Attachment — San Jose City Council, December 10, 2024 (part 2 of 2)

5. Retirement Systems – Unfunded Commitments
As of June 30, 2024, PFDRP had unfunded commitments to contribute capital for investments in the amount of $669,222,000. FCERS had unfunded commitments to contribute capital for investments in the amount of $299,920,000.

6. Federal Financial Assistance Programs
The City participates in a number of federally assisted grant programs, primarily with the U.S. Department of Housing and Urban Development, the Federal Aviation Administration, the U.S. Department of Transportation, U.S. Department of Justice, U.S. Department of the Treasury, U.S. Department of Homeland Security, and the U.S. Department of Labor. These programs are subject to program compliance audits by the grantors or their representatives.

Although the City’s grant programs are audited in accordance with the provisions of the Single Audit Act of 1996, and the related U.S. Office of Management and Budget 2 CFR 200 Uniform Guidance, for the year ended June 30, 2024, these programs are still subject to financial and compliance audits by federal auditors, and to resolution of identified findings and questioned costs. At this time, the amount of expenditures, if any, which may be disallowed by the granting agencies cannot be determined.

7. State Tax Revenue
The City was informed by the State of California in October 2021 that a portion of the City’s previous and current tax revenues could be significantly lower. While the City disputes and appealed the State’s initial determination, this action could negatively impact the City’s General Fund outlook in the short and long-term.

Although the appeal process is likely to extend beyond next fiscal year, the City budgeted for the potential loss in the ongoing revenue for FY 2024-2025 and put resources in place to be in a better position to absorb any loss over the next year.
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8. Encumbrances

The City uses encumbrances to control expenditure commitments for the year and to enhance cash management. Encumbrances represent commitments related to contracts not yet performed and purchase orders not yet filled (executory contracts; and open purchase orders). Commitments for such expenditure of monies are encumbered to reserve a portion of applicable appropriations. Encumbrances still open at year-end are not accounted for as expenditures and liabilities but, rather, as restricted or committed governmental fund balance. As of June 30, 2024, total governmental fund encumbrance balances for the City are as follows (in thousands):

General Fund $ 97,638
Housing Activities 42,926
Low and Moderate Income Housing Asset 48,203
Special Assessment Districts 63
San José Financing Authority Debt Service 1
Nonmajor Governmental Funds 114,134
Total governmental funds $ 302,965

9. Curb Ramp Consent Decree
Plaintiffs filed a class action lawsuit in the case of Lashbrook v. City of San José in the United States District Court for the Northern District of California. This lawsuit alleged that the City violated federal and state disability access laws by failing to ensure that its pedestrian right of way contains curb ramps that are necessary to ensure that the pedestrian right of way is accessible to individuals with mobility disabilities.

On April 14, 2020, the City Council approved a proposed settlement of this case in the form of a consent decree whereby Mr. Lashbrook will recover a total of $55,000. The City will pay attorney’s fees and costs in the amount of $725,000. The City will be required to expend $13 million each year until 2030 to remediate curb ramps, and after 2030 will expend 10% of its pavement maintenance budget to remediate curb ramps, which is accounted for within the City’s pavement maintenance budget. The Court preliminarily approved the consent decree on May 27, 2020. At a Fairness Hearing on September 2, 2020, the Court granted final approval of the consent decree. The City is in compliance with the terms of this consent decree.

10. Consent Decree with San Francisco Baykeeper
San Francisco Baykeeper (“Baykeeper”) filed a lawsuit in federal district court against the City in February 2015. Baykeeper’s complaint alleged violations of the Clean Water Act (“CWA”) and the Stormwater Permit.

Specifically, the complaint alleged that the City was not in compliance with trash reduction requirements, and that there were CWA violations resulting from the discharge of sewage from the City’s Sanitary Sewer System that infiltrated into the City’s municipal separate storm sewer systems (“MS4”).

To settle the lawsuit, the City and Baykeeper agreed to a consent decree that was approved by the U.S.

District Court in August 2016 (the “Consent Decree”). The Consent Decree has a 10-year term expiring in August 2026 and will require the City to:
● Comply with trash provisions of the current Stormwater Permit including installing full trash capture devices, supporting additional creek cleanup efforts, and monitoring of trash in receiving waters; ● Rehabilitate, replace, or repair 65 miles of high-risk sanitary sewer system pipes at an average of 6.5 miles per year, based on the City’s existing program with some changes in the priority of segments of this work;
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● Monitor and report fecal indicator bacteria (“FIB”) in receiving waters for a five-year period; ● Comply with green infrastructure planning as required in the Stormwater Permit, adding FIB as a pollutant for planning purposes;
● Bring forward new revenue measure options for Council consideration by December 31, 2017; ● Appropriate, contingent upon the receipt of sufficient new revenues, $100,000,000 over a ten-year period for acquisition of land, review, design, construction, maintenance, and operation of various green infrastructure projects with the goal of reducing pollutants and/or flows from the City’s urban areas into receiving waters, with expenditures anticipated to occur as follows:
○ Identify and design $25,000,000 in total projects by September 2024; ○ Award $25,000,000 in total projects by September 2025; ○ Identify and design an additional $10,000,000 ($35,000,000 in the aggregate) in total projects by September 2025;
○ Award an additional $10,000,000 ($35,000,000 in the aggregate) in total projects by the termination date of the consent decree; and
○ Identify and design an additional $15,000,000 ($50,000,000 aggregate) in total projects by the termination date of the consent decree.

In addition to the expenditures outlined above, the City has incurred or will incur the following expenditures during the Consent Decree’s term: (1) lump sum payment of attorney’s fees and costs to Baykeeper in the amount of $425,000, which payment has been made; (2) ongoing oversight costs payable to Baykeeper in the amount of $10,000 per year for a total of $100,000; and (3) $200,000 per year for five years (a total of $1,000,000) for supplemental environmental mitigation for trash clean up grants, habitat restoration, or projects that generally improve the water quality in the Guadalupe and Coyote creeks and associated watershed areas. The City is in compliance with these payments under the Consent Decree.

The City and Baykeeper entered into a First Amendment and Second Amendment to the Consent Decree in 2017 and 2019, respectively. Both Amendments were approved by the Court and made technical changes to the terms of the Consent Decree but did not modify the substantive requirements itemized above.

Identification of Funds. The Consent Decree requires that by December 31, 2020, the City identify funding sufficient to implement the green infrastructure projects and meet the FIB load reduction standard. If it did not meet this deadline, the parties were required to meet and confer to discuss what measures the City will take to insure funding. In addition, by December 31, 2020, the City was required to obtain funding to implement the green infrastructure projects. The City believes it has identified funds to implement the Consent Decree, and fulfilled its meet and confer obligations, but is unable to make any representations regarding Baykeeper’s interpretation of the Consent Decree. In the event of a dispute between Baykeeper and the City, the Consent Decree provides for a resolution process that includes ongoing judicial oversight.

The Consent Decree also specifies limits on the ability to pursue additional litigation against the City during its 10-year term and caps litigation fees for dispute resolution at $200,000.

On December 19, 2017, the City Council considered a report from City staff concerning potential new revenue sources to fund the green infrastructure requirements specified in the Baykeeper Consent Decree described above. The City identified potential revenues of general obligation bonds and a parcel tax, both of which would require voter approval by a two-thirds margin. In November 2018, voters approved Measure T by the appropriate margin, and the City Council subsequently approved $25 million of these funds to be allocated for clean water projects, including green infrastructure improvements. There are Consent Decree obligations 177 FOR THE YEAR ENDED JUNE 30, 2024

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that would be ineligible for funding from general obligation bond proceeds and staff continues to assess additional funding mechanisms.

Potential projects identified in the Green Infrastructure Plan (the “GIP”) require further review and approval.

The total construction and maintenance costs will be dependent on several factors including, among others, future costs of construction, whether the project will be on City-owned property or required as part of a future private development.

Green Stormwater Infrastructure Projects. The City’s GIP forecasts green stormwater projects and goals through 2050. The City further estimates that complete implementation and maintenance of the potential projects over the course of the thirty-year plan may be on the magnitude of $6.85 billion. The new Stormwater Permit (effective July 1, 2022) includes requirements for green infrastructure sufficient to treat 5 acres, which the City will be able to meet based on the existing projects and the schedule in the Consent Decree. The City will continue to explore funding opportunities and strategies for the implementation of the GIP .

The City is not able to predict the projects that will ultimately be approved or whether they will be funded for the GIP . In addition, the City is unable to predict whether Baykeeper’s interpretation of the Consent Decree will align with the City’s interpretations or the Regional Water Board’s NPDES Permit.

11. San José Clean Energy
Purchase Commitments. In the ordinary course of business, SJCE enters into various power purchase agreements and energy storage services agreements of different duration (i.e., short-, medium-, and long- term) to acquire renewable and other power supply products, and resource adequacy. The price and volume of purchased resources may be fixed or variable. Variable pricing is generally based on the market price of either natural gas or electricity on the date of delivery. Variable volume is generally associated with contracts to purchase energy from as-available resources such as solar, wind, and hydro-electric facilities.

The following table represents the expected, undiscounted, contractual commitments for energy storage, power, and electric capacity outstanding as of June 30, 2024 (in thousands):

Year ending June 30,
2025 $ 397,000
2026 290,000
2027 254,000
2028 227,000
2029 225,000
2030-2047 2,095,000
Total $ 3,488,000

12. Workers’ Compensation Program
The City is self-insured for workers’ compensation, with all claims administered by third party administrator Intercare Holdings Services, Inc. (“Intercare”). Every year, the City reviews a five-year forecast for workers’ compensation expenditures based on the prior year payout. Based on this review, the City’s budget for 2023- 2024 is $23.8 million and the budget for 2024-2025 is $24.3 million.

The City extended the current agreement with Intercare for an additional three-years beginning July 1, 2022, to provide comprehensive workers’ compensation services including claims administration services, bill review, utilization review, medical case management, and other ancillary services at a total compensation 178

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not to exceed $32,582,834 based on an estimated caseload of 2,330 to 2,850 claims. As of June 30, 2024, the open claims inventory handled by Intercare was 2,456. The total number of open claims has decreased (by approximately 1.4%) since June 30, 2023 when the open claims inventory was 2,491.

The City is required to submit to the CA Department of Industrial Relations Office of Self-Insured Plans a State Public Self-Insured Annual Report. The Public Self-Insured Annual Report completed jointly with Intercare describes: (1) claims paid in indemnity and medical, (2) future liability on open claims, and (3) average number of employees and total wages for each adjusting locations, and (4) a list of all open indemnity claims. The annual report for FY 2024 was submitted in September prior to the deadline date of October 1, 2024.
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13. Tax Abatement
As of June 30, 2024, the City provides two tax abatement programs - the Downtown High-rise Residential Incentive Program and the Utility Users Tax Reimbursement Agreement:

Downtown High-Rise Residential Incentive Program
The City has had several iterations of a program designed to spur high-rise development in downtown. As of September 30, 2021, the Downtown High-Rise Residential Incentive Program suspends 50% of construction taxes on high-rise developments in the Downtown Area and allows for payment of the taxes to be delayed until the issuance of the Certificate of Occupancy. It also provides a reduction or exemption of affordable housing in-lieu fees. The tax reduction is available for new construction of residential buildings of at least twelve (12) stories in height in the Downtown Planned Growth Area. The affordable housing in-lieu fee reduction or exemption is available for new construction in the Downtown Core to residential buildings at least 150 feet above street-level with ten (10) or more floors or stories in height not including any non- residential uses.

Utility Users Tax Reimbursement Agreement
The City has a Utility Users Tax Reimbursement Agreement with Samsung Semiconductor, Inc., that will provide funding in an amount equal to 50% of the City’s 5% of net new utility user taxes received from Samsung Semiconductor for 10 consecutive years in an amount not to exceed $500,000. The agreement commenced on July 1, 2021 and expires on June 30, 2031.

Tax Abatement Program
Amount of
Taxes Abated
(in thousands)

Downtown High-Rise Residential Incentive Program $ -
Utility Users Tax Reimbursement Agreement 126

In FY 2024, the City made reimbursement payments to Samsung Semiconductor that totaled $125,734 for the utility users tax reimbursement agreement.

During FY 2024, no Downtown High Rise covered projects received the benefit. (Projects receive the benefit of the tax abatement at certificate of occupancy.) 180

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14. Labor Agreements
In 2023, collective bargaining agreements between the City and seven of the City’s bargaining units were approved by the City Council with a term of July 1, 2023, through June 30, 2026. These agreements included a 6.0% general wage increase in FY 2024, a 4.0% increase at the beginning of FY 2025 and a 1.0% increase at the beginning of calendar year 2025, and a 3.5% general wage increase in FY 2026, which can be increased to 4.0% if certain conditions are met. Additionally, compensation and benefit changes consistent with those described above were approved for executive management and professional employees in Unit 99 and other unrepresented employees in Units 81/82 by the City Council.

Additionally, the City Council approved a collective bargaining agreement between the City and one of the City’s bargaining units with a term of July 1, 2023, through June 30, 2027. This agreement included a 6.0% general wage increase in FY 2024, a 4.0% increase at the beginning of FY 2025 and a 1.0% increase at the beginning of calendar year 2025, a 3.5% general wage increase in FY 2026 which can be increased to 4.0% if certain conditions are met, and a 3.0% general wage increase in FY 2027.

15. Pension Obligation Bonds
On October 5, 2021, the City Council adopted a resolution authorizing the issuance of bonds to refund and repay certain pension obligations, approving the form and authorizing the execution of a Trust Agreement and Bond Purchase Agreement; authorizing judicial validation proceedings relating to the issuance of such bonds and approving additional actions related thereto. The pension obligations include the unfunded liability for both the Police and Fire Department Retirement Plan and the Federated City Employees’ Retirement System Plan (“Unfunded Liability”), and the annually required retirement contributions that are due and payable within 12 months of the issuance of the bonds (“Current Obligation”). The proposed final aggregate principal amount of the bonds may not be greater than $3.5 billion or the sum of the City’s unfunded liability and current obligation as calculated by the actuary for both Retirement Plans, together with the costs of issuing the Bonds. The Trust Agreement will not constitute an obligation for which the City is obligated or permitted to levy or pledge any form of taxation or for which the City has levied or pledged or will levy or pledge any form of taxation. The validation complaint was filed on November 18, 2021. Howard Jarvis Taxpayers Association and Citizens for Fiscal Responsibility filed an answer challenging the City’s authority to issue bonds without voter approval. The trial court held a bench trial on August 22, 2022, and issued a decision on December 9, 2022 validating the City’s authority to issue pension obligation bonds. The validation judgment was entered on February 6, 2023 and Howard Jarvis Taxpayers Association and Citizens for Fiscal Responsibility appealed the decision. On May 9, 2024, the Court of Appeal of the Sixth Appellate District Court published an opinion that unanimously affirmed the City’s authority to issue bonds without voter approval.

Howard Jarvis Taxpayers Association et al. petitioned for review, and the California Supreme Court granted review on August 14, 2024, but no hearing date has been set. If the City obtains a favorable judgment, the size and timing of the actual bond issuance would require the City Council’s approval of offering documents including disclosures and would be contingent on favorable market conditions. Prior to actual issuance of the pension obligation bonds, the City Council will consider adoption of a pension funding policy. 181 FOR THE YEAR ENDED JUNE 30, 2024

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C. Successor Agency to the Redevelopment Agency of the City of San José

1. Cash and Investments Held by SARA

The SARA’s cash and investments consist of the following at June 30, 2024 (in thousands):

Cash & Investments Amount
Cash and Investments $ 638
Restricted Cash and Investments 128,555
Total Cash and Investments $ 129,193
A summary of SARA’s cash and investments at June 30, 2024 is as follows (in thousands):

Maturity (in Days)

Moody’s
Credit Rating Under 30 31-180 181-365
Balance
at June 30
Investments:

LAIF Not rated $ - $ - $ 557 $ 557
Money Market Mutual Funds Aaa 128,555 - - 128,555 Subtotal Investments 129,112
Bank Deposits 81
Total Cash and Investments $ 129,193
The LAIF is part of the State’s Pooled Money Investment Account that allows cities, counties and special districts to place money into the fund. LAIF operating accounts allow a maximum of 15 transactions per account in a calendar month. The transaction amount shall be no less than $5,000 and in increments of a thousand. LAIF allocates interest earnings once every quarter. The interest earnings can be withdrawn in exact amount at any time. LAIF bond accounts have no restrictions on the amounts allowed on deposit, but are limited to one withdrawal every 30 days.

The SARA categorizes its fair value measurements within the fair value hierarchy established by GAAP . The Money Market Mutual Funds and LAIF are valued by net asset value. The inputs and techniques used for securities are not necessarily an indication of risk associated with investing in these securities. The SARA’s investments in Money Market Mutual Funds and LAIF are not subject to the fair value hierarchy.

2. Loans Receivable Held by SARA
As of June 30, 2024 the SARA has $15,194,000 of outstanding loans receivable, and an allowance for doubtful accounts of $11,207,000. $1,654,000 of the allowance for doubtful accounts is recorded in the anticipation that certain loans will be forgiven, as is allowable under the terms and conditions of said loans, if the borrower maintains compliance to the terms and conditions. The remainder of the allowance was recorded for loans where the likelihood of payment criteria being met is questionable.

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3. Capital Assets Held by SARA

The following is a summary of capital assets activity for the year ended June 30, 2024 (in thousands):

July 1, 2023 Addition Disposal Transfer June 30, 2024 Capital Assets, Not Being Depreciated:

Land $ 2,078 $ - $ - $ - $ 2,078
Total Capital Assets, Not Being Depreciated 2,078 - - - 2,078

Capital Assets, Being Depreciated:

Buildings 1,071 - - - 1,071

Less Accumulated Depreciation:

Buildings (455) (27) - - (482)

Total Capital Assets, Being Depreciated, net 616 (27) - - 589 Total Capital Assets, net $ 2,694 $ (27) $ - $ - $ 2,667

On August 27, 2015, the Oversight Board approved a revised Asset Disposition Schedule for the non- governmental purpose properties listed on the Long-Range Property Management Plan (“LRPMP”), and approved the Disposition Process For Sale of Properties, which requires the sale of assets either through an open and competitive solicitation process or through a direct sale to the affected taxing entities or a non-profit organization. Additional amendments to the Asset Disposition Schedule were approved by the Oversight Board on January 14, 2016, April 28, 2016, October 27, 2016, and April 13, 2017.

4. Summary of SARA’s Long-Term Debt

The following is a summary of long-term debt of the SARA as of June 30, 2024 (in thousands):

Type of Indebtedness Purpose
Original
Issue
Amount Issue Date
Maturity
Date
Interest
Rate
Range
Annual Principal
Installments
June 30,
2024
Balance
Senior Tax Allocation Bonds:
2017 Refunding Bonds Series A
Refunding - merged
area projects $ 79,825 12/21/2017 8/1/2035 5.00% $0 - 53,810 $ 79,825 2017 Refunding Bonds Series A-T
Refunding - merged
area projects 1,333,325 12/21/2017 8/1/2034 2.96-3.38% $32,910 - 93,735 878,310 Total Senior Tax Allocation Bonds 958,135

Subordinate Tax Allocation Bonds:
2017 Refunding Bonds Series B
Refunding - merged
area projects 264,390 12/21/2017 8/1/2029 5.00% $7,820 - 29,835 128,580 Total Subordinate Tax Allocation Bonds 128,580 Total Long-Term Debt $ 1,086,715
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A summary of the changes in long-term debt for the year ended June 30, 2024 follows (in thousands):

June 30, 2023 Additions Reductions June 30, 2024
Amount Due
Within One Year
Senior Tax Allocation Bonds:
2017 Refunding Bonds Series A $ 79,825 $ - $ - $ 79,825 $ - 2017 Refunding Bonds Series A-T 955,800 - (77,490) 878,310 79,680 Subtotal Senior Tax Allocation Bonds 1,035,625 - (77,490) 958,135 79,680

Subordinate Tax Allocation Bonds:
2017 Refunding Bonds Series B 153,125 - (24,545) 128,580 25,775 Subtotal Subordinate Tax Allocation Bonds 153,125 - (24,545) 128,580 25,775

Subtotal Long-Term Debt, Unamortized 1,188,750 - (102,035) 1,086,715 105,455 Issuance Premium (Discount), Net 28,002 - (4,204) 23,798 4,204 Total Long-Term Obligations $ 1,216,752 $ - $ (106,239) $ 1,110,513 $ 109,659 RPTTF revenue distributed by the County to the SARA in FY 2024 was $144,172,000 which was assigned to pay recognized payment obligations, including debt service and debt related expenses on the Successor Agency Senior and Subordinate Tax Allocation Refunding Bonds, SARA administrative costs, and other enforceable obligations. During FY 2024, total RPTTF revenue collected by the County was $429,579,000.

After payment of County Administrative fees totaling $3,383,000, the balance is distributed based on the Health and Safety Code unless such payments have been subordinated to the payment of debt service on the 2017 Senior Tax Allocation Refunding Bonds described in the following section, as is the case with all agencies except for the senior pass-through payments due to San José Unified School District ($14,526,000).

After meeting obligations to make debt service payments on the 2017 Bonds, subordinated pass-through payments are made to the County ($55,902,000), Basic Aid ($497,000) and other taxing entities ($46,007,000).

With the residual balance ($165,092,000) distributed to taxing entities.

All summaries of documents related to debt contained in this Note are made subject to the provisions of such documents and do not purport to be complete statements of any or all such provisions. Each reference in this Note is qualified in its entirety by reference to such document, which is on file with the SARA’s Chief Financial Officer.
2017 Tax Allocation Refunding Bonds
On December 21, 2017, the SARA issued refunding bonds (“2017 Refunding Bonds”) pursuant to an Indenture of Trust dated as of December 1, 2017 (“2017 Indenture”), by and between the SARA and Wilmington Trust, National Association, as trustee (“Trustee”). The 2017 Refunding Bonds were issued in the aggregate original principal amount of $1,677,540,000, in two senior series and one subordinate series. The senior series bonds, collectively referenced herein as 2017 Senior Tax Allocation Refunding Bonds, consist of $79,825,000 original principal amount of the tax-exempt senior lien 2017 Series A Bonds Senior Tax Allocation Refunding Bonds (“2017A Bonds”) and $1,333,325,000 original principal amount of taxable senior lien 2017 Series A-T Bonds Senior Taxable Tax Allocation Refunding Bonds (“2017A-T Bonds”). The subordinate series bonds, referred to herein as 2017 Subordinate Tax Allocation Refunding Bonds, consist of $264,390,000 original principal amount of tax-exempt subordinate lien 2017 Series B Bonds Tax Allocation Refunding Bonds.

Proceeds of the 2017 Refunding Bonds were used to (i) redeem, defease, or prepay all of the former Agency’s then outstanding tax allocation bonds and reimbursement obligations under an agreement entered into in connection with the Financing Authority’s Revenue Bonds, Series 2001A (4 th and San Fernando Parking Facility Project) and Lease Revenue Bonds, Series 2001F (Convention Center Refunding Project)(Refunded Obligations), and (ii) pay the costs of issuing the 2017 Refunding Bonds, including the cost of debt service 184

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reserve insurance policies. The refunding resulted in a difference between the reacquisition price (the amount required to repay previously issued debt in a refunding transaction) and the net carrying amount of the Refunded Obligations. This difference was reported as deferred outflows of resources in the statement of fiduciary net position and is being amortized over the next 12 years.

The 2017 Refunding Bonds are secured and payable from Tax Revenues and certain funds and accounts held by the Trustee. Tax Revenues are generally defined in the 2017 Indenture as the portion of property tax revenues collected in the Merged Project Area derived from incremental growth in assessed property values over the initial base year values in each of 17 component areas of the Merged Project Area, less certain County administrative fees, the AB1290 statutory pass-through payment to the San José Unified School District and amounts collected pursuant to the pension override or State Water Project override provisions of the Redevelopment Dissolution Law, if any. All other AB1290 statutory pass-through payments and the negotiated pass-through payments to Santa Clara County are subordinate to the payment of debt service on the 2017 Refunding Bonds and other debt service related obligations under the 2017 Indenture. Under the distribution provisions of the Redevelopment Dissolution Law, AB1290 statutory pass-through payments and negotiated pass-through payments are made from funds on deposit in the RPTTF before funds are transferred to the SARA for the payment of enforceable obligations (including payment of debt service on the 2017 Refunding Bonds) unless there are insufficient funds to pay such debt service and other payment obligations under the 2017 Indenture and certain other conditions are satisfied. Such conditions include the timely filing of a Notice of Insufficiency by the SARA in accordance with the Redevelopment Dissolution Law and the concurrence by the State Controller that there are insufficient funds for such purpose. The SARA has covenanted in the 2017 Indenture to comply with the provisions of the Redevelopment Dissolution Law related to placing its obligations under the 2017 Indenture on the recognized obligations under the 2017 Indenture throughout the term of the 2017 Refunding Bonds and, if applicable, file a Notice of Insufficiency in the event that there are insufficient Tax Revenue to make payment of debt service or other payment obligations under the 2017 Indenture.

The SARA has covenanted in the 2017 Indenture to take such actions as required under the Redevelopment Dissolution Law to include in each annual Recognized Obligation Payment Schedule the amount of debt service on the 2017 Refunding Bonds so as to enable the County Auditor-Controller to distribute from the RPTTF to SARA on each January 2 and June 1 the amounts required for the SARA to pay principal of, and interest on, the 2017 Refunding Bonds coming due in the respective six-month period following such distribution dates. These actions will include, without limitation, placing on the periodic Recognized Obligation Payment Schedule for approval by the Oversight Board and State Department of Finance the amounts to be held by the SARA as a reserve until the next six-month period, as contemplated by the Redevelopment Dissolution Law, that are necessary to comply with the 2017 Indenture.

Separate municipal bond debt service reserve policies issued by Build America Mutual Assurance Company (“BAM”) were deposited in the Senior Bonds Reserve Account of the Bond Reserve Fund for the 2017 Senior Tax Allocation Refunding Bonds (“2017 Senior Bonds Reserve Policy”) and in the Subordinate Bonds Reserve account of the Bond Reserve Fund for the 2017 Subordinate Tax Allocation Bonds (“2017 Subordinate Bonds Reserve Policy”). The 2017 Senior Bonds Reserve Policy was issued in the original stated amount of $112,102,000, to satisfy the Senior Bonds Reserve Requirement under the 2017 Indenture on the date the 2017 Senior Tax Allocation Refunding Bonds were issued. The 2017 Subordinate Bonds Reserve Policy was issued in the original stated amount of $30,978,000, to satisfy the Subordinate Bonds Reserve Requirement under the 2017 Indenture on the date the 2017 Subordinate Tax Allocation Refunding Bonds were issued.

The 2017 Senior Bonds Reserve Policy will terminate the earlier to occur of (i) the date on which the 2017 Senior Tax Allocation Refunding Bonds are no longer outstanding under the 2017 Indenture; or (ii) August 1, 2035. The 185 FOR THE YEAR ENDED JUNE 30, 2024

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2017 Subordinate Bonds Reserve Policy will terminate the earlier to occur of (i) the date on which the 2017 Subordinate Tax Allocation Refunding Bonds are no longer outstanding under the Indenture; or (ii) August 1, 2029. Per the terms of the 2017 Indenture, the SARA is not obligated to replace either reserve policy or to fund either reserve account with cash if, at any time that the 2017 Senior Tax Allocation Refunding Bonds or 2017 Subordinate Tax Allocation Refunding Bonds are outstanding, amounts are not available under such policy or if the rating of the claims-paying ability of BAM is downgraded, suspended or withdrawn.

The 2017 Senior Tax Allocation Refunding Bonds are rated “AA” by S&P and Fitch and the 2017 Subordinate Tax Allocation Refunding Bonds were rated “AA-” by S&P and Fitch. 2017 Senior Tax Allocation Refunding Bonds - The 2017 Senior Tax Allocation Refunding Bonds were issued in two series – the tax-exempt 2017A Bonds and the taxable 2017A-T Bonds, with a parity senior lien on Tax Revenues. The 2017A Bonds are structured as two serial maturities in 2034 and 2035; both maturities bear interest at 5% per annum. The 2017A-T Bonds are structured as serial maturities in 2018 through and including 2029 and a term bond of $361,845,000 maturing in 2034 (which term bond is subject to mandatory payment of principal beginning on August 1, 2030 through final maturity on August 1, 2034). The 2017A-T Bonds bear interest at rates ranging from 1.898% to 3.375% per annum. The 2017A and the 2017A-T Bonds maturing on and after August 1, 2028 are subject to redemption at the option of the SARA on or after August 1, 2027 at par. The 2017A Bonds have $79,825,000 in principal subject to call and the 2017A-T Bonds have approximately $544,790,000 in principal subject to redemption at the option of the SARA. The total debt service payments on the 2017 Senior Tax Allocation Refunding Bonds was $111,003,000 for the year ended June 30, 2024.The principal and interest remaining on the 2017 Senior Tax Allocation Refunding Bonds as of June 30, 2024 is $1,152,502,000. 2017 Subordinate Tax Allocation Refunding Bonds - The 2017 Subordinate Tax Allocation Refunding Bonds are structured as serial tax-exempt bonds with maturities in 2018 through 2029; and bear interest at rates ranging from 2% to 5% per annum. The 2017 Subordinate Tax Allocation Refunding Bonds are subject to redemption at the option of the SARA on or after August 1, 2027 at par. In total, nearly $17,490,000 in principal is subject to this ten-year par call. The 2017 Subordinate Tax Allocation Refunding Bonds are payable from Tax Revenues on a subordinate basis to the 2017 Senior Tax Allocation Refunding Bonds. The debt service payment on the 2017 Subordinate Tax Allocation Refunding Bonds was $31,588,000 for the year ended June 30, 2024. The principal and interest remaining on the 2017 Subordinate Tax Allocation Refunding Bonds as of June 30, 2024 is $144,446,000. 2017 Refunding Bonds - Events of Default - The events of default under the 2017 Indenture for the 2017 Refunding Bonds are: (i) failure to pay debt service when due; (ii) failure to comply with covenants and conditions of the 2017 Indenture or the 2017 Refunding Bonds or any Senior Parity Debt Instrument or Subordinate Parity Debt Instrument (as those terms are defined in the 2017 Indenture) and such default shall have continued for a period of 30 days following SARA’s receipt from the Trustee or any bond owner of written notice of the occurrence of such default, provided that if in SARA’s reasonable opinion the failure stated in the notice can be corrected, but not within such 30 day period, such failure will not constitute an event of default if corrective action is instituted by the SARA within such 30 day period and SARA thereafter diligently and in good faith cures such failure in a reasonable period of time; and (iii) bankruptcy or similar debtor relief proceedings. Upon the occurrence and during the continuance of an event of default under the 2017 Indenture, the Trustee may, or, if requested by the owners of a majority of the principal amount of the outstanding 2017 Senior Tax Allocation Refunding Bonds (for events of default with respect to the 2017 Senior Tax Allocation Refunding Bonds) or the 2017 Subordinate Tax Allocation Refunding Bonds (for events of default with respect to the 2017 Subordinate Tax Allocation Refunding Bonds), as applicable, shall, subject to the provisions of the 2017 Indenture, exercise any remedies available to the Trustee in law or at equity. The 2017 Indenture does not provide for acceleration of payment of the 2017 Refunding Bonds. The 2017 Indenture, however, provides for application of Tax Revenues upon an event of default in the order of priority set forth in the 2017 Indenture. 186

INTRODUCTORY

SECTION
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ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION
NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2024
Debt Service Requirements - The debt service requirements for all debt are based upon a fixed rate of interest.

The annual requirements to amortize outstanding tax allocation bonds outstanding at June 30, 2024, including mandatory sinking fund payments, are as follows (in thousands):

Year Ending
June 30 Principal Interest
2025 $ 105,455 $ 37,024
2026 109,100 33,262
2027 112,975 29,271
2028 117,080 25,064
2029 97,885 21,308
2030-2034 431,485 59,063
2035-2036 112,735 5,241
Total $ 1,086,715 $ 210,233
Tax Sharing Agreement with the County of Santa Clara - Prior to 1994, the Redevelopment Law authorized redevelopment agencies to enter into tax sharing agreements with school districts and other taxing agencies to alleviate any financial burden or detriments to such taxing agencies caused by a redevelopment project. In 1983, the Agency and County entered into a tax sharing agreement (“Original Agreement”) under which the Agency would pay a portion of tax increment revenue generated in the Merged Area (“County Pass-Through Payment”). On December 16, 1993, the Agency, the County, and the City entered into a settlement agreement, which continued the County Pass-Through Payment.

On May 22, 2001, the County, the City and the Agency approved an Amended and Restated Agreement (“Amended Agreement”), which amended and restated the Original Agreement in its entirety. In addition to the continued Pass-Through Payment, the Amended Agreement delegated to the County the authority to undertake redevelopment projects in or of benefit to the Merged Area, and required the Agency to transfer funds to the County to pay for such projects (“Delegated Payment”). Until June 30, 2004, the Delegated Payment was equal to the County Pass-Through Payment. After January 1, 2004, 20% of the proceeds of any debt secured by the Agency’s Tax Increment Revenues (excluding bonds payable from Housing Set-Aside and refunding bonds) was required to be paid to the County as the Delegated Payment.

5. Commitments and Contingencies Related to SARA
Risk Management
The SARA is exposed to various risks of loss related to torts, theft, damage to and destruction of assets, errors and omissions, general liabilities for which the SARA carries a property insurance policy, or is self-insured. Claim expenses and liabilities are reported when it is probable that a loss has occurred, and the amount of the loss can be reasonably estimated using actuarial methods or other estimating techniques. The technique to estimate claims is based on many complex factors, such as inflation, changes in legal doctrines, past settlements, and damages awarded. Accordingly, claims are reevaluated periodically to consider the effects of inflation, recent claim settlement trends (including frequency and amount of pay-outs), and other economic and social factors.

The estimated claims liability will include amounts of incremental claims adjustment expense related to specific claims.

The SARA does not have any claims liabilities outstanding as of June 30, 2024.

Contractual Commitments
On June 30, 2024, the SARA had $234,000 for contractual obligations and commitments. 187 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT
NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2024
D. Subsequent Events

1. Airport Revenue Refunding Bond Series, 2024A
On July 30, 2024, the City issued $76.4 million of Airport Revenue Refunding Bonds Series 2024A (AMT) (2024A Bonds) to refund some of its Airport Revenue Refunding Bonds, Series 2014A (AMT), Series 2014B (Non-AMT), and Series 2014C (Non-AMT) (collectively “2014 Bonds”).

The 2024A Bonds were issued as a term bond through direct private placement with TD Public Finance LLC, maturing on March 1, 2031. The refunding provided a net present value savings of approximately $2.5 million or approximately 3.30% of the refunded bonds.

Three maturities of the 2014 Bonds with a total par amount of $840,000 were excluded from the refunding due to negative savings. The City exercised its option to call and redeem those maturities on September 1, 2024 with available cash.

2. Airport Commercial Paper Letter of Credit
On July 15, 2024, Bank of America, N.A. extended the term for the Letter of Credit and Reimbursement Agreement from September 10, 2024 to September 10, 2026. Other terms and conditions of the agreement remain the same.

3. Clean Energy Project Revenue Bonds
On October 8, 2024, the City Council adopted a resolution to approve, in connection with the issuance and sale of the California Community Choice Financing Authority (CCCFA) Clean Energy Project Revenue Bonds in a not-to-exceed principal amount of $1.25 billion to finance the acquisition of a long-term supply of electricity on a prepaid basis for the City, in substantially final forms, Appendix A to the Official Statement, a Power Supply Contract, a Custodial Agreement, a Letter Agreement, and a Prepaid Energy Project Administration Agreement; and authorize the City Manager and other authorized officers of the City, to execute and deliver these documents and any other related documents in connection therewith.

CCCFA will issue tax-exempt bonds in an amount not to exceed $1.25 billion to make a one-time, upfront prepayment for a 30-year supply of energy to ultimately be delivered to the City. The City requires a minimum annual saving of 8% of the assigned energy cost during the initial reset (or pricing) period, estimated to be approximately six to eight years after the bond issuance. The bonds will carry a 30-year term and be subject to mandatory tender on the day after the initial reset period ends.

The bonds will not constitute a general obligation or indebtedness of CCCFA or the City, and neither the full faith and credit of CCCFA nor the taxing power of the State or any political subdivision thereof, including the City, will be pledged to payments pursuant to the Indenture or the bonds. The payments required to be made by the City under the Power Supply Contract, together with other amounts payable by CCCFA, will constitute the primary and expected source of the revenues pledged to the payment of the bonds. The obligations of the City under the Power Supply Contract will be payable solely from revenues of the City derived from the operations of SJCE.

4. San José Mineta International Airport
In August 2024, the Airport was awarded three grants totaling $19.5 million in federal funding by the DOT’s FAA under the 2024 Bipartisan Infrastructure Law Airport Infrastructure Grants program, which allocates money for airport and air traffic control infrastructure improvements. $18.8 million is allocated to the airfield configuration updates for Taxiway V Phase 2A, $0.4 million is allocated to the Safety Management 188

INTRODUCTORY

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ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION
NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2024
System Manual and Implementation Plan, and $0.3 million is allocated to the Terminal B South Concourse Improvements under the National Environmental Policy Act (NEPA).

5. Insurance Coverage
Fiduciary Liability for Deferred Compensation Plans
Effective June 30, 2024, the City increased the aggregate limits for the fiduciary liability policy that covers the Deferred Compensation Plans from $5,000,000 to $10,000,000.

6. Labor Agreements
In 2024, collective bargaining agreements between the City and three of the City’s bargaining units were approved by the City Council each with a term of July 1, 2024, through June 30, 2027. These agreements included a 6.0% general wage increase in FY 2025, a 4.0% increase at the beginning of FY 2026 and a 1.0% increase at the beginning of calendar year 2026, and a 3.5% general wage increase in FY 2027, which can be increased to 4.0% if certain conditions are met.

The City will be entering into negotiations on a successor collective bargaining agreement for one of the City’s bargaining units by early 2025, as the current agreement has an expiration date of June 30, 2025. 189 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2024 City of San José
General Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance-Budget and Actual For the Year Ended June 30, 2024
($000’s)
Budgeted Amounts
Actual
Amounts
Budgetary
Basis Variance
with Final
Budget
Actual
Amounts
Budgetary
Budgetary to
GAAP
Actual
Amounts
Original Final Over (Under) Basis Differences GAAP Basis

REVENUES
Taxes:

Property $ 510,400 523,900 573 524,473 - 524,473 Utility 148,550 151,550 513 152,063 - 152,063 Franchise 51,825 51,825 651 52,476 - 52,476 Business tax 87,500 87,500 (1,428) 86,072 - 86,072 Other 16,000 16,000 (106) 15,894 - 15,894 Sales taxes 336,400 343,400 (9,989) 333,411 - 333,411 State of California in-lieu 1,000 1,000 255 1,255 - 1,255 Licenses, permits and fines 37,375 38,373 (2,359) 36,014 - 36,014 Intergovernmental 17,679 54,215 (25,639) 28,577 - 28,577 Charges for current services 21,974 24,756 (171) 24,585 - 24,585 Other revenues 43,923 45,528 2,475 48,002 - 48,002 Investment income 10,520 14,050 4,040 18,090 12,732 30,822 (1) Total revenues 1,283,146 1,352,097 (31,185) 1,320,912 12,732 1,333,644

EXPENDITURES
Current:

General government 370,550 370,156 (129,513) 240,643 (34,624) 206,020 (2)(3) Public safety 899,515 899,515 (105,976) 793,540 (7,997) 785,543 (2) Community services 355,023 354,883 (117,378) 237,505 (25,800) 211,705 (2) Sanitation 6,966 6,966 (1,284) 5,683 (438) 5,244 (2) Capital maintenance 211,214 211,214 (91,825) 119,389 (28,818) 90,571 (2) Capital outlay - 28,652 - 28,652 - 28,652 Debt service:

Principal 28 1,465 8,055 9,520 - 9,520
Interest - - 1,500 1,500 - 1,500
Total expenditures 1,843,297 1,872,852 (436,420) 1,436,432 (97,676) 1,338,755

Excess (deficiency) of revenues
over expenditures (560,151) (520,755) 405,235 (115,520) 110,408 (5,111)

OTHER FINANCING SOURCES (USES)
Inception of lease - - - - 13,417 13,417 Inception of subscription-based
information technology arrangement - - - - 1,555 1,555 Proceeds from sale of capital assets 500 500 (432) 68 - 68 Transfers in 10,437 12,447 (938) 11,510 - 11,510 Transfers out (49,321) (45,288) 13,922 (31,367) - (31,367) Total other financing sources
(uses) (38,384) (32,341) 12,552 (19,789) 14,972 (4,817)

Net change in fund balance (598,535) (553,096) 417,787 (135,309) 125,381 (9,928)

Fund balance - beginning 609,895 609,895 - 609,895 75,147 685,042 Add beginning encumbrance balance - - - 86,963 (86,963) - Fund balance - ending $ 11,360 56,799 417,787 561,549 113,564 675,114

Explanation of differences:
(1) Gain or loss in fair value of investments are not formally budgeted transactions. (2) Encumbrances of funds for which formal budgets are prepared. (3) Lease and subscription-based information technology arrangement expenditures are not formally budgeted transactions. 190

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ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2024 City of San José
Housing Activities Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance-Budget and Actual For the Year Ended June 30, 2024
($000’s)

Budgeted Amounts

Actual
Amounts
Budgetary
Basis
Variance with
Final Budget

Actual
Amounts
Budgetary

Budgetary
to GAAP

Actual
Amounts

Original Final Over (Under) Basis Differences GAAP Basis

REVENUES
Intergovernmental $ 51,638 83,551 (24,815) 58,736 - 58,736 Investment income 2,264 2,264 4,709 6,973 2,381 9,354 (1) Other revenues 16,784 9,988 4,633 14,621 (573) 14,048 (2) Total revenues 70,686 95,803 (15,473) 80,330 1,808 82,138

EXPENDITURES
Current:

Community services 128,707 163,850 (48,759) 115,091 (47,307) 67,784 (2) Capital outlay 12,951 12,951 12,951
Total expenditures 128,707 176,801 (48,759) 128,042 (47,307) 80,735

Excess (deficiency) of revenues over
expenditures (58,021) (80,998) 33,286 (47,712) 49,115 1,403

OTHER FINANCING SOURCES (USES)
Transfers out (267) (267) - (267) - (267)
Total other financing sources (uses) (267) (267) - (267) - (267)

Net change in fund balance (58,288) (81,265) 33,286 (47,979) 49,115 1,136

Fund balance - beginning 190,117 190,117 (52,556) 137,561 52,556 190,117 Add beginning encumbrance balance - - - 20,932 (20,932) - Fund balance - ending $ 131,829 108,852 (19,270) 110,514 80,739 191,253

Explanation of differences:
(1) Gain or loss in fair value of investments are not formally budgeted transactions. (2) Expenditures and repayments that increase and decrease certain loan receivables for which formal budgets are prepared.

191 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2024 City of San José
Low and Moderate Income Housing Asset Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance-Budget and Actual For the Year Ended June 30, 2024
($000’s)

Budgeted Amounts

Actual
Amounts
Budgetary
Basis
Variance with
Final Budget

Actual
Amounts
Budgetary

Budgetary
to GAAP

Actual
Amounts

Original Final Over (Under) Basis Differences GAAP Basis

REVENUES
Investment income $ 4,500 4,500 11,866 16,366 2,697 19,063 (1) Other revenues 10,000 10,000 4,480 14,480 (14,480) - (2) Total revenues 14,500 14,500 16,346 30,846 (11,783) 19,063

EXPENDITURES
Current:

Community services 53,251 131,462 (27,927) 103,535 (76,115) 27,420 (2) Capital outlay - - 501 501 - 501
Total expenditures 53,251 131,462 (27,426) 104,036 (76,115) 27,921

Excess (deficiency) of revenues
over expenditures (38,751) (116,962) 43,772 (73,190) 64,332 (8,858)

OTHER FINANCING (USES)
Transfers out (322) (322) - (322) - (322)
Total other financing (uses) (322) (322) - (322) - (322)

Net change in fund balance (39,073) (117,284) 43,772 (73,512) 64,332 (9,180)

Fund balance - beginning 111,577 111,577 - 111,577 317,767 429,344 Add beginning encumbrance balance - - - 42,837 (42,837) - Fund balance - ending $ 72,504 (5,707) 43,772 80,902 339,262 420,164

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2024 Schedule of Employer Contributions – Defined Benefit Pension Plans PFDRP Schedule of Employer Contributions
(Dollar Amounts in Thousands) 2024 2023 2022 2021 2020

Actuarially determined contribution $ 202,700 $ 201,750 $ 212,046 $ 201,370 $ 188,481 Contributions in relation to actuarially
determined contribution 202,700 201,750 212,046 201,370 188,481 Contribution deficiency (excess) $ - $ - $ - $ - $ -

Covered payroll $ 265,551 $ 254,356 $ 251,023 $ 237,476 $ 230,401

Contributions as a percentage of covered
payroll 76.33% 79.32% 84.47% 84.80% 81.81%

193 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2024 Methods and assumptions used to determine contributions:

Fiscal year June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020 Valuation date June 30, 2022 June 30, 2021 June 30, 2020 June 30, 2019 June 30, 2018 Actuarial cost
method Entry age Entry age Entry age Entry age Entry age Asset valuation
method 5-year smoothed fair value
5-year smoothed fair
value
5-year smoothed fair
value
5-year smoothed fair
value
5-year smoothed fair
value
Amortization
method
Actuarial gains and losses and
plan changes are amortized over
closed 15-year periods. Method
and assumption changes are
amortized over closed 20-year
periods.

Actuarial gains and losses
and plan changes are
amortized over closed
15-year periods. Method
and assumption changes
are amortized over closed
20-year periods.

Actuarial gains and losses
and plan changes are
amortized over closed 15-
year periods. Method and
assumption changes are
amortized over closed 20-
year periods. All
amortizations are a level
percent of payroll.

Actuarial gains and
losses and plan changes
are
amortized over closed 16-
year periods. Method and
assumption changes are
amortized over closed 20-
year periods. All
amortizations are a level
percent of payroll.

Discount rate 6.625% 6.625% 6.75% 6.750% 6.875%
Salary increases 3.00% plus merit component
based on length of service
ranging from 6.50% for new
hires to 0.60% for members with
10 or more years of service

3.00% plus merit
component based on
length of service ranging
from 6.50% for new hires
to 0.60% for members
with 11 or more years of
service

3.00% plus merit
component based on
length of service ranging
from 6.50% for new hires
to 0.50% for members
with 11 or more years of
service

3.25% plus merit
component based on
length of service ranging
from 6.00% for new hires
to .50% for members with
10 or
more years of service.

3.25% plus merit
component based on
length of service ranging
from 6.75% for new hires
to 1.00% for members
with 10 or
more years of service.

Amortization
growth rate 2.50% 2.25% 2.25% 2.50% 3.25%
Mortality Healthy Retirees:
2010 Public Safety Above
Median Income Mortality Tables
for healthy retirees multiplied
by 1.002, with mortality
improvements projected from
2010 using Scale MP-2021 on a
generational basis.

Disabled Retirees: 2010 Public
Safety Mortality Tables for
disabled retirees multiplied
by 0.915, with mortality
improvements projected from
2010 using Scale MP-2021 on a
generational basis.

Beneficiaries: 2010 General
Member Mortality Table for
healthy retirees multiplied
by 1.032 with mortality
improvements projected from
2010 using Scale MP-2021 on a
generational basis.

Non-Annuitant:
2010 Public Safety Above
Median Income Mortality Tables
for healthy employees multiplied
by 0.979, with mortality
improvements projected from
2010 using Scale MP-2021 on a
generational basis
Healthy Retirees:
2010 Public Safety Above
Median Income Mortality
Tables for healthy retirees
multiplied by 1.002, with
mortality improvements
projected from 2010
using Scale MP-2021 on a
generational basis.

Disabled Retirees: 2010
Public Safety Mortality
Tables for disabled
retirees multiplied by

0.915, with mortality
improvements projected
from 2010 using
Scale MP-2021 on a
generational basis.

Beneficiaries: 2010
General Member Mortality
Table for healthy retirees
multiplied by 1.032 with
mortality improvements
projected from 2010
using Scale MP-2021 on a
generational basis.

Non-Annuitant:
2010 Public Safety
Above Median Income
Mortality Tables for
healthy employees
multiplied by 0.979, with
mortality improvements
projected from 2010
using Scale MP-2021 on a
generational basis
Healthy Retirees:
2010 Public Safety Above
Median Income Mortality
tables for retirees
multiplied by 1.002, with
mortality
improvements projected
from 2010 using
Scale MP- 2019 on a
generational basis.

Disabled retirees:
2010 Public Safety
Mortality tables for
Disabled Retirees
multiplied by 0.915, with
mortality improvements
projected from 2010
using Scale MP-2019 on a
generational basis.

Beneficiaries: CalPERS
2009 Healthy
Annuitant Mortality tables
multiplied by 0.948 for
males and 1.048 for
females, with mortality
improvements projected
from 2009 using
Scale MP- 2019 on a
generational basis.

Non-Annuitant:
2010 Public Safety Above
Median Income Mortality
tables for Healthy
Employees multiplied by

0.979, with mortality
improvements projected
from 2010 using Scale
MP- 2019 on generational
basis.

Healthy Retirees:
2010 Public Safety Above
Median Income Mortality
tables for retirees
multiplied by 1.002, with
mortality
improvements projected
from 2010 using
Scale MP- 2019 on a
generational basis.

Disabled retirees:
2010 Public Safety
Mortality tables for
Disabled Retirees
multiplied by 0.915, with
mortality improvements
projected from 2010
using Scale MP-2019 on a
generational basis.

Non-Annuitant:
2010 Public Safety Above
Median Income Mortality
tables for Healthy
Employees multiplied by

0.979, with mortality
improvements projected
from 2010 using Scale
MP- 2019 on generational
basis.

Healthy annuitants:

CalPERS 2009 Healthy
Annuity Mortality Tables
multiplied by 0.948 for
males and 1.048 for
females, with mortality
improvements projected
from 2009 using SOA MP-
2017 on a generational
basis.

Disabled annuitants:

CalPERS 2009 Industrial
Mortality Tables for Males
multiplied by 0.903, with
mortality improvements
projected from 2009
using SOA MP-2017 on a
generational basis.
194

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2024 Schedule of Employer Contributions – Defined Benefit Pension Plans (Continued) PFDRP Schedule of Employer Contributions
(Dollar Amounts in Thousands) 2019 2018 2017 2016 2015 Actuarially determined contribution $ 176,618 $ 157,712 $ 136,957 $ 132,480 $ 129,279 Contributions in relation to actuarially
determined contribution 176,618 157,712 136,957 132,480 129,279 Contribution deficiency (excess) $ - $ - $ - $ - $ -

Covered payroll $ 218,619 $ 203,164 $ 188,177 $ 186,874 $ 180,226

Contributions as a percentage of covered
payroll 80.79% 77.63% 72.78% 70.89% 71.73%

Methods and assumptions used to determine contributions:

Fiscal year June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015 Valuation date June 30, 2017 June 30, 2016 June 30, 2015 June 30, 2014 June 30, 2013 Actuarial cost
method Entry age Entry age Entry age Entry age Entry age Asset valuation
method
5-year smoothed fair value 5-year smoothed fair
value
5-year smoothed fair
value
5-year smoothed fair
value
5-year smoothed fair
value
Amortization
method
Actuarial gains and losses and plan changes are amortized over closed 16-year periods. Method and assumption changes are amortized over closed 20-year periods. All amortizations are a level percent of payroll.

Discount rate 6.875% 6.875% 7.000% 7.000% 7.125%
Salary increases 3.25% plus merit component
based on length of service
ranging from 9.25% for new
hires to 2.00% for members
with 10 or more years of
service.

3.25% plus merit
component based
on length of service
ranging from 9.25% for
new hires to 2.00% for
members with 10 or
more years of service.

2.00% for FY 2015,
and 3.5% thereafter
plus merit component
based on length of
service ranging from

9.25% for new hires
to 2.00% for members
with 10 or more years
of service.

0.00% for FY 2013
and FY
2014, and 3.50%
thereafter plus merit
component based
on length of service
ranging from 8.00%
for new hires to 2.25%
for members with
10 or more years of
service.

Amortization
growth
rate

3.25% 3.25% 3.25% 3.25% 3.50%
Mortality Healthy annuitants: CalPERS 2009 Healthy Annuity Mortality Tables multiplied by 0.948 for males and 1.048 for females, with mortality improvements projected
from 2009 using Scale MP- 2015 on a generational basis.

Disabled annuitants: CalPERS 2009 Industrial Mortality Tables for Males multiplied by 0.903, with mortality improvements projected from 2009 using Scale MP-2015 on a generational basis.

RP-2000 combined healthy mortality table with
no collar adjustment projected to 2010 using
scale AA. Male rates are set back three years.
195 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2024 Schedule of Employer Contributions – Defined Benefit Pension Plans

FCERS Schedule of Employer Contributions
(Dollar Amounts in Thousands) 2024 2023 2022 2021 2020

Actuarially determined contribution $ 218,313 $ 199,440 $ 207,598 $ 183,964 $ 181,327 Contributions in relation to actuarially
determined contribution 218,313 199,440 207,598 183,964 181,327 Contribution deficiency (excess) $ - $ - $ - $ - $ -

Covered payroll $ 434,174 $ 386,315 $ 348,307 $ 335,421 $ 319,980

Contributions as a percentage of covered
payroll 50.28% 51.63% 59.60% 54.85% 56.67%

Methods and assumptions used to determine contributions:

Fiscal year June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020 Valuation date June 30, 2022 June 30, 2021 June 30, 2020 June 30, 2019 June 30, 2018 Actuarial cost
method Entry age Entry age Entry age Entry age Entry age Asset valuation
method
5-year smoothed fair value 5-year smoothed fair
value
5-year smoothed fair
value
5-year smoothed fair
value
5-year smoothed fair
value
Discount rate 6.625% 6.625% 6.625% 6.75% 6.75%
Salary
increases

3.00% plus merit
component based on years
of service

3.00% plus merit
component based on
years of service

3.25% plus merit
component based on
years of service
Amortization
growth rate 2.75% 2.75% 2.75% 2.75% 3.00%
Amortization
method
Unfunded actuarial liability
as of June 30, 2009 was
amortized over a closed 30-
year period commencing
June 30, 2009. Gains,
losses and plan changes
are amortized over 20-year
periods, and assumption
changes are amortized
over 25-year periods. Tier
2’s Unfunded Actuarial
Liability as of June 30,
2017 is amortized over a
10-year period. Tier 2
actuarial gains and losses,
assumption changes, and
plan changes are amortized
over 10-year periods
Unfunded actuarial
liability as of June 30,
2009 was amortized
over a closed 30- year
period commencing June
30, 2009. Gains, losses
and plan changes are
amortized over 20-year
periods, and assumption
changes are amortized
over 25-year periods. Tier
2’s Unfunded Actuarial
Liability as of June 30,
2017 is amortized over a
10-year period. Tier
2 actuarial gains and
losses, assumption
changes, and plan
changes are amortized
over 10-year periods
Unfunded actuarial
liability as of June 30,
2009 was amortized
over a closed 30- year
period commencing
June 30, 2009.

Gains, losses and
plan changes are
amortized over
20-year periods, and
assumption changes
are amortized over
25-year periods.

Tier 2’s Unfunded
Actuarial Liability as
of June 30, 2017 is
amortized over a
10-year period.

Unfunded actuarial
liability as of June 30,
2009 was amortized
over a closed 30- year
period commencing
June 30, 2009.

Gains, losses and
plan changes are
amortized over
20-year periods, and
assumption changes
are amortized over
25-year periods.

Tier 2’s Unfunded
Actuarial Liability as
of June 30, 2017 is
amortized over a
10-year period.

Unfunded actuarial
liability as of June 30,
2009 was amortized
over a closed 30- year
period commencing
June 30, 2009.

Gains, losses and
plan changes are
amortized over
20-year periods, and
assumption changes
are amortized over
25-year periods.

Tier 2’s Unfunded
Actuarial Liability as
of June 30, 2017 is
amortized over a
10-year period.

Mortality Adjusted 2010 Public
General (healthy) and
2009 CalPERS (disabled)
mortality tables projected
on a generational basis
with the SOA MP-2021
projection scale
Adjusted 2010 Public
General (healthy) and
2009 CalPERS (disabled)
mortality tables projected
on a generational basis
with the SOA MP-2021
projection scale
Adjusted 2010 Public
General (healthy)
and 2009 CalPERS
(disabled) mortality
tables projected on
a generational basis
with the SOA MP-
2020 projection scale
Adjusted 2010 Public
General (healthy)
and 2009 CalPERS
(disabled) mortality
tables projected on
a generational basis
with the SOA MP-
2019 projection scale
Adjusted 2009
CalPERS mortality
tables projected on
a generational basis
with the SOA MP-
2018 projection scale
196

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FINANCIAL

SECTION
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2024 Schedule of Employer Contributions – Defined Benefit Pension Plans (Continued)

FCERS Schedule of Employer Contributions
(Dollar Amounts in Thousands) 2019 2018 2017 2016 2015

Actuarially determined contribution $ 173,006 $ 156,770 $ 138,483 $ 129,456 $ 114,751 Contributions in relation to actuarially
determined contribution 173,006 156,770 138,483 124,723 114,751 Contribution deficiency (excess) $ - $ - $ - $ 4,733 $ -

Covered payroll $ 298,824 $ 290,504 $ 271,153 $ 257,771 $ 240,678

Contributions as a percentage of covered
payroll 57.90% 53.96% 51.07% 48.39% 47.68%
Methods and assumptions used to determine contributions:

Fiscal year June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015 Valuation date June 30, 2017 June 30, 2016 June 30, 2015 June 30, 2014 June 30, 2013 Actuarial cost
method Entry age Entry age Entry age Entry age Entry age Asset valuation
method
5-year smoothed fair value 5-year smoothed fair
value
5-year smoothed fair
value
5-year smoothed fair
value
5-year smoothed fair
value
Discount rate 6.875% 6.88% 7.00% 7.00% 7.00%
Salary increases 3.25% plus merit component
based on years of service

2.85% plus merit
component based on
years of service

2.85% plus merit
component based on
years of service
Amortization
growth rate 3.00% 2.85% 2.85% 2.85% 2.85%
Amortization
method
Unfunded actuarial liability
as of June 30, 2009 was
amortized over a closed
30- year period commencing
June 30, 2009. Gains,
losses and plan changes
are amortized over 20-year
periods, and assumption
changes are amortized over
25-year periods. Tier 2’s
Unfunded Actuarial Liability
as of June 30, 2017 is
amortized over a
10-year period.

As of June 30, 2009,
the funded actuarial
liability was amortized
over a closed 30
year period as a level
percentage of pay.

Gains and losses,
assumption changes
and plan changes are
amortized over closed
20- year periods as a
level percentage of
pay. The amortization
payment for the 2015
assumption changes
is phased-in over 3
years.

As of June 30, 2009,
the funded actuarial
liability was amortized
over a closed 30
year period as a level
percentage of pay.

As of June 30, 2009,
the funded actuarial
liability was amortized
over a closed 30 year
period as a level of
percentage of pay.

Gains and losses,
assumption changes
and plan changes are
amortized over closed
20 year periods as a
level percentage of
pay.

The unfunded
actuarial liability as
of June 30, 2009
was amortized over
a closed 30 year
period commencing
June 30, 2009 as a
level percentage of
Tier 1 pay. Actuarial
gains and losses,
assumption changes
and plan changes are
amortized over closed
20-year periods as a
level percentage of
Tier 1 and Tier 2 pay.

Mortality Adjusted 2009 CalPERS
mortality tables projected
on a generational basis with
the SOA MP-2017 projection
scale
Adjusted 2009
CalPERS mortality
tables projected on
a generational basis
with the SOA MP-2015
projection scale
Adjusted 2009
CalPERS mortality
tables projected on
a generational basis
with the SOA MP-2015
projection scale
Sex distinct RP-2000
Combined Mortality
projected to 2015
using Scale AA and
setback two years
Sex distinct RP-2000
Combined Mortality
projected to 2015
using Scale AA and
setback two years
197 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2024 Schedule of Changes in the Employer’s Net Pension Liability and Related Ratios for the Measurement Periods Ended June 30 – Defined Benefit Pension Plans
PFDRP
(Dollar amounts in thousands): 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total pension liability
Service cost (middle of year) $ 95,759 $ 95,421 $ 93,139 $ 89,467 $ 87,641 $ 81,883 $ 75,481 $ 72,760 $ 74,531 $ 74,895 Interest (includes interest on service
cost) 380,456 367,189 354,685 342,802 329,612 313,565 300,378 290,961 274,487 262,738 Changes of benefit terms - - - - - - 178 5,752 - - Differences between expected and
actual experience 73,890 20,532 7,457 (15,131) 37,127 (17,011) 33,081 67,558 (8,672) 21,457 Changes of assumptions 712 58 12,390 73,525 80,853 76,425 (100,328) 72,680 90,180 56,311 Benefit payments, including refunds
of member contributions (291,955) (275,823) (259,876) (244,310) (231,008) (218,008) (206,630) (196,032) (186,940) (176,253) Net change in total pension liability 258,862 207,377 207,795 246,356 304,225 236,854 102,160 313,679 243,586 239,148

Total pension liability - beginning 5,838,544 5,631,167 5,423,372 5,177,016 4,872,791 4,635,937 4,533,777 4,220,098 3,976,512 3,737,364 Total pension liability - ending $ 6,097,406 $ 5,838,544 $ 5,631,167 $ 5,423,372 $ 5,177,016 $ 4,872,791 $ 4,635,937 $ 4,533,777 $ 4,220,098 $ 3,976,512

Plan fiduciary net position
Contributions - employer $ 202,700 $ 201,750 $ 212,046 $ 201,370 $ 188,481 $ 176,618 $ 157,712 $ 136,957 $ 132,480 $ 129,279 Contributions - member 34,439 32,661 31,660 29,033 27,645 24,811 23,841 20,580 21,508 20,747 Net investment income (loss) 437,637 359,863 (294,551) 1,044,290 134,085 114,179 233,475 292,734 (29,206) (27,690) Benefit payments, including refunds
of member contributions (291,955) (275,823) (259,876) (244,310) (231,008) (218,008) (206,630) (196,032) (186,939) (176,253) Administrative expense (7,850) (6,833) (6,051) (5,761) (5,605) (5,369) (5,464) (4,635) (4,254) (4,191) Net change in plan fiduciary net
position 374,971 311,618 (316,772) 1,024,622 113,598 92,231 202,934 249,604 (66,411) (58,108)

Plan fiduciary net position -
beginning 4,721,488 4,409,870 4,726,642 3,702,020 3,588,422 3,496,191 3,293,257 3,043,653 3,110,064 3,168,172 Plan fiduciary net position - ending $ 5,096,459 $ 4,721,488 $ 4,409,870 $ 4,726,642 $ 3,702,020 $ 3,588,422 $ 3,496,191 $ 3,293,257 $ 3,043,653 $ 3,110,064

Net pension liability - ending $ 1,000,947 $ 1,117,056 $ 1,221,297 $ 696,730 $ 1,474,996 $ 1,284,369 $ 1,139,746 $ 1,240,520 $ 1,176,445 $ 866,448

Plan fiduciary net position as a
percentage of the total pension
liability 83.58% 80.87% 78.31% 87.15% 71.51% 73.64% 75.41% 72.64% 72.12% 78.21%

Covered payroll $ 265,551 $ 251,023 $ 237,476 $ 230,401 $ 218,619 $ 203,164 $ 186,177 $ 186,874 $ 180,226 $ 180,083 Net pension liability as a percentage
of covered payroll 376.93% 445.00% 514.28% 302.40% 674.69% 632.18% 612.18% 663.83% 652.76% 481.14%

198

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FINANCIAL

SECTION
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2024 Schedule of Changes in the Employer’s Net Pension Liability and Related Ratios for the Measurement Periods Ended June 30 – Defined Benefit Pension Plans (Continued)

(Dollar amounts in thousands): 2024 2023 2022 2021
FCERS
2020 2019 2018 2017 2016 2015
Total pension liability
Service cost (middle of year) $ 81,586 $ 70,248 $ 67,581 $ 65,712 $ 61,014 $ 61,808 $ 59,628 $ 51,887 $ 49,011 $ 46,795 Interest (includes interest on service
cost) 319,257 304,936 295,014 283,610 280,131 272,787

264,250 249,388 229,609 221,690
Changes of benefit terms - - - - - - 1,781 12,132 - - Differences between expected and
actual experience 64,615 64,726 27,568 44,381 (27,723) (11,662)

17,461 40,853 39,720 13,005
Changes of assumptions 22,572 518 9,684 36,981 (2,937) 54,398 (15,582) 60,233 205,875 108,674 Benefit payments, including refunds
of member contributions (256,565) (247,356) (237,273) (227,205) (216,728) (205,066)

(193,400) (183,430) (173,318) (164,562)
Net change in total pension liability 231,465 193,072 162,574 203,479 93,757 172,265 134,138 231,063 350,897 225,602

Total pension liability - beginning 4,882,495 4,689,423 4,526,849 4,323,370 4,229,613 4,057,348 3,923,210 3,692,147 3,341,250 3,115,648 Total pension liability - ending $ 5,113,960 $ 4,882,495 $ 4,689,423 $ 4,526,849 $ 4,323,370 $ 4,229,613 $ 4,057,348 $ 3,923,210 $ 3,692,147 $ 3,341,250

Plan fiduciary net position
Contributions - employer $ 218,313 $ 199,440 $ 207,598 $ 183,964 $ 181,327 $ 173,006 $ 156,770 $ 138,483 $ 124,723 $ 114,751 Contributions - employee 33,933 30,561 27,464 25,725 25,082 22,606 20,501 17,227 15,920 13,621 Net investment income (loss) 257,583 222,101 (169,129) 698,606 90,909 76,855 117,493 146,010 (35,010) (16,642) Benefit payments, including refunds
of member contributions (256,565) (247,356) (237,273) (227,205) (216,728) (205,066) (193,400) (183,430) (173,318) (164,562) Administrative expense (6,135) (5,458) (4,978) (4,763) (4,725) (4,582) (4,823) (4,380) (3,940) (3,898) Net change in plan fiduciary net
position 247,129 199,288 (176,318) 676,327 75,865 62,819 96,541 113,910 (71,625) (56,730)

Plan fiduciary net position -
beginning 2,907,314 2,708,026 2,884,344 2,208,017 2,132,152 2,069,333 1,972,792 1,858,882 1,930,507 1,987,237 Plan fiduciary net position - ending $ 3,154,443 $ 2,907,314 $ 2,708,026 $ 2,884,344 $ 2,208,017 $ 2,132,152 $ 2,069,333 $ 1,972,792 $ 1,858,882 $ 1,930,507

Net pension liability - ending $ 1,959,517 $ 1,975,181 $ 1,981,397 $ 1,642,505 $ 2,115,353 $ 2,097,461 $ 1,988,015 $ 1,950,418 $ 1,833,265 $ 1,410,743

Plan fiduciary net position as a
percentage of the total pension
liability 61.68% 59.55% 57.75% 63.72% 51.07% 50.41% 51.00% 50.29% 50.35% 57.78%

Covered payroll $ 434,174 $ 348,307 $ 335,421 $ 319,980 $ 298,824 $ 290,504 $ 271,153 $ 257,771 $ 240,678 $ 219,434 Net pension liability as a percentage
of covered payroll 451.32% 567.08% 590.72% 513.31% 707.89% 722.01% 733.17% 756.65% 761.71% 642.90%

199 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2024 Schedule of Investment Returns – Defined Benefit Pension Plans

PFDRP
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Annual money-weighted
rate of return, net of
investment expense 9.53% 7.94% -4.81% 26.43% 2.98% 4.00% 6.89% 9.68% -0.85% 0.85%

FCERS
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Annual money-weighted
rate of return, net of
investment expense 9.75% 7.31% -4.19% 29.43% 3.79% 4.17% 6.03% 7.53% -0.79% -1.07%

The rate shown above is based on the Defined Benefit and 401(h) only and does not include the 115 sub-trusts.

200

INTRODUCTORY

SECTION
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ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2024 Schedule of the City’s Proportionate Share of the Net Pension Liability and Related Ratios – CalPERS

(Dollar amounts in
thousands): 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Measurement date:

June 30,
2023
June 30,
2022
June 30,
2021
June 30,
2020
June 30,
2019
June 30,
2018
June 30,
2017
June 30,
2016
June 30,
2015
June 30,
2014
Proportion of the net
pension liability 0.03290% 0.03310% 0.04730% 0.03430% 0.03490% 0.03540% 0.03600% 0.03630% 0.03783% 0.01697% Proportionate share of
the net pension liability $ 1,644 $ 1,548 $ 897 $ 1,448 $ 1,395 $ 1,334 $ 1,419 $ 1,262 $ 1,038 $ 1,056 Covered payroll $ 1,869 $ 1,885 $ 1,720 $ 1,006 $ 797 $ 822 $ 776 $ 756 $ 589 $ 692 Proportionate share of
the net pension liability
as percentage of
covered payroll 87.96% 82.12% 52.15% 143.94% 175.03% 162.29% 182.86% 166.93% 176.23% 152.60% Plan’s fiduciary
net position as a
percentage of the total
pension liability 76.17% 75.74% 82.49% 75.19% 75.65% 76.39% 74.67% 74.39% 77.96% 76.28%

Notes to Schedule:

Benefit changes. In 2015, benefit terms were modified to base miscellaneous employee pensions on a final three-year average salary instead of a final five- year average salary.

201 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2024 Schedule of Employer Contributions – CalPERS

(Dollar amounts in
thousands) 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Contractually required
contribution $ 323 $ 318 $ 325 $ 305 $ 222 $ 188 $ 184 $ 162 $ 148 $ 107 Contributions in
relation to the
contractually required
contributions 323 330 302 293 222 188 184 162 156 107 Contribution deficiency
(excess) $ - $ (12) $ 23 $ 12 $ - $ - $ - $ - $ (8) $ -

Covered payroll $ 1,928 $ 1,869 $ 1,885 $ 1,720 $ 1,006 $ 797 $ 822 $ 776 $ 756 $ 586 Contributions as a
percentage of covered
payroll 16.75% 17.66% 16.02% 17.03% 22.07% 23.59% 22.38% 20.88% 20.63% 17.06%

Notes to Schedule:

Valuation Date 6/30/2022 6/30/2021 6/30/2020 6/30/2019 6/30/2018 6/30/2017 6/30/2016 6/30/2015 6/30/2014 6/30/2013 Actuarial Cost Method Entry Age Normal Cost Method
Amortization Method Level Percentage of Payroll
Asset Valuation
Method Fair Value
Actuarial Assumptions:

Discount Rate (net
of administrative
expenses) 6.80% 7.00% 7.00% 7.00% 7.25% 7.38% 7.50% 7.50% 7.50% 7.50% Termination Liability
Discount Rate 2.31% 2.31% 2.31% 2.91% 2.61% 1.75% 2.75% 2.91% 3.72% 2.98% Salary Growth .40% to 8.50% 3.20% to 12.20% 3.30% to 14.20% Depending on Age, Service and Type of Employment
Inflation 2.500% 2.625% 2.75%
Payroll Growth 2.750% 2.875% 3.00%

202

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2024 Schedule of Changes in the Employer’s Net OPEB Liability and Related Ratios for the Measurement Periods Ended June 30 – Postemployment Healthcare Plans (Dollar amounts in thousands): PFDRP
Total OPEB liability 2024 2023 2022 2021 2020 2019 2018 2017 Service cost (middle of year) $ 12,292 $ 12,112 $ 13,265 $ 12,991 $ 12,813 $ 15,003 $ 13,001 $ 16,112 Interest (includes interest on service
cost) 52,030 44,668 45,103 45,789 44,676 48,208 45,314 46,773 Changes of benefit terms - - - - - - (69,434) - Differences between expected and
actual experience 68,746 (56,387) (50,193) (35,106) (99,319) (3,401) 14,877 - Change of assumptions 26,186 18,322 36,583 48,332 8,567 38,843 21,243 - Benefit payments, including refunds of
member contributions (30,699) (27,528) (26,457) (25,975) (25,031) (26,403) (27,686) (24,799) Net change in total OPEB liability 128,555 (8,813) 18,301 46,031 (58,294) 72,250 (2,685) 38,086

Total OPEB liability - beginning 781,307 790,120 771,819 725,788 784,082 711,832 714,517 676,431 Total OPEB liability - ending $ 909,862 $ 781,307 $ 790,120 $ 771,819 $ 725,788 $ 784,082 $ 711,832 $ 714,517

Plan fiduciary net position
Contributions - employer $ 33,166 $ 30,763 $ 30,763 $ 28,397 $ 27,350 $ 28,744 $ 25,382 $ 20,667 Contributions - employees 10,820 11,299 12,109 12,475 13,135 13,315 16,127 18,116 Net investment income (loss) 31,685 19,660 (27,300) 52,994 7,243 7,907 7,071 12,454 Benefit payments, including refunds of
member contributions (30,699) (27,528) (26,458) (25,975) (25,031) (26,403) (27,686) (24,799) Administrative expense (131) (103) (154) (110) (122) (126) (159) (181) VEBA transfer - - - - - - (7,897) - Net change in plan fiduciary net
position 44,841 34,091 (11,040) 67,781 22,575 23,437 12,838 26,257

Plan fiduciary net position - beginning 299,364 265,273 276,313 208,532 185,957 162,520 149,682 123,425 Plan fiduciary net position - ending $ 344,205 $ 299,364 $ 265,273 $ 276,313 $ 208,532 $ 185,957 162,520 149,682

Net OPEB liability - ending $ 565,657 $ 481,943 $ 524,847 $ 495,506 $ 517,256 $ 598,125 $ 549,312 $ 564,835

Plan fiduciary net position as a
percentage of the total OPEB liability 37.83% 38.32% 33.57% 35.80% 28.73% 23.72% 22.83% 20.95%

Covered payroll $ 254,356 $ 251,023 $ 237,476 $ 230,401 $ 218,619 $ 203,164 $ 186,177 $ 186,874 Net OPEB liability as a percentage of
covered payroll 222.39% 191.99% 221.01% 215.06% 236.60% 294.41% 295.05% 302.25%

203 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2024 Schedule of Changes in the Employer’s Net OPEB Liability and Related Ratios for the Measurement Periods Ended June 30 – Postemployment Healthcare Plans (Dollar amounts in thousands): FCERS
Total OPEB liability 2024 2023 2022 2021 2020 2019 2018 2017 Service cost (middle of year) $ 7,322 $ 6,972 $ 7,537 $ 7,018 $ 7,040 $ 7,723 $ 7,889 $ 11,109 Interest (includes interest on service
cost) 42,031 38,334 39,075 39,886 41,855 43,182 42,669 49,977 Changes of benefit terms - - - - - - (57,623) - Differences between expected and
actual experience 44,484 (36,989) (24,961) (33,945) (25,639) (10,418) (994) - Change of assumptions 3,397 9,273 22,369 34,496 (14,804) 9,310 (77,795) - Benefit payments, including refunds of
member contributions (32,635) (30,869) (31,088) (31,871) (30,779) (28,824) (29,724) (31,007) Net change in total OPEB liability 64,599 (13,279) 12,932 15,584 (22,327) 20,973 (115,578) 30,079

Total OPEB liability - beginning 665,105 678,384 665,452 649,868 672,195 651,222 766,801 736,721 Total OPEB liability - ending $ 729,704 $ 665,105 $ 678,384 $ 665,452 $ 649,868 $ 672,195 $ 651,223 $ 766,800

Plan fiduciary net position
Contributions - employer $ 25,357 $ 22,997 $ 24,787 $ 26,236 $ 26,533 $ 26,410 $ 32,397 $ 31,905 Contributions - employees 9,891 9,841 9,865 10,275 10,692 10,578 15,545 16,827 Net investment income (loss) 37,149 24,268 (38,290) 77,362 3,077 9,472 12,336 17,041 Benefit payments, including refunds of
member contributions (32,635) (30,869) (31,088) (31,871) (30,779) (28,826) (29,724) (31,007) Administrative expense (832) (750) (765) (697) (686) (384) (170) (242) VEBA transfer - - - (5) (13) (19) (13,497) - Net change in plan fiduciary net
position 38,930 25,487 (35,491) 81,300 8,824 17,231 16,887 34,524

Plan fiduciary net position - beginning 374,608 349,121 384,612 303,312 294,488 277,257 260,370 225,846 Plan fiduciary net position - ending $ 413,538 $ 374,608 $ 349,121 $ 384,612 $ 303,312 $ 294,488 $ 277,257 $ 260,370

Net OPEB liability - ending $ 316,166 $ 290,497 $ 329,263 $ 280,840 $ 346,556 $ 377,707 $ 373,965 $ 506,431

Plan fiduciary net position as a
percentage of the total OPEB liability 56.67% 56.32% 51.46% 57.80% 46.67% 43.81% 42.57% 33.96%

Covered payroll $ 386,315 $ 348,307 $ 335,421 $ 319,980 $ 298,824 $ 290,504 $ 271,153 $ 257,771 Net OPEB liability as a percentage of
covered payroll 81.84% 83.40% 98.16% 87.77% 115.97% 130.02% 137.92% 196.47%

Schedule is intended to show information for 10 years commencing with the year ended June 30, 2017. Additional years will be displayed as they become available.
204

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2024 City of San José
Required Supplementary Information (Unaudited)
June 30, 2024
Changes in assumptions . The discount rate was 6.00% (net of administrative expense) for PFDRP and FCERS for the measurement period ended June 30, 2024. Plan enrollment assumptions were updated based on recent experience and the expected impact of added and dropped plans. The per person cost trends were moved forward one year.

Historical information is required only for measurement periods for which GASB 75 is applicable. Future years’ information will be displayed up to 10 years as information becomes available. 205 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2024 Schedule of Employer Contributions – Postemployment Healthcare Plans PFDRP Schedule of Employer
Contributions
(Dollar Amounts in Thousands)
Last Ten Fiscal Years
Measurement Period Ended June 30 2024 2023 2022 2021 2020 2019 2018 Actuarially Determined
Contribution (ADC) $ 33,166 $ 30,762 $ 30,763

$ 28,397 $ 27,350 $ 28,744 $ 25,382
Contribution in relation to the ADC (33,166) (30,762) (30,763) (28,397) (27,350) (28,744) (25,382) Contribution deficiency (excess) $ - $ - $ - $ - $ - $ - $ - Covered payroll $ 265,551 $ 254,356 $ 251,023 $ 237,476 $ 230,401 $ 218,619 $ 203,164 Contribution as a percentage of
covered payroll 12% 12% 12%

12% 12% 13% 12%

206

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2024 Methods and assumptions used to determine contributions:

Fiscal Year 6/30/2024 6/30/2023 6/30/2022 6/30/2021 6/30/2020 6/30/2019 6/30/2018 Valuation Date 6/30/2022 6/30/2021 6/30/2020 6/30/2019 6/30/2018 6/30/2017 6/30/2016 Timing Actuarially
determined
contribution
rates are
calculated based
on the actuarial
valuation one
year prior to the
beginning of the
fiscal year
Actuarially
determined
contribution
rates are
calculated based
on the actuarial
valuation one
year prior to the
beginning of the
fiscal year
Actuarially
determined
contribution
rates are
calculated based
on the actuarial
valuation one
year prior to the
beginning of the
fiscal year
Actuarially
determined
contribution
rates are
calculated based
on the actuarial
valuation one
year prior to the
beginning of the
fiscal year
Actuarially
determined
contribution
rates are
calculated based
on the actuarial
valuation one
year prior to the
beginning of the
fiscal year
Actuarially
determined
contribution
rates are
calculated based
on the actuarial
valuation one
year prior to the
beginning of the
fiscal year
Actuarially
determined
contribution
rates are
calculated based
on the actuarial
valuation one
year prior to the
beginning of the
fiscal year
Actuarial Cost
Method
Individual entry
age
Individual entry
age
Individual entry
age
Individual entry
age
Individual entry
age
Individual entry
age
Individual entry
age
Asset Valuation
Method
Fair value of
assets
Fair value of
assets
Fair value of
assets
Fair value of
assets
Fair value of
assets
Fair value of
assets
Fair value of
assets
Amortization
Method
25-year layered
amortization
as a level dollar
amount with
3-year phase-in
and phase-out
25-year layered
amortization
as a level dollar
amount with
3-year phase-in
and phase-out
25-year layered
amortization
as a level dollar
amount with
3-year phase-in
and phase-out
25-year layered
amortization
as a level dollar
amount with
3-year phase-in
and phase-out
25-year layered
amortization
as a level dollar
amount with
3-year phase-in
and phase-out
25-year layered
amortization
as a level dollar
amount with
3-year phase-in
and phase-out
25-year layered
amortization
as a level dollar
amount with
3-year phase-in
and phase-out
Discount rate 6.000% 6.000% 6.250% 6.500% 6.500% 6.875% 6.875% Amortization
growth rate 3.00% 3.00% 3.00% 3.25% 3.25% 3.25% 3.25% Ultimate rate of
medical inflation 3.94% 3.78% 3.78% 3.94% 4.25% 4.25% 4.25% Salary increases 3.00% plus merit 4.25% through
FYE 2022 and

3.00% thereafter
plus merit

4.25% through
FYE 2022 and

3.00% thereafter
plus merit
component
based on years
of service

3.25% plus merit
component
based on years
of service

3.25% plus merit
component
based on years
of service
Mortality Adjusted 2010
Public Safety
Above Median
Income Mortality
tables for healthy
members,
adjusted 2010
Public Safety
Mortality tables
for disabled
members, and
adjusted 2010
Public General
Above Median
Income Mortality
tables for
beneficiaries.

Future mortality
is projected on
a generational
basis using the
SOA MP-2021
projection scale
Adjusted 2010
Public Safety
Above Median
Income Mortality
tables for healthy
and disabled
members
and adjusted
2009 CalPERS
mortality tables
for survivors
projected on
a generational
basis with the
SOA MP-2021
projection scale
Adjusted 2010
Public Safety
above income
mortality tables
for healthy
and disabled
members
and adjusted
2009 CalPERS
mortality tables
for survivors
projected on
a generational
basis with the
SOA MP-2019
projection scale
Adjusted 2010
Public Safety
above income
mortality tables
for healthy
and disabled
members
and adjusted
2009 CalPERS
mortality tables
for survivors
projected on
a generational
basis with the
SOA MP-2019
projection scale
Adjusted
2009 CalPERS
mortality tables
projected on
a generational
basis with the
SOA MP-2017
projection scale
Adjusted
2009 CalPERS
mortality tables
projected on
a generational
basis with the
SOA MP-2017
projection scale
Adjusted
2009 CalPERS
mortality tables
projected on
a generational
basis with the
SOA MP-2015
projection scale

A complete description of the methods and assumptions used to determine contributions for the year ended June 30, 2018 to 2024, can be found in the June 30, 2016 to 2022 actuarial valuation report, respectively.

207 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2024

Schedule of Employer Contributions – Postemployment Healthcare Plans (Continued) FCERS Schedule of Employer
Contributions
(Dollar Amounts in Thousands)
Last Ten Fiscal Years
Measurement Period Ended June 30 2024 2023 2022 2021 2020 2019 2018 Actuarially Determined
Contribution (ADC) $ 25,357 $ 22,997 $ 24,787 $ 26,236 $ 26,533 $ 26,410 $ 32,397 Contribution in relation to the ADC (25,357) (22,997) (24,787) (26,236) (26,533) (26,410) (32,397) Contribution deficiency (excess) $ - $ - $ - $ - $ - $ - $ - Covered payroll $ 434,174 $ 386,315 $ 348,307 $ 335,421 $ 319,980 $ 298,824 $ 290,504 Contribution as a percentage of
covered payroll 6% 6% 7% 8% 8% 9% 11%
208

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2024 Methods and assumptions used to determine contributions:

Fiscal Year 6/30/2024 6/30/2023 6/30/2022 6/30/2021 6/30/2020 6/30/2019 6/30/2018 Valuation Date 6/30/2022 6/30/2021 6/30/2020 6/30/2019 6/30/2018 6/30/2017 6/30/2016 Timing Actuarially
determined
contribution
rates are
calculated based
on the actuarial
valuation one
year prior to the
beginning of the
fiscal year
Actuarially
determined
contribution
rates are
calculated based
on the actuarial
valuation one
year prior to the
beginning of the
fiscal year
Actuarially
determined
contribution
rates are
calculated based
on the actuarial
valuation one
year prior to the
beginning of the
fiscal year
Actuarially
determined
contribution
rates are
calculated based
on the actuarial
valuation one
year prior to the
beginning of the
fiscal year
Actuarially
determined
contribution
rates are
calculated based
on the actuarial
valuation one
year prior to the
beginning of the
fiscal year
Actuarially
determined
contribution
rates are
calculated based
on the actuarial
valuation one
year prior to the
beginning of the
fiscal year
Actuarially
determined
contribution
rates are
calculated based
on the actuarial
valuation one
year prior to the
beginning of the
fiscal year
Actuarial Cost
Method
Individual entry
age
Individual entry
age
Individual entry
age
Individual entry
age
Individual entry
age
Individual entry
age
Individual entry
age
Amortization
Method/Period
20-year layered
amortization
as a level dollar
amount with
3-year phase-in
and phase-out
20-year layered
amortization
as a level dollar
amount with
3-year phase-in
and phase-out
20-year layered
amortization
as a level dollar
amount with
3-year phase-in
and phase-out
20-year layered
amortization
as a level dollar
amount with
3-year phase-in
and phase-out
20-year layered
amortization
as a level dollar
amount with
3-year phase-in
and phase-out
25-year layered
amortization
as a level dollar
amount with
3-year phase-in
and phase-out
25-year layered
amortization
as a level dollar
amount with
3-year phase-in
and phase-out
Asset Valuation
Method
Fair value of
assets
Fair value of
assets
Fair value of
assets
Fair value of
assets
Fair value of
assets
Fair value of
assets
Fair value of
assets
Amortization
growth rate 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 3.25% Discount rate 6.00% 6.00% 6.25% 6.75% 6.75% 6.875% 6.875% Ultimate rate of
medical inflation 3.94% 3.78% 3.78% 3.94% 4.25% 4.25% 4.25% Salary increases 3.00% plus merit
component
based on years
of service

3.00% plus merit
component
based on years
of service

3.00% based on
years of service

3.25% based on
years of service

2.85% based on
years of service
Mortality Adjusted 2010
Public General
Mortality tables
for healthy
members and
for disabled
members
projected on
a generational
basis with the
SOA MP-2021
projection scale
Adjusted 2010
Public General
Mortality tables
for healthy
members
and adjusted
2009 CalPERS
mortality tables
for disabled
members
projected on
a generational
basis with the
SOA MP-2021
projection scale
Adjusted 2010
Public General
Mortality tables
for healthy
members
and adjusted
2009 CalPERS
mortality tables
for disabled
members
projected on
a generational
basis with the
SOA MP-2020
projection scale
Adjusted 2010
Public General
Mortality tables
for healthy
members
and adjusted
2009 CalPERS
mortality tables
for disabled
members
projected on
a generational
basis with the
SOA MP-2019
projection scale
Adjusted
2009 CalPERS
mortality tables
projected on
a generational
basis with the
SOA MP-2018
projection scale
Adjusted
2009 CalPERS
mortality tables
projected on
a generational
basis with the
SOA MP-2018
projection scale
Adjusted
2009 CalPERS
mortality tables
projected on
a generational
basis with the
SOA MP-2015
projection scale

209 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2024 Schedule of Investment Returns – Postemployment Healthcare Plans

PFDRP
2024 2023 2022 2021 2020 2019 2018 2017
Annual money-weighted rate of
return, net of investment expense 9.53% 8.22% -9.62% 23.96% 1.95% 4.86% 3.56% 7.17%

FCERS
2024 2023 2022 2021 2020 2019 2018 2017
Annual money-weighted rate of
return, net of investment expense 8.23% 8.21% -9.91% 24.92% 0.53% 4.33% 4.55% 7.20%

The rate shown above is based on the 115 sub-trusts only and does not include the 401(h). Schedules are intended to show information for 10 years. Additional years will be displayed as they become available. 210

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2024 City of San Jose
Notes to Required Supplementary Information (Unaudited) June 30, 2024
I. Budgetary Information
The adopted budget represents the financial and organizational plan by which the policies and programs approved by the City Council will be implemented. It includes: (1) the programs, projects, services and activities to be provided during the fiscal year; (2) estimated revenues available to finance the operating plan; and (3) the estimated spending requirements of the operating plan. The City Charter requires that the City establish a budgetary system for general operations and prohibits expending funds for which there is no legal appropriation.

The annual appropriation ordinance adopts the budget at the appropriation level by expenditure category (personal services, non-personal) within departments. Accordingly, the lowest level of budgetary control exercised by the City Council is the appropriation level within a department. The City’s legal level of budgetary control is so detailed that it is not practical to demonstrate compliance within the Annual Comprehensive Financial Report itself. As a result, the City prepares a separate report to demonstrate compliance with its legal level of budgetary control.

Annual budgets are prepared for the General Fund and all Special Revenue Funds. Capital project budgets are based on a project time frame rather than a fiscal year time frame. Debt Service Funds appropriations were adopted by the Council when the formal bond resolutions were approved. Therefore, Capital Project Funds and Debt Service Funds are not reported on budgetary basis.

II. Budgetary Results Reconciled to GAAP
The budgetary process is based upon accounting for certain transactions on a basis other than the accounting principles generally accepted in the United States (“GAAP”) basis. The results of operations are presented in the accompanying budget and actual comparison schedules in accordance with the budgetary process (“budgetary basis”) to provide a meaningful comparison with the budget.

The major differences between the budgetary basis actual and GAAP basis are as follows:
○ Year-end encumbrances are recognized as the equivalent of expenditures in the budgetary basis financial schedules, while encumbered amounts are not recognized as expenditures on GAAP basis until the equipment, supplies or services are received. ○ Certain loan transactions are recognized as expenditures for the budgetary basis but not for the GAAP basis. When these loans are made, they are recorded as receivables on a GAAP basis and as expenditures on a budgetary basis. When loan repayments are received, they are recorded as reductions to receivables on a GAAP basis, but are recognized as revenues on a budgetary basis. ○ Net decreases were made to certain GAAP basis loans receivable to reflect carrying amounts at a discounted present value and allowances for bad debts. The discount is treated as an expenditure on a GAAP basis and is not included in the budgetary basis financial statements. In addition, the allowance for bad debts is not included in the budgetary basis financial schedules, but is an expenditure on a GAAP basis.
211 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2024 ○ Certain accounts such as the change in fair value of investments included in the City’s GAAP basis amounts, for which no formal budgets are prepared, are excluded from the budgetary basis financial schedules.
○ Certain line of credit transactions are recognized as expenditures in the budgetary basis financial schedules but are recorded as an asset in the GAAP basis financial statements. When the outside agency draws down on the line of credit, the City records an asset, advances to other agencies, in the GAAP basis financial statements and an expenditure on the budgetary basis financial schedules.

When the outside agency pays down the line of credit, the City records a reduction to its assets in the GAAP basis financial statements and revenues on the budgetary basis financial schedules. ○ Certain grant revenues received in advance are recognized on the budgetary basis financial schedules, but are deferred and not recognized as revenue on the GAAP basis financial statements.

This process normally creates a variance in recognized revenue from the prior year to the current year.
○ Certain accounts, such as the inception of lease or SBITA financing sources and associated capital expenditures, in accordance with GASB standards 87 (Leases) and 96 (SBITA), respectively, are incorporated into the City’s GAAP basis amount. These accounts, for which no formal budgets are prepared, are consequently excluded from the budgetary basis financial schedules.

III. Budget Revisions
On October 22, 2024 the City Council approved certain fiscal year 2024 budget revisions that increased appropriations for various expenditure categories. The budget amounts presented in the accompanying schedules of revenues, expenditures and changes in fund balances - budget and actual reflect such budget revisions.

Combining
Nonmajor
Governmental
Funds
213 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT
City of San José
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2024
($000’s)

Special Revenue
Funds
Debt Service
Funds
Capital Project
Funds
Total Nonmajor
Governmental
Funds
ASSETS
Equity in pooled cash and investments held in City Treasury $ 561,548 - 92,857 654,405 Receivables (net of allowance for uncollectibles) 37,369 265 28,004 65,638 Due from other funds 2,277 - - 2,277
Loans receivable (net of allowance for uncollectibles) 1,986 - - 1,986 Advances and deposits 218 - 38 256
Restricted assets:

Equity in pooled cash and investments held in City Treasury - 47,488 21,446 68,934 Cash and investments held with fiscal agents 2,087 2 151,554 153,643 Other cash and investments 13,469 - - 13,469
Public-private and public-public partnerships and availability payment arrangement receivable 94,718 - - 94,718 Other assets 1,930 - - 1,930
Total assets $ 715,602 47,755 293,899 1,057,256

LIABILITIES
Accounts payable $ 45,353 - 42,570 87,923
Accrued salaries, wages, and payroll taxes 2,926 - 660 3,586 Due to other funds 5,845 - - 5,845
Unearned revenue 14,808 - - 14,808
Advances, deposits, and reimbursable credits 6,937 - - 6,937 Other liabilities 4,816 - - 4,816
Total liabilities 80,685 - 43,230 123,915

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue 2,776 - 25,328 28,104
Public-private and public-public partnerships and availability payment arrangement 86,731 - - 86,731
Total deferred inflows of resources 89,507 - 25,328 114,835

FUND BALANCES
Restricted 408,454 47,751 147,877 604,082
Committed 120,608 4 - 120,612
Assigned 16,368 - 77,464 93,832
Unassigned (20) - - (20)
Total fund balances 545,410 47,755 225,341 818,506 Total liabilities, deferred inflows of resources and fund balances $ 715,602 47,755 293,899 1,057,256
214

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION
City of San José
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the Year Ended June 30, 2024
($000’s)

Special Revenue
Funds
Debt Service
Funds
Capital Project
Funds
Total Nonmajor
Governmental
Funds

REVENUES
Taxes and special assessments $ 108,514 48,498 18,353 175,365 Intergovernmental 79,039 - 59,132 138,171
Charges for current services 289,144 - 1,214 290,358 Rent 58,820 - - 58,820
Investment income 28,949 1,738 14,572 45,259
Other revenues 54,363 - 6,170 60,533
Total revenues 618,829 50,236 99,441 768,506

EXPENDITURES
Current:

General government 114 - - 114
Public safety 2,700 - - 2,700
Community services 183,146 - - 183,146
Sanitation 220,700 - - 220,700
Capital maintenance 122,206 - 168,566 290,772
Capital outlay 52,128 - 22,637 74,765
Debt service:

Principal 26 25,780 - 25,806
Interest and fiscal charges 6 24,386 - 24,392
Total expenditures 581,026 50,166 191,203 822,395

Excess (deficiency) of revenues over (under) expenditures 37,803 70 (91,762) (53,889)

OTHER FINANCIAL SOURCES (USES)
Transfers in 16,963 24,696 - 41,659
Transfers out (37,190) (23,707) (2,693) (63,590)
Total other financing sources (uses) (20,227) 989 (2,693) (21,931)

Net change in fund balances 17,576 1,059 (94,455) (75,820)

Fund balances - beginning 527,834 46,696 319,796 894,326 Fund balances - ending $ 545,410 47,755 225,341 818,506 FOR THE YEAR ENDED JUNE 30, 2024215

Nonmajor Special
Revenue Funds
217 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT
Nonmajor Special Revenue Funds
Special Revenue Funds are used to account for and report the proceeds of specific revenue sources that are restricted or committed to expenditure for specified purposes other than debt service or capital projects.

The Special Revenue Funds of the City of San José include the following:

San José Opioid Response Fund – Established to account for the revenues from the State of California for the use of prevention, intervention, harm reduction, treatment, and recovery services in the community.

Prusch Memorial Park Fund – Established to account for the development, construction, and improvement of the Emma Prusch Memorial Park.

Gift Trust Fund – Established to receive gifts, donations, and bequests.

Building Development Fee Program Fund – Established to account for the fees collected from developers for all new development and tenant improvements in the City.

Planning Development Fee Program Fund – Established to account for the fees collected from developers for all new development and projects in the City.

Citywide Planning Fee Program Fund – Established to account for the fees collected from developers for all new development and tenant improvements in the City.

Fire Development Fee Program Fund – Established to account for the fees collected from developers for all new development and tenant improvements in the City.

Public Works Development Fee Program Fund – Established to account for the fees collected from developers for all new development and tenant improvements in the City.

Public Works Small Cell Permitting Fee Program Fund – Established to account for the fees collected from telecommunication companies to install small cells and fiber on City’s property, such as streetlights, traffic lights, and rooftops.

Workforce Investment Act Funds – Established to account for federal funds for training and placement of dislocated and economically disadvantaged workers.

Special Assessment Maintenance Districts Funds – Established to account for assessments involving Maintenance District activities.

Ng Shing Gung Capital Maintenance Fund – Established to account for capital maintenance needs of the Ng Shing Gung Exhibit and Museum.

Subdivision Park Trust Fund – Established to account for the payment of fees and/or the dedication of land for parks and recreational purposes in residential subdivisions.

Construction and Property Conveyance Tax Funds – Established to account for the collection of taxes from construction and property transfers for capital maintenance of libraries, parks, recreational, public works, and communication facilities.
1943 and 1964 Gas Tax Maintenance and Construction Funds – Established to account for gas taxes collected for capital maintenance of public streets subject to provisions of the Streets and Highway Code of the State of California under Sections 2105, 2106, and 2107.

Storm Drainage Fee Funds – Established to account for fees collected from developers as a result of connections to the storm drainage sewer system which may be used for capital maintenance of storm drainage systems and for land acquisition for such systems.

Supplemental Local Law Enforcement Fund – Established to account for revenues received from the State of California (AB 3229) to be used for front line municipal police service. 218

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

STATISTICAL

SECTION

FINANCIAL

SECTION
Underground Utility Fund – Established to account for fees collected from developers in lieu of the developers placing certain utility facilities underground to be used for minimizing the piecemeal undergrounding of utility facilities throughout the City.

State Drug Forfeiture Fund – Established to account for State drug forfeiture monies received pursuant to California Health and Safety Code Section 11489.

Library Parcel Tax Funds – Established to account for the annual parcel tax used for enhancing the City’s library services and facilities.

Federal Drug Forfeiture Funds – Established to account for federal drug forfeiture monies received pursuant to the drug abuse prevention and control provisions of Title 21, Chapter 13 of the United States Code.

Residential Construction Tax Contribution Fund – Established to account for the accumulation of residential construction tax monies for eligible street maintenance and improvements.

Arterial and Major Collectors Fund – Established to account for funds repaid by abutting landowners for the City’s capital maintenance costs of existing and proposed arterial and major collector streets.

Community Facility Revenues Funds – Established to account for the rental revenues received from the Hayes Mansion and the Ice Centre operations, and to provide for the accumulation and transfer of base rental income to the appropriate debt service funds for repayment of the facilities-related debts.

Integrated Waste Management Fund – Established to account for activities related to the Integrated Waste Management Program which includes garbage collection, recycling services, and related billing operations.

Building and Structures Construction Tax Fund – Established to account for revenues received from the issuance of building permits and capital maintenance expenditures for existing and proposed City streets.

Development Enhancement Fund – Established to account for loans and loan guarantees to assist small business development.

Community Development Block Grant Fund s – Established to account for federal grant funds received from the U.S. Department of Housing and Urban Development under Title II of the Housing and Community Development Act of 1974.

Economic Development Administration Loans Fund – Established to account for federal funds received for the Economic Development Administration Loan program for eligible administrative expenses and loans to small businesses.

Storm Drainage Service Use Charge Funds – Established to account for revenues collected from owners of properties benefited by the storm drainage service which may be used for capital maintenance and operation of the storm drainage system.

Transient Occupancy Tax Fund – Established to account for transient occupancy tax revenues and to provide for the funding of fine arts and cultural grant programs, the San José Convention and Visitors Bureau and the conventions and cultural facilities operation.

Lake Cunningham Fund – Established to account for the parking fees and lease payment revenues used for maintenance and operations at Lake Cunningham Park.

Edward Byrne Memorial Justice Funds – Established to account for federal funding in support of the Edward G. Byrne Memorial Justice Assistance grant.

Municipal Golf Courses Fund – Established in 1969 to manage and operate the public golf courses.

Convention and Cultural Facilities Funds – Established to fund the costs of managing and operating the San José McEnery Convention Center, the Center for the Performing Arts, Civic Auditorium, California Theatre, Montgomery Theater, Parkside Hall, South Hall, and their related facilities and grounds. 219 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT
City of San José
Combining Balance Sheet
Nonmajor Special Revenue Funds
June 30, 2024
($000’s)

Building
SJ Opioid Prusch Memorial Development
Response Park Gift Trust Fee Program
(Fund 130) (Fund 131) (Fund 139) (Fund 237)
ASSETS
Equity in pooled cash and investments held in City Treasury $ 1,020 575 3,993 35,420 Receivables (net of allowance for uncollectibles) 5 3 23 186 Due from other funds - - - -
Loans receivable (net of allowance for uncollectibles) - - - - Advances and deposits - - - -
Restricted assets:

Cash and investments held with fiscal agents - - - - Other cash and investments - - - -
Public-private and public-public partnerships and availability payment arrangement receivable - - - -
Other assets - - - -
Total assets $ 1,025 578 4,016 35,606

LIABILITIES
Accounts payable $ - - 26 -
Accrued salaries, wages and payroll taxes 4 2 3 609 Due to other funds - - - -
Unearned revenue 822 - - -
Advances, deposits, and reimbursable credits - - - - Other liabilities - - - -
Total liabilities 826 2 29 609

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - - - -
Public-private and public-public partnerships and availability payment arrangement - - - -
Total deferred inflows of resources - - - -

FUND BALANCES
Restricted - - - -
Committed 199 576 - 34,997
Assigned - - 3,987 -
Unassigned - - - -
Total fund balances 199 576 3,987 34,997

Total liabilities, deferred inflows of resources and fund balances $ 1,025 578 4,016 35,606

220

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION

Public Works
Planning Citywide Fire Public Works Small Cell Workforce Development Planning Development Development Permitting Investment Act Fee Program Fee Program Fee Program Fee Program Fee Program (Funds (Fund 238) (Fund 239) (Fund 240) (Fund 241) (Fund 242) 290-299)

6,051 5,110 2,581 5,128 503 -
32 27 14 1,064 52 3,370
- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -

- - - - - -
- - - - - -
6,083 5,137 2,595 6,192 555 3,370

- 24 4 - - 577
98 54 145 236 1 78
- - - - - 1,090
- - - - - 1
- - - - - -
1,972 - - - - -
2,070 78 149 236 1 1,746

- - - - - -

- - - - - -
- - - - - -

- - - - - 1,624
4,013 5,059 2,446 5,956 554 -
- - - - - -
- - - - - -
4,013 5,059 2,446 5,956 554 1,624

6,083 5,137 2,595 6,192 555 3,370
(Continued)
221 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT
City of San José
Combining Balance Sheet
Nonmajor Special Revenue Funds
June 30, 2024
($000’s)
Special Assessment
Maintenance
Districts
(Funds 302, 310, Ng Shing Gung Subdivision Park
344-345, 351-374, Capital Maintenance Trust
376, 379, 496) (Fund 303) (Fund 375)
ASSETS
Equity in pooled cash and investments held in City Treasury $ 17,047 111 106,769 Receivables (net of allowance for uncollectibles) 699 1 549 Due from other funds - - -
Loans receivable (net of allowance for uncollectibles) - - - Advances and deposits - - -
Restricted assets:

Cash and investments held with fiscal agents - - - Other cash and investments - - -
Public-private and public-public partnerships and availability payment arrangement receivable - - -
Other assets - - -
Total assets $ 17,746 112 107,318

LIABILITIES
Accounts payable $ 995 - 3,268
Accrued salaries, wages and payroll taxes 51 - 40
Due to other funds - - -
Unearned revenue 78 - -
Advances, deposits, and reimbursable credits - - - Other liabilities - - -
Total liabilities 1,124 - 3,308

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - - -
Public-private and public-public partnerships and availability payment arrangement - - -
Total deferred inflows of resources - - -

FUND BALANCES
Restricted 16,622 - 104,010
Committed - - -
Assigned - 112 -
Unassigned - - -
Total fund balances 16,622 112 104,010

Total liabilities, deferred inflows of resources and fund balances $ 17,746 112 107,318

222

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION

Construction
and Property
Conveyance 1943 Gas Tax 1964 Gas Tax Supplemental
Tax (Funds 377- Maintenance and Maintenance and Storm Drainage Local Law Underground 378, Construction Construction Fee Enforcement Utility 380-398) (Fund 409) (Funds 410-411) (Funds 413, 427) (Fund 414) (Fund 416)

109,274 - - 476 3,214 13,266
6,036 1,484 1,715 3 18 359
- - - - 9 -
- - - - - -
- - - - - -

- - - - - -
- - - - - -

- - - - - -
- - - - - -
115,310 1,484 1,715 479 3,241 13,625

2,560 - - 40 7 -
339 - - - 2 5
369 1,484 1,715 - - -
- - - - 2,939 -
- - - - - -
- - - - - -
3,268 1,484 1,715 40 2,948 5

- - - - - -

- - - - - -
- - - - - -

112,042 - - 439 293 13,620
- - - - - -
- - - - - -
- - - - - -
112,042 - - 439 293 13,620

115,310 1,484 1,715 479 3,241 13,625
(Continued)
223 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT
City of San José
Combining Balance Sheet
Nonmajor Special Revenue Funds
June 30, 2024
($000’s)

State Drug Library Federal Drug
Forfeiture Parcel Tax Forfeiture
(Fund 417) (Funds 418, 483) (Funds 487-488)
ASSETS
Equity in pooled cash and investments held in City Treasury $ - 4,881 - Receivables (net of allowance for uncollectibles) - 6 - Due from other funds - - -
Loans receivable (net of allowance for uncollectibles) - - - Advances and deposits - - -
Restricted assets:

Cash and investments held with fiscal agents - - -
Other cash and investments 1,662 - 517
Public-private and public-public partnerships and availability payment arrangement receivable - - -
Other assets - - -
Total assets $ 1,662 4,887 517

LIABILITIES
Accounts payable $ - 32 -
Accrued salaries, wages and payroll taxes - 188 -
Due to other funds - - -
Unearned revenue - - -
Advances, deposits, and reimbursable credits - - -
Other liabilities - - -
Total liabilities - 220 -

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - - -
Public-private and public-public partnerships and availability payment arrangement - - -
Total deferred inflows of resources - - -

FUND BALANCES
Restricted 1,662 4,667 517
Committed - - -
Assigned - - -
Unassigned - - -
Total fund balances 1,662 4,667 517

Total liabilities, deferred inflows of resources and fund balances $ 1,662 4,887 517

224

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION

Residential
Construction Arterial and Community Integrated Building and Tax Major Facility Waste Structures Development
Contribution Collectors Revenues Management Construction Tax Enhancement (Fund 420) (Fund 421) (Funds 422, 432) (Fund 423) (Fund 429) (Fund 439)

3,258 1,100 2,154 80,005 96,834 -
17 6 21 7,273 3,396 -
- - - - 2,268 -
- - - - - -
- - - - 3 -

- - 2,087 - - -
- - - - - -

- - 94,718 - - -
- - - - - 20
3,275 1,106 98,980 87,278 102,501 20

- - - 32,341 2,134 -
- - - 259 376 -
- - - - - -
- - - - - -
- - - 6,706 231 -
- - - 5 - -
- - - 39,311 2,741 -

- - - 204 - -

- - 86,731 - - -
- - 86,731 204 - -

- - - - 99,760 -
3,275 1,106 - 47,763 - -
- - 12,249 - - 20
- - - - - -
3,275 1,106 12,249 47,763 99,760 20

3,275 1,106 98,980 87,278 102,501 20
(Continued)
225 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT
City of San José
Combining Balance Sheet
Nonmajor Special Revenue Funds
June 30, 2024
($000’s)

Economic
Community Development Storm Drainage
Development Administration Service
Block Grant Loans Use Charge
(Funds 441, 304) (Fund 444) (Funds 446, 469)
ASSETS
Equity in pooled cash and investments held in City Treasury $ - 7 50,349 Receivables (net of allowance for uncollectibles) 3,852 - 2,321 Due from other funds - - -
Loans receivable (net of allowance for uncollectibles) 1,986 - - Advances and deposits - - -
Restricted assets:

Cash and investments held with fiscal agents - - -
Other cash and investments 5 - -
Public-private and public-public partnerships and availability payment arrangement receivable - - -
Other assets 1,904 - -
Total assets $ 7,747 7 52,670

LIABILITIES
Accounts payable $ 911 - 2,389
Accrued salaries, wages and payroll taxes 43 - 348
Due to other funds 1,178 - -
Unearned revenue - - -
Advances, deposits, and reimbursable credits - - -
Other liabilities - - -
Total liabilities 2,132 - 2,737

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue 2,572 - -
Public-private and public-public partnerships and availability payment arrangement - - -
Total deferred inflows of resources 2,572 - -

FUND BALANCES
Restricted 3,043 7 49,933
Committed - - -
Assigned - - -
Unassigned - - -
Total fund balances 3,043 7 49,933

Total liabilities, deferred inflows of resources and fund balances $ 7,747 7 52,670 226

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION

Transient Edward Byrne Municipal Convention and
Occupancy Lake Memorial Golf Cultural Facilities
Tax Cunningham Justice Courses (Funds 536, 481,
(Fund 461) (Fund 462) (Funds 474, 477) (Fund 518) 560, 489) Total

3,042 1,756 - 527 7,097 561,548
2,851 9 9 20 1,948 37,369
- - - - - 2,277
- - - - - 1,986
- - - - 215 218

- - - - - 2,087
- - - - 11,285 13,469

- - - - - 94,718
- - - - 6 1,930
5,893 1,765 9 547 20,551 715,602

45 - - - - 45,353
45 - - - - 2,926
- - 9 - - 5,845
- - 20 - 10,948 14,808
- - - - - 6,937
- - - - 2,839 4,816
90 - 29 - 13,787 80,685

- - - - - 2,776

- - - - - 86,731
- - - - - 89,507

- - - - 215 408,454
5,803 1,765 - 547 6,549 120,608
- - - - - 16,368
- - (20) - - (20)
5,803 1,765 (20) 547 6,764 545,410

5,893 1,765 9 547 20,551 715,602
227 FOR THE YEAR ENDED JUNE 30, 2024

Building
SJ Opioid Prusch Memorial Development
Response Park Gift Trust Fee Program
(Fund 130) (Fund 131) (Fund 139) (Fund 237)

REVENUES
Taxes and special assessments $ - - - -
Intergovernmental - - - -
Charges for current services - - - -
Rent - 135 - -
Investment income (loss) (2) 26 196 1,770
Other revenues 286 - 768 37,256
Total revenues 284 161 964 39,026

EXPENDITURES
Current:

General government - - - -
Public safety - - - -
Community services 85 40 926 39,627
Sanitation - - - -
Capital maintenance - - - -
Capital outlay - 73 - -
Debt service:

Principal - - - -
Interest and fiscal changes - - - -
Total expenditures 85 113 926 39,627

Excess (deficiency) of revenues over (under) expenditures 199 48 38 (601)

OTHER FINANCING SOURCES (USES)
Transfers in - - - -
Transfers out - - - (948)
Total other financing sources (uses) - - - (948)

Net change in fund balances 199 48 38 (1,549)

Fund balances - beginning - 528 3,949 36,546
Fund balances - ending $ 199 576 3,987 34,997

228

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION

- - - - - -
10 - - - - 9,038
7,913 3,568 - 17,471 425 -
- - - - - -
286 277 115 310 (2) -
- - 9,066 - - -
8,209 3,845 9,181 17,781 423 9,038

- - - - - -
- - - - - -
7,871 4,318 9,203 18,912 89 8,759
- - - - - -
- - - - - -
- - - 123 - -

- - - - - -
- - - - - -
7,871 4,318 9,203 19,035 89 8,759

338 (473) (22) (1,254) 334 279

- - - - - -
(222) (86) (207) (224) (35) -
(222) (86) (207) (224) (35) -

116 (559) (229) (1,478) 299 279

3,897 5,618 2,675 7,434 255 1,345
4,013 5,059 2,446 5,956 554 1,624
(Continued)
229 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT
City of San José
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Special Revenue Funds
For the Year Ended June 30, 2024
($000’s)
Special Assessment
Maintenance
Districts
(Funds 302, 310, Ng Shing Gung Subdivision Park
344-345, 351-374, Capital Maintenance Trust
376, 379, 496) (Fund 303) (Fund 375)

REVENUES
Taxes and special assessments $ 15,777 - -
Intergovernmental - - 3,222
Charges for current services - - 15,371
Rent - - -
Investment income (loss) 604 5 4,927
Other revenues 277 5 -
Total revenues 16,658 10 23,520

EXPENDITURES
Current:

General government - - -
Public safety - - -
Community services - - -
Sanitation - - -
Capital maintenance 17,934 - 5,879
Capital outlay - - 15,250
Debt service:

Principal - - -
Interest and fiscal changes - - -
Total expenditures 17,934 - 21,129

Excess (deficiency) of revenues over (under) expenditures (1,276) 10 2,391

OTHER FINANCING SOURCES (USES)
Transfers in 1,553 - -
Transfers out (14) - (161)
Total other financing sources (uses) 1,539 - (161)

Net change in fund balances 263 10 2,230

Fund balances - beginning 16,359 102 101,780
Fund balances - ending $ 16,622 112 104,010

230

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION

38,230 - - - - -
3,933 8,379 9,830 4 3,038 1,920
123 - - 163 - -
- - - - - -
5,790 - - 30 115 545
2,758 - - - 47 -
50,834 8,379 9,830 197 3,200 2,465

- - - - - -
- - - - 2,637 -
- - - - - -
- - - - - -
44,164 8,379 9,830 254 - 546
12,589 - - - 382 -

- - - - - -
- - - - - -
56,753 8,379 9,830 254 3,019 546

(5,919) - - (57) 181 1,919

3,703 - - - - -
(10,368) - - (21) - (8)
(6,665) - - (21) - (8)

(12,584) - - (78) 181 1,911

124,626 - - 517 112 11,709
112,042 - - 439 293 13,620
(Continued)
231 FOR THE YEAR ENDED JUNE 30, 2024

State Drug Library Federal Drug
Forfeiture Parcel Tax Forfeiture
(Fund 417) (Funds 418, 483) (Funds 487-488)

REVENUES
Taxes and special assessments $ - 10,722 -
Intergovernmental - - -
Charges for current services - - -
Rent - - -
Investment income (loss) 14 116 5
Other revenues 498 - 85
Total revenues 512 10,838 90

EXPENDITURES
Current:

General government - - -
Public safety - - -
Community services - 9,897 -
Sanitation - - -
Capital maintenance - 138 -
Capital outlay - - -
Debt service:

Principal - - -
Interest and fiscal changes - - -
Total expenditures - 10,035 -

Excess (deficiency) of revenues over (under) expenditures 512 803 90

OTHER FINANCING SOURCES (USES)
Transfers in - - -
Transfers out - (41) -
Total other financing sources (uses) - (41) -

Net change in fund balances 512 762 90

Fund balances - beginning 1,150 3,905 427
Fund balances - ending $ 1,662 4,667 517

232

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION

296 - - - 19,636 -
- - - 2,492 21,909 -
- - - 203,841 - -
- - 7,578 543 - -
142 85 153 1,220 4,646 -
- - 2,981 - 280 -
438 85 10,712 208,096 46,471 -

- - 114 - - -
- - - - - -
- - - - - -
- - - 192,352 - -
39 - - - 29,725 -
- - - - 15,336 -

- - - 4 - -
- - - 1 - -
39 - 114 192,357 45,061 -

399 85 10,598 15,739 1,410 -

- - - - - -
(100) - (7,636) (505) (443) -
(100) - (7,636) (505) (443) -

299 85 2,962 15,234 967 -

2,976 1,021 9,287 32,529 98,793 20
3,275 1,106 12,249 47,763 99,760 20
(Continued)
233 FOR THE YEAR ENDED JUNE 30, 2024

Economic
Community Development Storm Drainage
Development Administration Service
Block Grant Loans Use Charge
(Funds 441, 304) (Fund 444) (Funds 446, 469)

REVENUES
Taxes and special assessments $ - - -
Intergovernmental 9,975 - 5,156
Charges for current services - - 34,233
Rent - - -
Investment income (loss) - - 6,134
Other revenues - - -
Total revenues 9,975 - 45,523

EXPENDITURES
Current:

General government - - -
Public safety - - -
Community services 6,030 - -
Sanitation - - 28,348
Capital maintenance 687 - 3,670
Capital outlay - - 8,139
Debt service:

Principal - - 22
Interest and fiscal changes - - 5
Total expenditures 6,717 - 40,184

Excess (deficiency) of revenues over (under) expenditures 3,258 - 5,339

OTHER FINANCING SOURCES (USES)
Transfers in - - -
Transfers out - - (614)
Total other financing sources (uses) - - (614)

Net change in fund balances 3,258 - 4,725

Fund balances - beginning (215) 7 45,208
Fund balances - ending $ 3,043 7 49,933
234

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION

23,853 - - - - 108,514
- - 133 - - 79,039
- 360 - 1,177 4,499 289,144
- - - - 50,564 58,820
193 55 - 133 1,061 28,949
33 23 - - - 54,363
24,079 438 133 1,310 56,124 618,829

- - - - - 114
- - 63 - - 2,700
12,050 - - - 65,339 183,146
- - - - - 220,700
- 151 - 175 635 122,206
- - 71 - 165 52,128

- - - - - 26
- - - - - 6
12,050 151 134 175 66,139 581,026

12,029 287 (1) 1,135 (10,015) 37,803

- - - - 11,707 16,963
(11,752) (226) - (3,302) (277) (37,190)
(11,752) (226) - (3,302) 11,430 (20,227)

277 61 (1) (2,167) 1,415 17,576

5,526 1,704 (19) 2,714 5,349 527,834
5,803 1,765 (20) 547 6,764 545,410
235 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT
City of San José
Combining Schedule of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual
Nonmajor Special Revenue Funds
For the Year Ended June 30, 2024
($000’s)

SJ Opioid Response
(Fund 130)
Prusch Memorial Park
(Fund 131)
Gift Trust
(Fund 139)
Budgetary Variance Budgetary Variance Budgetary Variance Basis Over Basis Over Basis Over
Budget Actual (Under) Budget Actual (Under) Budget Actual (Under)

REVENUES
Taxes and special assessments $ - - - - - - - - - Intergovernmental - - - - - - - - - Charges for current services 769 286 (483) - - - - - - Rent - - - 105 134 29 - - -
Investment income - 14 14 10 18 8 295 119 (176) Other revenues - - - - - - - 768 768 Total revenues 769 300 (469) 115 152 37 295 887 592

EXPENDITURES
Current:

General government - - - - - - - - - Public safety - - - - - - - - -
Community services 769 463 (306) 214 40 (174) 4,377 975 (3,402) Sanitation - - - - - - - - -
Capital maintenance - - - - - - - - - Capital outlay - - - 73 73 - - - - Debt service:

Principal - - - - - - - - -
Interest and fiscal changes - - - - - - - - - Total expenditures 769 463 (306) 287 113 (174) 4,377 975 (3,402)

Excess (deficiency) of revenues over (under)
expenditures - (163) (163) (172) 39 211 (4,082) (88) 3,994

OTHER FINANCING SOURCES (USES)
Bonds issued - - - - - - - - -
Transfers in - - - - - - - - -
Transfers out - - - - - - - - -
Total other financing sources (uses) - - - - - - - - -

Net change in fund balances $ - (163) (163) (172) 39 211 (4,082) (88) 3,994

Fund balances - beginning - 547 3,706 Fund balance adjustment - - - Prior year encumbrances - - 379 Fund balances - ending $ (163) $ 586 $ 3,997

236

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION

Building Development Fee Program
(Fund 237)
Planning Development Fee Program
(Fund 238)
Citywide Planning Fee Program
(Fund 239)
Budgetary Variance Budgetary Variance Budgetary Variance Basis Over Basis Over Basis Over
Budget Actual (Under) Budget Actual (Under) Budget Actual (Under)

- - - - - - - - -
- - - 1 10 9 - - -
- - - 7,718 7,913 195 3,776 3,568 (208) - - - - - - - - -
600 607 7 50 90 40 90 94 4
38,429 37,256 (1,173) 1 - (1) - - - 39,029 37,863 (1,166) 7,770 8,013 243 3,866 3,662 (204)

- - - - - - - - -
- - - - - - - - -
45,145 39,917 (5,228) 9,009 7,999 (1,010) 5,601 4,783 (818) - - - - - - - - -
- - - - - - - - -
- - - - - - - - -

- - - - - - - - -
- - - - - - - - -
45,145 39,917 (5,228) 9,009 7,999 (1,010) 5,601 4,783 (818)

(6,116) (2,054) 4,062 (1,239) 14 1,253 (1,735) (1,121) 614

- - - - - - - - -
- - - - - - - - -
(948) (948) - (222) (222) - (86) (86) - (948) (948) - (222) (222) - (86) (86) -

(7,064) (3,002) 4,062 (1,461) (208) 1,253 (1,821) (1,207) 614

37,022 4,072 5,651
- - -
687 22 151
$ 34,707 $ 3,886 $ 4,595
(Continued)
237 FOR THE YEAR ENDED JUNE 30, 2024

Fire Development
Fee Program
(Fund 240)
Public Works
Development Fee Program
(Fund 241)
Budget
Budgetary
Basis Actual
Variance Over
(Under) Budget
Budgetary
Basis Actual
Variance
Over (Under)

REVENUES
Taxes and special assessments $ - - - - - -
Intergovernmental - - - - - -
Charges for current services - - - 16,800 17,471 671 Rent - - - - - -
Investment income 35 31 (4) 125 98 (27)
Other revenues 8,941 9,066 125 - - -
Total revenues 8,976 9,097 121 16,925 17,569 644

EXPENDITURES
Current:

General government - - - - - -
Public safety - - - - - -
Community services 10,909 9,569 (1,340) 19,316 18,988 (328) Sanitation - - - - - -
Capital maintenance - - - - - -
Capital outlay - - - 123 123 -
Debt service:

Principal - - - - - -
Interest and fiscal changes - - - - - -
Total expenditures 10,909 9,569 (1,340) 19,439 19,111 (328)

Excess (deficiency) of revenues over (under)
expenditures (1,933) (472) 1,461 (2,514) (1,542) 972

OTHER FINANCING SOURCES (USES)
Bonds issued - - - - - -
Transfers in - - - - - -
Transfers out (207) (207) - (224) (224) -
Total other financing sources (uses) (207) (207) - (224) (224) -

Net change in fund balances $ (2,140) (679) 1,461 (2,738) (1,766) 972

Fund balances - beginning 2,383 7,584
Fund balance adjustment - -
Prior year encumbrances 376 63
Fund balances - ending $ 2,080 $ 5,881

238

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION

Public Works Small Cell
Permitting Fee Program
(Fund 242)
Workforce
Investment Act
(Funds 290-299)
Special Assessment Maintenance Districts
(Funds 302, 310, 344-345, 351-374, 376, 379,
496)
Budget
Budgetary
Basis Actual
Variance Over
(Under) Budget
Budgetary
Basis Actual
Variance Over
(Under) Budget
Budgetary
Basis Actual
Variance Over
(Under)

- - - - - - 12,246 15,777 3,531
- - - 13,676 9,038 (4,638) - - -
766 425 (341) - - - - - -
- - - - - - - - -
5 (2) (7) - - - 182 412 230
- - - 108 - (108) 4,077 276 (3,801)
771 423 (348) 13,784 9,038 (4,746) 16,505 16,465 (40)

- - - - - - - - -
- - - - - - - - -
789 90 (699) 13,904 9,560 (4,344) - - - - - - - - - - - -
- - - - - - 20,238 18,126 (2,112)
- - - - - - - - -

- - - - - - - - -
- - - - - - - - -
789 90 (699) 13,904 9,560 (4,344) 20,238 18,126 (2,112)

(18) 333 351 (120) (522) (402) (3,733) (1,661) 2,072

- - - - - - - - -
- - - - - - 1,553 1,553 -
(35) (35) - - - - (15) (15) -
(35) (35) - - - - 1,538 1,538 -

(53) 298 351 (120) (522) (402) (2,195) (123) 2,072

256 356 16,549
- - -
- 988 192
$ 554 $ 822 $ 16,618
(Continued)
239 FOR THE YEAR ENDED JUNE 30, 2024

Ng Shing Gung Capital Maintenance
(Fund 303)
Subdivision Park Trust
(Fund 375)
Budget
Budgetary
Basis Actual
Variance Over
(Under) Budget
Budgetary
Basis Actual
Variance
Over (Under)

REVENUES
Taxes and special assessments $ - - - - - -
Intergovernmental - - - - 3,222 3,222
Charges for current services - - - - 15,371 15,371 Rent - - - - - -
Investment income - 4 4 - 3,323 3,323
Other revenues - 5 5 - - -
Total revenues - 9 9 - 21,916 21,916

EXPENDITURES
Current:

General government - - - - - -
Public safety - - - - - -
Community services - - - - - -
Sanitation - - - - - -
Capital maintenance - - - 36,340 11,640 (24,700) Capital outlay - - - 15,250 15,250 -
Debt service:

Principal - - - - - -
Interest and fiscal changes - - - - - -
Total expenditures - - - 51,590 26,890 (24,700)

Excess (deficiency) of revenues over (under)
expenditures - 9 9 (51,590) (4,974) 46,616

OTHER FINANCING RESOURCES (USES)
Bonds issued - - - - - -
Transfers in - - - - - -
Transfers out - - - (161) (161) -
Total other financing sources (uses) - - - (161) (161) -

Net change in fund balances $ - 9 9 (51,751) (5,135) 46,616

Fund balances - beginning 106 98,717
Fund balance adjustment - -
Prior year encumbrances - 6,312
Fund balances - ending $ 115 $ 99,894

240

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION

Construction and Property Conveyance Tax
(Funds 377-378, 380-398)
1943 Gas Tax Maintenance and Construction
(Fund 409)
1964 Gas Tax Maintenance and Construction
(Funds 410-411)
Budget
Budgetary
Basis Actual
Variance Over
(Under) Budget
Budgetary
Basis Actual
Variance Over
(Under) Budget
Budgetary
Basis Actual
Variance Over
(Under)

35,000 38,230 3,230 - - - - - -
6,247 3,933 (2,314) 8,500 8,379 (121) 4,200 9,830 5,630 23 123 100 - - - 5,800 - (5,800)
- - - - - - - - -
3,600 3,848 248 - - - - - -
1,338 2,758 1,420 - - - - - -
46,208 48,892 2,684 8,500 8,379 (121) 10,000 9,830 (170)

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
129,098 58,201 (70,897) 8,500 8,379 (121) 10,000 9,830 (170) 12,589 12,589 - - - - - - -

- - - - - - - - -
- - - - - - - - -
141,687 70,790 (70,897) 8,500 8,379 (121) 10,000 9,830 (170)

(95,479) (21,898) 73,581 - - - - - -

3,700 - (3,700) - - - - - -
3,276 3,702 426 - - - - - -
(5,669) (10,367) (4,698) - - - - - -
1,307 (6,665) (7,972) - - - - - -

(94,172) (28,563) 65,609 - - - - - -

117,722 - -
(593) - -
11,090 - -
$ 99,656 $ - $ -
(Continued)
241 FOR THE YEAR ENDED JUNE 30, 2024

Storm Drainage Fee
(Funds 413, 427)
Supplemental Local Law Enforcement
(Fund 414)
Budget
Budgetary
Basis Actual
Variance Over
(Under) Budget
Budgetary
Basis Actual
Variance Over
(Under)

REVENUES
Taxes and special assessments $ - - - - - -
Intergovernmental 4 4 - 5,697 2,912 (2,785)
Charges for current services 175 163 (12) - - - Rent - - - - - -
Investment income 15 20 5 - 68 68
Other revenues - - - - 47 47
Total revenues 194 187 (7) 5,697 3,027 (2,670)

EXPENDITURES
Current:

General government - - - - - -
Public safety - - - 5,339 3,119 (2,220)
Community services - - - - - -
Sanitation - - - - - -
Capital maintenance 262 254 (8) - - -
Capital outlay - - - 382 382 -
Debt service:

Principal - - - - - -
Interest and fiscal changes - - - - - -
Total expenditures 262 254 (8) 5,721 3,501 (2,220)

Excess (deficiency) of revenues over
(under) expenditures (68) (67) 1 (24) (474) (450)

OTHER FINANCING SOURCES (USES)
Bonds issued - - - - - -
Transfers in - - - - - -
Transfers out (24) (21) 3 - - -
Total other financing sources (uses) (24) (21) 3 - - -

Net change in fund balances $ (92) (88) 4 (24) (474) (450)

Fund balances - beginning 537 2,413
Fund balance adjustment - -
Prior year encumbrances - 863
Fund balances - ending $ 449 $ 2,802

242

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION

Underground Utility
(Fund 416)
State Drug Forfeiture
(Fund 417)
Library Parcel Tax
(Funds 418, 483)
Budget
Budgetary
Basis Actual
Variance Over
(Under) Budget
Budgetary
Basis Actual
Variance Over
(Under) Budget
Budgetary
Basis Actual
Variance Over
(Under)

- - - - - - 10,646 10,721 75
1,050 1,920 870 - - - - - -
- - - - - - - - -
- - - - - - - - -
166 399 233 - 14 14 20 80 60
- - - - 498 498 - - -
1,216 2,319 1,103 - 512 512 10,666 10,801 135

- - - - - - - - -
- - - - - - - - -
- - - - - - 11,635 10,084 (1,551)
- - - - - - - - -
2,430 546 (1,884) - - - 685 512 (173)
- - - - - - - - -

- - - - - - - - -
- - - - - - - - -
2,430 546 (1,884) - - - 12,320 10,596 (1,724)

(1,214) 1,773 2,987 - 512 512 (1,654) 205 1,859

- - - - - - - - -
- - - - - - - - -
(8) (8) - - - - (41) (41) -
(8) (8) - - - - (41) (41) -

(1,222) 1,765 2,987 - 512 512 (1,695) 164 1,859

12,059 1,149 3,608
- - -
- - 350
$ 13,824 $ 1,661 $ 4,122
(Continued)
243 FOR THE YEAR ENDED JUNE 30, 2024

Federal Drug Forfeiture
(Funds 487, 488)
Residential Construction Tax Contribution
(Fund 420)
Budget
Budgetary Basis
Actual
Variance Over
(Under) Budget
Budgetary Basis
Actual
Variance Over
(Under)

REVENUES
Taxes and special
assessments $ - - - 200 296 96
Intergovernmental - - - - - -
Charges for current services - - - - - -
Rent - - - - - -
Investment income - 5 5 100 56 (44)
Other revenues - 85 85 - 43 43
Total revenues - 90 90 300 395 95

EXPENDITURES
Current:

General government - - - - - -
Public safety - - - - - -
Community services - - - - - -
Sanitation - - - - - -
Capital maintenance - - - 395 40 (355)
Capital outlay - - - - - -
Debt service:

Principal - - - - - -
Interest and fiscal changes - - - - - -
Total expenditures - - - 395 40 (355)

Excess (deficiency) of
revenues over (under)
expenditures - 90 90 (95) 355 450

OTHER FINANCING

SOURCES (USES)
Bonds issued - - - - - -
Transfers in - - - - - -
Transfers out - - - (101) (99) 2
Total other financing
sources (uses) - - - (101) (99) 2

Net change in fund
balances $ - 90 90 (196) 256 452

Fund balances - beginning 427 3,069
Fund balance adjustment - -
Prior year encumbrances - -
Fund balances - ending $ 517 $ 3,325

244

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION

Arterial and Major Collectors
(Fund 421)
Community Facility Revenue
(Funds 422, 432)
Integrated Waste Management
(Fund 423)
Budget
Budgetary
Basis Actual
Variance Over
(Under) Budget
Budgetary
Basis Actual
Variance Over
(Under) Budget
Budgetary
Basis Actual
Variance Over
(Under)

- - - - - - - - -
- - - - - - 2,492 2,492 -
- - - - - - 227,633 203,841 (23,792)
- - - 7,601 7,578 (23) 552 543 (9)
27 58 31 - 127 127 343 1,233 890
- - - 2,085 2,981 896 - - -
27 58 31 9,686 10,686 1,000 231,020 208,109 (22,911)

- - - 9,476 216 (9,260) - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - 210,764 196,622 (14,142)
- - - - - - - - -
- - - - - - - - -

- - - - - - - 4 4
- - - - - - - 1 1
- - - 9,476 216 (9,260) 210,764 196,627 (14,137)

27 58 31 210 10,470 10,260 20,256 11,482 (8,774)

- - - - - - - - -
- - - - - - - - -
- - - (214) (7,636) (7,422) (505) (505) -

- - - (214) (7,636) (7,422) (505) (505) -

27 58 31 (4) 2,834 2,838 19,751 10,977 (8,774)

1,065 9,276 24,768
- - -
- 100 7,237
$ 1,123 $ 12,210 $ 42,982
(Continued)
245 FOR THE YEAR ENDED JUNE 30, 2024

Building and Structures Construction Tax
(Fund 429)
Development Enhancement
(Fund 439)
Budget
Budgetary
Basis Actual
Variance Over
(Under) Budget
Budgetary
Basis Actual
Variance Over
(Under)

REVENUES
Taxes and special assessments $ 20,079 19,636 (443) - - - Intergovernmental 74,247 21,909 (52,338) - - - Charges for current services - - - - - -
Rent - - - - - -
Investment income 1,377 2,979 1,602 - - -
Other revenues - 280 280 - - -
Total revenues 95,703 44,804 (50,899) - - -

EXPENDITURES
Current:

General government - - - - - -
Public safety - - - - - -
Community services - - - - - -
Sanitation - - - - - -
Capital maintenance 127,600 41,510 (86,090) - - - Capital outlay 15,336 15,336 - - - -
Debt service:

Principal - - - - - -
Interest and fiscal changes - - - - - -
Total expenditures 142,936 56,846 (86,090) - - -

Excess (deficiency) of revenues over
(under) expenditures (47,233) (12,042) 35,191 - - -

OTHER FINANCING SOURCES (USES)
Bonds issued - - - - - -
Transfers in - - - - - -
Transfers out (443) (443) - - - -
Total other financing sources (uses) (443) (443) - - - -

Net change in fund balances $ (47,676) (12,485) 35,191 - - -

Fund balances - beginning 79,896 20
Fund balance adjustment - -
Prior year encumbrances 22,093 -
Fund balances - ending $ 89,504 $ 20

246

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION

Community Development Block Grant
(Funds 441, 304)
Economic Development Administration Loans
(Fund 444)
Storm Drainage Service Use Charge
(Funds 446, 469)
Budget
Budgetary
Basis Actual
Variance Over
(Under) Budget
Budgetary
Basis Actual
Variance Over
(Under) Budget
Budgetary
Basis Actual
Variance Over
(Under)

- - - - - - - - -
12,164 10,247 (1,917) - - - 7,500 5,156 (2,344) - - - - - - 33,978 34,233 255
- - - - - - - - -
- - - - - - 5,113 5,096 (17)
- - - - - - - - -
12,164 10,247 (1,917) - - - 46,591 44,485 (2,106)

- - - - - - - - -
- - - - - - - - -
9,927 7,449 (2,478) - - - - - -
- - - - - - 41,736 29,243 (12,493)
5,771 3,810 (1,961) - - - 20,910 7,833 (13,077) - - - - - - 8,139 8,139 -

- - - - - - - 22 22
- - - - - - - 5 5
15,698 11,259 (4,439) - - - 70,785 45,242 (25,543)

(3,534) (1,012) 2,522 - - - (24,194) (757) 23,437

- - - - - - - - -
- - - - - - - - -
- - - - - - (614) (614) -
- - - - - - (614) (614) -

(3,534) (1,012) 2,522 - - - (24,808) (1,371) 23,437

3,832 7 38,042
- - -
2,951 - 8,201
$ 5,771 $ 7 $ 44,872
(Continued)
247 FOR THE YEAR ENDED JUNE 30, 2024

Transient Occupancy Tax
(Fund 461)
Lake Cunningham
(Fund 462)
Budget
Budgetary
Basis Actual
Variance Over
(Under) Budget
Budgetary
Basis Actual
Variance Over
(Under)

REVENUES
Taxes and special assessments $ 24,000 23,852 (148) - - - Intergovernmental - - - - - -
Charges for current services - - - 450 359 (91) Rent - - - - - -
Investment income 25 30 5 30 32 2
Other revenues 30 33 3 - 23 23
Total revenues 24,055 23,915 (140) 480 414 (66)

EXPENDITURES
Current:

General government - - - - - -
Public safety - - - - - -
Community services 14,509 12,816 (1,693) - - - Sanitation - - - - - -
Capital maintenance - - - 668 208 (460)
Capital outlay - - - - - -
Debt service:

Principal - - - - - -
Interest and fiscal changes - - - - - -
Total expenditures 14,509 12,816 (1,693) 668 208 (460)

Excess (deficiency) of revenues over
(under) expenditures 9,546 11,099 1,553 (188) 206 394

OTHER FINANCING SOURCES (USES)
Bonds issued - - - - - -
Transfers in - - - - - -
Transfers out (11,707) (11,707) - (226) (226) -
Total other financing sources (uses) (11,707) (11,707) - (226) (226) -

Net change in fund balances $ (2,161) (608) 1,553 (414) (20) 394

Fund balances - beginning 4,969 1,664
Fund balance adjustment - 33
Prior year encumbrances 775 57
Fund balances - ending $ 5,136 $ 1,734
248

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION

Edward Byrne Memorial Justice
(Funds 474, 477)
Municipal Golf Courses
(Fund 518)
Convention and Cultural Facilities
(Funds 536, 481, 560, 489)
Budget
Budgetary
Basis Actual
Variance Over
(Under) Budget
Budgetary
Basis Actual
Variance Over
(Under) Budget
Budgetary
Basis Actual
Variance Over
(Under)

- - - - - - - - -
1,274 133 (1,141) - - - - - -
- - - 805 1,177 372 - 4,500 4,500
- - - - - - - 50,564 50,564
- - - 20 106 86 100 852 752
- - - - - - - - -
1,274 133 (1,141) 825 1,283 458 100 55,916 55,816

- - - - - - - - -
1,203 439 (764) - - - - - -
- - - - - - 66,778 69,210 2,432
- - - - - - - - -
- - - 174 174 - 1,094 639 (455)
71 71 - - - - 165 165 -

- - - - - - - - -
- - - - - - - - -
1,274 510 (764) 174 174 - 68,037 70,014 1,977

- (377) (377) 651 1,109 458 (67,937) (14,098) 53,839

- - - - - - - - -
- - - - - - 11,807 11,707 (100)
- - - (5) (3,302) (3,297) (916) (277) 639
- - - (5) (3,302) (3,297) 10,891 11,430 539

- (377) (377) 646 (2,193) (2,839) (57,046) (2,668) 54,378

- 2,798 5,585
(20) - -
- - 370
$ (397) $ 605 $ 3,287
FOR THE YEAR ENDED JUNE 30, 2024249

Nonmajor Debt
Service Funds
251 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT
Nonmajor Debt Service Funds
Debt Service Funds are used to account for and report financial resources that are restricted, committed, or assigned to expenditure for principal and interest.

GO Bonds Parks, Libraries & Public Safety Fund – Established to account for debt issued for construction of various libraries, parks and public safety projects. Debt repayments are funded by ad valorem property taxes.

City Hall Fund – Established to account for payments of debt service related to the construction of City Hall. 252

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION
City of San José
Combining Balance Sheet
Nonmajor Debt Service Funds
June 30, 2024
($000’s)

GO Bonds Parks,
Libraries &
Public Safety
(Fund 209)
City Hall
(Fund 210) Total
ASSETS
Receivables (net of allowances for uncollectibles) $ 254 11 265 Restricted assets:

Equity in pooled cash and investments held in City Treasury 45,416 2,072 47,488 Cash and investments held with fiscal agent 2 - 2
Total assets $ 45,672 2,083 47,755

FUND BALANCES
Restricted for debt service $ 45,672 2,079 47,751
Committed - 4 4
Total fund balances 45,672 2,083 47,755
Total liabilities and fund balances $ 45,672 2,083 47,755 253 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT
City of San José
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Debt Service Funds
For the Year Ended June 30, 2024
($000’s)

GO Bonds Parks,
Libraries & Public
Safety
(Fund 209)
City Hall
(Fund 210) Total

REVENUES
Taxes and special assessments $ 48,498 - 48,498
Investment income 1,179 559 1,738
Total revenues 49,677 559 50,236

EXPENDITURES
Debt service:

Principal 25,780 - 25,780
Interest and fiscal charges 24,379 7 24,386
Total expenditures 50,159 7 50,166
Excess (deficiency) of revenues over (under) expenditures (482) 552 70

OTHER FINANCING SOURCES (USES)
Transfers in - 24,696 24,696
Transfers out - (23,707) (23,707)
Total other financing sources (uses) - 989 989

Net change in fund balances (482) 1,541 1,059

Fund balances - beginning 46,154 542 46,696
Fund balances - ending $ 45,672 2,083 47,755
Nonmajor Capital
Project Funds
FOR THE YEAR ENDED JUNE 30, 2024255

256

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION
Nonmajor Capital Project Funds
Capital Project Funds are used to account for and report financial resources that are restricted, committed, or assigned to expenditure for capital outlays, including the acquisition or construction of capital facilities and other capital assets.

Capital Project Funds established by the City of San José are as follows:

Capital Improvements Funds – Established to account for assessment charges for the construction of the Alviso Ring Levee.

Construction Excise Tax Funds – Established to account for revenues and expenditures related to traffic maintenance and improvements.

Parks Bond Projects Fund – Established to account for general obligation bond proceeds for various parks construction projects.

Branch Libraries Bond Projects Fund – Established to account for general obligation bond proceeds for various library construction projects.

Public Safety and Infrastructure Bond Fund – Established to account for general obligation bond proceeds to improve infrastructure and public safety facilities. 257 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT
City of San José
Combining Balance Sheet
Nonmajor Capital Project Funds
June 30, 2024
($000’s)

Capital
Improvements
(Funds 408, 424,
476)
Construction
Excise Tax
(Funds 309, 311,
348-349, 464-465,
470, 478-480, 486)
ASSETS
Equity in pooled cash and investments held in City Treasury $ 6 90,395 Receivables (net of allowance for uncollectibles) - 27,991 Advances and deposits 4 34

Restricted assets:

Equity in pooled cash and investments held in City Treasury - 122 Cash and investments held with fiscal agents - -
Total assets $ 10 118,542

LIABILITIES
Accounts payable $ - 7,503
Accrued salaries, wages and payroll taxes - 532

Total liabilities - 8,035

DEFERRED INFLOWS OF RESOURCES - Unavailable revenue - 25,328

FUND BALANCES
Restricted 10 7,715
Assigned - 77,464
Total fund balances 10 85,179

Total liabilities, deferred inflows of resources and fund balances $ 10 118,542 258

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION

Parks Bond Projects
(Fund 471)
Branch Libraries Bond
Projects
(Fund 472)
Public
Safety and
Infrastructure
Bond
(Fund 498) Total

2,456 - - 92,857
13 - - 28,004
- - - 38

- - 21,324 21,446
15,382 7,043 129,129 151,554
17,851 7,043 150,453 293,899

21 913 34,133 42,570
- - 128 660

21 913 34,261 43,230

- - - 25,328

17,830 6,130 116,192 147,877
- - - 77,464
17,830 6,130 116,192 225,341

17,851 7,043 150,453 293,899
259 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT
City of San José
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Capital Project Funds
For the Year Ended June 30, 2024
($000’s)

Capital
Improvements
(Funds 408, 424,
476)

Construction
Excise Tax
(Funds 309, 311,
348-349,
464-465, 470, 478-
480, 486)

REVENUES
Taxes $ - 18,353
Intergovernmental - 59,132
Charges for current services - 1,214
Investment income 25 5,185
Other revenues - 6,170
Total revenues 25 90,054

EXPENDITURES
Current:

Capital maintenance - 99,230
Capital outlay - 3,668
Total expenditures - 102,898

Excess (deficiency) of revenues over (under) expenditures 25 (12,844)

OTHER FINANCING (USES)
Transfers out (458) (2,235)
Total other financing (uses) (458) (2,235)

Net change in fund balances (433) (15,079)

Fund balances - beginning 443 100,258
Fund balances - ending $ 10 85,179
260

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION

Parks Bond
Projects
(Fund 471)

Branch
Libraries
Bond Projects
(Fund 472)

Public
Safety
and
Infrastructure
Bond
(Fund 498)

Total

- - - 18,353
- - - 59,132
- - - 1,214
735 284 8,343 14,572
- - - 6,170
735 284 8,343 99,441

311 553 68,472 168,566
- - 18,969 22,637
311 553 87,441 191,203

424 (269) (79,098) (91,762)

- - - (2,693)
- - - (2,693)

424 (269) (79,098) (94,455)

17,406 6,399 195,290 319,796
17,830 6,130 116,192 225,341
FOR THE YEAR ENDED JUNE 30, 2024261

Internal Service
Funds
263 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT
Internal Service Funds
Internal Service Funds are used to account for the exchange of benefits within the City’s funds or departments on a cost reimbursement basis.

Public Works Programs Support Fund – Established to account for Public Works Department administrative services provided to City-wide capital programs and certain other Public Works operating divisions.

Employee Benefits Funds – Established to account for the cost of funding the City’s portion of employee fringe benefits.

Vehicle Maintenance and Operations Fund – Established to account for the purchase and maintenance of City vehicles and the cost of operating a maintenance facility for equipment used by other City departments for repairs, demolition, or other abatement of dangerous buildings. 264

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION
City of San José
Combining Statement of Fund Net Position
Internal Service Funds
June 30, 2024
($000’s)

Public Works
Programs
Support
(Fund 150)
Employee
Benefits (Funds
155-158, 160-
161)
Vehicle
Maintenance and
Operations
(Fund 552) Total
ASSETS
Current assets:

Equity in pooled cash and investments
held in City Treasury $ 6,214 7,061 7,271 20,546
Receivables (net of allowance for uncollectibles) 26 210 35 271 Inventories - - 1,629 1,629

Total unrestricted current assets 6,240 7,271 8,935 22,446

Restricted assets:

Other cash and investments - 536 7 543
Total restricted current assets - 536 7 543
Total current assets 6,240 7,807 8,942 22,989

Capital assets (net of accumulated depreciation):

Depreciable 432 - 4,461 4,893
Total assets 6,672 7,807 13,403 27,882

LIABILITIES
Current liabilities:

Accounts payable 79 617 308 1,004
Accrued salaries, wages, and payroll taxes 482 33 146 661 Interest payable 10 - - 10
Other liabilities - 2 - 2
Subscription-based information technology arrangement payable 40 - - 40 Total current liabilities 611 652 454 1,717

Noncurrent liabilities:

Accrued vacation, sick leave and compensatory time 4,295 92 466 4,853 Subscription-based information technology arrangement payable 138 - - 138 Total liabilities 5,044 744 920 6,708

NET POSITION
Net investment in capital assets 254 - 4,461 4,715 Unrestricted 1,374 7,063 8,022 16,459
Total net position $ 1,628 7,063 12,483 21,174
265 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT
City of San José
Combining Statement of Revenues, Expenses and Changes in Fund Net Position Internal Service Funds
For the Year Ended June 30, 2024
($000’s)

Public Works
Programs
Support
(Fund 150)
Employee
Benefits
(Fund 155-158,
160-161)
Vehicle
Maintenance and
Operations
(Fund 552) Total

OPERATING REVENUES
Charges for services $ 28,073 121,719 26,512 176,304 Total operating revenues 28,073 121,719 26,512 176,304

OPERATING EXPENSES
Operations and maintenance 26,019 123,169 26,458 175,646 Depreciation 46 - 1,374 1,420
Total operating expenses 26,065 123,169 27,832 177,066 Operating income (loss) 2,008 (1,450) (1,320) (762)

NONOPERATING REVENUES (EXPENSES)
Investment income 76 875 175 1,126
Other revenues (expenses), net (46) - - (46)
Total nonoperating revenues (expenses) 30 875 175 1,080

Income (loss) before transfers 2,038 (575) (1,145) 318

Transfers in - - 5,625 5,625
Transfers out - (67) (257) (324)

Changes in net position 2,038 (642) 4,223 5,619

Net position - beginning (410) 7,705 8,260 15,555 Net position - ending $ 1,628 7,063 12,483 21,174 266

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION
City of San José
Combining Statement of Cash Flows
Internal Service Funds
For the Year Ended June 30, 2024
($000’s)

Public Works
Programs
Support
(Fund 150)

Employee
Benefits
(Funds 155-158,
160-161)

Vehicle
Maintenance
and Operations
(Fund 552)

Total

CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from interfund services provided $ 28,103 121,949 26,489 176,541 Cash payment to suppliers of goods and services (2,895) (121,338) (17,170) (141,403) Cash payment to employees for services (22,566) (1,564) (9,754) (33,884) Net cash provided by (used in) operating activities 2,642 (953) (435) 1,254

CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Transfer from other funds - - 5,625 5,625
Transfer to other funds - (67) (257) (324)
Net cash provided by (used in) noncapital
financing activities - (67) 5,368 5,301

CASH FLOWS FROM CAPITAL AND RELATED FINANCING

ACTIVITIES
Acquisition and construction of capital assets - - (2,332) (2,332) Software subscription right-to-use asset - payment (106) - (18) (124) Net cash used in capital
and related financing activities (106) - (2,350) (2,456)

CASH FLOWS FROM INVESTING ACTIVITIES
Investment income on investments 76 875 175 1,126 Net change in cash and cash equivalents 2,612 (145) 2,758 5,225

Cash and cash equivalents - beginning 3,602 7,742 4,520 15,864 Cash and cash equivalents - ending $ 6,214 $ 7,597 $ 7,278 21,089

Reconciliation of operating income (loss) to net cash provided by (used in) operating activities:

Operating income (loss) $ 2,008 (1,450) (1,320) (762) Adjustments to reconcile operating income
(loss) to net cash provided by (used in)
operating activities:

Depreciation 46 - 1,374 1,420
Other nonoperating revenues (expenses) (4) - 18 14 (Increase) decrease in:

Accounts receivable 30 230 (23) 237
Inventories - - (112) (112)
Increase (decrease) in:

Accounts payable and accrued liabilities 218 271 (415) 74 Accrued vacation, sick leave
and compensatory time 344 (4) 43 383
Total adjustments 634 497 885 2,016
Net cash provided by (used in) operating activities $ 2,642 (953) (435) 1,254

Reconciliation of cash and cash equivalents
to the statement of net position:

Equity in pooled cash and investments
held in City Treasury
Unrestricted $ 6,214 7,061 7,271 20,546
Restricted other cash and investments - 536 7 543 Cash and cash equivalents $ 6,214 $ 7,597 $ 7,278 21,089 FOR THE YEAR ENDED JUNE 30, 2024267

Trust and
Custodial Funds
269 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT
Trust and Custodial Funds
Trust and Custodial Funds are used to account for assets held by a governmental unit in a trustee capacity and/or as an agent for individuals, private organizations, other governmental units, and/or other funds. These include pension trust funds, private-purpose trust funds, and custodial funds.

Federated City Employees’ Retirement System Funds – Established to account for the accumulation of resources to be used for retirement annuity and postemployment healthcare payments to all full-time and some eligible part-time City of San José employees, except members of the Police and Fire Department Retirement Plan.

Police and Fire Plan Funds – Established to account for the accumulation of resources to be used for retirement annuity and postemployment healthcare payments to all sworn members of the City of San José’s Police and Fire departments.

James Lick Private-Purpose Trust Fund – Established to account for resources legally held in the trust for use towards the support of the Eastfield Ming Quong (EMQ) Families First Agency. All resources of the fund, including any earnings on invested resources, are used to support the organization’s activities.

Successor Agency to the Redevelopment Agency Private-Purpose Trust Fund – Established to make payments on the former Redevelopment Agency of the City of San José’s “enforceable obligations” and to wind down the activities of the former Agency through the sale and disposition of assets and properties.

Arena Capital Reserve Custodial Fund – Established to account for Arena Facilities monies that will be used to budget and defray Arena Facilities expenditures relating to capital maintenance repairs and replacement for the San José Arena (SAP Center at San José). Financial statements are presented on pages 44-46. 270

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION
City of San José
Combining Statement of Fiduciary Net Position
Pension Trust Funds
June 30, 2024
($000’s)

Federated City
Employees’
Retirement
System
Police and Fire
Plan Total
ASSETS
Investments $ 3,571,031 5,441,239 9,012,270
Receivables:

Accrued investment income 4,948 9,890 14,838
Employee contributions 978 980 1,958
Employer contributions 1,345 6,229 7,574
Brokers and others 12,050 19,014 31,064
Other assets, net 2,225 2,225 4,450
Total assets 3,592,577 5,479,577 9,072,154

LIABILITIES
Due to brokers 20,273 30,117 50,390
Other liabilities 4,323 8,796 13,119
Total liabilities 24,596 38,913 63,509

NET POSITION RESTRICTED FOR:

Employees’ pension benefits 3,154,443 5,096,459 8,250,902 Employees’ postemployment healthcare benefits 413,538 344,205 757,743 Net position restricted for pension and postemployment healthcare benefits $ 3,567,981 5,440,664 9,008,645 271 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT
City of San José
Combining Statement of Changes in Fiduciary Net Position Pension Trust Funds
For the Year Ended June 30, 2024
($000’s)

Federated City
Employees’
Retirement
System
Police and Fire
Plan Total

ADDITIONS
Investment income:

Interest $ 36,666 62,115 98,781
Dividends 13,574 15,575 29,149
Net appreciation in fair value of plan investments 257,094 411,949 669,043 Investment expenses (12,602) (20,317) (32,919)
Contributions:

Employer 243,670 235,866 479,536
Employees 43,824 45,259 89,083
Total additions 582,226 750,447 1,332,673

DEDUCTIONS
General and administrative 6,968 7,980 14,948
Health insurance premiums 32,635 30,699 63,334
Refund of contributions 1,333 920 2,253
Retirement and other benefits:

Death benefits 18,352 19,464 37,816
Retirement benefits 236,880 271,571 508,451

Total deductions 296,168 330,634 626,802

Change in net position 286,058 419,813 705,871

Net position restricted for pension and postemployment healthcare benefits Beginning of year 3,281,923 5,020,851 8,302,774
End of year $ 3,567,981 5,440,664 9,008,645
272

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION
City of San José
Combining Statement of Fiduciary Net Position
Federated City Employees’ Retirement System
June 30, 2024
($000’s)

Defined Benefit
Pension Plan
Postemployment
Healthcare Plan
Retirement Cost of Living
IRS Code Section
115 Trust Total
ASSETS
Investments $ 1,945,041 1,212,585 413,405 3,571,031 Receivables:

Accrued investment income 4,021 567 360 4,948
Employee contributions 616 150 212 978
Employer contributions 920 286 139 1,345
Brokers and others 9,766 35 2,249 12,050
Other assets, net 1,589 591 45 2,225
Total assets 1,961,953 1,214,214 416,410 3,592,577

LIABILITIES
Due to brokers 16,314 3,602 357 20,273
Other liabilities 1,325 483 2,515 4,323
Total liabilities 17,639 4,085 2,872 24,596

NET POSITION RESTRICTED FOR:

Employees’ pension benefits 1,944,314 1,210,129 - 3,154,443 Employees’ postemployment healthcare benefits - - 413,538 413,538 Net position restricted for pension and
postemployment healthcare benefits $ 1,944,314 1,210,129 413,538 3,567,981 273 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT
City of San José
Combining Statement of
Changes in Fiduciary Net Position
Federated City Employees’ Retirement System
For the Year Ended in June 30, 2024
($000’s)

Defined Benefit
Pension Plan
Postemployment
Healthcare Plan
Retirement Cost of Living
IRS Code Section 115
Trust Total

ADDITIONS
Investment income:

Interest $ 21,673 13,117 1,876 36,666
Dividends 4,625 2,804 6,145 13,574
Net appreciation in fair value
of plan investments 140,814 86,771 29,509 257,094 Investment expenses (7,604) (4,617) (381) (12,602)
Contributions:

Employer 127,405 90,908 25,357 243,670
Employees 27,189 6,744 9,891 43,824
Total additions 314,102 195,727 72,397 582,226

DEDUCTIONS
General and administrative 3,829 2,307 832 6,968 Health insurance premiums - - 32,635 32,635
Refund of contributions 1,129 204 - 1,333
Retirement and other benefits:

Death benefits 10,250 8,102 - 18,352
Retirement benefits 163,988 72,892 - 236,880
Total deductions 179,196 83,505 33,467 296,168

Change in net position 134,906 112,222 38,930 286,058

Net position restricted for pension and
postemployment healthcare benefits
Beginning of year 1,809,408 1,097,907 374,608 3,281,923 End of year $ 1,944,314 1,210,129 413,538 3,567,981 274

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION
City of San José
Combining Statement of Fiduciary Net Position
Police and Fire Plan
June 30, 2024
($000’s)
Defined Benefit Pension Plan Postemployment Healthcare Plan Retirement Cost of Living 401(h) Plan
IRS Code
Section 115
Trust - Police
IRS Code
Section 115
Trust - Fire Total
ASSETS
Investments $ 2,899,064 2,196,534 8,364 213,797 123,480 5,441,239 Receivables:

Accrued investment income 6,201 3,291 54 214 130 9,890 Employee contributions 555 199 226 - - 980
Employer contributions 3,689 1,896 - 390 254 6,229 Brokers and others 13,409 477 4,204 363 561 19,014 Other assets, net 1,434 775 16 - - 2,225
Total assets 2,924,352 2,203,172 12,864 214,764 124,425 5,479,577

LIABILITIES
Due to brokers 21,586 5,861 1,981 605 84 30,117 Other liabilities 2,397 1,221 4,707 125 346 8,796 Total liabilities 23,983 7,082 6,688 730 430 38,913

NET POSITION RESTRICTED FOR:

Employees’ pension benefits 2,900,369 2,196,090 - - - 5,096,459 Employees’ postemployment healthcare
benefits - - 6,176 214,034 123,995 344,205
Net position restricted for pension and
postemployment healthcare benefits $ 2,900,369 2,196,090 6,176 214,034 123,995 5,440,664 275 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT
City of San José
Combining Statement of
Changes in Fiduciary Net Position
Police and Fire Plan
For the Year Ended June 30, 2024
($000’s)
Defined Benefit Pension Plan Postemployment Healthcare Plan Retirement Cost of Living 401(h) Plan
IRS Code
Section 115
Trust - Police
IRS Code
Section 115
Trust - Fire Total

ADDITIONS
Investment income:

Interest $ 34,726 25,901 92 883 513 62,115
Dividends 5,713 4,264 14 3,531 2,053 15,575
Net appreciation in fair value
of plan investments 220,771 166,310 606 15,366 8,896 411,949 Investment expenses (11,473) (8,575) (25) (155) (89) (20,317) Contributions:

Employer 122,492 80,208 4,444 17,672 11,050 235,866 Employees 25,263 9,176 10,820 - - 45,259
Total additions 397,492 277,284 15,951 37,297 22,423 750,447

DEDUCTIONS
General and administrative 4,495 3,354 37 57 37 7,980 Health insurance premiums - - 18,961 6,872 4,866 30,699 Refund of contributions 735 185 - - - 920
Retirement and other benefits:

Death benefits 9,822 9,642 - - - 19,464
Retirement benefits 184,291 87,280 - - - 271,571 Total deductions 199,343 100,461 18,998 6,929 4,903 330,634

Change in net position 198,149 176,823 (3,047) 30,368 17,520 419,813

Net position restricted for pension and
postemployment healthcare benefits
Beginning of year 2,702,220 2,019,267 9,223 183,666 106,475 5,020,851 End of year $ 2,900,369 2,196,090 6,176 214,034 123,995 5,440,664 276

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FINANCIAL

SECTION
City of San José
Combining Statement of Fiduciary Net Position
Private-Purpose Trust Funds
June 30, 2024
($000’s)
James Lick
Successor Agency
to the
Redevelopment
Agency Total
ASSETS
Current assets:

Equity in pooled cash and investments held
in City Treasury $ 237 - 237
Cash and investments 428 638 1,066
Receivables (net of allowance for uncollectibles):

Other 1 40 41
Restricted cash and investments - 128,555 128,555
Total current assets 666 129,233 129,899

Noncurrent assets:

Accrued interest, net - 1,413 1,413
Loans receivable, net - 3,987 3,987
Advances and deposits - 5 5
Prepaid bond insurance - 1,138 1,138
Capital assets:

Nondepreciable - 2,078 2,078
Depreciable, net - 589 589
Total noncurrent assets - 9,210 9,210
Total assets 666 138,443 139,109

DEFERRED OUTFLOWS OF RESOURCES
Loss on refundings of debt - 20,790 20,790

LIABILITIES
Current liabilities:

Accrued interest payable - 16,186 16,186
Total current liabilities - 16,186 16,186

Long-term liabilities:

Due within one year - 109,659 109,659
Due in more than one year - 1,000,854 1,000,854
Total noncurrent liabilities - 1,110,513 1,110,513 Total liabilities - 1,126,699 1,126,699

NET POSITION (DEFICIT)
Held in trust for:

Redevelopment dissolution and other purposes 666 (967,466) (966,800) Total net position (deficit) $ 666 (967,466) (966,800) 277 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT
City of San José
Combining Statement of Changes in Fiduciary Net Position Private-Purpose Trust Funds
For the Year Ended June 30, 2024
($000’s)
James Lick
Successor Agency
to the
Redevelopment
Agency Total

ADDITIONS
Redevelopment property tax revenues $ - 200,074 200,074 Investment income 98 2,429 2,527
Development fees and other - 66 66
Total additions 98 202,569 202,667

DEDUCTIONS
General and administrative - 289 289
Project expenses - 69 69
Pass through amounts to the County of Santa Clara - 55,902 55,902 Depreciation - 27 27
Allowance for loan losses - 590 590
Interest on debt - 37,880 37,880
Total deductions - 94,757 94,757

Change in net position 98 107,812 107,910

NET POSITION HELD IN TRUST
Beginning of year 568 (1,075,278) (1,074,710)
End of year $ 666 (967,466) (966,800)
Introductory
Section
Statistical
section
(unaudited)

TABLE OF

CONTENTS
FOR THE YEAR ENDED JUNE 30, 2024
This section of the annual comprehensive financial report for the City of San José presents detailed information as a context to the information presented in the financial statements, note disclosures, and required supplementary information and to provide a framework to assess the economic condition affecting the City of San José.

GASB issued Statement No. 44, Economic Condition Reporting; The Statistical Section – an amendment of NCGA Statement 1 . This statement amends the portions of NCGA Statement 1, Governmental Accounting and Financial Reporting Principles, that guide the preparation of the statistical section. The statistical section presents detailed information, typically in ten-year trends, that assists users in utilizing the basic financial statements, notes to basic financial statements, and required supplementary information to assess the economic condition affecting a government.

Statistical Section
ScheduleContents
Sources: Unless otherwise noted, the information in these schedules is derived from the annual comprehensive financial reports for the relevant year. ●
Financial Trends I - IV
These schedules present trend information to help the reader understand the City’s financial performance and condition.
●
Revenue Capacity V - VIII
These schedules contain information regarding property tax, the City’s most significant local revenue source.
●
Debt Capacity IX - XIII
These schedules present information regarding the City’s current levels of outstanding debt and the City’s ability to issue additional debt in the future. ●
Demographic and Economic Information XIV - XVI
These schedules illustrate demographic and economic indicators to provide a context for understanding and assessing the City’s financial activities. ●
Operating Information XVII - XIX
These schedules contain service and infrastructure data related to services the City provides and the activities it performs.
280

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

STATISTICAL

SECTION

SCHEDULE I
City of San José
Net Position By Component
Last Ten Fiscal Years
(Accrual Basis Of Accounting)
($000’S)

2015(1) 2016 2017 2018(2) 2019
Governmental activities
Net investment in capital assets $ 4,566,716 $ 4,478,760 $ 4,391,069 $ 4,349,559 $ 4,330,279 Restricted 927,190 930,553 982,168 1,000,459 1,036,765 Unrestricted (1,734,224) (1,723,260) (1,935,456) (2,667,125) (2,657,523) Total governmental activities net position $ 3,759,682 $ 3,686,053 $ 3,437,781 $ 2,682,893 $ 2,709,521

Business-type activities
Net investment in capital assets $ 769,516 $ 766,107 $ 814,473 $ 930,631 $ 982,045 Restricted 113,459 76,709 75,945 72,750 72,890 Unrestricted 247,428 339,422 351,101 252,928 290,071 Total business-type activities net position $ 1,130,403 $ 1,182,238 $ 1,241,519 $ 1,256,309 $ 1,345,006

Primary government
Net investment in capital assets $ 5,336,232 $ 5,244,867 $ 5,205,542 $ 5,280,190 $ 5,312,324 Restricted 1,040,649 1,007,262 1,058,113 1,073,209 1,109,655 Unrestricted (1,486,796) (1,383,838) (1,584,355) (2,414,197) (2,367,452) Total primary government net position $ 4,890,085 $ 4,868,291 $ 4,679,300 $ 3,939,202 $ 4,054,527

2020 2021 2022 2023 2024
Governmental activities
Net investment in capital assets $ 4,262,597 $ 4,089,937 $ 3,777,037 $ 3,635,710 $ 3,517,578 Restricted 1,088,593 (3) 1,116,441 1,178,965 1,363,869 1,297,990 Unrestricted (2,860,084) (2,978,383) (2,586,680) (2,640,313) (2,497,387) Total governmental activities net position $ 2,491,106 $ 2,227,995 $ 2,369,322 $ 2,359,266 $ 2,318,181

Business-type activities
Net investment in capital assets $ 1,090,408 $ 1,209,961 $ 1,232,137 (4) $ 1,240,108 $ 1,315,188 Restricted 76,104 49,785 71,173 58,192 62,402
Unrestricted 290,590 222,411 307,819 (4) 558,060 715,255 Total business-type activities net position $ 1,457,102 $ 1,482,157 $ 1,611,129 $ 1,856,360 $ 2,092,845

Primary government
Net investment in capital assets $ 5,353,005 $ 5,299,898 $ 5,009,174 $ 4,875,818 $ 4,832,766 Restricted 1,164,697 1,166,226 1,250,138 1,422,061 1,360,392 Unrestricted (2,569,494) (2,755,972) (2,278,861) (2,082,253) (1,782,132) Total primary government net position $ 3,948,208 $ 3,710,152 $ 3,980,451 $ 4,215,626 $ 4,411,026

(1) The decrease in net position as of June 30, 2015, was primarily due to the recording of the City’s net pension liability in accordance with the GASB Statement Nos. 68 and 71.
(2) The decrease in net position as of June 30, 2018, was primarily due to the recording of the City’s net OPEB liability in accordance with the GASB Statement Nos. 74 and 75.
(3) FY 2020 total has been restated due to prior period adjustments increasing unearned revenue by $12,408,000, and therefore reducing net position by $12,408,000.
(4) FY 2022 balances have been restated as a result of implementing GASB 96, Subscription-Based Information Technology Agreements (SBITAs). 281 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

SCHEDULE II

City of San José
Change in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
($000’S)

2015 2016 2017 2018 2019
Expenses
Governmental activities:

General government $ 127,480 $ 122,363 $ 127,090 $ 132,157 $ 142,531 Public safety 466,519 555,072 694,557 769,305 709,532 Community services 236,840 274,838 310,470 329,222 308,345 Sanitation 141,244 145,516 156,299 164,890 164,677 Capital maintenance 507,523 395,393 444,867 494,007 422,170 Interest and fiscal charges 60,266 56,768 54,844 57,002 46,720 Total governmental activities expenses 1,539,872 1,549,950 1,788,126 1,946,583 1,793,975

Business-type activities:

San José Mineta International Airport 197,786 201,017 204,774 207,675 224,387 Wastewater Treatment System 158,385 163,985 192,302 203,272 199,350 Municipal Water System 33,885 36,246 42,647 49,156 47,917 Parking System 12,714 13,607 14,269 14,503 16,151 San José Clean Energy - - - 1,116 98,909
Total business-type activities expenses 402,770 414,855 453,992 475,722 586,714 Total primary government expenses $ 1,942,642 $ 1,964,805 $ 2,242,118 $ 2,422,305 $ 2,380,689

Program Revenues
Governmental activities:

Charges for services:

General government 44,044 46,952 48,358 29,565 26,656 Public safety 20,300 23,046 23,164 78,700 88,391 Community services 117,006 129,905 177,436 88,895 106,836 Sanitation 150,546 157,477 143,062 155,772 154,094 Capital maintenance 67,098 66,440 70,842 66,257 59,441 Operating grants and contributions 97,467 107,583 86,779 113,938 108,361 Capital grants and contributions 129,901 69,848 63,647 97,441 111,278 Total governmental program revenues 626,362 601,251 613,288 630,568 655,057

Business-type activities:

Charges for services
San José Mineta International Airport 163,962 182,445 194,057 213,993 223,267 Wastewater Treatment System 192,715 209,056 222,654 252,722 248,830 Municipal Water System 37,295 37,368 44,680 48,615 51,181 Parking System 15,614 16,503 17,612 17,645 19,185 San José Clean Energy - - - - 102,855
Operating grants and contributions 1,266 864 1,233 894 720 Capital grants and contributions 6,225 15,437 13,258 16,362 24,655 Total business-type activities program revenues 417,077 461,673 493,494 550,231 670,693 Total primary government revenues $ 1,043,439 $ 1,062,924 $ 1,106,782 $ 1,180,799 $ 1,325,750 282

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

STATISTICAL

SECTION

SCHEDULE II
(Continued)
City of San José
Change in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
($000’S)

2020 2021 2022 2023 2024
Expenses
Governmental activities:

General government $ 296,294 $ 351,491 $ 230,695 $ 159,778 $ 216,898 Public safety 813,126 783,928 614,802 735,061 780,342 Community services 301,697 345,762 375,192 473,032 519,728 Sanitation 183,197 184,816 202,142 225,979 223,287 Capital maintenance 476,251 487,239 531,355 554,674 548,919 Interest and fiscal charges 44,771 38,021 43,808 52,004 41,335 Total governmental activities expenses 2,115,336 2,191,257 1,997,994 2,200,528 2,330,509

Business-type activities:

San José Mineta International Airport 232,002 205,378 221,655 (3) 210,479 225,839 Wastewater Treatment System 252,033 211,098 197,430 233,947 244,530 Municipal Water System 51,574 51,936 53,627 58,219 62,907 Parking System 22,559 12,581 13,143 18,853 17,352 San José Clean Energy 301,115 292,670 332,925 389,416 416,300 Total business-type activities expenses 859,283 773,663 818,780 910,914 966,928 Total primary government expenses $ 2,974,619 $ 2,964,920 $ 2,816,774 $ 3,111,442 $ 3,297,437

Program Revenues
Governmental activities:

Charges for services:

General government 19,151 5,534 8,168 8,662 10,081 Public safety 80,077 22,931 38,900 34,865 36,883 Community services 94,080 120,506 166,966 148,730 155,303 Sanitation 171,280 187,319 208,824 222,595 226,499 Capital maintenance 33,924 30,098 36,426 26,575 34,775 Operating grants and contributions 176,843 (1) 250,875 263,444 252,204 158,094 Capital grants and contributions 149,459 99,684 79,426 117,371 171,249 Total governmental program revenues 724,814 716,947 802,154 811,002 792,884

Business-type activities:

Charges for services
San José Mineta International Airport 211,141 147,078 205,381 231,305 254,617 Wastewater Treatment System 322,391 237,593 295,728 271,990 282,845 Municipal Water System 52,020 56,123 55,531 61,042 72,377 Parking System 14,763 7,062 12,993 15,036 15,931 San José Clean Energy 336,951 280,388 351,099 515,503 492,262 Operating grants and contributions 486 55,804 37,956 32,690 12,341 Capital grants and contributions 6,334 14,412 7,115 14,270 23,688 Total business-type activities program revenues 944,086 798,460 965,803 1,141,836 1,154,061 Total primary government revenues $ 1,668,900 $ 1,515,407 $ 1,767,957 $ 1,952,838 $ 1,946,945 283 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

SCHEDULE II
(Continued)
City of San José
Change In Net Position
Last Ten Fiscal Years
(Accrual Basis Of Accounting)
($000’S)

2015 2016 2017 2018 2019

Net (Expenses) Revenues
Governmental activities $ (913,510) $ (948,699) $ (1,174,838) $ (1,316,015) $ (1,138,918) Business-type activities 14,307 46,818 39,502 74,509 83,979 Total primary government (899,203) (901,881) (1,135,336) (1,241,506) (1,054,939)

General Revenues and Other Changes in Net Position
Governmental activities:

Taxes:

Property and other taxes 384,523 404,878 431,138 461,964 497,317 Utility 112,645 113,474 121,046 120,234 120,846 Franchise 46,909 48,949 49,642 51,180 48,397
Transient occupancy 36,980 41,125 45,511 48,854 51,399 Business license 47,431 50,864 54,159 70,673 77,011 Sales taxes 180,407 201,797 207,695 226,337 263,530 State of California in-lieu 419 410 467 551 505 Unrestricted interest and investment income (loss) 4,125 7,790 9,062 6,688 24,165 Other revenue 17,753 2,103 4,459 36,485 34,707 Gain on sale of capital assets - - - - 44,528
Transfers 3,501 3,680 3,387 5,769 3,141
Total governmental activities 834,693 875,070 926,566 1,028,735 1,165,546

Business-type activities:

Unrestricted interest and investment income (loss) 3,252 6,383 3,955 6,322 23,498 Other revenue 1,747 2,314 19,211 4,961 627
Transfers (3,501) (3,680) (3,387) (5,769) (3,141) Rate stabilization fund and ten-year
lookback distribution - - - - (16,266)
Total business-type activities 1,498 5,017 19,779 5,514 4,718 Total primary government $ 836,191 $ 880,087 $ 946,345 $ 1,034,249 $ 1,170,264

Change In Net Position
Governmental activities $ (78,817) $ (73,629) $ (248,272) $ (287,280) $ 26,628 Business-type activities 15,805 51,835 59,281 80,023 88,697 Total primary government $ (63,012) $ (21,794) $ (188,991) $ (207,257) $ 115,325

284

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

STATISTICAL

SECTION

SCHEDULE II
(Concluded)
City of San José
Change In Net Position
Last Ten Fiscal Years
(Accrual Basis Of Accounting)
($000’S)

2020 2021 2022 2023 2024

Net (Expenses) Revenues
Governmental activities $ (1,390,522) $ (1,474,310) $ (1,195,840) $ (1,389,526) $ (1,537,625) Business-type activities 84,803 24,797 147,023 230,922 187,133 Total primary government (1,305,719) (1,449,513) (1,048,817) (1,158,604) (1,350,492)

General Revenues and Other Changes in Net Position
Governmental activities:

Taxes:

Property and other taxes 531,075 543,347 (2) 587,044 (2) 591,517 619,705 Real property transfer tax - 50,531 (2) 110,015 (2) 56,280 56,280 Utility 120,213 127,844 124,906 145,361 152,063 Franchise 44,436 45,628 48,378 44,824 52,476
Transient occupancy 35,329 13,479 26,284 37,287 39,747 Business license 71,978 71,169 85,375 89,627 86,072 Sales taxes 260,558 284,020 323,144 343,472 333,411 State of California in-lieu 826 770 1,190 1,041 - (4) Unrestricted interest and investment income (loss) 39,635 14,438 (27,844) 20,666 108,066 Other revenue 56,435 49,798 52,649 42,480 46,499 Gain on sale of capital assets 5,231 6,913 1,766 3,959 - Transfers 6,391 3,262 4,260 2,956 2,221
Total governmental activities 1,172,107 1,211,199 1,337,167 1,379,470 1,496,540

Business-type activities:

Unrestricted interest and investment income (loss) 33,030 1,808 (15,369) 16,043 51,172 Other revenue 654 1,712 1,307 1,222 401
Transfers (6,391) (3,262) (4,260) (2,956) (2,221) Rate stabilization fund and ten-year
lookback distribution - - - - -
Total business-type activities 27,293 258 (18,322) 14,309 49,352 Total primary government $ 1,199,400 $ 1,211,457 $ 1,318,845 $ 1,393,779 $ 1,545,892

Change In Net Position
Governmental activities $ (218,415) $ (263,111) $ 141,327 $ (10,056) $ (41,085) Business-type activities 112,096 25,055 128,701 245,231 236,485 Total primary government $ (106,319) $ (238,056) $ 270,028 $ 235,175 $ 195,400

(1) FY 2020 total has been restated due to prior period adjustments increasing unearned revenue by $12,408,000, and therefore reducing revenue by $12,408,000
(2) FY 2021 and FY 2022 balances have been restated as a result of reclassification between Real property transfer tax and Property and other taxes. (3) FY 2022 balances have been restated as a result of implementing GASB 96, SBITA. (4) State of California in-lieu was deemed immaterial and is included in Other Revenue. 285 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

SCHEDULE III
City of San José
Fund Balances, Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
($000’S)

2015 2016 2017 2018 2019
General Fund
Nonspendable $ 203 $ 186 $ 170 $ 153 $ 153
Restricted 10,599 1,265 690 1,057 1,370
Committed 94,748 84,998 96,026 97,809 100,147
Assigned 143,398 167,239 136,093 111,509 168,961
Unassigned 67,006 65,351 79,853 82,494 143,868 Total General Fund $ 315,954 $ 319,039 $ 312,832 $ 293,022 $ 414,499

Other Governmental Funds
Nonspendable $ 144 $ 243 $ 340 $ - $ -
Restricted 897,253 909,733 960,159 978,565 1,014,467 Committed 39,425 55,435 59,319 57,892 69,451
Assigned 70,715 82,785 82,584 94,797 93,500
Unassigned - - - - (32,668)
Total Other Governmental Funds $ 1,007,537 $ 1,048,196 $ 1,102,402 $ 1,131,254 $ 1,144,750

2020 2021 2022 2023 2024
General Fund
Nonspendable $ 121 $ 104 $ 88 $ 88 $ 55
Restricted 2,007 307 303 300 300
Committed 95,414 73,580 67,343 98,507 108,515
Assigned 283,322 331,310 279,356 458,289 433,870 Unassigned 79,368 8,041 225,967 127,858 132,374 Total General Fund $ 460,232 $ 413,342 $ 573,057 $ 685,042 $ 675,114

Other Governmental Funds
Nonspendable $ - $ 4 $ - $ - $ -
Restricted 1,276,750 (1) 1,298,955 1,452,020 1,349,185 1,256,141 Committed 51,460 93,721 102,159 108,406 120,612 Assigned 96,038 99,068 94,222 94,971 93,832
Unassigned (27,705) (44,395) (20) (8,031) (3,510)
Total Other Governmental Funds $ 1,396,543 $ 1,447,353 $ 1,648,381 $ 1,544,531 $ 1,467,075

(1) FY 2020 total has been restated due to prior period adjustments increasing unearned revenue by $12,408,000, and therefore reducing fund balance by $12,408,000
FOR THE YEAR ENDED JUNE 30, 2024 286

287 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

SCHEDULE IV

City of San José
Changes in Fund Balances, Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
($000’S)

2015 2016 2017 2018 2019

REVENUES
Taxes and special assessments $ 648,907 $ 653,663 $ 721,419 $ 778,815 $ 819,139 Sales taxes 180,407 228,317 207,695 226,337 263,530 Licenses, permits, and fines 62,000 69,856 75,173 74,859 80,725 Intergovernmental 90,119 81,133 87,622 94,202 102,328 Charges for current services 249,659 257,212 251,447 279,045 269,807 Rent 36,997 43,284 50,838 53,415 60,974
Investment income and other revenues 104,171 118,903 131,895 122,980 135,047 Total revenues 1,372,260 1,452,368 1,526,089 1,629,653 1,731,550

EXPENDITURES
General government 90,031 108,505 110,853 115,276 151,295 Public safety 486,770 516,614 537,287 594,768 623,853 Community services 214,788 241,644 258,167 266,818 255,471 Sanitation 143,406 145,008 151,310 158,025 163,271 Capital maintenance 200,523 231,467 259,199 293,096 235,456 Capital outlay 75,903 60,049 68,197 81,311 138,176 Debt service:

Principal 86,370 53,405 56,139 185,982 73,022
Interest and fiscal charges 62,464 59,007 57,103 57,557 49,129 Payment to refunded bond escrow agent - - - - - Total expenditures 1,360,255 1,415,699 1,498,255 1,752,833 1,689,673

Excess (deficiency) of revenues over
(under) expenditures 12,005 36,669 27,834 (123,180) 41,877

OTHER FINANCING SOURCES (USES)
Inception of lease - - - - -
Inception of subscription-based information technology
arrangement - - - - -
Proceeds from SARA refunding - - - 92,620 -
Bonds issued - - - - -
Bond premium - - - - -
Refunding bonds issued - - - - -
Premium / (discount) on bonds - - - - -
Payment to refunded bond escrow agent - - - (1,705) - Proceeds from sale of capital assets 37,482 3,848 17,602 38,187 160,943 Transfers in 114,998 96,561 128,089 129,801 196,800 Transfers out (112,198) (93,334) (125,526) (126,681) (197,647) Escrow payment to the County of Santa Clara - - - - (67,000) Total other financing sources (uses) 40,282 7,075 20,165 132,222 93,096

Net change in fund balances $ 52,287 $ 43,744 $ 47,999 $ 9,042 $ 134,973

Debt service as a percentage of noncapital
expenditures(1) 11.59% 8.29% 7.92% 14.57% 7.87%

288

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

STATISTICAL

SECTION

SCHEDULE IV
(Concluded)
City of San José
Changes in Fund Balances, Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
($000’S)

2020 2021 2022 2023 2024

REVENUES
Taxes and special assessments $ 820,215 $ 866,088 $ 993,637 $ 977,408 $ 1,020,007 Sales taxes 260,558 284,020 323,144 343,472 333,411 Licenses, permits, and fines 77,747 28,344 37,206 35,469 36,014 Intergovernmental 217,546 (2) 261,451 298,378 310,612 225,484 Charges for current services 243,745 252,441 292,686 300,110 314,943 Rent 49,387 13,331 31,508 46,682 58,820
Investment income and other revenues 187,121 188,433 164,493 162,020 230,909 Total revenues 1,856,319 1,894,108 2,141,052 2,175,773 2,219,588

EXPENDITURES
General government 229,369 294,300 243,157 163,545 206,134 Public safety 642,840 678,689 727,257 758,025 788,243 Community services 262,653 330,076 355,397 438,791 490,055 Sanitation 182,625 190,402 207,788 227,492 225,944 Capital maintenance 298,232 321,876 374,102 383,867 383,910 Capital outlay 90,167 104,823 58,488 91,403 116,869 Debt service:

Principal 99,034 63,236 93,245 65,225 60,116
Interest and fiscal charges 49,852 42,762 45,313 57,233 47,663 Payment to refunded bond escrow agent - 31,750 12,194 - - Total expenditures 1,854,772 2,057,914 2,116,941 2,185,581 2,318,934

Excess (deficiency) of revenues over
(under) expenditures 1,547 (163,806) 24,111 (9,808) (99,346)

OTHER FINANCING SOURCES (USES)
Inception of lease - - - 11,378 13,417
Inception of subscription-based information technology
arrangement - - - - 1,555
Proceeds from SARA refunding - - - - -
Bonds issued 502,020 155,012 273,980 - -
Bond premium - - 54,331 - -
Refunding bonds issued - 347,143 115,190 - -
Premium / (discount) on bonds 80,821 - - - -
Payment to refunded bond escrow agent (297,366) (344,516) (115,238) 1 - Proceeds from sale of capital assets 5,352 7,020 4,252 4,962 68 Transfers in 135,966 138,958 86,318 106,265 103,698 Transfers out (130,814) (135,891) (82,201) (104,663) (106,778) Escrow payment to the County of Santa Clara - - - - - Total other financing sources (uses) 295,979 167,726 336,632 17,943 11,960

Net change in fund balances $ 297,526 $ 3,920 $ 360,743 $ 8,135 $ (87,386)

Debt service as a percentage of noncapital
expenditures(1)(3) 8.44% 5.43% 6.73% 5.85% 4.89%

(1) Debt ratio was calculated by dividing principal and interest components by total government expenditures excluding capital outlay.

Accordingly, the prior years’ debt ratio is recalculated. (2) FY 2020 total has been restated due to prior period adjustments increasing unearned revenue by $12,408,000, and therefore reducing revenue by $12,408,000.
(3) FY 2022 and the prior years’ debt ratio was recalculated to exclude payments to refunded bond escrow agent.

FOR THE YEAR ENDED JUNE 30, 2024289

290

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

STATISTICAL

SECTION

SCHEDULE V
City of San José
Assessed Value and Estimated Actual Value of Taxable Property Last Ten Fiscal Years
($000’S)
City Former Agency / SARA
Fiscal
Year Secured Unsecured
Less:

Exemptions
Net Taxable
Assessed
Value Secured Unsecured
Less:

Exemptions
Net Taxable
Assessed
Value
Total
Direct
Rate
2015 $ 119,264,034 $ 4,282,669 $ 4,761,308 $ 118,785,395 $ 18,904,511 $ 3,788,295 $ - $ 22,692,806 0.181 2016 127,846,046 4,240,467 5,067,884 127,018,629 19,976,466 3,879,443 - 23,855,909 0.178 2017 135,539,046 4,363,681 5,113,275 134,789,452 22,520,225 4,097,930 - 26,618,155 0.177 2018 143,343,719 4,654,231 5,768,938 142,229,012 24,820,811 4,223,132 - 29,043,943 0.175 2019 147,901,467 3,386,453 5,943,435 145,344,485 31,666,615 5,662,780 - 37,329,395 0.173 2020 159,210,811 3,861,480 6,073,328 156,998,963 33,114,555 5,956,381 - 39,070,936 0.178 2021 172,319,398 5,197,726 6,511,229 171,005,895 31,724,871 4,683,814 - 36,408,685 0.173 2022 179,688,813 5,058,233 6,483,972 178,263,074 33,236,762 4,732,371 - 37,969,133 0.177 2023 192,519,732 5,633,061 7,198,062 190,954,731 35,069,175 5,423,524 - 40,492,699 0.175 2024 204,273,586 6,600,486 7,551,148 203,322,924 37,418,382 5,767,579 - 43,185,961 0.173

Note:

Proposition 13 limits property taxes to a maximum rate of 1% based upon the assessed value of the property being taxed. Each year, the assessed value of property may be increased by an “inflation factor” (limited to a maximum increase of 2%). With few exceptions, property is only reassessed at the time that it is sold to a new owner. At that point, the value of the property is reassessed at the purchase price of the property sold. The assessed valuation data shown above represents the data currently available with respect to the actual market value of taxable property and is subject to the limitations described above.

Source: Department of Finance, County of Santa Clara
291 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

SCHEDULE VI
City of San José
Property Tax Rates - All Overlapping Governments
Last Ten Fiscal Years

Fiscal Year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 City of San José:

General purpose 0.156 0.156 0.156 0.156 0.156 0.156 0.156 0.156 0.156 0.156 Debt service 0.025 0.022 0.021 0.019 0.017 0.022 0.017 0.021 0.019 0.017 Total Direct Rate 0.181 0.178 0.177 0.175 0.173 0.178 0.173 0.177 0.175 0.173

Santa Clara County 0.292 0.292 0.292 0.292 0.292 0.292 0.292 0.292 0.292 0.292 School districts 0.731 0.717 0.703 0.679 0.670 0.650 0.664 0.657 0.654 0.646 Special districts 0.030 0.029 0.032 0.030 0.028 0.028 0.028 0.029 0.028 0.028 Total direct and overlapping rates 1.234 1.216 1.204 1.176 1.162 1.148 1.157 1.155 1.149 1.139

Note: The above tax rates are applied per $100 of assessed valuation.

Source: Department of Finance, County of Santa Clara
292

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

STATISTICAL

SECTION

SCHEDULE VII
City of San José
Principal Property Taxpayers
Current Year and Nine Years Ago
($000’S)
2024 2015
Taxpayer
Taxable
Assessed
Value
Percent of
Total City
Taxable
Assessed
Value Taxpayer
Taxable
Assessed
Value
Percent of
Total City
Taxable
Assessed
Value

Google LLC $ 1,378,888 0.56% Cisco Technology, Inc. $ 1,040,125 0.74% Adobe Systems Inc. 1,209,625 0.49% Essex Portfolio LP 708,570 0.50% Cisco Technology Inc. 1,074,466 0.44% Blackhawk Parent LLC 654,199 0.46% Essex Portfolio LP 1,046,555 0.42% The Irvine Company LLC 564,942 0.40% FRIT San Jose Town & Country Village
LLC 1,009,444 0.41%
FRIT San Jose Town & Country Village
LLC 542,251 0.38%
VF Mall LLC 976,698 0.40% M West Propco 532,491 0.38% Sobrato Interests 775,723 0.31% VF Mall LLC 513,582 0.36% SJCCRE1 LLC 770,814 0.31% Hitachi Global Storage Techs Inc 499,675 0.35% San Jose Water Works 754,375 0.31% Sobrato Interests 470,258 0.33% River View Apartments 714,823 0.29% San Jose Water Works 401,393 0.28% Total assessed property valuation, local
secured net $ 9,711,411 3.94% $ 5,927,486 4.18%

Total City of San José net assessed property valuation (including the former Redevelopment Agency):

FY 2014-2015 $ 141,478,201
FY 2023-2024 $ 246,508,885

Source: California Municipal Statistics, Inc.

Finance Department, County of Santa Clara
293 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

SCHEDULE VIII
City of San José
Property Tax Levies and Collections
Last Ten Fiscal Years
($000’S)
Collected within the Fiscal Year of Levy
Fiscal Year
Tax Levied for the Fiscal
Year Amount Percent of Levy
2015 $ 159,047 $ 159,047 100.0
2016 168,813 168,813 100.0
2017 178,527 178,527 100.0
2018 187,179 187,029 99.9
2019 200,994 200,978 100.0
2020 211,117 212,087 100.5
2021 223,549 224,449 100.4
2022 231,874 232,521 100.3
2023 254,277 254,933 100.3
2024 264,604 265,176 100.2

Note: The tax levied for the current year is based on estimates provided by the County of Santa Clara. No collections in subsequent years.

Sources: Finance Department, County of Santa Clara
Finance Department, City of San José
294

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

STATISTICAL

SECTION

SCHEDULE IX
City of San José
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
($000’S)
Governmental Activities
Fiscal
Year
General
Obligation
Bonds (1) Notes & Loans
Lease
Revenue
Bonds
Direct
Placements
Special
Assessment
Bonds
Revenue
Bonds
Leases &
SBITA
Total
Governmental
Activities

2015 $ 407,332 $ 2,396 $ 595,742 $ - $ 144,159 $ 130,140 $ 38,850 $ 1,318,619 2016 387,403 2,157 579,326 - 139,434 117,715 37,209 1,263,244 2017 367,469 1,917 561,102 - 134,467 104,685 35,495 1,205,135 2018 347,530 1,200 505,519 - 129,228 - 33,704 1,017,181 2019 327,591 - 445,731 13,090 123,714 - 13,891 924,017 2020 545,984 - 421,585 11,175 109,332 - 12,431 1,100,507 2021 519,304 - 540,773 - 103,631 - - 1,163,708 2022 699,184 - 684,411 - 3,524 - 4,893 1,392,012 2023 659,786 - 662,242 - - - 30,378 1,352,406 2024 628,190 - 637,078 - - - 35,981 1,301,249

Business-type Activities
Fiscal
Year
Airport
Revenue
Bonds
Clean Water
Revenue
Bonds
Wastewater
Revenue
Bonds
Wastewater
Revolving
Fund Loans
Wastewater
Notes
Payable
(Direct
Borrowings)
Leases &
SBITA
Total
Business-
type
Activities
Total
Primary
Government
Percentage
of Property
Value
Debt Per
Capita
(not in
000’s)

2015 $ 1,349,266 $ 33,169 $ - $ 14,597 $ - $ - $ 1,397,032 $ 2,715,651 1.92% $ 2,671.63 2016 1,325,579 27,138 - 10,399 - - 1,363,116 2,626,360 1.74% 2,520.27 2017 1,310,332 21,116 - 6,125 - - 1,337,573 2,542,708 1.58% 2,430.70 2018 1,261,909 15,846 - 1,772 18,490 - 1,298,017 2,315,198 1.34% 2,202.19 2019 1,229,409 10,756 - - 89,076 - 1,329,241 2,253,258 1.23% 2,160.24 2020 1,194,784 5,456 - - 106,920 - 1,307,160 2,407,667 1.23% 2,294.79 2021 1,146,872 - - - 150,368 - 1,297,240 2,460,948 1.19% 2,389.31 2022 1,138,859 - - - 236,870 363 1,376,092 2,768,104 1.28% 2,834.77 2023 1,130,509 - 300,512 - 98 4,072 1,435,191 2,787,597 1.20% 2,906.00 2024 1,100,229 - 295,470 - 40,098 4,532 1,440,329 2,741,578 1.11% 2,827.85

Note: Prior to FY 2016, “Total Governmental Activities Debt” was restated to include “Leases”. Accordingly, the percentage of property value and debt per capita are recalculated.
(1) Total general obligation bonds includes the net premium/(discount)

Sources: Finance Department, City of San José
Finance Department, County of Santa Clara
295 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT
Outstanding General Debt (1) (2) (2) (3)
Fiscal Year
General
Obligation
Bonds
Premium/
(Discount)
Net
Total
General
Bonded Debt
Net
Position
Restricted
for GO
Bond Debt
Service
Net
General
Bonded
Debt
Net Assessed
Value Population
Ratio of Total
General Bonded
Debt to Net
Assessed Value
Net General
Bonded Debt
Per Capita
(not in 000’s)

2015 $ 401,735 $ 5,597 $ 407,332 $ 33,887 $ 373,445 $ 141,478,201 1,016,479 0.002879 $ 367.39 2016 382,085 5,318 387,403 33,099 354,304 150,874,538 1,042,094 0.002568 339.99 2017 362,430 5,039 367,469 33,028 334,441 161,407,607 1,046,079 0.002277 319.71 2018 342,770 4,760 347,530 32,309 315,221 171,272,955 1,051,316 0.002029 299.83 2019 323,110 4,481 327,591 32,552 295,039 182,673,880 1,043,058 0.001793 282.86 2020 468,980 77,004 545,984 40,265 505,719 196,069,899 1,049,187 0.002785 482.01 2021 446,460 72,844 519,304 40,867 478,437 207,414,581 1,029,782 0.002504 464.60 2022 582,110 117,074 699,184 52,576 646,608 216,232,207 976,482 0.003233 662.18 2023 548,595 111,191 659,786 46,154 613,632 231,447,430 959,256 0.002851 639.70 2024 522,815 105,375 628,190 45,672 582,518 246,508,885 969,491 0.002548 600.85

Note: Total Outstanding General Debt excludes special assessment, special tax bonds, leases, and notes and loans payable.

(1) Prior to FY 2016, the Total Outstanding General Debt was restated to exclude “Lease Revenue bonds” and “Revenue bonds”. “Revenue bonds” were excluded because they were not secured by property taxes.
(2) Effective 2017, Net General Bonded Debt is used to calculate ratio. Prior to FY 2016, the ratio of Net General Bonded Debt to Net Assessed Value and Net General Bonded Debt per Capita were restated.
(3) Effective 2023, Net General Debt Per Capita is calculated using Total General Bonded Debt net of Net Position restricted for Debt Service value for the year. Years prior to 2023 have the Ratio of Net General Bonded Debt Per Capita restated.

Source: Finance Department, City of San José
State of California, Department of Finance, Population Estimates for California Cities Population
Debt Per Capita ($)
Population vs Dollar Per Capita
Population Debt Per Capita
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
650,000
700,000
750,000
800,000
850,000
900,000
950,000
1,000,000
1,050,000
1,100,000

0.0 80.0
160.0
240.0
320.0
400.0
480.0
560.0
640.0
720.0

SCHEDULE X
City of San José
Ratio of Net General Bonded Debt Outstanding
Last Ten Fiscal Years
($000’S)
296

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STATISTICAL

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STATISTICAL

SECTION

SCHEDULE XI
City of San José
Schedule of Direct and Overlapping Bonded Debt
June 30, 2024
(000’s)

City Net Taxable Assessed Valuation $ 246,508,885

% Applicable
Outstanding Debt
as of 06/30/24
Estimated Share of
Overlapping Debt
City Direct Debt 100.00% $ 1,301,249 $ 1,301,249

Direct Tax and Assessment Debt:

City of San José Community Facilities Districts 100.00% $ - $ - City of San José Special Assessment Bonds 100.00% - - - -

Overlapping Tax and Assessment Debt:

Alum Rock Union School District 77.03% 135,795 104,599 Berryessa Union School District 92.60% 166,024 153,736 Cambrian School District 64.90% 89,620 58,160
Campbell Union High School District 59.79% 336,185 201,012 Campbell Union School District 47.54% 250,309 119,010 Cupertino Union School District 15.70% 235,883 37,024 East Side Union High School District 95.66% 932,616 892,160 Evergreen School District 99.42% 129,626 128,879
Foothill-DeAnza Community College District 3.81% 640,179 24,359 Franklin-McKinley School District 99.34% 170,254 169,132 Fremont Union High School District 8.49% 737,130 62,568 Gavilan Joint Community College District 4.71% 244,740 11,525 Los Gatos Union School District 1.63% 57,080 929
Los Gatos-Saratoga Joint Union High School District 0.81% 78,180 630 Luther Burbank School District 18.73% 16,810 3,149 Midpeninsula Regional Open Space District 0.01% 80,700 9 Moreland School District 74.97% 100,974 75,701
Morgan Hill Unified School District 11.12% 162,395 18,053 Mount Pleasant School District 88.46% 47,680 42,178 Oak Grove School District 99.93% 273,292 273,109
Orchard School District 100.00% 36,652 36,652
San José Unified School District 98.53% 445,699 439,161 San José-Evergreen Community College District 85.29% 982,135 837,643 Santa Clara County 37.14% 956,770 355,364
Santa Clara Unified School District 20.64% 1,003,615 207,166 Santa Clara Valley Water District Benefit Assessment District 37.14% 29,235 10,858 Union School District 72.84% 140,424 102,287
West Valley Community College District 31.35% 663,040 207,863 Subtotal Overlapping Tax and Assessment Debt 9,143,043 4,572,914 Total Direct and Overlapping Tax and Assessment Debt 9,143,043 4,572,914

Overlapping Other Debt:

Berryessa Union School District Certificates of Participation 92.60% 1,981 1,834 Campbell Union High School District General Fund Obligations 59.79% 13,500 8,072 Campbell Union School District General Fund Obligations 47.55% 1,230 585 Cupertino Union School District General Fund Obligations 15.70% 40,233 6,315 297 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

SCHEDULE XI
City of San José
Schedule of Direct and Overlapping Bonded Debt
June 30, 2024
(000’s)
East Side Union High School District Post Employment Obligations 95.66% 23,670 22,643 Franklin-McKinley School District General Fund Obligations 99.34% 10,760 10,689 Midpeninsula Regional Open Space Park District General Fund Obligations 0.01% 79,796 9 Morgan Hill Unified School District Certificates of Participation 11.12% 13,505 1,501 San Jose Unified School District Certificates of Participation 98.53% 3,320 3,271 San Jose-Evergreen Community College District Benefit Obligations 85.29% 46,975 40,064 Santa Clara County Board of Education Certificates of Participation 37.14% 12,073 4,484 Santa Clara County General Fund Obligations 37.14% 1,057,709 392,854 Santa Clara County Pension Obligation Bonds 37.14% 323,734 120,241 Santa Clara Unified School District Certificates of Participation 20.64% 11,202 2,312 West Valley-Mission Community College District General Fund Obligations 31.35% 2,520 790 Total Gross Direct and Overlapping General Fund Debt 1,642,208 615,666 Total Overlapping Debt $ 10,785,251
Total Direct and Overlapping Debt $ 5,188,580

Note:

Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the City. This schedule estimates the portion of the outstanding debt of those overlapping governments that is borne by the residents and businesses in the City. This process recognizes that, when considering the City’s ability to issue and repay long-term debt, the entire debt burden borne by the residents and businesses should be taken into account. However, this does not imply that every taxpayer is a resident, and therefore, responsible for repaying the debt, of each overlapping government. The City direct debt in this schedule includes bonds, notes, certificate of participation, loans, and leases.

Source: California Municipal Statistics, Inc.

Finance Department, County of Santa Clara
298

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STATISTICAL

SECTION

SCHEDULE XII
City of San José
Legal Debt Margin Information
Last Ten Fiscal Years
($000’S)

2015 2016 2017 2018 2019
Calculation of Debt Limit

Gross assessed value for fiscal year $ 146,239,509 $ 155,942,422 $ 166,520,882 $ 177,041,893 $ 188,617,315 Debt limit at 15% of assessed value (1) x .15 x .15 x .15 x .15 x .15 Debt limit applicable to fiscal year $ 21,935,926 $ 23,391,363 $ 24,978,132 $ 26,556,284 $ 28,292,597

Calculation of Legal Debt Margin

Debt limit applicable to fiscal year $ 21,935,926 $ 23,391,363 $ 24,978,132 $ 26,556,284 $ 28,292,597 Total general obligation bonds (2) 407,332 387,403 367,469 347,530 327,591 Legal debt margin $ 21,528,594 $ 23,003,960 $ 24,610,663 $ 26,208,754 $ 27,965,006

Percentage of outstanding debt subject to
legal debt limit 1.9% 1.7% 1.5% 1.3% 1.2%

2020 2021 2022 2023 2024
Calculation of Debt Limit

Gross assessed value for fiscal year $ 202,143,227 $ 213,925,810 $ 222,716,179 $ 238,645,492 $ 254,060,033 Debt limit at 15% of assessed value (1) x .15 x .15 x .15 x .15 x .15 Debt limit applicable to fiscal year $ 30,321,484 $ 32,088,872 $ 33,407,427 $ 35,796,824 $ 38,109,005

Calculation of Legal Debt Margin

Debt limit applicable to fiscal year $ 30,321,484 $ 32,088,872 $ 33,407,427 $ 35,796,824 $ 38,109,005 Total general obligation bonds (2) 545,984 519,304 699,184 659,786 628,190 Legal debt margin $ 29,775,500 $ 31,569,568 $ 32,708,243 $ 35,137,038 $ 37,480,815

Percentage of outstanding debt subject to
legal debt limit 1.8% 1.6% 2.1% 1.8% 1.6%

Note: The prior years’ debts applicable to the limit were restated to be offset by the amounts that the applicable law expressly allows.

Accordingly, the legal debt margin is recalculated.
(1) Section 1216 of the San José City Charter limits the general obligation bonds of the City to 15% of the total assessed value of all real and personal property within the City limits.
(2) Total general obligation bonds includes the net premium/(discount)

Source: Finance Department, County of Santa Clara
Finance Department, City of San José
299 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

SCHEDULE XIII
City of San José
Revenue Bond Coverage
Last Ten Fiscal Years
($000’S)
San José Mineta International Airport

Gross
Revenues
and Other
Available
Funds (1), (7)

Operating
Expenses (2)

Net
Revenue
Available
for Debt
Service

Available
Passenger
Facility
Charges (4)
Net Bond
Debt
Service
Payable
from
Revenues

Coverage
(3)(4)(5)
Debt Service Requirements
Year Principal Interest Total

2015 $ 206,064(8) $ 70,054 $ 136,010 $ 23,475 $ 72,608 $ 96,083 $ 25,202 $ 70,881 1.92 2016 217,275(8) 73,118 (6) 144,157 23,660 71,792 95,452 24,829 70,623 2.04 2017 234,154 77,577 156,577 24,700 70,960 95,660 24,789 70,871 2.21 2018 252,019 85,584 166,435 41,900 61,866 103,766 24,792 78,974 2.11 2019 243,941 92,572 151,369 28,915 63,586 92,501 27,026 65,475 2.31 2020 234,289 97,122 137,167 31,040 62,218 93,258 27,479 65,779 2.09 2021 232,737(9) 89,924 (9) 142,812 33,205 59,513 92,718 14,339 78,379 1.82 2022 245,556 97,717 (10) 147,839 1,900 43,805 45,705 12,420 33,285 4.44 2023 279,641 105,362 174,279 2,225 45,257 47,482 13,640 33,842 5.15 2024 274,441 116,411 158,030 24,155 45,250 69,405 23,072 46,333 3.41

(1) Includes operating and other revenues and prior year’s surplus, excludes Passenger Facility Charges and other items as defined in the Master Trust Agreement.
(2) Includes operating expenses less depreciation and expenses paid from sources other than General Airport Revenues. (3) Debt coverage is calculated by dividing net revenue available for debt service by total debt service requirements. (4) Under the Master Trust Agreement, the City may designate Passenger Facility Charges as “Available Passenger Facility Charges” for payment of eligible debt services. The amount of Debt Service is reduced by the amount Available Passenger Facility Charges designated by the City and deposited with Trustee to pay Debt Service. Beginning 2009 - 2010, debt service requirements calculation excludes Passenger Facility Charges. (5) The City has covenanted in the Master Trust Agreement that net revenues available to pay debt service will be at least 125% of annual debt service for each fiscal year.
(6) Fiscal year 2015 Operating Expenses were revised to exclude expenses related to GASB Statement No. 68. (7) Other Available Funds includes Rolling Coverage Amount, uncommitted monies in the General Revenue Fund from the prior fiscal year, unspent bond proceeds in FY12 through FY17, and CFC Revenues, in an amount not to exceed the amount of eligible debt service and transportation costs. (8) Other Available Funds was restated to include CFC revenues available for debt service not to exceed the amount of CFC eligible debt service and transportation costs.
(9) FY2021 revised amounts to reflect restated revenues and expenses related to GASB Statement No. 87. (10) FY2022 amounts were revised to reflect restated expenses related to GASB Statement No. 96.

300

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SCHEDULE XIII
(Continued)
City of San José
Revenue Bond Coverage
Last Ten Fiscal Years
($000’S)
Clean Water Financing Authority - Sewer Revenue Bonds
Net Revenue
Gross Operating Available for Debt Service Requirements Year Revenues (1) Expenses (2) Debt Service Principal Interest Total Coverage (3)(4)

2015 $ 159,187 $ 88,168 $ 71,019 $ 5,520 $ 1,360 $ 6,880 10.32 2016 168,436 95,200 73,236 5,795 1,121 6,916 10.59 2017 173,796 108,657 65,139 5,855 906 6,761 9.63 2018 185,816 125,384 60,432 5,145 713 5,858 10.32 2019 186,185 104,159 82,026 4,965 537 5,502 14.91 2020 191,816 136,437 55,379 5,175 322 5,497 10.07 2021 191,906 105,547 86,359 5,410 87 5,497 15.71 2022 (5) - - - - - - N/A
2023 - - - - - - N/A
2024 - - - - - - N/A

(1) Includes operating revenues, operating grants/contributions, and other revenues. (2) Includes operating expenses less depreciation and amortization. (3) The City has covenanted in the Improvement Agreement that net system revenues will be at least 115% of its allocable percentage of annual debt service.
(4) Debt Coverage Ratio is calculated based on San José revenues only. (5) No debt service was required since 2021 because the relevant bond matured in November 2021 and no new debt has been issued since.

Source: Environmental Services Department, City of San José 301 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

SCHEDULE XIII
(Concluded)
City of San José
Revenue Bond Coverage
Last Ten Fiscal Years
($000’S)
San José Financing Authority - Wastewater Revenue Bonds Net Revenue
Gross Operating Available for Debt Service Requirements Year Revenues (1) Expenses (2) Debt Service Principal Interest Total Coverage (3)(4)

2023 (5) $ 229,617 $ 174,426 $ 55,191 - $ 7,305 $ 7,305 7.56 2024 234,629 177,345 57,284 - 17,270 17,270 3.22

(1) Includes operating revenues, operating grants/contributions, and other revenues. (2) Includes operating expenses less depreciation and amortization. (3) The City has covenanted in the Improvement Agreement that net system revenues will be at least 115% of its allocable percentage of annual debt service.
(4) The Debt Coverage Ratio is calculated using San Jose pledged revenues, excluding the South Bay Recycling Program. Refer to the updated Master Resolution for further details.
(5) The revenue bonds Series 2022B were issued in FY23 hence no information is shown for prior periods.

Source: Environmental Services Department, City of San José 302

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SECTION
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ANNUAL COMPREHENSIVE FINANCIAL REPORT

STATISTICAL

SECTION

SCHEDULE XIV
City of San José
Demographic and Economic Statistics
Last Ten Fiscal Years
Fiscal Year Population
Net Taxable
Assessed Values
($000’s)
Per Capita Taxable Property
Values
Unemployment
Rate (%)

2015 1,016,479 $ 141,478,201 $ 139,185 4.9
2016 1,042,094 150,874,538 144,780 4.2
2017 1,046,079 161,407,607 154,298 3.7
2018 1,051,316 171,272,955 162,913 2.9
2019 1,043,058 182,673,880 175,133 2.9
2020 1,049,187 196,069,899 186,878 10.8
2021 1,029,782 207,414,581 201,416 5.7
2022 976,482 216,232,207 221,440 2.8
2023 970,772 (d) 231,447,430 241,278 3.7
2024 969,491 246,508,885 254,266 4.5

Note:
(a) Data pertaining to personal income is not readily available, thus the City used taxable assessed values to calculate per capita taxable property values. (b) Population count only reflects preliminary numbers per the State’s press release (c) Unemployment rate reflects the rate as of 7/1 after fiscal year end (d) Updated to the actual number per State of California, Department of Finance.

Sources: State of California, Department of Finance, Population Estimates for California Cities Finance Department, County of Santa Clara
State of California, Employment Development Department, Labor Market Information Division; Unemployment in San José MSA 303 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

SCHEDULE XV
City of San José
Principal Employers
Current Year and Nine Years Ago
2024 2015
Company or Organization
Number of
Employees Rank
Percent of Total
Employment
Number of
Employees Rank
Percent of Total
Employment

County of Santa Clara 22,732 1 4.39% 17,476 1 3.39% City of San José 8,262 (1) 2 1.60% 6,388 (1) 4 1.24% Cisco Systems 7,500 3 1.45% 15,470 2 3.00%
Adobe Systems Inc. 4,100 4 0.79% 2,010 12 0.39% San José State University 4,086 5 0.79% 4,480 5 0.87% Kaiser Permanente 3,969 6 0.77% 2,290 10 0.44% San José Unified School District 3,609 7 0.70% 2,320 9 0.45% eBay Inc. 3,088 8 0.60% 6,130 3 1.19%
Paypal Inc. 2,808 9 0.54% n/a (2) n/a n/a
Broadcom 2,736 10 0.53% 1,780 (3) 14 0.34%
TikTok 2,601 11 0.50% n/a n/a n/a
Target Stores 2,437 12 0.47% 2,000 13 0.39%
Super Micro Computer 2,422 13 0.47% n/a n/a n/a
IBM Corporation 2,300 14 0.44% 2,360 8 0.46%
Western Digital 2,159 15 0.42% 2,660 7 0.52%

(1) Total employees (full-time and part-time) reported in this schedule are based on the City’s payroll system and may not match Full-Time-Equivalents (FTEs) employees presented in the Proposed Budget Document.
(n/a) Company or Organization not included in top 15 principal employers in 2015. (2) In 2002, eBay Inc acquired Paypal Inc and subsequently spun it off in July 2015. As a result, both companies are reported jointly in this schedule for fiscal year 2015.
(3) Broadcom completed the acquisition of Brocade Communications in November 2017. FY2014-2015 ACFR lists Brocade Communications ranking no. 14.

Source: California Employment Development Department, Labor Market Information Division City of San José FY 2024-2025 Proposed Operating Budget

City of San José Finance Department
(payroll division)
FY 2014-2015 ACFR
304

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STATISTICAL

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SCHEDULE XVI
City of San José
Full-Time and Part-Time City Employees
Last Ten Fiscal Years
Full-Time and Part-Time Employees as of June 30th (1)
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Airport 172 164 180 204 206 209 199 190 209 221 City Attorney’s Office 72 79 76 79 86 82 83 82 90 89 City Auditor’s Office 14 14 15 14 11 15 13 13 13 14 City Clerk’s Office 14 14 13 14 12 14 14 14 19 16 City Council & Mayor 89 90 95 104 102 120 113 109 104 102 City Manager’s Office 60 65 65 70 81 87 83 91 94 96 Energy 0 0 0 5 21 25 30 32 42 55
Environmental Services 466 460 489 492 485 488 492 487 513 523 Finance 125 124 111 113 123 120 119 128 128 135 Fire 758 779 781 771 798 794 795 794 771 774 Housing 54 51 55 61 64 70 83 99 108 112
Human Resources 46 46 46 48 44 50 190 (2) 48 64 59 Independent Police Auditor 6 6 5 6 5 6 6 6 5 5 Information Technology 63 68 76 66 82 85 86 96 107 110 Library 576 643 574 554 557 552 511 545 587 550 Office of Economic
Development 58 59 66 60 58 70 64 66 70 64
Parks, Recreation &
Neighborhood Services 1,104 1,160 1,178 1,698 1,783 1,539 1,481 1,434 1,844 1,984 Planning, Building & Code
Enforcement 317 289 284 299 292 289 273 247 266 288 Police 1,422 1,569 1,682 1,807 1,836 1,872 1,877 1,831 1,793 1,833 Public Works 519 535 557 575 592 598 602 596 659 674 Retirement Services 35 36 35 34 38 39 38 42 46 48 Transportation 418 428 422 453 452 451 475 463 512 510

Total 6,388 6,679 6,805 7,527 7,728 7,575 7,627 7,413 8,044 8,262

(1) Total employees (full-time and part-time) reported in this schedule are based on the City’s payroll system and may not match Full-Time-Equivalents (FTEs) employees presented in the Proposed Budget Document.
(2) City hired a large number of temporary unbenefited employees to support COVID-19 vaccination sites in 2021 through a program managed by the Human Resources Department.

Source: Finance Department, Payroll Division, City of San José FOR THE YEAR ENDED JUNE 30, 2024305

306

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STATISTICAL

SECTION

STATISTICAL

SECTION
Schedule XVII

City of San José
Operating Indicators
Last Ten Fiscal Years

2015 2016 2017 2018 2019
AIRPORT:

Takeoffs Per Year:

Commercial Airline Operations 73,835 76,050 104,377 (2) 128,242 141,454 Cargo Commercial Airlines Operations 1,497 1,570 1,654 1,596 1,562 Taxi / Commuter Commercial 18,326 19,055 NA (2) NA (2) NA (2) General Aviation 31,950 34,670 34,105 35,664 48,762 Military Flights 200 241 279 249 230
Landings Per Day:

Commercial 128 132 143 176 194
General Aviation 44 47 47 49 67
Number of Passengers Per Year 9,555,000 10,000,000 11,200,000 13,500,000 14,900,000

ENVIRONMENT AND UTILITIES:

Water:

Wastewater Treated Per Day (in mil. gal.) 101 92 101 105 109 Muni Water Consumption Per Year (in bil.
gal.) 8.2 6.4 6.5 6.6 6.5
Recycled Materials:

Tons of Recyclables 82,000 85,239 96,363 78,606 84,344 Tons of Yard Trimmings 125,000 115,682 129,136 122,375 126,491 Gallons of Used Motor Oil 84,000 65,428 64,571 49,714 56,857

FIRE:

Fires Per Year 2,000 1,950 2,300 3,284 3,076
Hazardous Materials Incidents Per Year NA (1) NA (1) NA (1) NA (1) NA (1) Fire Safety Code Inspections Per Year 13,700 15,000 17,000 19,585 19,573 Emergency Medical Calls Per Year 51,000 54,000 55,000 57,715 57,509

LIBRARIES:

Circulation 9,840,912 9,705,777 9,228,155 8,372,753 8,613,193 Reference Questions 438,450 550,000 450,000 500,000 600,000

PARKS, RECREATION AND NEIGHBORHOOD
SERVICES:

Total Participation in Recreation Programs 611,316 683,913 779,077 785,581 828,233

POLICE:
911 Calls Per Year 578,000 563,000 565,000 610,000 608,000 311 Calls Per Year 370,000 385,000 382,000 426,800 441,000 Cases Investigated Per Year 27,000 22,000 23,000 30,200 34,000

BUILDING PERMITS:

Number issued:

New Buildings 901 742 885 858 1,325
Building Alterations 6,116 4,998 6,474 6,049 5,626 Value:

New Buildings (in $) 852,554,975 866,643,670 1,002,500,194 1,131,512,740 938,617,645 Building Alterations (in $) 1,384,326,525 770,315,772 967,071,695 630,571,262 896,629,696

307 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT
Schedule XVII
(Concluded)
City of San José
Operating Indicators
Last Ten Fiscal Years

2020 2021 2022 2023 2024
AIRPORT:

Takeoffs Per Year:

Commercial Airline Operations 119,018 54,558 (3) 87,824 111,318 110,011 Cargo Commercial Airlines Operations 1,494 1,534 1,147 1,350 1,475 Taxi / Commuter Commercial NA (2) NA (2) NA (2) NA (2) NA (2) General Aviation 47,724 36,389 49,653 55,483 53,497 Military Flights 148 118 293 26 149
Landings Per Day:

Commercial 165 77 120 152 151
General Aviation 65 50 68 72 73
Number of Passengers Per Year 11,300,000 4,000,000 (3) 9,000,000 12,000,000 12,300,000

ENVIRONMENT AND UTILITIES:

Water:

Wastewater Treated Per Day (in mil. gal.) 104 109 91 89 104 Muni Water Consumption Per Year (in bil.
gal.) 6.6 8.2 6.5 6.5 5.9
Recycled Materials:

Tons of Recyclables 87,084 104,627 95,371 90,530 81,766 Tons of Yard Trimmings 127,899 134,194 125,177 116,645 125,818 Gallons of Used Motor Oil 46,571 59,429 56,286 48,571 47,829

FIRE:

Fires Per Year 3,675 4,000 4,271 4,500 5,300
Hazardous Materials Incidents Per Year NA (1) NA (1) NA (1) NA (1) NA (1) Fire Safety Code Inspections Per Year 18,672 18,304 15,828 16,700 16,900 Emergency Medical Calls Per Year 56,454 57,000 54,945 63,000 70,000

LIBRARIES:

Circulation 6,992,895 3,613,471 (3) 6,799,375 8,566,177 10,995,391 Reference Questions 360,000 160,000 (3) 285,680 318,000 318,431

PARKS, RECREATION AND NEIGHBORHOOD
SERVICES:

Total Participation in Recreation Programs 709,764 100,811 (3) 516,597 496,899 818,325

POLICE:
911 Calls Per Year 639,000 640,000 660,552 633,300 642,974 311 Calls Per Year 523,000 525,000 488,298 609,200 469,454 Cases Investigated Per Year 35,500 30,000 30,000 28,000 30,000

BUILDING PERMITS:

Number issued:

New Buildings 1,240 1,310 1,363 1,098 1,306
Building Alterations 4,665 5,011 7,622 7,831 10,574 Value:

New Buildings (in $) 1,160,972,661 1,282,313,750 499,255,860 484,399,634 814,231,203 Building Alterations (in $) 725,204,828 759,736,823 1,165,845,019 1,037,052,856 1,049,919,409

(1) Data currently unavailable due to staffing resources. Efforts are underway to enhance and automate the process. (2) Effective FY 2017, Airport Department no longer tracks the Taxi/Commuter Commerical separately. It is now included in Commercial Airline Operations. (3) FY 2021, significant reductions in certain operating indicators due to COVID-19

Source: FY 2024-2025 Proposed Operating Budget City Manager’s Office, City of San José 308

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SECTION
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STATISTICAL

SECTION

SCHEDULE XVIII
City of San José
Capital Asset Statistics
By Function
Last Ten Fiscal Years

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Airport:

Terminals 2 2 2 2 2 2 2 2 2 2
Runways 3 3 3 3 3 3 3 2 2 2
Public Parking Spaces:

Short-Term Parking 2,500 2,500 2,130 1,980 1,620 1,620 1,443 3,023 (2) 3,023 2,966 Long-Term Parking 3,030 3,030 3,030 3,030 2,920 2,920 3,720 2,509 (2) 2,509 2,458

Environment And Utilities:

Wastewater:

Miles of Municipal Sewer Mains 2,302 2,308 2,030 2,315 2,320 2,322 2,327 2,030 2,040 2,039 Maximum Daily Capacity (millions of
gallons) 167 167 167 167 167 167 167 167 167 167 Water:

Meters in Municipal Service Water Area 26,700 26,700 26,700 26,894 26,671 27,356 26,839 26,980 26,980 26,986 Miles of Water Mains 345 345 345 345 345 345 345 344 345 347

Fire:

Stations 33 33 33 33 33 33 33 34 34 34

Libraries:

Main Library 1 1 1 1 1 1 1 1 1 1
Branches 22 23 23 23 24 24 24 24 24 24

Parks, Recreation And Neighborhood
Services:

Park Sites 199 200 200 203 206 209 209 212 213 215 Community Centers 12 12 12 11 11 16 16 12 12 12

Police:

Stations 1 1 1 1 1 1 1 1 1 1
Vehicles and Motorcycles 369 380 352 303 316 367 367 367 374 371 Horses and K-9’s 16 15 15 15 13 (1) 15 15 15 16 16 Aircraft 2 2 2 2 2 1 1 1 1 1

(1) Decrease due to the disbanding of the SJPD Mounted Unit (2) Effective FY 2022, the hourly/daily parking spaces are no longer tracked separately. They are now included in short-term parking.

Source: FY 2024-2025 Proposed Capital Budget
City Manager’s Office, City of San José
FOR THE YEAR ENDED JUNE 30, 2024309

310

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SECTION

SCHEDULE XIX
City of San José
Conduit Issuer of Multifamily Housing Revenue Bonds Outstanding (1) As of June 30, 2024 (In Thousands)

Project Name Series Date Issued Issue Amount
6/30/2024
Balance
Maturity /
Redemption Annual Fees (2)

Helzer Court Apartments 1999A 06/02/99 $ 16,948 $ 12,758 12/01/41 $ 26,123 Almaden Lake Village Apartments 2000A 03/29/00 2,000 2,000 03/01/32 n/a (3) El Parador Apartments 2000A 12/07/00 6,130 4,485 01/01/41 14,413 San Jose Lutheran Seniors Apartments 2001A-1 07/11/01 3,850 2,031 02/15/34 6,250 Pollard Plaza Apartments 2002D 08/06/02 14,000 4,695 08/01/35 17,500 Hacienda Villa Creek Senior Apartments 2002G-1 10/10/02 4,453 2,276 12/01/34 8,750 Kennedy Apartment Homes 2002K 12/11/02 14,000 6,075 12/15/35 17,500 Fallen Leaves Apartments 2002J-1 12/18/02 13,360 7,300 06/01/36 23,500 Fallen Leaves Apartments 2002J-2 (Sub.) 12/18/02 3,340 1,990 05/01/36 n/a (3) The Oaks of Almaden Apartments 2003B-1 07/29/03 4,365 2,482 02/15/36 10,438 Cinnabar Commons 2003C 08/07/03 25,900 20,000 02/01/37 32,375 Paseo Senter I 2005B-1 12/21/05 6,142 3,574 12/01/38 7,500 Paseo Senter II 2005C-1 12/21/05 4,903 2,699 06/01/38 7,500 Curtner Studios 2007C-1 12/19/07 5,520 3,853 07/31/07 7,500 Fairgrounds Senior Housing Apartments 2008B 05/08/08 26,000 7,875 02/15/36 32,500 Las Ventanas Apartments 2008B 07/15/08 25,900 25,900 10/04/05 38,750 Brookwood Terrace Family Apts 2009B-1 12/23/09 7,780 6,280 02/01/37 17,000 Fourth Street Apts 2010A-1 06/04/10 5,620 4,348 05/01/43 7,500 Orvieto Family Apartments 2010B-1 07/20/10 7,760 6,780 08/01/29 17,750 Kings Crossing Apartments 2010C 09/17/10 24,125 1,804 09/01/45 7,500 Taylor Oaks Apartments 2011A-1 10/21/11 3,950 3,465 10/01/28 7,875 1st and Rosemary Family Apartments 2012C 04/19/12 35,500 23,526 10/01/44 33,900 1st and Rosemary Senior Apartments 2012D 04/19/12 15,500 8,549 10/01/44 12,319 Mayfair Court Apartments 2012B-1 04/20/12 5,220 4,130 10/01/44 27,500 La Moraga Apartments 2012E 09/07/12 52,440 45,481 03/01/26 65,550 3rd Street Residential Apartments 2013A 06/27/13 6,630 3,503 07/01/33 8,288 Cambrian Center 2014A-1 10/17/14 19,035 11,517 05/01/47 32,048 Cambrian Center 2014A-2 10/17/14 19,035 11,517 05/01/47 n/a (3) Poco Way Apartments 2015A-1 02/01/15 21,833 9,773 09/01/47 14,406 Canoas Terrace Apartments 2015B 10/30/15 22,700 19,830 05/01/48 28,375 Town Park Towers Apartments 2015C 10/14/15 45,250 20,861 04/01/48 28,281 Don de Dios Apartments 2016A 12/22/16 17,376 6,163 06/01/34 8,353 Villa De Guadalupe 2017A1 & A2 05/23/17 37,700 28,331 03/01/52 41,995 Villa De Guadalupe Junior 2017B 05/23/17 4,616 4,616 03/01/52 n/a (3) Catalonia Apartments 2017C 10/17/17 16,264 5,870 04/01/39 7,905 El Rancho Verde 2018A 08/28/18 277,700 265,073 09/01/48 52,500 Lenzen Square 2019A-1 08/22/19 18,500 16,250 08/01/59 28,750 Lenzen Square 2019A-2 08/22/19 3,000 3,000 08/01/59 n/a (3) Vista Park I 2019C 10/11/19 13,245 5,428 06/01/38 16,557 Palm Court Sr 2019D 10/11/19 12,247 4,276 06/01/38 15,309 Quetzal Gardens 2019E 12/20/19 32,208 6,063 07/01/37 40,259 Page Street 2020 B -1 10/01/20 6,000 5,876 05/05/53 33,437 Vela (Alum Rock) 2020 11/01/20 32,896 12,855 12/01/39 37,082 Arya 2021 03/01/21 34,314 4,297 03/01/46 42,893 311 FOR THE YEAR ENDED JUNE 30, 2024

ANNUAL COMPREHENSIVE FINANCIAL REPORT

SCHEDULE XIX
City of San José
Conduit Issuer of Multifamily Housing Revenue Bonds Outstanding (1) As of June 30, 2024 (In Thousands)

Project Name Series Date Issued Issue Amount
6/30/2024
Balance
Maturity /
Redemption Annual Fees (2)

Markham Plaza II C-2 2021 05/01/21 6,000 6,000 05/01/66 n/a (3) Immanual Sobrato 2021D 06/01/21 34,980 33,477 05/01/41 43,725 Blossom Hill 2021 06/01/21 39,363 36,557 08/01/45 49,203 Mariposa Place 202.1 01/28/22 31,341 15,167 01/01/40 39,176 Vitalia 2021F-2 01/28/22 10,500 10,500 01/01/41 n/a (3) 1860 Alum Rock 2023A-1 05/23/23 28,918 3,119 07/01/56 36,147 1860 Alum Rock 2023A-2 05/23/23 2,346 50 07/01/27 n/a (3) 777 West San Carlos Apartments 2023C-1 06/12/23 70,700 3,550 07/01/57 88,375 The Charles 2023B-1 06/12/23 44,160 58 10/01/24 12,095 Tamien Station Affordable 2023D 06/30/23 66,100 815 04/01/57 82,625 Dry Creek Crossing E1 2023 E1 11/14/23 31,195 555 06/01/57 7,500 Dry Creek Crossing E2 2023 E2 11/14/23 8,805 1,009 06/01/28 n/a (3) Grand Total $ 1,349,663 $ 770,312 $ 1,242,777

(1) California Government Code Chapter 10.7 ‘Conduit Financing Transparency and Accountability’ requires additional reporting and public disclosures by public agencies that issue certain revenue bonds, including conduit revenue bonds. This table provides the information required by section 5872 of Chapter

10.7 which includes disclosure of fees imposed on borrowers by conduit financing provider, expenditures related to fees, dollar amount and nature of fees and expenses, amount of any City authorized, but unsold bonds at end of June 30, 2024, and amount of debt issued and outstanding at end of reporting period. As of June 30, 2024, the City has served as a conduit issuer for only multifamily housing revenue bonds. (2) Annual monitoring fees and upfront fees are collected pursuant to City Council Policy No. 1-16, Policy for the Issuance of Multifamily Housing Revenue Bonds. The annual monitoring fee is charged to reimburse the City for monitoring the restricted units and the reimbursement agreement and to ensure compliance with tax law. The annual monitoring fees are deposited in the Housing Activities Fund. (3) Bonds are connected to the senior bonds. Those with second tranche are simply connected to the senior since the regulatory agreements do not split fees.

Source: Housing Department, City of San José
FOR THE YEAR ENDED JUNE 30, 2024 312

San Jose City CouncilDecember 10, 2024

San Jose City Council
December 10, 2024