San Bruno City Council
January 13, 2026

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issu e an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolu te assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may in volve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

 Exercise professional judgment and maintain professional skepticism throughout the audit.  Identify and assess the risks of material misstat ement of the financial statements, whether due to fraud or error, and design and pe rform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circ umstances, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, no such opinion is expressed.  Evaluate the appropriateness of accounting polic ies used and the reasonableness of significant accounting estimates made by management, as we ll as evaluate the overall presentation of the financial statements.
 Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant au dit findings, and certain internal control–related matters that we identified during the audit.

Required Supplementary Information

Accounting principles generally acce pted in the United States of America require that the management’s discussion and analysis, budgetary co mparison schedules for the General Fund, and major special revenue fund, and the required pension schedules on pages 7- 22 and 103-113 be presented to supplement the basic financial statements. Such information is the responsibility of m anagement and, although not a part of the basic financial statements, is required by the Govern mental Accounting Standards Board who considers it to be an essential part of financial reporting for pl acing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of managem ent about the methods of preparing the information and comparing the information for consistency with ma nagement’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. 2 176 of 396

To the Honorable Mayor and Members of the City Council
of the City of San Bruno
San Bruno, California

We do not express an opinion or provide any assuranc e on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Supplementary Information

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City’s basic financial statements. The combining General Fund statements and budgetary comparison schedules, combining Developer Agreemen ts and Impact Fees Fund statements, combining and individual nonmajor fund statements, and th e budgetary comparison schedules for the Street Improvement Fund and the Parks and Facilities and Technology Capital Improvement Fund and nonmajor governmental funds are presented for purposes of additional analysis and are not a required part of the basic financial statements.

The combining General Fund statements and budgeta ry comparison schedules, combining Developer Agreements and Impact Fees Fund statements, combin ing and individual nonmajor fund statements, and the budgetary comparison schedules for the Street Improvement Fund and the Parks and Facilities and Technology Capital Improvement Fund and nonmajor governmental funds are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financ ial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in acco rdance with auditing standards generally accepted in the United States of America. In our opinion, the combining General Fu nd statements and budgetary comparison schedules, combining Developer Agreements and Impact Fees st atements, combining and individual nonmajor fund statements, and the budgetary comp arison schedules for the Parks and Facilities and Technology Capital Improvement Fund and nonmajor govern mental funds are fairly stated, in all material respects, in relation to the basic financial statements as a whole.

Other Information

Management is responsible for the other information included in the annual comprehensive financial report. The other information comprises the Introducto ry and Statistical Sections included in the annual comprehensive financial report but does not include the financial statements and our auditor's report thereon. Our opinions on the financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereo n. In connection with our audit of the financial statements, our responsibility is to read the ot her information and consider whether a material inconsistency exists between the other information and the financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other informat ion exists, we are required to describe it in our report.

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To the Honorable Mayor and Members of the City Council
of the City of San Bruno
San Bruno, California

Report on Summarized Comparative Information

We have previously audited the City’s 2024 financial statements, and we expressed an unmodified audit opinion on those audited financial statements in our re port dated February 5, 2025. In our opinion, the summarized comparative information presented herein as of and for the year ended June 30, 2024, is consistent, in all material respects, with the audited financial statements from which it has been derived.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated December 19, 2025 on our consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, cont racts, and grant agreements and other matters. The purpose of that report is solely to describe the sc ope of our testing of internal control over financial reporting and compliance and the results of that testin g, and not to provide an opinion on the effectiveness of internal control over financ ial reporting or on compliance.

That report is an integral part of an audit
performed in accordance with Government Auditing St andards in considering the City’s internal control over financial reporting and compliance.

Badawi & Associates, CPAs
Emeryville, California
December 19, 2025
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M
ANAGEMENT’S DISCUSSION AND ANALYSIS

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CITY OF SAN BRUNO, CALIFORNIA
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED JUNE 30, 2025

The Management’s Discussion and Analysis (MD&A) provides an overview of the City of San Bruno’s activities for the fiscal year ended June 30, 2025. The intent of this discussion and an alysis is to present a full picture of the City’s financial performance. Readers should review the discussion and analysis in conjunction with the basic financial statements, as well as the notes to the financial statements to enhance their overall understanding.

Financial Highlights for Fiscal Year 2024-25 (FY25)

Entity-wide:
 The City’s assets and deferred outflow of resour ces exceeded its liabilities and deferred inflow of resources at June 30, 2025 by $373.5 million (n et position). The City’s net position increased $27.2 million, or 8.5%, from the previous fiscal year.
 The City’s governmental activities program and gene ral revenues (including net transfers) of $91.6 million exceeded expenses of $78.7million by $12.9 million, increasing net position to $189.1 million.  The City’s business-type activities program revenu es and general revenues from the five enterprise operations of $57.7 million were gr eater than expenses of $43.4 million by $14.3 million, increased net position to $184.4 million.

Fund level:
 At the close of the fiscal year, the City’s govern mental funds reported combined fund balances of $133.4million, an increase of $2.1 million or 2% compared to the prior year. Of this amount, $2.9 million is non-spendable, $48.7 million is restricted, $0.7 million is committed, $30.8 million is assigned, and $50.3 million is unassigned.
 Revenues for governmental funds exceeded expenditure by $2.2 million. Tax revenue grew $3.7 million, or 7.9%, from the prior year. Expenditures for govern mental funds reduced $7.0 million, or 7.3%, from the prior year mainly due to re duced capital outlay following the completion of the Recreation and Aquatics Center (RAC).

Detailed analysis can be found under the Government-wide Financial Analysis Section and Financial Analysis of the City’s Funds Section
Overview of Financial Statements

This discussion and analysis serve as an introduction to th e City’s basic financial statements. The City’s basic financial statements comprise three components: 1) gove rnment-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements.

Government-wide financial statements are designed to provide readers a br oad overview of the City finances in a manner similar to a private-sector business.

The Statement of Net Position presents information on all of the City’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources with the di fference between the two reported as net position. Over time, increases or decreases in net position may serve as an indicator of whether the financial position of the City is improving or deteriorating.

The Statement of Activities presents information showing how the City’s net position changed during the fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of the related cash flows. Thus, revenues and expenses are reported in this statement for 7 181 of 396

CITY OF SAN BRUNO, CALIFORNIA
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED JUNE 30, 2025

some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave).

Both of the government-wide financial statements distinguish functions of the City that are principally supported by taxes and intergovernmental revenu es (governmental activities) from other functions that are intended to recover all or a significant portion of their costs thr ough user fees and charges (business-type activities). The governmental activities of the City consist of general government, public safety, public works, streets, parks and recreation, library and community and economic development. The business-t ype activities of the City include water, stormwater, wastewater, cable television, and downtown parking.

The government-wide financial statements can be found on pages 27-29 of this report.

Fund financial statements. A fund is a grouping of related accounts used to maintain control over resources that have been segregated for specific activities or objectives. The City, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the City can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds.

Governmental funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financ ial statements. Unlike government-wide financial statements, governmental fund financial statements fo cus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating the City’s near-term financing requirements.

Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for govern mental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the City’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.

The City maintains nineteen individual governmental funds. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures and changes in fund balances for the General Fund, Developer Agreements and Impact Fees Fund, Street Improvement Capital Improvement Fund, and Parks and Facilities and Technolo gy Capital Improvement Fund, which are considered to be major funds. Data from the other governmental funds are combined into a single, aggregated presentation.

Individual fund data for each of these non-major governm ental funds are provided in the form of combined statements in the Supplementary Information section of this report.

The City adopts an annual appropriated budget for its general fund and most governmental funds. A budgetary comparison statement has been provided for all majo r and non-major funds (with adopted budgets) in governmental activities to demonstrate compliance with this budget.

The governmental fund financial statements can be found on pages 44-49 of this report.

Proprietary funds. The City maintains two different types of proprietary funds. Enterprise funds are used to report the same functions presented as business-type activities in the government-wide financial statements. The City uses enterprise funds to account for water, stormwater, wastewater, CityNet, and paid parking services. CityNet is a municipally owned and operated enterprise for cable television, internet, and other services.

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CITY OF SAN BRUNO, CALIFORNIA
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED JUNE 30, 2025

Internal service funds are an accounting device used to accumulate and allocate costs internally among the City’s various functions. The City uses internal service funds to account for its central garage, self-insurance, technology development, and facilities maintenance activities. B ecause these services predominantly benefit governmental rather than business-type functions, it has been include d within governmental activities in the government-wide financial statements.

Proprietary funds provide the same type of information as the government-wide financial statements, but in more detail. The proprietary fund financial statements provid e separate information for all of the City’s proprietary funds as they are all considered to be major funds by the City. Conversely, the internal service fund is combined into a single, aggregated presentation in the proprietary financial statements. More detailed information for the internal service funds is provided in the form of combined statements elsewhere in the report.

The proprietary fund financial statements can be found on pages 44-49 of this report.

Fiduciary funds. Trust and custodial funds are fiduciary funds that account for assets held by the City in a purely custodial capacity. The reporting entity includes the Successor Agency to the San Bruno Redevelopment Agency Trust Fund as a result of the California Supreme Court decision on December 29, 2011 upholding ABx1 26, which eliminated all redevelopment agencies in California a nd created a process for winding down their operations.

Fiduciary funds report a “balance sheet” referred to as a statement of fiduciary net position and an “income statement” referred to as a statement of changes in fiduciary net position.

The fiduciary fund financial statements can be found on pages 52-53 of this report.

Notes to the Basic Financial Statements. The notes provide additional information essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the basic financial statements can be found starting on page 57 of this report.

Required and Other Information. In addition to the basic financial st atements and accompanying notes, this report also presents certain required supplementary information concerning the City’s progress in funding its obligation to provide pensi on benefits to its employees. Required s upplementary information can be found on pages 107-117 of this report.

The combining statements referred to earlier in connec tion with non-major governmental funds and internal service and fiduciary funds are presented immediately following the required supplementary information.

Combining and individual fund statements and schedules can be found starting on page 122 of this report.

Government-wide Financial Analysis

As noted earlier, net position may serve over time as a useful indicator of the City’s financial position. Assets and deferred outflows exceeded liabilities and deferred inflows by $373.5 million at the close of FY25.

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CITY OF SAN BRUNO, CALIFORNIA
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED JUNE 30, 2025

By far the largest portion of the City’s net position reflects its investment in capital assets (e.g. land, infrastructure, buildings, machinery, equipmen t, and vehicles) less any related debt u sed to acquire those assets that are still outstanding. The City uses these capital assets ($218.9 million) to provide services to its citizens. Consequently, these assets are not available for future spending. Although the City’s investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources since the capital assets cannot be used to liquidate these liabilities.

An additional portion of the City’s net position, $50.7 million, represents r esources that are subject to external restrictions on how the funds may be used, such as constr ucting specified capital projects, debt service, or other community programs. The remaining balance in unrestricted net position amounts to $104.0 million. This amount may be used at the City’s discretion to meet ongoing obligations to citizens and creditors.

2025 2024 2025 2024 2025 2024
Current assets 150,770,891$ 151,445,181$ 135,260,531$ 113,128,715$ 286,031,422$ 264,573,896$ Capital assets, net 141,314,303 124,914,273 130,214,045 126,973,051 271,528,348 251,887,324 Other noncurrent assets 3,741,726 3,628,657 - - 3,741,726 3,628,657 Total assets 295,826,920 279,988,111 265,474,576 240,101,766 561,301,496 520,089,877 Deferred outflow of resources 27,407,155 36,675,037 3,484,104 4,613,724 30,891,259 41,288,761 Current Liabilities 19,518,797 22,103,759 16,364,807 6,287,040 35,883,604 28,390,799 Noncurrent liabilities 113,142,057 115,251,246 68,179,974 71,011,198 181,322,031 186,262,444 Total liabilities 132,660,854 137,355,005 84,544,781 77,298,238 217,205,635 214,653,243 Deferred inflow of resources 1,440,060 2,566,282 - 8,608 1,440,060 2,574,890 Net Position
Net investment in capital assets 139,859,021 123,061,965 79,019,144 73,473,142 218,878,165 196,535,107 Restricted 48,703,089 35,644,772 1,984,731 1,963,235 50,687,820 37,608,007 Unrestricted 571,051 18,035,124 103,410,024 91,972,267 103,981,075 110,007,391 Total Net Position 189,133,161$ 176,741,861$ 184,413,899$ 167,408,644$ 373,547,060$ 344,150,505$ Governmental Activities Business-Type Activities Total
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CITY OF SAN BRUNO, CALIFORNIA
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED JUNE 30, 2025

The City’s overall net position increased by $29.4 million, or 8.5%, from the prior fiscal year. Key elements of these changes are as follows:

2025 2024 2025 2024 2025 2024
Revenues:

Program revenues:

Charges for services 12,107,465$ 19,666,505$ 53,383,403$ 47,748,410$ 65,490,868$ 67,414,915$ Operating grants and contributions 9,033,112 23,302,874 - - 9,033,112 23,302,874 Capital grants and contributions 3,568,618 12,561,974 - - 3,568,618 12,561,974 General revenues:

Property taxes 16,171,524 15,417,048 - - 16,171,524 15,417,048 Transient occupancy taxes 3,409,014 3,558,287 - - 3,409,014 3,558,287 Franchise taxes 2,153,559 2,076,227 - - 2,153,559 2,076,227 Sales taxes 23,611,601 20,818,065 - - 23,611,601 20,818,065 Cardroom taxes 3,435,504 3,333,236 - - 3,435,504 3,333,236 Other taxes 3,118,653 4,028,690 - - 3,118,653 4,028,690 Intergovernmental, unrestricted - - - - State gasoline tax 6,084,725 5,584,474 - - 6,084,725 5,584,474 Use of money and property 10,114,200 11,237,201 3,166,235 2,767,893 13,280,435 14,005,094 Total revenues 92,807,975 121,584,581 56,549,638 50,516,303 149,357,613 172,100,884 Expenses
General government 13,337,104 11,797,858 - - 13,337,104 11,797,858 Public safety 40,082,100 40,661,541 - - 40,082,100 40,661,541 Public works 2,626,085 2,586,715 - - 2,626,085 2,586,715 Streets 4,701,644 9,943,745 - - 4,701,644 9,943,745 Parks and recreation 10,515,903 7,262,037 - - 10,515,903 7,262,037 Library 2,257,386 2,374,855 - - 2,257,386 2,374,855 Community and economic development 5,053,073 3,591,682 - - 5,053,073 3,591,682 Interest expense 172,985 217,131 - - 172,985 217,131 Water - - 15,494,286 16,288,579 15,494,286 16,288,579 Stormwater - - 3,006,089 2,262,271 3,006,089 2,262,271 Wastewater - - 16,605,600 17,532,875 16,605,600 17,532,875 CityNet - - 7,648,299 8,717,915 7,648,299 8,717,915 Parki ng - - 638,891 432,177 Total expenses 78,746,280 78,435,564 43,393,165 45,233,817 122,139,445 123,669,381 Increase (decrease) in net position
before transfers 14,061,695 43,149,017 13,156,473 5,282,486 27,218,168 48,431,503 Transfers (1,158,415) (25,286,218) 1,158,415 25,286,218 - - Increase (decrease) in net position 12,903,280 17,862,799 14,314,888 30,568,704 27,218,168 48,431,503 Net position - beginning of year 176,741,862 158,879,062 167,408,644 134,748,617 344,150,506 293,627,679 Restatements (511,981) - 2,690,367 2,091,323 2,690,367 2,091,323 Net position - beginning, as restated 176,229,881 158,879,062 170,099,011 136,839,940 346,328,892 295,719,002 Net position - ending 189,133,161$ 176,741,861$ 184,413,899$ 167,408,644$ 373,547,060$ 344,150,505$ Governmental activities Business-type activities Totals Sta tem en t of Activities
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CITY OF SAN BRUNO, CALIFORNIA
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED JUNE 30, 2025

Governmental Activities

Governmental activities increased the City’s net position by $12.9 milli on, with a total net position of $189.1 million at the end of the fiscal year. Overall, revenues experienced a $25.2 million decrease as compared to prior year, driven largely by a $14.2 million decrease in operating grants and contributions and an $8.9 million decrease in capital grants and contributions. These reductions in revenues were expected due to the end of American Rescue Plan Act funding in fiscal year 2024 and the one-time community benefit contribution received in the previous fiscal year to support the City’s transportation infrastructure improvements and municipal services. In addition, the City received less construction grant funding from the San Bruno Community Founda tion this fiscal year as the RAC was completed & opened. Taxes were largely flat, increasing $2.7 million, or 5.5% from prior year, with most of the growth concentrated in one area. Sales taxes increased by $2.8 million, 13.5%, over prior year due to tax-sharing agreements. The second-highest increase was in property taxes, which rose $0.8 million over prior year. This overall modest growth is consistent with expectations as the economy continues to stabilize and move further away from the pandemic.

The cost of all governmental activities this year was $78.7 million. As shown in the statement of activities, the amount that taxpayers paid for these activities with general revenues was $58.0 million because some of the costs were paid by those specifically benefiting from th e programs ($12.1 million), and by other governments and organizations subsidizing programs with grants and contributions for operations and capital improvement ($12.6 million). The higher expenditures in public safety activities are primarily due to actuarial adjustments within the safety risk pool pension plan.

The City’s programs include general government, public saf ety, public works, streets, parks and recreation, library, and community and economic deve lopment. Each program’s net cost (total cost less revenues generated Charges for services,
$12.1 , 13%
Operating grants and
contributions, $9.0 , 10%
Capital grants
and
contributions,
$3.6 , 4%
Property taxes, $16.2 ,
17%
Transient occupancy
taxes, $3.4 , 4%Franchise taxes, $2.2 ,
2%
Sales taxes, $23.6 , 25%
Cardroom
taxes,
$3.4 , 4%
Other taxes, $3.1 , 3%
State gasoline tax, $6.1 ,
7%
Use of money and
property, $10.1 , 11%
Governmental Activities - Revenue by Source
($ in millions)
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CITY OF SAN BRUNO, CALIFORNIA
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED JUNE 30, 2025

by the activities) is presented below. The net cost shows the financial burden that was placed on the City’s taxpayers by each of these functions.

Operating resources (program revenues) and operating expenses are depicted graphically as follows:

Gove rnme ntal activitie s 2025 2024 2025 2024 2025 2024 General government 233,924$ 12,595,748$ 13,337,104$ 11,797,858$ (13,103,180)$ 797,890$ Public safety 5,361,706 5,255,346 40,082,100 40,661,541 (34,720,394) (35,406,195) Public works 781,350 606,079 2,626,085 2,586,715 (1,844,735) (1,980,636) Streets 7,066,343 4,695,935 4,701,644 9,943,745 2,364,699 (5,247,810) Parks and recreation 3,530,094 13,214,973 10,515,903 7,262,037 (6,985,809) 5,952,936 Library 80,185 60,343 2,257,386 2,374,855 (2,177,201) (2,314,512) Community and economic development 7,655,593 19,102,929 5,053,073 3,591,682 2,602,520 15,511,247 Interest expense - - 172,985 217,131 (172,985) (217,131) Total governmental activities 24,709,195$ 55,531,353$ 78,746,280$ 78,435,564$ (54,037,085)$ (22,904,211)$ Net Revenue (Expense) and
Change in Net PositionOperating Revenues Operating Expenses $-
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
$40.0
$45.0
General
government
Public safetyPublic works Streets Parks and
recreation
Library Community
and
economic
development
Interest
expense
($ in millions)
Functions & Programs
Governmental Activities - Expenses & Program Revenues
Program Revenues Expenses
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CITY OF SAN BRUNO, CALIFORNIA

MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED JUNE 30, 2025

Business-type Activities

The City’s business-type activities include water, stormwater, wastewater, parking and CityNet. While water and wastewater are true enterprise funds that pay for their services through user fees, both stormwater and CityNet require funding from the General Fund, as user fees do not cover all operating or capital costs. The parking fund, established in FY24, currently carries a $2.0 million advance from the General Fund to support its operations. In the current fiscal year, the Parking program generated sufficient revenue to cover its expenditure and is expected to continue generating revenues that will allow it to rec over the enterprise’s startup costs over time. The results for the current fiscal year were positive in that overall net position increased to reach an ending balance of $184.4 million. The total increase in net position for busi ness-type activities was $14.3 million. The Water and Wastewater Funds continue to directly contribute to the growth. Charges for services of $21.1 million and $21.3 million covered expenses of $15.5 million and $1 6.6 million, respectively. The Stormwater Fund charges for services of $2.3 million is insufficient to support expen ses of $3.0 million. A transfer of $0.9 million was made from the Emergency Disaster Reserve Fund to support stormwater operations. CityNet charges for services of $7.4 million also continued to be insufficient to support expenses of $7.7 million. Parking charges for service of $1.3 million covered expenses of $0.6 million. Total resources available during the year to finance business-type activities were $57.7 million consisting of program revenues, investment income, and transfers in. Total business- type activities expenses during the year were $43.4 million including operating expenses and interest expense.

Operating revenues and expenses are depicted graphically as follows:

Each program’s net cost (total cost less revenues genera ted by the activities) is presented below. The net cost shows the financial burden placed on City’s taxpayers by each of these functions. $-
$5.0
$10.0
$15.0
$20.0
$25.0
Water Stormwater Wastewater Parking CityNet
($ in millions)
Functions & Programs
Business-Type Activities - Operating Expenses & Program Revenues Program Revenues Expenses
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CITY OF SAN BRUNO, CALIFORNIA

MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED JUNE 30, 2025

Financial Analysis of the City’s Funds

Governmental Funds:

The City uses fund accounting, which focuses on current fina ncial resources affecting near-term liquidity. It is also a management tool for segregating certain resour ces for specific activities or objectives in accordance with special regulations, restrictions, or limitations.

At June 30, 2025, governmental funds reported combined fund balances of $133.4 million, an increase of $2.1 million, 1.6% over the prior year. Of this amount, $2 .9 million is non-spendable $2.0 million is non-spendable due to funds being advanced to Parking Fund services as a loan. The City completed the sale of CityNet to Comcast in 2025 and cable operations began transitioning over to the Comcast network with completion in December 2025. The remainder of the fund balance is either restricted, committed, assigned, or unassigned to indicate that it is (1) restricted for particular purposes , $48.7 million; or (2) committe d for a particular purpose, $0.7 million; or (3) assigned for particular purposes, $30.8 million; or (4) unassigned and available at the City’s discretion, $50.3 million

Analysis of Major Funds

The General Fund is the main operating fund of the City . For financial statement presentation purposes, the General Fund includes the operating fund, reserve funds and Measure G fund. Revenues totaled $72.5 million, which is a decrease of $13.6 million, 15.8%, from the prior year. The decrease is mainly attributable to licenses and permits, which went down by 5.6 million, and intergovernmental and grants , which went down by $4.3 million. While the remaining decreas e is a combination of increases a nd decreases from different revenue categories. The license and permits revenue decrease is mainly attributable to the Community Development department’s revenues being moved to a special revenue fund that was established this current fiscal year for all the department’s transactions. The decrease in Intergovernmental and grants revenue is due to the recognition of the American Rescue Plan Act grant in prior fiscal year that is not applicable this year. Expenditures totaled $56.4 million, which decreased by $6.2 million, 9.9%, from the pr ior year. The decrease is ma inly attributed to the Community Development department’s expenditures being moved to a special revenue fund that was established this current fiscal year for all the departments’ transactions.

The Developer Agreement and Impact Fees Fund accounts for funds from new developments to pay for public facilities and infrastructure needed to accommodate growth in the City. Re venues decreased by $11.2 million, a drop to more typical levels after the prior fiscal year’s major development activities. Expenditures and transfers out decreased by $29.7 million, mainly due to prior fi scal year’s $23.7 million transferred to CityNet and Stormwater to clear the fund deficit that were not app licable in the current fiscal year. The remainder of the Business-type activities 2025 2024 2025 2024 2025 2024
Water 21,114,773$ 17,954,725 $ 15,494,286 $ 16,288,579 $ 5,620,487 $ 1,666,146$ Stormwater 2,297,764 2,657,101 3,006,089 2,262,271 (708,325) 394,830 Wastewater 21,271,559 18,543,371 16,605,600 17,532,875 4,665,959 1,010,496 CityNet 7,428,676 8,432,677 7,648,299 8,717,915 (219,623) (285,238) Parking 1,270,631 160,536 638,891 432,177 631,740 (271,641) Total business-type activities 53,383,403$ 47,748,410 $ 43,393,165 $ 45,233,817 $ 9,990,238 $ 2,514,593$ Net Revenue (Ex pense) and
Change in Net PositionProgram Revenues Program Expenses 15 189 of 396

CITY OF SAN BRUNO, CALIFORNIA

MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED JUNE 30, 2025

decrease is due to reduction of funds used for various Capital Improvement Projects. Fund balance decreased by $0.3 million, resulting in an ending fund balance of $35.6 million. This fund balance will be used in future years to enable projects which mitigate the effects of growth on the community.

The Street Improvement Capital Project Fund accounts for funds expended for transportation infrastructure such as street rehabilitation, streetlights, traffic signals and street medians. Revenue and transfers in were $8.6 million, which is a decrease of $1.6 million, 15.4% from the prior year. The decrease is mainly attributable to the reduction of the transfers in offset by increase of the intergovernmental and grants revenue. Expenditures and transfers out were $15.4, which is an increase of $4.5 million, 41.8% from the prior year which is attributable to the ramp up of spending for street capital improvement projects The fund balance at the end of the fiscal year is $7.4 million which is assigned for capital improvement projects.

Proprietary Funds:

The City’s proprietary funds provide the same type of information found in the business-type activities portion of the government-wide financial statements, but in more detail.

Water Fund’s net position rose by $7.3 million, reaching $83.8 million as of year-end, a significant improvement from the previous year’s $2.9 million increase. The current year’s growth is primarily attributable to the annual rate adjustment applied to water sal es, as well as water capacity charges associated with affordable housing developments. To support the enterprise's long-term fiscal solvency, the City Council approved a five-year water rate plan, effective January 1, 2024.

Similarly, the Wastewater Fund reported a $6.4 million increase in net position, ending the year at $88.1 million.

This is a significant increase compared to previous year’s $2.1 million increase, which is largely driven by the sewer capacity charges for affordable housing developm ents. While these charges materially improved current- year results, they are nonrecurring in nature. To maintain the enterprise’s fiscal sustainability, the City Council adopted a five-year wastewater rate plan effective January 1, 2023.

CityNet Fund:

As of June 30, 2025, the CityNet Fund had a net position of $1.5 million. The Fund has been experiencing annual operating losses, including losses of $246,476 in FY25 and $301,598 in the prior year. Given ongoing operating challenges and uncertainties regarding the Fund’s ability to continue as a going concern, the City executed an agreement in March 2025 for Comcast to acquire the City Net customer base. The full transition of the CityNet system is expected to close December 31, 2025.

General Fund Budgetary Highlights

The budget comparison information presented on page 107, as Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual shows the initial a dopted and final budgets for the General Fund. In this financial statement, the General Fund is comprised of the General Operating fund, reserve funds, Measure G fund, and Developer Project Contributions fund.

Original Budget Compared to Final Budget:

There is no adjustment between original and final revenue estimates. 16 190 of 396

CITY OF SAN BRUNO, CALIFORNIA

MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED JUNE 30, 2025

The most significant differences between original and final expenditure budgets were as follows:

Expenditures Orig Budget Final Budget Variance Percent Change
Parks and recreation $4,801,076 $4,970,868 169,792 3.5% Capital outlay 551,629 1,353,787 802,158 145.4%

Under the Parks and recreation category, the budget incr ease is primarily attributed to a professional service contract for a comprehensive parks assessment, which intended to build on the City’s assets and foster community connections. In addition, the final budget reflects a multi-year facility maintenance service for the newly constructed Recreation and Aquatics center. Both contract s commenced in the prior fi scal year or span multiple fiscal years, and the related costs were previously encumb ered through purchase orders rather than included in the original operating budget, resulting in an apparent year-over-year increase.

Within the Capital Outlay category, the budget incr eased to account for encumb rances from purchase orders submitted at the end of the prior fiscal year, which had not been included during the budget process.

Final Budget Compared to Actual Results:

The most significant differences between estimated and actual revenues were as follows:

Revenues Final
Budget
Actual
Revenues
Variance Percent
Change
Taxes $47,347,324 $48,923,037 1,575,713 3.3%
Charges for services 2,035,963 3,354,749 1,318,786 64.8% Fines and forfeitures 1,620,152 937,116 (683,036) -42.2%

The local economy has continued to strengthen in the post-COVID-19 period, resulting in higher-than-expected tax collections. The City experienced notable gains across its major revenue sources, including sales tax, property tax, and transient occupancy tax. The City's final budget for General Sales Tax is $29 million, whereas the amount received is $28 million. In addition, actual payments to Walmart under the local sales tax revenue-sharing agreement were $2.3 million lower than budgeted. The co mbined impact of these variances resulted in a net favorable budget variance of approximately $1.3 million.

The increase in actual revenues within the licenses and permits category is primarily attributable to Fire Strike Team reimbursement, which exceeded the final budget by approximately $1.1 million. Under the California Fire Assistance Agreement, the City’s Fire department pr ovides personnel and equipment to support major fires, disasters, and other statewide emergency incidents. Re lated costs are subsequently reimbursed to the City, resulting in higher-than-anticipated revenues for the fiscal year. Within the Fines and forfeitures category, the City increased the budget by $0.6 million in the current fiscal year in anticipation of higher citation revenue following the launch of the downtown parking program. The actual revenue did not materialize at the projected level; the City has adjusted the revenue estimates in the subsequent fiscal year to more accurately reflect expected financial performance.
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CITY OF SAN BRUNO, CALIFORNIA

MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED JUNE 30, 2025

The most significant differences between the final budget and actual expenditures were as follows:

Expenditures Final
Budget
Actual
Expenditures
Variance Percent
Change
General government $12,967,593 $11,599,685 1,367,908 10.5% Public safety 33,623,840 33,109,212 514,628 1.5% Streets 2,717,126 2,285,308 431,818 15.9%

In the General government category, $0.8 million was budge ted for contract City Attorney services and, during the year, a portion of legal costs was allocated to developer-funded/ capital projects and enterprise funds, thereby reducing the expenditure impact on th e General Fund and generating savings of $0.15 million. There were also salary savings of $0.5 million in the administrative depa rtments due to unfilled vacancies. The City had also budgeted $0.3 million for general governme nt operational contingency, which remained unused at fiscal year- end. In the Public safety, the Fire department overtime expenditure exceeded budget estimates by approximately $0.8 million, primarily due to increased deployment through Cal Fire. These additional overtime costs are reimbursable by the State. The decrease in Streets expend iture is due to unfilled vacancies and contract services initiated near year-end, thus the expenditure doesn’t reflect in the current fiscal year.

Cash Management

The City employs a pooled cash system (Reference Note 2 in the notes to th e basic financial statements). To maintain flexibility in cash management under the pooled cash concept, the City invests the cash of all funds with maturities planned to coincide with cash needs. Idle cash is invested in eligible securities as defined by the California Government Code and further authorized by th e City's Investment Policy. The goals of the City's Investment Policy are safety, liquidity, and yield in that order of priority.

Capital Assets

The capital assets of the City are those assets used in the performance of the City’s functions, including infrastructure assets. At June 30, 2025, net capital assets of the governmental activities totaled $141.3 million.

Depreciation on capital assets is rec ognized in the government-wide financial statements. During FY25, net capital assets for governmental activitie s increased by $16.4 million due to the construction of the RAC and additions in excess of depreciation of existing assets. For business-type activities, capital assets increased by $3.2 million to $130 million due to additions in excess of depreciation of ex isting assets. Detailed information about capital assets can be found in Note 4 to the financial statements.

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CITY OF SAN BRUNO, CALIFORNIA

MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED JUNE 30, 2025

Debt Administration

The City and Successor Agency to the Former Redevelopment Agency debt obligations are in the form of capital leases, pension obligation bond, loans payable to Sout h San Francisco, and revenue bonds. A summary of the City’s outstanding debt follows:
2025 2024 2025 2024 2025 2024
Land 3,249,087$ 3,249,087$ 576,842$ 576,842$ 3,825,929$ 3,825,929$ Construction in Progress 19,071,415 65,418,685 15,527,818 8,830,579 34,599,233 74,249,265 Infrastructure 46,319,843 44,356,477 46,319,843 44,356,477 Sewer Plant - - 25,795,088 27,102,678 25,795,088 27,102,678 Buildings & Structures 66,933,584 6,284,705 81,963,254 84,843,457 148,896,838 91,128,162 Machinery & Equipment 5,519,351 5,205,241 6,351,044 5,619,493 11,870,395 10,824,734 Right to use-Software 221,024 400,079 - - 221,024 400,079 Total 141,314,304$ 124,914,274 $ 130,214,046$ 126,973,050 $ 271,528,349 $ 251,887,324 $ Governmental Activities Business-Type Activities Totals 19 193 of 396

CITY OF SAN BRUNO, CALIFORNIA

MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED JUNE 30, 2025

Additional information about long-term debt can be found in Note 5 to the financial statements.

Economic Factors Impacting City’s Finances

The City Council and management considered the following economic factors in preparation of the fiscal year 2025-26 budget:

General Fund revenues

 Total General Fund revenues of $68.0 million projected for FY26, a modest increase as compared to the FY25 Amended Budget amounts.
 Property Taxes – San Bruno only receives about 12 ½ cents from every property tax dollar paid in San Bruno.

An additional 2 cents of property tax revenue has come to the City in recent years from the Educational Revenue Augmentation Fund, or ERAF, but this is not a consistent or reliable revenue source to fund on- going operations in the long term. The remainder of property taxes paid by property owners in the City goes 2025 2024
Governmental Activities
2022 Financed Purchased Obligation 1,174,474 1,426,436 2013 Pension Obligation Bond 2,180,964 3,206,446 Subscription-Based Information
Technology Agreement (SBITA) Liability 280,808 425,872 Subtotal Government Activities Debt 3,636,246 5,058,754 Business-Type Activities
Due to South San Francisco - 2007 Loan 447,288 883,668 Due to South San Francisco - 2024 Loan 12,614,464 13,203,488 2013 Wastewater Revenue Refunding Bond 3,748,004 4,130,879 2017 Wastewater Revenue Bond 23,358,280 23,970,813 2017 Water Revenue Bond 11,085,760 11,377,315 Subtotal Business-Type Activities Debt 51,253,796 53,566,163 Fiduciary Activities
2019 Lease Revenue Bonds 2,939,532 3,366,954 Subtotal Fiduciary Activities 2,939,532 3,340,954 Total Long-Term Debt Obligations 57,829,574$ 61,965,872$ Summary of Long-Term Debt
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CITY OF SAN BRUNO, CALIFORNIA

MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED JUNE 30, 2025

to San Mateo County, school districts, and special districts. The housing industry and home sales boomed when more and more people worked from home because of pandemic i nduced changes in work-from-home patterns. In FY26, secured property tax revenue is expected to increas e by a reduced amount, 7%, over the prior fiscal year budget in recognition of the positive economic factors continue to support healthy growth.  Sales Tax of 9.875% is assessed on every taxable sale in San Bruno. Of the 9.875%, the City receives 1.5% or approximately 15% of the total tax. For FY26 total Sales Tax revenue is anticipated to increase by 3.7% over prior year. The planned redevelopment of Tanforan Mall will cause reduced sales in the area beginning in FY26 or FY27 depending on rede velopment plans which include resi dential, retail, and life-sciences commercial uses. Of considerable concern for sales taxes is the City’s exposure to California Department of Tax and Fee Administration’s (CDTFA) challenge to a tax share agreement with Walmart.com. See Note 11.  Transient Occupancy Tax (TOT) in the amount of 14% is collected on the cost of each room rental at each of the 12 lodging establishments in the City. Occupancy in hotels declined by more than 75% shortly after the coronavirus outbreak. The hospitality industry is on the mend, reaching pre-pandemic levels in FY25. Staff projects that TOT revenue has largely recovered and future growth will remain largely flat into FY26.  Business license tax is an annual tax based on prior y ear gross receipts. The pandemic devastated many sectors of San Bruno’s business community and some busin esses reported lower gross receipts for multiple years following. In the recent past, businesses faced strong headwinds with escalating inflation, disrupted supply chains and tight labor markets. However, as infl ation begins to ease, this category is expected to rebound and staff therefore increased business license expectations to exceed pre-pandemic levels.  Departmental Revenue – is projected to increase by approximately $1.5 million over FY25 estimates, despite the transfer of several operating components to Special Revenue Funds. City fees and fully burdened hourly rates effective July 1, 2025 were updated based on th e actual change in cost of providing services over the February-to-February change in CPI-W for the San Francisco Bay Area. When reviewing historical revenue, it is important to note that the Community Development Department and the RA C were moved to special revenue funds in order to clearly demonstrate the resources and requirements associated with those program areas. Of particular note, the City received $0.2 million in restricted revenues to purchase meals to feed hungry seniors at the San Bruno Senior Center in memory of Lumila Branchukova.

General Fund expenditures

Personnel costs represent the largest share General Fund expenditures, totaling $52.0 million or 76% of total expenditures as follows:

 Regular and Part-Time Salaries – Salaries for all full time and part time staff is the single largest category of expenditures in the operating budget at approximately 45% of total General Fund expenditures. The total budget for salaries across all General Fund departments is $31.5 million.  Insurances and Retirement Benefits – Overall insuran ce and retirement benefits for the General Fund FTE personnel totals $20.5 million in FY26, an increase of 17 percent over FY25 estimated actual expenditures.

Employee retirement benefits total $13.6 million, or 19.6% of the General Fund expenditures. This amount includes both the ongoing cost of service - the normal co st - and the past differences between expectations and reality- the unfunded liability - which provides a retirement benefit for City workers who do not participate in Social Security. The City continues to experience significant impacts from increasing costs for retirement benefits through the CalPERS system. The only revenues available to the CalPERS system to fund employee pension costs comes from three sources: PER S investment earnings, employee contributions and employer contributions. As a result, the reduction of av ailable revenue in the investment earnings category must be made up from increases to employer contributions.

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CITY OF SAN BRUNO, CALIFORNIA

MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED JUNE 30, 2025

Enterprise Funds

The City completed a comprehensive review of oper ating and capital needs in the Water and Wastewater Enterprises and established new multi-year utility rate schedules in June 2023 (Wastewater) & September 2023 (Water). The rate analysis included careful evaluation of all operational costs and the planned schedule and costs for delivery of capital improvement projects necessary to replace and rehabilitate th e City’s aging water and wastewater system infrastructure. The multi-year Wastewater rate program adopted by the City Council in June 2023 provided for an annual 5.25% rate increase from FY24 (07/01/23) through FY28 (06/30/28). The multi- year Water rate program adopted by the City Council in September 2023 provided for an annual 6% rate increase from FY24 (01/01/24) through FY29 (12/31/28).

The Stormwater Enterprise is responsible for maintaining the stormwater conveyance system as well as adhering to the requirements outlined in the National Pollutant Discharge Elimination System (NPDES). Stormwater fees are collected through the County property tax, and a minimum of $46.16 per assessor parcel number (APN) is assessed for most properties in San Bruno. These fees have been in place since 1994 and are inadequate to fund ongoing operations and necessary equipment and capital investments to meet federal requirements. The City held a mail ballot property-owner election to increase Storm Drainage and Flood Protec tion Fee on June 15, 2021, which was rejected by voters overwhelmingly. The City negotiated an agreement with the solid waste franchise to contribute $798,993 annually for street sweeping to protect the stormwater infrastructure and discharge from debris. The City continues to explore opportunities in FY26 that will shore up the Stormwater Fund in the absence of a dedicated revenue source.

CityNet Fund – The City completed the sale of CityNet to Comcast in 2025 a nd cable operations began transitioning over to the Comcast network with completion in December 2025.

Capital Improvement Program and Debt Service

The FY2025-29 Capital Improvement Program identifi es 94 funded and partially funded projects/programs organized into 8 categories. $11.16 million in capital investment is programmed through the 5-year CIP to assure rehabilitation, replacement, and improvement of City facilities and infrastructure.

A total of $5.3 million is set aside to meet debt service obligations.

Contacting the City’s Financial Management

This financial report is designed to provide our citizens, taxpayers, customers, investors, and creditors with a general overview of the City’s finan ces and to show the City’s accountability for the revenues it received.

Questions about this report should be directed to the Finance Division of Administrative Services at [email protected] or 567 El Camino Real, San Bruno, CA 94066. This report as well as other financial reports can be viewed on the City of San Bruno’s website at www.sanbruno.ca.gov. 22 196 of 396

BASIC

FINANCIAL STATEMENTS
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GOVERNMENT-WIDE

FINANCIAL STATEMENTS
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City of San Bruno
Statement of Net Position
June 30, 2025 (with comparative totals for June 30, 2024) Governmental Business-type
Activities Activities 2025 2024
ASSETS
Current assets:

Cash and investments 134,113,523 $ 128,823,396 $ 262,936,919 $ 245,164,394 $ Cash and investments with fiscal agent 150,759 1,984,731 2,135,490 2,107,586 Receivables:

Taxes 10,349,700 79,152 10,428,852 9,302,101 Accounts 533,851 5,459,698 5,993,549 4,414,413 Interest 888,351 - 888,351 741,905 Loans 926,596 - 926,596 885,047 Other 2,719,836 1,829 2,721,665 1,958,450 Internal balances 1,088,275 (1,088,275) - - Total current assets 150,770,891 135,260,531 286,031,422 264,573,896 Noncurrent assets:

Other assets 3,741,726 - 3,741,726 3,628,657 Capital assets:

Nondepreciable 22,320,501 16,104,660 38,425,161 78,075,194 Depreciable 210,147,451 209,520,075 419,667,526 349,965,117 Less accumulated depreciation (91,153,649) (95,410,690) (186,564,339) (176,152,987) Total capital assets 141,314,303 130,214,045 271,528,348 251,887,324 Total noncurrent assets 145,056,029 130,214,045 275,270,074 255,515,981 Total assets 295,826,920 265,474,576 561,301,496 520,089,877

DEFERRED OUTFLOWS OF RESOURCES
Deferred charges on refunding - 58,893 58,893 66,254 Deferred pension related items 27,407,155 3,425,211 30,832,366 41,222,507 Total deferred outflows of resources 27,407,155 3,484,104 30,891,259 41,288,761

LIABILITIES
Current liabilities:

Accounts payable and accrued liabilities 10,944,383 6,246,147 17,190,530 15,770,887 Interest payable 20,308 901,256 921,564 968,631 Deposits payable 4,490,851 6,330,375 10,821,226 4,130,195 Unearned revenue 226,950 555,593 782,543 729,894 Other liabilities 185,761 - 185,761 1,228,558 Compensated absences - current 648,328 94,519 742,847 649,847 Claims and judgements - current 1,623,000 - 1,623,000 1,316,000 Long-term debt - current portion 1,379,216 2,236,917 3,616,133 3,607,430 Total current liabilities 19,518,797 16,364,807 35,883,604 28,401,442 Noncurrent liabilities:

Compensated absences 2,888,237 636,126 3,524,363 3,094,037 Claims and judgements 4,991,000 - 4,991,000 4,284,000 Net pension liability 103,005,790 18,526,971 121,532,761 123,856,277 Long-term debt 2,257,030 49,016,877 51,273,907 55,017,487 Total noncurrent liabilities 113,142,057 68,179,974 181,322,031 186,251,801 Total liabilities 132,660,854 84,544,781 217,205,635 214,653,243

DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources - pension 1,440,060 - 1,440,060 2,574,890 Total deferred inflows of resources 1,440,060 - 1,440,060 2,574,890

NET POSITION
Net investment in capital assets 139,859,021 79,019,144 218,878,165 196,535,107 Restricted for:

Capital projects 8,382,907 1,984,731 10,367,638 16,300,063 Debt service 6,702 - 6,702 - Measure A 1,079,573 - 1,079,573 1,107,775 Community services 39,233,907 - 39,233,907 34,466,683 Total restricted 48,703,089 1,984,731 50,687,820 51,874,521 Unrestricted 571,051 103,410,024 103,981,075 95,740,877 Total net position 189,133,161$ 184,413,899$ 373,547,060$ 344,150,505$ Totals
See accompanying Notes to Basic Financial Statements.
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City of San Bruno
Statement of Activities
For the year ended June 30, 2025 (with comparative totals for June 30, 2024) Operating Capital
Charges for Grants and Grants and
Functions/Programs Expenses Services Contributions Contributions Total Governmental activities:

General government 13,337,104$ 51,425$ 172,572$ 9,927$ 233,924$ Public safety 40,082,100 3,158,482 2,203,224 - 5,361,706 Public works 2,626,085 609,555 171,795 - 781,350 Streets 4,701,644 18,700 4,382,423 2,665,220 7,066,343 Parks and recreation 10,515,903 1,907,570 729,053 893,471 3,530,094 Library 2,257,386 10,073 70,112 - 80,185 Community and economic development 5,053,073 6,351,660 1,303,933 - 7,655,593 Interest expense 172,985 - - - - Total governmental activities 78,746,280 12,107,465 9,033,112 3,568,618 24,709,195 Business-type Activities:

Water 15,494,286 21,114,773 - - 21,114,773 Stormwater 3,006,089 2,297,764 - - 2,297,764 Wastewater 16,605,600 21,271,559 - - 21,271,559 Cable television 7,648,299 7,428,676 - - 7,428,676 Parking 638,891 1,270,631 - - 1,270,631 Total business-type activities 43,393,165 53,383,403 - - 53,383,403 Total primary government 122,139,445$ 65,490,868$ 9,033,112$ 3,568,618$ 78,092,598$ General Revenues:

Taxes:

Property taxes, levied for general purpose
Transient occupancy tax
Franchise tax
Sales tax, including subvention
Cardroom taxes
Other taxes
Total taxes
Intergovernmental, unrestricted
State motor vehicle in-lieu tax, including subvention
Use of money and property
Transfers
Total general revenues and transfers
Change in net position
Net position - beginning of year
Restatements
Net position - beginning of year, as restated
Net position - end of year
Program Revenues
See accompanying Notes to Basic Financial Statements.
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Governmental Business-Type
Activities Activities 2025 2024
(13,103,180)$ - $ (13,103,180)$ 797,890 $ (34,720,394) - (34,720,394) (35,406,195) (1,844,735) - (1,844,735) (1,980,636) 2,364,699 - 2,364,699 (5,247,810) (6,985,809) - (6,985,809) 5,952,936 (2,177,201) - (2,177,201) (2,314,512) 2,602,520 - 2,602,520 15,511,247 (172,985) - (172,985) (217,131) (54,037,085) - (54,037,085) (22,904,211) - 5,620,487 5,620,487 1,666,146 - (708,325) (708,325) 394,830 - 4,665,959 4,665,959 1,010,496 - (219,623) (219,623) (285,238) - 631,740 631,740 (271,641) - 9,990,238 9,990,238 2,514,593 (54,037,085) 9,990,238 (44,046,847) (20,389,618) 16,171,524 - 16,171,524 15,417,048 3,409,014 - 3,409,014 3,558,287 2,153,559 - 2,153,559 2,076,227 23,611,601 - 23,611,601 20,818,065 3,435,504 - 3,435,504 3,333,236 3,118,653 - 3,118,653 4,028,690 51,899,855
- 51,899,855 49,231,553 6,084,725 - 6,084,725 5,584,474 10,114,200 3,166,235 13,280,435 14,005,094 (1,158,415) 1,158,415 - - 66,940,365 4,324,650 71,265,015 68,821,121 12,903,280 14,314,888 27,218,168 48,431,503 176,741,862 167,408,644 344,150,506 293,627,679 (511,981) 2,690,367 2,178,386 2,091,323 176,229,881 170,099,011 346,328,892 295,719,002 189,133,161$ 184,413,899$ 373,547,060$ 344,150,505$ Totals
Net (Expense) Revenue
and Changes in Net Position
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FUND

FINANCIAL STATEMENTS
Governmental Fund Financial Statements
Proprietary Fund Financial Statements
Fiduciary Fund Financial Statements
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MAJOR GOVERNMENTAL FUNDS
General Fund
The General Fund is the primary operating fund of the City, accounting for all activities except those legally or administratively required to be accounted for in other funds. The General Fund includes activities such as public safety, parks and recreation services, community and economic development, public works and streets maintenance, legal and administrative services. The General Fund also accounts for reserves, Measure G funds, American Rescue Plan Act funds, and developer contributions.

Developer Agreements and Impact Fees Fund
Accounts for funds from new developments to pay for public facilities and infrastructure needed to accommodate growth in the City.

Street Improvement Capital Improvement Fund
The Street Improvement Capital Project Fund accounts for funds expended for transportation infrastructure such as street rehabilitation, streetlights, traffic signals and street medians. 33 207 of 396

City of San Bruno
Balance Sheet
Governmental Funds
June 30, 2025 (with comparative totals for June 30, 2024) ASSETS
Cash and investments 57,534,380 $ 37,564,477 $ 7,711,985 $ - $ Cash and investments with fiscal agent 57,718 - - - Receivables:

Taxes 9,829,931 - - - Accounts 533,851 - - - Interest 872,295 - - - Loans 926,596 - - - Other 1,382,302 - 323,190 - Due from other funds 3,590,531 - - - Advances to other funds 2,000,000 - - - Other assets - - - - Total assets 76,727,604$ 37,564,477$ 8,035,175$ -$

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES

Liabilities:

Accounts payable and accrued liabilities 7,844,566 - 676,792 - Due to other funds - - - - Interest payable - - - - Deposits payable 2,510,795 1,980,056 - - Unearned revenue 109,427 - - - Other liabilities 185,761 - - - Total liabilities 10,650,549 1,980,056 676,792 -

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

Fund Balances:

Nonspendable 2,926,596 - - - Restricted - 25,611,312 4,985,434 - Committed - - - - Assigned 9,666,621 9,973,109 2,372,949 - Unassigned 53,483,838 - - - Total fund balances 66,077,055 35,584,421 7,358,383 - Total liabilities, deferred inflows of
resources and fund balances 76,727,604$ 37,564,477$ 8,035,175$ -$ Capital Projects Fund
General Fund
Developer
Agreements and
Impact Fees
Parks and Facilities
and Technology
Capital
ImprovementStreet Improvement
See accompanying Notes to Basic Financial Statements
34 208 of 396

Nonmajor
Governmental
Funds 2025 2024
27,921,764$ 130,732,606$ 134,374,902$ 1,922 59,640 53,232 519,769 10,349,700 9,227,148 - 533,851 91,112 16,056 888,351 741,905 - 926,596 885,047 1,014,344 2,719,836 1,956,554 - 3,590,531 1,671,225 - 2,000,000 2,000,000 3,741,726 3,741,726 3,628,657 33,215,581$ 155,542,837$ 154,629,782$ 2,265,818 10,787,176 13,034,431 3,418,792 3,418,792 1,671,225 10,154 10,154 13,855 - 4,490,851 4,130,195 117,523 226,950 98,133 - 185,761 1,228,558 5,812,287 19,119,684 20,176,397 3,049,700 3,049,700 3,147,900 3,049,700 3,049,700 3,147,900 - 2,926,596 2,885,047 18,106,343 48,703,089 49,911,286 652,042 652,042 2,404,964 8,807,641 30,820,320 37,184,739 (3,212,432) 50,271,406 38,919,449 24,353,594 133,373,453 131,305,485 33,215,581$ 155,542,837$ 154,629,782$ Totals
See accompanying Notes to Basic Financial Statements
35 209 of 396

Total Fund Balances - Total Governmental Funds 133,373,453$ Capital assets used in governmental activities were not current financial resources.

Therefore, they were not reported in the Governmental Funds Balance Sheet. Except for the internal service funds reported below, the capital assets were adjusted as follows:

Government-
Wide Statement
of Net Position
Internal Service
Funds Total
Nondepreciable 22,320,501$ - $ 22,320,501 Depreciable, net 118,993,802 (165,479) 118,828,323 Total capital assets 141,314,303$ (165,479) $ 141,148,824 Internal service funds were used by management to charge the costs of certain activities, such as insurance, to individual funds. The assets and liabilities of the Internal service funds were included in governmental activities in the Government- Wide Statement of Net Position. (3,472,747)
Net amount of internal service funds allocated to business-type activities (911,725) Unavailable revenues recorded in the fund financial statements resulting from activities in which revenues were earned but were not available are reclassified as revenues in the Government-Wide Financial Statements. 3,049,700 In the Government-Wide Financial Statements, deferred employer contributions for pension, certain differences between actuarial estimates and actual results, and other adjustments resulting from changes in assumptions and benefits are deferred in the current year.

Government-
Wide Statement
of Net Position
Internal Service
Funds
Deferred outflows of resources related to pension 27,407,155 - 27,407,155 Deferred inflows of resources related to pension (1,440,060) - (1,440,060) Long-term liabilities were not due and payable in the current period. Therefore, they were not reported in the Governmental Funds Balance Sheet.

Government-
Wide Statement
of Net Position
Internal Service
Funds Total
Compensated absences - due within one year (648,328) $ 26,937 $ (621,391) $ Additional interest payable (10,154) - (10,154) Long-term debt - due within one year, not already included in accounts payable (1,379,216) - (1,379,216) Claims and judgements - due within one year (1,623,000) 1,623,000 - Compensated absences - due in more than one year (2,888,237) 140,379 (2,747,858) Long-term debt - due in more than one year (2,257,030) - (2,257,030) Claims and judgements - due in more than one year (4,991,000) 4,991,000 - Net pension liability (103,005,790) - (103,005,790) Total long-term liabilities (116,802,755)$ 6,781,316 $ (110,021,439) Net Position of Governmental Activities 189,133,161$
City of San Bruno
Reconciliation of the Governmental Funds Balance Sheet
to the Government-Wide Statement of Net Position
June 30, 2025
Amounts reported for governmental activities in the statement of net position are different because:

See accompanying Notes to Basic Financial Statements
36 210 of 396

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37 211 of 396

City of San Bruno
Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds
For the year ended June 30, 2025 (with comparative totals for June 30, 2024) REVENUES:

Taxes 48,923,037 $ - $ - $ - $ Licenses and permits 3,651,136 61,518 - - Intergovernmental and grants 6,299,037 - 2,665,220 - Charges for services 3,354,749 - - - Fines and forfeitures 937,116 - - - Use of money and property 8,967,607 1,040,270 - - Other revenues 398,014 - - - Total revenues 72,530,696 1,101,788 2,665,220 - EXPENDITURES:

Current:

General government 11,599,685 - - - Public safety 33,109,212 - - - Public works 1,583,990 - - - Streets 2,285,308 - - - Parks and recreation 4,642,063 - - - Library 2,244,810 - - - Community and economic development 7,870 - - - Capital outlay 943,831 - 14,952,728 - Debt service:

Principal - - - - Interest and fiscal charges - - - - Total expenditures 56,416,769 - 14,952,728 -

REVENUES OVER (UNDER)
EXPENDITURES 16,113,927 1,101,788 (12,287,508) - OTHER FINANCING SOURCES (USES):

Transfers in 1,687,868 158,709 5,928,232 - Transfers ou
t (13,561,932) (1,548,000) (477,951) - Proceeds from sale of property 999,985 - - - Total other financing sources (uses) (10,874,079) (1,389,291) 5,450,281 - Net change in fund balances 5,239,848 (287,503) (6,837,227) - FUND BALANCES:

Beginning of year 60,837,207 35,871,924 13,719,948 9,219,206 Restatement - - 475,662 (9,219,206) Beginning of year, as restated 60,837,207 35,871,924 14,195,610 - End of year
66,077,055$ 35,584,421$ 7,358,383$ -$ Capital Projects Funds
General Fund
Parks and Facilities
and Technology
Capital
Improvement
Developer
Agreements and
Impact Fees Street Improvement
See accompanying Notes to Basic Financial Statements.
38 212 of 396

Nonmajor
Governmental
Funds 2025 2024
1,883,524$ 50,806,561$ 47,073,160$ 6,059,780 9,772,434 21,429,107 4,286,601 13,250,858 26,291,223 2,077,674 5,432,423 4,339,526 123,890 1,061,006 1,024,684 561,622 10,569,499 9,665,220 632,642 1,030,656 8,486,054 15,625,733 91,923,437 118,308,974 60,343 11,660,028 9,061,268 583,804 33,693,016 36,917,346 - 1,583,990 2,143,316 249,986 2,535,294 2,616,323 4,723,646 9,365,709 7,015,179 40,380 2,285,190 2,365,086 5,066,065 5,073,935 3,609,519 6,238,753 22,135,312 31,645,225 1,191,580 1,191,580 1,146,790 172,985 172,985 217,131 18,327,542 89,697,039 96,737,183 (2,701,809) 2,226,398 21,571,791 9,931,658 17,706,467 26,557,786 (3,276,999) (18,864,882) (51,994,004) - 999,985 4,705,755 6,654,659 (158,430) (20,730,463) 3,952,850 2,067,968 841,328 11,657,200 131,305,485 130,464,157 8,743,544 - - 20,400,744 131,305,485 130,464,157 24,353,594$ 133,373,453$ 131,305,485$ Totals
See accompanying Notes to Basic Financial Statements.
39 213 of 396

City of San Bruno
Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Government-Wide Statement of Activities For the year ended June 30, 2025
Net Change in Fund Balances - Total Governmental Funds 2,067,968$ Governmental funds reported capital outlay as expenditures. However, in the Government-Wide Statement of Activities, the cost of those assets was allocated over their estimated lives as depreciation expense. This was the amount of capital assets recorded in the current period, net of the amount related to internal service funds. 21,078,404
Depreciation expense on capital assets was reported in the Government-Wide Statement of Activities, but did not require the use of current financial resources. Therefore, depreciation expense was not reported as expenditures in the governmental funds, net of the amount related to internal service funds. (4,714,247) Capital assets sold in the governmental funds are recognized as revenue, but in the Government-Wide Statement of Net Position, the underlying net capital asset is removed from the accounting records at the time of the sale. This represents the capital assets net of depreciation that was removed. (17,247) Accrued compensated leave payments were reported as expenditures in the governmental funds, however expense is recognized in the Government-Wide Statement of Activities based on earned leave accruals. 58,997 Debt proceeds provide current financial resources to governmental funds, but issuing debt increased long- term liabilities in the Government-Wide Statement of Net Position. Repayment of debt was an expenditure in governmental funds, but the repayment reduced long-term liabilities in the Government-Wide Statement of Net Position.

Long-term debt repayments 1,308,181
Change in interest payable 5,172
Amortization of bonds premium (discount), net 19,518
Current year employer pension contributions are recorded as expenditures in the governmental funds, however, these amounts are reported as a deferred outflow of resources in the Government-Wide Statement of Net Position. 12,686,990
Pension expense is reported in the Government-Wide Statement of Activities does not require the use of current financial resources, and therefore is not reported as expenditures in governmental funds. (19,014,966) Unavailable revenues removed in the fund financial statements resulting from activities in which revenues were earned in the governmental funds but were already recognized as revenues in the Government-Wide Financial Statements in a prior year. (98,200)
Internal service funds were used by management to charge the costs of certain activities, such as insurance and fleet management, to individual funds. The net revenue (expense) of the internal service funds was reported with governmental activities. (477,290)
Change in Net Position of Governmental Activities 12,903,280$ Amounts reported for governmental activities in the Government-Wide Statement of Activities were different because:

See accompanying Notes to Basic Financial Statements
40 214 of 396

PROPRIETARY FUNDS
Proprietary funds account for City operations financed and operated in a manner similar to a private business enterprise. The intent of the City is that the cost of providing goods and services be financed primarily through user charges.

The City has identified the funds below as major proprietary funds.

Water Fund
To account for water services provided to the citizens of San Bruno. All activities necessary to provide such services are accounted for in this fund, including, but not limited to, administration, operations, maintenance, capital improvement, and billing and collections.

Wastewater Fund
To account for sanitary sewer services provided to the citizens of San Bruno. All activities necessary to provide such services are accounted for in this fund, including, but not limited to, treatment and capital improvement.

CityNet Fund
To account for operating and capital improvement costs to provide a full suite of video, data and voice services to residential and business customers.
41 215 of 396

City of San Bruno
Statement of Net Position
Proprietary Funds
June 30, 2025 (with comparative totals for June 30, 2024) ASSETS
Current Assets:

Cash and investments 57,188,523$ 54,331,814$ 12,451,438$ 4,851,621$ Cash and investments with fiscal agent 470,776 1,513,955 - - Receivables:

Taxes - - - 79,152 Accounts 3,859,443 413,771 552,019 634,465 Other - - - 1,829 Total current assets 61,518,742 56,259,540 13,003,457 5,567,067 Noncurrent:

Capital assets:

Nondepreciable capital assets 6,216,438 8,170,576 500,000 1,217,646 Depreciable capital assets 62,484,826 115,949,450 22,440,138 8,645,661 Accumulated depreciation (28,221,327) (43,080,892) (21,620,968) (2,487,503) Net capital assets 40,479,937 81,039,134 1,319,170 7,375,804 Total noncurrent assets 40,479,937 81,039,134 1,319,170 7,375,804 Total assets 101,998,679 137,298,674 14,322,627 12,942,871 DEFERRED OUTFLOWS OF RESOURCES Deferred amount on pensions 1,094,207 985,967 1,197,194 147,843 Deferred amount on refunding - 58,893 - - Total deferred outflows of resources 1,094,207 1,044,860 1,197,194 147,843 LIABILITIES Current liabilities:

Accounts payable and accrued liabilities 1,800,265 3,892,289 347,712 205,881 Due to other funds - - - - Interest payable 209,611 691,645 - - Deposits payable - - 6,330,375 - Unearned revenue - - 555,593 - Other liabilities - - - - Compensated absences - current 27,884 19,917 42,312 4,406 Claims and judgements - current - - - - Long-term debt - current portion 260,000 1,976,917 - - Total current liabilities 2,297,760 6,580,768 7,275,992 210,287 Noncurrent liabilities:

Advances from other funds - - - 2,000,000 Compensated absences 206,720 149,160 251,560 28,686 Claims payable - - - - Net pension liability 5,918,572 5,333,094 6,475,622 799,683 Long-term debt 10,825,760 38,191,117 - - Total noncurrent liabilities 16,951,052 43,673,371 6,727,182 2,828,369 Total liabilities 19,248,812 50,254,139 14,003,174 3,038,656 DEFERRED INFLOWS OF RESOURCES Deferred amount on pensions - - - - Total deferred inflows of resources - - - -

NET POSITION
Net investment in capital assets 29,394,177 40,929,993 1,319,170 7,375,804 Restricted 470,776 1,513,955 - - Unrestricted 53,979,121 45,645,447 197,477 2,676,254 Total net position 83,844,074$ 88,089,395$ 1,516,647$ 10,052,058$ Reconciliation to the government-wide statement of net position:

Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds 577,905$ (533,978)$ 793,817$ 73,981$ Net position of business-type activities 84,421,979$ 87,555,417$ 2,310,464$ 10,126,039$ Water Wastewater CityNet
Nonmajor Enterprise
Funds
Business Type Activities - Enterprise Funds
See accompanying Notes to Basic Financial Statements.
42 216 of 396

2025 2024 2025 2024
128,823,396$ 107,019,693 $ 3,380,917 $ 3,769,799 $ 1,984,731 1,963,235 91,119 91,119 - - - 79,152 74,953 - - 5,459,698 4,323,102 - 199 1,829 1,896 - - 136,348,806 113,382,879 3,472,036 3,861,117 16,104,660 9,407,422 - - 209,520,075 206,952,769 253,982 182,060 (95,410,690) (89,387,140) (88,503) (69,701) 130,214,045 126,973,051 165,479 112,359 130,214,045 126,973,051 165,479 112,359 266,562,851 240,355,930 3,637,515 3,973,476 3,425,211 4,547,470 - - 58,893 66,254 - - 3,484,104 4,613,724 - - 6,246,147 2,489,135 157,207 342,130 - - 171,739 - 901,256 939,450 - - 6,330,375 - - - 555,593 631,761 - - - - - - 94,519 71,933 26,937 26,079 - - 1,623,000 1,316,000 2,236,917 2,165,404 - - 16,364,807 6,297,683 1,978,883 1,684,209 2,000,000 2,000,000 - - 636,126 562,993 140,379 155,707 - - 4,991,000 4,284,000 18,526,971 19,036,803 - - 49,016,877 51,400,759 - - 70,179,974
73,000,555 5,131,379 4,439,707 86,544,781 79,298,238 7,110,262 6,123,916 - 8,608 - - - 8,608 - - 79,019,144 73,473,142 132,356 104,303 1,984,731 1,963,235 - - 102,498,299 90,226,431 (3,605,103) (2,254,743) 183,502,174$ 165,662,808$ (3,472,747)$ (2,150,440)$ 911,725$ 1,745,836$
184,413,899$ 167,408,644$
Totals Totals
Business-Type Activities - Governmental Activities -
Enterprise Funds Internal Service Funds
See accompanying Notes to Basic Financial Statements.
43 217 of 396

City of San Bruno
Statement of Revenues, Expenses and Changes in Net Position Proprietary Funds
For the year ended June 30, 2025 (with comparative totals for June 30, 2024) OPERATING REVENUES:

Charges for services:

Water sales 18,647,587$ -$ -$ -$ Sewer service charges - 18,841,743 - - Cable television charges - - 7,428,676 - Other service charges 2,328,927 2,414,694 - 1,211,663 Other operating revenue 138,259 15,122 - 2,356,732 Total operating revenues 21,114,773 21,271,559 7,428,676 3,568,395 OPERATING EXPENSES:

Water supply 12,795,631 - - - Distribution - - - 2,751,216 Treatment - 11,250,366 - - Cable operations - - 7,532,936 - Central garage - - - - Insurance expenses - - - - Technology support - - - - Facilities maintenance - - - 480,062 Depreciation and amortization 1,947,059 3,657,832 142,216 408,233 Total operating expenses 14,742,690 14,908,198 7,675,152 3,639,511 Operating income (loss) 6,372,083 6,363,361 (246,476) (71,116) NONOPERATING REVENUES (EXPENSES):

Investment income 1,491,865 1,411,570 189,027 73,773 Interest and debt service expenses (384,523) (1,208,980) - -

Total nonoperating revenues (expenses) 1,107,342 202,590 189,027 73,773 Income before contributions and transfers 7,479,425 6,565,951 (57,449) 2,657 CONTRIBUTIONS AND TRANSFERS:

Transfers in - - - 1,533,765 Transfers out (218,650) (156,700) - - Total contributions and transfers (218,650) (156,700) - 1,533,765 Change in net position 7,260,775 6,409,251 (57,449) 1,536,422 NET POSITION:

Beginning of year 75,659,429 79,911,694 1,571,988 8,519,697 Restatements 923,870 1,768,450 2,108 (4,061) Beginning of year, as restated 76,583,299 81,680,144 1,574,096 8,515,636 End of year 83,844,074$ 88,089,395$ 1,516,647$ 10,052,058$ Reconciliation to government-wide statement of activities:

Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds (367,073)$ (488,422) $ 26,853 $ (5,469) $ Change in net position of business-type activities - End of year 6,893,702$ 5,920,829 $ (30,596) $ 1,530,953 $ Business Type Activities - Enterprise Funds
Water Wastewater CityNet
Nonmajor
Enterprise Funds
See accompanying Notes to Basic Financial Statements.
44 218 of 396

2025 2024 2025 2024
18,647,587$ 17,567,116$ -$ -$ 18,841,743 18,408,221 - - 7,428,676 8,432,677 - - 5,955,284 1,066,212 8,585,257 8,347,546 2,510,113 2,274,184 609,074 13,240 53,383,403 47,748,410 9,194,331 8,360,786 12,795,631 14,092,708 - - 2,751,216 2,035,734 - - 11,250,366 13,109,786 - - 7,532,936 8,535,691 - - - - 1,502,776 914,802 - - 5,135,412 3,627,989 - - 1,606,727 1,496,517 480,062 326,291 2,242,015 1,999,029 6,155,340 5,338,388 18,802 10,607 40,965,551 43,438,598 10,505,732 8,048,944 12,417,852 4,309,812 (1,311,401) 311,842 3,166,235 2,767,893 - - (1,593,503) (1,845,752) - - 1,572,732 922,141 - - 13,990,584 5,231,953 (1,311,401) 311,842 1,533,765 26,007,064 - 150,000 (375,350) (720,846) -
-
1,158,415 25,286,218 - 150,000 15,148,999 30,518,171 (1,311,401) 461,842 165,662,808 133,053,314 (2,150,440) (2,612,282) 2,690,367 2,091,323 (10,906) - 168,353,175 135,144,637 (2,161,346) (2,612,282) 183,502,174$ 165,662,808$ (3,472,747)$ (2,150,440)$ (834,111)$ 50,533$
14,314,888$ 4,338,017$
Totals Totals
Business-Type Activities - Governmental Activities -
Enterprise Funds Internal Service Funds
See accompanying Notes to Basic Financial Statements.
45 219 of 396

City of San Bruno
Statement of Cash Flows
Proprietary Funds
For the year ended June 30, 2025 (with comparative totals for June 30, 2024) CASH FLOWS FROM OPERATING ACTIVITIES:

Cash received from interfund services provided -$ -$ -$ -$ Cash receipts from customers 20,086,025 21,521,365 7,454,827 3,104,290 Cash payments to suppliers for goods and services (12,426,323) (7,925,725) (1,156,654) (3,214,122) Cash (payments) receipts to employees for services 1,170,030 1,958,858 244,766 23,612 Cash reimbursements for loss claims - - - - Net cash provided by (used in) operating activities 8,829,732 15,554,498 6,542,939 (86,220) CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:

Loans from other funds - - - - Loans repayments to other funds - - - - Transfers received from other funds - - - 1,533,765 Transfers paid to other funds (218,650) (156,700) - - Net cash provided by (used in)
noncapital financing activities (218,650) (156,700) - 1,533,765 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES:

Proceeds from debt issuance - - - - Acquisition and construction of capital assets (2,073,329) (7,081,791) - (241,214) Principal payments on long-term debt (291,555) (2,020,814) - - Interest paid on long-term debt (390,738) (1,240,959) - - Net cash provided by (used in)
capital and related financing activities (2,755,622) (10,343,564) - (241,214) CASH FLOWS FROM INVESTING ACTIVITIES:

Investment income (expense) 1,491,865 1,411,570 189,027 73,773 Net cash provided by (used in) investing activities 1,491,865 1,411,570 189,027 73,773 Net cash flows 7,347,325 6,465,804 6,731,966 1,280,104 CASH AND INVESTMENTS - Beginning of year 50,311,974 49,379,965 5,719,472 3,571,517 CASH AND INVESTMENTS - End of year 57,659,299$ 55,845,769$ 12,451,438$ 4,851,621$

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

Operating income (loss) 6,372,083$ 6,363,361 $ (246,476)$ (71,116)$ Adjustments to reconcile operating income (loss) to
net cash provided by (used in) operating activities:

Depreciation and amortization 1,947,059 3,657,832 142,216 408,233 (Increase) decrease in current assets:

Taxes receivable - - - (4,199) Accounts receivable (1,028,748) 249,806 102,319 (459,973) Other receivable - - - 67 (Increase) decrease in deferred outflows of resources 358,514 330,409 392,257 48,440 Increase (decrease) in liabilities: -
Accounts payable and accrued liabilities 369,308 3,324,641 45,907 17,156 Deposits payable - - 6,330,375 - Unearned revenue - - (76,168) - Compensated absences 977,135 1,777,685 33,717 (2,451) Net pension liability (162,869) (146,758) (178,199) (22,006) Claims liability - - - - Increase (decrease) in deferred inflows of resources (2,750) (2,478) (3,009) (371) Net cash provided by (used in) operating activities 8,829,732$ 15,554,498 $ 6,542,939 $ (86,220) $ Business Type Activities - Enterprise Funds
Water Wastewater CityNet
Nonmajor Enterprise
Funds
See accompanying Notes to Basic Financial Statements.
46 220 of 396

2025 2024 2025 2024
-$ -$ 8,757,247$ 7,300,384$ 52,166,507 49,318,617 - - (24,722,824) (42,802,429) (9,683,229) (7,219,462) 3,397,266 979,249 - - - - 609,022 649 30,840,949 7,495,437 (316,960) 81,571 - 2,000,000 - - - (16,679,225) - - 1,533,765 26,007,064 - 150,000 (375,350) (720,846) - - 1,158,415 10,606,993 - 150,000 - 13,792,446 - - (9,396,334) (22,477,997) (71,922) (118,826) (2,312,369) (2,667,009) - - (1,631,697) (1,738,053) - - (13,340,400) (13,090,613) (71,922) (118,826) 3,166,235 2,767,893 - - 3,166,235 2,767,893 - - 21,825,199 7,779,710 (388,882) 112,745 108,982,928 101,203,218 3,860,918 2,872,636 130,808,127$ 108,982,928$ 3,472,036$ 2,985,381$ 12,417,852$ 4,309,812 (1,311,401) 25,239 6,155,340 5,338,388 18,802 7,928 (4,199) (74,953) - - (1,136,596) 1,656,371 199 (449) 67 (1,896) - - 1,129,620 500,463 - - 3,757,012 (4,702,219) (184,923) 20,323 6,330,375 - 171,739 - (76,168) (9,315) - - 2,786,086 (2,424) (25,376) 33,530 (509,832) 493,508 - - - - 1,014,000 (5,000) (8,608) (12,298) - - 30,840,949$ 7,495,437$ (316,960)$ 81,571$ Internal Service Funds
Totals
Governmental Activities - Business-Type Activities -
Enterprise Funds
Totals
See accompanying Notes to Basic Financial Statements.
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48 222 of 396

FIDUCIARY FUNDS
Fiduciary funds are used to report assets held for fiduciary activities, which may be carried out by primary governments or their component units. Fiduciary funds may be (1) held for legally established trust funds or similar arrangements, or (2) held outside of a trust exclusively for the benefit of individuals or organizations and used for activities that meet the criteria to be treated as fiduciary activities.

Redevelopment Agency Obligation Retirement Trust Fund
To account for the assets, liabilities and activities of the former Redevelopment Agency of the City in a trustee capacity to pay for enforceable obligations of the former Redevelopment Agency. In accordance with Assembly Bill (AB) X1 26 and AB 1484, the San Bruno Redevelopment Agency was dissolved February 1, 2012. 49 223 of 396

City of San Bruno
Statement of Fiduciary Net Position
Fiduciary Funds
June 30, 2025 (with comparative totals for June 30, 2024) 2025 2024
ASSETS
Cash and investments 650,348$ 705,298$
Cash and investments with fiscal agent 718 534 Total assets 651,066 705,832

DEFERRED OUTFLOWS OF RESOUCES

Deferred loss on refunding 22,286 26,001 Total deferred outflows of resources 22,286 26,001

LIABILITIES

Accounts payable 210,375 206,474
Interest payable 18,660 21,106
Long-term liabilities:

Long-term debt - due within one year 395,000 375,000 Long-term debt - due in more than one year 2,544,532 2,991,954 Total liabilities 3,168,567 3,594,534

NET POSITION
Restricted for:

Net position held in trust (2,495,215) (2,862,701) Total Net Position (2,495,215)$ (2,862,701)$
Redevelopment
Agency Obligation
Retirement Trust Fund
See accompanying Notes to Basic Financial Statements.
50 224 of 396

City of San Bruno
Statement of Changes in Fiduciary Net Position
Fiduciary Funds
For the year ended June 30, 2025 (with comparative totals for June 30, 2024) 2025 2024
ADDITIONS:

Administration allowance 793$ 609$
Taxes 668,745 107,355
Other revenues 13,910 11,085
Total additions 683,448 119,049
DEDUCTIONS:

Community development 237,665 209,602
Interest and fiscal charges 78,297 115,132 Total deductions 315,962 324,734
Change in net position 367,486 (205,685)
NET POSITION:

Beginning of year (2,862,701) (2,657,016)
End of year (2,495,215)$ (2,862,701)$
Redevelopment
Agency Obligation
Retirement Trust Fund
See accompanying Notes to Basic Financial Statements.
51 225 of 396

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52 226 of 396

NOTES TO BASIC

FINANCIAL STATEMENTS

53 227 of 396

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54 228 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

1. SUMMARY OF SIGNFICANT ACCOUNTING POLICIES

A. Financial Reporting Entity

The financial reporting entity consists of (a) the pr imary government, the City of San Bruno (City), (b) organizations for which the primary government is financially accountable, and (c) other organizations for which the primary government is not accountable, but for which the nature and significance of their relationship with the primary government are such that exclusion would cause the reporting entity’s financial statements to be misleading or incomplete.

B. Related Organizations

The San Bruno Community Foundation (Foundation) is a California nonprofit corporation which was organized in 2013 as a public benefit 501(c)(3) nonpro fit corporation and has been determined to be a Type I supporting organization under Section 509(a)(3 ) of the Internal Revenue Code. Pursuant to the settlement agreement dated March 12, 2012, between Pacific Gas & Electric Company (PG&E) and the City of San Bruno, both parties agreed to resolve and settle all claims arising out of the September 9, 2010, pipeline incident. The terms required PG&E to co ntribute a total of $70 million to the City, which comprised of 1) five vacant plots of land in the Glenview (Crestmoor) neighborhood, which had a total fair market value of $1,250,000 and 2) $68,750,000 in cash, to transfer to a tax-exempt, nonprofit public purpose entity. Hence, the Foundation was create d from the Settlement Agreement. The Foundation engages primarily in the administration of PG&E restitution funds. The election of the Foundation’s Board is controlled by the City. Separate financial statements for the Foundation may be obtained by contacting the San Bruno Community Foundation, 901 Sneath Lane, Ste. 209, San Bruno, CA 94066.

In the fiscal year ended June 30, 2025, The Foundation provided the City $580,182 in grant funding for the Recreation and Aquatics Center project, and $410,193 for the Narita Exchange Program, Centennial Plaza and other improvements. The City has recorded $259,3 64 in receivables from the Foundation as of June 30, 2025.

C. Basis of Presentation

Government-Wide Financial Statements - The statement of net position and statement of activities display information about the reporting government as a whol e. They include all funds of the reporting entity except for fiduciary funds. The statements distinguish between governmental and business-type activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange revenues. Business-type activities are financed in whole or in part by fees charged to external parties for goods or services.

Fund Financial Statements - Fund financial statements of the reporting entity are organized into funds each of which is considered to be a separate accounting entity. Each fund is accounted for by providing a separate set of self-balancing accounts, which constitu te its assets, liabilities, fund balance/net position, revenues, and expenditures/expenses. Funds are org anized into three major categories: governmental, proprietary, and fiduciary. An emphasis is plac ed on major funds within the governmental and proprietary categories, each of which is displayed in a separate column. All remaining governmental and enterprise funds are aggregated and reported as nonmajor funds.

55 229 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

1. SUMMARY OF SIGNFICANT ACCO UNTING POLICIES, Continued

C. Basis of Presentation, Continued

The Enterprise Funds are used to account for operat ions that are financed and operated in a manner similar to private business enterprises – where the intent of the City Council is that the costs of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges or where the City Council has decide d that periodic determination of net income is appropriate for accountability purposes.

A fund is considered major if it is the primary operating fund of the City or meets the following criteria:

(a) Total assets, deferred outflows of resources, liabilities, deferred infl ow of resources, revenues, or expenditures/expenses of that individual governmental or enterprise fund are at least 10 percent of the corresponding total for all funds of that category or type; and,

(b) Total assets, deferred outflows of resources, liabilities, deferred infl ow of resources, revenues, or expenditures/expenses of the individual governme ntal fund or enterprise fund are at least 5 percent of the corresponding total for all governmental and enterprise funds combined. However, some funds are reported as major funds due to the significance to the users of the financial statements.

The major funds of the financial reporting entity are described below.

Government Activities

General Fund – The General Fund is the City’s primary operating fund. It accounts for all financial resources of the general government except those required to be accounted for in another fund.

Developer Agreements and Impact Fees Fund – Accounts for funds from new developments to pay for public facilities and infrastructure needed to accommodate growth in the City.

Street Improvement - The Street Improvement Capital Projec t Fund accounts for funds expended for transportation infrastructure such as street rehabilitation, streetlights, traffic signals and street medians.

Business-type Activities

The City reported the following enterprise funds as major funds in the accompanying financial statements:

Water Fund – Accounts for water services provided to the citizens of San Bruno. All activities necessary to provide such services are accounted for in this fund, including, but not limited to, administration, operations, maintenance, capital improvement, and billing and collections.

56 230 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

1. SUMMARY OF SIGNFICANT ACCO UNTING POLICIES, Continued

C. Basis of Presentation, Continued

Wastewater Fund – Accounts for sanitary sewer services pr ovided to the citizens of San Bruno. All activities necessary to provide such services are accounted for in this fund, including, but not limited to, treatment.

CityNet Fund – Accounts for operating costs associated with administering the cable television franchise.

The City also reports the following fund types:

Internal Service Funds – The Internal Service Funds are used to account for financing of goods or services provided by one department or agency to other departments or agencies of the City, or to other governments, on a cost-reimbursement basis. The inte rnal service funds are used to account for central garage, insurance programs, technology developmen t, and facility maintenance. These funds are eliminated as part of the reconciliation process and treated as governmental activities, since these are the primary funds served.

Fiduciary Funds – These funds include: Redevelopment Agency Obligation Retirement Trust Fund – which accounts for the assets, liabilities and activities of the former Redeve lopment Agency of the City in a trustee capacity to pay for enforceable obligations of the former Redevelopment Agency; and Recology San Bruno Custodial Fund – which accounts for fu nds billed, collected, and remitted to Recology San Bruno for waste management services within the City.

D. Measurement Focus

Measurement focus is a term used to describe how transactions are recorded within the various financial statements.

On the government-wide Statement of Net Position and the Statement of Activities, both governmental and business-type activities are presented using the economic resources measurement focus as defined in item b below.

In the fund financial statements, the “current financial resources” measurement focus or the “economic resources” measurement focus is used as appropriate:

(a) All governmental funds utilize a “current financial resources” measurement focus. Only current financial assets and liabilities are generally included on their balance sheets. Their operating statements present sources and uses of available spendable financial resources during a given period. These funds use fund balance as their me asure of available spendable financial resources at the end of the period.

57 231 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

1. SUMMARY OF SIGNFICANT AC COUNTING POLICIES, Continued

D. Measurement Focus, Continued

(b) The enterprise and internal service funds utilize an “economic resources” measurement focus. The accounting objectives of this measurement focu s are the determination of net income, financial position, and cash flows. All assets and liabilities (whether current or noncurrent) associated with their activities are reported. Enterprise and internal service fund equity is classified as net position.

(c) Fiduciary funds are accounted for using the fl ow of economic resources measurement focus and the accrual basis of accounting. Fiduciary funds are excluded from the government-wide financial statements because they do not represent resources of the City.

E. Basis of Accounting

In the government-wide Statement of Net Position and Statement of Activities both governmental and business-type activities are presented using the accr ual basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and expenses are recorded when the liability is incurred or economic asset used. Revenues, expenses, gains, losses, assets, and liabilities resulting from exchange and exchange-like transactions are recognized when the exchange takes place.

In the fund financial statements, governmental fund s are presented on the modified accrual basis of accounting. Under this modified accrual basis of accounting, revenues are recognized when “measurable and available.” Measurable means knowing or being ab le to reasonably estimate the amount. Available means collectible within the current period, considered to be 60 days, or soon enough thereafter to pay current liabilities. Major revenue sources meeting this criterion are property taxes, sales taxes, grants and interest. Expenditures (including capital outlay) are recorded when the related fund liability is incurred.

Amounts reported as program revenues include 1) charges to customers or applicants for goods, services, or privileges provided, 2) operating grants and contri butions, and 3) capital grants and contributions.

Internally dedicated resources are reported as general revenues rather than program revenues. Likewise, general revenues include all taxes.

The enterprise, internal service and fiduciary funds utilize the accrual basis of accounting. Under the accrual basis of accounting, revenu es are recognized when earned and expenses are recorded when the liability is incurred or economic asset used. Oper ating revenues in the proprietary funds are those revenues that are generated from the primary operations of the fund. All other revenues are reported as non-operating revenues. Operating expenses are those expenses that are essential to the primary operations of the fund. All other expenses are reported as nonoperating expenses.

Assets, Liabilities, and Equity

F. Cash Deposits and Investments

The City’s cash and cash equivalents are considered to be cash on hand, demand deposits, and short-term investments with original maturities of three months or less from the date of acquisition.

58 232 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

1. SUMMARY OF SIGNFICANT AC COUNTING POLICIES, Continued

F. Cash Deposits and Investments, Continued

The City pools cash and investments from all fund s for the purpose of increasing income through investment activities. Highly liquid money market investments with maturities of one year or less at time of purchase are stated at amortized cost. All other investments are stated at fair value in accordance with GASB Statement No. 31, Accounting and Financial Reporting for Certain Investments and for External Investment Pools. Market value is used as fair value for those securities for which market quotations are readily available.

The City indirectly participates in an investment pool managed by the State of California titled Local Agency Investment Fund (LAIF) which invests a portion of the pool funds in Structured Notes and Asset- Backed Securities. LAIF's investments are subject to credit risk with the full faith and credit of the State of California collateralizing these inve stments. In addition, these Structured Notes and Asset-Backed Securities are subject to market risk such as changes in interest rates.

G. Interfund Receivables and Payables

During the course of operations, numerous transacti ons occur between individual funds that may result in amounts owed between funds. Those related to goods and services type transactions are classified as “due to and from other funds.” Short-term interfund loans are reported as “interfund receivables and payables.” Long-term interfund loans (noncurrent portion) are reported as “advances from and to other funds.”

Interfund receivables and payables between funds within governmental activities are eliminated in the Statement of Net Position. See Note 3 for details of interfund transactions, including receivables and payables at year-end.

H. Receivables

In the government-wide statements, receivables consist of all revenues earned at year-end and not yet received. Allowances of uncollectible accounts receivable are based upon historical trends and the periodic aging of accounts receivab le. Major receivable balances for th e governmental activities include property taxes, sales and use taxes, franchise taxes, intergovernmental subventi ons, interest earnings, paramedic service, and expense reimbursements.

Business-type activities report serv ice charges and expense reimbursemen ts as its major receivables. In the fund financial statements, significant receivable s in governmental funds include revenue accruals such as property tax, sales tax, transient occupancy tax, franchise tax, and intergovernmental subventions since they are usually both measurable and available. Non-exchange transactions collectible but not available are deferred in the fund financial statements in accordance with the modified accrual basis, but not deferred in the government-wide financial statements in accordance with the accrual basis. Interest and investment earnings are record ed when earned only if paid within 60 days since they would be considered both measurable and available.

59 233 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

1. SUMMARY OF SIGNFICANT ACCOUNTING POLICIES, Continued

H. Receivables, Continued

Proprietary fund material receivables consist of all revenues earned at year-end and not yet received.

Customer and intergovernmental accounts receivab le comprise the majority of proprietary fund receivables.

I. Inventories

The cost of other consumable materials and supplies on hand are immaterial to the financial statements, and the City has therefore chosen to report these items as expenditures/expenses at the time of purchase.

J. Capital Assets

The City's assets are capitalized at historical cost or estimated historical cost if actual is available. Policy has set the capitalization threshold for reporting capital assets at $10,000. Contributed capital assets are valued at their estimated acquisition value on the date contributed. Donated works of art and similar items and capital assets received in a service concession arrangement are reported at acquisition value rather than fair value. Right-to-use assets held for long-term leases and software agreements are capitalized at $75,000. Public domain (infrastructure) capital assets include roads, bridges, curbs and gutters, streets, sidewalks, drainage systems, and lighting systems and are capitalized at $100,000.

The accounting treatment of property, plant and equipment (capital assets) depends on whether the assets are used in governmental fund operations or proprietary fund operations and whether they are reported in the government-wide or fund financial statements.

Government-Wide Statements - Prior to July 1, 2003, governmental funds’ infrastructure assets were not capitalized. These assets (back to July 1, 1980) have been valued at estimated historical cost.

Depreciation of all exhaustible capi tal assets is recorded as an allocated expense in the Statement of Activities, with accumulated deprec iation reflected in the Statement of Net Position. Depreciation is provided over the assets’ estimated useful lives using the straight-line method of depreciation. The range of estimated useful lives by type of asset is as follows:

Fund Financial Statements - In the fund financial statements, capi tal assets used in governmental fund operations are accounted for as capital outlay expenditures of the governmental fund upon acquisition.

Capital assets used in proprietary fund operations are accounted for the same way as in the government- wide statements.

Infrastructure 25 - 40 years
Buildings and improvements 20 - 30 years
Machinery and equipment 3 - 15 years
60 234 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

1. SUMMARY OF SIGNFICANT AC COUNTING POLICIES, Continued

K. Long-Term Debt

The accounting treatment of long-term debt depends on whether the assets are used in governmental fund operations or proprietary fu nd operations and whether they are reported in the government-wide or fund financial statements.

All long-term debt to be repaid from governmental and business-type resources is reported as a liability in the government-wide statements. The long-term debt consists of bonds, finance purchase agreements, leases, software subscriptions, compensated absences, and a liability for claims.

Long-term debt for governmental funds is not reported as liabilities in the fund financial statements. The debt proceeds are reported as other financing sources, and payment of principal and interest reported as expenditures. The accounting for proprietary funds is the same in the fund statements as it is in the government-wide statements.

L. Compensated Absences

The City’s policies regarding vacati on time and compensatory time permit employees to accumulate earned but unused leave. Compensated absences also includes the portions of sick time and management leave expected to be used by the employee on a last-in first-out basis. The current portion of this debt is estimated based on historical trend and funded by the individual fund generating the liability with the long-term portion shown as a long-term liability.

The changes of the compensated absences were as follows:

M. Pensions

For purposes of measuring the net pension liability and deferred outflows/inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the City’s California Public Employees’ Retirement System (CalPERS) plan (the Plan) and additions to/deductions from the Plan fiduciary net position have been determined on the same basis as they are reported by CalPERS. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value.

Governmental
Activities
Business-Type
Activities Total
3,620,939$ 683,679 $ 4,304,618 $
(84,374) 46,966 (37,408) 3,536,565 730,645 4,267,210
648,328$ 94,519 $ 742,847 $
Balance as of June 30, 2024,
as restated
Changes (net)
Balance as of June 30, 2025
Current Portion
61 235 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

1. SUMMARY OF SIGNFICANT AC COUNTING POLICIES, Continued

N. Deferred Outflows/Inflows of Resources

In addition to assets, the statement of financial position or balance sheet reports a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net assets that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. In addition to liabilities, the statement of financial position or balance sheet reports a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net assets that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time.

Revenues, Expenditures, and Expenses

O. Property Tax

Under California law, property taxes are assessed and collected by the counties up to 1% of as sessed value, plus other increases approv ed by the voters. The property taxes go into a pool and are then allocated to the cities based on complex formulas. Accordingly, the Ci ty accrues only those taxes which are receivable from the county within sixty days after year end.

Lien Date January 1
Levy Date July 1
Due Dates November 1 and February 1
Delinquent Date December 10 and April 10

Property taxes attach annually as an enforceable lien as of January 1. Taxes are levied on July 1, are payable in two installments, and are delinquent after December 10 and April 10. All general property taxes are then allocated by the San Mateo County Cont roller’s Office to the various taxing entities in accordance with Proposition 13. Property tax revenues are recognized when levied to the extent that they are measurable and that they will be received in 60 days. Since the County utilizes the Teeter system of allocation, all property tax revenue is allocated to the City and accounted for as revenue in the fiscal year that it is levied.

P. Expenditures/Expenses

In the government-wide financial statements, expenses are classified by function for both governmental and business-type activities.

62 236 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

1. SUMMARY OF SIGNFICANT AC COUNTING POLICIES, Continued

P. Expenditures/Expenses, Continued

In the fund financial statements, expenditures are classified as follows:

Governmental funds – by character
Current (further classified by function)
Capital outlay
Debt service

In the fund financial statements, governmental funds report expenditures of current financial resources.

Q. Interfund Transfers

Resources are reallocated between funds by reporting them as interfund transfers. For the purposes of the Statement of Activities, all interfund transfers between individual gove rnmental funds have been eliminated with internal balances (between governmental and business-type activities) remaining on the statement of net position.

R. Prior Year Comparative Financial Information

The basic financial statements incl uded certain prior year summarized comparative information. This information has been included for comparison purposes and does not represent a complete presentation in accordance with generally accepted accounting principles. Accordin gly, such information should be read in conjunction with the City’s prior year financ ial statements, from which this selected data was derived. Certain minor reclassifications of prior year data may have been made in order to enhance their comparability with current year figures.

S. Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make es timates and assumptions that affect the reported amounts of assets, liabilities, reve nues and expenditures/expenses duri ng the reporting period. Actual results could differ from those estimates.

T. Budgetary Policies

The City follows these procedures in establishing the budgetary data reflected in the financial statements:

(a) Public meetings are conducted to obtain pub lic comments. The City Council annually adopts the budget for the ensuing fiscal year prior to July 1st.

(b) Legally adopted budgets and formal budgetary integration is employed as a management control device during the year for all Government al, Proprietary and Fiduciary fund types.

63 237 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

1. SUMMARY OF SIGNFICANT AC COUNTING POLICIES, Continued

T. Budgetary Policies, Continued

(c) Budgets for the General, Special Revenue, Capita l Project, and Debt Service Funds are adopted on a basis consistent with accounting principles gene rally accepted in the Un ited States of America (GAAP).

(d) Under Article XIII B of the California Constitution (the Gann Spending Limitation Initiative), the City is restricted as to the amount of annual a ppropriations from the proceeds of taxes, and if proceeds of taxes exceed allowed appropriations, th e excess must either be refunded to the State Controller, returned to the taxpayers through revi sed tax rates or revised fees schedules, or an excess in one year may be offset against a deficit in the following year. For the fiscal year ended June 30, 2025 based on the calculations by City Management, proceeds of taxes did not exceed the appropriations limit.

(e) Budgeted revenue and expenditure amounts represent the original budget modified by adjustments authorized during the year.

(f) Appropriations, except for those encumbered unde r purchase orders, lapse at the end of the fiscal year. Encumbered amounts are then carried over for the coming year.

(g) Budgeted appropriations for the various governme ntal funds become effective each July 1. The City Council may amend the budget during the fisc al year. The legal level of budgetary control has been established at the fund level.

(h) Budgets are adopted on a basis consistent with generally accepted accounting principles (GAAP) for all governmental funds.

U. Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at th e measurement date. The City categorizes its fair value measurements within the fa ir value hierarchy established by generally accepted accounting principles. The fair value hierarchy categorizes the inputs to valuation techniques used to measure fair value into three levels based on the extent to which inputs used in measuring fair value are observable in the market.

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 inputs are inputs – other than quoted prices included within level 1 – that are observable for an asset or liability, either directly or indirectly.

Level 3 inputs are unobservable inputs for an asset or liability.

64 238 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

1. SUMMARY OF SIGNFICANT AC COUNTING POLICIES, Continued

U. Fair Value Measurements, Continued

If the fair value of an asset or liability is measured using inputs from more than one level of the fair value hierarchy, the measurement is considered to be based on the lowest priority level input that is significant to the entire measurement.

V. Loans Receivable – Related Parties

The City routinely loans funds to employees, including to the former City Manager, for the purchase of a primary residence within the City limits. Amounts range from $95,000-$140,000. The interest rate on these loans is set at the Local Agency Investment Fund (LAI F) interest rate. At June 30, 2025, seven such loans were outstanding for an amount totaling $926,596 owed to the City. Loans must be paid off within 15 years, or earlier if one of the following occurs: a) Six months following termination of the employee's employment with the City, b) three months following the employee no longer living at the residence.

During the fiscal year, the City made one new loan in the amount of $140,000, and employees and former employees paid $98,451 in principal.

W. New Pronouncements
The City adopted new accounting standards in or der to conform to the following Governmental Accounting Standards Board Statements:
 GASB Statement No. 101, Compensated Absences - The objective of this Statement is to better meet the information needs of financial statement users by updating the recognition and measurement guidance for compensated absences. That objective is achieved by aligning the recognition and measurement guidance under a unified model and by amending certain previously required disclosures. The City restated its beginning compensated absence balances and updated its current year accounting and disclosures as part of the implementation of this Statement.

 GASB Statement No. 102, Certain Risk Disclosures - The objective of this Statement is to provide users of government financial statements with e ssential information about risks related to a government’s vulnerabilities due to certain concentrations or constraints. No new disclosures resulted from the implementation of this Statement.

2. CASH AND INVESTMENTS

The City pools cash from all sources and all funds, except certain specific investments within funds and cash with fiscal agents, so that it can be invested at the maximum yield, consistent with safety and liquidity, while individual funds can make expenditures at any time.

65 239 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

2. CASH AND INVESTMENTS, Continued

The City and its fiscal agents inve st in individual investments and in investment pools. Individual investments are evidenced by specific identifiable pieces of paper called securities instruments, or by an electronic entry registering the owner in the records of the institution issuing the security, called the book entry system. Individual investments are generally made by the City’s fiscal agents as required under its debt issues. In order to maximize security, the Ci ty employs the Trust Department of a bank as the custodian of all City managed investments, regardless of their form.

The City’s investments are carried at fair value, as required by generally accepted accounting principles.

The City adjusts the carrying value of its investments to reflect their fair value at each fiscal year end.

A. Classification

Cash and investments are classified in the financial statements as shown below, based on whether or not their use is restricted under the terms of City debt instruments or agency agreements.

Cash and investments as of June 30, 2025, consisted of the following:

Cash and investments with original maturities of three months or less are treated as cash and equivalents for the purpose of preparing Proprietary Fund statements of cash flow s. Also, each Proprietary Funds’ portion of the City’s overall cash and investment pool is treated as cash and equivalents since these amounts are in substance demand deposits.

B. Investments Authorized by the California G overnment Code and the City’s Investment Policy

Investments are reported at fair value. California statut es authorize cities to inve st idle or surplus funds in a variety of credit instruments as provided fo r in the California Government Code, Section 53600, Chapter 4 – Financial Affairs. The table below identifies the investment types that are authorized for the City by the California Government Code (or the City’s investment policy, where more restrictive) that address interest rate risk, and concentration of credit risk.

Amount
Statement of Net Position
Cash and investments 262,936,919 $
Restricted cash and investments held by fiscal agents 2,135,490 Total cash and investments in primary government 265,072,409$ Statement of Fiduciary Net Position
Cash and Investments
Private Purpose Trust Funds 650,348 $
Restricted cash investments held by fiscal agents 718
Total cash and investments in fiduciary funds 651,066
Total cash and investments 265,723,475 $
66 240 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

2. CASH AND INVESTMENTS, Continued

B. Investments Authorized by the California Governme nt Code and the City’s Investment Policy, Continued

During the year ended June 30, 2025, the City’s permissible investments included the following instruments:

The City complied with the provisions of California Government Code (or the City’s investment policy, where more restrictive) pertaining to the types of investments held, institutions in which deposits were made and security requirements. The City will contin ue to monitor compliance with applicable statutes pertaining to public deposits and investments.

C. Interest Rate Risk

Interest rate risk is the risk that changes in market interest rates which will adversely affect the fair value of an investment. Normally, the longer the maturity of an investment, the greater the sensitivity of its fair value is to changes in market interest rates. As a means of limiting its exposure to fair value losses arising from rising interest rates, one of the ways the City manages its exposure to interest rate risk is by purchasing a combination of shorter and longer term investments. This allows the City to time cash flows from maturities so that a portion of the portfolio is maturing or coming close to maturing evenly over time as necessary to provide the cash flow and liquidity needed for operations. The City also manages its interest rate risk by holding most investments to maturity, thus reversing un realized market gains and losses.

Authorized Investment Type
Maximum
Maturity
Minimum
Credit
Quality
Maximum
Percentage of
Portfolio
Investment in
One Issuer
U.S. Treasury bills, bonds, notes, obligations 5 years N/A None None U.S. agency securities 5 years N/A 75% 40%
Commercial paper 270 days A-1 25% 5%
LAIF N/A None State $ Limit N/A
San Mateo County pool N/A None 20% N/A
Non-negotiable certificates of deposit 3 years N/A 15% 5% California municipal bonds 5 years
Short term: A-1
Long term: A 20% 5%
Money market funds N/A AAA 40% 15%
67 241 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

2. CASH AND INVESTMENTS, Continued

C. Interest Rate Risk, Continued

Information about the sensitivity of the fair values of the City’s investments (including investments held by bond trustees) to market interest rate fluctuatio ns is provided by the following table that shows the distribution of the City’s investments by maturity or earliest call date:

The City’s investments in U.S. Treasuries, U.S. Ag encies, and municipal bonds had a weighted average maturity of 1.32 years at June 30, 2025.

The City is a participant in the Local Agency Invest ment Fund (LAIF) that is regulated by California Government Code Section 16429 under the oversight of the Treasurer of the State of California. LAIF management calculates the fair value and cost of the entire LAIF pool. The City adjusts its cost basis invested in LAIF to fair value base d upon this factor. The City’s investments with LAIF at June 30, 2025, include a portion of the pool funds invested in St ructured Notes and Asset-Backed Securities. These investments include the following:

Structured Notes – are debt securities (other than asset-backed securities) whose cash flow characteristics (coupon rate, redemption amount, or stated maturity) depend upon one or more indices and/or have embedded forwards or options.

Asset-Backed Securities – the bulk of which are mortgage-backed secu rities, entitle their purchasers to receive a share of the cash flows from a pool of assets such as principal and interest repayments from a pool of mortgages (such as Collateralized Mortgage Obligations) or credit card receivables.

As of June 30, 2025, the City had $42,192,913 invested in LAIF, which had invested 3.81% of the pool investment funds in Structured Notes and Asset-Backed Securities as compared to 3.00% in the previous year. The LAIF fair value factor of 1.00119831 was used to calculate the fair value of the investments in LAIF.

Cash and Investments 12 Months or less 13 to 24 Months 25 to 60 Months Total U.S. Treasuries & Agencies 42,214,169 $ 26,585,673 $ 18,575,843 $ 87,375,685 $ Municipal Bonds 5,448,655 14,951,488 - 20,400,143 Local Agency Investment Fund 42,192,913 - - 42,192,913 Money Market Funds 66,432,563 - - 66,432,563 CalTRUST Investment 39,219,401 - - 39,219,401 Subtotal Investment 195,507,701$ 41,537,161$ 18,575,843$ 255,620,705 Cash in bank and on hand 10,102,770
Total Cash and Investments 265,723,475$
68 242 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

2. CASH AND INVESTMENTS, Continued

D. Fair Value Hierarchy

The City categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure fair value of the assets. Level 1 inputs are quoted prices in an active market for identical assets; Level 2 inputs are significant other observable inputs; and Level 3 inputs are significant unobservable inputs.

The following is a summary of the fair value hierarchy of the fair value of investments of the City as of June 30, 2025:

Federal Agency Securities, classified in Level 2 of the fair value hierarchy, are valued using a quoted price in a non-active market for an identical asset. Munici pal Bonds, classified in Level 2 of the fair value hierarchy, are valued using yield to maturity quoted price. These prices are obtained from various pricing sources by the custodian bank. The California Loca l Agency Investment Fund (LAIF) and San Mateo County Investment Pool are classified as exempt in the fair value hierarchy, as they are valued at amortized cost, which is exempt from being classified under GASB 72. Fair value is defined as the quoted market value on the last trading day of the period. These prices are obtained from various pricing sources by the custodian bank.

E. Credit Risk

Credit risk is the risk that an issu er of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. As disclosed in Note 2B, State law and the City’s investment Policy limit the City’s investments to certain minimum credit ratings. Minima l credit ratings are also established by the bond indentures in the case of cash and investments held by fiscal agents.

Investments by Fair Value Level: Level 2 Total
U.S. Treasuries & Agencies 87,375,685 $ 87,375,685 $ Municipal Bonds 20,400,143 20,400,143
Money Market Mutual Fund 66,432,563 66,432,563
CalTRUST Investment 39,219,401 39,219,401
Totals 213,427,792$ 213,427,792
Investments Measured Using Fair Value Factor:

Local Agency Investment Fund (LAIF) 42,192,913
Total Investments 255,620,705$
69 243 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

2. CASH AND INVESTMENTS, Continued

E. Credit Risk, Continued

Presented below is the actual rating as of June 30, 2025, for each investment type as provided by Moody’s investment rating system:

3. TRANSFERS AMONG FUNDS

A. Transfers Among Funds

With Council approval, resources may be transferred from one City fund to another. Transfers between funds during the fiscal year ended June 30, 2025, were as follows:

Investment Type A aaA a1A a2A a3 T otal
U.S. Government Agencies -$ 14,824,203$ -$ -$ 14,824,203$ U.S. Treasury Notes - 70,622,803 - - 70,622,803 Municipal Bonds 2,961,950 1,957,680 7,489,141 3,996,118 16,404,889 Totals 2,961,950$ 87,404,686$ 7,489,141$ 3,996,118$ 101,851,894 Not Rated:

U.S. Treasury Notes 1,928,679
Municipal Bonds
1 3,995,255
Money Market Funds 66,432,563
Local Agency Investment Fund (LAIF) 42,192,913
CalTRUST Investment 39,219,401
Total Investments 255,620,705$
1 S&P ratings for these bonds range from AA- to AA
Developer Non-Major Non-Major
General Agreements Street Governmental Enterprise
Transfers Out Fund and Impact Fees Improvement Funds Funds Total Major Governmental Funds:

General Fund -$ -$ 4,717,430$ 7,460,737 $ 1,383,765 $ 13,561,932$ Developer Agreements and
Impact Fees - - - 1,398,000 150,000 1,548,000 Street Improvement 155,379 - - 322,572 - 477,951 Non-Major Governmental Funds 1,532,489 158,709 1,210,802 374,999 - 3,276,999 Major Enterprise Funds:

Water - - - 218,650 - 218,650 Wastewater - - - 156,700 - 156,700 Total 1,687,868$ 158,709$ 5,928,232$ 9,931,658 $ 1,533,765 $ 19,240,232$ Transfers In
70 244 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

3. TRANSFERS AMONG FUNDS, Continued

A. Transfers Among Funds, Continued

General Fund

Transfers from the General Fund to all funds except $983,765 to non-major enterprise funds and $1,367,286 to the non-major governmental funds were to su pport budgeted capital projects. The purpose of transferring $1,367,286 from the General Fund to the Non-Major Governmental Funds was to make payments on long-term debt. The transfer from the General Fund to the non-major funds was to support the Stormwater Fund and Parking Fund.

Transfers to the General Fund from the Street Improvement, and $192,489 from non-major governmental funds were to return unused monies previously contributed by the General Fund for capital projects. The remaining transfers to the General Fund from non-major governmental funds to the General Fund were to augment various City services such as street maintenance and police.

Developer Agreements and Impact Fees Fund

Transfers from the Developer Agreements and Impact Fees fund to the non-major governmental funds and non-major enterprise funds were to support and pay for capital projects.

B. Interfund Advances

In fiscal year 2024, the General Fund loaned the Parking Fund $2,000,000 to start the fund as it installed new parking meters. The balance remained the same in the fiscal year ended June 30, 2025.

C. Interfund Balances

Interfund balance arise in normal course of busine ss. Amounts due to and due from other funds reflect interfund balances for services rendered or short-term loan expected to be repaid in the next fiscal year.

At June 30, 2025, interfund balances comprised the following:

Fund Receiving Advance Fund Making Advance
Amount of
Advance
Parking Fund General Fund 2,000,000$
Total 2,000,000$
Due to Other Funds Due From Other Funds Amount
Nonmajor:

Parks and Facilities and Technology Capital Improvement General Fund 80,132$ Federal/State Grant Special Revenue Fund General Fund 482,745 Agency on Aging Special Revenue Fund General Fund 456,298 Recreation and Aquatic Center Special Revenue Fund General Fund 2,399,617 Central Garage Internal Service Fund General Fund 171,739 Total 3,590,531$
71 245 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

4. CAPITAL ASSETS

A. Capital Asset Additions and Retirements

Governmental activities capital assets as of June 30, 2025 comprise:

Balance
July 1, 2024 Additions Deletions Transfers
Balance
June 30, 2025
Governmental Activities
Capital assets not being depreciated:

Land 3,249,087 $ - $ - $ - $ 3,249,087$ Construction in progress 65,418,685 19,885,820 - (66,233,091) 19,071,414 Total capital assets not being depreciated 68,667,772 19,885,820 - (66,233,091) 22,320,501 Capital assets being depreciated:

Buildings and improvements 17,590,070 - (65,167) 62,083,068 79,607,971 Machinery, improvements and equipment 19,912,054 1,264,506 (177,751) 230,615 21,229,424 Infrastructure 104,699,945 - - 3,919,408 108,619,353 Right to use-Software 810,279 - (119,576) - 690,703 Total capital assets being depreciated 143,012,348 1,264,506 (362,494) 66,233,091 210,147,451 Less accumulated depreciation for:

Buildings and improvements (11,305,365) (1,416,942) 47,920 - (12,674,387) Machinery, improvements and equipment (14,706,814) (1,181,011) 177,751 - (15,710,074) Infrastructure (60,343,468) (1,956,042) - - (62,299,510) Right to use-Software (410,200) (179,054) 119,576 - (469,678) Total accumulated depreciation (86,765,847) (4,733,049) 345,247 - (91,153,649) Net capital assets being depreciated 56,246,501 (3,468,543) (17,247) 66,233,091 118,993,802 Governmental Activities capital assets, net 124,914,273$ 16,417,277 $ (17,247) $ - $ 141,314,303$ 72 246 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

4. CAPITAL ASSETS, Continued

A. Capital Asset Additions and Retirements, Continued

Business-type activities capital assets as of June 30, 2025 comprise:

B. Depreciation Allocation

Depreciation expense is charged to functions and programs based on their usage of the related assets.

The amounts allocated to each function or program are as follows:

Balance
July 1, 2024 Additions Deletions Transfers
Balance
June 30, 2025
Business-type activities:

Capital assets not being depreciated:

Land 576,842 $ - $ - $ - $ 576,842$ Construction in progress 8,830,580 7,917,223 - (1,219,985) 15,527,818 Total capital assets not being depreciated 9,407,422 7,917,223 - (1,219,985) 16,104,660 Capital assets being depreciated:

Buildings and improvements 124,615,149 - - 420,210 125,035,359 Machinery, improvements and equipment 34,892,952 1,029,117 (131,790) 799,775 36,590,054 Sewer plant 47,444,668 449,994 - - 47,894,662 Total capital assets being depreciated 206,952,769 1,479,111 (131,790) 1,219,985 209,520,075 Less accumulated depreciation for:

Buildings and improvements (39,771,693) (3,300,414) - - (43,072,107) Machinery, improvements and equipment (29,273,459) (1,097,341) 131,790 - (30,239,010) Sewer Plant (20,341,988) (1,757,585) - - (22,099,573) Total accumulated depreciation (89,387,140) (6,155,340) 131,790 - (95,410,690) Net capital assets being depreciated 117,565,629 (4,676,229) - 1,219,985 114,109,385 Business-type activity capital assets, net 126,973,051$ 3,240,994$ -$ -$ 130,214,045$ Governmental Activities Amount
General government 591,712$
Public safety 954,590
Public works 14,756
Streets 1,920,463
Parks and recreation 1,197,279
Library 45,207
Community and economic development 9,042
Total 4,733,049$
73 247 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

4. CAPITAL ASSETS, Continued

B. Depreciation Allocation, Continued

5. LONG-TERM DEBT

The City generally incurs long-term debt to financ e projects or purchase assets which will have useful lives equal to or greater than the related debt.

A. The City’s Long-Term Debt

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

Business-Type Activities Amount
Water 1,947,059$
Stormwater 249,404
Wastewater 1,900,247
SSF Sewer Plant 1,757,585
CityNet 142,216
Parking Fund 158,829
Total 6,155,340$
Balance
July 1, 2024 Additions Retirements
Balance
June 30, 2025
Amount
due within
one year
Governmental Activity - Bonds:
2013 Pension Obligation Bond 3,265,000 $ - $ (1,045,000)$ 2,220,000 $ 1,090,000 $ Discount on Pension Obligation Bond (58,554) - 19,518 (39,036) - Total Governmental Activity - Bonds 3,206,446 - (1,025,482) 2,180,964 1,090,000 Governmental Activity - Direct Borrowings:
2022 Fire Pumper Trucks 1,426,436 - (251,962) 1,174,474 151,531 SBITA Liability 425,872 - (145,064) 280,808 137,685 Total Governmental Activity - Direct
Borrowings 1,852,308 - (397,026) 1,455,282 289,216 Total Governmental Activities 5,058,754$ -$ (1,422,508)$ 3,636,246 $ 1,379,216$ 74 248 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

5. LONG-TERM DEBT, Continued

A. The City’s Long-Term Debt, Continued

B. Governmental Activities

2013 Pension Obligation Bonds

In January 2013, the City issued $13,175,000 in Seri es 2013 Pension Obligation Bonds in order to pay off amounts owed for the City’s CalPERS “side-fund.” Principal payments are due annually on June 1 while interest payments are due semi-annually on June 1 and December 1. True interest cost is 4.05%.

The Pension Obligation Bond debt represents a refunding of a debt that the City owed to CalPERS. The issuance of the Pension Obligation Bonds reduced the interest rate on this debt from 7.5% to just over 4%.

The debt service payments are funded through savings achieved in the City’s employer contribution rate, which decreased from 36.604% to 24.706% after the payoff of the side fund. Payments are made out of the debt service fund.

The Bonds are payable from any source of legally available funds of the City. The bond covenants contain events of default that require the revenue of the City to be applied by the Trustee as specified in the terms of the agreement if any of the following conditions occur: default on debt service payments; the failure of the City to observe or perform the conditions, cove nants, or agreement terms of the debt; bankruptcy filing by the City; or if any court or competent jurisdiction shall assume custody or control of the City.

During the fiscal year ended June 30, 2025, the Ci ty made principal and in terest payments totaling $1,045,000 and $130,600, respectively. The bonds mature on June 1, 2027.

Balance
July 1, 2024 Additions Retirements
Balance
June 30, 2025
Amount
due within
one year
Business-Type Activity - Bonds:
2017 Water Revenue Bond 10,380,000 $ - $ (250,000)$ 10,130,000 $ 260,000 $ Premium of Revenue Bond 997,315 - (41,555) 955,760 - 2017 Wastewater Revenue Bond 21,870,000 - (525,000) 21,345,000 550,000 Premium of Revenue Bond 2,100,813 - (87,534) 2,013,279 - 2013 Wastewater Refunding Revenue Bond 3,970,000 - (365,000) 3,605,000 380,000 Premium of Revenue Bond 160,879 - (17,875) 143,004 - Total Business-Type Activity - Bonds 39,479,007 - (1,286,964) 38,192,043 1,190,000 Business-Type Activity - Direct Borrowings:

Due to City of South San Francisco
2007 Loan 883,668 - (436,380) 447,288 447,288 2023 Loan 13,203,488 - (589,025) 12,614,463 599,628 Total Business-Type Activity - Direct Borrowings 14,087,156 - (1,025,405) 13,061,751 1,046,916 Total Business-Type Activities 53,566,163 $ - $ (2,312,369)$ 51,253,794 $ 2,236,916 $ 75 249 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

5. LONG-TERM DEBT, Continued

B. Governmental Activities, Continued

The annual debt service requirement on the 2013 Pension Obligation Bonds is as follows:

Direct Borrowings

2022 Fire Pumper Truck

In June 2022, the City entered into a $1,600,000 ca pital lease-purchase agreement with Western Alliance Equipment Finance, Inc., to purchase two fire pumper trucks. Principal payments are due semi-annually on December 1 and June 1 with an interest rate of 3.35%. The debt payments are made by the debt service fund. The first payment on the debt was December 1, 2022, and will be paid in full on June 1, 2032. During the fiscal year ended June 30, 2025, the City made principal and interest payments totaling $251,962 and $43,038, respectively.

The annual debt service requirement on the 2022 fire pumper trucks borrowing is as follows:

For The Year
Ending June 30 Principal Interest Total
2026 1,090,000 $ 88,800 $ 1,178,800 $
2027 1,130,000 45,200 1,175,200
Subtotal 2,220,000 134,000 2,354,000
Less Discount (39,036) - (39,036) Total 2,180,964$ 134,000$ 2,314,964$
2013 Pension Obligation Bonds
For The Year
Ending June 30 Principal Interest Total
2026 $ 151,531 $ 38,086 $ 189,617
2027 156,650 32,967 189,617
2028 161,942 27,676 189,618
2029 167,412 16,550 183,962
2030-2032 536,939 15,364 552,303 Total 1,174,474$ 130,643 $ 1,305,117 $
2022 Fire Pumper Trucks Obligation
76 250 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

5. LONG-TERM DEBT, Continued

B. Governmental Activities, Continued

Subscription Based Information Technology Arrangements (SBITAs)

In fiscal year 2023, the City implemented GASB 96 by recording long-term subs cription-based software contracts, At June 30, 2025, the City is under contract with Axon enterprises for police software.

City had a multiyear contract with a Microsoft vendor for Microsoft Office 365 that ended 09/2024. The City paid $14,075 for access to the software applications in the fiscal year ended June 30, 2025.

In November 2022, City entered into multiyear agr eements with Axon enterprises for police camera software, and cloud storage expiring on 10/2027. The City paid $151,652 in the fiscal year ended June 30, 2025 to Axon for this technology.

The future payments on the aforementioned SBITA liabilities are as follows:

C. Business-Type Activities

2017 Water Revenue Bonds

In December 2017, the San Bruno Public Financing Authority issued $11.62 millio n of Series 2017 Water Revenue Bonds to finance the construction of cert ain improvements to the Water System. Principal payments commenced on July 1, 2018 and are payable annually on July 1. Interest payments are payable on July 1st and January 1st of each year.

The Bonds are payable solely from the Net Revenues of the Water System. The bond covenants contain events of default that require the revenue of the City to be applied by the Trustee as specified in the terms of the agreement if any of the following conditions occur: default on debt service payments; the failure of the City to observe or perform the conditions, cove nants, or agreement terms of the debt; bankruptcy filing by the City; or if any court or competent jurisdiction shall assume custody or control of the City.

During the fiscal year ended June 30, 2025, the Ci ty made principal and in terest payments totaling $250,000 and $427,800, respectively. The bonds mature on July 1, 2047.

For The Year
Ending June 30 Principal Interest Total
2026 $ 137,685 $ 13,966 $ 151,651
2027 143,123 7,056 150,179
Total 280,808$ 21,022$ 301,830$
SBITA Liability
77 251 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

5. LONG-TERM DEBT, Continued

C. Business-Type Activities, Continued

The annual debt service requirement on the bonds is as follows:

2017 Wastewater Revenue Bonds

In December 2017, the San Bruno Public Financing Authority issued $24.47 million of Series 2017 Wastewater Revenue Bonds to finance the constructi on of certain improvements to the Wastewater System. Principal payments commenced on July 1, 2018 and are payable annually on July 1. Interest payments are payable on July 1st and January 1st.

The Bonds are payable solely from Net Revenues of the Wastewater System. The bond covenants contain events of default that require the revenue of the City to be applied by the Trustee as specified in the terms of the agreement if any of the following conditions occur: default on debt service payments; the failure of the City to observe or perform the conditions, cove nants, or agreement terms of the debt; bankruptcy filing by the City; or if any court or competent jurisdiction shall assume custody or control of the City.

During the fiscal year ended June 30, 2025, the Ci ty made principal and in terest payments totaling $525,000 and $901,325, respectively. The bonds mature on July 1, 2047.

For the Year
Ending June 30 Principal Interest Total
2026 260,000 $ 415,050 $ 675,050 $
2027 275,000 401,675 676,675
2028 290,000 387,550 677,550
2029 305,000 372,675 677,675
2030 320,000 357,050 677,050
2031-2035 1,845,000 1,527,425 3,372,425
2036-2040 2,235,000 1,140,950 3,375,950
2041-2045 2,705,000 657,900 3,362,900
2046-2048 1,895,000 115,500 2,010,500
Subtotal 10,130,000 5,375,775 15,505,775
Plus Premium 955,760 - 955,760 Total 11,085,760$ 5,375,775 $ 16,461,535 $
2017 Water Revenue
78 252 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

5. LONG-TERM DEBT, Continued

C. Business-Type Activities, Continued

The annual debt service requirement on the bonds is as follows:

2013 Wastewater Revenue Refunding Bonds

In August 2013, the City paid off the remaining ba lance of $7.56 million of 2002 Certificates of Participation by placing the proceeds of new 2013 Wastewater Revenue Refunding Bonds in an irrevocable trust to provide for all future debt service payments on the old bonds. All of the amounts held in the escrow fund were applied to pay the prepayment price of the 2002 certificates and, therefore, the 2002 Certificates of Participation were paid-off as of June 30, 2014.

The Bonds are payable solely from Net Revenues of the Wastewater System. The bond covenants contain events of default that require the revenue of the City to be applied by the Trustee as specified in the terms of the agreement if any of the following conditions occur: default on debt service payments; the failure of the City to observe or perform the conditions, cove nants, or agreement terms of the debt; bankruptcy filing by the City; or if any court or competent jurisdiction shall assume custody or control of the City.

During the fiscal year ended June 30, 2025, the Ci ty made principal and in terest payments totaling $365,000 and $170,350 respectively. The bonds mature on July 1, 2032.

For the Year
Ending June 30 Principal Interest Total
2026 $ 550,000 $ 874,450 $ 1,424,450 2027 580,000 846,200 1,426,200 2028 610,000 816,450 1,426,450 2029 640,000 785,200 1,425,200 2030 670,000 752,450 1,422,450 2031-2035 3,890,000 3,219,550 7,109,550 2036-2040 4,710,000 2,404,950 7,114,950 2041-2045 5,700,000 1,387,000 7,087,000 2046-2048 3,995,000 243,900 4,238,900 Subtotal 21,345,000 11,330,150 32,675,150
Plus Premium 2,013,279 - 2,013,279 Total 23,358,279$ 11,330,150$ 34,688,429$
2017 Wastewater Revenue
79 253 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

5. LONG-TERM DEBT, Continued

C. Business-Type Activities, Continued

The annual debt service requirement on the bonds is as follows:

City of South San Francisco Sewer Plant Agreement

The City entered into a joint-ownership agreement with the City of South San Francisco (SSF) to operate a water quality control plant and appurtenant facilities to service both communities. The agreement was entered into in January 1947 and has numerous subseq uent amendments that detail various aspects in sharing the capital investment (including related debt service) and operating expenses related to the joint sewage plant. Operating costs of the enterprise are shared in accordance with a formula and division of operation and maintenance cost set forth in an agreement dated April 3, 1972. The most recent arrangement indicates that the City shares in 25.82% of the plant capacity. There are no separately issued financial statements for this agreement.

To finance the expansion of the water quality cont rol plant, the State Water Resources Control Board issued loans directly to SSF totaling $73,091,753, ($21.9 million in April 2007, and $51.2 million in October 2023). Loan proceeds were disbursed as the projects progressed and debt service payments commenced one year after project completion. As a result of the joint ownership agreement, the City is obligated to SSF for its portion of the loans annually in April and October, respectively, for the 2007 and 2023 loans.

The City’s portion that was financed through these agreements totaled $20,939,623 payable over 20-year periods. During fiscal year 2024- 25, the City made principal and interest payments totaling $1,025,404, and $259,755, respectively. The 2007 loan will be paid in full on April 30, 2026, and th e 2023 loan will be paid in full on October 3, 2042.

For the Year
Ending June 30 Principal Interest Total
2026 $ 380,000 $ 151,725 $ 531,725 2027 405,000 132,100 537,100 2028 425,000 113,475 538,475 2029 440,000 95,900 535,900 2030 460,000 77,050 537,050 2031-2033 1,495,000 102,713 1,597,713 Subtotal 3,605,000 672,963 4,277,963
Plus Premium 143,004 - 143,004 Total 3,748,004$ 672,963$ 4,420,967$
2013 Wastewater Revenue Refunding
80 254 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

5. LONG-TERM DEBT, Continued

C. Business-Type Activities, Continued

The City’s annual debt service requirements on the loans are as follows:

D. Fiduciary Funds

The following is a summary of the Redevelopmen t Obligation Retirement Fund’s long-term debt transactions for the year ended June 30, 2025:

For the Year
Ending June 30 Principal Interest Total
2026 $ 447,288 $ 11,182 $ 458,470 Total 447,288$ 11,182 $ 458,470 $
2007 Loan South San Francisco
For the Year
Ending June 30 Principal Interest Total
2026 $ 599,628 $ 227,060 $ 826,688 2027 610,421 216,267 826,688 2028 621,408 205,279 826,687 2029 632,594 194,094 826,688 2030 643,980 182,707 826,687 2031-2035 3,398,006 735,433 4,133,439 2036-2040 3,715,036 418,403 4,133,439 2041-2043 2,393,390 86,674 2,480,064 Total 12,614,463$ 2,265,917 $ 14,880,380 $
2023 Loan South San Francisco
Balance
June 30, 2024 Retirements
Balance
June 30, 2025
Amount
due within
one year
2019 Lease Revenue Bonds 3,000,000$ (375,000) $ 2,625,000 $ 395,000 $ Premium on Refunding Bond 366,954 (52,422) 314,532 - Total Fiduciary Activity 3,366,954$ (427,422)$ 2,939,532$ 395,000$ 81 255 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

5. LONG-TERM DEBT, Continued

D. Fiduciary Funds, Continued

2019 Lease Revenue Bonds

In 2000, the Redevelopment Agency issued Certific ates of Participation, Series 2000 (Police Facility Financing) in the original principal amount of $9,600,000 to fund the co nstruction of the Police Facility.

In March 2019, the Redevelopment Agency paid o ff the remaining balance of $6 million of the 2000 Certificates of Participation by placing the proceed s of the new Lease Revenue Bonds in an irrevocable trust to provide for all future debt service payments on the old bonds. All of the amounts held in the escrow fund were applied to pay the prepayment price of the 2000 Certificates and, therefore, the 2000 Certificates of Participation were paid off as of June 30, 2019.

Principal payments are due annually on the Lease Re venue Bonds on May 1 and interest payments are due semi-annually on May 1 and November 1. Interest rates range from 4.00% to 5.00%. During the fiscal year ended June 30, 2025, the Re development Agency made principa l and interest payments totaling $375,000, and $129,450, respectively.

The Bonds are payable from any source of availa ble funds of the Redevelopment Agency. The bond covenants contain events of default that require the revenue of the Redevelopment Agency to be applied by the Trustee as specified in the terms of the agreement if any of the following conditions occur: default on debt service payments; the failure of the Redevelopment Agency to observe or perform the conditions, covenants, or agreement terms of the debt; bankrupt cy filing by the Redevelopment Agency; or if any court or competent jurisdiction shall assume custody or control of the Redevelopment Agency.

6. NET POSITION AND FUND BALANCES

Net Position is measured on the full accrual basis while Fund Balance is measured on the modified accrual basis.

For the Year
Ending June 30 Principal Interest Total
2026 395,000 $ 114,450$ 509,450$
2027 410,000 98,650 508,650
2028 430,000 82,250 512,250
2029 445,000 65,050 510,050
2030 460,000 47,250 507,250
2031 485,000 24,250 509,250
Subtotal 2,625,000 431,900 3,056,900
Add Premium 314,532 - 314,532
Total 2,939,532$ 431,900$ 3,371,432$
2019 Lease Revenue Bonds
82 256 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

6. NET POSITION AND FU ND BALANCES, Continued

A. Net Position

Net Position is the excess of all the City’s assets and deferred outflows, if any, over all its liabilities and deferred inflows, if any, regardless of fund. Net Positi on is divided into three captions. These captions apply only to Net Position, which is determined on ly at the Government-wide level, and are described below:

Net Investment in Capital Assets describes the portion of Net Position which is represented by the current net book value of the City’s capital assets, less the outstanding balance of any debt issued to finance these assets.

Restricted describes the portion of Net Position which is restricted as to use by the terms and conditions of agreements with outside parties, governmental regu lations, laws, or other re strictions which the City cannot unilaterally alter.

Unrestricted describes the portion of Net Position which is not restricted to use.

B. Fund Balances

The City’s fund balances are classified in accord ance with Governmental Accounting Standards Board Statement Number 54 (GASB 54), Fund Balance Reporting and Governmental Fund Type Definitions, which requires the City to classify its fund balances based on spending constraints imposed on the use of resources. For programs with multiple funding source s, the City prioritizes and expends funds in the following order: Restricted, Committed, Assigned, and Unassigned. Each category in the following hierarchy is ranked according to the degree of spending constraint:

Nonspendables represents balances set aside to indicate it ems that do not represent available, spendable resources even though they are a component of assets . Fund balances required to be maintained intact, such as Permanent Funds, and assets not expected to be converted to cash, such as prepaids, notes receivable, and land held for resale are included. However, if proceeds realized from the sale or collection of nonspendable assets are restricted, committed or assigned, then Nonspendable amounts are required to be presented as a component of the applicable category.

Restricted fund balances have external restrictions impo sed by creditors, grantors, contributors, laws, regulations, or enabling legislation which requires the resources to be used only for a specific purpose.

Nonspendable amounts subject to restrictions are included along with spendable resources.

Committed fund balances have constraints imposed by resolution of the City Council which may be altered only by resolution of the City Council. Nonspe ndable amounts subject to council commitments are included along with spendable resources.

83 257 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

6. NET POSITION AND FU ND BALANCES, Continued

B. Fund Balances, Continued

Assigned fund balances are amounts constrained by the City’s intent to be used for a specific purpose but are neither restricted nor committed. Intent is expressed by the City Council or its designee and may be changed at the discretion of the City Council or its designee. This category includes encumbrances; Nonspendables, when it is the City’s intent to us e proceeds or collections for a specific purpose, and residual fund balances, if any, of Special Revenue, Capital Projects and Debt Service Funds which have not been restricted or committed. Through a Council Resolution, the City Council has designated the City Manager to determine the amount of assigned fund balances.

Unassigned fund balance represents residual amounts that have not been restricted, committed, or assigned. This includes the residual General Fund ba lance and residual fund de ficits, if any, of other governmental funds.

C. Spending Order Policy

When an expenditure is incurred for purposes for which both restricted and unrestricted fund balance is available, the City considers restricted funds to hav e been spent first. When an expenditure is incurred for which committed, assigned, or unassigned fund balances are available, the City considers amounts to have been spent first out of commi tted funds, then assigned funds, and finally unassigned funds, as needed, unless the City Council has provided otherwise in its commitment or assignment actions.

D. Encumbrances

The City uses an encumbrance system as an extension of normal budgetary accounting for governmental funds. Encumbrance accounting is ut ilized to the extent necessary to ensure effective budgetary control and accountability and to facilitate effective cash planning and control. Unexpended appropriations lapse at year-end and must be re-appropriated in the following year. At year end, the amount of encumbrances expected to be honored upon performance by the vendor in the next year were as follows:

Governmental Funds Amount
Major Funds:

General Fund 313,192$
Street Improvement Capital Projects 3,557,167
Total Major Funds 3,870,359
Non-Major Funds:

Other non-major funds 2,901,245
Total Non-Major Funds 2,901,245
Total 6,771,604$
84 258 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

6. NET POSITION AND FU ND BALANCES, Continued

E. Fund Balance Classifications

Detailed classifications of the City’s fund balance, as of June 30, 2025, are below:

Fund Balance Classifications
General
Fund
Developer
Agreements
and Impact
Fees
Street
Improvement
Other
Governmental
Funds Total
Nonspendables:

Advances to other funds 2,000,000 $ - $ - $ -$ 2,000,000$ Loans receivable 926,596 - - - 926,596 Total Nonspendable Balances 2,926,596 - - - 2,926,596 Restricted for:

Special Revenue Programs - 15,253,715 - 11,108,200 26,361,915 Capital Projects - - 4,985,434 2,281,224 7,266,658 Affordable Housing Activities - 10,357,597 - 4,716,919 15,074,516 Total Restricted Fund Balances - 25,611,312 4,985,434 18,106,343 48,703,089 Committed for:

Community Development - - - 645,340 645,340 Debt Service - - - 6,702 6,702 Total Committed Fund Balances - - - 652,042 652,042 Assigned to:

One-Time Revenue Reserve 9,353,429 - - - 9,353,429 Capital Projects - 9,973,109 2,372,949 8,807,641 21,153,699 Encumbrances 313,192 - - - 313,192 Total Assigned Fund Balances 9,666,621 9,973,109 2,372,949 8,807,641 30,820,320 Conti
ngency Reserve 10,839,919 - - - 10,839,919 Budget Stabilization 12,603,866 - - - 12,603,866 Unassigned 30,040,053 - - (3,212,432) 26,827,621 Total Unassigned Fund Balances 53,483,838 - - (3,212,432) 50,271,406 Total Fund Balances 66,077,055$ 35,584,421$ 7,358,383$ 24,353,594$ 133,373,453$ 85 259 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

6. NET POSITION AND FU ND BALANCES, Continued

E. Fund Balance Classifications, Continued

General Fund Reserves

In October 2024, the City established reserve funds in accordance with the objectives as outlined below.

The funding levels outlined in this policy are goals and it is the City’s intent to maintain its reserves at the prescribed levels; compliance with this policy will be evaluated annually upon final closing of the City’s financial books for the fiscal year.

Contingency Reserve – The Contingency Reserve was established with a goal of maintaining a target fund balance of 10% of the budgeted General Fund expenditures and is intended to be used for non-fiscal emergencies and disasters. The Cont ingency Reserve can only be utilized through resolution of the City Council. While intended for non-financial emergencie s or disasters, the Contingency Reserve can be utilized for other purposes at Council discretion . At June 30, 2025, the Contingency Reserve was $10,839,919.

Budget Stabilization Reserve – The Budget Stabilization Reserve is established to shield the General Fund from adverse economic fluctuations, ensuring minimal immediate impacts on service levels. This reserve aims to maintain a target balance of at least 20% of budgeted expenditures at the start of each fiscal year.

Utilization of the Budget Stabilization Reserve will oc cur in response to budgeted revenue shortfalls stemming from economic volatility or unforeseen financial events. Reports on its use will be presented to the City Council through the mid-year financial repo rt and/or during the budget adoption process for the ensuing fiscal year.

Should the Budget Stabilization Reserve be employed, ca using it to dip below the 20% target, a strategic plan will be devised to restore the balance to the desired level. Depending on the situation, this restoration plan may span multiple fiscal years, aligning with the fund's role in a broader multi-year forecasting strategy. This strategy aims to fortify fiscal sustainability and uphold consistent service levels.

At June 30, 2025, the Budget Stabilization Reserve was $12,603,866.

One-Time Revenue Reserve – The One-Time Revenue Reserve shall be established to set aside one-time revenues until the point at which point they can be appropriated by City Council for one-time uses. One- time revenues that have a legal restriction for their use or are otherwise dedicated for a particular purpose will be held in a separate special revenue fund. One- time revenues will be approved by Council, either through the budget adoption process or by a separate resolution, for inclusion into the One-Time Revenue Reserve. As a part of the annual budget process, th is reserve will be review ed along with existing unfunded capital projects for consideration of an a ppropriation from this reserve in the forthcoming budget. In general, the purpose of this reserve is for it to be used for projects and initiatives throughout the City that have no other identifiable funding source. At June 30, 2025, the One Time Revenue Reserve was $9,353,429.

Encumbrances represent commitments related to co ntracts not yet performed and purchase orders not yet filled. The total encumbrances at June 30, 2025 were $6,771,604. 86 260 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

6. NET POSITION AND FU ND BALANCES, Continued

F. Net Position and Fund Balance Deficits

The City has a total deficit net position of $5,238,790 in the Self Insurance and Central Garage Internal Service Funds which will be remedied by future cost allocations from other funds.

The City has a total deficit fund balance of $3,212,432 in the nonmajor Federal/State Grants, Agency on Aging and Recreation and Aquatic Center Special Revenue Funds. The intent is that these deficits will be funded by future revenues.

G. Excess of Expenditures and Tr ansfers Out Over Appropriations

The following expenditures exceeded budgeted amounts for the fiscal year ended June 30, 2025:

7. RISK MANAGEMENT

The City participates in the PLAN JPA, a joint powers authority established to provide liability insurance coverage, claims, risk management, and legal defense to its participating members. PLAN JPA provides $5,000,000 per occurrence of general liability and automobile coverage, $25,000,000 excess liability coverage per occurrence, $5,000,000 of catastrophic liability coverage, and is responsible for paying the claims in excess of the City’s $100, 000 self-insurance retention. PLAN JPA also provides for property coverage up to $1 billion per occurrence subject to lower categorical sub-limits in excess of the City’s self- insurance retention of $5,000 or property and vehicle loss.

The retained earnings/net position of the Self-Insurance Fund, which is categorized as part of Governmental Activities, represent amounts set asid e for possible additional losses after providing for actuarially determined liabilities for claims including claims adjustment expenses.

Fund/Department
Expenditures/Transfers Out
Exceeding Budget
Non-major governmental funds:

Agency on Aging 228,086.00 $
87 261 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

7. RISK MANAGEMENT, Continued

No claim settlement exceeded either this self-insured amount or the insurance coverage for any of the past three years. As of June 30, 2025, claims payable are as follows:

8. PUBLIC EMPLOYEES’ RETIREMENT SYSTEM

A. General Information about the Pension Plans and Summary of Balances by Plan

The City participates in the following Pension Pl ans (Plans) administered by the California Public Employees Retirement System (CalPERS):

Agent Multiple-Employer Defined Benefit Pension Plans (Miscellaneous Plan) for its Miscellaneous employees.

An agent multiple-employer plan is one in which the assets of the participating government employers are pooled for investment purposes, but separate accounts are maintained for each individual employer.

Cost-Sharing Multiple-Employer Defined Benefit Pension Plan (Safety Plan) for its Safety employees.

A cost-sharing multiple-employer defined benefit pension plan is a plan in which the pension obligations to the employees of more than one employer are po oled and pension plan assets can be used to pay benefits of the employees of any employer that provides pensions through the plan.

Claims payable June 30, 2023 5,023,000$
Changes to estimated claims liability 1, 467,121
Claims paid (890,121)
Claims payable June 30, 2024 5,600,000
Changes to estimated claims liability 2, 470,607
Claims paid (1,456,607)
Claims payable June 30, 2025 6,614,000$
Current Portion 1,623,000$
88 262 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

8. PUBLIC EMPLOYEES’ RETIREMENT SYSTEM, Continued

B. Actuarial Assumptions and Discount Rate

Actuarial Assumptions – For the measurement period ended June 30, 2024, the total pension liabilities were determined by rolling forward the June 30, 2023 total pension liability. The June 30, 2024 total pension liabilities were based on the following actuarial methods and assumptions:

Discount Rate - The discount rate used to measure the to tal pension liability for each Plan as of the measurement date of June 30, 2024 was 6.90%. The projection of cash flows used to determine the discount rate for the Plans assumed that contributions from all plan members in the Public Employees Retirement Fund (PERF) will be made at the current member contribution rates and that contributions from employers will be made at statutorily required rates, actuarially determined. Based on those assumptions, each Plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members for all plans. Therefore, the long-term expected rate of return on plan investments was applied to all periods of projected benefits payments to determine the total pension liability for each Plan.

In determining the long-term expected rate of return , CalPERS took into account both long-term market return expectations as well as the expected pension fund cash flows. Projected returns for all asset classes are estimated and, combined with risk estimates, are used to project compound (geometric) returns over the long term. The discount rate used to discount liabilities was in formed by the long-term projected portfolio return.

Valuation Date
Measurement Date
Actuarial Cost Method
Actuarial Assumptions:

Discount Rate
Inflation
Salary Increases
Morality Rate Table(1)
Post Retirement Benefit Increase

2.30%
Varies by Entry Age and Service
Derived using CalPERS' Membership Data for all Funds
Lesser of Contract COLA or 2.30% until
Purchasing Power Protection Allowance Floor
on Purchasing Power applies, 2.30% thereafter
(1)The mortality table used was developed based on CalPERS-specific data. The probabilities of mortality are based on the 2021 CalPERS Experience Study for the period from 2001 to 2019. Pre-retirement and Post-retirement mortality rates include generational mortality improvement using 80% of Scale MP-2020 published by the Society of Actuaries.

For more details on this table, please refer to the CalPERS Experience Study and Review of Actuarial Assumptions report from November 2021 that can be found on the CalPERS website.

All CalPERS Plans
6/30/2023
6/30/2024
Entry-Age Actuarial Cost Method

6.90%
89 263 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

8. PUBLIC EMPLOYEES’ RETIREMENT SYSTEM, Continued

B. Actuarial Assumptions and Discount Rate, Continued

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

For purposes of measuring the net pension liability and deferred outflows/inflows of resources related to pensions and pension expense, information about the fiduciary net position of the plan and additions to/deductions from the plan’s fiduciary net position have been determined on the same basis as they are reported by CalPERS. For this purpose, benefit paym ents (including refunds of employee contributions) are recognized when due and payable in accordance wi th the benefit terms. Investments are reported at fair value.

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

Asset Class(a)
Assumed Asset
Allocation
Real Return Years
1,2
Global Equity - Cap-weighted 30.00% 4.54%
Global Equity - Non-Cap-weighted 12% 3.84
Private Equity 13% 7.28
Treasury 5% 0.27
Mortgage-backed Securities 5% 0.50
Investment Grade Corporates 10% 1.56
High Yield 5% 2.27
Emerging Market Debt 5% 2.48
Private Debt 5% 3.57
Real Assets 15% 3.21
Leverage -5% (0.59)
Total 100%
(1) An expected inflation of 2.30% is used this period. (2) Figures are based on the 2021-22 Asset Liab ility Management Study.

Deferred Outflows
of Resources
Net Pension
Liability/Proportionate
Share of the Net
Pension Liability
Deferred Inflows
of Resources
Pension
Expense
Miscellaneous 10,326,419 $ 55,855,588 $ - $ 8,838,445$ Safety 20,505,947 65,677,173 1,440,060 13,106,681 30,832,366$ 121,532,761 $ 1,440,060 $ 21,945,126 $ 90 264 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

8. PUBLIC EMPLOYEES’ RETIREMENT SYSTEM, Continued

B. Actuarial Assumptions and Discount Rate, Continued

A summary of the changes in net pension liability by plan type as of June 30, 2024 and June 30, 2025 are as follows:

C. CalPERS Miscellaneous Plan

Plan Descriptions – All qualified permanent and probationary em ployees are eligible to participate in the City’s Miscellaneous Plan, agent multiple-employer defined benefit pension plan administered by the California Public Employees’ Retirement System (C alPERS), which acts as a common investment and administrative agent for its participating member employers. Benefit provisions under the Miscellaneous Plan are established by State statute and the City’s resolution. CalPERS issues publicly available reports that include a full description of the pension pl ans regarding benefit provisions, assumptions and membership information that can be found on the CalPERS website.

Benefits Provided – CalPERS provides service retirement and disability benefits, annual cost of living adjustments and death benefits to plan members, wh o must be public employees, and beneficiaries.

Benefits are based on years of credited service, equal to one year of full time employment. Members with five years of total service are eligible to retire at age 50 with statutorily reduced benefits. All members are eligible for non-duty disability benefits after 10 years of service. The death benefit is one of the following:
the Basic Death Benefit, the 1957 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost of living adjustments for each plan are applied as specified by the Public Employees’ Retirement Law.

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

Net Pension Liability Miscellaneous Safety Total - Both Plans 6/30/2024 57,392,643$ 66,463,634 $ 123,856,277 $ 6/30/2025 55,855,588 65,677,173 121,532,761 Change-Increase (Decrease) (1,537,055)$ (786,461) $ (2,323,516) $ Hire Date
Prior to
January 1, 2013
On or after
January 1, 2013
Benefit formula 2.7% @ 55 2% @ 62
Benefit vesting schedule 5 years service 5 years service Benefit payments monthly for life monthly for life
Retirement age 50 - 67 52 - 67
Monthly benefit, as a % of eligible compensation 2.0% - 2.7% 1.0% - 2.5% Required employee contribution rates 8% 6.25%
Required employer contribution rates 12.220% 11.860%
Required UAL payment $4,736,567 $0
Miscellaneous
91 265 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

8. PUBLIC EMPLOYEES’ RETIREMENT SYSTEM, Continued

C. CalPERS Miscellaneous Plan, Continued

Beginning in fiscal year 2016, CalPERS collects employer contributions for the miscellaneous plan as a percentage of the payroll for the normal cost portio n as noted in the rates above and as a dollar amount for contributions toward the unfunded liability. The dollar amounts are billed on a monthly basis or can be prepaid in full no later than July 31.

Employees Covered – At the measurement date June 30, 2024, the following employees were covered by the benefit terms of the Miscellaneous Plan:

Contributions - Section 20814(c) of the California Public Employees’ Retirement Law requires that the employer contribution rates for all public employers be determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. Funding contributions for the Plan are determined annually on an actuarial basis as of Ju ne 30 by CalPERS. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to fina nce any unfunded accrued liability. Th e City is required to contribute the difference between the actuarially determined rate and the contribution rate of employees.

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

Miscellaneous
Inactive employees or beneficiaries currently receiving benefits 306 Inactive employees entitled to but not yet receiving benefits 219 Active employees 160
Total 685
92 266 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

8. PUBLIC EMPLOYEES’ RETIREMENT SYSTEM, Continued

C. CalPERS Miscellaneous Plan, Continued

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

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

Total Pension
Liability
Plan
Fiduciary
Net Position
Net Pension
Liability
(Asset)
Balance at June 30, 2023 (Measurement Date) 175,948,250$ 118,555,607 $ 57,392,643 $ Changes in the year:

Service cost 3,188,767 - 3,188,767 Interest on the total pension liability 12,067,204 - 12,067,204 Differences between actual and expected experience 2,338,704 - 2,338,704 Contribution - employer - 6,371,018 (6,371,018) Contribution - employee - 1,397,147 (1,397,147) Net investment income - 11,460,034 (11,460,034) Benefit payments, including refunds of employee contributions (9,988,632) (9,988,632) - Administrative expense - (96,469) 96,469 Net changes 7,606,043 9,143,098 (1,537,055) Balance at June 30, 2024 (Measurement Date) 183,554,293$ 127,698,705 $ 55,855,588 $ Increase (Decrease)
1% Decrease 5.90%
Net Pension Liability 80,227,618$
Current Discount Rate 6.90%
Net Pension Liability 55,855,588$
1% Increase 7.90%
Net Pension Liability 35,794,043$
93 267 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

8. PUBLIC EMPLOYEES’ RETIREMENT SYSTEM, Continued

C. CalPERS Miscellaneous Plan, Continued

Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions - For the year ended June 30, 2025, the City recognized pension expense of $8,838,445 for the Miscellaneous Plan. At June 30, 2025, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:

A total of $7,020,289 reported as deferred outflows of resources related to contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ending June 30, 2026. Other amounts reported as deferred inflows of resources related to pensions will be recognized as a reduction to pension expense (income) as follows:

D. CalPERS Safety Plan

Plan Description - All qualified permanent and probationary em ployees are eligible to participate in the Public Agency Cost-Sharing Multiple-Employer Defined Benefit Pension Plan (CalPERS Plan) administered by the California Public Employees’ Retirement System (CalPERS). The CalPERS Plan consists of individual rate plans (benefit tiers) within a miscellaneous risk pool and a safety risk pool.

CalPERS Plan assets may be used to pay benefits for any employer rate plan of the safety and miscellaneous risk pools. Accordingly, rate plans within the safety or miscellaneous pools are not separate plans under GASB Statement No. 68. The City sponsors two rate plans (two safety). Benefit provisions under the Plan are established by State statute and Ci ty resolution. CalPERS i ssues publicly available reports that include a full description of the pension plan regarding benefit provisions, assumptions and membership information that can be found on the CalPERS website.

Deferred Outflows
of Resources
Deferred Inflows
of Resources
Pension contributions subsequent to measurement date 7,020,289$ - $ Differences between actual and expected experience 1,606,226 - Net difference between pro jected and actual earnings on plan investments 1,699,904 -
Total 10,326,419$ -$
Year Ended
June 30
2026 915,686 $
2027 3,591,710
2028 (529,108)
2029 (672,158)
94 268 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

8. PUBLIC EMPLOYEES’ RETIREMENT SYSTEM, Continued

D. CalPERS Safety Plan, Continued

Benefits Provided - CalPERS provides service retirement an d disability benefits, annual cost of living adjustments and death benefits to plan members who must be public employees, and beneficiaries.

Benefits are based on years of credited service, equal to one year of full-time employment. Members with five years of total service are eligible to retire at age 50, with statutorily reduced benefits. All members are eligible for non-duty disability benefits after 10 years of service. The death benefit is one of the following:
the Basic Death Benefit, the 1957 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost- of-living adjustments for each plan are applied as specified by the Public Employees’ Retirement Law.

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

CalPERS collects employer contributions for the CalP ERS Plan as a percentage of payroll for the normal cost portion as noted in the rates above and as a dollar amount for contributions toward the unfunded liability. The dollar amounts are billed on a monthly ba sis or can be prepaid in full no later than July 31.

The City’s required contribution for the unfunded liability for the Safety Plan was $4,337,977 in fiscal year 2025.

Contributions - Section 20814(c) of the California Public Employees’ Retirement Law requires that the employer contribution rates for all public employers be determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. Funding contributions for the CalPERS Plan are determined annually on an actuarial basis as of June 30 by CalPERS. The actuarially determined rate is the estimated am ount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The City is required to contribute the difference between the actuarially determined rate and the contribution rate of employees.

For the measurement period ended June 30, 2024, contributions to the Safety Plan were $7,350,579.

Hire Date
Prior to
January 1, 2013
On or after
January 1, 2013
Benefit formula 3% @ 50 2.7% @ 57
Benefit vesting schedule 5 service years 5 service years Benefit payments monthly for life monthly for life
Retirement age 50 - 55 50 - 57
Monthly benefit, as a % of eligible compensation 3.0% 2.0% - 2.7% Required employee contribution rates 9.0% 13.0%
Required employer contribution rates 27.320% 13.760%
Required UAL payment
$5,108,978 $26,311
Safety
95 269 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

8. PUBLIC EMPLOYEES’ RETIREMENT SYSTEM, Continued

D. CalPERS Safety Plan, Continued

Pension Liabilities, Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions – For purposes of measuring the net pension liability and deferred outflows/inflows of resources related to pensions, and pension expense, information about th e fiduciary net position of the Safety Plan and additions to/deductions from the Safety Plan’s fiduciary net position have been determined on the same basis as they are reported by the CalPERS Financial Office. For this purpose, benefit payments (including refunds of employee contributions) are recognized when currently due and payable in accordance with the benefit terms. Investments are reported at fair value.

As of June 30, 2025, the City reported net pension liability for its proportionate share of the net pension liability of the Safety Plan of $65,677,173.

The City’s net pension liability for the Safety Plan is measured as the proportionate share the total net pension liability of the CalPERS Plan. The net pension liability is measured as of June 30, 2024, and the total pension liability for the CalPERS Plan used to ca lculate the net pension liability was determined by an actuarial valuation as of June 30, 2023 rolled forward to June 30, 2024 using standard update procedures. The City’s proportion of the net pension liability was base d on the City’s plan liability and asset-related information where available, and proportional allocations of individual plan amounts as of the valuation date where not available.

The City’s proportionate share of the net pension liability as of the measurement dates June 30, 2023 and 2024 were as follows:

Safety Plan
Proportion - June 30, 2023 0.53276%
Proportion - June 30, 2024 0.54156%
Change - Increase (Decrease) 0.00880%
96 270 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

8. PUBLIC EMPLOYEES’ RETIREMENT SYSTEM, Continued

D. CalPERS Safety Plan, Continued

For the year ended June 30, 2025, the City recognized pension expense of $13,106,681 for the Safety Plan.

On June 30, 2025, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:

A total of $7,995,290 reported as deferred outflows of resources related to contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ending June 30, 2026. Other amounts reported as deferred outflo ws of resources and deferred inflows of resources related to pensions will be recognized as pension expense (income) as follows:

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

Deferred
Outflows
of Resources
Deferred
Inflows
of Resources
Pension contributions subsequent to measurement date 7,995,290$ -$ Differences between actual and expected experience 5,359,575 174,269 Changes in assumptions 1,618,151 -
Net differences between projected and actual earnings
on plan investments 3,174,535 -
Change in Employer's Proportion 540,567 664,380 Differences between actual contributions and
proportional contributions 1,817,829 601,411 Total 20,505,947$ 1,440,060$ Year Ending June 30,
2026 4,286,136 $
2027 7,733,317
2028 137,590
2029 (1,086,446)
Safety
1% Decrease 5.90%
Net Pension Liability 95, 368,929$
Current Discount Rate 6.90%
Net Pension Liability 65, 677,173$
1% Increase 7.90%
Net Pension Liability 41, 393,492$
97 271 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

8. PUBLIC EMPLOYEES’ RETIREMENT SYSTEM, Continued

D. CalPERS Safety Plan, Continued

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

9. OTHER POST-EMPLOYMENT DEFINED BENEFIT PLAN

Plan Description - The City of San Bruno contracts with the Teamsters Local #856 Health and Welfare Trust Fund to provide health benefits to both active and retired employees as a defined benefit plan. The City provides no direct financial contribution towards re tiree health benefits; however, due to retirees and active employees being insured in the same pool, it indirectly subsidizes their premiums through payments for current employees.

Eligibility: - Employees (and their dependents) are eligible for retiree health benefits if they retire from the City on or after age 55 with at least 10 years of service (with 12 continuous months prior to date of retirement) and are eligible for a CalPERS pension. Membership of the plan consisted of the following at June 30, 2025:

Premiums for eligible retirees vary based on years of service, plan selected, eligibility for Medicare, and the number of eligible dependents covered under the retiree medical program, with monthly premiums up to $779 for those under the age of 60 and up to an additional $275 per eligible dependent.

City’s Funding Policy - The Teamsters Local #856 Health and Welfare Trust Fund determines the contribution requirements of the City. The contribution required to be made under City Council and labor agreement requirements is based on a pay-as-you-go basis (i.e., as medical insurance premiums become due). For fiscal year 2024-25 the City’s actual contribution to the Teamsters Local #856 Health and Welfare Fund was $7,986,827, which includes the calculated be nefit cost for the City’s retirees and the cost of implicit subsidies where applicable.

Annual OPEB Cost and Net OPEB Liability - The City’s annual other postemployment benefit (OPEB) cost (expense) is calculated based on the annual requir ed contribution of the employer (ARC). The ARC represents a level of funding that, if paid on an ongoing basis, is projected to cover normal cost each year and amortize any unfunded actuarial liabilities (or fu nding excess) over a period not to exceed thirty years. The City does not record a net OPEB liability due to the inability to obtain information from the Teamsters Local #856 Health and Welfare Trust Fund in order to measure the liability.

Current Retirees 105
Active employees 242
Total 347
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City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

10. CONTINGENCIES

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

11. LITIGATION

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

On April 17, 2023 the California Department of Tax & Fee Administration (CDTFA) issued a reallocation notice to the City and Walmart.com USA (Walmart) in the amount of approximately $27.5 million which states that certain sales tax should be reallocated to other jurisdictions. The City and Walmart filed a Verified Petition for Writ of Mandate and Complaint for Declaratory and Injunctive Relief on October 26, 2023 to find the City's allocation of local sales taxes is proper. If the City and Walmart lose the case, the City would owe up to approximately $20.9 million to the CDTFA to be redistributed.

12. RESTATEMENTS OF FUND BALANCE AND NET POSITION

In the fiscal year ended June 30, 2025, the Parks and Facilities and Technology Capital Improvement Fund previously reported as a major fund did not meet the criteria to for major funds and is now reported as nonmajor.

For the City’s implementation of GASB 101 – Compensated Absences, the City restated the beginning balances for the Water Fund, Wastewater fund and the Governmental Activities to account for estimated future usage of sick and administrative leaves in addition to vacation and compensatory leaves.

Additionally, the City made two error corrections in fiscal year 2024-25. The first correction was to reclassify $475,662 of expenditures on the Centenni al Plaza Improvements project from the Street Improvement Capital Projects Fund to the Parks and Facilities and Technology Capital Improvement Fund.

The second correction was to recognize prior year unbilled revenues in the Wastewater and Water funds.

Amounts due from customers were not recorded in accounts receivable and revenues. Instead, when payments were received, the City reduced accounts receivable and in creased cash. Thus, the balance in accounts receivable was understated. Accounts receivable was understated in prior years by $958,597 in the Water Fund and $1,780,523 in the Wastewater Fund, and revenue was understated by those same amounts.

Please see the following page for the effect on fund balance and net position for these changes.

99 273 of 396

City of San Bruno
Notes to Basic Financial Statements
For the Year Ended June 30, 2025

12. RESTATEMENTS OF FUND BALANCE AND NET POSITION, Continued

Fund Statements

Government-wide Statements

13. SUBSEQUENT EVENT

In March 2025, the City executed an agreement to sell the City's CityNet Enterprise Fund to Comcast. The City is currently in a transition period for the sale and the transaction is expected to close December 31, 2025.

Street
Improvement
Capital
Projects
Parks and
Facilities and
Technology
Capital
Improvement Water Wastewater CityNet
Nonmajor
Enterprise
Nonmajor
Governmental
June 30, 2024, as previously reported 13,719,948 $ 9,219,206 $ 75,659,429 $ 79,911,694 $ 1,571,988 $ 8,519,697 $ 11,657,200 $ Change from major to nonmajor fund - (9,219,206) - - - - 9,219,206 Implementation of GASB 101 - - (34,727) (12,073) 2,108 (4,061) - Correction of expenditures allocated to fund 475,662 - - - - - (475,662) Correction of Accounts Receivable - - 958,597 1,780,523 - - - June 30, 2024, as restated 14,195,610 $ - $ 76,583,299$ 81,680,144 $ 1,574,096 $ 8,515,636 $ 20,400,744 $ Governmental
Activities
Business-type
Activities
June 30, 2024, as previously reported 176,741,862$ 167,408,644 $ Implementation of GASB 101 (511,981) (48,753) Correction of Accounts Receivable - 2,739,120 June 30, 2024, as restated 176,229,881 $ 170,099,011 $ 100

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REQUIRED

SUPPLEMENTARY INFORMATION
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City of San Bruno
Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual General Fund
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Taxes 47,347,324$ 47,347,324$ 48,923,037$ 1,575,713$ Licenses and permits 3,239,500 3,239,500 3,651,136 411,636 Intergovernmental and grants 5,499,452 5,499,452 6,299,037 799,585 Charges for services 2,035,963 2,035,963 3,354,749 1,318,786 Fines and forfeitures 1,620,152 1,620,152 937,116 (683,036) Use of money and property 4,598,200 4,598,200 8,967,607 4,369,407 Other revenues 140,969 140,969 398,014 257,045 Total revenues 64,481,560 64,481,560 72,530,696 8,049,136 EXPENDITURES:

Current:

General government 12,888,552 12,967,593 11,599,685 1,367,908 Public safety 33,158,904 33,623,840 33,109,212 514,628 Public works 1,542,125 1,640,984 1,583,990 56,994 Streets 2,673,722 2,717,126 2,285,308 431,818 Parks and recreation 4,801,076 4,970,868 4,642,063 328,805 Library 2,353,516 2,353,516 2,244,810 108,706 Community and economic development - 176,911 7,870 169,041 Capital outlay 551,629 1,353,787 943,831 409,956 Total expenditures 57,969,524 59,804,625 56,416,769 3,387,856

REVENUES OVER (UNDER)
EXPENDITURES 6,512,036 4,676,935 16,113,927 11,436,992 OTHER FINANCING SOURCES (USES):

Transfers in 2,407,585 2,738,228 1,687,868 (1,050,360)
Transfers out (15,143,119) (16,232,787) (13,561,932) 2,670,855 Proceeds from sale of property - - 999,985 999,985 Total other financing sources (uses) (12,735,534) (13,494,559) (10,874,079) 2,620,480 Net change in fund balances (6,223,498)$ (8,817,624)$ 5,239,848 14,057,472$ FUND BALANCES:

Beginning of year 60,837,207
End of year
66,077,055$
Budgeted Amounts
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City of San Bruno
Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Developer Agreements and Impact Fees Fund
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Licenses and permits 500,000$ 500,000$ 61,518$ (438,482)$ Use of money and property 489,000 489,000 1,040,270 551,270 Total revenues 989,000 989,000 1,101,788 112,788

REVENUES OVER (UNDER)
EXPENDITURES 989,000 989,000 1,101,788 112,788 OTHER FINANCING SOURCES (USES):

Transfers in - 21,397 158,709 137,312 Transfers out (1,388,000) (1,523,000) (1,548,000) (25,000) Total other financing sources (uses) (1,388,000) (1,501,603) (1,389,291) 112,312 Net change in fund balances (399,000)$ (512,603)$ (287,503) 225,100$ FUND BALANCES:

Beginning of year 35,871,924
End of year 35,584,421
$
Budgeted Amounts
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City of San Bruno
Required Supplementary Information
For the year ended June 30, 2025
Miscellaneous Plan
Schedule of Changes in the Net Pension Liability and Related Ratios - Last 10 Years Measurement Period 2015 2016 2017

TOTAL PENSION LIABILITY
Service cost 2,097,851 $ 2,139,755 $ 2,531,862 $ Interest 8,305,341 8,778,896 9,108,648 Differences between expected and actual experience 505,056 934,779 (667,604) Changes of benefit terms - - - Changes in assumptions (2,047,078) - 7,626,708 Benefit payments, including refunds of employee contributions (5,034,556) (5,302,771) (5,571,094) Net change in the total pension liability 3,826,614 6,550,659 13,028,520 Total pension liability - beginning 111,576,919 115,403,533 121,954,192 Total pension liability - ending (a) 115,403,533$ 121,954,192$ 134,982,712$

PLAN FIDUCIARY NET POSITION
Contributions - employer 2,511,337$ 2,864,024$ 3,286,539$ Contributions - employee 968,827 995,641 1,021,113 Net investment income 1,866,002 415,562 9,203,409 Plan to plan resource movement - - - Benefit payments, including refunds of employee contributions (5,034,556) (5,302,771) (5,571,094) Administrative expense (94,139) (50,953) (121,842) Other miscellaneous income (expense) (4) (1,791) - Net change in plan fiduciary net position 217,467 (1,080,288) 7,818,125 Plan fiduciary net position - beginning 83,387,543 83,605,010 82,524,722 Plan fiduciary net position - ending (b) 83,605,010$ 82,524,722$ 90,342,847$ Net pension liability - ending (a) - (b) 31,798,523$ 39,429,470$ 44,639,865$ Plan fiduciary net position as a percentage of the total pension liability 72.45% 67.67% 66.93%
Covered payroll 11,746,858$ 12,768,781$ 12,661,824$ Net pension liability as a percentage of covered payroll 270.70% 308.80% 352.55% Notes to the Schedule:

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

Changes in Assumptions: In 2022, CalPERS reduced the discount rate to 6.9% from 7.15%. In 2018, demographic assumptions and inflation rate were changed in accordance with the CalPERS Experience Study and Review of Assumptions December 2017. There were no changes in the discount rate. In 2017, the accounting discount rate reduced from 7.65% to 7.15%. In 2016, 2018, 2019, and 2020, 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 were based on the 7.5% discount rate.
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2018 2019 2020 2021 2022 2023 2024
2,492,070$ 2,432,199$ 2,514,610$ 2,603,128$ 2,806,527$ 2,772,551$ 3,188,767$ 9,431,890 9,905,673 10,324,053 10,739,952 11,107,354 11,553,741 12,067,204 (431,451) 1,352,032 - 613,120 (100,106) 1,002,142 2,338,704 - - - - - 201,350 - (862,136) - 856,075 - 5,510,831 - - (6,041,230) (7,198,215) (7,569,113) (7,789,485) (8,387,442) (8,874,582) (9,988,632) 4,589,143 6,491,689 6,125,625 6,166,715 10,937,164 6,655,202 7,606,043 134,982,712 139,571,855 146,063,544 152,189,169 158,355,884 169,293,048 175,948,250 139,571,855$ 146,063,544$ 152,189,169$ 158,355,884$ 169,293,048$ 175,948,250$ 183,554,293$ 3,493,382$ 4,025,948$ 4,630,765$ 5,012,295$ 5,379,704$ 5,939,643$ 6,371,018$ 1,025,190 1,014,107 1,144,051 1,051,962 1,106,909 1,143,911 1,397,147 7,685,495 6,290,148 5,016,150 23,324,110 (9,370,622) 7,041,795 11,460,034 (223) - - - - - - (6,041,230) (7,198,215) (7,569,113) (7,789,485) (8,387,442) (8,874,582) (9,988,632) (140,779)
(68,577) (141,202) (103,132) (77,704) (83,380) (96,469) (267,342) 223 - - - - - 5,754,493 4,063,634 3,080,651 21,495,750 (11,349,155) 5,167,387 9,143,098 90,342,847 96,097,340 100,160,974 103,241,625 124,737,375 113,388,220 118,555,607 96,097,340$ 100,160,974$ 103,241,625$ 124,737,375$ 113,388,220$ 118,555,607$ 127,698,705$ 43,474,515$ 45,902,570$ 48,947,544$ 33,618,509$ 55,904,828$ 57,392,643$ 55,855,588$

68.85% 68.57% 67.84% 78.77% 66.98% 67.38% 69.57%
12,736,637$ 13,803,211$ 14,427,436$ 14,301,123$ 14,353,672$ 15,988,755$ 18,474,567$ 341.33% 332.55% 339.27% 235.08% 389.48% 358.96% 302.34% 107

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City of San Bruno
Required Supplementary Information
For the year ended June 30, 2025
Schedule of Pension Plan Contributions - Last 10 Years
2016 2017 2018
Miscellaneous Plan
Contractually required contribution 2,864,024$ 3,286,539$ 3,493,382$ Contributions in relation to the
contractually required contributions (2,864,024) (3,286,539) (3,493,382) Contribution deficiency (excess) -$ -$ -$ Covered payroll 12,768,781$ 12,661,824$ 12,736,637$ Contributions as a percentage of covered payroll 22.43% 25.96% 27.43% Notes to Schedule:

Valuation date 6/30/2013 6/30/2014 6/30/2015
Methods and assumptions used to determine contribution rates:

Actuarial cost method
Amortization method
Remaining amortization period 15 years as of valuation date Asset valuation method
Inflation
Salary increases
Investment rate of return
Retirement age
Mortality
Entry Age Normal Cost Method
Level percentage of payroll, closed
5-year smoothed market

2.75% for 2015 to 2019, 2.625% for 2020 and 2.50% for 2021 to 2022 Varies by entry age and service

7.50% for 2015 to 2018, 7.375% for 2019, 7.25% for 2020, and 7.00% for 2021 and 2022, net of pension plan investment expense, including inflation.

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

The probabilities of mortality are based on the CalPERS Experience Study. Pre- retirement and Post-retirement mortality rate include 20 years of projected mortality improvement using Scale AA published by the Society of Actuaries for 2015 to 2018. For 2019 to 2022, pre-retirement age.
108

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2019 2020 2021 2022 2023 2024 2025
4,025,948$ 4,630,765$ 5,012,295$ 5,366,996$ 5,944,790$ 6,373,267$ 7,020,289$ (4,025,948) (4,630,765) (5,012,295) (5,366,996) (5,944,790) (6,373,267) (7,020,289) -$ -$ -$ -$ -$ -$ -$ 13,803,211$ 14,427,436$ 14,301,123$ 14,353,672$ 15,988,755$ 18,474,567$ 18,794,735$

29.17% 32.10% 35.05% 37.39% 37.18% 34.50% 37.35%
6/30/2016 6/30/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 6/30/2022 109

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City of San Bruno
Required Supplementary Information
For the year ended June 30, 2025
Schedule of the City's Proportionate Share of the Net Pension Liability - Last Ten Fiscal Years Safety Plan
Fiscal Year End: 6/30/2016 6/30/2017 6/30/2018
Measurement Date 6/30/2015 6/30/2016 6/30/2017
City's proportion of the net pension liability 0.43667% 0.44803% 0.44960% City's proportionate share of the net pension liability 29,972,706$ 38,768,137$ 44,587,858$ City's covered payroll (plan year) 8,733,422$ 9,215,379 $ 9,360,496 $ City's proportionate share of the net pension liability as a percentage of its covered payroll 343.20% 420.69% 476.34% Fiduciary net position as a percentage of the
total pension liability 78.40% 74.06% 73.31%
Notes to the schedule:

The CalPERS mortality assumptions were adjusted in fiscal year 2019.

The CalPERS discount rate increased from 7.5% to 7.65% in fiscal year 2016, decreased from 7.65% to 7.15% in fiscal year 2018, and decreased from 7.15% to 6.9% in fiscal year 2023. 110

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6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024 6/30/2025 6/30/2018 6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024

0.46924% 0.47762% 0.49200% 0.63963% 0.53661% 0.53276% 0.54156% 45,216,872$ 48,942,165$ 53,531,797$ 34,593,086$ 61,982,346$ 66,463,634$ 65,677,173$ 8,768,759$ 9,259,344$ 9,977,457$ 9,800,218$ 11,785,003$ 13,053,713$ 14,830,412$ 515.66% 528.57% 536.53% 352.98% 525.94% 509.16% 442.85%

75.26% 75.26% 75.10% 88.29% 76.68% 76.21% 78.08%
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City of San Bruno
Required Supplementary Information
For the year ended June 30, 2025
Schedule of Pension Plan Contributions - Last 10 Years
2016 2017 2018
Safety Plan
Contractually required contribution (actuarially determined) 1,681,684$ 3,203,722$ 3,682,068$ Contributions in relation to contractually required contributions (1,681,684) (3,203,722) (3,682,068) Contribution deficiency (excess) -$ -$ -$ Covered payroll 9,215,379$ 9,360,496$ 8,768,759$ Contributions as a percentage of covered payroll 18.25% 34.23% 41.99% Notes to the Schedule:

Methods and assumptions used to determine contribution rates:

Valuation date (for contractually required contribution): 6/30/2013 6/30/2014 6/30/2015 Actuarial cost method: Entry Age Entry Age Entry Age
Amortization method: (1) (1) (1)
Assets valuation method: Market Value Market Value Market Value Inflation: 2.75% 2.75% 2.75%
Salary increases: (2) (2) (2)
Investment rate of return: 7.50% 7.50% 7.50%
Retirement age: (3) (3) (3)
Mortality: (4) (4) (4)
(1)
Level percentage of payroll, closed
(2)
Depending on age, service, and type of employment
(3)
(4)
50 for all plans, with the exception of 52 for Miscellaneous PEPRA 2%@62 Mortality assumptions are based on mortality rates resulting from the most recent CalPERS Experience Study adopted by the CalPERS Board.
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2019 2020 2021 2022 2023 2024 2025
4,282,040$ 4,978,130$ 5,482,002$ 6,153,419$ 6,866,039$ 7,350,579$ 7,995,290$ (4,282,040) (4,978,130) (5,482,002) (6,153,419) (6,866,039) (7,350,579) (7,995,290) -$ -$ -$ -$ -$ -$ -$ 9,259,344$ 9,977,457$ 9,800,218$ 11,785,003$ 13,053,713$ 14,830,412$ 14,285,850$

46.25% 49.89% 55.94% 52.21% 52.60% 49.56% 55.97%
6/30/2016 6/30/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 6/30/2022 Entry Age Entry Age Entry Age Entry Age Entry Age Entry Age Entry Age (1) (1) (1) (1) (1) (1) (1)
Market Value Market Value Market Value Market Value Market Value Market Value Market Value

2.75% 2.63% 2.50% 2.50% 2.50% 2.50% 2.30%
(2) (2) (2) (2) (2) (2) (2)

7.375% 7.25% 7.00% 7.00% 7.00% 6.80% 6.80%
(3) (3) (3) (3) (3) (3) (3)
(4) (4) (4) (4) (4) (4) (4)
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City of San Bruno
Combining Balance Sheet
General Fund
June 30, 2025
General
Fund
Totals
ASSETS
Cash and investments 56,896,313$ 638,067$ 57,534,380$ Cash and investments with fiscal agent 57,718 - 57,718 Receivables:

Taxes 9,199,706 630,225 9,829,931 Accounts 533,851 - 533,851 Interest 872,295 - 872,295 Loans 926,596 - 926,596 Other 1,382,302 - 1,382,302 Due from other funds 3,590,531 - 3,590,531 Advances to other funds 2,000,000 - 2,000,000 Total assets 75,459,312$ 1,268,292$ 76,727,604$

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES

Liabilities:

Accounts payable and accrued liabilities 7,844,566 - 7,844,566 Deposits payable 2,510,795 - 2,510,795 Unearned revenue 109,427 - 109,427 Other liabilities 185,761 - 185,761 Total liabilities 10,650,549 - 10,650,549

Fund Balances:

Nonspendable 2,926,596 - 2,926,596 Assigned 9,666,621 - 9,666,621 Unassigned 52,215,546 1,268,292 53,483,838 Total fund balances 64,808,763 1,268,292 66,077,055 Total liabilities, deferred inflows of
resources and fund balances 75,459,312$ 1,268,292$ 76,727,604$ General Fund
Operating and
Reserves Measure G
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City of San Bruno
Combining Statement of Revenues, Expenditures and Changes in Fund Balances General Fund
For the year ended June 30, 2025
General
Fund
Totals
REVENUES:

Taxes 45,208,166 $ 3,714,871 $ - $ 48,923,037$ Licenses and permits 3,651,136 - - 3,651,136 Intergovernmental and grants 6,299,037 - - 6,299,037 Charges for services 3,354,749 - - 3,354,749 Fines and forfeitures 937,116 - - 937,116 Use of money and property 8,967,607 - - 8,967,607 Other revenues 398,014 - - 398,014 Total revenues 68,815,825 3,714,871 - 72,530,696 EXPENDITURES:

Current:

General government 11,599,685 - - 11,599,685 Public safety 33,109,212 - - 33,109,212 Public works 1,583,990 - - 1,583,990 Streets 2,285,308 - - 2,285,308 Parks and recreation 4,642,063 - - 4,642,063 Library 2,244,810 - - 2,244,810 Community and economic development 7,870 - - 7,870 Capital outlay 943,831 - - 943,831 Total expenditures 56,416,769 - - 56,416,769

REVENUES OVER (UNDER)
EXPENDITURES 12,399,056 3,714,871 - 16,113,927 OTHER FINANCING SOURCES (USES):

Transfers in 1,807,056
74,717 (193,905) 1,687,868 Transfers out (9,090,909) (4,664,928) 193,905 (13,561,932) Proceeds from sale of property 999,985 - - 999,985 Total other financing sources (uses) (6,283,868) (4,590,211) - (10,874,079) Net change in fund balances 6,115,188 (875,340) - 5,239,848 FUND BALANCES:

Beginning of year 58,693,575 2,143,632 - 60,837,207 End of year
64,808,763$ 1,268,292$ -$ 66,077,055$ General Fund
Operating and
Reserves Measure G
Intra-Fund
Transactions
Elimination
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City of San Bruno
Combining Statement of Revenues, Expenditures and Changes in Fund Balances General Fund
For the year ended June 30, 2025
Original Final
Budget Budget Actual Variance
REVENUES:

Taxes 43,547,324$ 43,547,324$ 45,208,166$ 1,660,842$ Licenses and permits 3,239,500 3,239,500 3,651,136 411,636 Intergovernmental 5,499,452 5,499,452 6,299,037 799,585 Charges for services 2,035,963 2,035,963 3,354,749 1,318,786 Fines and forfeitures 1,620,152 1,620,152 937,116 (683,036) Use of money and property 4,598,200 4,598,200 8,967,607 4,369,407 Other revenues 140,969 140,969 398,014 257,045 Total revenues 60,681,560 60,681,560 68,815,825 8,134,265 EXPENDITURES:

Current:

General government 12,888,552 12,967,593 11,599,685 1,367,908 Public safety 33,158,904 33,623,840 33,109,212 514,628 Public works 1,542,125 1,640,984 1,583,990 56,994 Streets 2,673,722 2,717,126 2,285,308 431,818 Parks and recreation 4,801,076 4,970,868 4,642,063 328,805 Library 2,353,516 2,353,516 2,244,810 108,706 Community and economic development - 176,911 7,870 169,041 Capital outlay 551,629 1,353,787 943,831 409,956 Total expenditures 57,969,524 59,804,625 56,416,769 3,387,856

REVENUES OVER (UNDER)
EXPENDITURES 2,712,036 876,935 12,399,056 11,522,121 OTHER FINANCING SOURCES (USES):

Transfers in 2,407,585 2,663,511 1,807,056 (856,455)
Transfers out (10,552,390) (11,567,859) (9,090,909) 2,476,950 Proceeds from sale of property - - 999,985 999,985 Total other financing sources (uses) (8,144,805) (8,904,348) (6,283,868) 2,620,480 Net change in fund balances (5,432,769)$ (8,027,413)$ 6,115,188 14,142,601$ FUND BALANCES:

Beginning of year 58,693,575
End of year 64,808,763$
General Fund Operating and Reserves
120

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Intrafund
Eliminations
Original Final Original Final
Budget Budget Actual Variance Actual Budget Budget Actual Variance 3,800,000$ 3,800,000$ 3,714,871$ (85,129)$ -$ 47,347,324$ 47,347,324$ 48,923,037$ 1,575,713$ - - - - - 3,239,500 3,239,500 3,651,136 411,636 - - - - - 5,499,452 5,499,452 6,299,037 799,585 - - - - - 2,035,963 2,035,963 3,354,749 1,318,786 - - - - - 1,620,152 1,620,152 937,116 (683,036) - - - - - 4,598,200 4,598,200 8,967,607 4,369,407 - - - - - 140,969 140,969 398,014 257,045 3,800,000 3,800,000 3,714,871 (85,129) - 64,481,560 64,481,560 72,530,696 8,049,136 - - - - - 12,888,552 12,967,593 11,599,685 1,367,908 - - - - - 33,158,904 33,623,840 33,109,212 514,628 - - - - - 1,542,125 1,640,984 1,583,990 56,994
- - - - - 2,673,722 2,717,126 2,285,308 431,818 - - - - - 4,801,076 4,970,868 4,642,063 328,805 - - - - - 2,353,516 2,353,516 2,244,810 108,706 - - - - - - 176,911 7,870 169,041 - - - - - 551,629 1,353,787 943,831 409,956 - - - - - 57,969,524 59,804,625 56,416,769 3,387,856 3,800,000 3,800,000 3,714,871 (85,129) - 6,512,036 4,676,935 16,113,927 11,436,992 - 74,717 74,717 - (193,905) 2,407,585 2,738,228 1,687,868 (1,050,360) (4,590,729) (4,664,928) (4,664,928) - 193,905 (15,143,119) (16,232,787) (13,561,932) 2,670,855 - - - - - - - 999,985 999,985

(4,590,729) (4,590,211) (4,590,211) - - (12,735,534) (13,494,559) (10,874,079) 2,620,480 (790,729)$ (790,211)$ (875,340) (85,129)$ - (6,223,498)$ (8,817,624)$ 5,239,848 14,057,472$ 2,143,632 - 60,837,207
1,268,292$ -$ 66,077,055$
Measure G General Fund Totals
121

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City of San Bruno
Combining Balance Sheet
Developer Agreements and Impact Fees Fund
June 30, 2025
ASSETS
Cash and investments 10,720,344 $ 4,064,992 $ 24,821 $ 234,340 $ Total assets 10,720,344$ 4,064,992 $ 24,821 $ 234,340 $

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES

Liabilities:

Deposits payable 362,746 - - - Total liabilities 362,746 - - -

Fund Balances:

Restricted 10,357,598 4,064,992 24,821 234,340 Assigned - - - - Total fund balances 10,357,598 4,064,992 24,821 234,340 Total liabilities, deferred inflows of
resources and fund balances 10,720,344$ 4,064,992 $ 24,821 $ 234,340 $ Affordable
Housing
Community
Services Public Safety
General
Government
122

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6,243,559$ 360,304 $ 5,029,212 $ 10,886,905 $ 37,564,477 $ 6,243,559$ 360,304 $ 5,029,212 $ 10,886,905 $ 37,564,477 $ - - 703,514 913,796 1,980,056 - - 703,514 913,796 1,980,056 6,243,559 360,304 4,325,698 - 25,611,312 - - - 9,973,109 9,973,109 6,243,559 360,304 4,325,698 9,973,109 35,584,421 6,243,559$ 360,304 $ 5,029,212 $ 10,886,905 $ 37,564,477 $ Developer
Agreements and
Impact Fees
Fund Totals
Community
Benefit
Bayhill Specific
Plan AreaTransportation Utilities Facilities
123

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City of San Bruno
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Developer Agreements and Impact Fees Fund
For the year ended June 30, 2025
REVENUES:

Licenses and permits -$ - $ 1,532$ 14,373 $ Use of money and property 287,254 120,957 634 10,471 Total revenues 287,254 120,957 2,166 24,844 OTHER FINANCING SOURCES (USES):

Transfers in - 135,901 - 22,808 Transfers out - (670,000) - (190,000) Total other financing sources (uses) - (534,099) - (167,192) Net change in fund balances 287,254 (413,142) 2,166 (142,348) FUND BALANCES:

Beginning of year 10,070,344 4,478,134 22,655 376,688 End of year 10,357,598
$ 4,064,992$ 24,821$ 234,340$ Affordable
Housing
General
GovernmentPublic Safety
Community
Services
124

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25,927$ 19,686 $ - $ - $ 61,518$ 166,783 9,260 134,759 310,152 1,040,270 192,710 28,946 134,759 310,152 1,101,788 - - - - 158,709 - - - (688,000) (1,548,000) - - - (688,000) (1,389,291) 192,710 28,946 134,759 (377,848) (287,503) 6,050,849 331,358 4,190,939 10,350,957 35,871,924 6,243,559$ 360,304$ 4,325,698$ 9,973,109$ 35,584,421$ Developer
Agreements and
Impact Fees
Fund TotalsTransportation Utilities Facilities
Bayhill Specific
Plan Area
Community
Benefit
125

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City of San Bruno
Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Street Improvement Capital Projects Fund
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental -$ 582,839$ 2,665,220$ 2,082,381$ Other revenues - 100,000 - (100,000) Total revenues - 682,839 2,665,220 1,982,381 EXPENDITURES:

Capital outlay - 23,916,706 14,952,728 8,963,978 Total expenditures - 23,916,706 14,952,728 8,963,978

REVENUES OVER (UNDER)
EXPENDITURES - (23,233,867) (12,287,508) 10,946,359 OTHER FINANCING SOURCES (USES):

Transfers in - 8,178,175 5,928,232 (2,249,943) Transfers out - (2,634,057) (477,951) 2,156,106 Total other financing sources (uses) - 5,544,118 5,450,281 (93,837) Net change in fund balances -$ (17,689,749)$ (6,837,227) 10,852,522$ FUND BALANCES:

Beginning of year 13,719,948
Restatement 475,662
Beginning of year, as restated 14,195,610
End of year 7,358,383
$
Budgeted Amounts
126

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NONMAJOR GOVERNMENTAL FUNDS
Nonmajor Special Revenue Funds:

In Lieu - Accounts for funds received to substitute for standard fees utilized for particular purposes.

Agency on Aging - Accounts for funds for senior services.

Federal/State Grants - Accounts for activities for the City's grants.

Gas Tax - Accounts for funds received and expended for street maintenance purposes as defined in sections 2103, 2105, 2106, 2107.5 of the Streets and Highway Code.

Police Asset Seizure – Accounts for state augmentation funds to be used for safety programs.

Police – Accounts for Police revenues to be used on special law enforcement programs.

SB322 Recycling/Litter Clean-up – Accounts for SB322 funds to be used on recycling and litter clean-up programs.

Restricted Revenues – Accounts for donations and fees collected for specific purposes.

Bequests – Accounts for funds bequested to the City.

Streets – Accounts for funds dedicated to street improvement and mitigation.

City of San Bruno as Successor Housing Agency – Accounts for housing assets and functions previously performed by the former Redevelopment Agency.

Measure A Transportation Tax – Accounts for funds received to be used for local transportation purposes. The revenues consist primarily of revenues received from Measure A sales tax passed to the City by San Mateo County.

Measure W Transportation Tax – Accounts for funds received to be used for local transportation purposes. The revenues consist primarily of revenues received from Measure W sales tax passed to the City by San Mateo County.

Community Development – Accounts for the activities of the Community Development Department including the City's planning and building permit operations.

Recreation and Aquatic Center – Accounts for the activities at the City's Recreation and Aquatic Center.

Capital Project Fund:

Parks and Facilities and Technology Capital Improvement - Accounts for funds expended on the improvement and development of the City’s facilities, infrastructure, major equipment and technological upgrades used to deliver services to the community. Funding comes from the General Fund, grants, and other sources.

Debt Service Fund:

General – Accounts for funds related to the 2011 and 2017 fire apparatus lease purchase, 2013 Pension Obligation Bond, and 2018 router lease purchase principal and interest payments. 127

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City of San Bruno
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2025 (with comparative totals for June 30, 2024) ASSETS
Cash and investments 4,097,603 $ - $ - $ 641,982$ Cash and investments with fiscal agent - - - - Receivables:

Taxes - - - 317,362 Interest - - - - Other - 30,531 172,346 - Other assets - - - - Total assets 4,097,603$ 30,531 $ 172,346 $ 959,344 $

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES

Liabilities:

Accounts payable and accrued liabilities 6,333 64,817 3,762 - Due to other funds - 456,298 482,745 - Interest payable - - - - Unearned revenue - - - - Total liabilities 6,333 521,115 486,507 -

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

Fund Balances:

Restricted 4,091,270 - - 959,344 Committed - - - - Assigned - - - - Unassigned - (490,584) (314,161) - Total fund balances 4,091,270 (490,584) (314,161) 959,344 Total liabilities, deferred inflows of
resources and fund balances 4,097,603$ 30,531$ 172,346$ 959,344$ Special Revenue Funds
In-Lieu Agency on Aging
Federal/State
Grants Gas Tax
128

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562,562$ 306,674 $ 438,722 $ 2,711,452 $ 156,905 $ - - - - - - - - - - - - - 16,056 - - - 13,642 5,541 - - - - 3,741,726 - 562,562$ 306,674$ 452,364$ 6,474,775$ 156,905$ 12,084 - 5,931 8,939 - - - - - - - - - - - - - - - - 12,084 - 5,931 8,939 - - - - 3,049,700 - - - - 3,049,700 - 550,478 306,674 446,433 3,416,136 156,905 - - - - - - - - - - - - - - - 550,478 306,674 446,433 3,416,136 156,905 562,562$
306,674$ 452,364$ 6,474,775$ 156,905$ Special Revenue Funds
Police Asset Seizure Police
SB 322
Recycling/Litter
Clean-up Restricted Revenues Street
129

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City of San Bruno
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2025 (with comparative totals for June 30, 2024) ASSETS
Cash and investments 700,649 $ 1,144,804 $ 982,500 $ 4,837,368 $ Cash and investments with fiscal agent - - - - Receivables:

Taxes - 105,334 97,073 - Interest - - - - Other - - - 415,218 Other assets - - - - Total assets 700,649$ 1,250,138 $ 1,079,573 $ 5,252,586 $

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES

Liabilities:

Accounts payable and accrued liabilities - - - 1,622,204 Due to other funds - - - - Interest payable - - - - Unearned revenue - 117,523 - - Total liabilities - 117,523 - 1,622,204

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

Fund Balances:

Restricted 700,649 1,132,615 1,079,573 2,985,042 Committed - - - 645,340 Assigned - - - - Unassigned - - - - Total fund balances 700,649 1,132,615 1,079,573 3,630,382 Total liabilities, deferred inflows of
resources and fund balances 700,649$ 1,250,138$ 1,079,573$ 5,252,586$ Community
Development
Special Revenue Funds
City as Successor
Housing Agency
Measure A
Transportation Tax
Measure W
Transportation Tax
130

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Special Revenue Capital Debt
Funds Projects Fund Service Fund
2025 2024
-$ 11,325,609$ 14,934$ 27,921,764$ 11,991,782$ - - 1,922 1,922 150 - - - 519,769 430,187 - - - 16,056 18,007 117,702 259,364 - 1,014,344 143,171 - - - 3,741,726 3,628,657 117,702$ 11,584,973$ 16,856$ 33,215,581$ 16,211,954$ 125,772 415,976 - 2,265,818 291,194 2,399,617 80,132 - 3,418,792 1,101,805 - - 10,154 10,154 13,855 - - - 117,523 - 2,525,389 496,108 10,154 5,812,287 1,406,854 - - - 3,049,700 3,147,900 - - - 3,049,700 3,147,900 - 2,281,224 - 18,106,343 10,123,805 - - 6,702 652,042 2,404,964 - 8,807,641 - 8,807,641 - (2,407,687) - - (3,212,432) (871,569) (2,407,687) 11,088,865
6,702 24,353,594 11,657,200 117,702$ 11,584,973$ 16,856$ 33,215,581$ 16,211,954$ Totals
Nonmajor Funds
Parks and Facilities
and Technology
Capital
Improvement General
Recreation and
Aquatic Center
131

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City of San Bruno
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the year ended June 30, 2025 (with comparative totals for June 30, 2024) REVENUES:

Taxes -$ - $ - $ - $ Licenses and permits 27,043 - - - Intergovernmental - 164,137 592,796 2,415,565 Charges for services - - - - Fines and forfeitures - - - - Use of money and property 78,258 - 754 8,230 Other revenues - 51,815 50,018 - Total revenues 105,301 215,952 643,568 2,423,795 EXPENDITURES:

Current:

General government - - 28,580 - Public safety - - 320,195 - Streets - - - 3,000 Parks and recreation - 516,070 - - Library - - - - Community and economic development 123,143 - - - Capital outlay - - - - Debt service:

Principal - - - - Interest and fiscal charges - - - - Total expenditures 123,143 516,070 348,775 3,000

REVENUES OVER (UNDER)
EXPENDITURES (17,842) (300,118) 294,793 2,420,795
OTHER FINANCING SOURCES (USES):

Transfers in - - - 87,643 Transfers out - - - (1,615,000) Total other financing sources (uses) - - - (1,527,357) Net change in fund balances (17,842) (300,118) 294,793 893,438 FUND BALANCES:

Beginning of year 4,109,112 (190,466) (608,954) 65,906 Restatements - - - - Beginning of year, as restated 4,109,112 (190,466) (608,954) 65,906 End of year 4,091,270
$ (490,584)$ (314,161)$ 959,344$ Special Revenue Funds
In-Lieu Agency on Aging
Federal/State
Grants Gas Tax
132

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-$ - $ - $ - $ - $ - - - 134,049 - - 194,663 10,841 3,289 - - - - 173,705 - 123,890 - - - - 15,959 8,318 12,743 281,617 122 - - 154,487 349,058 - 139,849 202,981 178,071 941,718 122 - - - 31,763 - 239,945 - - 23,664 - - - 246,986 - - - - - 21,115 - - - - 40,380 - - - - - - - - - - - - - - - - - - - - - 239,945 - 246,986 116,922 - (100,096) 202,981 (68,915) 824,796 122 -
- - 200,000 152,375 - (100,000) - (375,000) - - (100,000) - (175,000) 152,375 (100,096) 102,981 (68,915) 649,796 152,497 650,574 203,693 515,348 2,766,340 4,408 - - - - - 650,574 203,693 515,348 2,766,340 4,408 550,478$ 306,674$ 446,433$ 3,416,136$ 156,905$ Special Revenue Funds
Police Asset Seizure Police
SB 322
Recycling/Litter
Clean-up Restricted Revenues Street
133

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City of San Bruno
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the year ended June 30, 2025 (with comparative totals for June 30, 2024) REVENUES:

Taxes -$ 1,307,183$ 576,341 $ - $ Licenses and permits - - - 5,898,688 Intergovernmental - - - 11,839 Charges for services - - - 152,459 Fines and forfeitures - - - - Use of money and property - 8,430 37,856 107,063 Other revenues - - - - Total revenues - 1,315,613 614,197 6,170,049 EXPENDITURES:

Current:

General government - - - - Public safety - - - - Streets - - - - Parks and recreation - - - - Library - - - - Community and economic development - - - 4,942,922 Capital outlay - - - - Debt service:

Principal - - - - Interest and fiscal charges - - - - Total expenditures - - - 4,942,922

REVENUES OVER (UNDER)
EXPENDITURES - 1,315,613 614,197 1,227,127
OTHER FINANCING SOURCES (USES):

Transfers in - 82,553 - - Transfers out - (193,402) (642,399) - Total other financing sources (uses) - (110,849) (642,399) - Net change in fund balances - 1,204,764 (28,202) 1,227,127 FUND BALANCES:

Beginning of year 700,649 (72,149) 1,107,775 2,403,255 Restatements - - - - Beginning of year, as restated 700,649 (72,149) 1,107,775 2,403,255 End of year 700,
649$ 1,132,615$ 1,079,573$ 3,630,382$ Community
Development
Special Revenue Funds
City as Successor
Housing Agency
Measure A
Transportation Tax
Measure W
Transportation Tax
134

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Special Revenue Capital Debt
Funds Projects Fund Service Fund
2025 2024
-$ - $ - $ 1,883,524$ 1,871,185 $ - - - 6,059,780 1,137,996 - 893,471 - 4,286,601 3,146,148 1,751,510 - - 2,077,674 51,042 - - - 123,890 51,119 - - 2,272 561,622 620,448 27,264 - - 632,642 447,202 1,778,774 893,471 2,272 15,625,733 7,325,140 - - - 60,343 406,034 - - - 583,804 645,874 - - - 249,986 191,595 4,186,461 - - 4,723,646 439,006 - - - 40,380 61,416 - - - 5,066,065 245,411 - 6,238,753 - 6,238,753 - - - 1,191,580 1,191,580 1,146,790 - - 172,985 172,985 217,131 4,186,461 6,238,753 1,364,565 18,327,542 3,353,257 (2,407,687) (5,345,282) (1,362,293) (2,701,809) 3,971,883
- 8,041,801 1,367,286 9,931,658 3,239,858 - (351,198) - (3,276,999) (6,225,037) - 7,690,603 1,367,286 6,654,659 (2,985,179) (2,407,687) 2,345,321 4,993 3,952,850 986,704 - - 1,709 11,657,200 25,112,907 - 8,743,544 - 8,743,544 (14,442,411) - 8,743,544 1,709 20,400,744 10,670,496 (2,407,687)$ 11,088,865$ 6,702$ 24,353,594$ 11,657,200$ Nonmajor Funds
Recreation and
Aquatic Center
Parks and Facilities
and Technology
Capital
Improvement General
Totals
135
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City of San Bruno
Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual In-Lieu
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Licenses and permits -$ -$ 27,043$ 27,043$ Use of money and property 30,000 30,000 78,258 48,258 Total revenues 30,000 30,000 105,301 75,301 EXPENDITURES:

Current:

Community and economic development 122,350 150,699 123,143 27,556 Total expenditures 122,350 150,699 123,143 27,556

REVENUES OVER (UNDER)
EXPENDITURES (92,350) (120,699) (17,842) 102,857 Net change in fund balances (92,350)$ (120,699)$ (17,842) 102,857$ FUND BALANCES:

Beginning of year 4,109,112
End of year 4,091,270
$
Budgeted Amounts
136

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City of San Bruno
Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Agency on Aging
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 389,000$ 389,000$ 164,137$ (224,863)$ Other revenues 72,000 72,000 51,815 (20,185) Total revenues 461,000 461,000 215,952 (245,048) EXPENDITURES:

Current:

Parks and recreation 253,868 287,984 516,070 (228,086) Total expenditures 253,868 287,984 516,070 (228,086)

REVENUES OVER (UNDER)
EXPENDITURES 207,132 173,016 (300,118) (473,134) OTHER FINANCING SOURCES (USES):

Transfers out (61,500) (61,500) - 61,500 Total other financing sources (uses) (61,500) (61,500) - 61,500 Net change in fund balances 145,632$ 111,516$ (300,118) (411,634)$ FUND BALANCES:

Beginning of year (190,466)
End of year
(490,584)$
Budgeted Amounts
137

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City of San Bruno
Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Federal/State Grants
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 114,733$ 326,666$ 592,796$ 266,130$ Use of money and property - - 754 754 Other revenues - - 50,018 50,018 Total revenues 114,733 326,666 643,568 316,902 EXPENDITURES:

Current:

General government - 113,435 28,580 84,855 Public safety 114,733 546,640 320,195 226,445 Total expenditures 114,733 660,075 348,775 311,300

REVENUES OVER (UNDER)
EXPENDITURES - (333,409) 294,793 628,202 Net change in fund balances -$ (333,409)$ 294,793 628,202$ FUND BALANCES:

Beginning of year (608,954)
End of year
(314,161)$
Budgeted Amounts
138

312 of 396

City of San Bruno
Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Gas Tax
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 2,240,914$ 2,240,914$ 2,415,565$ 174,651$ Use of money and property 12,175 12,175 8,230 (3,945) Total revenues 2,253,089 2,253,089 2,423,795 170,706 EXPENDITURES:

Current:

Streets 3,000 3,000 3,000 - Total expenditures 3,000 3,000 3,000 -

REVENUES OVER (UNDER)
EXPENDITURES 2,250,089 2,250,089 2,420,795 170,706 OTHER FINANCING SOURCES (USES):

Transfers in - - 87,643 87,643 Transfers out (1,615,000) (1,615,000) (1,615,000) - Total other financing sources (uses) (1,615,000) (1,615,000) (1,527,357) 87,643 Net change in fund balances 635,089$ 635,089$ 893,438 258,349$ FUND BALANCES:

Beginning of year 65,906
End of year 959,344
$
Budgeted Amounts
139

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City of San Bruno
Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Police Asset Seizure
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Fines and forfeitures 103,000$ 103,000$ 123,890$ 20,890$ Use of money and property 10,000 10,000 15,959 5,959 Total revenues 113,000 113,000 139,849 26,849 EXPENDITURES:

Current:

Public safety 247,545 272,545 239,945 32,600 Total expenditures 247,545 272,545 239,945 32,600

REVENUES OVER (UNDER)
EXPENDITURES (134,545) (159,545) (100,096) 59,449 Net change in fund balances (134,545)$ (159,545)$ (100,096) 59,449$ FUND BALANCES:

Beginning of year 650,574
End of year 550,478
$
Budgeted Amounts
140

314 of 396

City of San Bruno
Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Police
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 150,000$ 150,000$ 194,663$ 44,663$ Use of money and property 3,000 3,000 8,318 5,318 Total revenues 153,000 153,000 202,981 49,981 OTHER FINANCING SOURCES (USES):

Transfers out (100,000) (100,000) (100,000) - Total other financing sources (uses) (100,000) (100,000) (100,000) - Net change in fund balances 53,000$ 53,000$ 102,981 49,981$ FUND BALANCES:

Beginning of year 203,693
End of year 30
6,674$
Budgeted Amounts
141

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City of San Bruno
Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual SB 322 Recycling/Litter Clean-up
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental 116,990$ 116,990$ 10,841$ (106,149)$ Use of money and property 2,500 2,500 12,743 10,243 Other revenues 139,000 139,000 154,487 15,487 Total revenues 258,490 258,490 178,071 (80,419) EXPENDITURES:

Current:

Streets 306,410 379,959 246,986 132,973 Total expenditures 306,410 379,959 246,986 132,973

REVENUES OVER (UNDER)
EXPENDITURES (47,920) (121,469) (68,915) 52,554 Net change in fund balances (47,920)$ (121,469)$ (68,915) 52,554$ FUND BALANCES:

Beginning of year 515,348
End of year 44
6,433$
Budgeted Amounts
142

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City of San Bruno
Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Restricted Revenues
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Licenses and permits 129,600$ 129,600$ 134,049$ 4,449$ Intergovernmental - - 3,289 3,289 Charges for services 41,000 41,000 173,705 132,705 Use of money and property 50,000 50,000 281,617 231,617 Other revenues 66,000 186,000 349,058 163,058 Total revenues 286,600 406,600 941,718 535,118 EXPENDITURES:

Current:

General government - 8,546 31,763 (23,217) Public safety - 81 23,664 (23,583) Parks and recreation 8,000 128,000 21,115 106,885 Library 14,100 14,100 40,380 (26,280) Community and economic development 15,000 19,204 - 19,204 Total expenditures 37,100 169,931 116,922 53,009

REVENUES OVER (UNDER)
EXPENDITURES 249,500 236,669 824,796 588,127 OTHER FINANCING SOURCES (USES):

Transfers in - - 200,000 200,000 Transfers out (250,000) (375,000) (375,000) - Total other financing sources (uses) (250,000) (375,000) (175,000) 200,000 Net change in fund balances (500)$ (138,331)$ 649,796 788,127$ FUND BALANCES:

Beginning of year 2,766,340
End of year 3,41
6,136$
Budgeted Amounts
143

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City of San Bruno
Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Street
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Use of money and property 100$ 100$ 122$ 22$ Total revenues 100 100 122 22 OTHER FINANCING SOURCES (USES):

Transfers in - - 152,375 152,375 Total other financing sources (uses) - - 152,375 152,375 Net change in fund balances 100$ 100$ 152,497 152,397$ FUND BALANCES:

Beginning of year 4,408
End of year 15
6,905$
Budgeted Amounts
144

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City of San Bruno
Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual City as Successor Housing Agency
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Net change in fund balances -$ -$ - -$ FUND BALANCES:

Beginning of year 700,649
End of year 700,649$
Budgeted Amounts
145

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City of San Bruno
Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Measure A Transportation Tax
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Taxes 1,367,112$ 1,367,112$ 1,307,183$ (59,929)$ Use of money and property 19,978 19,978 8,430 (11,548) Total revenues 1,387,090 1,387,090 1,315,613 (71,477) OTHER FINANCING SOURCES (USES):

Transfers in - 197,271 82,553 (114,718) Transfers out (150,000) (193,402) (193,402) - Total other financing sources (uses) (150,000) 3,869 (110,849) (114,718) Net change in fund balances 1,237,090$ 1,390,959$ 1,204,764 (186,195)$ FUND BALANCES:

Beginning of year (72,149)
End of year 1,132,
615$
Budgeted Amounts
146

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City of San Bruno
Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Measure W Transportation Tax
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Taxes 610,753$ 610,753$ 576,341$ (34,412)$ Use of money and property 18,749 18,749 37,856 19,107 Total revenues 629,502 629,502 614,197 (15,305) OTHER FINANCING SOURCES (USES):

Transfers in - 87,643 - (87,643) Transfers out (600,000) (642,399) (642,399) - Total other financing sources (uses) (600,000) (554,756) (642,399) (87,643) Net change in fund balances 29,502$ 74,746$ (28,202) (102,948)$ FUND BALANCES:

Beginning of year 1,107,775
End of year 1,079,573
$
Budgeted Amounts
147

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City of San Bruno
Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Community Development
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Licenses and permits 4,752,500$ 4,752,500$ 5,898,688$ 1,146,188$ Intergovernmental - - 11,839 11,839 Charges for services 170,500 170,500 152,459 (18,041) Use of money and property - - 107,063 107,063 Total revenues 4,923,000 4,923,000 6,170,049 1,247,049 EXPENDITURES:

Current:

Community and economic development 5,555,517 5,555,517 4,942,922 612,595 Total expenditures 5,555,517 5,555,517 4,942,922 612,595

REVENUES OVER (UNDER)
EXPENDITURES (632,517) (632,517) 1,227,127 1,859,644 Net change in fund balances (632,517)$ (632,517)$ 1,227,127 1,859,644$ FUND BALANCES:

Beginning of year 2,403,255
End of year 3,
630,382$
Budgeted Amounts
148

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City of San Bruno
Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Recreation and Aquatic Center
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Charges for services 2,744,425$ 2,744,150$ 1,751,510$ (992,640)$ Other revenues 38,500 1,038,500 27,264 (1,011,236) Total revenues 2,782,925 3,782,650 1,778,774 (2,003,876) EXPENDITURES:

Current:

Parks and recreation 4,459,133 4,459,132 4,186,461 272,671 Total expenditures 4,459,133 4,459,132 4,186,461 272,671

REVENUES OVER (UNDER)
EXPENDITURES (1,676,208) (676,482) (2,407,687) (1,731,205) OTHER FINANCING SOURCES (USES):

Transfers in 1,676,207 1,676,207 - (1,676,207) Total other financing sources (uses) 1,676,207 1,676,207 - (1,676,207) Net change in fund balances (1)$ 999,725$ (2,407,687) (3,407,412)$ FUND BALANCES:

Beginning of year -
End of year
(2,407,687)$
Budgeted Amounts
149

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City of San Bruno
Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Parks and Facilities and Technology Capital Improvement For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Intergovernmental -$ 4,606,708$ 893,471$ (3,713,237)$ Total revenues - 4,606,708 893,471 (3,713,237) EXPENDITURES:

Current:

Capital outlay - 23,572,997 6,238,753 17,334,244 Total expenditures - 23,572,997 6,238,753 17,334,244

REVENUES OVER (UNDER)
EXPENDITURES - (18,966,289) (5,345,282) 13,621,007 OTHER FINANCING SOURCES (USES):

Transfers in - 8,018,850 8,041,801 22,951 Transfers out - (55,375) (351,198) (295,823) Total other financing sources (uses) - 7,963,475 7,690,603 (272,872) Net change in fund balances -$ (11,002,814)$ 2,345,321 13,348,135$ FUND BALANCES:

Beginning of year -
Restatement 8,743,544
Beginning of year, as restated 8,743,544
End of year 11,088,8
65$
Budgeted Amounts
150

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City of San Bruno
Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual General Debt Service Fund
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:

Use of money and property -$ -$ 2,272$ 2,272$ Total revenues - - 2,272 2,272 EXPENDITURES:

Current:

Debt service:

Principal 1,191,580 1,191,580 1,191,580 - Interest and fiscal charges 175,703 175,703 172,985 2,718 Total expenditures 1,367,283 1,367,283 1,364,565 2,718

REVENUES OVER (UNDER)
EXPENDITURES (1,367,283) (1,367,283) (1,362,293) 4,990 OTHER FINANCING SOURCES (USES):

Transfers in 1,367,283 1,367,283 1,367,286 3 Total other financing sources (uses) 1,367,283 1,367,283 1,367,286 3 Net change in fund balances -$ -$ 4,993 4,993$ FUND BALANCES:

Beginning of year 1,709
End of year
6,702$
Budgeted Amounts
151

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152

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NONMAJOR ENTERPRISE FUNDS
Stormwater – To account for storm drain system maintenance, street sweeping and other related activities to the citizens of San Bruno. Funding comes from customers connected to the City's sewer system, due to extensive infiltration and intrusion to the City's sewer system and street sweeping charges.

Parking – To account for parking fees on City streets and at City parking lots. 153

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City of San Bruno
Combining Statement of Net Position
Nonmajor Enterprise Funds
June 30, 2025 (with comparative totals for June 30, 2024) 2025 2024
ASSETS
Current Assets:

Cash and investments 2,860,775 $ 1,990,846 $ 4,851,621 $ 3,571,517 $ Receivables:

Taxes 79,152 - 79,152 74,953 Accounts 634,465 - 634,465 174,492 Other - 1,829 1,829 1,896 Total current assets 3,574,392 1,992,675 5,567,067 3,822,858 Noncurrent:

Capital assets:

Nondepreciable capital assets 1,217,646 - 1,217,646 1,396,642 Depreciable capital assets 7,851,515 794,146 8,645,661 8,225,451 Accumulated depreciation (2,222,788) (264,715) (2,487,503) (2,079,270) Net capital assets 6,846,373 529,431 7,375,804 7,542,823 Total noncurrent assets 6,846,373 529,431 7,375,804 7,542,823 Total assets 10,420,765 2,522,106 12,942,871 11,365,681

DEFERRED OUTFLOWS OF RESOURCES

Deferred amount on pensions 147,843 - 147,843 196,283 Total deferred outflows of resources 147,843 - 147,843 196,283

LIABILITIES

Current liabilities:

Accounts payable and accrued liabilities 148,624 57,257 205,881 188,725 Compensated absences - current 4,406 - 4,406 3,756 Total current liabilities 153,030 57,257 210,287 192,481 Noncurrent liabilities:

Advances from other funds - 2,000,000 2,000,000 2,000,000 Compensated absences 28,686 - 28,686 27,726 Net pension liability 799,683 - 799,683 821,689 Total noncurrent liabilities 828,369 2,000,000 2,828,369 2,849,415 Total liabilities 981,399 2,057,257 3,038,656 3,041,896

DEFERRED INFLOWS OF RESOURCES
Deferred amount on pensions - - - 371 Total deferred inflows of resources - - - 371

NET POSITION
Net investment in capital assets 6,846,373 529,431 7,375,804 7,542,823 Unrestricted 2,740,836 (64,582) 2,676,254 976,874 Total net position 9,587,209$ 464,849$ 10,052,058$ 8,519,697$ Totals
Stormwater Parking
154

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City of San Bruno
Combining Statement of Revenues, Expenses and Changes in Net Position Nonmajor Enterprise Funds
For the year ended June 30, 2025 (with comparative totals for June 30, 2024) 2025 2024
OPERATING REVENUES:

Charges for services:

Other service charges 563,004$ 648,659 $ 1,211,663 $ 716,894 $ Other operating revenue 1,734,760 621,972 2,356,732 2,100,743 Total operating revenues 2,297,764 1,270,631 3,568,395 2,817,637 OPERATING EXPENSES:

Distribution 2,751,216 - 2,751,216 2,035,734 Facilities maintenance - 480,062 480,062 326,291 Depreciation and amortization 249,404 158,829 408,233 331,974 Total operating expenses 3,000,620 638,891 3,639,511 2,693,999 Operating income (loss) (702,856) 631,740 (71,116) 123,638 NONOPERATING REVENUES (EXPENSES):

Investment income 46,578 27,195 73,773 46,712 Total nonoperating revenues (expenses) 46,578 27,195 73,773 46,712 Income before contributions and transfers (656,278) 658,935 2,657 170,350 CONTRIBUTIONS AND TRANSFERS:

Transfers in 1,463,765 70,000 1,533,765 4,458,397 Transfers out - - - (532,768) Total contributions and transfers 1,463,765 70,000 1,533,765 3,925,629 Change in net position 807,487 728,935 1,536,422 4,095,979 NET POSITION:

Beginning of year 8,783,783 (264,086) 8,519,697 (2,490) Restatements (4,061) - (4,061) 4,426,208 Beginning of year, as restated 8,779,722 (264,086) 8,515,636 4,423,718 End of year 9,587,209$ 464,849 $ 10,052,058$ 8,519,697 $ Stormwater Parking
Totals
155

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City of San Bruno
Combining Statement of Cash Flows
Nonmajor Enterprise Funds
For the year ended June 30, 2025 (with comparative totals for June 30, 2024) 2025 2024
CASH FLOWS FROM OPERATING ACTIVITIES:

Cash receipts from customers 1,833,592$ 1,270,698$ 3,104,290$ 2,572,896$ Cash payments to suppliers for goods and services (2,761,195) (452,927) (3,214,122) (3,090,677) Cash (payments) receipts to employees for services 23,612 - 23,612 21,701 Net cash provided by (used in) operating activities (903,991) 817,771 (86,220) (496,080) CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:

Loans from other funds - - - 2,000,000 Loan repayments to other funds - - - (642,426) Transfers received from other funds 1,463,765 70,000 1,533,765 4,458,397 Transfers paid to other funds - - - (532,768) Net cash provided by (used in)
noncapital financing activities 1,463,765 70,000 1,533,765 5,283,203 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES:

Acquisition and construction of capital assets (241,214) - (241,214) (1,262,318) Net cash provided by (used in)
capital and related financing activities (241,214) - (241,214) (1,262,318) CASH FLOWS FROM INVESTING ACTIVITIES:

Investment income (expense) 46,578 27,195 73,773 46,712 Net cash provided by (used in) investing activities 46,578 27,195 73,773 46,712 Net cash flows 365,138 914,966 1,280,104 3,571,517 CASH AND INVESTMENTS - Beginning of year 2,495,637 1,075,880 3,571,517 - CASH AND INVESTMENTS - End of year 2,860,775$ 1,990,846$ 4,851,621$ 3,571,517$

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

Operating income (loss) (702,856)$ 631,740$ (71,116)$ 123,638 Adjustments to reconcile operating income (loss) to
net cash provided by (used in) operating activities:

Depreciation and amortization 249,404 158,829 408,233 331,974 (Increase) decrease in current assets:

Taxes receivable (4,199) - (4,199) (74,953) Accounts receivable (459,973) - (459,973) (167,892) Other receivable - 67 67 (1,896) (Increase) decrease in deferred outflows of resources 48,440 - 48,440 21,285
Increase (decrease) in liabilities:

Accounts payable and accrued liabilities (9,979) 27,135 17,156 (728,652) Compensated absences (2,451) - (2,451) (20,353) Net pension liability (22,006) - (22,006) 21,300 Increase (decrease) in deferred inflows of resources (371) - (371) (531) Net cash provided by (used in) operating activities (903,991)$ 817,771$ (86,220)$ (496,080)$ Stormwater Parking
Totals
156

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INTERNAL SERVICE FUNDS
Central Garage – To account for the cost of vehicle acquisition and disposal, preventative maintenance and repair, and support services for the City’s fleet.

Self-Insurance – To account for the City’s coverage for Workers’ Compensation and General Liability insurance.

Technology Development – To account for the cost of maintaining the City’s IT infrastructure, network and data security, business applications and management, and providing a centralized service desk.

Facilities Management – To account for the cost of custodial services, facility management and preventative maintenance, and repair services for the City’s facilities. 157

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City of San Bruno
Combining Statement of Net Position
Internal Service Funds
June 30, 2025 (with comparative totals for June 30, 2024) ASSETS
Current Assets:

Cash and investments - $ 1,508,509$ 1,161,723 $ 710,685 $ Cash and investments with fiscal agent - 91,119 - - Receivables:

Accounts - - - - Total current assets - 1,599,628 1,161,723 710,685 Noncurrent:

Capital assets:

Depreciable capital assets - - 65,332 188,650 Accumulated depreciation - - (32,209) (56,294) Net capital assets - - 33,123 132,356 Total noncurrent assets - - 33,123 132,356 Total assets - 1,599,628 1,194,846 843,041

LIABILITIES

Current liabilities:

Accounts payable and accrued liabilities 20,994 22,499 46,697 67,017 Due to other funds 171,739 - - - Compensated absences - current 2,631 - 9,099 15,207 Claims and judgements - current - 1,623,000 - - Total current liabilities 195,364 1,645,499 55,796 82,224 Noncurrent liabilities:

Compensated absences 6,555 - 48,807 85,017 Claims payable - 4,991,000 - - Total noncurrent liabilities 6,555 4,991,000 48,807 85,017 Total liabilities 201,919 6,636,499 104,603 167,241

NET POSITION
Net investment in capital assets - - - 132,356 Unrestricted (201,919) (5,036,871) 1,090,243 543,444 Total net position (201,919)$ (5,036,871)$ 1,090,243$ 675,800$
Central Garage
Facilities
Maintenance
Technology
DevelopmentSelf-Insurance
158

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2025 2024
3,380,917$ 3,769,799$
91,119 91,119
- 199
3,472,036 3,861,117
253,982 182,060
(88,503) (69,701)
165,479 112,359
165,479 112,359
3,637,515 3,973,476
157,207 342,130
171,739 -
26,937 26,079
1,623,000 1,316,000
1,978,883 1,684,209
140,379 155,707
4,991,000 4,284,000
5,131,379 4,439,707
7,110,262 6,123,916
132,356 104,303
(3,605,103) (2,254,743)
(3,472,747)$ (2,150,440)$
Totals
159

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City of San Bruno
Combining Statement of Revenues, Expenses and Changes in Net Position Internal Service Funds
For the year ended June 30, 2025 (with comparative totals for June 30, 2024) OPERATING REVENUES:

Charges for services:

Other service charges 1,289,983$ 2,584,519 $ 2,069,222 $ 2,641,533 $ Other operating revenue - 609,022 - 52 Total operating revenues 1,289,983 3,193,541 2,069,222 2,641,585 OPERATING EXPENSES:

Central garage 1,502,776 - - - Insurance expenses - 5,135,412 - - Technology support - - 1,606,727 - Facilities maintenance - - - 2,242,015 Depreciation and amortization - - 4,884 13,918 Total operating expenses 1,502,776 5,135,412 1,611,611 2,255,933 Operating income (loss) (212,793) (1,941,871) 457,611 385,652 CONTRIBUTIONS AND TRANSFERS:

Transfers in - - - - Total contributions and transfers - - - - Change in net position (212,793) (1,941,871) 457,611 385,652 NET POSITION:

Beginning of year 12,344 (3,095,000) 635,729 296,487 Restatements (1,470) - (3,097) (6,339) Beginning of year, as restated 10,874 (3,095,000) 632,632 290,148 End of year (201,919)$ (5,036,871)$ 1,090,243$ 675,800$ Central Garage Self-Insurance
Technology
Development
Facilities
Maintenance
160

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2025 2024
8,585,257$ 8,347,546$
609,074 13,240
9,194,331 8,360,786
1,502,776 914,802
5,135,412 3,627,989
1,606,727 1,496,517
2,242,015 1,999,029
18,802 10,607
10,505,732 8,048,944
(1,311,401) 311,842
- 150,000
- 150,000
(1,311,401) 461,842
(2,150,440) (2,612,282)
(10,906) -
(2,161,346) (2,612,282)
(3,472,747)$ (2,150,440)$
Totals
161

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City of San Bruno
Combining Statement of Cash Flows
Internal Service Funds
For the year ended June 30, 2025 (with comparative totals for June 30, 2024) CASH FLOWS FROM OPERATING ACTIVITIES:

Cash received from interfund services provided 1,461,722 $ 2,584,718 $ 2,069,222 $ 2,641,585 $ Cash payments to suppliers for goods and services (1,515,954) (4,296,631) (1,608,951) (2,261,693) Cash reimbursements for loss claims - 609,022 - - Net cash provided by (used in) operating activities (54,232) (1,102,891) 460,271 379,892 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:

Transfers received from other funds - - - - Net cash provided by (used in)
noncapital financing activities - - - - CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES:

Acquisition and construction of capital assets - - (29,951) (41,971) Net cash provided by (used in)
capital and related financing activities - - (29,951) (41,971) Net cash flows (54,232) (1,102,891) 430,320 337,921 CASH AND INVESTMENTS - Beginning of year 54,232 2,702,519 731,403 372,764 CASH AND INVESTMENTS - End of year -$ 1,599,628$ 1,161,723 $ 710,685 $

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

Operating income (loss) (212,793) $ (1,941,871) $ 457,611 $ 385,652 $ Adjustments to reconcile operating income (loss) to
net cash provided by (used in) operating activities:

Depreciation and amortization - - 4,884 13,918 (Increase) decrease in current assets:

Accounts receivable - 199 - - Increase (decrease) in liabilities:

Accounts payable and accrued liabilities (6,894) (175,219) 7,634 (10,444) Due to other funds 171,739 - - - Compensated absences (6,284) - (9,858) (9,234) Claims liability - 1,014,000 - - Net cash provided by (used in) operating activities (54,232)$ (1,102,891)$ 460,271$ 379,892$ Technology
DevelopmentSelf-InsuranceCentral Garage
Facilities
Maintenance
162

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2025 2024
8,757,247$ 7,300,384$
(9,683,229) (7,219,462)
609,022 649
(316,960) 81,571
- 150,000
- 150,000
(71,922) (118,826)
(71,922) (118,826)
(388,882) 112,745
3,860,918 2,872,636
3,472,036$ 2,985,381$
(1,311,401)$ 25,239
18,802 7,928
199 (449)
(184,923) 20,323
171,739 -
(25,376) 33,530
1,014,000 (5,000)
(316,960)$ 81,571$
Totals
163

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Statistical Section
165

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2016 2017 2018 2019 2020
Governmental activities
Net investments in capital assets 50,836,407$ 54,014,157 $ 59,084,356 $ 66,352,484 $ 69,271,484 $ Restricted 12,444,902 15,727,642 18,264,533 18,534,689 22,102,576 Unrestricted (34,557,594) (42,133,843) (41,778,351) (47,316,623) (55,052,523) Total governmental activities net position 28,723,715$ 27,607,956 $ 35,570,538 $ 37,570,550 $ 36,321,537 $ Business-type activities
Net investments in capital assets 67,316,388$ 70,539,432 $ 37,167,066 $ 42,964,412 $ 53,787,761 $ Restricted - - 40,979,572 27,693,026 15,720,390 Unrestricted 7,002,450 14,463,523 12,485,588 30,544,816 41,095,816 Total business-type activities net position 74,318,838$ 85,002,955 $ 90,632,226 $ 101,202,254 $ 110,603,967 $ Primary government
Net investments in capital assets 118,152,795$ 124,553,589 $ 96,251,422 $ 109,316,896 $ 123,059,245 $ Restricted 12,444,902 15,727,642 18,264,533 46,227,715 37,822,966 Unrestricted (27,555,144) (27,670,320) (29,292,763) (16,771,807) (13,956,707) Total primary government net position 103,042,553 $ 112,610,911 $ 85,223,192 $ 138,772,804 $ 146,925,504 $ 2021 2022 2023 2024 2025
Governmental activities
Net investments in capital assets $68,788,202 80,545,096$ 102,207,599$ 123,061,965$ 139,859,021$ Restricted 22,782,488 53,426,528 75,224,281 35,644,772 48,703,089 Unrestricted (50,077,211) (70,032,132) (18,552,818) 18,035,124 571,051 Total governmental activities net position 41,493,479$ 63,939,492 $ 158,879,062 $ 176,741,861 $ 189,133,161 $ Business-type activities
Net investments in capital assets 58,888,940$ 58,458,807 $ 65,375,009 $ 73,473,142 $ 79,019,144 $ Restricted 4,123,199 1,918,591 1,936,756 1,963,235 1,984,731 Unrestricted 57,332,179 70,033,202 67,436,852 91,972,267 103,410,024 Total business-type activities net position 120,344,318$ 130,410,600 $ 134,748,617 $ 167,408,644 $ 184,413,899 $ Primary government
Net investments in capital assets 127,677,142$ 139,003,903 $ 167,582,608 $ 196,535,107 $ 218,878,165 $ Restricted 26,905,687 55,345,119 77,161,037 37,608,007 50,687,820 Unrestricted 7,254,968 1,070 48,884,034 110,007,391 103,981,075 Total primary government net position 161,837,797 $ 194,350,092 $ 293,627,679 $ 344,150,505 $ 373,547,060 $

CITY OF SAN BRUNO
Net Position by Component
Last Ten Fiscal Years
(Accrual Basis of Accounting)
167

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CITY OF SAN BRUNO
Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
2016 2017 2018
General government 6,632,727$ $ 7,944,081 $ 8,186,106 Public safety 24,334,371 25,201,102 27,448,567
Public works 929,223 1,032,599 1,797,113 Highways and streets 3,450,979 4,001,200 3,512,681 Parks and recreation 5,611,296 5,929,836 6,156,634 Library 1,799,797 1,937,465 2,094,990
Community development 2,526,383 2,791,309 2,887,538 Interest expense 403,839 387,374 380,311 Total governmental activities expenses 45,688,615 49,224,966 52,463,940 Water 10,098,091 9,717,392 11,416,387
Stormwater 607,817 606,627 1,011,466
Wastewater 10,921,203 12,033,285 12,380,908
Cable Television 11,240,247 11,655,651 12,492,354 Parking - - -
Total business-type activities expenses 32,867,358 34,012,955 37,301,115 Total primary government expenses 78,555,973$ 83,237,921$ 89,765,055$ General government 3,468,619$ 3,534,173$ 3,693,098$ Public safety 1,906,214 2,019,187 2,275,753 Public works 165,037 475,379 308,461 Highways and streets 17,204 16,500 17,092 Parks and recreation 1,490,268 1,533,722 1,482,588 Library 86,593 92,709 93,014
Community development 1,547,278 1,832,185 1,847,569 3,053,574 7,352,434 13,445,214
227,381 133,241 1,408,402
Total governmental activities program revenues 11,962,168 16,989,530 24,571,191 Water 12,688,039 14,251,650 15,312,217
Stormwater 652,195 1,035,641 645,507
Wastewater 15,879,501 15,803,116 16,748,382

Cable Television 9,253,900 9,880,781 9,983,780 Parking - - -
Total business-type activities program revenues 38,473,635 40,971,188 42,689,886 Total primary government program revenues 50,435,803$ 57,960,718$ 67,261,077$ Expenses
Governmental activities:

Business-type activities:

Program Revenues
Governmental activities:

Charges for services:

Operating grants and contributions
Capital grants and contributions
Business-type activities:

Charges for services:
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2019 2020 2021 2022 2023 2024 2025
$ 8,429,310 $ 9,606,933 $ 8,441,787 6,413,721$ 12,014,857$ 11,797,858$ 13,337,104$ 29,772,551 31,788,329 32,515,036 32,410,681 28,793,275 40,661,541 40,082,100 2,332,672 1,566,728 3,131,204 1,618,481 2,059,383 2,586,715 2,626,085 3,505,727 4,224,797 4,081,082 4,949,093 7,012,289 9,943,745 4,701,644 6,147,260 5,817,710 4,814,770 6,574,959 6,179,928 7,262,037 10,515,903 2,093,683 2,458,480 2,298,623 2,156,600 2,287,233 2,374,855 2,257,386 2,955,685 3,057,191 2,652,300 2,857,883 3,249,383 3,591,682 5,053,073 388,594 373,262 324,944 296,821 270,665 217,131 172,985 55,625,482 58,893,430 58,259,746 57,278,239 61,867,013 78,435,564 78,746,280 11,290,539 12,137,204 12,697,845 11,643,075 16,179,423 16,288,579 15,494,286 1,677,767 2,287,138 1,375,960 1,641,787 2,042,242 2,262,271 3,006,089 11,781,728 12,926,033 12,879,291 12,989,348 15,117,460 17,532,875 16,605,600 12,183,104 11,053,095 9,927,716 9,440,513 9,073,317 8,717,915 7,648,299 - - - - 2,490 432,177 638,891 36,933,138 38,403,470 36,880,812 35,714,723 42,414,932 45,233,817 43,393,165 92,558,620$ 97,296,900$ 95,140,558$ 92,992,962$ 104,281,945$ 123,669,381 $ 122,139,445 $ 3,713,293$ 3,859,492$ 4,735,876 5,362,419$ 5,262,092$ 7,523,530$ 51,425$ 2,551,241 2,120,724 2,134,812 3,290,386
3,924,353 4,287,281 3,158,482
301,330 421,557 708,024 574,911 342,698 323,780 609,555 17,228 17,474 17,900 18,000 18,700 18,700 18,700 1,683,629 742,258 283,124 1,271,240 370,336 419,003 1,907,570 26,855 17,101 772 6,756 8,444 12,734 10,073 2,635,631 2,860,417 2,704,804 3,653,585 38,159,877 7,081,477 6,351,660 6,440,037 2,231,014 7,722,800 5,881,477 33,764,892 23,302,874 9,033,112 1,936,614 7,735,245 3,108,476 10,342,801 23,660,274 12,561,974 3,568,618 19,305,858 20,005,282 21,416,588 30,401,575 105,511,666 55,531,353 24,709,195 17,037,634 16,936,737 17,777,900 16,774,287 16,964,116 17,954,725 21,114,773 648,323 650,555 655,608 1,054,326 935,728 2,657,101 2,297,764 17,732,648 18,230,960 18,470,837 19,378,136 19,526,658 18,543,371 21,271,559 9,739,499 9,303,573 9,017,048 8,566,131 8,267,064 8,432,677 7,428,676 - - - - - 160,536 1,270,631 45,158,104 45,121,825 45,921,393 45,772,880 45,693,566 47,748,410 53,383,403 64,463,962$ 65,127,107$ 67,337,981$ 76,174,455$ 151,205,232$ 103,279,763 $ 78,092,598 $ 169

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CITY OF SAN BRUNO
Changes in Net Position
(continued)
Last Ten Fiscal Years
(Accrual Basis of Accounting)
2016 2017 2018
Governmental activities (33,726,447) $ (32,235,436) $ (27,892,749) $ Business-type activities 5,606,277 6,958,233 5,388,771 Total net revenues (expenses) (28,120,170) $ (25,277,203) $ (22,503,978) $ Property taxes, levied for general purposes 9,500,264 $ 9,968,404 $ 10,515,309 $ Transient occupancy tax 3,316,369 3,286,913 3,424,660 Franchise tax 1,960,997 1,823,810
Sales tax, including subvention 8,377,896 8,777,377 8,332,044 Cardroom taxes 1,735,696 1,781,208 1,843,532 Other taxes 2,514,851 2,492,886 2,607,258 Intergovernmental:

State motor vehicle in-lieu tax, including subvention 4,016,571 4,329,287 4,576,283 State highway user tax 976,525 887,258 1,243,782 1,640,673 1,248,861 1,159,121
(258,524) (3,476,327) 317,399
Total governmental activities 33,781,318 31,119,677 35,855,331 159,068 249,557 557,899
258,524 3,476,327 (317,399)
Total business-type activities 417,592 3,725,884 240,500 Total primary government 34,198,910 $ 34,845,561 $
36,095,831$
Change in Net Position
Governmental activities 54,871 $ (1,115,759)$ 7,962,582 $ Business-type activities 6,023,868 10,684,117 5,629,271 Restatement - - - Total primary government 6,078,739 $ 9,568,358 $ 13,591,853 $ General Revenues and Other Changes in Net Position
Net Revenues (Expenses)
Use of money and property
Transfers
Governmental activities:

Taxes:

Use of money and property
Transfers
Business-type activities:
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2019 2020 2021 2022 2023 2024 2025
(36,319,624)$ (38,888,148)$ (36,843,158)$ (26,876,664)$ 43,644,653$ (22,904,211)$ (54,037,085)$ 8,224,966 6,718,355 9,040,581 10,058,157 3,278,634 2,514,593 9,990,238 (28,094,658)$ (32,169,793)$ (27,802,577)$ (16,818,507)$ 46,923,287$ (20,389,618)$ (44,046,847)$ 11,846,367$ 12,212,891$ 12,618,447$ 14,532,727$ 14,931,681$ 15,417,048$ 16,171,524$ 3,628,979 2,617,524 1,247,467 2,408,999 3,459,947 3,558,287 3,409,014 1,839,359 1,861,256 1,798,673 1,624,176 1,705,417 2,076,227 2,153,559 8,764,449 9,281,920 17,780,042 21,549,194 20,928,603 20,818,065 23,611,601 1,904,512 1,974,980 2,035,009 2,220,592 3,181,236 3,333,236 3,435,504 2,213,593 1,972,392 2,045,462 2,277,785 2,219,479 4,028,690 3,118,653 4,909,295 5,013,326 3,180,581 7,646,019 5,314,866 5,584,474 6,084,725 1,811,108 1,844,231 1,852,026 - - - - 2,121,974 2,130,318 (341,249) (6,715,096) (541,036) 11,237,201 10,114,200 (720,000) (1,269,703) (201,358) 600,381 94,724 (25,286,218) (1,158,415) 38,319,636 37,639,135 42,015,100 46,144,777 51,294,917 40,767,010 66,940,365 1,625,062
1,413,655 498,412 608,506 1,154,107 2,767,893 3,166,235 720,000 1,269,703 201,358 (600,381) (94,724) 25,286,218 1,158,415 2,345,062 2,683,358 699,770 8,125 1,059,383 28,054,111 4,324,650 40,664,698$ 40,322,493$ 42,714,870$ 46,152,902$ 52,354,300 $ 68,821,121 $ 71,265,015 $ 2,000,012$ (1,249,013) $ 5,171,942 $ 19,268,113 $ 94,939,570 $ 17,862,799 $ 12,903,280 $ 10,570,028 9,401,713 9,740,351 10,066,282 4,338,017 30,568,704 14,314,888 - - - - - 2,091,323 2,178,386 12,570,040$ 8,152,700$ 14,912,293$ 29,334,395$ 99,277,587$ 50,522,826$ 29,396,554$ 171

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2016 2017 2018 2019 2020
General Fund
Nonspendable 3,529,925 $ 2,749,851 $ 1,657,895 $ - $ - $ Committed 19,639,289 15,726,434 20,306,330 21,462,554 21,109,020 Assigned 2,130,681 265,888 143,505 1,101,021 611,383
Unassigned 3,552,485 5,833,164 6,050,669 6,590,744 5,644,420 Total general fund 28,852,380 $ 24,575,337 $ 28,158,399 $ 29,154,319 $ 27,364,823 $ All Other Governmental Funds
Nonspendable 90,000 $ 90,000 $ - $ - $ - $ Restricted 12,444,902 15,727,642 18,264,533 18,501,668 22,102,576 Committed 3,059,683 3,082,506 3,216,534 - - Unassigned - - (719) - - Total all other governmental funds 15,594,585$ 18,900,148 $ 21,480,348 $ 18,501,668 $ 22,102,576 $ 2021 2022 2023 2024 2025
General fund:

Nonspendable 14,415,651 $ 15,316,895 $ 16,679,225 $ 2,885,047 $ 2,926,596 $ Assigned 30,408,528 26,045,126 15,910,896 18,161,142 9,666,621 Unassigned (9,442,918) 5,234,248 7,436,975 39,791,018 53,483,838 Total general fund 35,381,261 $ 46,596,269 $ 40,027,096 $ 60,837,207 $ 66,077,055 $ All other governmental funds:

Restricted 22,782,488 $ 53,426,528 $ 75,224,281 $ 49,911,286 $ 48,703,089 $ Committed - - - 2,404,964 652,042 Assigned - - 24,713,580 19,023,597 21,153,699 Unassigned (16,928) (36,617,622) (9,500,800) (871,569) (3,212,432) Total all other governmental funds 22,765,560$ 16,808,906 $ 90,437,061 $ 70,468,278 $ 67,296,398 $ Fiscal year June 30,

CITY OF SAN BRUNO
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
Fiscal Year June 30,
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CITY OF SAN BRUNO
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
2016 2017 2018
Revenues
Taxes 26,272,319$ 26,952,603 $ 27,836,907 $
3,451,841 3,981,683 3,893,645
Intergovernmental 4,787,432 5,061,978 5,441,457 Charges for services 3,398,555 3,405,255 3,301,524 Fines and Forfeitures 698,463 1,132,649 7,009,636 Use of money and property 1,674,729 1,272,582 1,189,135 Other revenues 8,467,574 10,445,009 11,436,819
Total revenues: 48,750,913 52,251,759 60,109,123
Expenditures
5,966,987 6,256,661 6,220,529
22,978,100 23,159,049 24,877,089
895,218 852,334 984,844
1,537,442 1,700,057 1,494,003
5,301,162 4,967,433 5,717,215
1,758,937 1,841,983 2,038,896
2,509,152 2,690,910 2,856,118
Capital outlay 5,137,379 7,844,120 8,675,937
Debt service:

Principal 829,272 1,939,282 1,035,038
Interest 386,635 368,929 363,591
Total expenditures 47,300,284 51,620,758 54,263,260 Reconciliation of Government Revenues
Less expenditures to fund equity
Revenues over (under) expenditures 1,450,629 631,001 5,845,863 Other financing sources (Transfer in) 24,558,269 6,354,831 8,730,402 Other financing sources (Transfer out) (18,385,696) (9,831,158) (8,413,003) Other financing sources (Capital lease) - 1,873,846 - Other financing sources (uses):

Proceeds from sale of property - - - Proceeds of debt issued (refunds) - - - Total other financing sources (uses) - - - Net change in fund balances (3) 7,623,202$ (971,480) $ 6,163,262 $ Debt service as a percentage of noncapital expenditures 2.9% 5.3% 3.1% Library
Community Development
Licenses and permits
General Government
Public safety
Public works
Highways and streets
Parks and recreation
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2019 2020 2021 2022 2023 2024 2025
30,183,994$ 29,841,240 $ 37,397,196 $ 44,256,905 $ 46,012,683 $ 47,073,160 $ 50,806,561 $ 4,807,519 3,850,848 5,135,532 6,093,601 40,065,556 21,429,107 9,772,434 6,193,125 6,809,578 6,154,618 13,464,391 11,092,673 26,291,223 13,250,858 3,689,192 2,918,239 2,093,216 3,997,199 4,636,795 4,339,526 5,432,423 1,345,048 1,115,456 824,466 783,915 1,078,325 1,024,684 1,061,006 2,277,193 2,349,974 (250,036) (6,658,443) 329,244 9,665,220 10,569,499 9,396,817 12,481,391 12,194,820 14,008,403 53,579,817 8,486,054 1,030,656 57,892,888 59,366,726 63,549,812 75,945,971 156,795,093 118,308,974 91,923,437 6,151,598 6,526,050 7,055,055 8,020,370 10,465,883 9,061,268 11,660,028 26,538,743 27,536,184 28,682,296 30,693,706 34,619,832 36,917,346 33,693,016 1,255,226 1,447,402 1,540,457 1,551,310 2,053,186 2,143,316 1,583,990 1,605,936 1,928,545 1,644,167 1,870,115 2,127,432 2,616,323 2,535,294 5,795,227 5,844,760 4,838,508 5,164,289 5,744,341 7,015,179 9,365,709 2,067,693 2,105,201 1,957,533 2,094,036 2,250,227 2,365,086 2,285,190 2,934,136 3,043,416 2,649,788 2,838,991 3,251,228 3,609,519 5,073,935 12,649,502 6,172,424 4,498,002 18,577,288 28,272,567 31,645,225 22,135,312 1,411,245 1,358,246 1,398,135 1,357,151 1,446,246 1,146,790 1,191,580 343,660 356,404 315,091 277,303 290,595 217,131 172,985 60,752,966 56,318,632 54,579,032
72,444,559 90,521,537 96,737,183 89,697,039
(2,860,078) 3,048,094 8,970,780 3,501,412 66,273,556 21,571,791 2,226,398 8,404,503 10,231,738 12,170,782 12,083,255 30,679,744 26,557,786 17,706,467 (9,124,503) (11,501,441) (12,462,140) (11,926,313) (30,585,020) (51,994,004) (18,864,882) 1,630,339 - - - - - - - - - - 4,705,755 999,985 - - - 1,600,000 690,702 - - - - - 1,600,000 690,702 - - (1,949,739)$ 1,778,391$ 8,679,422$ 5,258,354$ 67,058,982$ 841,328 $ 2,067,968$

3.6% 3.4% 3.4% 3.0% 2.8% 1.9% 2.0%
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City of San Bruno, California
Assessed Value and Estimated Actual Value of Taxable Property For the last ten fiscal years
Total Total Estimated Total
Fiscal Residential Commercial Industrial Other Secured Unsecured Total Full Market Direct Year End Property (a) Property (a) Property (a) Property (a) Property Property Assessed (b) Value (b) Tax Rate (c)
2016 5,014,371,175 1,104,091,897 58,749,109 63,704,550 6,240,916,731 186,926,223 6,427,842,954 6,427,842,954 1.0000 2017 5,359,750,309 1,226,598,661 75,276,105 68,634,181 6,730,259,256 209,798,255 6,940,057,511 6,940,057,511 1.0000 2018 5,646,827,286 1,357,155,853 77,211,922 72,559,603 7,153,754,664 212,376,474 7,366,131,138 7,366,131,138 1.0000 2019 6,036,268,674 1,503,692,754 78,754,420 77,125,479 7,695,841,327 193,402,416 7,889,243,743 7,889,243,743 1.0000 2020 6,402,789,888 1,635,452,776 81,593,747 93,290,564 8,213,126,975 191,580,394 8,404,707,369 8,404,707,369 1.0000 2021 6,805,415,098 1,810,368,170 83,857,367 134,679,313 8,834,319,948 144,575,709 8,978,895,657 8,978,895,657 1.0000 2022 7,107,728,273 1,790,875,440 144,928,994 131,588,023 9,175,120,730 130,101,776 9,305,222,506 9,305,222,506 1.0000 2023 7,589,901,022 1,988,665,638 151,056,673 127,238,414 9,856,861,747 101,307,134 9,958,168,881 9,958,168,881 1.0000 2024 7,983,580,801 2,408,574,971 156,279,283 78,034,047 10,626,469,102 107,490,029 10,733,959,131 10,733,959,131 1.0000 2025 8,314,981,002 2,672,449,469 161,852,543 76,814,246 11,226,097,260 125,471,218 11,351,568,478 11,351,568,478 1.0000 Source: California Municipal Statistics and County Assessor Data (b) The State Constitution requires property to be assessed at one hundred percent of the most recent purchase price, plus an increment of no more than two percent annually, plus any local over-rides. These values are considered to be full market values. (a) Other property assessed value included residential, commercial and industrial property before 2008 (c) 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.

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City of San Bruno, California
Direct and Overlapping Property Tax Rates
For the last ten fiscal years
(rate per $100 of assessed value)
Total
Total School Special Tax
Fiscal Year Basic Rate Direct Districts Districts Rate
2016 1.0000 1.0000 0.0929 0.0000 1.0929
2017 1.0000 1.0000 0.0910 0.0000 1.0910
2018 1.0000 1.0000 0.0900 0.0000 1.0900
2019 1.0000 1.0000 0.0801 0.0000 1.0801
2020 1.0000 1.0000 0.1148 0.0000 1.1148
2021 1.0000 1.0000 0.1112 0.0000 1.1112
2022 1.0000 1.0000 0.1103 0.0000 1.1103
2023 1.0000 1.0000 0.1026 0.0000 1.1026
2024 1.0000 1.0000 0.0934 0.0000 1.0934
2025 1.0000 1.0000 0.0865 0.0000 1.0865
Source: California Municipal Statistics
Direct Rates Overlapping Rates
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City of San Bruno, California
Principal Property Taxpayers
Current Year and Nine Years Ago
% of % of
Property Owner Primary Land Use Assessed Valuation Rank Total(1) Property Owner Primary Land Use Assessed Valuation Rank Total(2) Google Inc. Office Building 1,310,174,049 1 11.67% ASN Tanforan Crossing I & II LLC Apartments 142,802,870 1 2.29% Crystal Springs Associates Apartments 191,561,853 2 1.71% Bayhill Four Associates Office Building 137,117,243 2 2.20% ASN Tanforan Crossing I & II LLC Apartments 169,398,464 3 1.51% Tanforan Park Shopping Center LLC Shopping Center 127,730,186 3 2.05% Walmart Stores Inc. Office Building 145,421,071 4 1.30% Walmart Stores, Inc Office Building 123,417,580 4 1.98% ARE-San Francisco No. 96 Holding LLC Shopping Center 140,636,625 5 1.25% San Bruno III Financing LP Apartments 88,116,520 5 1.41% ARE-San Francisco No. 95 Holding LLC Shopping Center 130,882,320 6 1.17% CREA-San Bruno LLC Office Building 64,029,524 6 1.03% ARE-San Francisco No. 94 Holding LLC Shopping Center 111,056,508 8 0.99% The Gap Inc. Office Building 62,263,147 8 1.00% San Bruno III Financing LP Apartments 104,298,470 9 0.93% Welch Family Partnership Industrial and Commercial 60,241,687 9 0.97% Benringer Harvard Acappella LP Apartments 90,850,000 7 0.81% Behringer Harvard Acappella LP Apartments 58,316,220 7 0.93% Amazon.com Services LLC Industrial 88,027,787 10 0.78% Aimco San Bruno Apartments Partners LP Apartments 56,452,467 10 0.90% Subtotal 2,482,307,147 $ 22.11% 920,487,444$ 14.75% Total Local Secured Assessed Valuation:
(1) Fiscal Year 2024-25 11,226,097,260
(2) Fiscal Year 2015-16 6,240,916,731
Source(s): Financial Statements and California Municipal Statistics, Inc. 2024-2025 2015-2016
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City of San Bruno, California
Schedule of Top 40 Business License Taxpayers
(Listed in Alphabetical Order)
For the year ended June 30, 2025
Name
ALL SHORES 135 EL CAMINO REAL
AT HOME SUPPORT SENIOR CARE LLC 1590 EL CAMINO REAL K-J BJ'S RESTAURANT 1150 EL CAMINO REAL 270
CENTURY THEATERS INC.#494 1188 EL CAMINO REAL
COURTYARD BY MARRIOTT SAN FRANCISCO AIRPORT 1050 BAYHILL DR CRESTMOOR AUTO CENTER 2901 SAN BRUNO AVE W
CVS/PHARMACY #9807 10 BAYHILL SHOPPING CENTER
ENTERPRISE RENT A CAR OF SAN FRANCISCO LLC 734 SAN BRUNO AVE E GRAND GAS 2101 SAN BRUNO AVE W
HYUNDAI OF SAN BRUNO / GENESIS OF SAN BRUNO 1178 EL CAMINO REAL INTERFRESH INC. 901 SNEATH LN 215
INTERO REAL ESTATE SERVICES, INC. 180 EL CAMINO REAL
JACK'S RESTAURANT & BAR 1050 ADMIRAL CT
JCPENNEY 1122 EL CAMINO REAL
LA PETITE BALEEN SWIM SCHOOL 434 SAN MATEO AVE
LOWE'S HOME CENTERS LLC 1340 EL CAMINO REAL
LUCKY #748 1322 EL CAMINO REAL
LUNARDI'S MARKET 2801 SAN BRUNO AVE W
MARSHALL'S #492 1268 EL CAMINO REAL
MOLLIE STONE'S MARKET 851 CHERRY AVE 22
NEXT PETROLEUM 2001 ROLLINGWOOD DR
RECOLOGY SAN BRUNO 101 TANFORAN AVE
RMC MOTORCARS 444 EL CAMINO REAL
SAN BRUNO BB MOBIL 717 SAN BRUNO AVE E
SAN BRUNO GAS 401 SAN MATEO AVE
SAN BRUNO SHELL- GAS STATION 798 EL CAMINO REAL
SAN BRUNO SKILLED NURSING 890 EL CAMINO REAL
SAN BRUNO TOWNE CENTER 1 SAN BRUNO TOWNE CTR
SPECIALTY TOBACCO OUTLET 1230 EL CAMINO REAL L
STRATFORD SCHOOL 2322 CRESTMOOR DR
TANFORAN SHELL 1199 EL CAMINO REAL
TARGET STORE T1054 1150 EL CAMINO REAL
THE PERMANENTE MEDICAL GROUP 901 EL CAMINO REAL
THE PERMANENTE MEDICAL GROUP TAX DEPT. 801 TRAEGER AVE
VICTORY HONDA OF SAN BRUNO 345 EL CAMINO REAL
VICTORY TOYOTA OF SAN BRUNO 222 SAN BRUNO AVE E
VINCE'S SHELL FISH CO. INC 1063 MONTGOMERY AVE
WALGREENS #2939 333 EL CAMINO REAL
WELCH FAMILY PARTNERSHIP LLC 383 SAN BRUNO AVE W
YOU TUBE INC. 901 CHERRY AVE
Source : City of San Bruno Business Tax
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City of San Bruno, California
Property Tax Levies and Collections
For the last ten fiscal years
Fiscal
Year Taxes Levied Collections
Ended for the Percentage in Subsequent Percentage
June 30, Fiscal Year Amoun t of Levy Years Amount of Levy 2016 5,812,961 5,812,961 100% - 5,812,961 100% 2017 6,241,601 6,241,601 100% - 6,241,601 100% 2018 6,783,529 6,783,529 100% - 6,783,529 100% 2019 7,059,221 7,059,221 100% - 7,059,221 100% 2020 7,609,212 7,609,212 100% - 7,609,212 100% 2021 8,003,597 8,003,597 100% - 8,003,597 100% 2022 8,596,769 8,596,769 100% - 8,596,769 100% 2023 8,942,061 8,942,061 100% - 8,942,061 100% 2024 9,625,893 9,625,893 100% - 9,625,893 100% 2025 10,174,757 10,174,757 100% - 10,174,757 100% Source: City financial records
Note: Amounts reported and collected under the Teeter Plan in which all taxes are distributed to the City in the year of the levy with the County of San Mateo retaining any interest or penalties on uncollected balances.

Collected within the
Fiscal Year of the Levy Total Collections to Date
180

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City of San Bruno, California
Ratios of Outstanding Debt by Type
For the last ten fiscal years
Fiscal
Year Pension Fire Apparatus Subscription
Ended Obligation 2017 Cable Router 2022 Based IT
June 30, Capital Leases Bonds Capital Lease Capital Lease Fire Engines Agreements Subtotal 2016 109,001 10,250,302 - - - - 10,359,303 2017 73,719 9,454,820 784,846 - - - 10,313,385 2018 37,395 8,644,338 616,132 - - - 9,297,865 2019 - 7,808,856 444,214 1,283,408 - - 9,536,478 2020 - 6,948,374 269,031 980,344 - - 8,197,750 2021 - 6,062,892 90,522 665,719 - - 6,819,133 2022 - 5,142,410 - 339,090 1,600,000 280,502 7,362,002 2023 - 4,191,928 - - 1,462,844 698,701 6,353,473 2024 - 3,206,446 - - 1,426,436 398,540 5,031,422 2025 - 2,180,964 - - 1,174,474 280,808 3,636,246 Fiscal Business-type Activities Debt As
Year Wastewater City of South Wastewater Cable TV Total Percent of Ended Revenue Wastewater Water San Francisco Certificates of Capital Lease Primary Debt Per Personal June 30, Refunding
Bond
Revenue
Bonds Revenue Bonds Sewer Plant
Loan Participation Obligation Subtotal Government Population Capita Income 2016 6,708,883 - - 7,741,648 - - 14,450,531 24,809,834 45,360 546.95 1.5% 2017
6,426,008 - - 6,890,896 - - 13,316,904 23,630,289 45,295 521.70 1.4% 2018 6,128,132 27,096,017 12,861,644 6,018,384 - - 52,104,177 61,402,042 46,085 1,332.37 3.3% 2019 5,825,258 26,763,483 12,700,089 5,123,552 - - 50,412,382 59,948,860 45,257 1,324.63 3.1% 2020 5,512,381 26,235,949 12,448,534 4,205,832 - - 48,402,697 56,600,446 45,454 1,245.22 2.8% 2021 5,184,506 25,693,415 12,191,980 3,264,637 - - 46,334,537 53,153,670 44,936 1,182.87 2.5% 2022 4,846,630 25,135,881 11,930,425 2,299,366 - - 44,212,302 51,574,304 42,656 1,209.08 2.2% 2023 4,493,753 24,563,347 11,658,870 1,724,756 - - 42,440,726 48,794,199 42,054 1,160.27 1.8% 2024 4,130,879 23,970,813 11,377,315 14,087,155 - - 53,566,162 58,597,584 42,152 1,390.15 1.9% 2025 3,748,004 23,358,280 11,085,760 13,061,752 - - 51,253,796 54,890,042 42,631 1,287.56 1.7% Fis
cal
Year
Ended Certificates of 2019 Lease
June 30, Participation Revenue Bonds
2016 6,610,000 -
2017 6,310,000 -
2018 5,995,000 -
2019 - 5,299,064
2020 - 4,956,642
2021 - 4,579,220
2022 - 4,186,798
2023 - 3,784,376
2024 - 3,366,954
2025 - 2,939,532
Source: City financial records
Governmental Activities
Fiduciary Funds
181

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City of San Bruno, California
Direct and Overlapping Governmental Activities Debt
June 30, 2025
2024-2025 Assessed Valuation: 11,351,679,479$
Total Debt City's Share of
Overlapping Tax and Assessment Debt: 6/30/25 % Applicable (1) Debt 6/30/25 San Mateo Community College District 655,171,697$ 3.486% 22,839,285$ South San Francisco Unified School District 283,311,507 0.948 2,685,793 San Mateo Union High School District 668,248,421 9.982 66,704,557 San Bruno Park School District 73,135,754 96.143 70,314,908 Millbrae School District 42,989,527 3.100 1,332,675 Total overlapping tax and assessment debt 163,877,218$
Ratios to 2024-25 Assessed Valuation:

Total Overlapping Tax and Assessment Debt 1.44%
Direct and Overlapping General Fund Debt:

San Mateo County General Fund Obligations $530,970,772 3.486% 18,509,641$ San Mateo County Board of Education Certificates of Participation 5,330,000 3.486 185,804 San Mateo County Flood and Sea LRR District General Fund Obligations 12,200,000 6.007 732,854 South San Francisco Unified School District General Fund Obligations 2,340,000 0.948 22,183 San Bruno Park School District General Fund Obligations 1,095,000 96.143 1,052,766 City of San Bruno General Funds Obligations 1,174,474 100 1,174,474 City of San Bruno Pension Obligation Bonds 2,220,000 100 2,220,000 San Mateo County Mosquito and Vector Control District General Fund Obligations 3,185,295 3.486 111,039 Total direct and overlapping general fund debt $24,008,761 Overlapping Tax Increment Debt (Successor Agency)
City of San Bruno Lease Revenue Bonds 2,625,000 100.00% 2,625,000 Total overlapping tax increment debt (Successor Agency) $2,625,000 Total Direct Debt 3,394,474
Total Overlapping Debt 187,116,505
Combined Total Debt (2) 190,510,979$ (2)
Ratios to Adjusted Assessed Valuation:

Total Direct Debt ($3,394,474) 0.03%
Combined Total Debt 1.68%
Ratios to Redevelopment Successor Agency Incremental Valuation ($2,324,857,599):

Total Overlapping Tax Increment Debt 0.11%
Source: California Municipal Statistics & City Financial Statement (2) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue, and tax allocation bonds and non-bonded capital lease obligations. (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. 182

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City of San Bruno, California
Legal Debt Margin Information
Last Ten Fiscal Years
(in thousands of dollars)
Legal Debt Margin Calculation for Fiscal Year 2025 (1)
Gross Assessed Valuation 11,351,679,479$
Bonded Debt Limit (3.75% of Assessed Value) 425,687,980 Less Amount of Debt Applicable to Limit -
Legal Bonded Debt Margin 425,687,980$
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Debt limit 967,607$ 260,349 $ 275,518 $ 295,778 $ 315,178 $ 336,709$ 348,946 $ 373,438 $ 402,530 $ 425,688 $ Total net debt applicable to limit - - - - - - - - - - Legal debt margin 967,607$ 260,349 $ 275,518 $ 295,778 $ 315,178 $ 336,709$ 348,946 $ 373,438 $ 402,530 $ 425,688 $ Total net debt applicable to the limit
as a percentage of debt limit 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Note:
(1) California Government Code, Section 43605 sets the debt limit at 15% of gross assessed valuation. The Code section was enacted when assessed valuations were based on 25% of full market value.

This has since changed to 100% of full market value. Thus, the limit shown is 3.75%(one-fourth the limit of 15%).

FY2016-17 and onwards, the debt limit is at 3.75%.

Source: California Municipal Statistics
183

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City of San Bruno, California
Pledged Revenue Coverage
For the last ten fiscal years
Fiscal
Year Less: Net
Ended Gross Operating Available
June 30, Revenues (1) Expenses (2) Revenue Principal Interest Coverage 2014 (3) 15,549,816 6,748,392 8,801,424 245,000 - 35.92 2016 15,954,642 8,355,894 7,598,748 260,000 281,288 14.04 2017 15,923,694 9,305,503 6,618,191 265,000 273,081 12.30 2018 17,032,182 8,431,394 8,600,788 280,000 263,875 15.81 2019 18,643,453 8,039,977 10,603,476 285,000 253,275 19.70 2020 18,947,384 8,955,800 9,991,584 295,000 241,675 18.62 2021 18,710,405 8,990,002 9,720,403 310,000 229,188 18.03 2022 19,677,857 9,111,455 10,566,402 320,000 217,200 19.67 2023 20,103,735 11,340,620 8,763,115 335,000 204,263 16.25 2024 19,814,671 13,109,785 6,704,886 345,000 188,100 12.58 2025 22,683,129 11,407,066 11,276,063 365,000 170,350 21.06 2018 17,032,182 8,431,394 8,600,788 - - - 2019 18,643,453 8,039,977 10,603,476 245,000 1,073,309 8.04 2020 18,947,384 8,955,800 9,991,584 440,000 993,100 6.97 2021 18,710,405 8,990,002 9,720,403 455,000 979,675 6.78 2022 19,677,857 9,111,455 10,
566,402 470,000 963,450 7.37
2023 20,103,735 11,340,620 8,763,115 485,000 944,350 6.13 2024 19,814,671 13,109,785 6,704,886 505,000 924,500 4.69 2025 22,683,129 11,407,066 11,276,063 525,000 901,325 7.91 2018 15,561,896 8,819,147 6,742,749 - - - 2019 17,721,522 9,032,331 8,689,191 120,000 509,394 13.81 2020 17,614,884 9,715,615 7,899,269 210,000 471,250 11.60 2021 18,031,439 10,443,967 7,587,472 215,000 464,875 11.16 2022 17,078,773 9,486,358 7,592,415 220,000 457,250 11.21 2023 17,540,442 13,984,614 3,555,828 230,000 448,250 5.24 2024 19,017,550 19,760,919 (743,369) 240,000 438,850 (1.10) 2025 22,606,638 13,014,281 9,592,357 250,000 427,800 14.15 Note:
(1) Gross revenues include nonoperating interest income. (2) Operating expenses do not include interest, depreciation, or amortization expenses. (3) In Fiscal Year 2013-14, the City authorized the sale of Wastewater Revenue Refunding Bonds to refinance the outstanding 2002 Certificates of Participation.

Source: City financial records
2017 Wastewater Revenue Bonds
2017 Water Revenue Bonds
2013 Wastewater Revenue Refunding Bonds
Debt Service
Business-type Activities
Wastewater Certificates of Participation
184

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City of San Bruno, California
Demographic and Economic Statistics
Last ten calendar years
Per
Total Capita County City
Personal Personal Median **School Unemployment Unemployment Year Population
(1) Income (2) Income (2) Age(3) Enrollment Rate(4) Rate(4) 2016 45,360 1,609,096,610 36,458 38.7 3,833 3.4% 3.3% 2017 45,295 1,730,842,888 38,213 39.2 3,774 3.0% 2.9% 2018 46,085 1,873,078,740 40,644 39.2 3,854 2.2% 2.3% 2019 45,257 1,940,212,847 42,871 39.3 3,692 1.7% 1.8% 2020 45,454 2,026,702,952 44,588 39.6 3,679 11.1% 13.4% 2021 44,936 2,162,634,872 48,127 39.3 3,462 6.9% 8.1% 2022 42,656 2,358,010,883 55,280 38.8 3,210 1.7% 1.9% 2023 42,054 2,711,565,802 64,478 39.0 3,110 2.7% 2.6% 2024 42,152 3,040,679,201 72,136 39.0 3,058 2.9% 2.9% 2025 42,631 3,315,673,345 77,776 39.8 3,064 3.4% 3.4% Source: FY2023-24 and prior - City of San Bruno - ACFR Publication Report Source: MuniServices, LLC / Neumo

3.) Median Age reflects the U.S. Census data estimation table.

4.) Unemployment Rates are provided by the EDD, Labor Market Information Division.

San Mateo County
San Mateo County

2.) Income Data is provided by the U.S. Census Bureau. **Student Enrollment reflects the total number of students enrolled in Capuchino High & San Bruno Park Elementary School District.
1) Population projections are provided by the State Department of Finance Projections. 185

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City of San Bruno, California
Principal Employers
Current Year and Nine Years Ago
Percentage Percentage
of Total of Total
Employer Employees Rank Employment Employees Rank Employment You Tube, Inc 2,535 1 10.30% 1,732 1 6.56%
Walmart eCommerce Corporate Office** 2,165 2 8.80%
Skyline College 549 3 2.23% 583 2 2.21%
Artichoke Joe's Casino 448 4 1.82% 393 3 1.49%
City of San Bruno* 279.5 5 1.14% 234 5 0.89%
San Bruno Park School District 234 6 0.95% 280 4 1.06%
Target Store 175 7 0.71% 220 7 0.83%
Lowe's Home Improvement Store 170 8 0.69% 157 9 0.59%
Capuchino High School (SMUHSD) 132 9 0.54% 130 10 0.49% Church of the Highlands 92 10 0.37%
Lash Group, Inc. 226 6 0.86%
Sears, Roebuck & Co 190 8 0.72%
Total Top Employers 6,780 27.56% 4,145 15.70% Total City Labor (1) 24,600 26,400
Source: MuniServices, LLC / Neumo
Source: FY2016, City of San Bruno - FYE2016 ACFR Publication Report Results based on direct correspondence with city's local businesses. (1) Total City Employement provided by EDD Labor Force Data. *Employee count from City's Adopted Budget FY2024/2025. **Walmart eCommerce Corporate Office & Store - Previous employee count applied. 2024-2025 2015-2016
186

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City of San Bruno, California
Full-time Equivalent City Employees by Function/Program Last Ten Fiscal Years
(Fiscal year ended June 30)
Function/Program 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 General Fund
City Council 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 City Clerk 1.75 1.75 1.75 2.00 2.00 2.00 2.00 2.00 2.00 2.00 City Treasurer 1.00 1.00 0.50 - - - - - - - Legal Services 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 0.25 - City Manager 3.00 3.00 3.00 4.00 4.00 4.00 3.00 3.50 4.50 4.50 Human Resources 2.25 2.25 2.25 2.25 2.25 2.25 2.25 3.25 4.25 3.75 Finance
Administration 5.00 5.50 5.50 5.00 5.00 5.00 5.00 7.00 8.00 8.00 Revenue Services 5.00 4.50 4.50 5.00 5.00 5.00 5.00 4.00 3.50 3.00 Police 62.50 64.00 65.00 69.00 69.00 72.00 64.00 66.75 68.50 71.00 Fire 33.40 35.00 35.00 36.00 36.00 36.00

32.00 34.25 35.50 39.00
Public Works
Admin. & Engineering 6.70 6.70 6.70 6.70 6.70 5.65 7.35 10.60 11.55 10.31 Streets Maintenance 5.80 5.80 5.80 5.70 5.70 5.65 4.70 5.25 5.90 10.35 Community Development
Planning 4.25 5.75 5.25 6.25 5.25 5.25 5.50 6.00 6.50 - Building 7.75 8.25 8.75 8.75 10.75 7.75 6.50 6.50 6.50 - Parks & Recreation Services
Recreation 4.90 4.90 4.90 4.90 4.90 4.95 3.95 5.05 11.55 - Parks Maintenance 13.05 13.05 13.05 15.05 15.05 14.85 10.85 15.50 12.35 13.85 Senior Services 3.75 3.65 3.65 3.65 3.65 3.90 2.90 2.90 3.15 3.15 Library Services 7.75 7.85 7.85 7.85 7.85 7.80 7.30 7.30 7.45 7.45 Subtotal 174.10 179.20 179.70 188.35 189.35 188.30 168.55 186.10 196.45 181.36 Other General Funds
American Rescue Plan Act - - - - - - 19.00 14.25 9.50 - Subtotal - - - - - - 19.00 14.25 9.50 - Special Revenues
Solid Waste 0.45 0.45 0.45 0.45 0.45 0.45 0.45 0.45 0.45 0.71 Community Development 16.00
Recreation and Aquatic Center 11.55
Subtotal 0.45 0.45 0.45 0.45 0.45 0.45 0.45 0.45 0.45 28.26 Internal Services
Central Garage 2.35 2.35 2.35 2.35 2.35 2.60 2.60 2.65 2.65 3.11 Buildings and Facilities 7.05 7.05 7.05 8.05 8.05 8.85 8.90 8.95 8.95 9.11 Techno
logy Support 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.25 3.50 4.00 Self-Insurance 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 0.50 0.75 Subtotal 13.40 13.40 13.40 14.40 14.40 15.45 15.50 15.85 15.60 16.97 Enterprise Funds
Water Enterprise 17.45 17.95 17.95 17.95 17.95 17.95 18.20 19.10 19.20 18.79 Stormwater Enterprise 3.95 3.95 3.95 6.05 6.05 6.05 6.05 6.10 6.10 6.16 Wastewater Enterprise 16.30 16.80 16.80 16.80 16.80 16.80 15.75 16.65 16.70 15.46 Cable Enterprise 20.00 20.00 20.00 20.00 20.00 20.00 19.00 17.00 17.00 14.00 Subtotal 57.70 58.70 58.70 60.80 60.80 60.80 59.00 58.85 59.00 54.41 Glenview Funds
Crestmoor (Glenview) Recovery 3.70 2.00 0.50 - - - - - - - Subtotal 3.70

2.00 0.50 - - - - - - - Total Positions (all funds) 249.35 253.75 252.75 264.00 265.00 265.00 262.50 275.50 281.00 281.00 Source: Adopted City Budget
Note: The City began to report Full Time Equivalent Employees by Function in 2004 187

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City of San Bruno, California
Operating Indicators by Function/Program
Last Ten Fiscal Years
(Fiscal year ended June 30)
Function/Program 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Police
Calls for Service 36,144 31,333 42,057 47,429 44,684 41,406 42,260 44,712 40,809 38,555 Physical arrests 1,280 1,311 1,087 1,627 1,240 845 1,331 1,436 1,392 935 Parking violations** 11,675 15,525 14,205 18,252 9,848 13,396 9,969 12,285 18,422 27,167 Traffic collisions 452 384 325 338 237 233 217 189 181 169 Moving citations 2,221 2,225 2,424 2,447 2,199 1,953 1,363 1,387 1,492 1,589 Fire
Number of stations 2 2 2 2 2 2222 2
Number of calls answered 3,574 4,288 3,874 4,006 4,236 4,092 5,486 5,938 5,468 4,866 Number of inspection conducted** 1,420 1,360 1,307 1,415 1,621 1,444 1,110 1,026 958 868

Public Works
Street repair (sq. ft.) 861,150 145,204 539,343 816,331 80,999 29,457 227,300 4,860 822,434 ####### Potholes repaired 1,618 2,333 1,442 1,905 2,546 2,735 1,694 1,745 5,000 670 Sidewalk repair (sq. ft) 651 262 119,922 3,624 8,001 2,003 16,950 5,555 4,627 1,880 Sidewalk curb&gutter repair (ft) 109 886 26,041 700 1,269 1,234 1,650 2,050 5,363 1,242 Street light poles replaced 91 36 54 45 01 0 5 3 8 1 3 7 Community Development:

Plans checks 553 445 549 688 622 162 846 846 1,242 1,839 Permits Issued 1,622 1,500 1,468 1,455 1,276 1,471 1,589 1,589 1,496 1,822 Parks & Recreation:

Picnic rentals 859 842 888 820 532 107 771 566 733 779
Number of trees planted 75 100 100 100 71 100 83 0 62 92 Linear miles of medians maintained 7.35 7.35 7.35 7.35 7.35 7.35 7.35 7.35 7.35 7.35 Library:

Library circulation 329,210 337,671 334,711 353,015 294,333 165,059 525,389 297,317 329,187 328,569 Library visits 182,263 179,150 190,466 205,851 161,907 10,813 120,398 129,104 127,889 124,762 Water
New service connections 285 363 243 282 238 299 161 703 337 631 Gallons purchased(millions of gallons) 507 948 950 1,102 907 2,647 374 733 1,152 1,163 Stormwater
Number of curb miles swept
5,540 5,540 5,540 5,540 5,540 5,540 5,540 5,540 5,540 5,540 Number of catch basins cleaned and inspected 1,223 1,223 1,550 2,120 2,680 2,680 2,680 2,680 2,680 2,680 Cable
Number of Internet service subscribers 6,337 6,460 6,600 7,260 7,109 7,300 6,650 6,250 5,896 5,335 Number of new customer installations 1,208 1,031 1,200 1,500 1,112 1,112 1,350 1,061 295 87 * Historical data is not available
**Calendar year as of October 31
Source: Various City department records. Started tracking by function in 2011 188

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City of San Bruno, California
Capital Asset Statistics by Function/Program
Last Nine Fiscal Years
(Fiscal year ended June 30)
Function/Program 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Public Safety
Number of police stations 1 1 1 1 1 1 1 1 1 1 Number of fire stations 2 2 2 2 2 2 2 2 2 2 Public Works
Miles of streets 89 89 89 89 89 89 89 89 89 89 Average Citywide Pavement Condition Index (PCI) Score 64 62 61 66 62 65 64 64 64 64 Miles of Sidewalk 178 178 178 178 178 178 178 178 178 143 Number of street lights * * * 1,909 1,909 1,909 41 41 41 1,985 Number of traffic signals 17 17 17 17 17 17 17 17 17 18 Number of street signs * * * 4,943 5,240 5,245 439 439 439 4,924 Water
Miles of water mains * * * 120 120 120 120 120 120 120 Number of fire hydrants * * * 949 949 950 985 985 985 985 Number of water wells 4 4 4 4 4 4 5 5 5 5 Number of pump stations 8 8 8 8 8 8 8 8 8 8 Number of water tanks 8 8 8 8 8 8 8 8 8 8 Number of pressure regulator stations 26 26 26 26 26 26 13 13 13 13 Wastewater/Sewer
Miles of sanitary sewers main * * * 89 89 89 87 87 87 90 Miles of sewer lift (pump) stations 6 6 6 6 6 6 6 6 6 6 Stormwater
Number of storm sewer main 36 36 36 36 36 36 36 36 36 36 Number of trash capture devices 55 55 55 277 284 287 293 296 296 410 Leisure and Culture
Number of parks 18 18 18 18 18 19 19 19 19 19 Acres of maintained landscaped areas 96 96 96 97 97 97 97 97 97 97 Acres of open space 128 128 128 128 128 128 128 128 128 128 Number of trees 4,700 6,300 6,300 6,777 6,777 6,777 6,777 6,777 6,777 7,250 Number of libraries 1 1 1 1 1 1 1 1 1 1 Number of senior centers 1 1 1 1 1 1 1 1 1 1 Numb
er of recreation center facilities 1 1 1 1 1 1 1 1 1 1 Note:
* Historical data is not available
Source: City of San Bruno
189

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City of
San Bruno
San Bruno, California
Independent Accountants’ Report on
Agreed-Upon Procedures Applied to
Appropriations Limit Schedule
For the year ending June 30, 2026
364 of 396
ATTACHMENT 2

365 of 396

INDEPENDENT ACCOUNTANTS’ REPORT
To the Honorable Mayor and City Council
of the City of San Bruno
San Bruno, California
We have performed the procedures enumerated below on the accompanying Appropriations Limit Schedule of the City of San Bruno (City) for the fiscal year ending June 30, 2026. The City’s management is responsible for the accompanying Appropriations Limit Schedule.

The City has agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose of the requirements of Section 1.5 of Article XIII-B of the California Constitution. Additionally, the League of California Cities (as presented in the publication entitled Agreed-upon Procedures Applied to the Appropriations Limitation Prescribed by Article XIII-B of the California Constitution) has agreed to and acknowledged that the procedures performed are appropriate for their purposes. This report may not be suitable for any other purpose. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes.

The procedures performed and our findings are described below:

1. We obtained the completed worksheets used by the City to calculate its appropriations limit for the fiscal year ending June 30, 2026, and determined that the limit and annual calculation factors were adopted by resolution of City Council. We also determined that the population and inflation options were selected by a recorded vote of City Council.

Finding: No exceptions were noted as a result of our procedures.

2. For the accompanying Appropriations Limit Schedule, we added the prior year’s limit to the total adjustments, and agreed the resulting amount to the current year’s limit.

Finding: No exceptions were noted as a result of our procedures.

3. We agreed the current year information presented in the accompanying Appropriations Limit Schedule to corresponding information in worksheets used by the City.

Finding: No exceptions were noted as a result of our procedures.

4. We agreed the prior year appropriations limit presented in the accompanying Appropriations Limit Schedule to the prior year appropriations limit adopted by the City Council during the prior year.

Finding: No exceptions were noted as a result of our procedures.

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To the Honorable Mayor and Members of City Council
of the City of San Bruno
San Bruno, California
We were engaged by the City to perform this agreed-upon procedures engagement and conducted our engagement
in accordance with attestation standards established by the AICPA. We were not engaged to and did not conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on the accompanying Appropriation Limit Schedule. Accordingly, we do not express such an opinion or conclusion. Had we performed addi tional procedures, other matters might have come to our attention that would have been reported to you.

We are required to be independent of the City and to meet our other ethical resp onsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.

This report is intended solely for the information and use of the City Council and management of the City and is not intended to be and should not be used by anyone other than these specified parties. However, this report is a matter of public record, and its distribution is not limited.

Badawi & Associates, CPAs
Emeryville, California
December 19, 2025
2 367 of 396

City of San Bruno
Appropriations Limit Schedule
For the year ending June 30, 2026
Amount Source
A. Appropriations limit for the year ended June 30, 2025 55,305,709$ Prior year schedule B. Calculation factors:

1. Population increase % 1.0029 State Department of Finance

2. Inflation increase (deflation decrease) 1.0644 State Department of Finance

3. Total adjustment factor % 1.0675 B1 * B2
C. Annual adjustment increase 3,732,403$ [(B3-1)*A)] D. Other adjustments:

Loss responsibility (-) - N/A
Transfers to private (-) - N/A
Transfers to fees (-) - N/A
Assumed responsibility (+) - N/A
E. Total adjustments 3,732,403 (C+D)
F. Appropriations limit for the year ending June 30, 2026 59,038,112$ (A+E) 3 368 of 396

City of San Bruno
Notes to Appropriations Limit Schedule
For the year ending June 30, 2026

1. PURPOSE OF LIMITED PROCEDURES REVIEW
Under Article XIIIB of the California Constitution (the Gann Spending Limitation Initiative), California governmental agencies are restricted as to the amount of annual appropriations from proceeds of taxes.

Effective for years beginning on or after July 1, 1990, under Section 1.5 of Article XIIIB, the annual calculation of the appropriations limit is subject to this agreed upon procedures engagement.

2. METHOD OF CALCULATION
Under Section 10.5 of Article XIIIB, for fiscal years beginning on or after July 1990, the appropriations limit is required to be calculated based on the limit for the fiscal year 1986-1987, adjusted for the inflation and population factors discussed in Notes 3 and 4 below.

3. INFLATION FACTORS
A California governmental agency may use as its inflation factor either the annual percentage change in the 4th quarter per capita personal income (which percentage is supplied by the State Department of Finance), or the percentage change in the local assessment roll from the preceding year due to the change of local nonresidential construction. The factor adopted by the City for the fiscal year 2026 represents the change in per capita income in the State of California.

4. POPULATION FACTORS
A California governmental agency may use as its population factor either the annual percentage change of the jurisdiction’s own population, or the annual percentage change in population in the County where the jurisdiction is located. The factor adopted by
the City for fiscal year 2026 represents the population change in the City.

5. OTHER ADJUSTMENTS
A California government agency may be required to adjust its appropriations limit when certain events occur, such as the transfer of responsibility for municipal services to, or from, another government agency or private entity.

The City had no such adjustments for the fiscal year ending June 30, 2026. 4 369 of 396

City of
San Bruno
Measure A Fund
San Bruno, California
Independent Accountant’s Report on
Management’s Assertion
For the year ended June 30, 2025
370 of 396
ATTACHMENT 3
City of San Bruno
Measure A Transportation Tax Fund
For the year ended June 30, 2025
Table of Contents
Page
Independent Accountant’s Report ..........................................................................................................................1 Schedule of Receipts and Disbursements.............................................................................................................2 Management's Report on Compliance with the Agreement for Distribution of San Mateo County Measure A Funds for Local Transportation Purposes.....................................................................................3

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INDEPENDENT ACCOUNTANT’S REPORT

To the Honorable Mayor and Members of the City Council
of the City of San Bruno
San Bruno, California

We have examined management’s assertion, that th e accompanying receipts and disbursements are in compliance with the Agreement for Distribution of San Mateo Co unty Measure A Funds for Local Transportation Purposes in accordance with the 2004 Measure A between the City of San Bruno (City) and the San Mateo County Transportation Authority entered into on Ma rch 10, 2009, and that the City complied with the requirements of the Agreement during the year ende d June 30, 2025. Management is responsible for its assertion. Our responsibility is to express an opinion on management’s assertion based on our examination.

Our examination was conducted in accordance with atte station standards established by the AICPA. Those standards require that we plan and perform the exami nation to obtain reasonable assurance about whether management's assertion is fairly stated, in all mate rial respects. An examinat ion involves performing procedures to obtain evidence about management's assertion. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material misstatement of management's assertion, whether due to fraud or e rror. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion.

We are required to be independent and to meet ou r other ethical responsibilities in accordance with relevant ethical requirements relating to the engagement.

In our opinion, management’s assertion that th e accompanying receipts and disbursements are in compliance with the Agreement between the City and the San Mateo County Transportation Authority entered into on March 10, 2009, and that the City co mplied with the requirements of the Agreement during the year ended June 30, 2025, is fairly stated, in all material respects.

Badawi & Associates, CPAs
Emeryville, California
December 19, 2025

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City of San Bruno
Measure A Transportation Tax Fund
Schedule of Receipts and Disbursements
For the year ended June 30, 2025
2 Receipts:

Sales and Use Taxes 1,307,183$
Interest Income (loss) 8,430
Transfers in from Street Improvement Fund for unused amounts 82,553 Total Receipts 1,398,166
Disbursements:

Transfers out to Street Improvement Fund for:

Pavement Management Program - 2024-2025 Street Rehab 150,000 Pavement Management Program - 2023-24 Slurry Seal 43,402 Total disbursements 193,402
Receipts over (under) disbursement 1,204,764$

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3 December 19, 2025

San Mateo County Transportation Authority
1250 San Carlos Avenue
San Carlos, California 94070

Re: Management’s Report on Compliance with the Agreement for Distribution of San Mateo County Measure A Funds for Local Transportation Purposes

The City of San Bruno (City) is responsible for complying with the Agreement for Distribution of San Mateo County Measure A Funds for Local Transportation Purposes (Agreement) between the City and the San Mateo County Transportation Authority entered into March 10, 2009. The Agreement states that in return for receiving an annual allocation of a specified portion of the retail transaction and use tax approved by Measure A – San Mateo County Transportation Expenditure Plan (the Measure), the City, in use of these funds, shall “refrain from substituting funds provided to it pursuant to this Agreement for property tax funds which are currently being used to fund existing local transportation programs and limit the use of said funds to the improvement of local transportation, including streets and road improvements.”

With respect to compliance with the Agreement, management attests to the following for the year ended June 30, 2025:

x Management is responsible for establishing and maintaining an effective internal control with respect to compliance with the Agreement.
x Management is responsible for complying with the Agreement. x Management has evaluated the City’s compliance with requirements of the Agreement; and x All Transactions, as summarized in the attached Schedule of Receipts and Disbursements for the fiscal year ended June 30, 2025, are in compliance with the Agreement.

_______________________________ ________________________________ Alex Mclntyre Nick Pegueros
City Manager Chief Financial Officer 













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City of
San Bruno
Measure W Fund
San Bruno, California
Independent Accountant’s Report on
Management’s Assertion
For the year ended June 30, 2025
375 of 396
ATTACHMENT 4
City of San Bruno
Measure W Transportation Tax Fund
For the year ended June 30, 2025
Table of Contents
Page
Independent Accountant’s Report ..........................................................................................................................1 Schedule of Receipts and Disbursements.............................................................................................................2 Management's Report on Compliance with the Agreement for Distribution of San Mateo County Measure W Funds for Local Transportation Purposes....................................................................................3

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INDEPENDENT ACCOUNTANT’S REPORT

To the Honorable Mayor and Members of the City Council
of the City of San Bruno
San Bruno, California

We have examined management’s assertion that the accompanying receipts and disbursements are in compliance with the Agreement for Distribution of San Mateo County Measure W Funds for Local Transportation Purposes (Agreement) between the City of San Bruno (City) and the San Mateo County Transportation Authority entered into on September 24, 2019, and that the City complied with the requirements of the Agreement during the year ended June 30, 2025. Ma nagement is responsible for its assertion. Our responsibility is to express an opinion on management’s assertion based on our examination.

Our examination was conducted in accordance with atte station standards established by the AICPA. Those standards require that we plan and perform the exami nation to obtain reasonable assurance about whether management's assertion is fairly stated, in all mate rial respects. An examinat ion involves performing procedures to obtain evidence about management's assertion. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material misstatement of management's assertion, whether due to fraud or e rror. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion.

We are required to be independent and to meet ou r other ethical responsibilities in accordance with relevant ethical requirements relating to the engagement.

In our opinion, management’s assertion that th e accompanying receipts and disbursements are in compliance with the Agreement between the City and the San Mateo County Transportation Authority entered into on September 24, 2019, and that the Ci ty complied with the requirements of the Agreement during the year ended June 30, 2025, is fairly stated, in all material respects.

Badawi & Associates, CPAs
Emeryville, California
December 19, 2025

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City of San Bruno
Measure W Transportation Tax Fund
Schedule of Receipts and Disbursements
For the year ended June 30, 2025
2 Receipts:

Sales and Use Taxes 576,341$
Interest Income (loss) 37,856
Total Receipts 614,197
Disbursements:

Transfer out to Street Improvement Fund:

Pavement Management Program - 24-25 Street Rehab 600,000 Pavement Management Program - 24-25 Sl urry Seal 42,399 Total disbursements 642,399
Receipts over (under) disbursement (28,202)$

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3 December 19, 2025

San Mateo County Transportation Authority
1250 San Carlos Avenue
San Carlos, California 94070

Re: Management’s Report on Compliance with the Agreement for Distribution of San Mateo County Measure W Funds for Local Transportation Purposes

The City of San Bruno (City) is responsible for complying with the Agreement for Distribution of San Mateo County Measure W Funds for Local Transportation Purposes (Agreement) between the City and the San Mateo County Transportation Authority entered into on September 24, 2019. The Agreement states that in return for receiving an annual allocation of a specified portion of the retail transaction and use tax approved by San Mateo County Congestion Relief Plan , the City, in use of these funds, shall not be used to replace funds previously provided for public transportation investments, and that City will limit the use of funds provided pursuant to this Agreement to invest in major arterial and local roadway improvements in key congested areas throughout the County, focusing on improving safety, reducing congestion, and supporting all modes of travel on the County's roadway system.

With respect to compliance with the Agreement, management attests to the following for the year ended June 30, 2025:

x Management is responsible for establishing and maintaining an effective internal control with respect to compliance with the Agreement.
x Management is responsible for complying with the Agreement. x Management has evaluated the City’s compliance with requirements of the Agreement; and x All Transactions, as summarized in the attached Schedule of Receipts and Disbursements for the fiscal year ended June 30, 2025, are in compliance with the Agreement.

_______________________________ ________________________________ Alex McIntyre Nick Pegueros
City Manager Chief Financial Officer














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City of
San Bruno
Transportation Development
Act Program
San Bruno, California
Financial Statements and
Independent Auditor’s Reports
For the year ended June 30, 2025
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ATTACHMENT 5

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City of San Bruno
Transportation Development Act Program
Financial Statements
For the year ended June 30, 2025
Table of Contents
Page
Independent Auditor’s Report .................................................................................................................................1 Financial Statements:

Balance Sheet..........................................................................................................................................................5 Statements of Revenues, Expenditures and
Changes in Fund Balances.............................................................................................................................6 Notes to Financial Statements..............................................................................................................................7 Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards................................................................9 Independent Auditor’s Reporton
Transportation Development Act Funds Compliance ..................................................................................11

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INDEPENDENT AUDITOR’S REPORT

To the Honorable Mayor and Members of the City Council
of the City of San Bruno
San Bruno, California

Report on the Audit of the Financial Statements

Opinions

We have audited the accompanying financial statem ents of the Transportation Development Act Program (TDA Program) of the City of San Bruno, Ca lifornia, (City) as of and for the year ended June 30, 2025, and the related notes to the financial statements as listed in the table of contents.

In our opinion, the accompanying financial statements present fairly, in all material respects, the respective financial position of the TDA Program, as of June 30, 2025, and the respective changes in financial position for the year then ended in accord ance with accounting princi ples generally accepted in the United States of America.

Basis for Opinions

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applic able to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the Un ited States. Our respon sibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City and to meet our other ethical responsibilities, in accordanc e with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Responsibilities of Management for the Financial Statements

The City’s management is responsible for the prep aration and fair presentation of the financial statements in accordance with accounting principl es generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial stat ements that are free from material misstatement, whether due to fraud or error.

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To the Honorable Mayor and Members of the City Council
of the City of San Bruno
San Bruno, California