (27,494,120) - (9,418,483)
(27,494,120)$ - $ (9,418,483)$ 249953
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, 2024
Redevelopment
Property Tax Capital Bond Funded
Trust Fund Administration Projects Capital Projects
ADDITIONS:

Property taxes 10,171,374 $ - $ - $ - $ Net investment income:

Interest income - - 329,872 - Transfers from other funds - 250,000 260,446 - Gain from sale of property - - 357,223 - Total additions 10,171,374 250,000 947,541 - DEDUCTIONS:

Community development - 250,000 413,164 - Interest and fiscal charges - - - - Transfers to other funds 8,764,409 - 21,781 - Total deductions 8,764,409 250,000 434,945 - Change in net position 1,406,965 - 512,596 - NET POSITION:

Beginning of year 2,848,411 - 13,307,665 - End of year 4,255,376$ - $ 13,820,261$ - $ 250954
Bond Intrafund
Payments Eliminations Total
-$ - $ 10,171,374$ 542,401 - 872,273 8,492,639 (9,003,085) -
- - 357,223 9,035,040 (9,003,085) 11,400,870
556,201 - 1,219,365 1,566,348 - 1,566,348 216,895 (9,003,085) -
2,339,444 (9,003,085) 2,785,713
6,695,596 - 8,615,157 (34,189,716) - (18,033,640) (27,494,120)$ - $ (9,418,483)$ 251955
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252956

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. 253957
City of Richmond
Combining Statement of Fiduciary Net Position
Custodial Funds
For the year ended June 30, 2024
Special General Johnson
Assessment Agenc y Library
ASSETS
Cash and investments 911,327$ 2,001,374 $ 11,536 $ Restricted cash and investments 356,021 17,660 -
Interest receivable 1,398 3,197 18
Total assets 1,268,746 2,022,23 1 11,554

LIABILITIES
Accounts payable and accrued liabilities -5 0 -
Total liabilities -5 0 -

NET POSITION
Restricted for:

Individuals, organizations, and
other governments 1,268,746 2,022,18 1 11,554
Total net position 1,268,746$ 2,022,18 1$ 11,554 $ 254958
2016 A&B Total
Senior JPFA Reassessment Custodial
Center Reassessment District Fund s
91,415$ 1,977,652 $ 788,434 $ 5,781,738 $ - - 475,473 849,154
144 3,16 1 1,112 9,030
91,559 1,980,813 1,265,019 6,639,922
3,097 - - 3,147
3,097 - - 3,147
88,462 1,980,813 1,265,019 6,636,775
88,462$ 1,980,813 $ 1,265,019 $ 6,636,775 $ 255959
City of Richmond
Combining Statement of Changes in Fiduciary Net Position Custodial Funds
For the year ended June 30, 2024
Special General Johnson
Assessment Agenc y Library
ADDITIONS:

Property taxes 292,597$ - $ - $ Contributions - 154,644 -
Net investment income:

Interest income 55,478 120,948 532
Total additions 348,075 275,592 532 DEDUCTIONS:

Interest and fiscal charges 317,800 - -
Other - 1,211,998 -
Total deductions 317,800 1,211,998 - Change in net position 30,275 (936,406 ) 532
NET POSITION:

Beginning of year 1,238,471 2,958,587 11,022
End of year 1,268,746$ 2,022,18 1$ 11,554 $ 256960
2016 A&B Total
Senior JPFA Reassessment Custodial
Center Reassessment District Fund s
-$ - $ 753,563$ 1,046,160 $ 30,120 - - 184,764
3,716 91,197 41,584 313,455
33,836 91,197 795,147 1,544,379 - - 563,487 881,287
18,436 - - 1,230,434
18,436 - 563,487 2,111,721 15,400 91,197 231,660 (567,342 )
73,062 1,889,616 1,033,359 7,204,117
88,462$ 1,980,813 $ 1,265,019 $ 6,636,775 $ 257961
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258962

STATISTICAL

SECTION (UNAUDITED)
259963
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260964
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. Computation of Legal Bonded Debt Margin

3. Revenue Bond Coverage - 1999, 2006, 2008, 2010A, 2010B, 2017A, 2019A, and 2019B Wastewater Revenue Bonds

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

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

6. General Bonded Debt - Pension Obligation Bonds

7. Computation of Direct and Overlapping Debt
Demographic and Economic Information

1. Demographic and Economic Statistics

2. Principal Employers
These schedules contain information to help the reader assess 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:

These schedules contain trend information to help the reader understand how the City’s financial performance and wellbeing have changed over time:

CITY OF RICHMOND
JUNE 30, 2024

STATISTICAL SECTION
This part of the City’s Annual Comprehensive Financial Report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the City’s overall financial health. I n contrast to the financial section, the statistical section information is not subject to independent audit.
261965
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, 2024
262966
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263967

CITY OF RICHMOND
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)
Fiscal Year Ended June 30
2015 (a) 2016 2017 2018 (b )
Governmental activities
Net investment in capital assets $218,144,811 $228,292,389 $233,619,046 $221,336,363 Restricted 54,578,939 70,322,707 76,810,440 87,380,363
Unrestricted (479,961,080) (508,981,299) (504,602,583) (625,067,289) Total governmental activities net position ($207,237,330) ($210,366,203) ($194,173,097) ($316,350,563) Business-type activities
Net investment in capital assets $74,922,303 $63,405,228 $71,000,240 $68,213,687 Restricted 9,408,237 9,008,038 9,441,288 9,514,522
Unrestricted (18,432,590) (23,382,659) (24,096,174) (27,908,968) Total business-type activities net position $65,897,950 $49,030,607 $56,345,354 $49,819,241 Primary government
Net investment in capital assets $293,067,114 $291,697,617 $304,619,286 $289,550,050 Restricted 63,987,176 79,330,745 86,251,728 96,894,885
Unrestricted (498,393,670) (532,363,958) (528,698,757) (652,976,257) Total primary government net position ($141,339,380) ($161,335,596) ($137,827,743) ($266,531,322) NOTES:
(a) The City implemented the provisions of GASB Statement No. 68 in fiscal year 2015. Years prior to 2015 have not been restated. (b) 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
$600,000
2015
(a)
2016 2017 2018
(b)
2019 2020 2021 2022 2023 2024
Fiscal year
Net Investment in Capital Assets Restricted Unrestricted 264968
Fiscal Year Ended June 30
2019 2020 2021 2022 2023 2024
$211,717,676 $205,374,054 $206,419,763 $213, 930,154 $219,126,138 $232,570,273 93,157,922 93,703,974 103,401,613 117,136,516 139,687,095 170,342,723 (644,341,826) (597,270,745) (568,565,683) (4 91,415,035) (422,860,978) (417,343,443) ($339,466,228) ($298,192,717) ($258,744,307) ($ 160,348,365) ($64,047,745) ($14,430,447) $52,161,380 $64,270,898 $75,738,268 $75,469,292 $82,405,234 $101,268,931 9,440,965 1,517,087 13,859,999 607,958 879,457 1,180,210 (8,644,683) (1,045,003) (1,417,443) 37,774,604 50,575,898 50,866,242 $52,957,662 $64,742,982 $88,180,824 $113,851,854 $133,860,589 $153,315,383 $263,879,056 $269,644,952 $282,158,031 $289, 399,446 $301,531,372 $333,839,204 102,598,887 95,221,061 117,261,612 117, 744,474 140,566,552 171,522,933 (652,986,509) (598,315,748) (569,983,126) (4 53,640,431) (372,285,080) (366,477,201) ($286,508,566) ($233,449,735) ($170,563,483) ($46,496,511) $69,812,844 $138,884,936 265969
2015 (a) 2016 2017 2018 (b)
Expenses
Governmental Activities:

General Government $28,879,074 $32,197,941 $34,851,005 $45,715,329 Public Safety 102,732,652 107,380,286 104,919,259 114,932,219 Public Works 43,363,799 44,410,102 41,558,084 48,617,290 Community Development 4,771,875 5,003,045 3,290,142 4,589,328 Cultural and Recreational 10,492,020 11,021,226 10,996,526 14,280,985 Housin
g and Redevelopment 2,751,29 0 2,051,898 7,449,423 3,442,239 Interest and Fiscal Charges 17,219,905 18,902,831 16,387,887 16,127,479 Total Governmental Activities Expenses 210,210,615 220,967,329 219,452,326 247,704,869 Business-Type Activities:

Richmond Housing Authority 28,049,474 26,385,133 26,241,916 30,978,813 Port of Richmond 9,923,282 11,132,997 10,102,104 10,257,553 Richmond Marina 235,054 237,129 230,621 327,442
Municipal Sewer 15,965,608 16,446,626 17,720,735 21,696,370 Storm Sewer 3,282,406 2,465,929 2,320,723 1,661,808
Cable TV 948,426 2,114,436 1,028,185 1,697,155
Total Business-Type Activities Expenses 58,404,250 58,782,250 57,644,284 66,619,141 Total Primary Government Expenses $268,614,86
5 $279,749,579 $277,096,61 0 $314,324,010
Program Revenues
Governmental Activities:

Charges for Services:

General Government $11,107,654 $12,468,525 $15,543,381 $16,838,782 Public Safety 10,466,292 7,271,472 8,932,212 8,147,458
Public Works 3,609,577 3,936,242 4,796,586 6,529,172
Community Development 1,385,689 1,069,767 615,388 1,748,222 Cultural and Recreational 475,091 1,128,267 1,252,192 1,545,399 Housing and Redevelopment 42,040 1,878,958
Operating Grants and Contributions 9,231,039 20,994,534 16,083,370 20,556,989 Capital Grants and Contributions 21,097,186 17,534,992 14,008,833 10,471,376 Total Government Activities Program Revenues 57,372,528 64,445,839 61,231,962 67,716,356 Business-Type Activities:

Charges for Services:

Richmond Housing Authority 1,917,602 1,851,337 3,067,020 1,740,399 Port of Richmond 9,480,367 10,581,419 10,182,777 10,580,246 Munici
pal Sewer 19,033,40 6 19,757,863 20,767,925 22,447,439
Richmond Marina 488,201 517,108 540,567 537,438
Storm Sewer 1,845,648 1,966,537 1,992,758 2,068,110
Cable TV 1,376,194 1,320,486 1,339,104 1,281,952
Operating Grants and Contributions 22,112,391 21,951,328 22,636,922 26,098,804 Capital Grants and Contributions 2,189,724 2,155,686 969,910 1,155,536 Total Business-Type Activities Program Revenue 58,443,533 60,101,764 61,496,983 65,909,924 Total Primary Government Program Revenues $115,816,061 $124,547,60 3 $122,728,945 $133,626,280
Net (Expense)/Revenue
Governmental Activities ($152,838,087) ($156,521,490) ($158,220,364) ($179,988,513) Business-Type Activities 39,283 1,319,514 3,852,699 (709,217) Total Primary Government Net Expense ($152,798,804) ($155,201,976) ($154,367,665) ($180,697,730) General Revenues and Other Changes in Net Position
Governmental Activities:

Taxes:

Property Taxes:

Current Collections $45,129,392 $51,302,638 $56,588,547 59,441,796 Sales Taxes 33,155,376 40,877,125 41,620,189 44,474,973 Utility User Taxes 48,299,958 43,365,249 44,966,489 46,079,755 Documentary Transfer Taxes 4,818,936 6,187,096 7,452,985 6,486,347 Other Taxes 5,099,511 5,734,802 5,329,465 6,144,968
Unrestricted Intergovernmental 1,806,532 43,312 49,448 58,842 Use of Mone
y and Property (4,752,198) 1,198,266 12,230,256 7,000,785 Gain From Sale of Capital Assets 268,927 262,667 64,651 39,22 6 Miscellaneous 2,151,042 4,258,061 5,138,72 4 4,195,794
Pension Stabilization Revenue 954,202 915,860 885,938
Transfers 178,487 600,000 86,778 86,778
Special/Extraordinary Items:

Swap Termination (16,321,171)
Transfer of Loans to Housing Successor 1,208,259
Assets Transferred To/Liabilities Assumed By 14, 968,712 Housing Successor/Successor Agency
Total Government Activities 137,110,165 153,392,617 174,413,470 175,217,523 Business-Type Activities:

Taxes:

Property Taxes
Use of Money and Property (563,129) (3,076,857) 3,548,826 3,431,293 Special Item (14,510,000)
Transfers (178,487) (600,000) (86,778) (86,778)
Extraordinary Items
Total Business-Type Activities (741,616) (18,186,857) 3,462,048 3,344,515 Total Primary Government $136,368,549 $135,205,76
0 $177,875,518 $178,562,038
Change in Net Position
Governmental Activities ($15,727,922) ($3,128,873) $16,193,106 ($4,770,990) Business-Type Activities (702,333) (16,867,343) 7,314,747 2,635,298 Total Primary Government ($16,430,255) ($19,996,216) $23,507,85 3 ($2,135,692) (a) The City implemented the provisions of GASB Statement No. 68 in fiscal year 2015. Years prior to 2015 have not been restated. (b) The City implemented the provisions of GASB Statement No. 75 in fiscal year 2018. Years prior to 2018 have not been restated.

CITY OF RICHMOND
Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
266970
Fiscal Year Ended June 30
2019 2020 2021 2022 2023 2024
(re-stated)
$45,626,305 $43,495,871 $46,917,122 $48,312,143 $60,377,362 $70,311,954 116,621,006 108,947,688 94,378,715 68,259,779 76,926,512 114,081,723 49,893,124 45,051,479 33,979,639 35,554,874 36,475,877 51,215,494 5,791,630 4,115,214 4,534,280 3,552,363 4,515,446 6,710,315 15,074,312 10,409,881 9,006,470 9,969,799 9,263,762 12,963,405 2,676,897 2,807,611 3,007,152 3,375,87 5 3,234,605 3,441,920 15,380,005 14,896,558 12,825,356 12,322,289 4,841,105 19,980,774 251,063,279 229,724,302 204,648,734 181,347,122 195,634,669 278,705,585 36,766,319 5,834,686 3,607,603 (1,750,799) 4,986,560 4,444,837 8,811,486 7,744,773 6,263,232 4,763,557 5,500,092 6,438,177 273,929 21,767,690 20,466,640 246,064 217,343 213,335
19,259,997 241,445 227,391 18,140,943 20,762,028 24,835,079 1,643,453 1,965,353 1,796,422 1,282,576 1,803,217 2,751,735 973,747 671,790 788,957 664,656 735,080 898,308
67,728,931 38,225,737 33,150,245 23,346,997 34,004,320 39,581,471 $318,792,210 $267,950,039 $237,798,979 $204,694,119 $229,638,989 $318,287,05 6 $15,310,347 $13,211,033 $13,777,010 $18,422,370 $26,604,156 $25,343,470 7,124,227 6,631,900 3,674,412 3,448,026 2,820,319 2,040,106 5,118,216 7,792,157 7,198,221 4,405,851 4,897,532 4,702,336 1,603,581 827,055 665,999 110,552 581,864 915,396
2,200,702 1,111,472 814,073 577,978 758,252 921,946
2,189,703
20,514,833 25,354,387 29,316,141 37,756,494 38,164,874 50,286,760 5,778,572 4,987,273 4,386,950 10,787,022 1,785,082 5,089,140 59,840,181 59,915,277 59,832,806 75,508,293 75,612,079 89,299,154 3,329,072 841,319 861,943 782,951 1,344,324 358,327
10,629,229 10,454,061 10,704,024 10,530,653 11,383,930 12,255,674 24,476,967 27,934,68
4 27,759,474 28,168,977 30,312,52 6 32,563,772
602,591 564,988 574,453 524,652 541,632 529,539
1,942,171 2,087,561 2,103,928 2,061,815 2,052,546 3,762,222 1,240,754 1,203,837 1,145,936 1,103,873 1,037,515 922,077 28,666,300 4,027,791 3,771,674 2,211,712 4,341,092 3,426,450 2,170,137 322,164 13,167
73,057,221 47,436,405 46,934,599 45,384,633 51,013,565 53,818,061 $132,897,402 $107,351,682 $106,767,40
5 $120,892,926 $126,625,644 $143,117,215
($191,223,098) ($169,809,025) ($144,815,928) ($105,838,829) ($120,022,590) ($189,406,431) 5,328,290 9,210,668 13,784,354 22,037,636 17,009,245 14,236,590 ($185,894,808) ($160,598,357) ($131,031,574) ($83,801,193) ($103,013,345) ($175,169,841) 60,592,022 63,004,942 65,075,408 65,248,507 71,089,739 74,255,275 47,659,481 44,537,156 48,998,406 53,453,323 55,541,366 61,319,980 45,905,937 45,552,523 45,240,705 48,373,587 54,676,023 59,120,237 8,011,672 8,707,564 19,857,680 18,612,087 10,416,847 8,565,938 6,227,213 7,127,375 7,424,135 8,176,511 9,206,830 10,189,053 4,705,047 5,367,784 6,593,602 7,241,103 8,744,324 8,695,225 (6,825,744) 2,946,978 1,461,004 1,593,846 5,516,787 14,918,66 8 71,779 82,03 6 71,458 88,477 20,207 49,657
1,980,973 1,992,600 1,357,022 2,140,211 1,993,53 5 1,801,175 (220,947) 86,778 (11,279,988) (3,516,663) (882,448) (1,076,221) 168,107,433 179,405,736 184,799,432 201,410,989 216,323,210 237,838,987 (1,015,459) 770,319 145,810 909,597 2,083,188 4,093,449 220,947 (86,778) 11,279,988 3,516,663 882,448 1,076,221 (794,512) 683,541 11,425,798 4,426,260 2,965,636 5,169,670 $167,312,921 $180,089,277 $196,225,23 0 $205,837,249 $219,288,84 6 $243,008,657 ($23,115,665) $9,596,711 $39,983,504 $95,572,160 $96,300,620 $48,432,556 4,533,778 9,894,209 25,210,152 26,463,896 19,974,881 19,406,260 ($18,581,887) $19,490,92 0 $65,193,656 $122,036,056 $116,275,501 $67,838,81 6 267971

CITY OF RICHMOND
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
General Fund
Nonspendable $18,708,682 $18,404,669 $15,697,680 $17,967,653 $17,170,714 $16,705,993 $14,399,738 $14,242,186 $13,867,445 $13,638,218 Restricted $1,505,053 $3,996,614 $10,667,506
Committed $1,500,000 $9,800,000 $3,383,453 $3,720,697 $3,748,566 Assigned 23,934 4,460 10,013 72,506 63,180 113,349 2,436,475 6,397,688 9,530,225 6,106,044 Unassigned 9,949,120 10,988,266 19,709,197 17,590,764 19,534,660 20,326,889 22,477,829 44,935,389 55,196,962 65,262,325 Total General Fund $28,681,736 $29,397,395 $35,416,890 $35,630,923 $36,768,554 $38,646,231 $49,114,042 $70,463,769 $86,311,943 $99,422,65 9( a ) All Other Governmental Funds
Nonspendable $484 $550
Restricted 41,017,602 53,752,247 $56,052,014 $64,125,353 $72,865,392 $75,880,927 $80,161,994 $88,191,500 $108,207,093 $145,127,325 Committed
Assigned 430,083 431,867 782,617 43,906 44,602 45,264 2,521,099 45,618 1,750,000 Unassigned (9,755,130) (13,824,433) (12,190,388) (8,939,781) (5,403,755) (2,000,302) (1,677,775) (1,375,327) (3,057,916) (4,786,196) Total all other governmental funds $31,693,039 $40,360,231 $44,644,243 $55,229,478 $67,506,239 $73,925,889 $81,005,318 $86,861,791 $105,149,177 $142,091,129 (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. $0
$50
$100
$150
$200
$250
2017 2018 2019 2020 2021 2022 2023 2024
Fiscal Year
Nonspendable Restricted Committed Assigned Unassigned
268972
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269973
2015 2016 2017 2018
Revenues
Property taxes $46,498,061 $52,714,540 $58,042,766 $60,963,189 Sales taxes 33,131,486 40,877,125 41,620,189 44,474,973 Utility user fees 48,299,958 43,365,249 44,966,489 46,079,755 Other taxes 9,918,447 11,628,519 12,566,579 12,413,127
Licenses, permits and fees 12,409,625 12,235,483 16,577,695 21,552,883 Fines, forfeitures and penalties 1,353,518 901,838 1,065,421 1,001,927 Use of money and property 225,529 212,787 422,324 746,525 Intergovernmental 19,228,997 14,440,543 19,913,858 20,137,593 Private grants 12,971,138 5,000,000 9,000,000
Charges for services 13,607,840 13,462,270 15,947,909 17,045,201 Pension stabilization revenue 954,202 915,860 885,938
Rent 809,113 768,753 839,821 852,940
Other 1,977,688 4,300,150 5,472,719 4,418,779
Total Revenues 188,414,464 208,794,255 223,321,708 238,686,892 Expenditures
Current:

General government 29,786,089 31,819,369 36,973,645 44,009,256 Public safety 90,219,981 94,774,545 95,479,682 96,546,035 Public works 25,806,437 25,690,663 30,327,553 35,016,495 Community development 4,586,333 4,843,687 6,374,607 8,057,638 Cultural and recreational 10,021,481 10,551,337 10,786,216 11,347,436 Housing and redevelopment 2,625,533 3,038,135 7,672,540 1,942,637 Capital outlay 8,178,649 8,566,563 3,667,134 10,000,595 Debt service:

Principal repayment 7,842,830 9,148,909 9,966,416 11,032,933 Interest and fiscal charges 13,407,604 12,503,442 11,471,169 10,785,342 Debt defeasance using existing resources
Swap termination payment 28,554,000 0 0
Total Expenditures 192,474,937 229,490,650 212,718,962 228,738,367 Excess (deficiency) of revenues over
(under) expenditures (4,060,473) (20,696,395) 10,602,746 9,948,525 Other Financing Sources (Uses)
Proceeds from sale of property 268,927 262,667 181,022 39,226 Transfers in 12,879,975 12,124,166 18,770,780 14,472,164 Transfers out (13,815,569) (12,091,206) (19,251,041) (14,868,906) Payment to refund bond escrow agent
Issuance of long-term debt 11,175,436 28,390,000
Bond issuance premium 82,880 1,393,619
Other financing sources - SBITAs
Total other financing sources (uses) 10,591,649 30,079,246 (299,239) (357,516) Special and Extraordinary Items
Assets transferred to/liabilities assumed by
Housing Successor/Successor Agency
Transfer of loans to housing successor 1,208,259
Total Special and Extraordinary Items 0 0 0 1,208,259
Net Change in fund balances $6,531,176 $9,382,851 $10,303,507 $10,799,268 Debt service as a percentage of
noncapital expenditures 11.4% 9.8% 10.3% 10.0%

CITY OF RICHMOND
Changes in Fund Balance of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
Fiscal Year Ended June 30,
270974
2019 2020 2021 2022 2023 2024
$66,816,032 $68,285,321 $70,294,487 $72,362,382 $79,715,269 $82,807,346 47,659,481 44,537,156 48,998,406 53,453,323 55,541,366 61,319,980 45,905,937 45,552,523 45,240,705 48,373,588 54,676,023 59,120,237 14,020,347 15,619,151 27,066,292 26,573,077 19,623,678 18,754,991 18,865,730 15,385,538 18,316,552 20,710,335 31,439,148 27,813,991 964,255 815,910 455,470 407,493 259,035 239,379
1,302,922 1,302,020 472,216 622,268 3,555,012 11,350,285 17,691,976 24,284,779 23,912,334 28,014,581 27,338,796 47,509,648 9,000,000
16,625,733 16,807,806 15,371,589 13,551,503 13,125,077 13,189,520 988,741 892,579 699,301 723,596 817,496 864,042
2,999,947 1,998,535 1,491,314 2,157,113 2,074,641 1,829,377 242,841,101 235,481,318 252,318,666 266,949,259 288,165,541 324,798,796 42,470,628 47,122,400 47,429,988 48,844,022 61,881,734 68,430,785 99,824,574 100,037,206 97,682,457 96,752,490 93,999,040 110,066,352 37,133,097 34,207,196 32,067,844 33,922,641 38,916,970 49,259,684 5,126,848 5,189,613 5,606,322 5,680,870 6,486,694 7,382,329 12,713,460 11,482,027 9,717,875 10,583,266 10,833,071 13,509,037 3,436,988 3,544,492 3,225,876 3,357,987 3,484,198 3,474,506 5,774,234 4,871,461 6,135,189 13,403,045 10,860,450 12,820,284 12,518,807 12,552,283 14,423,082 17,234,527 19,860,477 7,691,278 10,026,887 10,431,652 7,044,795 6,117,847 5,856,744 15,468,833 2,163,313
000000
229,025,523 229,438,330 223,333,428 235,896,695 254,342,691 288,103,088 13,815,578 6,042,988 28,985,238 31,052,564 33,822,850 36,695,708 71,779 82,036 71,458 88,477 20,207 49,658
19,215,848 18,336,677 15,524,305 20,744,118 50,312,870 58,217,010 (19,688,813) (18,221,126) (27,033,761) (24,861,799) (51,673,336) (58,479,249) (77,315,000) (152,904,036)
79,171,752 154,140,000
417,005
(401,186) 2,054,339 (11,437,998) (4,029,204) 312,710 (212,581) 000000
$13,414,392 $8,097,327 $17,547,240 $27,023,360 $34,135,560 $36,483,127

10.2% 10.3% 9.9% 10.5% 11.5% 8.4%
Fiscal Year Ended June 30,
271975

CITY OF RICHMOND

ASSESSED AND ESTIMATED ACTUAL

VALUE OF TAXABLE PROPERTY

LAST TEN FISCAL YEARS
(In Thousands)
2015 2016 2017 2018 201 9 2020 2021 2022 2023 202 4
ASSESSED VALUE (1)
Land $3,781,609 $4,186,239 $4,520,312 $4,946,654 $5,423,245 $5,888,775 $6,277,934 $6,573,641 $7,191,720 $7,678,837 Improvements 8 ,187,280 8,683,770 9,216,704 9,400,903 10 ,129,347 10 ,214,867 10 ,541,291 10,494,291 11,281,579 12,047,139 Total Real Property 11,968,889 12,870,009 13,737,016 14,347,557 15 ,552,592 16,103,642 16,819,225 17,067,932 18,473,299 19,725,976 Personal Property 460,661 669,634 585,832 $589,457 $584 ,968 $617 ,157 $652 ,386 $635,202 $617,274 $687,202 TOTAL $12,429,550 $13,539,643 $14,322,848 $14,937,01 4 $16,137,560 $16,720,799 $17,471,611 17,703,134 19,090,573 20,413,178 EXEMPTIONS(2)
Homeowners(a) $98,456 $96,539 $95,052 $94,266 $93,219 $91,907 $91 ,372 $91,348 $89 ,300 $87,227 Other(b) 587,350 641,475 688,713 760 ,841 809,325 932,222 1,008,837 1 ,214,858 1 ,258,758 1 ,373,120 TOTAL $685,806 $738,014 $783,765 $855,107 $902,54 4 $1,024,129 $1,100,209 $1,306,206 $1,348,058 $1,460,347

ASSESSED VALUE
(Net of Exemptions) $11,743,744 $12,801,629 $13,539,083 $14,081,907 $15,235,01 6 $15,696,670 $16,371,402 $16,396,928 $17,742,51 5 $18,952,831 Redevelopment Tax
Increments(3) 1,799,831 2,055,811 2,248,742 2,567,061 2,892,823 3 ,175,294 3,175,294 3,175,294 4,093,194 4,431,395

NET ASSESSED
VALUE $9,943,913 $10,745,818 $11,290,34 1 $11,514,846 $12,342,193 $12,521,37 6 $13,196,108 $13,221,63 4 $13,649,321 $14,521,436

NET INCREASE
(DECREASE) $1,713,704 $801,905 $544,523 $224 ,505 $827,347 $179 ,183 $674 ,732 $25,526 $427,687 $872 ,115 % OF INCREASE
(DECREASE) 20.82% 8.06% 5.07% 1.99% 7.19% 1.45% 5.47% 0.19% 3.23% 6.39% Total Direct Tax Rate(4) 0.43929% 0.43781% 0.43675% 0.43591% 0.43540% 0.43473% 0.43394% 0.43360% 0.42978% 0.42978% (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 assesse d 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
272976
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273977

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 (2) 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 2022 1.00000 0.14000 0.00600 0.00200 0.00000 0.00000 0.00000 0.29390 0.01760 1.45950 2023 1.00000 0.14000 0.01400 0.00580 0.00000 0.00000 0.00000 0.25640 0.01620 1.43240 2024 1.00000 0.14000 0.01340 0.00570 0.00000 0.00000 0.00000 0.24640 0.01460 1.42010 NOTES:
(1) In 1978, California voters passed Proposition 13 which set the property tax rate at a 1.00% fixed amount. This 1.00% is sha red 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) Overlapping rates are those of local and county governments that apply to property owners within the City. Not all overlapp ing rates apply to all city property owners. (3) City's Share of 1% Levy is based on the City's share of the general fund tax rate area with the largest next taxable value w ithin the City. The ERAF portion of the City's Levy has been subtracted where known.
(4) Redevelopment 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. The approval of ABX1 26 eliminated Redevelopment from the State of California for the fiscal year 2012/13 and years thereafter.
(5) Total Direct Rate is the weighted average of all individual direct rates applied by the City preparing the statistical secti on 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 of this report, residual revenue is assumed to be distributed to the City in the same proportions as general fund revenue.

Source: County of Contra Costa Assessor
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Fiscal Year
Contra Costa Community College East Bay Regional Parks District BART Acalanes Union East Bay MUD Dist. 1 Bond Orinda Elementary City of Richmond 1981 Pension Liability (2) West Contra Costa Unified Basic County Wide Levy (1) 274978
City's
Share of General Total
1% Levy Per Obligation Debt Redevelo pment Direct
Prop 13 (3) Rate Rate (4) Rate (5)

0.28784 0.14000 0.00000 0.43929

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

0.28784 0.14000 0.00000 0.43360

0.28784 0.14000 0.00000 0.42978

0.28784 0.14000 0.00000 0.42915
275979

CITY OF RICHMOND
Principal Property Tax Payers
Current Year and Nine Years Ago
(In Thousands)
2023-2024 2014-2015
Percentage Percenta ge
of Total City of Total City
Taxable Taxable Taxable Taxable
Assessed Assessed Assessed Assessed
Taxpayer T ype of Business Value Rank Value Value Rank Value Chevron USA Inc. Industrial $3,660,193 1 19.22% $3,189,277 1 26.93% Guardian KW Hilltop LLC Residential 221,357 2 1.16% 147,086 2 1.24% CenterPoint Pro
perties Trust Industrial 152,529 30 . 8 0 %
Hilltop Comm Partners Sub 1 Commercial 112,790 4 0.59%
MC MP FORD POINT REALTY LLC Industrial 105,725 5 0.56%
LIPT Giant Road Inc. Industrial 98,722 60 . 5 2 %
IPT Richmond DC LP Industrial 92,432 7 0.49%
Richmond Essex, LP Residential 86,123 8 0.45% 72,919 5 0.62% Kaiser Industrial 80,871 9 0.42% 76,107 4 0.64%
TransMontaigne Partners LP Industrial 72,093 10 0.38%
KM Phoenix Holdings LLC Industrial
Lennar Emerald Marina Ba
y LLC Residential 112,189 30 . 9 5 %
US Bank Commercial 39,831 80 . 3 4 %
BP West Coast Products Commercial 40,147 7 0.34%
BRE Piper MF TIDES CA LLC Residential 37,911 10 0.32%
DiCon Fiberoptics Inc Industrial 43,107 6 0.36%
Ford Point LLC Industrial 39,001 9 0.33%
Subtotal $4,682,836 24.59% $3,797,57 6 32.07%
Total Net Assessed Valuation:

Fiscal Year 2023-2024 $19,040,058
Fiscal Year 2014-2015 $11,842,201
Source: Contra Costa County Assessor Fiscal Year Combined Tax Rolls and the SBE Non Unitary Tax Roll 276980

CITY OF RICHMOND

PROPERTY TAX LEVIES AND COLLECTIONS

LAST TEN FISCAL YEARS
(In Thousands)
##
##
##
Percent of
Voter T
otal Total Tax
Fiscal 1% Tax Approve Deb t Tax Collections
Year Roll (1 ) Tax Rolls (2) Collections (3) to Tax Levy 2015 29,392 14,225 43,617 100%
2016 31,490 18,071 49,561 100%
2017 33,152 19,618 52,770 100%
2018 33,78 0 20,481 54,261 100%
2019 36,116 22,078 58,194 100%
2020 36,435 22,513 58,948 100%
2021 37,506 23,477 60,983 100%
2022 36,930 23,269 60,199 100%
2023 39,634 26,011 65,645 100%
2024 41,978 27,166 69,144 100%
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 ag
reement which allows the County to keep all interest and delinquency charges collected. 29 31 33 34
36 36 38 37
40 42 44
50 53 54
58 59
61 60
66 69
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
$80.0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Fiscal Year
1% Tax Roll (1) Tax Collections (3)
277981
Fiscal Year Ended June 30
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Cable TV Users $1,016,552 $988,547 $924,912 $1,036,854 $1,025,549 951,147 961,286 975,219 909,810 845,031 Gas & Electric 9,003,928 9,966,642 11,433,006 11,250,415 11,404,175 11,416,601 13,118,252 14,833,325 17,686,168 18,874,694 Telephone 4,807,499 4,093,128 3,668,092 3,300,001 2,910,450 2,621,565 2,302,969 2,065,243 2,124,673 2,092,755 Operations 20,471,979 21,004,080 21,209,540 22,884,443 23,230,610 23,351,283 24,657,999 26,330,964 29,785,913 33,161,970 UUT Settlement 13,000,000 7,000,000 7,000,000 7,000,000 7,000,000 7,000,000 4,000,000 4,000,000 4,000,000 4,000,000 Prepaid Wireless 312,852 730,939 608,042 335,153 211,927 200,199 168,836 169,459 145,787 Combined (A)
$48,299,958 $43,365,249 $44,966,489 $46,079,755 $45,905,937 $45,552,523 $45,240,705 $48,373,587 $54,676,023 59,120,237 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
$35
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Fiscal Year
Cable TV Users Gas & Electric Telephone Operations UUT Settlement Prepaid Wireless 278982
2015 201 6 2017 201 8 2019 2020 202 1 2022 2023 # 2024
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% Operations (A) (A) (A) (A) (A) (A) (A) (A) (A) (A)
U U T S e t t l e m e n t ( B )( B )( B )( B )( B )( B )( B )( B )( B )( B )NOTES:
(A) Based on the Cap Provision in the City of Richmond Municipal Code Section 13.52.100 - Maximum Tax Payable of the Richmond Municipal Code. (B) Annual amount is per a greement signed by a Major Taxpayer and the City in 2010.

SOURCE: City of Richmond, Finance Department (Revenue)

CITY OF RICHMOND

UTILITY USERS TAX DIRECT RATES

ON CHARGES FOR SERVICES

LAST TEN FISCAL YEARS (A)
279983

CITY OF RICHMOND

TOP TEN UTILITY USERS TAXPAYERS
(ALPHABETICAL ORDER)
Current Year
Taxpayer Type of Business (A)
CHEVRON Industrial
COMCAST Cable
CONSTELLATION NEW ENERGY Utilit y
DIRECT ENERGY Utilit y
GTE MOBILNET OF CALIFORNIA Telecommunications
MARIN CLEAN ENERGY Utilit y
NEW CINGULAR WIRELESS Telecommunications
PACIFIC BELL Telecommunications
PG &
E Utility
TMOBILE WEST LLC Telecommunications
NOTES:
(A) Revenue base information by taxpayer is confidential.

SOURCE: City of Richmond, Finance Department (Revenue) 280984

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
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 2022 (B) 136,976,076 99,240,012 1,023,224 4,209,138 241,448,449 2023 (B) 154,140,000 94,726,574 749,584 6,462,613 256,078,770 2024 (B) 154,140,000 89,998,136 609,073 3,591,103 248,338,311 Business-Type Activities
Wastewater Port Lease Loans Total Percentage
Fiscal Revenue Revenue and Notes Primary of Personal Per Year Bonds Bonds (D) Payable Total Government Income (A) Capita (A) 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% 3,998 2020 141,391,552 17,940,892 3,134,137 162,466,581 422,291,355 13.95% 3,824 2021 137,886,366 13,604,419 3,338,388 154,829,173 405,854,756 12.53% 3,649 2022 134,416,180 9,112,946 15,229,299 158,758,424 400,206,873 11.72% 3,634 2023 130,825,994 4,451,473 35,314,142 170,591,609 426,670,379 12.05% 3,727 2024 127,020,808 0 45,593,391 172,614,198 420,952,510 10.25% 3,708 Notes: Debt amounts exclude any premiums, discounts, or other amortization amounts. (A) See Demographic Statistics for personal income and population data. (B) Due to the dissolution of the Redevelopment 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. (D) 2019B Point Potrero Taxable Lease Revenue bonds paid off in FY2024.

Sources: City of Richmond
State of California, Department of Finance (population) U.S. Department of commerce, Bureau of the Census (income) 0 50,000,000
100,000,000
150,000,000
200,000,000
250,000,000
300,000,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Fiscal Year
Governmental Activities Total BusinessType Activities Total 281985

CITY OF RICHMOND

COMPUTATION OF LEGAL BONDED DEBT MARGIN
JUNE 30, 2024
ASSESSED VALUATION:

Secured property assessed value, net of
exempt real property $18,952,831,000
BONDED DEBT LIMIT (3.75% OF ASSESSED VALUE) (a) $710,731,163 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 $710,731,163
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
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%
2021 613,927,575 0 613,927,575 0.00%
2022 614,884,800 0 614,884,800 0.00%
202
3 665,344,313 0 665,344,31 3 0.00%
2024 710,731,16 3 0 710,731,16 3 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.
282986

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 Operatin g Available for
Year Revenue (1) Expenses (2) Debt Service Principal Interest Total Coverage 2015 19,098,835 9,524,878 9,573,95 7 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 27,876,716 12,214,607 15,662, 109 2,515,000 5,633,851 8,148,851 1.92 2022 28,277,557 10,874,658 17,402, 899 2,480,000 5,516,663 7,996,663 2.18 2023 31,156,875 13,172,834 17,984, 041 2,600,000 5,393,712 7,993,712 2.25 2024 34,547,622 16,311,333 18,236, 289 2,815,000 5,258,061 8,073,061 2.26 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

1.44 1.50 1.51 1.48

0.48 2.26

1.92 2.18

2.25 2.26

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Fiscal Year
Coverage
283987

CITY OF RICHMOND

REVENUE BOND COVERAGE
1996, 1999, 2004, 2007 AND 2009 PORT TERMINAL LEASE REVENUE BONDS, NOT E

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 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 2022 11,193,765 2,442,047 8,751,718 4,100,000 587,679 4,687,679 1.87 2023 12,347,504 2,148,773 10,198,731 4,270,000 422,270 4,692,270 2.17 2024 13,902,664 3,187,510 10,715,154 4,060,000 208,779 4,268,779 2.51 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.
(3) Bond paid off in 2024.

Source: City of Richmond Annual Financial Statements

1.00 0.99

1.22 1.13

1.38 0.52

1.75 1.87

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Fiscal YearCoverage
284988

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 Princi pal Interest Total Coverage
2015 17,206,306 (2) 2,930,000 4,500,409 7,430,409 2.32
2016 19,953,198 (2) 6,180,000 4,445,674 10,625,674 1.88 2017 14,156,746 (2) 6,395,000 4,653,678 11,048,678 1.28 2018 12,255,069 (2) 7,575,000 4,746,564 12,321,564 0.99 2019 10,714,239 (2) 7,895,000 4,662,021 12,557,021 0.85 2020 10,720,489 (2) 8,820,000 4,244,580 13,064,580 0.82 2021 12,927,768 (2) 12,949,294 4,128,651 17,077,945 0.76 2022 8,306,100 (2) 6,645,000 2,052,525 8,697,525 0.95
2023 8,846,005 (2) 6,590,000 1,832,049 8,422,049 1.05
2024 10,171,374 (2) 7,102,474 1,566,348 8,668,822 1.17
Note: (1) Includes the 1991, 1998, 2000, 2003, 2004, 2007, 2010, 2014 and 2021 Bonds. (2) 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
0 5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Fiscal Year
Tax Revenue Total
285989

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 Bonded
Fiscal Bonds Cash and Bonds Net Assesse d Assessed Value Debt per Year Outstandin g Investments (2) Outstandin g Value of Property of Property Capit a 2015 156,491,679 8,148,12 1 148,343,558 9,943,913,00 0 1.49% 1,39 4 2016 155,070,539 8,936,523 146,134,01 6 10,745,818,000 1.36% 1,32 4 2017 153,058,033 9,777,863 143,280,17 0 11,290,341,000 1.27% 1,282 2018 150,485,289 9,844,43 1 140,640,858 11,514,846,00 0 1.22% 1,26 7 2019 147,275,826 10,041,550 137,234,276 12,342,193,000 1.11% 1,243 2020 144,339,640 11,315,256 133,024,384 12,521,376,000 1.06% 1,196 2021 140,816,305 11,845,153 128,971,152 13,196,108,000 0.98% 1,160 2022 136,976,076 12,779,202 124,196,874 13,221,634,000 0.94% 1,128 2023 154,140,000 234,805 153,905,195 13,649,321,000 1.13% 1,344 2024 154,140,000 5,947 154,134,053 14,521,436,000 1.06% 1,358 Note: (1) 2022 Bonds issued in fiscal year 2023 to refinance the 2005 Bond s. (2) Restricted cash is being held with the City's fiscal agent, US Bank, and is restricted for the payment of the bonds .

Source: City of Richmond Annual Financial Statements
1,394
1,324
1,282 1,267
1,243
1,196 1,160 1,128
1,344 1,358
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000
$1,100
$1,200
$1,300
$1,400
$1,500
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Fiscal Year
Net General Bonded Debt per Capita
286990

CITY OF RICHMOND

COMPUTATION OF DIRECT AND OVERLAPPING DEBT
JUNE 30, 2024
2023-2024 Assessed Valuation: $19,040,057,926
Total Debt City's Share of Debt
OVERLAPPING TAX AND ASSESSMENT DEBT: June 30, 202 4 % Applicable (1) June 30, 2024 Bay Area Rapid Transit District $2,445,575,000 1.885% $46,099,089 Contra Costa Community College District 618,770,000 7.120% $44,056,424 West Contra Costa Unified School District 1,107,363,504 46.090% $510,383,839 West Contra Costa Healthcare District Parcel Tax Obligations 41,605,000 43.239% $17,989,586 East Bay Regional Park District 144,520,000 2.963% $4,282,128 City of Richmond Community Facilities District No. 1998-1 1,335,000 100% $1,335,000 City of Richmond 1915 Act Bonds 3,545,000 100% $3,545,000 California Statewide Community Development Authority 1915 Act Bonds 1,238,207 100% $1,238,207 TOTAL NET OVERLAPPING TAX AND ASSESSMENT DEBT 628,929,273

DIRECT AND OVERLAPPING GENERAL FUND DEB
T:

Contra Costa County General Fund Obligations $171,495,000 7.097% 12,171,000 Alameda-Contra Costa Transit District Certificates of Participation 10,420,000 5.519% 575,080 West Contra Costa Unified School District Certificates of Participation 3,205,000 46.090% 1,477,185 Cit
y of Richmond General Fund Obligations 77,910,000 100% 77,910,000 City of Richmond Pension Obligations Bonds 154,140,000 100% 154,140,000 TOTAL DIRECT AND OVERLAPPING GENERAL FUND OBLIGATION DEBT 246,273,265 Less: Contra Costa County general fund obligations supported by revenue funds 3,017,990 TOTAL NET DIRECT AND OVERLAPPING GENERAL FUND OBLIGATION DEBT 243,255,275 OVERLAPPING TAX INCREMENT DEBT (Successor Agency) $32,005,419 100% 32,005,419 TOTAL NET DIRECT DEBT 232,050,000
TOTAL GROSS OVERLAPPING DEBT $675,157,957
TOTAL NET OVERLAPPING DEBT $672,139,967
GROSS COMBINED TOTAL DEBT $907,207,957 (2)
NET COMBINED TOTAL DEBT $904,189,967
(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 2023-24 Assessed Valuation:

Total Overlapping Tax and Assessment Debt 3.30%
Ratios to 2023-24 Adjusted Assessed Valuation:

Total Direct Debt ($232,050,000) 1.22%
Gross Combined Total Debt 4.76%
Net Combined Total Debt 4.75%
Ratios to Redevelopment Successor Agency Incremental Valuation ($4,431,395,043):

Total Overlapping Tax Increment Debt 0.72%
____________________________
Source: California Municipal Statistics, Inc.
287991

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 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 110,967 2,920,370,000 26,317 4.6% 1,147,439 9.67%
2018 110,436 3,027,471,000 27,413 3.6% 1,150,215 9.60%
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% 2021 114,489 3,541,074,000 30,929 8.0% 1,161,413 9.86%
2022 113,518 4,107,076,000 36,180 4.1% 1,156,966 9.81%
2023 112,735 4,453,896,000 39,507 4.5% 1,155,025 9.76%
Source: HdL, Coren & Cone

0.00%

2.50%

5.00%

7.50%

10.00%

12.50%

15.00%

17.50%

20.00%
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Fiscal Year
Unemployment Rate (%)

5.00%

6.00%

7.00%

8.00%

9.00%

10.00%

11.00%
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Fiscal Year
City Population % of County
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
$4.5
$5.0
$5.5
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Fiscal Year
Total Personal Income
$0
$10,000
$20,000
$30,000
$40,000
$50,000
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Fiscal year
Per Capita Personal Income
288992

CITY OF RICHMOND
Principal Employers
Current Year and Nine Years Ago
2023-2024 2014-2015
Percentage Percenta ge
Number of of Total Cit y Number of of Total City
Employer Em ployees Rank Employment Em ployees Rank Employment Chevron Refinery 3,157 1 9.1% 3,456 1 3.6%
Kaiser Foundation Hospitals 1,442 3 4.2% 506 8 0.5%
United Parcel Service 1,332 4 3.9%
Social Security Administratio
n 1,259 5 3.6% 1,276 3 1.3%
West Contra Costa Unified School District 1,167 2 3.4% 1,689 2 1.8% Amazon.com Services 1,121 6 3.2%
The Permanente Medical Group 1,051 7 3.0% 698 7 0.7%
U.S. Postal Service 1,047 8 3.0% 1,050 4 1.1%
Home Express Delivery Service, LLC 903 9 2.6%
Contra Costa County 844 10 2.4% 850 5 0.9%
City of Richmond 703 6 0.7%
Costco Wholesale #482 371 9 0.4%
Blue Apron, Inc. 32
5 10 0.3%
Subtotal 13,323 38.5% 10,924 11.4%
Total City Day Population 106,929 95,71 6
Source: City of Richmond
289993

CITY OF RICHMOND
Full-Time Equivalent City Government Employees by Function Last Ten Fiscal Years
2015 2016 201 7 2018 2019 2020 202 1 2022 2023 2024
(re-stated)
Function
General government 105.2 99.8 105.4 116.5 114.7 124.7 113.1 120.1 129.0 146.1 Public safety 390.0 375.5 349.0 341.0 340.0 342.0 309.0 303.0 304.0 309.0 Public works 109.0 112.0 144.0 143.0 148.0 145.0 171.5 191.4 165.2 180.2 Community development 56.0 59.5 41.0 40.0 41.0 42.0 7 .0 5.0 41.0 47.0 Cultural and recreational 66.0 59.0 57.0 59.1 61.7 61.7 58.1 60.7 61.7 69.7 Housing and redevelopment 10.0 5.9 3.8 3.8 3.8 3.8 2.8 2.0 0.0 0.0 Richmond Housing Authority
and RHA Properties 25.0 23.0 19.0 19.0 20.0 5.3 4.0 7.0 7.0 5.0 Port of Richmond 6.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 3.0 3.0 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 767.2 738.7 723.2 726.4 733.2 728.5 669.5 693.2 710.9 760.0 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
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Fiscal Year
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
290994

CITY OF RICHMOND
Operating Indicators by Function/Program
Last Ten Fiscal Years
2015 201 6 2017 2018 2019 2020 202 1 2022 2023 2024
Function/Program
Public safety:

Fire:

Fire calls for service 13,670 14,497 14,372 14,37 5 13,900 14,318 18,150 18,210 14,020 14,768 Primary fire inspections conducted 1,569 1,134 1,160 5,378 3,929 2,919 3,320 1,510 1,082 1,397 Number of firefigh t e r s 9 49 19 09 19 0 8 9 8 9 8 9 9 1 9 1 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 1.7 1.6 1.6 1.6 1.6 1.3 1.3 1.3 1.2 Number of sworn officers 196 18 5 182 178 178 178 157 14 5 146 14 5 Water
Daily average consumption in gallons per family 250 250 250 250 250 160 194 14 5 140 137 Source: City of Richmond
291995
2015 2016 2017 2018 2019 2020 202 1 2022 2023 2024
Function/Program
Public safety:

F i r e s t a t i o n s 7 7 7 7 7 77777
P o l i c e s t a t i o n s 44444 4 4 4 1 1
L i b r a r y ( # ) o f L o c a t i o n s 33333 33333 Public works
Miles of streets 280 280 280 280 280 290 280 289 280 291 Street lights 8,343 8,543 9,000 9, 000 9,000 7,801 9,000 9,000 9,000 9,000 Urban Forest (trees) (a) 22,009 35,620 35,782 36,231 36,499 36,766 36,700 38,000 37,000 37,000 Culture and recreation:

Community services:

C i t y p a r k s 5 55 55 55 55 5 5 5 5 5 5 6 5 5 5 5
City parks acreage 336.6 336.6 336. 6 336.6 336.6 336.6 336. 6 340.0 336.6 336.6 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 L a w n b o w l i n g 1 1 1 1 1 11000
R e c r e a t i o n c e n t e r s 88888 88888
A u d i t o r i u m / T h e a t e r 11111 11111
G y m n a s i u m s 33333 33233
S e n i o r c e n t e r s 22222 22222
H e a d s t a r t c e n t e r s / d a y c a r e s 66666 66666 P u t t i n g g r e e n 11111 11000
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
C r i c k e t f i e l d s 22222 22000
Water
Fire hydrants 3,153 3,153 3,153 3,153 3,153 3,153 3,153 2,163 2,787 2,207 Wastewater
Miles of sanitary sewers 183 183 183 183 230 189 194 194 194 194 Miles of storm sewers 310 310 310 310 310 198 310 173 310 173 Land Area (square miles) 33.7 33.7 33.7 33.7 33.7 33.7 33.7 33.7 33.7 13.5 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
292996
City of Richmond
Presentation to the City Council
February 4, 2025
997
2024 Audit of
City of Richmond
998
Agenda
• Engagement Team
• Deliverables and Scope of the Audit
• Areas of Primary Audit Risk
• Auditor’s Report and Financial Statements
• Required Communications
• New Accounting Standards
3999
Engagement Team
1000
Audit Senior
Tim Ko
Engagement Team
5 Quality Control
Reviewer
Mitesh Desai, CPA
Engagement Partner
Ahmed Badawi, CPA
Audit Manager
Wenwei Zhao, CPA
IT Specialist
Omar Rahman, CPA,
CISA
Audit Staff
Mostafa Dawod
Audit Staff
Ahmed Fahmi
Audit Staff
Everly Ying
1001
Deliverables and
Scope of the Audit
1002
Deliverables and Scope of the Audit
7 • 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
• Report of Independent Auditors on the Joint Powers Financing Authority Basic Financial Statements
• Report of Independent Auditors on the Housing Authority Basic Financial Statements • Preparation of Annual Report of Financial Transactions to the State Controller (City, Sewer District, JPFA and 3 non-CalPERS pension plans)
• Gann Limit Agreed Upon Procedures Report
• Communications with Those Charged With Governance
1003
Areas of Primary
Audit Risk
1004
Areas of Primary Audit Risk
9 • Assignment of 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.

Risk of Management Override of Controls – The risk of management override of controls was addressed by the following procedures:
1005
Areas of Primary Audit Risk
10 • Governmental Funds: Confirmed and validated property taxes, sales taxes, and other significant revenues and receivables.
• Proprietary Funds: Performed substantive analytical procedures and performed testing on material operating revenue and grant revenue items by reviewing backup.

Revenue and Receivables (Taxes, Grants, Notes, etc.) – Improper Revenue Recognitions:
• Investment Fair Value Estimates
• Capital Asset Useful Lives
• Pension and OPEB related estimates
• Claim Liabilities Estimates
Estimates – Review of Significant Accounting Estimates:
1006
Auditor’s Report
and Financial
Statements
1007
Auditor’s Report
12 • Audit performed in accordance with Generally Accepted Auditing Standards • Audit performed in accordance with Government Auditing Standards 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 Unmodified Opinions
•Business-Type Activities, Aggregate Discretely Presented Component Units (RHA Properties, RHA Housing Corporation, and RHA RAD L LC), and Richmond Housing Authority Enterprise Fund for which we disclaimed the opinions. •The financial statements of the Richmond Housing Authority and RHA Properties, RHA Housing Corporation and RHA RAD LLC have not been audited for the year ended June 30, 2024.

Disclaimer Opinions
1008
13 Cash &
Investments Receivables Capital
Assets Other Assets Deferred Outflow of
Resources
2022 $258,491,381 $169,220,876 $522,772,205 $3,063,791 $68,945,422 2023 $323,420,326 $163,966,805 $545,590,887 $5,654,707 $142,213,368 2024 $379,851,297 $170,411,335 $573,214,660 $1,410,349 $126,211,250 $-
$100
$200
$300
$400
$500
$600Millions
Assets and Deferred Outflows of Resources
Government-Wide Financial Statements
1009
Government-Wide Financial Statements
14 Accounts
Payable and
Accrued
Expenses
Unearned
Revenues
Compensated
Absences Claims Liability Long-Term
Liabilities
Net Pension
Liability
Net OPEB
Liability
Deferred Inflows
of Resources
2022 $31,857,028 $31,172,999 $11,696,632 $51,092,602 $428,096,251 $214,292,774 $84,523,529 $216,258,371 2023 $29,331,789 $48,766,183 $11,881,418 $49,681,686 $430,164,553 $369,613,204 $74,720,798 $95,123,618 2024 $49,641,753 $46,056,862 $13,655,136 $52,171,564 $423,270,520 $377,759,466 $63,444,023 $86,214,631 $-
$100
$200
$300
$400
$500Millions
Liabilities and Deferred Inflows of Resources
1010
Government-Wide Financial Statements
15 Net Investment in
Capital Assets Restricted Unrestricted
2022 $289,399,446 $117,744,474 $(453,640,431)
2023 $301,531,372 $140,566,552 $(370,535,080)
2024 $333,839,204 $171,522,933 $(366,477,201)
$(500)
$(400)
$(300)
$(200)
$(100)
$-
$100
$200
$300
$400
Millions
Net Position
1011
Government-Wide Financial Statements
16 2022 2023 2024
Net Cost of Service $105,838,829 $118,272,590 $189,406,431 Tax Revenue $193,864,015 $200,930,805 $213,450,483
$-
$50
$100
$150
$200
$250Millions
Net Cost of Service to Tax Revenue - Governmental Activities 1012
General Fund
17 Expenditure Coverage
2022 2023 2024
Committed Fund Balance 3,383,453$ 3,720,697$ 3,748,566$ Assigned Fund Balance 6,397,688 9,530,225 6,106,044 Unassigned Fund Balance 44,935,389 55,196,962 65,262,325 Total Unrestricted Fund Balance 54,716,530$ 68,447,884$ 75,116,935$ Total Expenditures 167,927,396$ 180,085,786$ 198,640,109$ Unrestricted Fund Balance as
a % of Total Expenditures 32.58% 38.01% 37.82%
Number of months 4 5 5
GFOA recommendation No less than 2 months
Measure of the City's ability to operate with no revenues using available fund balance. 1013
Pension Plans
18 2022 2023 2024
1% Decrease $365,238,299 $529,974,265 $533,178,403
Current Rate $213,846,269 $369,613,204 $371,906,028
1% Increase $88,289,588 $237,187,515 $238,671,498
$-
$100
$200
$300
$400
$500
$600Millions
Total Net Pension Liability
Sensitivity to Discount Rate
1014
Other Postemployment Benefits Plans
19 2022 2023 2024
1% Decrease $98,970,262 $89,321,489 $77,385,958
Current Rate $84,523,529 $74,720,798 $63,444,023
1% Increase $72,419,629 $62,471,926 $51,693,207
$-
$20
$40
$60
$80
$100Millions
Total Net OPEB Liability
Sensitivity to Discount Rate
1015
Required
Communications
1016
Required Communications
21 Auditor’s Responsibilities
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, contracts, and grants.

Ensure financial statements are clear and transparent
Communicate with the governing body
Management’s Responsibilities
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
1017
Required Communications
22 • It is our responsibility to maintain independence
• We maintained our independence by strict adherence to the AICPA and the Board of Accountancy rules and regulations
• Other than preparing the financial statements, no services performed that could affect our independence.

Independence
• Within the time frame originally communicated to the City in our engagement letters.

Timing of the Audit
• The City adopted the following new pronouncements during the year:
• GASB Statement No. 100 – Accounting Changes and Error Corrections Significant Accounting Policies and Unusual Transactions 1018
Required Communications
23 • Investment Fair Value Estimates
• Capital Asset Useful Lives
• Pension Plans (actuarial assumptions)
• Other Post Employment Benefits (OPEB) Plans (actuarial assumptions) • Claim Liabilities Estimates
Management Judgement and Accounting Estimates
• No difficulties encountered
Difficulties Encountered in Performing the Audit
1019
Required Communications
24 • Management has posted all proposed audit adjustments Significant Audit Adjustments and Unadjusted Differences • Delays in PAF Submission and Approvals
Deficiencies in Internal Control over Financial Reporting 1020
New Accounting Standards
25 2025
• GASB Statement No. 101 – Compensated Absences
• GASB Statement No. 102 – Certain Risk Disclosures
2026
• GASB Statement No. 103 – Financial Reporting Model Improvements • GASB Statement No. 104 – Disclosure of Certain Capital Assets 1021
Thank You for Allowing
us to Provide Audit
Services to the
City of Richmond.
1022

Richmond City CouncilFebruary 4, 2025

Richmond City Council
February 4, 2025