Attachment — San Jose City Council, December 9, 2025 (part 2 of 2)

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, 2025.

FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
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NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2025
Contractual Commitments
On June 30, 2025, the SARA had $181,000 for contractual obligations and commitments.

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NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2025
D. Subsequent Events

1. City of San José General Obligation Bonds
On July 23, 2025, the City issued $209,570,000 of General Obligation Bonds, consisting of Series 2025A (tax- exempt, in the principal amount of $181,740,000), Series 2025B (federally taxable, in the principal amount of $15,190,000) and Series 2025C (federally taxable, in the principal amount of $12,640,000) (collectively, the “2025 GO Bonds”). The 2025 GO Bonds constitute the third and final issuance of bonds under the Measure T authorization of $650,000,000 for Disaster Preparedness, Public Safety, and Infrastructure, approved by the voters in November 2018. The 2025 GO Bonds were issued as long-term fixed-rate debt with level debt service maturing finally on September 1, 2055. The 2025 GO Bonds are general obligation bonds of the City payable from ad valorem property taxes and collected by the County of Santa Clara. The Council is empowered and is obligated to annually levy ad valorem taxes for the payment of the 2025 GO Bonds and the interest thereon upon all property within the City subject to taxation by the City, without limitation of rate or amount (except certain personal property which is taxable at limited rates). The ad valorem property tax levy is calculated for each fiscal year to generate sufficient revenue to pay 100% of annual debt service net of other available funding sources.

The 2025 GO Bonds were rated Aa1 by Moody’s, AA+ by S&P , and AAA by Fitch with stable outlooks.

2. City of San José Financing Authority Lease Revenue Bonds The City Council and Financing Authority Board approved the issuance of the Financing Authority Lease Revenue Bonds, Series 2025A (“2025A Bonds”) in June 2025. The Financing Authority issued the 2025A Bonds in the principal amount of $47.8 million on August 19, 2025 to (i) refund the outstanding Financing Authority Lease Revenue Bonds, Series 2013B (Civic Center Garage) (“2013B Bonds”), (ii) refinance tax- exempt Financing Authority CP Notes for the construction of a new Administration and Operations Building, and the acquisition, construction and installation of related capital improvements, for the Water Resources Division (“Muni Water Building Project”), (iii) finance additional costs of the Muni Water Building Project and (iv) pay the costs incurred in connection with the issuance of the 2025A Bonds. The 2025A Bonds were issued as long-term fixed-rate debt at the final maturity of June 1, 2055. 2025A Bonds were rated Aa2 by Moody’s, AA by S&P and AA by Fitch.

The refunding proceeds of the 2025A Bonds, along with the 2013B Bonds released reserve funds are invested in State and Local Government Series (“SLGS”). Upon maturity of the SLGS on November 14, 2025, all of the outstanding 2013B Bonds and Muni Water Building Project CP Notes will be refunded. The refunding of the 2013B Bonds will produce a net present value savings of approximately $1.0 million or 4.86% of the refunded bonds.

The City leases to the Financing Authority certain real property consisting of the Civic Center Garage located at 50 North Fourth Street, San José, California (the “Leased Property”), under a site lease by and between the City and the Financing Authority. To provide revenues for debt service on the 2025A Bonds, the Financing Authority leases the Leased Property back to the City per the lease agreement under which the City agrees to pay semiannual lease payments as the rental for the Leased Property.

3. Pension Obligation Bond Validation Action
The appeal of the pension obligation bond validation action was heard by the California Supreme Court on October 8, 2025. The Court has 90 days to issue a decision. 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 FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
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NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2025
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.

4. San José Mineta International Airport
On September 17, 2025, the Airport executed three grants totaling $24,251,000 in federal funding from the FAA. Two grants were awarded under the Infrastructure Investment and Jobs Act Airport Infrastructure Grant Program, with $3,917,000 allocated for the New Taxiway V Phase 2 Adjustment and $20,012,000 allocated for the Terminal A Ground Transportation Island Accessibility Upgrades. The third grant award was under the Airport Improvement Program totaling $322,000 for the Pavement Management Study.

5. Insurance Coverage
Fiduciary Liability for Deferred Compensation Plans
Effective June 30, 2025, the City increased the minimum retention for the fiduciary liability policy that covers the Deferred Compensation Plans from $25,000 to $100,000.

6. Labor Agreements
The City Council approved a successor collective bargaining agreement with one of the City’s bargaining units on September 30, 2025. This agreement includes a 7.0% general wage increase in FY 2026, a 5.0% general wage increase in FY 2027, and a 3.0% general wage increase in FY 2028.

The City will be entering into negotiations on successor collective bargaining agreements for seven of the City’s bargaining units by early 2026, as the current agreements have an expiration date of June 30, 2026.

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REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2025 City of San José
General Fund
Schedule of Revenues, Expenditures and Changes in Fund Balance-Budget and Actual For the Year Ended June 30, 2025
($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 $ 545,000 548,000 (1,845) 546,155 - 546,155 Utility 158,000 163,000 (1,114) 161,886 - 161,886 Franchise 55,023 58,023 436 58,459 - 58,459 Business tax 87,000 87,000 693 87,693 - 87,693 Other 16,000 17,000 212 17,212 - 17,212 Sales taxes 352,000 330,000 1,431 331,431 - 331,431 State of California in-lieu 1,000 1,000 (1,000) - - - Licenses, permits and fines 39,708 39,708 2,544 42,252 - 42,252 Intergovernmental 69,896 99,722 (61,479) 38,243 - 38,243 Charges for current services 27,509 27,509 (1,652) 25,858 - 25,858 Other revenues 44,382 56,712 16,796 73,509 - 73,509 Investment income 14,050 15,550 15,671 31,221 12,854 31,221 (1) Total revenues 1,409,568 1,443,224 (29,307) 1,413,919 12,854 1,413,919

EXPENDITURES
Current:

General government 175,036 343,480 (87,460) 256,020 (45,479) 210,541 (2)(3) Public safety 743,892 955,953 (110,109) 845,844 (6,317) 839,527 (2) Community services 243,694 355,418 (108,057) 247,361 (25,297) 222,064 (2) Sanitation 6,709 8,699 (1,383) 7,316 (257) 7,059 (2) Capital maintenance 131,221 206,052 (87,395) 118,657 (24,933) 93,724 (2) Capital outlay 50,676 50,676 - 50,676 - 50,676 Debt service:

Principal 375 1,215 7,993 9,208 - 9,208 Interest 28 28 1,520 1,548 - 1,548
Total expenditures 1,351,631 1,921,521 (384,891) 1,536,630 (102,283) 1,434,347

Excess (deficiency) of revenues
over expenditures 57,937 (478,297) 355,584 (122,711) 115,137 (20,428)

OTHER FINANCING SOURCES (USES)
Inception of lease - - - - 442 442
Inception of subscription-based
information technology arrangement - - - - 7,002 7,002 Proceeds from sale of capital assets 500 500 (500) - - - Transfers in 148,082 13,639 (1,340) 12,299 - 12,299 Transfers out (198,387) (32,248) (1,237) (33,485) - (33,485) Total other financing sources
(uses) (49,805) (18,109) (3,077) (21,186) 7,444 (13,742)

Net change in fund balance 8,132 (496,406) 352,507 (143,897) 122,581 (34,170)

Fund balance - beginning 561,549 561,549 - 561,549 113,564 675,114 Add beginning encumbrance balance - - - 97,638 (97,638) - Fund balance - ending $ 569,681 65,143 352,507 515,291 138,507 640,944

Explanation of differences:
(1) Gain or loss in fair value of investments is 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.

FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
188
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2025 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, 2025
($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 $ 37,687 86,212 (29,108) 57,104 57,104 Investment income 3,240 3,240 3,273 6,513 3,209 9,722 (1) Other revenues 10,732 10,805 (2,390) 8,415 (195) 8,220 (2) Total revenues 51,659 100,257 (28,225) 72,032 3,014 75,046

EXPENDITURES
Current:

Community services 79,513 194,815 (81,153) 113,662 (29,953) 83,710 (2) Total expenditures 79,513 194,815 (81,153) 113,662 (29,953) 83,710

Excess (deficiency) of revenues over
expenditures (27,854) (94,558) 52,928 (41,630) 32,967 (8,664)

OTHER FINANCING SOURCES (USES)
Transfers in - 5,950 5,950 5,951
Transfers out (257) (3,357) (3,357) (3,357) Total other financing sources (uses) (257) 2,593 - 2,593 - 2,594

Net change in fund balance (28,111) (91,965) 52,928 (39,037) 32,967 (6,070)

Fund balance - beginning 131,829 131,829 110,438 80,815 191,253 Add beginning encumbrance balance - - - 42,926 (42,926) - Fund balance - ending $ 103,718 39,864 52,928 114,327 70,856 185,183

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

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REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2025 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, 2025
($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 8,000 434 (424) 10 - 10 Investment income $ 4,500 4,500 8,328 12,828 2,149 14,977 (1) Other revenues 10,000 10,000 (92) 9,908 (9,381) 527 (2) Total revenues 22,500 14,934 7,812 22,746 (7,232) 15,514

EXPENDITURES
Current:

Community services 39,381 100,398 (44,286) 56,112 (40,403) 15,709 (2) Capital outlay 29 29 - 29 - 29
Total expenditures 39,410 100,427 (44,286) 56,141 (40,403) 15,738

Excess (deficiency) of revenues
over expenditures (16,910) (85,493) 52,098 (33,395) 33,171 (224)

OTHER FINANCING (USES)
Transfers in - 3,100 - 3,100 - 3,100
Transfers out (331) (331) - (331) - (331)
Total other financing (uses) (331) 2,769 - 2,769 - 2,769

Net change in fund balance (17,241) (82,724) 52,098 (30,626) 33,171 2,545

Fund balance - beginning 80,902 80,902 - 80,902 339,262 420,164 Add beginning encumbrance balance - - - 48,203 (48,203) - Fund balance - ending $ 63,661 (1,822) 52,098 98,479 324,230 422,709

FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
190
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2025 Schedule of Employer Contributions – Defined Benefit Pension Plans PFDRP Schedule of Employer Contributions
(Dollar Amounts in Thousands) 2025 2024 2023 2022 2021

Actuarially determined contribution $ 213,138 $ 202,700 $ 201,750 $ 212,046 $ 201,370 Contributions in relation to actuarially determined
contribution 213,138 202,700 201,750 212,046 201,370 Contribution deficiency (excess) $ - $ - $ - $ - $ -

Covered payroll $ 283,398 $ 265,551 $ 254,356 $ 251,023 $ 237,476

Contributions as a percentage of covered payroll 75.21% 79.33% 79.32% 84.47% 84.80%

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ANNUAL COMPREHENSIVE FINANCIAL REPORT
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FINANCIAL

SECTION
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2025 Methods and assumptions used to determine contributions:

Fiscal year June 30, 2025 June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 Valuation date June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020 June 30, 2019 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 15-
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% 6.625% 6.625% 6.750%
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 6.50% for new hires
to 0.50% for members
with 11 or more years of
service.

Amortization
growth rate 2.50% 2.50% 2.25% 2.25% 2.50%
Mortality Healthy Retirees:
2010 Public Safety Above
Median Income Mortality Tables
for healthy retirees multiplied
by 0.972, 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 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: 2010
General Member Mortality
Table for Healthy
retireesmultiplied by

1.032
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.

Beneficiaries: CalPERS
2009 Healthy Annuitant
Mortality Tables
multiplied by 0.948 for
males and 1.048 for
females.

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.

FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
192
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2025 Schedule of Employer Contributions – Defined Benefit Pension Plans (Continued) PFDRP Schedule of Employer Contributions
(Dollar Amounts in Thousands) 2020 2019 2018 2017 2016 Actuarially determined contribution $ 188,481 $ 176,618 $ 157,712 $ 136,957 $ 132,480 Contributions in relation to actuarially determined
contribution 188,481 176,618 157,712 136,957 132,480 Contribution deficiency (excess) $ - $ - $ - $ - $ -

Covered payroll $ 230,401 $ 218,619 $ 203,164 $ 188,177 $ 186,874

Contributions as a percentage of covered payroll 81.81% 80.79% 77.63% 72.78% 70.89%

Methods and assumptions used to determine contributions:

Fiscal year June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 Valuation date June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015 June 30, 2014 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 6.75% 6.875% 6.875% 7.000% 7.000%
Salary increases 3.25% per annum (0.75%
real wage growth) plus
merit component based on
length of service ranging
from 6.00% for new hires to

0.50% 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.

3.25% plus merit
component based
on length of service
ranging from 6.00% for
new hires to 0.50% for
members with 10 or
more years of service.

3.25% plus merit
component based
on length of service
ranging from 675% for
new hires to1.00% for
members with 10 or
more years of service.

Amortization
growth
rate

3.25% 3.25% 3.25% 3.25% 3.25%
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.

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FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
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FINANCIAL

SECTION
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2025 Schedule of Employer Contributions – Defined Benefit Pension Plans

FCERS Schedule of Employer Contributions
(Dollar Amounts in Thousands) 2025 2024 2023 2022 2021

Actuarially determined contribution $ 238,195 $ 218,313 $ 199,440 $ 207,598 $ 183,964 Contributions in relation to actuarially determined
contribution 238,195 218,313 199,440 207,598 183,964 Contribution deficiency (excess) $ - $ - $ - $ - $ -

Covered payroll $ 476,222 $ 434,174 $ 386,315 $ 348,307 $ 335,421

Contributions as a percentage of covered payroll 50.02% 50.28% 51.63% 59.60% 54.85%

Methods and assumptions used to determine contributions:

Fiscal year June 30, 2025 June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 Valuation date June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020 June 30, 2019 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% 6.625% 6.75%
Salary increases 3.00% plus merit
component based on
years of service

3.00% plus merit
component based on
years of service

3.00% 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.

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
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
194
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2025 Schedule of Employer Contributions – Defined Benefit Pension Plans (Continued)

FCERS Schedule of Employer Contributions
(Dollar Amounts in Thousands) 2020 2019 2018 2017 2016

Actuarially determined contribution $ 181,327 $ 173,006 $ 156,770 $ 138,483 $ 129,456 Contributions in relation to actuarially
determined contribution 181,327 173,006 156,770 138,483 124,723 Contribution deficiency (excess) $ - $ - $ - $ - $ 4,733

Covered payroll $ 319,980 $ 298,824 $ 290,504 $ 271,153 $ 257,771

Contributions as a percentage of covered
payroll 56.67% 57.90% 53.96% 51.07% 48.39%
Methods and assumptions used to determine contributions:

Fiscal year June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 Valuation date June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015 June 30, 2014 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 6.750% 6.875% 6.875% 7.00% 7.00%
Salary increases 3.25% plus merit component
based on years of service

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% 3.00% 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.

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

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FINANCIAL

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REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2025 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): 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total pension liability
Service cost (middle of year) $ 98,751 $ 95,759 $ 95,421 $ 93,139 $ 89,467 $ 87,641 $ 81,883 $ 75,481 $ 72,760 $ 74,531 Interest (includes interest on service
cost) 397,178 380,456 367,189 354,685 342,802 329,612 313,565 300,378 290,961 274,487 Changes of benefit terms - - - - - - - 178 5,752 - Differences between expected and
actual experience 37,770 73,890 20,532 7,457 (15,131) 37,127 (17,011) 33,081 67,558 (8,672) Changes of assumptions - 712 58 12,390 73,525 80,853 76,425 (100,328) 72,680 90,180 Benefit payments, including refunds
of member contributions (306,618) (291,955) (275,823) (259,876) (244,310) (231,008) (218,008) (206,630) (196,032) (186,940) Net change in total pension liability 227,081 258,862 207,377 207,798 246,353 304,225 236,854 102,160 313,679 243,586

Total pension liability - beginning 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 Total pension liability - ending $ 6,324,487 $ 6,097,406 $ 5,838,544 $ 5,631,170 $ 5,423,369 $ 5,177,016 $ 4,872,791 $ 4,635,937 $ 4,533,777 $ 4,220,098

Plan fiduciary net position
Contributions - employer $ 213,138 $ 202,700 $ 201,750 $ 212,046 $ 201,370 $ 188,481 $ 176,618 $ 157,712 $ 136,957 $ 132,480 Contributions - member 35,806 34,439 32,661 31,660 29,033 27,645 24,811 23,841 20,580 21,508 Net investment income (loss) 538,200 437,637 359,863 (294,551) 1,044,290 134,085 114,179 233,475 292,734 (29,206) Benefit payments, including refunds
of member contributions (306,618) (291,955) (275,823) (259,876) (244,310) (231,008) (218,008) (206,630) (196,032) (186,939) Administrative expense (7,776) (7,879)* (6,833) (6,051) (5,761) (5,605) (5,369) (5,464) (4,635) (4,254) Net change in plan fiduciary net
position 472,750 374,942 311,618 (316,772) 1,024,622 113,598 92,231 202,934 249,604 (66,411)

Plan fiduciary net position -
beginning 5,096,229 4,721,287 4,409,870 4,726,642 3,702,020 3,588,422 3,496,191 3,293,257 3,043,653 3,110,064 Plan fiduciary net position - ending $ 5,568,979 $ 5,096,229 $ 4,721,488 $ 4,409,870 $ 4,726,642 $ 3,702,020 $ 3,588,422 $ 3,496,191 $ 3,293,257 $ 3,043,653

Net pension liability - ending $ 755,508 $ 1,001,177 $ 1,117,056 $ 1,221,300 $ 696,727 $ 1,474,996 $ 1,284,369 $ 1,139,746 $ 1,240,520 $ 1,176,445

Plan fiduciary net position as a
percentage of the total pension
liability 88.05% 83.58% 80.87% 78.31% 87.15% 71.51% 73.64% 75.41% 72.64% 72.12%

Covered payroll $ 265,551 $ 254,356 $ 251,023 $ 237,476 $ 230,401 $ 218,619 $ 203,164 $ 186,177 $ 186,874 $ 180,226 Net pension liability as a percentage
of covered payroll 284.51% 393.61% 445.00% 514.28% 302.40% 674.69% 632.18% 612.18% 663.83% 652.76%

*Note: In fiscal year 2025, the Plan adopted GASB Statement No.101, Compensated Absences, a new accounting principle. The 2024 column has been restated to reflect this change and this balance increased by $30 due to the implemetation. For the purpose of determining the NPL for financial reporting purposes, the original balance was used.

FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
196
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2025 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): 2025 2024 2023 2022
FCERS
2021 2020 2019 2018 2017 2016
Total pension liability
Service cost (middle of year) $ 89,047 $ 81,585 $ 70,248 $ 67,581 $ 65,712 $ 61,014 $ 61,808 $ 59,628 $ 51,887 $ 49,011 Interest (includes interest on service
cost) 333,013 319,257 304,936 295,014 283,610 280,131

272,787 264,250 249,388 229,609
Changes of benefit terms - - - - - - - 1,781 12,132 - Differences between expected and
actual experience 25,567 64,615 64,726 27,568 44,381 (27,723)

(11,662) 17,461 40,853 39,720
Changes of assumptions - 22,572 518 9,684 36,981 (2,937) 54,398 (15,582) 60,233 205,875 Benefit payments, including refunds
of member contributions (266,597) (256,565) (247,356) (237,273) (227,205) (216,728)

(205,066) (193,400) (183,430) (173,318)
Net change in total pension liability 181,030 231,464 193,072 162,574 203,479 93,757 172,265 134,138 231,063 350,897

Total pension liability - beginning 5,113,959 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 Total pension liability - ending $ 5,294,989 $ 5,113,959 $ 4,882,495 $ 4,689,423 $ 4,526,849 $ 4,323,370 $ 4,229,613 $ 4,057,348 $ 3,923,210 $ 3,692,147

Plan fiduciary net position
Contributions - employer $ 238,195 $ 218,313 $ 199,440 $ 207,598 $ 183,964 $ 181,327 $ 173,006 $ 156,770 $ 138,483 $ 124,723 Contributions - employee 37,968 33,933 30,561 27,464 25,725 25,082 22,606 20,501 17,227 15,920 Net investment income (loss) 328,516 257,583 222,101 (169,129) 698,606 90,909 76,855 117,493 146,010 (35,010) Benefit payments, including refunds
of member contributions (266,597) (256,565) (247,356) (237,273) (227,205) (216,728) (205,066) (193,400) (183,430) (173,318) Administrative expense (6,033) (6,158)* (5,458) (4,978) (4,763) (4,725) (4,582) (4,823) (4,380) (3,940) Net change in plan fiduciary net
position 332,049 247,106 199,288 (176,318) 676,327 75,865 62,819 96,541 113,910 (71,625)

Plan fiduciary net position -
beginning 3,154,264 2,907,158 2,708,026 2,884,344 2,208,017 2,132,152 2,069,333 1,972,792 1,858,882 1,930,507 Plan fiduciary net position - ending $ 3,486,313 $ 3,154,264 $ 2,907,314 $ 2,708,026 $ 2,884,344 $ 2,208,017 $ 2,132,152 $ 2,069,333 $ 1,972,792 $ 1,858,882

Net pension liability - ending $ 1,808,676 $ 1,959,695 $ 1,975,181 $ 1,981,397 $ 1,642,505 $ 2,115,353 $ 2,097,461 $ 1,988,015 $ 1,950,418 $ 1,833,265

Plan fiduciary net position as a
percentage of the total pension
liability 65.84% 61.68% 59.55% 57.75% 63.72% 51.07% 50.41% 51.00% 50.29% 50.35%

Covered payroll $ 434,174 $ 386,315 $ 348,307 $ 335,421 $ 319,980 $ 298,824 $ 290,504 $ 271,153 $ 257,771 $ 240,678 Net pension liability as a percentage
of covered payroll 416.58% 507.28% 567.08% 590.72% 513.31% 707.89% 722.01% 733.17% 756.65% 761.71%

*Note: In fiscal year 2025, the Plan adopted GASB Statement No.101, Compensated Absences, a new accounting principle. The 2024 column has been restated to reflect this change and this balance increased by $21 due to the implemetation. For the purpose of determining the NPL for financial reporting purposes, the original balance was used.

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ANNUAL COMPREHENSIVE FINANCIAL REPORT
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FINANCIAL

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REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2025 Schedule of Investment Returns – Defined Benefit Pension Plans

PFDRP
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Annual money-weighted
rate of return, net of
investment expense 9.92% 9.53% 7.94% -4.81% 26.43% 2.98% 4.00% 6.89% 9.68% -0.85%

FCERS
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Annual money-weighted
rate of return, net of
investment expense 9.57% 9.75% 7.31% -4.19% 29.43% 3.79% 4.17% 6.03% 7.53% -0.79%

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

FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
198
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2025 Schedule of the City’s Proportionate Share of the Net Pension Liability and Related Ratios – CalPERS

(Dollar amounts in
thousands): 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Measurement date:

June 30,
2024
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
Proportion of the net
pension liability 0.03280% 0.03288% 0.03310% 0.04730% 0.03430% 0.03490% 0.03540% 0.03600% 0.03630% 0.03783% Proportionate share of
the net pension liability $ 1,586 $ 1,644 $ 1,548 $ 897 $ 1,448 $ 1,395 $ 1,334 $ 1,419 $ 1,262 $ 1,038 Covered payroll $ 1,928 $ 1,869 $ 1,885 $ 1,720 $ 1,006 $ 797 $ 822 $ 776 $ 756 $ 589 Proportionate share of
the net pension liability
as percentage of
covered payroll 82.26% 87.96% 82.12% 52.15% 143.94% 175.03% 162.29% 182.86% 166.93% 176.23% Plan’s fiduciary
net position as a
percentage of the total
pension liability 77.33% 76.17% 75.74% 82.49% 75.19% 75.65% 76.39% 74.67% 74.39% 77.96%

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FINANCIAL

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REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2025 Schedule of Employer Contributions – CalPERS

(Dollar amounts in
thousands) 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Contractually required
contribution $ 359 $ 323 $ 318 $ 325 $ 305 $ 222 $ 188 $ 184 $ 162 $ 148 Contributions in
relation to the
contractually required
contributions 359 323 330 302 293 222 188 184 162 156 Contribution deficiency
(excess) $ - $ - $ (12) $ 23 $ - $ - $ - $ - $ (8) $ (8)

Covered payroll $ 2,204 $ 1,928 $ 1,869 $ 1,885 $ 1,720 $ 1,006 $ 797 $ 822 $ 776 $ 756 Contributions as a
percentage of covered
payroll 16.29% 16.75% 17.66% 16.02% 17.03% 22.07% 23.59% 22.38% 20.88% 20.63%

Notes to Schedule:

Valuation Date 6/30/2023 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 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 2.50% 2.31% 2.31% 2.91% 2.61% 1.75% 2.75% 2.91% 3.72% 2.98% Salary Growth
.20% to

7.64% .40% to 8.50% 3.20% to 12.20% 3.30% to 14.20% Depending on Age, Service and Type of Employment
Inflation 2.800% 2.500% 2.625% 2.75%
Payroll Growth 2.800% 2.750% 2.875% 3.00%

FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
200
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2025 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 2025 2024 2023 2022 2021 2020 2019 2018 2017 Service cost (middle of year) $ 11,023 $ 12,292 $ 12,112 $ 13,265 $ 12,991 $ 12,813 $ 15,003 $ 13,001 $ 16,112 Interest (includes interest on
service cost) 52,429 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 (13,559) 68,743 (56,387) (50,193) (35,106) (99,319) (3,401) 14,877 - Change of assumptions (11,135) 26,186 18,322 36,583 48,332 8,567 38,843 21,243 - Benefit payments, including
refunds of member contributions (34,076) (30,699) (27,528) (26,457) (25,975) (25,031) (26,403) (27,686) (24,799) Net change in total OPEB liability 4,682 128,552 (8,813) 18,301 46,031 (58,294) 72,250 (2,685) 38,086

Total OPEB liability - beginning 909,859 781,307 790,120 771,819 725,788 784,082 711,832 714,517 676,431 Total OPEB liability - ending $ 914,541 $ 909,859 $ 781,307 $ 790,120 $ 771,819 $ 725,788 $ 784,082 $ 711,832 $ 714,517

Plan fiduciary net position
Contributions - employer $ 35,562 $ 33,166 $ 30,763 $ 30,763 $ 28,397 $ 27,350 $ 28,744 $ 25,382 $ 20,667 Contributions - employees 10,707 10,820 11,299 12,109 12,475 13,135 13,315 16,127 18,116 Net investment income (loss) 40,807 31,685 19,660 (27,300) 52,994 7,243 7,907 7,071 12,454 Benefit payments, including
refunds of member contributions (34,076) (30,699) (27,528) (26,458) (25,975) (25,031) (26,403) (27,686) (24,799) Administrative expense (107) (131) (103) (154) (110) (122) (126) (159) (181) VEBA transfer - - - - - - - (7,897) - Net change in plan fiduciary net
position 52,893 44,841 34,091 (11,040) 67,781 22,575 23,437 12,838 26,257

Plan fiduciary net position -
beginning 344,205 299,364 265,273 276,313 208,532 185,957 162,520 149,682 123,425 Plan fiduciary net position -
ending $ 397,098 $ 344,205 $ 299,364 $ 265,273 $ 276,313 $ 208,532 $ 185,957 162,520 149,682

Net OPEB liability - ending $ 517,443 $ 565,654 $ 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 43.42% 37.83% 38.32% 33.57% 35.80% 28.73% 23.72% 22.83% 20.95%

Covered payroll $ 265,551 $ 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 194.86% 222.39% 191.99% 221.01% 215.06% 236.60% 294.41% 295.05% 302.25%

INTRODUCTORY

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FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
201

FINANCIAL

SECTION
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2025 Schedule of Changes in the Employer’s Net OPEB Liability and Related Ratios for the Measurement Periods Ended June 30 – Postemployment Healthcare Plans (Continued) (Dollar amounts in thousands): FCERS
Total OPEB liability 2025 2024 2023 2022 2021 2020 2019 2018 2017 Service cost (middle of year) $ 7,095 $ 7,322 $ 6,972 $ 7,537 $ 7,018 $ 7,040 $ 7,723 $ 7,889 $ 11,109 Interest (includes interest on
service cost) 42,400 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 (386) 44,484 (36,989) (24,961) (33,945) (25,639) (10,418) (994) - Change of assumptions (8,932) 3,397 9,273 22,369 34,496 (14,804) 9,310 (77,795) - Benefit payments, including
refunds of member contributions (34,938) (32,635) (30,869) (31,088) (31,871) (30,779) (28,824) (29,724) (31,007) Net change in total OPEB liability 5,239 64,599 (13,279) 12,932 15,584 (22,327) 20,973 (115,578) 30,079

Total OPEB liability - beginning 729,704 665,105 678,384 665,452 649,868 672,195 651,222 766,801 736,721 Total OPEB liability - ending $ 734,943 $ 729,704 $ 665,105 $ 678,384 $ 665,452 $ 649,868 $ 672,195 $ 651,223 $ 766,800

Plan fiduciary net position
Contributions - employer $ 27,645 $ 25,357 $ 22,997 $ 24,787 $ 26,236 $ 26,533 $ 26,410 $ 32,397 $ 31,905 Contributions - employees 9,727 9,891 9,841 9,865 10,275 10,692 10,578 15,545 16,827 Net investment income (loss) 46,483 37,149 24,268 (38,290) 77,362 3,077 9,472 12,336 17,041 Benefit payments, including
refunds of member contributions (34,938) (32,635) (30,869) (31,088) (31,871) (30,779) (28,826) (29,724) (31,007) Administrative expense (869) (832) (750) (765) (697) (686) (384) (170) (242) VEBA transfer - - - - (5) (13) (19) (13,497) - Net change in plan fiduciary net
position 48,048 38,930 25,487 (35,491) 81,300 8,824 17,231 16,887 34,524

Plan fiduciary net position -
beginning 413,518 374,588 * 349,121 384,612 303,312 294,488 277,257 260,370 225,846 Plan fiduciary net position -
ending $ 461,566 $ 413,518 $ 374,608 $ 349,121 $ 384,612 $ 303,312 $ 294,488 $ 277,257 $ 260,370

Net OPEB liability - ending $ 273,377 $ 316,186 $ 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 62.80% 56.67% 56.32% 51.46% 57.80% 46.67% 43.81% 42.57% 33.96%

Covered payroll $ 434,174 $ 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 62.96% 81.85% 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.
*Note: In fiscal year 2025, the Plan adopted GASB Statement No. 101, Compensated Absences, a new accounting principle. This balance decreased by $20 due to the implementation. For the purpose of determing the Net OPEB Liability for financial reporting purposes, the original balance was used.

FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
202
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2025 City of San José
Required Supplementary Information (Unaudited)
June 30, 2025
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.

INTRODUCTORY

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FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
203

FINANCIAL

SECTION
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2025 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 2025 2024 2023 2022 2021

Actuarially Determined Contribution (ADC) $ 35,562 $ 33,166 $ 30,762 $ 30,763 $ 28,397 Contribution in relation to the ADC (35,562) (33,166) (30,762) (30,763) (28,397) Contribution deficiency (excess) $ - $ - $ - $ - $ -

Covered payroll $ 283,398 $ 265,551 $ 254,356 $ 251,023 $ 237,476

Contribution as a percentage of covered payroll 13% 12% 12% 12% 12% FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
204
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2025 Schedule of Employer Contributions – Postemployment Healthcare Plans (Continued) PFDRP Schedule of Employer Contributions
(Dollar Amounts in Thousands)
Last Ten Fiscal Years
Measurement Period Ended June 30 2020 2019 2018

Actuarially Determined Contribution (ADC) $ 27,350 $ 28,744 $ 25,382 Contribution in relation to the ADC (27,350) (28,744) (25,382) Contribution deficiency (excess) $ - $ - $ -

Covered payroll $ 230,401 $ 218,619 $ 203,164

Contribution as a percentage of covered payroll 12% 13% 12%

INTRODUCTORY

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FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
205

FINANCIAL

SECTION
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2025 Methods and assumptions used to determine contributions:

Fiscal Year 6/30/2025 6/30/2024 6/30/2023 6/30/2022 6/30/2021 Valuation Date 6/30/2023 6/30/2022 6/30/2021 6/30/2020 6/30/2019 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
Actuarial Cost Method 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 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
Discount rate 6.000% 6.000% 6.000% 6.250% 6.500%
Amortization growth
rate 3.00% 3.00% 3.00% 3.00% 3.25%
Ultimate rate of
medical inflation 3.94% 3.94% 3.78% 3.78% 3.94%
Salary increases 3.00% plus merit 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
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
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

A complete description of the methods and assumptions used to determine contributions for the year ended June 30, 2018 to 2025, can be found in the June 30, 2016 to 2023 actuarial valuation report, respectively.

FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
206
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2025 Methods and assumptions used to determine contributions:

Fiscal Year 6/30/2020 6/30/2019 6/30/2018
Valuation Date 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

Actuarial Cost
Method Individual entry age Individual entry age Individual entry age Asset Valuation
Method 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

Discount rate 6.500% 6.875% 6.875%
Amortization growth
rate 3.25% 3.25% 3.25%
Ultimate rate of
medical inflation 4.25% 4.25% 4.25%
Salary increases 3.25% plus merit
component based on
years of service

3.25% plus merit
component based on
years of service

INTRODUCTORY

SECTION
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ANNUAL COMPREHENSIVE FINANCIAL REPORT
207

FINANCIAL

SECTION
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2025

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 2025 2024 2023 2022 2021

Actuarially Determined Contribution (ADC) $ 27,645 $ 25,357 $ 22,997 $ 24,787 $ 26,236 Contribution in relation to the ADC (27,645) (25,357) (22,997) (24,787) (26,236) Contribution deficiency (excess) $ - $ - $ - $ - $ -

Covered payroll $ 476,222 $ 434,174 $ 386,315 $ 348,307 $ 335,421

Contribution as a percentage of covered payroll 6% 6% 6% 7% 8% FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
208
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2025

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 2020 2019 2018

Actuarially Determined Contribution (ADC) $ 26,533 $ 26,410 $ 32,397 Contribution in relation to the ADC (26,533) (26,410) (32,397) Contribution deficiency (excess) $ - $ - $ -

Covered payroll $ 319,980 $ 298,824 $ 290,504

Contribution as a percentage of covered payroll 8% 9% 11%

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ANNUAL COMPREHENSIVE FINANCIAL REPORT
209

FINANCIAL

SECTION
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2025 Methods and assumptions used to determine contributions:

Fiscal Year 6/30/2025 6/30/2024 6/30/2023 6/30/2022 6/30/2021 Valuation Date 6/30/2023 6/30/2022 6/30/2021 6/30/2020 6/30/2019 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
Actuarial Cost Method 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
Asset Valuation
Method 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%
Discount rate 6.00% 6.00% 6.00% 6.25% 6.75%
Ultimate rate of
medical inflation 3.94% 3.94% 3.78% 3.78% 3.94%
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
Mortality Adjusted 2010 Public
General Mortality
tables for healthy and
disabled members
projected on a
generational basis
using the SOA MP-
2021 projection scale
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

FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
210
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2025 Methods and assumptions used to determine contributions:

Actuarial Cost
Method 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
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 Amortization growth
rate 0.00% 0.00% 0.00%
Discount rate 6.75% 6.875% 6.875%
Ultimate rate of
medical inflation 4.25% 4.25% 4.25%
Salary increases 3.25% based on years
of service

3.25% based on years
of service

Mortality 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-2018
projection scale

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ANNUAL COMPREHENSIVE FINANCIAL REPORT
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FINANCIAL

SECTION
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2025 Schedule of Investment Returns – Postemployment Healthcare Plans

PFDRP
2025 2024 2023 2022 2021 2020 2019 2018
Annual money-weighted rate
of return, net of investment
expense 9.92% 9.53% 8.22% -9.62% 23.96% 1.95% 4.86% 3.56%

FCERS
2025 2024 2023 2022 2021 2020 2019 2018
Annual money-weighted rate
of return, net of investment
expense 11.08% 8.23% 8.21% -9.91% 24.92% 0.53% 4.33% 4.55%

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.

FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
212
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2025 City of San Jose
Notes to Required Supplementary Information (Unaudited) June 30, 2025
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 of America (“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.

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
213

FINANCIAL

SECTION
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) JUNE 30, 2025 ○ 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 statements No. 87 (Leases) and No. 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 21, 2025, the City Council approved certain fiscal year 2025 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

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
215

FINANCIAL

SECTION
City of San José
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2025
($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 $ 538,351 470 82,335 621,156 Receivables (net of allowance for uncollectibles) 35,270 260 35,110 70,640 Due from other funds 743 20,700 - 21,443
Loans receivable (net of allowance for uncollectibles) 1,772 - - 1,772 Advances and deposits 310 - 43 353
Restricted assets:

Equity in pooled cash and investments held in City Treasury - 48,040 35,985 84,025 Cash and investments held with fiscal agents 3,391 10,325 67,533 81,249 Other cash and investments 18,519 - - 18,519
Leases receivable 2,871 - - 2,871
Public-private and public-public partnerships receivable 91,717 - - 91,717 Other assets 1,930 - - 1,930
Total assets $ 694,874 79,795 221,006 995,675

LIABILITIES
Accounts payable $ 27,145 - 40,207 67,352
Accrued salaries, wages, and payroll taxes 3,507 - 746 4,253 Due to other funds 4,244 - - 4,244
Due to outside agencies - 112 - 112
Short-term notes payable - 25,667 - 25,667
Unearned revenue 14,446 - - 14,446
Advances, deposits, and reimbursable credits 7,420 - 1,578 8,998 Other liabilities 21,909 - 317 22,226
Total liabilities 78,671 25,779 42,848 147,298

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue 3,324 - - 3,324
Leases 2,839 - - 2,839
Public-private and public-public partnerships 81,310 - - 81,310 Total deferred inflows of resources 87,473 - - 87,473

FUND BALANCES
Restricted 387,273 54,016 99,737 541,026
Committed 121,839 - - 121,839
Assigned 19,638 - 78,421 98,059
Unassigned (20) - - (20)
Total fund balances 528,730 54,016 178,158 760,904 Total liabilities, deferred inflows of resources and fund balances $ 694,874 79,795 221,006 995,675
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
216
City of San José
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the Year Ended June 30, 2025
($000’s)

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

REVENUES
Taxes and special assessments $ 113,634 48,125 28,088 189,847 Intergovernmental 51,683 - 100,794 152,477
Charges for current services 291,157 - 1,616 292,773 Rent 63,324 - - 63,324
Investment income 27,185 2,317 15,612 45,114
Other revenues 54,537 783 2,235 57,555
Total revenues 601,520 51,225 148,345 801,090

EXPENDITURES
Current:

General government 118 - - 118
Public safety 2,341 - - 2,341
Community services 194,014 - - 194,014
Sanitation 241,632 - - 241,632
Capital maintenance 135,173 - 154,103 289,276
Capital outlay 30,671 - 60,551 91,222
Debt service:

Principal 228 51,555 - 51,783
Interest and fiscal charges 54 44,956 - 45,010
Total expenditures 604,231 96,511 214,654 915,396

Deficiency of revenues under expenditures (2,711) (45,286) (66,309) (114,306)

OTHER FINANCIAL SOURCES (USES)
Inception of subscription-based information technology
arrangement 1,191 - - 1,191
Transfers in 18,830 71,851 4 90,685
Transfers out (33,990) (25,042) (13,292) (72,324)
Total other financing sources (uses) (13,969) 46,809 (13,288) 19,552

Net change in fund balances (16,680) 1,523 (79,597) (94,754)

Fund balances - beginning, as previously reported 545,410 47,755 225,341 818,506 Adjustment - change from major fund to nonmajor fund - 4,738 32,414 37,152 Fund balances - beginning, as restated 545,410 52,493 257,755 855,658 Fund balances - ending $ 528,730 54,016 178,158 760,904 FOR THE YEAR ENDED JUNE 30, 2025 217

Nonmajor Special
Revenue Funds
219

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT

STATISTICAL

SECTION

FINANCIAL

SECTION
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. 220 FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
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 Funds – 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.

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
221

FINANCIAL

SECTION
City of San José
Combining Balance Sheet
Nonmajor Special Revenue Funds
June 30, 2025
($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 $ 2,427 484 4,389 36,717 Receivables (net of allowance for uncollectibles) 14 4 32 217 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 - - - -
Leases receivable - - - -
Public-private and public-public partnerships receivable - - - - Other assets - - - -
Total assets $ 2,441 488 4,421 36,934

LIABILITIES
Accounts payable $ 6 3 154 1
Accrued salaries, wages and payroll taxes 1 - 17 756 Due to other funds - - - -
Unearned revenue 2,136 - - -
Advances, deposits, and reimbursable credits - - - - Other liabilities - - - 5,729
Total liabilities 2,143 3 171 6,486

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

FUND BALANCES
Restricted - - - -
Committed 298 485 - 30,448
Assigned - - 4,250 -
Unassigned - - - -
Total fund balances 298 485 4,250 30,448

Total liabilities, deferred inflows of resources and fund balances $ 2,441 488 4,421 36,934

FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
222

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)

6,633 4,472 3,184 8,173 1,141 -
38 26 19 830 59 2,977
- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
6,671 4,498 3,203 9,003 1,200 2,977

- 32 - - - 625
114 80 177 299 - 82
- - - - - 631
- - - - - -
- - - - - -
2,563 - 2,045 2,326 - -
2,677 112 2,222 2,625 - 1,338

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

- - - - - 1,639
3,994 4,386 981 6,378 1,200 -
- - - - - -
- - - - - -
3,994 4,386 981 6,378 1,200 1,639

6,671 4,498 3,203 9,003 1,200 2,977
(Continued)

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
223

FINANCIAL

SECTION
City of San José
Combining Balance Sheet
Nonmajor Special Revenue Funds
June 30, 2025
($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 $ 17,267 123 103,726 Receivables (net of allowance for uncollectibles) 975 1 615 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 - - -
Leases receivable - - -
Public-private and public-public partnerships receivable - - - Other assets - - -
Total assets $ 18,242 124 104,341

LIABILITIES
Accounts payable $ 675 - 1,024
Accrued salaries, wages and payroll taxes 70 - 56
Due to other funds - - -
Unearned revenue 72 - -
Advances, deposits, and reimbursable credits - - - Other liabilities - - -
Total liabilities 817 - 1,080

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

FUND BALANCES
Restricted 17,425 - 103,261
Committed - - -
Assigned - 124 -
Unassigned - - -
Total fund balances 17,425 124 103,261

Total liabilities, deferred inflows of resources and fund balances $ 18,242 124 104,341

FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
224

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)

88,019 - - 641 4,091 14,215
4,324 1,459 1,672 4 25 374
- - - - 112 -
- - - - - -
- - - - - -

3,391 - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
95,734 1,459 1,672 645 4,228 14,589

3,214 - - 1 - 4
380 - - - - 9
370 1,459 1,672 - - -
- - - - 3,883 -
- - - - - -
168 - - - - -
4,132 1,459 1,672 1 3,883 13

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

91,602 - - 644 345 14,576
- - - - - -
- - - - - -
- - - - - -
91,602 - - 644 345 14,576

95,734 1,459 1,672 645 4,228 14,589
(Continued)

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
225

FINANCIAL

SECTION
City of San José
Combining Balance Sheet
Nonmajor Special Revenue Funds
June 30, 2025
($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 $ 1 5,522 - Receivables (net of allowance for uncollectibles) - 9 - 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 2,266 - 630
Leases receivable - - -
Public-private and public-public partnerships receivable - - - Other assets - - -
Total assets $ 2,267 5,531 630

LIABILITIES
Accounts payable $ - 5 -
Accrued salaries, wages and payroll taxes - 218 -
Due to other funds - - -
Unearned revenue - - -
Advances, deposits, and reimbursable credits - - -
Other liabilities - - -
Total liabilities - 223 -

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

FUND BALANCES
Restricted 2,267 5,308 630
Committed - - -
Assigned - - -
Unassigned - - -
Total fund balances 2,267 5,308 630

Total liabilities, deferred inflows of resources and fund balances $ 2,267 5,531 630

FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
226

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)

3,433 852 2,734 69,687 95,412 -
20 5 16 8,528 2,710 -
- - - - 631 -
- - - - - -
- - - - 3 -

- - - - - -
- - 2,087 - - -
- - - 2,871 - -
- - 91,717 - - -
- - - - - 20
3,453 857 96,554 81,086 98,756 20

- - - 18,256 666 -
- - - 289 388 -
- - - - - -
- - - - - -
- - - 7,189 231 -
- - - 5 - -
- - - 25,739 1,285 -

- - - 572 - -
- - - 2,839 - -
- - 81,310 - - -
- - 81,310 3,411 - -

- - - - 97,471 -
3,453 857 - 51,936 - -
- - 15,244 - - 20
- - - - - -
3,453 857 15,244 51,936 97,471 20

3,453 857 96,554 81,086 98,756 20
(Continued)

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
227

FINANCIAL

SECTION
City of San José
Combining Balance Sheet
Nonmajor Special Revenue Funds
June 30, 2025
($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 $ 1,910 8 47,996 Receivables (net of allowance for uncollectibles) 3,305 - 810 Due from other funds - - -
Loans receivable (net of allowance for uncollectibles) 1,772 - - Advances and deposits - - -
Restricted assets:

Cash and investments held with fiscal agents - - -
Other cash and investments 5 - -
Leases receivable - - -
Public-private and public-public partnerships receivable - - - Other assets 1,904 - -
Total assets $ 8,896 8 48,806

LIABILITIES
Accounts payable $ 1,354 - 971
Accrued salaries, wages and payroll taxes 50 - 465
Due to other funds - - -
Unearned revenue - - 320
Advances, deposits, and reimbursable credits - - -
Other liabilities - - -
Total liabilities 1,404 - 1,756

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue 2,752 - -
Leases - - -
Public-private and public-public partnerships - - -
Total deferred inflows of resources 2,752 - -

FUND BALANCES
Restricted 4,740 8 47,050
Committed - - -
Assigned - - -
Unassigned - - -
Total fund balances 4,740 8 47,050

Total liabilities, deferred inflows of resources and fund balances $ 8,896 8 48,806 FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
228

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

3,234 1,630 - 1,671 8,558 538,350
3,750 156 112 256 1,928 35,270
- - - - - 743
- - - - - 1,772
- - - - 307 310

- - - - - 3,391
- - - - 13,532 18,520
- - - - - 2,871
- - - - - 91,717
- - - - 6 1,930
6,984 1,786 112 1,927 24,331 694,874

152 2 - - - 27,145
56 - - - - 3,507
- - 112 - - 4,244
- - 20 - 8,015 14,446
- - - - - 7,420
- - - - 9,073 21,909
208 2 132 - 17,088 78,671

- - - - - 3,324
- - - - - 2,839
- - - - - 81,310
- - - - - 87,473

- - - - 307 387,273
6,776 1,784 - 1,927 6,936 121,839
- - - - - 19,638
- - (20) - - (20)
6,776 1,784 (20) 1,927 7,243 528,730

6,984 1,786 112 1,927 24,331 694,874

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
229

FINANCIAL

SECTION
City of San José
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Special Revenue Funds
For the Year Ended June 30, 2025
($000’s)

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 - 138 - -
Investment income 99 32 211 1,885
Other revenues 524 - 950 35,004
Total revenues 623 170 1,161 36,889

EXPENDITURES
Current:

General government - - - -
Public safety - - - -
Community services 524 123 898 40,470
Sanitation - - - -
Capital maintenance - - - -
Capital outlay - 138 - -
Debt service:

Principal - - - -
Interest and fiscal changes - - - -
Total expenditures 524 261 898 40,470

Excess (deficiency) of revenues over (under) expenditures 99 (91) 263 (3,581)

OTHER FINANCING SOURCES (USES)
Inception of subscription-based information technology arrangement - - - - Transfers in - - - -
Transfers out - - - (968)
Total other financing sources (uses) - - - (968)

Net change in fund balances 99 (91) 263 (4,549)

Fund balances - beginning 199 576 3,987 34,997 Fund balances - ending $ 298 485 4,250 30,448

FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
230

- - - - - -
1 - - - - 8,365
7,839 3,840 - 21,040 613 -
- - - - - -
312 256 139 323 42 -
15 - 8,107 - - -
8,167 4,096 8,246 21,363 655 8,365

- - - - - -
- - - - - -
7,960 4,679 9,577 20,711 - 8,350
- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
7,960 4,679 9,577 20,711 - 8,350

207 (583) (1,331) 652 655 15

- - - - - -
- - - - - -
(226) (90) (134) (230) (9) -
(226) (90) (134) (230) (9) -

(19) (673) (1,465) 422 646 15

4,013 5,059 2,446 5,956 554 1,624
3,994 4,386 981 6,378 1,200 1,639
(Continued)

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
231

FINANCIAL

SECTION
City of San José
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Special Revenue Funds
For the Year Ended June 30, 2025
($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 $ 17,202 - -
Intergovernmental - - 1,285
Charges for current services - - 4,924
Rent - - -
Investment income 658 7 5,461
Other revenues 329 5 -
Total revenues 18,189 12 11,670

EXPENDITURES
Current:

General government - - -
Public safety - - -
Community services - - -
Sanitation - - -
Capital maintenance 19,000 - 8,217
Capital outlay - - 4,042
Debt service:

Principal - - -
Interest and fiscal changes - - -
Total expenditures 19,000 - 12,259

Excess (deficiency) of revenues over (under) expenditures (811) 12 (589)

OTHER FINANCING SOURCES (USES)
Inception of subscription-based information technology arrangement - - - Transfers in 1,627 - -
Transfers out (13) - (160)
Total other financing sources (uses) 1,614 - (160)

Net change in fund balances 803 12 (749)

Fund balances - beginning 16,622 112 104,010
Fund balances - ending $ 17,425 124 103,261

FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
232

39,008 - - - - -
2,857 8,332 9,991 4 1,963 910
81 - - 233 - -
- - - - - -
5,376 - - 33 186 709
3,491 - - - - -
50,813 8,332 9,991 270 2,149 1,619

- - - - - -
- - - - 1,698 -
- - - - - -
- - - - - -
49,097 8,332 9,991 43 - 517
14,670 - - - 917 137

196 - - - 10 -
16 - - - 33 -
63,979 8,332 9,991 43 2,658 654

(13,166) - - 227 (509) 965

375 - - - 561 -
2,252 - - - - -
(9,901) - - (22) - (9)
(7,274) - - (22) 561 (9)

(20,440) - - 205 52 956

112,042 - - 439 293 13,620
91,602 - - 644 345 14,576
(Continued)

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
233

FINANCIAL

SECTION
City of San José
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Special Revenue Funds
For the Year Ended June 30, 2025
($000’s)

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

REVENUES
Taxes and special assessments $ - 10,977 -
Intergovernmental - - -
Charges for current services - - -
Rent - - -
Investment income 15 131 5
Other revenues 590 - 108
Total revenues 605 11,108 113

EXPENDITURES
Current:

General government - - -
Public safety - - -
Community services - 10,282 -
Sanitation - - -
Capital maintenance - 147 -
Capital outlay - - -
Debt service:

Principal - - -
Interest and fiscal changes - - -
Total expenditures - 10,429 -

Excess (deficiency) of revenues over (under) expenditures 605 679 113

OTHER FINANCING SOURCES (USES)
Inception of subscription-based information technology arrangement - - - Transfers in - - -
Transfers out - (38) -
Total other financing sources (uses) - (38) -

Net change in fund balances 605 641 113

Fund balances - beginning 1,662 4,667 517
Fund balances - ending $ 2,267 5,308 630

FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
234

142 - - - 20,469 -
- - - 13 7,832 -
- - - 212,366 - -
- - 8,006 624 - -
173 51 214 2,082 5,053 -
- - 2,420 78 2,836 -
315 51 10,640 215,163 36,190 -

- - 118 - - -
- 300 - - - -
- - - - - -
- - - 210,469 - -
42 - - - 33,793 -
- - - 255 4,221 -

- - - - - -
- - - - - -
42 300 118 210,724 38,014 -

273 (249) 10,522 4,439 (1,824) -

- - - 255 - -
- - - - - -
(95) - (7,527) (521) (465) -
(95) - (7,527) (266) (465) -

178 (249) 2,995 4,173 (2,289) -

3,275 1,106 12,249 47,763 99,760 20
3,453 857 15,244 51,936 97,471 20
(Continued)

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
235

FINANCIAL

SECTION
City of San José
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Special Revenue Funds
For the Year Ended June 30, 2025
($000’s)

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 7,302 - 2,115
Charges for current services - - 34,112
Rent - - -
Investment income - - 2,039
Other revenues - 1 59
Total revenues 7,302 1 38,325

EXPENDITURES
Current:

General government - - -
Public safety - - -
Community services 7,019 - -
Sanitation - - 31,163
Capital maintenance 1,101 - 3,581
Capital outlay - - 5,814
Debt service:

Principal - - 22
Interest and fiscal changes - - 5
Total expenditures 8,120 - 40,585

Excess (deficiency) of revenues over (under) expenditures (818) 1 (2,260)

OTHER FINANCING SOURCES (USES)
Inception of subscription-based information technology arrangement - - - Transfers in 2,515 - -
Transfers out - - (623)
Total other financing sources (uses) 2,515 - (623)

Net change in fund balances 1,697 1 (2,883)

Fund balances - beginning 3,043 7 49,933
Fund balances - ending $ 4,740 8 47,050
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
236

25,836 - - - - 113,634
- 90 623 - - 51,683
- 404 - 1,287 4,418 291,157
- - - - 54,556 63,324
100 88 - 100 1,405 27,185
20 - - - - 54,537
25,956 582 623 1,387 60,379 601,520

- - - - - 118
- - 343 - - 2,341
12,547 - - - 70,874 194,014
- - - - - 241,632
- 337 - - 975 135,173
- - 280 - 197 30,671

- - - - - 228
- - - - - 54
12,547 337 623 - 72,046 604,231

13,409 245 - 1,387 (11,667) (2,711)

- - - - - 1,191
- - - - 12,436 18,830
(12,436) (226) - (7) (290) (33,990)
(12,436) (226) - (7) 12,146 (13,969)

973 19 - 1,380 479 (16,680)

5,803 1,765 (20) 547 6,764 545,410
6,776 1,784 (20) 1,927 7,243 528,730

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
237

FINANCIAL

SECTION
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, 2025
($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 - - - - - - - - - Rent - - - 138 138 - - - -
Investment income - 78 78 12 22 10 49 145 96 Other revenues 699 524 (175) - - - - 950 950 Total revenues 699 602 (97) 150 160 10 49 1,095 1,046

EXPENDITURES
Current:

General government - - - - - - - - - Public safety - - - - - - - - - Community services 734 563 (171) 181 123 (58) 4,141 933 (3,208) Sanitation - - - - - - - - -
Capital maintenance - - - - - - - - - Capital outlay - - - 138 138 - - - - Debt service:

Principal - - - - - - - - -
Interest and fiscal changes - - - - - - - - - Total expenditures 734 563 (171) 319 261 (58) 4,141 933 (3,208)

Excess (deficiency) of revenues over (under)
expenditures (35) 39 74 (169) (101) 68 (4,092) 162 4,254

OTHER FINANCING SOURCES (USES)
Inception of subscription-based
information technology arrangement - - - - - - - - - Bonds issued - - - - - - - - -
Transfers in - - - - - - - - -
Transfers out - - - - - - - - - Total other financing sources (uses) - - - - - - - - -

Net change in fund balances $ (35) 39 74 (169) (101) 68 (4,092) 162 4,254

Fund balances - beginning (163) 586 3,997 Fund balance adjustment - - - Prior year encumbrances - - 48 Fund balances - ending $ (124) $ 485 $ 4,207

FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
238

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)

- - - - - - - - -
- - - 15 1 (14) - - -
- - - 7,680 7,839 159 3,476 3,839 363 - - - - - - - - -
600 1,250 650 50 202 152 90 167 77 36,604 35,004 (1,600) 5 15 10 - - - 37,204 36,254 (950) 7,750 8,057 307 3,566 4,006 440

- - - - - - - - -
- - - - - - - - -
43,632 40,746 (2,886) 9,340 8,047 (1,293) 6,364 4,840 (1,524) - - - - - - - - -
- - - - - - - - -
- - - - - - - - -

- - - - - - - - -
- - - - - - - - -
43,632 40,746 (2,886) 9,340 8,047 (1,293) 6,364 4,840 (1,524)

(6,428) (4,492) 1,936 (1,590) 10 1,600 (2,798) (834) 1,964

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
(968) (968) - (226) (226) - (90) (90) - (968) (968) - (226) (226) - (90) (90) -

(7,396) (5,460) 1,936 (1,816) (216) 1,600 (2,888) (924) 1,964

34,707 3,886 4,595
557 96 80
291 128 465
$ 30,095 $ 3,894 $ 4,216
(Continued)

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
239

FINANCIAL

SECTION
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, 2025
($000’s)

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 - - - 17,721 21,040 3,319 Rent - - - - - -
Investment income 35 92 57 125 218 93
Other revenues 9,570 8,107 (1,463) - - -
Total revenues 9,605 8,199 (1,406) 17,846 21,258 3,412

EXPENDITURES
Current:

General government - - - - - -
Public safety - - - - - -
Community services 10,405 9,591 (814) 20,964 20,762 (202) Sanitation - - - - - -
Capital maintenance - - - - - -
Capital outlay - - - - - -
Debt service:

Principal - - - - - -
Interest and fiscal changes - - - - - -
Total expenditures 10,405 9,591 (814) 20,964 20,762 (202)

Excess (deficiency) of revenues over (under)
expenditures (800) (1,392) (592) (3,118) 496 3,614

OTHER FINANCING SOURCES (USES)
Inception of subscription-based
information technology arrangement - - - - - - Bonds issued - - - - - -
Transfers in - - - - - -
Transfers out (134) (134) - (230) (230) -
Total other financing sources (uses) (134) (134) - (230) (230) -

Net change in fund balances $ (934) (1,526) (592) (3,348) 266 3,614

Fund balances - beginning 2,080 5,881
Fund balance adjustment - -
Prior year encumbrances 367 76
Fund balances - ending $ 921 $ 6,223

FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
240

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)

- - - - - - 13,053 17,202 4,149
- - - 11,219 8,365 (2,854) - - -
- 613 613 - - - - - -
- - - - - - - - -
- 34 34 - - - 287 443 156
- - - 10 - (10) 4,306 328 (3,978)
- 647 647 11,229 8,365 (2,864) 17,646 17,973 327

- - - - - - - - -
- - - - - - - - -
- - - 12,362 9,981 (2,381) - - -
- - - - - - - - -
- - - - - - 21,158 19,114 (2,044)
- - - - - - - - -

- - - - - - - - -
- - - - - - - - -
- - - 12,362 9,981 (2,381) 21,158 19,114 (2,044)

- 647 647 (1,133) (1,616) (483) (3,512) (1,141) 2,371

- - - - - - - - -
- - - - - - - - -
- - - - - - 1,627 1,627 -
(9) (9) - - - - (13) (13) -
(9) (9) - - - - 1,614 1,614 -

(9) 638 647 (1,133) (1,616) (483) (1,898) 473 2,371

554 822 16,618
- - -
- 801 193
$ 1,192 $ 7 $ 17,284
(Continued)

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
241

FINANCIAL

SECTION
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, 2025
($000’s)

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 - - - - 1,285 1,285
Charges for current services - - - 1,599 4,924 3,325 Rent - - - - - -
Investment income - 4 4 - 3,597 3,597
Other revenues - 5 5 - - -
Total revenues - 9 9 1,599 9,806 8,207

EXPENDITURES
Current:

General government - - - - - -
Public safety - - - - - -
Community services - - - - - -
Sanitation - - - - - -
Capital maintenance - - - 33,581 10,868 (22,713) Capital outlay - - - 4,042 4,042 -
Debt service:

Principal - - - - - -
Interest and fiscal changes - - - - - -
Total expenditures - - - 37,623 14,910 (22,713)

Excess (deficiency) of revenues over (under)
expenditures - 9 9 (36,024) (5,104) 30,920

OTHER FINANCING RESOURCES (USES)
Inception of subscription-based
information technology arrangement - - - - - -
Bonds issued - - - - - -
Transfers in - - - - - -
Transfers out - - - (160) (160) -
Total other financing sources (uses) - - - (160) (160) -

Net change in fund balances $ - 9 9 (36,184) (5,264) 30,920

Fund balances - beginning 115 99,894
Fund balance adjustment - -
Prior year encumbrances - 5,761
Fund balances - ending $ 124 $ 100,391

FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
242

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)

40,000 39,008 (992) - - - - - -
9,995 2,857 (7,138) 8,700 8,332 (368) 4,300 9,991 5,691 - 81 81 - - - 6,300 - (6,300)
- - - - - - - - -
3,600 3,534 (66) - - - - - -
600 3,493 2,893 - - - - - -
54,195 48,973 (5,222) 8,700 8,332 (368) 10,600 9,991 (609)

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
113,648 60,885 (52,763) 8,700 8,332 (368) 10,600 9,991 (609) 14,670 14,670 - - - - - - -

196 196 - - - - - - -
16 16 - - - - - - -
128,530 75,767 (52,763) 8,700 8,332 (368) 10,600 9,991 (609)

(74,335) (26,794) 47,541 - - - - - -

- 375 375 - - - - - -
5,531 - (5,531) - - - - - -
2,790 2,250 (540) - - - - - -
(11,140) (9,900) 1,240 - - - - - -
(2,819) (7,275) (4,456) - - - - - -

(77,154) (34,069) 43,085 - - - - - -

99,656 - -
- - -
14,036 - -
$ 79,623 $ - $ -
(Continued)

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
243

FINANCIAL

SECTION
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, 2025
($000’s)

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 - 3,014 2,909 (105)
Charges for current services 100 233 133 - - - Rent - - - - - -
Investment income 26 22 (4) - 123 123
Other revenues - - - - - -
Total revenues 130 259 129 3,014 3,032 18

EXPENDITURES
Current:

General government - - - - - -
Public safety - - - 2,318 1,995 (323)
Community services - - - - - -
Sanitation - - - - - -
Capital maintenance 135 127 (8) - - -
Capital outlay - - - 917 917 -
Debt service:

Principal - - - 10 10 -
Interest and fiscal changes - - - 33 33 -
Total expenditures 135 127 (8) 3,278 2,955 (323)

Excess (deficiency) of revenues over
(under) expenditures (5) 132 137 (264) 77 341

OTHER FINANCING SOURCES (USES)
Inception of subscription-based
information technology arrangement - - - - 561 561 Bonds issued - - - - - -
Transfers in - - - - - -
Transfers out (26) (22) 4 - - -
Total other financing sources (uses) (26) (22) 4 - 561 561

Net change in fund balances $ (31) 110 141 (264) 638 902

Fund balances - beginning 449 2,802
Fund balance adjustment - -
Prior year encumbrances - 481
Fund balances - ending $ 559 $ 3,921

FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
244

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)

- - - - - - 10,975 10,977 2
1,100 910 (190) - - - - - -
- - - - - - - - -
- - - - - - - - -
210 475 265 - 15 15 30 111 81
- - - - 589 589 - - -
1,310 1,385 75 - 604 604 11,005 11,088 83

- - - - - - - - -
- - - - - - - - -
- - - - - - 12,038 10,548 (1,490)
- - - - - - - - -
3,390 600 (2,790) - - - 586 469 (117)
137 137 - - - - - - -

- - - - - - - - -
- - - - - - - - -
3,527 737 (2,790) - - - 12,624 11,017 (1,607)

(2,217) 648 2,865 - 604 604 (1,619) 71 1,690

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
(9) (9) - - - - (38) (38) -
(9) (9) - - - - (38) (38) -

(2,226) 639 2,865 - 604 604 (1,657) 33 1,690

13,824 1,661 4,122
- - -
- - 561
$ 14,463 $ 2,265 $ 4,716
(Continued)

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
245

FINANCIAL

SECTION
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, 2025
($000’s)

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 $ - - - 200 142 (58)
Intergovernmental - - - - - -
Charges for current services - - - - - -
Rent - - - - - -
Investment income - 5 5 95 116 21
Other revenues - 108 108 - - -
Total revenues - 113 113 295 258 (37)

EXPENDITURES
Current:

General government - - - - - -
Public safety - - - - - -
Community services - - - - - -
Sanitation - - - - - -
Capital maintenance - - - 395 42 (353)
Capital outlay - - - - - -
Debt service:

Principal - - - - - -
Interest and fiscal changes - - - - - -
Total expenditures - - - 395 42 (353)

Excess (deficiency) of
revenues over (under)
expenditures - 113 113 (100) 216 316

OTHER FINANCING

SOURCES (USES)
Inception of subscription-based
information technology arrangement - - - - - -
Bonds issued - - - - - -
Transfers in - - - - - -
Transfers out - - - (95) (95) -
Total other financing
sources (uses) - - - (95) (95) -

Net change in fund
balances $ - 113 113 (195) 121 316

Fund balances - beginning 517 3,325
Fund balance adjustment - -
Prior year encumbrances - -
Fund balances - ending $ 630 $ 3,446
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
246

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)

- - - - - - - - -
- - - - - - 175 13 (162)
- - - - - - 251,636 212,366 (39,270)
- - - 8,023 8,006 (17) 718 624 (94)
26 32 6 - 147 147 750 1,687 937
- - - - 2,420 2,420 - 78 78
26 32 6 8,023 10,573 2,550 253,279 214,768 (38,511)

- - - 7,915 118 (7,797) - - -
300 300 - - - - - - -
- - - - - - - - -
- - - - - - 220,967 215,612 (5,355)
- - - - - - - - -
- - - - - - 255 255 -

- - - - - - - - -
- - - - - - - - -
300 300 - 7,915 118 (7,797) 221,222 215,867 (5,355)

(274) (268) 6 108 10,455 10,347 32,057 (1,099) (33,156)

- - - - - - - 255 255
- - - - - - - - -
- - - - - - - - -
- - - (106) (7,527) (7,421) (521) (521) -

- - - (106) (7,527) (7,421) (521) (266) 255

(274) (268) 6 2 2,928 2,926 31,536 (1,365) (32,901)

1,123 12,210 42,982
- - -
- 100 4,291
$ 855 $ 15,238 $ 45,908

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
247

FINANCIAL

SECTION
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, 2025
($000’s)

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 $ 17,556 20,469 2,913 - - - Intergovernmental 66,690 7,832 (58,858) - - - Charges for current services - - - - - -
Rent - - - - - -
Investment income 1,900 3,323 1,423 - - -
Other revenues 812 2,836 2,024 - - -
Total revenues 86,958 34,460 (52,498) - - -

EXPENDITURES
Current:

General government - - - - - -
Public safety - - - - - -
Community services - - - - - -
Sanitation - - - - - -
Capital maintenance 143,686 50,933 (92,753) - - - Capital outlay 4,221 4,221 - - - -
Debt service:

Principal - - - - - -
Interest and fiscal changes - - - - - -
Total expenditures 147,907 55,154 (92,753) - - -

Excess (deficiency) of revenues over
(under) expenditures (60,949) (20,694) 40,255 - - -

OTHER FINANCING SOURCES (USES)
Inception of subscription-based
information technology arrangement - - - - - - Bonds issued - - - - - -
Transfers in - - - - - -
Transfers out (465) (465) - - - -
Total other financing sources (uses) (465) (465) - - - -

Net change in fund balances $ (61,414) (21,159) 40,255 - - -

Fund balances - beginning 89,504 20
Fund balance adjustment - -
Prior year encumbrances 11,786 -
Fund balances - ending $ 80,131 $ 20

FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
248

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)

- - - - - - - - -
8,033 7,302 (731) - - - 20,262 2,115 (18,147) - - - - - - 34,078 34,113 35
- - - - - - - - -
- - - - - - 713 1,385 672
- - - - - - - 59 59
8,033 7,302 (731) - - - 55,053 37,672 (17,381)

- - - - - - - - -
- - - - - - - - -
7,006 7,068 62 - - - - - -
- - - - - - 34,769 31,073 (3,696)
6,488 4,262 (2,226) - - - 35,071 6,441 (28,630) - - - - - - 5,814 5,814 -

- - - - - - 22 22 -
- - - - - - 5 5 -
13,494 11,330 (2,164) - - - 75,681 43,355 (32,326)

(5,461) (4,028) 1,433 - - - (20,628) (5,683) 14,945

- - - - - - - - -
- - - - - - - - -
2,515 2,515 - - - - - - -
- - - - - - (623) (623) -
2,515 2,515 - - - - (623) (623) -

(2,946) (1,513) 1,433 - - - (21,251) (6,306) 14,945

5,771 7 44,872
- - 578
4,542 - 5,058
$ 8,800 $ 7 $ 44,202
(Continued)

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
249

FINANCIAL

SECTION
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, 2025
($000’s)

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 $ 25,500 25,836 336 - - - Intergovernmental - - - 1,100 90 (1,010)
Charges for current services - - - 550 404 (146) Rent - - - - - -
Investment income 25 40 15 45 57 12
Other revenues 30 20 (10) - - -
Total revenues 25,555 25,896 341 1,695 551 (1,144)

EXPENDITURES
Current:

General government - - - - - -
Public safety - - - - - -
Community services 15,458 12,902 (2,556) - - - Sanitation - - - - - -
Capital maintenance - - - 2,160 486 (1,674)
Capital outlay - - - - - -
Debt service:

Principal - - - - - -
Interest and fiscal changes - - - - - -
Total expenditures 15,458 12,902 (2,556) 2,160 486 (1,674)

Excess (deficiency) of revenues over
(under) expenditures 10,097 12,994 2,897 (465) 65 530

OTHER FINANCING SOURCES (USES)
Inception of subscription-based
information technology arrangement - - - - - - Bonds issued - - - - - -
Transfers in - - - - - -
Transfers out (12,436) (12,436) - (226) (226) -
Total other financing sources (uses) (12,436) (12,436) - (226) (226) -

Net change in fund balances $ (2,339) 558 2,897 (691) (161) 530

Fund balances - beginning 5,136 1,734
Fund balance adjustment - -
Prior year encumbrances 721 57
Fund balances - ending $ 6,415 $ 1,630
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
250

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)

- - - - - - - - -
1,475 623 (852) - - - - - -
- - - 1,025 1,288 263 - 4,418 4,418
- - - - - - - 54,556 54,556
- - - 70 37 (33) 550 949 399
- - - - - - - - -
1,475 623 (852) 1,095 1,325 230 550 59,923 59,373

- - - - - - - - -
1,270 539 (731) - - - - - -
- - - - - - 74,204 70,901 (3,303)
- - - - - - - - -
- - - - - - 1,306 975 (331)
280 280 - - - - 197 197 -

- - - - - - - - -
- - - - - - - - -
1,550 819 (731) - - - 75,707 72,073 (3,634)

(75) (196) (121) 1,095 1,325 230 (75,157) (12,150) 63,007

- - - - - - - - -
- - - - - - - - -
- - - - - - 12,436 12,436 -
- - - (7) (7) - (312) (312) -
- - - (7) (7) - 12,124 12,124 -

(75) (196) (121) 1,088 1,318 230 (63,033) (26) 63,007

(397) 605 3,287
- - -
377 - 3,875
$ (216) $ 1,923 $ 7,136
FOR THE YEAR ENDED JUNE 30, 2025 251

Nonmajor Debt
Service Funds

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
253

FINANCIAL

SECTION
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.

San José Financing Authority Debt Service Funds – Established to account for the debt activities related to capital projects funded with Financing Authority debt.

FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
254
City of San José
Combining Balance Sheet
Nonmajor Debt Service Funds
June 30, 2025
($000’s)

GO Bonds
Parks,
Libraries &
Public Safety
(Fund 209)
City Hall
(Fund 210)
San José
Financing
Authority
Debt Service
(Funds 800-
860) Total
ASSETS
Equity in pooled cash and investments held in City Treasury $ - - 470 470 Receivables (net of allowances for uncollectibles) 247 13 - 260 Due from other funds - - 20,700 20,700
Restricted assets:

Equity in pooled cash and investments held in City Treasury 45,713 2,327 - 48,040 Cash and investments held with fiscal agents 4 - 10,321 10,325 Total assets $ 45,964 2,340 31,491 79,795

LIABILITIES
Due to outside agencies $ - - 112 112
Short-term notes payable - - 25,667 25,667
Total liabilities - - 25,779 25,779

FUND BALANCES
Restricted for debt service 45,964 2,340 5,712 54,016 Total fund balances 45,964 2,340 5,712 54,016
Total liabilities and fund balances $ 45,964 2,340 31,491 79,795

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
255

FINANCIAL

SECTION
City of San José
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Debt Service Funds
For the Year Ended June 30, 2025
($000’s)

GO Bonds
Parks, Libraries
& Public Safety
(Fund 209)
City Hall
(Fund 210)
San José
Financing
Authority
Debt Service
(Funds 800-
860) Total

REVENUES
Taxes and special assessments $ 48,125 - - 48,125 Investment income 1,373 425 519 2,317
Other revenue - - 783 783
Total revenues 49,498 425 1,302 51,225

EXPENDITURES
Debt service:

Principal 25,550 - 26,005 51,555
Interest and fiscal charges 23,656 4 21,296 44,956 Total expenditures 49,206 4 47,301 96,511
Excess (deficiency) of revenues over (under) expenditures 292 421 (45,999) (45,286)

OTHER FINANCING SOURCES (USES)
Transfers in - 24,878 46,973 71,851
Transfers out - (25,042) - (25,042)
Total other financing sources (uses) - (164) 46,973 46,809

Net change in fund balances 292 257 974 1,523

Fund balances - beginning, as previously reported 45,672 2,083 - 47,755 Adjustment - change from major fund to nonmajor fund - - 4,738 4,738 Fund balances - beginning, as restated 45,672 2,083 4,738 52,493 Fund balances - ending $ 45,964 2,340 5,712 54,016 Nonmajor Capital
Project Funds
FOR THE YEAR ENDED JUNE 30, 2025 257

FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
258
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.

Special Assessment Districts Funds – Established to account for the capital project and debt activities related to debt issued to finance public improvements benefiting properties against which special assessments or special taxes are levied.

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
259

FINANCIAL

SECTION
City of San José
Combining Balance Sheet
Nonmajor Capital Project Funds
June 30, 2025
($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 79,711 Receivables (net of allowance for uncollectibles) - 32,161 Advances and deposits 4 34

Restricted assets:

Equity in pooled cash and investments held in City Treasury - 126 Cash and investments held with fiscal agents - -
Total assets $ 10 112,032

LIABILITIES
Accounts payable $ - 10,223
Accrued salaries, wages and payroll taxes - 614
Advances, deposits, and reimbursable credits - -
Other current liabilities - -

Total liabilities - 10,837

FUND BALANCES
Restricted 10 22,774
Assigned - 78,421
Total fund balances 10 101,195

Total liabilities, deferred inflows of resources and fund balances $ 10 112,032 FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
260

Parks Bond
Projects (Fund 471)
Branch Libraries
Bond Projects
(Fund 472)
Public
Safety and
Infrastructure
Bond
(Fund 498)
Special
Assessment
Districts
(Funds 599-798) Total

2,618 - - - 82,335
15 - - 2,934 35,110
- - - 5 43

- - - 35,859 35,985
15,710 6,970 44,853 - 67,533
18,343 6,970 44,853 38,798 221,006

70 1,301 28,556 57 40,207
1 2 128 1 746
- - - 1,578 1,578
- - - 317 317

71 1,303 28,684 1,953 42,848

18,272 5,667 16,169 36,845 99,737
- - - - 78,421
18,272 5,667 16,169 36,845 178,158

18,343 6,970 44,853 38,798 221,006

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
261

FINANCIAL

SECTION
City of San José
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Capital Project Funds
For the Year Ended June 30, 2025
($000’s)

Capital
Improvements
(Funds 408, 424,
476)

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

REVENUES
Taxes $ - 14,215
Intergovernmental - 100,794
Charges for current services - 1,616
Investment income - 5,228
Other revenues - 2,145
Total revenues - 123,998

EXPENDITURES
Current:

Capital maintenance - 94,058
Capital outlay - 11,356
Total expenditures - 105,414

Excess (deficiency) of revenues over (under) expenditures - 18,584

OTHER FINANCING (USES)
Transfers in - -
Transfers out - (2,568)
Total other financing (uses) - (2,568)

Net change in fund balances - 16,016

Fund balances - beginning, as previously reported 10 85,179 Adjustment - change from major fund to nonmajor fund - - Fund balances - beginning, as restated 10 85,179
Fund balances - ending $ 10 101,195
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
262

Parks Bond
Projects
(Fund 471)

Branch
Libraries
Bond Projects
(Fund 472)

Public
Safety
and
Infrastructure
Bond
(Fund 498)
Special
Assessment
Districts
(Funds 599-798)

Total

- - - 13,873 28,088
- - - - 100,794
- - - - 1,616
841 323 7,132 2,088 15,612
- - - 90 2,235
841 323 7,132 16,051 148,345

399 786 57,960 900 154,103
- - 49,195 - 60,551
399 786 107,155 900 214,654

442 (463) (100,023) 15,151 (66,309)

- - - 4 4
- - - (10,724) (13,292)
- - - (10,720) (13,288)

442 (463) (100,023) 4,431 (79,597)

17,830 6,130 116,192 - 225,341
- - - 32,414 32,414
17,830 6,130 116,192 32,414 257,755
18,272 5,667 16,169 36,845 178,158
FOR THE YEAR ENDED JUNE 30, 2025 263

Nonmajor
Enterprise Funds
265

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT

STATISTICAL

SECTION

FINANCIAL

SECTION
Nonmajor Enterprise Funds
Nonmajor Enterprise Funds are used to account for and report the same functions presented as business- type activities in the government-wide financial statements.

Municipal Water System Fund – Established to account for the operations of the five water system operating districts: North San José, Evergreen, Coyote, Edenvale, and Alviso.

Parking System Fund – Established to account for the operations of the City owned parking garage facilities, parking lots, and parking meters located within the City.

FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
266
City of San José
Combining Statement of Fund Net Position
Nonmajor Enterprise Funds
June 30, 2025
($000’s)

Municipal Water System
(Funds 500, 502, 515)
Parking System
(Funds 533, 559) Total
ASSETS
Current assets:

Equity in pooled cash and investments held in City Treasury $ 44,976 31,265 76,241 Receivables (net of allowance for uncollectibles) 17,411 1,331 18,742 Total unrestricted current assets 62,387 32,596 94,983

Restricted assets:

Equity in pooled cash and investments held in City Treasury - 2,441 2,441 Total restricted current assets - 2,441 2,441
Total current assets 62,387 35,037 97,424

Noncurrent assets:

Lease receivable - 6,222 6,222
Capital assets (net of accumulated depreciation):

Nondepreciable 43,301 34,971 78,272
Depreciable 62,461 24,387 86,848
Total noncurrent assets 105,762 65,580 171,342
Total assets 168,149 100,617 268,766

DEFERRED OUTFLOWS OF RESOURCES
Pensions 5,347 1,333 6,680
Other postemployment benefits 1,087 264 1,351
Total deferred outflows of resources 6,434 1,597 8,031 (Continued)

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
267

FINANCIAL

SECTION
City of San José
Combining Statement of Fund Net Position (Continued)
Nonmajor Enterprise Funds
June 30, 2025
($000’s)

Municipal Water System
(Funds 500, 502, 515)
Parking System
(Funds 533, 559) Total

LIABILITIES
Current liabilities:

Accounts payable $ 8,869 1,189 10,058
Accrued salaries, wages, and payroll taxes 294 92 386 Interest payable 5 - 5
Due to other funds 20,700 - 20,700
Accrued vacation, sick leave and compensatory time 1,106 251 1,357 Estimated liability for self-insurance 238 - 238
Advances and deposits payable - 85 85
Leases payable 593 138 731
Total current liabilities 31,805 1,755 33,560

Noncurrent liabilities:

Accrued vacation, sick leave and compensatory time 908 287 1,195 Leases payable 612 297 909
Estimated liability for self-insurance 736 - 736
Advances, deposits, and reimbursable credits 1,971 - 1,971 Net pension liability 18,176 7,546 25,722
Net other postemployment benefits liability 4,539 1,036 5,575 Total noncurrent liabilities 26,942 9,166 36,108
Total liabilities 58,747 10,921 69,668

DEFERRED INFLOWS OF RESOURCES
Pensions 685 161 846
Other postemployment benefits 226 54 280
Leases - 5,760 5,760
Total deferred inflows of resources 911 5,975 6,886

NET POSITION
Net investment in capital assets 99,618 58,923 158,541 Restricted for debt service - 2,441 2,441
Unrestricted 15,307 23,954 39,261
Total net position $ 114,925 85,318 200,243

FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
268
City of San José
Combining Statement of Revenues, Expenses and Changes in Fund Net Position Nonmajor Enterprise Funds
For the Year Ended June 30, 2025
($000’s)

Municipal Water System
(Funds 500, 502, 515)
Parking System
(Funds 533, 559) Total

OPERATING REVENUES
Charges for services $ 77,778 16,320 94,098
Other - 1,382 1,382
Total operating revenues 77,778 17,702 95,480

OPERATING EXPENSES
Operations and maintenance 64,396 3,625 68,021
General and administrative 5,449 11,168 16,617
Depreciation 3,592 1,906 5,498
Materials and supplies - 202 202
Total operating expenses 73,437 16,901 90,338
Operating income 4,341 801 5,142

NONOPERATING REVENUES
(EXPENSES)
Investment income 1,898 1,608 3,506
Lease interest income - 445 445
Interest expense (367) - (367)
Other (expenses), net (127) - (127)
Net nonoperating revenues 1,404 2,053 3,457
Income before capital contributions and transfers 5,745 2,854 8,599

Capital contributions 24 - 24
Transfers in 38 - 38
Transfers out (1,661) (989) (2,650)

Changes in net position 4,146 1,865 6,011

Net position - beginning, as previously reported 112,157 83,838 195,995 Change in accounting principles (1,378) (385) (1,763) Beginning, as restated 110,779 83,453 194,232
Net position - ending $ 114,925 85,318 200,243

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
269

FINANCIAL

SECTION
City of San José
Combining Statement of Cash Flows
Nonmajor Enterprise Funds
For the Year Ended June 30, 2025
($000’s)

Municipal Water System
(Funds 500, 502, 515)
Parking System
(Funds 533, 559) Total

CASH FLOWS FROM OPERATING

ACTIVITIES
Receipts from customers and users $ 77,788 17,503 95,291 Payments to suppliers (50,025) (9,464) (59,489)
Payments for employees (13,833) (3,564) (17,397)
Payments for City services (4,144) (2,216) (6,360) Net cash provided by operating activities 9,786 2,259 12,045

CASH FLOWS FROM

NONCAPITAL FINANCING

ACTIVITIES
Transfers from other funds 38 - 38
Transfers to other funds (1,661) (989) (2,650)
Operating grants - (959) (959)
Advances and deposits 117 (21) 96
Net cash (used in) noncapital financing activities (1,506) (1,969) (3,475)

CASH FLOWS FROM CAPITAL

AND RELATED FINANCING

ACTIVITIES
Acquisition and construction of capital assets (22,484) (5,072) (27,556) Receipts from leases - 169 169
Interest receipts on leases - 445 445
Lease payment (542) (133) (675)
Proceeds from commercial paper 20,700 - 20,700
Interest paid on debt (370) - (370)
Net cash (used in) capital and related financing activities (2,696) (4,591) (7,287)

CASH FLOWS FROM INVESTING

ACTIVITIES
Interest received 1,907 1,357 3,264
Net cash provided by investing activities 1,907 1,357 3,264

Net change in cash and cash equivalents 7,491 (2,944) 4,547

Cash and cash equivalents - beginning 37,485 36,650 74,135 Cash and cash equivalents - ending $ 44,976 33,706 78,682

FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
270
City of San José
Combining Statement of Cash Flows
Nonmajor Enterprise Funds
For the Year Ended June 30, 2025
($000’s)

Municipal Water System
(Funds 500, 502, 515)
Parking System
(Funds 533, 559) Total
Reconciliation of operating income to net cash provided by operating activities
Operating income $ 4,341 801 5,142
Adjustments to reconcile operating income to net cash
provided by operating activities:

Depreciation 3,592 1,906 5,498
Lease revenues/deferred inflows of resources related to leases amortization - (169) (169)
Other nonoperating expenses (127) - (127)
Decrease (Increase) in:

Accounts receivable 138 (30) 108
Increase (Decrease) in:

Accounts payable and accrued liabilities 2,335 (24) 2,311 Accrued salaries, wages, and payroll taxes 40 26 66 Accrued vacation, sick leave and compensatory time (16) (29) (45) Estimated liability for self-insurance 139 - 139
Net pension liability, deferred outflows and inflows of pension related resources (615) (219) (834)
Net other postemployment benefits liability, deferred
outflows and inflows of postemployment benefits related resources (41) (3) (44)
Net cash provided by operating activities $ 9,786 2,259 12,045

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

Equity in pooled cash and investments held in City Treasury Unrestricted $ 44,976 31,265 76,241
Restricted - 2,441 2,441
Cash and cash equivalents $ 44,976 33,706 78,682

Noncash noncapital, capital and related financing, and
investing activities:

Capital contributions from developers $ 24 - 24
Change in capital related payables 1,732 134 1,866 Change in capital related receivables - (169) (169) Change in fair value of investments 693 (632) 61

FOR THE YEAR ENDED JUNE 30, 2025 271

Internal Service
Funds

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
273

FINANCIAL

SECTION
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.

FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
274
City of San José
Combining Statement of Fund Net Position
Internal Service Funds
June 30, 2025
($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 $ 9,692 6,979 7,639 24,310
Receivables (net of allowance for uncollectibles) 51 168 41 260 Inventories - - 2,322 2,322
Total unrestricted current assets 9,743 7,147 10,002 26,892

Restricted assets:

Other cash and investments - 553 8 561
Total restricted current assets - 553 8 561
Total current assets 9,743 7,700 10,010 27,453

Capital assets (net of accumulated depreciation):

Nondepreciable - - 258 258
Depreciable 461 - 4,752 5,213
Total assets 10,204 7,700 15,020 32,924

LIABILITIES
Current liabilities:

Accounts payable 5 393 1,974 2,372
Accrued salaries, wages, and payroll taxes 590 42 253 885 Interest payable 23 - - 23
Accrued vacation, sick leave and compensatory time 113 49 124 286 Other liabilities - 1 - 1
Subscription-based information technology arrangement payable 56 - - 56 Total current liabilities 787 485 2,351 3,623

Noncurrent liabilities:

Accrued vacation, sick leave and compensatory time 5,200 262 778 6,240 Subscription-based information technology arrangement payable 327 - - 327 Total liabilities 6,314 747 3,129 10,190

NET POSITION
Net investment in capital assets 78 - 5,010 5,088
Unrestricted 3,812 6,953 6,881 17,646
Total net position $ 3,890 6,953 11,891 22,734

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
275

FINANCIAL

SECTION
City of San José
Combining Statement of Revenues, Expenses and Changes in Fund Net Position Internal Service Funds
For the Year Ended June 30, 2025
($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 $ 30,756 135,149 32,105 198,010 Other - - 55 55
Total operating revenues 30,756 135,149 32,160 198,065

OPERATING EXPENSES
Operations and maintenance 28,110 135,670 32,916 196,696 Depreciation 277 - 1,358 1,635
Total operating expenses 28,387 135,670 34,274 198,331 Operating income (loss) 2,369 (521) (2,114) (266)

NONOPERATING REVENUES (EXPENSES)
Investment income 321 638 304 1,263
(Loss) on disposal of capital assets - - (1) (1)
Total nonoperating revenues 321 638 303 1,262

Income (loss) before transfers 2,690 117 (1,811) 996

Transfers in - - 1,800 1,800
Transfers out - (58) (244) (302)

Changes in net position 2,690 59 (255) 2,494

Net position - beginning, as previously reported 1,628 7,063 12,483 21,174 Change in accounting principles (428) (169) (337) (934) Beginning, as restated 1,200 6,894 12,146 20,240 Net position - ending $ 3,890 6,953 11,891 22,734 FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
276
City of San José
Combining Statement of Cash Flows
Internal Service Funds
For the Year Ended June 30, 2025
($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 $ 30,732 135,192 32,153 198,077 Cash payment to suppliers of goods and services (915) (133,993) (18,948) (153,856) Cash payment to employees for services (24,446) (1,445) (11,575) (37,466) Payments for City services (1,923) (399) (1,198) (3,520) Net cash provided by (used in) operating activities 3,448 (645) 432 3,235

CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Transfer from other funds - - 1,800 1,800
Transfer to other funds - (58) (244) (302)
Net cash provided by (used in) noncapital
financing activities - (58) 1,556 1,498

CASH FLOWS FROM CAPITAL AND RELATED FINANCING

ACTIVITIES
Acquisition and construction of capital assets (22) - (1,906) (1,928) Software subscription right-to-use asset payment (269) - (17) (286) Net cash used in capital
and related financing activities (291) - (1,923) (2,214)

CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 321 638 304 1,263
Net change in cash and cash equivalents 3,478 (65) 369 3,782

Cash and cash equivalents - beginning 6,214 7,597 7,278 21,089 Cash and cash equivalents - ending $ 9,692 7,532 7,647 24,871

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

Operating income (loss) $ 2,369 (521) (2,114) (266) Adjustments to reconcile operating income
(loss) to net cash provided by (used in)
operating activities:

Depreciation 277 - 1,358 1,635
Other nonoperating revenues 204 - 18 222
(Increase) decrease in:

Accounts receivable (25) 42 (6) 11
Inventories - - (696) (696)
Increase (decrease) in:

Accounts payable and accrued liabilities 33 (217) 1,773 1,589 Accrued vacation, sick leave
and compensatory time 590 51 99 740
Total adjustments 1,079 (124) 2,546 3,501
Net cash provided by (used in) operating activities $ 3,448 (645) 432 3,235

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
277

FINANCIAL

SECTION
City of San José
Combining Statement of Cash Flows
Internal Service Funds
For the Year Ended June 30, 2025
($000’s)

Public Works
Programs
Support
(Fund 150)

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

Vehicle
Maintenance
and Operations
(Fund 552)

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

Equity in pooled cash and investments
held in City Treasury
Unrestricted $ 9,692 6,979 7,639 24,310
Restricted other cash and investments - 553 8 561 Cash and cash equivalents $ 9,692 7,532 7,647 24,871

Noncash noncapital, capital and related financing, and investing activities:

Acquisition of right-to-use SBITA/subscription assets $ 284 - - 284 FOR THE YEAR ENDED JUNE 30, 2025278

Trust and
Custodial Funds
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
280
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.

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
281

FINANCIAL

SECTION
City of San José
Combining Statement of Fiduciary Net Position
Pension Trust Funds
June 30, 2025
($000’s)

Federated City
Employees’
Retirement
System
Police and Fire
Plan Total
ASSETS
Investments $ 3,957,079 6,084,686 10,041,765
Receivables:

Accrued investment income 5,029 8,419 13,448
Employee contributions 1,165 1,130 2,295
Employer contributions 1,656 6,374 8,030
Brokers and others 34,366 281,917 316,283
Other assets, net 2,722 2,722 5,444
Total assets 4,002,017 6,385,248 10,387,265

LIABILITIES
Due to brokers 48,013 408,193 456,206
Other liabilities 6,105 10,978 17,083
Total liabilities 54,118 419,171 473,289

NET POSITION RESTRICTED FOR:

Employees’ pension benefits 3,486,313 5,568,979 9,055,292 Employees’ postemployment healthcare benefits 461,586 397,098 858,684 Net position restricted for pension and postemployment healthcare benefits $ 3,947,899 5,966,077 9,913,976 FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
282
City of San José
Combining Statement of Changes in Fiduciary Net Position Pension Trust Funds
For the Year Ended June 30, 2025
($000’s)

Federated City
Employees’
Retirement
System
Police and Fire
Plan Total

ADDITIONS
Investment income:

Interest $ 38,789 79,242 118,031
Dividends 16,297 17,626 33,923
Net appreciation in fair value of plan investments 333,418 506,241 839,659 Investment expenses (13,505) (24,102) (37,607)
Contributions:

Employer 265,840 248,700 514,540
Employees 47,695 46,513 94,208
Total additions 688,534 874,220 1,562,754

DEDUCTIONS
General and administrative 6,879 7,883 14,762
Health insurance premiums 34,938 34,076 69,014
Refund of contributions 1,357 2,043 3,400
Retirement and other benefits:

Death benefits 19,176 20,732 39,908
Retirement benefits 246,064 283,843 529,907
Total deductions 308,414 348,577 656,991

Change in net position 380,120 525,643 905,763

Net position restricted for pension and postemployment healthcare benefits Beginning of year, as previously reported 3,567,981 5,440,664 9,008,645 Change in accounting principles (202) (230) (432)
Beginning of year, as restated 3,567,779 5,440,434 9,008,213 End of year $ 3,947,899 5,966,077 9,913,976

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
283

FINANCIAL

SECTION
City of San José
Combining Statement of Fiduciary Net Position
Federated City Employees’ Retirement System
June 30, 2025
($000’s)

Defined Benefit
Pension Plan
Postemployment
Healthcare Plan
Retirement Cost of Living
IRS Code Section
115 Trust Total
ASSETS
Investments $ 2,137,801 1,357,766 461,512 3,957,079 Receivables:

Accrued investment income 3,881 480 668 5,029
Employee contributions 770 167 228 1,165
Employer contributions 1,148 360 148 1,656
Brokers and others 17,081 381 16,904 34,366
Other assets, net 1,860 757 105 2,722
Total assets 2,162,541 1,359,911 479,565 4,002,017

LIABILITIES
Due to brokers 26,881 5,959 15,173 48,013
Other liabilities 2,232 1,067 2,806 6,105
Total liabilities 29,113 7,026 17,979 54,118

NET POSITION RESTRICTED FOR:

Employees’ pension benefits 2,133,428 1,352,885 - 3,486,313 Employees’ postemployment healthcare benefits - - 461,586 461,586 Net position restricted for pension and
postemployment healthcare benefits $ 2,133,428 1,352,885 461,586 3,947,899 FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
284
City of San José
Combining Statement of
Changes in Fiduciary Net Position
Federated City Employees’ Retirement System
For the Year Ended in June 30, 2025
($000’s)

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

ADDITIONS
Investment income:

Interest $ 22,510 14,007 2,272 38,789
Dividends 5,620 3,497 7,180 16,297
Net appreciation in fair value
of plan investments 181,657 114,308 37,453 333,418 Investment expenses (8,063) (5,020) (422) (13,505)
Contributions:

Employer 140,332 97,863 27,645 265,840
Employees 31,148 6,820 9,727 47,695
Total additions 373,204 231,475 83,855 688,534

DEDUCTIONS
General and administrative 3,723 2,310 846 6,879 Health insurance premiums - - 34,938 34,938
Refund of contributions 1,149 208 - 1,357
Retirement and other benefits:

Death benefits 10,578 8,598 - 19,176
Retirement benefits 168,530 77,534 - 246,064
Total deductions 183,980 88,650 35,784 308,414

Change in net position 189,224 142,825 48,071 380,120

Net position restricted for pension and
postemployment healthcare benefits
Beginning of year, as previously
reported 1,944,314 1,210,129 413,538 3,567,981
Change in accounting principles (110) (69) (23) (202) Beginning of year, as restated 1,944,204 1,210,060 413,515 3,567,779 End of year $ 2,133,428 $ 1,352,885 $ 461,586 3,947,899

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
285

FINANCIAL

SECTION
City of San José
Combining Statement of Fiduciary Net Position
Police and Fire Plan
June 30, 2025
($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 $ 3,217,869 2,467,927 8,591 245,528 144,771 6,084,686 Receivables:

Accrued investment income 5,337 2,636 52 246 148 8,419 Employee contributions 650 227 253 - - 1,130
Employer contributions 3,642 2,033 - 429 270 6,374 Brokers and others 157,461 103,255 4,915 10,502 5,784 281,917 Other assets, net 1,717 989 16 - - 2,722
Total assets 3,386,676 2,577,067 13,827 256,705 150,973 6,385,248

LIABILITIES
Due to brokers 230,923 158,435 2,427 10,777 5,631 408,193 Other liabilities 3,456 1,950 4,579 647 346 10,978 Total liabilities 234,379 160,385 7,006 11,424 5,977 419,171

NET POSITION RESTRICTED FOR:

Employees’ pension benefits 3,152,297 2,416,682 - - - 5,568,979 Employees’ postemployment healthcare
benefits - - 6,821 245,281 144,996 397,098
Net position restricted for pension and
postemployment healthcare benefits $ 3,152,297 2,416,682 6,821 245,281 144,996 5,966,077 FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
286
City of San José
Combining Statement of
Changes in Fiduciary Net Position
Police and Fire Plan
For the Year Ended June 30, 2025
($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 $ 44,015 33,326 94 1,144 663 79,242
Dividends 6,347 4,805 14 4,090 2,370 17,626
Net appreciation in fair value
of plan investments 268,616 204,897 577 20,257 11,894 506,241 Investment expenses (13,547) (10,259) (29) (169) (98) (24,102) Contributions:

Employer 127,069 86,069 5,614 18,015 11,933 248,700 Employees 26,453 9,353 10,707 - - 46,513
Total additions 458,953 328,191 16,977 43,337 26,762 874,220

DEDUCTIONS
General and administrative 4,427 3,349 10 58 39 7,883 Health insurance premiums - - 16,322 12,032 5,722 34,076 Refund of contributions 1,633 410 - - - 2,043 Retirement and other benefits:

Death benefits 10,300 10,432 - - - 20,732
Retirement benefits 190,534 93,309 - - - 283,843 Total deductions 206,894 107,500 16,332 12,090 5,761 348,577

Change in net position 252,059 220,691 645 31,247 21,001 525,643

Net position restricted for pension and
postemployment healthcare benefits
Beginning of year, as previously
reported 2,900,369 2,196,090 6,176 214,034 123,995 5,440,664 Change in accounting principles (131) (99) - - - (230) Beginning of year, as restated 2,900,238 2,195,991 6,176 214,034 123,995 5,440,434 End of year $ 3,152,297 2,416,682 6,821 245,281 144,996 5,966,077

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
287

FINANCIAL

SECTION
City of San José
Combining Statement of Fiduciary Net Position
Private-Purpose Trust Funds
June 30, 2025
($000’s)
James Lick
Successor Agency
to the
Redevelopment
Agency Total
ASSETS
Current assets:

Equity in pooled cash and investments held
in City Treasury $ 336 - 336
Cash and investments 453 1,353 1,806
Receivables (net of allowance for uncollectibles):

Other 2 77 79
Restricted cash and investments - 131,040 131,040
Total current assets 791 132,470 133,261

Noncurrent assets:

Accrued interest, net - 1,413 1,413
Loans receivable, net - 3,987 3,987
Advances and deposits - 5 5
Prepaid bond insurance - 1,003 1,003
Capital assets:

Nondepreciable - 2,078 2,078
Depreciable, net - 562 562
Total noncurrent assets - 9,048 9,048
Total assets 791 141,518 142,309

DEFERRED OUTFLOWS OF RESOURCES
Loss on refundings of debt - 17,999 17,999

LIABILITIES
Current liabilities:

Accrued interest payable - 14,667 14,667
Unearned revenue - 13 13
Total current liabilities - 14,680 14,680

Long-term liabilities:

Due within one year - 113,305 113,305
Due in more than one year - 887,549 887,549
Total noncurrent liabilities - 1,000,854 1,000,854 Total liabilities - 1,015,534 1,015,534

NET POSITION (DEFICIT)
Held in trust for:

Redevelopment dissolution and other purposes 791 (856,017) (855,226) Total net position (deficit) $ 791 (856,017) (855,226) FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
288
City of San José
Combining Statement of Changes in Fiduciary Net Position Private-Purpose Trust Funds
For the Year Ended June 30, 2025
($000’s)
James Lick
Successor Agency
to the
Redevelopment
Agency Total

ADDITIONS
Redevelopment property tax revenues $ - 201,677 201,677 Investment income 125 2,328 2,453
Development fees and other - 474 474
Total additions 125 204,479 204,604

DEDUCTIONS
General and administrative - 89 89
Project expenses - 72 72
Pass through amounts to the County of Santa Clara - 58,617 58,617 Depreciation - 27 27
Interest on debt - 34,225 34,225
Total deductions - 93,030 93,030

Change in net position 125 111,449 111,574

NET POSITION HELD IN TRUST
Beginning of year 666 (967,466) (966,800)
End of year $ 791 (856,017) (855,226)
Introductory
Section
Statistical
section
(unaudited)

TABLE OF

CONTENTS
FOR THE YEAR ENDED JUNE 30, 2025
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.
291

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

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)

2016 2017 2018 2019(1) 2020
Governmental activities
Net investment in capital assets $ 4,478,760 $ 4,391,069 $ 4,349,559 $ 4,330,279 $ 4,262,597 Restricted 930,553 982,168 1,000,459 1,036,765 1,088,593 (2) Unrestricted (1,723,260) (1,935,456) (2,667,125) (2,657,523) (2,860,084) Total governmental activities net position $ 3,686,053 $ 3,437,781 $ 2,682,893 $ 2,709,521 $ 2,491,106

Business-type activities
Net investment in capital assets $ 766,107 $ 814,473 $ 930,631 $ 982,045 $ 1,090,408 Restricted 76,709 75,945 72,750 72,890 76,104
Unrestricted 339,422 351,101 252,928 290,071 290,590 Total business-type activities net position $ 1,182,238 $ 1,241,519 $ 1,256,309 $ 1,345,006 $ 1,457,102

Primary government
Net investment in capital assets $ 5,244,867 $ 5,205,542 $ 5,280,190 $ 5,312,324 $ 5,353,005 Restricted 1,007,262 1,058,113 1,073,209 1,109,655 1,164,697 Unrestricted (1,383,838) (1,584,355) (2,414,197) (2,367,452) (2,569,494) Total primary government net position $ 4,868,291 $ 4,679,300 $ 3,939,202 $ 4,054,527 $ 3,948,208

2021 2022 2023 2024(4) 2025
Governmental activities
Net investment in capital assets $ 4,089,937 $ 3,777,037 $ 3,635,710 $ 3,517,578 $ 3,413,015 Restricted 1,116,441 1,178,965 1,363,869 1,297,990 1,158,487 Unrestricted (2,978,383) (2,586,680) (2,640,313) (2,497,387) (2,399,685) Total governmental activities net position $ 2,227,995 $ 2,369,322 $ 2,359,266 $ 2,318,181 $ 2,171,817

Business-type activities
Net investment in capital assets $ 1,209,961 $ 1,232,137 (3) $ 1,240,108 $ 1,315,188 $ 1,433,873 Restricted 49,785 71,173 58,192 62,402 77,315
Unrestricted 222,411 307,819 (3) 558,060 715,255 735,950 Total business-type activities net position $ 1,482,157 $ 1,611,129 $ 1,856,360 $ 2,092,845 $ 2,247,138

Primary government
Net investment in capital assets $ 5,299,898 $ 5,009,174 $ 4,875,818 $ 4,832,766 $ 4,846,888 Restricted 1,166,226 1,250,138 1,422,061 1,360,392 1,235,802 Unrestricted (2,755,972) (2,278,861) (2,082,253) (1,782,132) (1,663,735) Total primary government net position $ 3,710,152 $ 3,980,451 $ 4,215,626 $ 4,411,026 $ 4,418,955

(1) 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 No. 75.
(2) 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.
(3) FY 2022 balances have been restated as a result of implementing GASB 96, Subscription-Based Information Technology Agreements (SBITAs). (4) FY 2024 balances have been restated as a result of implementing GASB 101, Compensated Absences. 292 FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT

SCHEDULE II

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

2016 2017 2018 2019 2020
Expenses
Governmental activities:

General government $ 122,363 $ 127,090 $ 132,157 $ 142,531 $ 296,294 Public safety 555,072 694,557 769,305 709,532 813,126 Community services 274,838 310,470 329,222 308,345 301,697 Sanitation 145,516 156,299 164,890 164,677 183,197 Capital maintenance 395,393 444,867 494,007 422,170 476,251 Interest and fiscal charges 56,768 54,844 57,002 46,720 44,771 Total governmental activities expenses 1,549,950 1,788,126 1,946,583 1,793,975 2,115,336

Business-type activities:

San José Mineta International Airport 201,017 204,774 207,675 224,387 232,002 Wastewater Treatment System 163,985 192,302 203,272 199,350 252,033 Municipal Water System 36,246 42,647 49,156 47,917 51,574 Parking System 13,607 14,269 14,503 16,151 22,559 San José Clean Energy - - 1,116 98,909 301,115 Total business-type activities expenses 414,855 453,992 475,722 586,714 859,283 Total primary government expenses $ 1,964,805 $ 2,242,118 $ 2,422,305 $ 2,380,689 $ 2,974,619

Program Revenues
Governmental activities:

Charges for services:

General government $ 46,952 48,358 29,565 26,656 19,151 Public safety 23,046 23,164 78,700 88,391 80,077 Community services 129,905 177,436 88,895 106,836 94,080 Sanitation 157,477 143,062 155,772 154,094 171,280 Capital maintenance 66,440 70,842 66,257 59,441 33,924 Operating grants and contributions 107,583 86,779 113,938 108,361 176,843 (1) Capital grants and contributions 69,848 63,647 97,441 111,278 149,459 Total governmental program revenues 601,251 613,288 630,568 655,057 724,814

Business-type activities:

Charges for services
San José Mineta International Airport 182,445 194,057 213,993 223,267 211,141 Wastewater Treatment System 209,056 222,654 252,722 248,830 322,391 Municipal Water System 37,368 44,680 48,615 51,181 52,020 Parking System 16,503 17,612 17,645 19,185 14,763 San José Clean Energy - - - 102,855 336,951
Operating grants and contributions 864 1,233 894 720 486 Capital grants and contributions 15,437 13,258 16,362 24,655 6,334 Total business-type activities program revenues 461,673 493,494 550,231 670,693 944,086 Total primary government revenues $ 1,062,924 $ 1,106,782 $ 1,180,799 $ 1,325,750 $ 1,668,900 293

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

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)

2021 2022 2023 2024 2025
Expenses
Governmental activities:

General government $ 351,491 $ 230,695 $ 159,778 $ 216,898 $ 189,281 Public safety 783,928 614,802 735,061 780,342 793,659 Community services 345,762 375,192 473,032 519,728 547,438 Sanitation 184,816 202,142 225,979 223,287 248,185 Capital maintenance 487,239 531,355 554,674 548,919 554,141 Interest and fiscal charges 38,021 43,808 52,004 41,335 40,496 Total governmental activities expenses 2,191,257 1,997,994 2,200,528 2,330,509 2,373,200

Business-type activities:

San José Mineta International Airport 205,378 221,655 (3) 210,479 225,969 (5) 249,349 Wastewater Treatment System 211,098 197,430 233,947 244,530 268,183 Municipal Water System 51,936 53,627 58,219 62,907 73,931 Parking System 12,581 13,143 18,853 17,352 16,901 San José Clean Energy 292,670 332,925 389,416 416,300 460,317 Total business-type activities expenses 773,663 818,780 910,914 967,058 1,068,681 Total primary government expenses $ 2,964,920 $ 2,816,774 $ 3,111,442 $ 3,297,567 $ 3,441,881

Program Revenues
Governmental activities:

Charges for services:

General government $ 5,534 8,168 8,662 10,081 10,733 Public safety 22,931 38,900 34,865 36,883 43,111 Community services 120,506 166,966 148,730 155,303 155,272 Sanitation 187,319 208,824 222,595 226,499 235,632 Capital maintenance 30,098 36,426 26,575 34,775 25,501 Operating grants and contributions 250,875 263,444 252,204 158,094 143,932 Capital grants and contributions 99,684 79,426 117,371 171,249 123,551 Total governmental program revenues 716,947 802,154 811,002 792,884 737,732

Business-type activities:

Charges for services
San José Mineta International Airport 147,078 205,381 231,305 254,617 272,566 Wastewater Treatment System 237,593 295,728 271,990 282,845 298,804 Municipal Water System 56,123 55,531 61,042 72,377 77,778 Parking System 7,062 12,993 15,036 15,931 17,702 San José Clean Energy 280,388 351,099 515,503 492,262 467,506 Operating grants and contributions 55,804 37,956 32,690 12,341 12,454 Capital grants and contributions 14,412 7,115 14,270 23,688 23,471 Total business-type activities program revenues 798,460 965,803 1,141,836 1,154,061 1,170,281 Total primary government revenues $ 1,515,407 $ 1,767,957 $ 1,952,838 $ 1,946,945 $ 1,908,013 294 FOR THE YEAR ENDED JUNE 30, 2025

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)

2016 2017 2018 2019 2020

Net (Expenses) Revenues
Governmental activities $ (948,699) $ (1,174,838) $ (1,316,015) $ (1,138,918) $ (1,390,522) Business-type activities 46,818 39,502 74,509 83,979 84,803 Total primary government (901,881) (1,135,336) (1,241,506) (1,054,939) (1,305,719)

General Revenues and Other Changes in Net Position
Governmental activities:

Taxes:

Property and other taxes 404,878 431,138 461,964 497,317 531,075 Utility 113,474 121,046 120,234 120,846 120,213 Franchise 48,949 49,642 51,180 48,397 44,436
Transient occupancy 41,125 45,511 48,854 51,399 35,329 Business license 50,864 54,159 70,673 77,011 71,978 Sales taxes 201,797 207,695 226,337 263,530 260,558 State of California in-lieu 410 467 551 505 826 Unrestricted interest and investment income (loss) 7,790 9,062 6,688 24,165 39,635 Other revenue 2,103 4,459 36,485 34,707 56,435 Gain on sale of capital assets - - - 44,528 5,231 Transfers 3,680 3,387 5,769 3,141 6,391
Total governmental activities 875,070 926,566 1,028,735 1,165,546 1,172,107

Business-type activities:

Unrestricted interest and investment income (loss) 6,383 3,955 6,322 23,498 33,030 Other revenue 2,314 19,211 4,961 627 654
Transfers (3,680) (3,387) (5,769) (3,141) (6,391) Rate stabilization fund and ten-year
lookback distribution - - - (16,266) -
Total business-type activities 5,017 19,779 5,514 4,718 27,293 Total primary government $ 880,087 $ 946,345 $ 1,034,249 $ 1,170,264 $ 1,199,400

Change In Net Position
Governmental activities $ (73,629) $ (248,272) $ (287,280) $ 26,628 $ (218,415) Business-type activities 51,835 59,281 80,023 88,697 112,096 Total primary government $ (21,794) $ (188,991) $ (207,257) $ 115,325 $ (106,319)

295

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

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)

2021 2022 2023 2024 (5) 2025

Net (Expenses) Revenues
Governmental activities $ (1,474,310) $ (1,195,840) $ (1,389,526) $ (1,537,625) $ (1,635,468) Business-type activities 24,797 147,023 230,922 187,003 101,600 Total primary government (1,449,513) (1,048,817) (1,158,604) (1,350,622) (1,533,868)

General Revenues and Other Changes in Net Position
Governmental activities:

Taxes:

Property and other taxes 543,347 (2) 587,044 (2) 591,517 619,705 648,616 Real property transfer tax 50,531 (2) 110,015 (2) 56,280 56,280 47,677 Utility 127,844 124,906 145,361 152,063 161,886 Franchise 45,628 48,378 44,824 52,476 58,459
Transient occupancy 13,479 26,284 37,287 39,747 43,048 Business license 71,169 85,375 89,627 86,072 87,693 Sales taxes 284,020 323,144 343,472 333,411 331,431 State of California in-lieu 770 1,190 1,041 - - (4) Unrestricted interest and investment income (loss) 14,438 (27,844) 20,666 108,066 102,297 Other revenue 49,798 52,649 42,480 46,499 71,041 Gain on sale of capital assets 6,913 1,766 3,959 - - Transfers 3,262 4,260 2,956 2,221 4,036
Total governmental activities 1,211,199 1,337,167 1,379,470 1,496,540 1,556,184

Business-type activities:

Unrestricted interest and investment income (loss) 1,808 (15,369) 16,043 51,172 65,378 Other revenue 1,712 1,307 1,222 401 1,743
Transfers (3,262) (4,260) (2,956) (2,221) (4,036) Rate stabilization fund and ten-year
lookback distribution - - - - -
Total business-type activities 258 (18,322) 14,309 49,352 63,085 Total primary government $ 1,211,457 $ 1,318,845 $ 1,393,779 $ 1,545,892 $ 1,619,269

Change In Net Position
Governmental activities $ (263,111) $ 141,327 $ (10,056) $ (41,085) $ (79,284) Business-type activities 25,055 128,701 245,231 236,355 164,685 Total primary government $ (238,056) $ 270,028 $ 235,175 $ 195,270 $ 85,401

(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. (5) FY 2024 balances have been restated as a result of implementing GASB 101, Compensated Absences. 296 FOR THE YEAR ENDED JUNE 30, 2025

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)

2016 2017 2018 2019 2020
General Fund
Nonspendable $ 186 $ 170 $ 153 $ 153 $ 121
Restricted 1,265 690 1,057 1,370 2,007
Committed 84,998 96,026 97,809 100,147 95,414
Assigned 167,239 136,093 111,509 168,961 283,322 Unassigned 65,351 79,853 82,494 143,868 79,368
Total General Fund $ 319,039 $ 312,832 $ 293,022 $ 414,499 $ 460,232

Other Governmental Funds
Nonspendable $ 243 $ 340 $ - $ - $ -
Restricted 909,733 960,159 978,565 1,014,467 1,276,750 Committed 55,435 59,319 57,892 69,451 51,460
Assigned 82,785 82,584 94,797 93,500 96,038
Unassigned - - - (32,668) (27,705)
Total Other Governmental Funds $ 1,048,196 $ 1,102,402 $ 1,131,254 $ 1,144,750 $ 1,396,543 (1)

2021 2022 2023 2024 2025
General Fund
Nonspendable $ 104 $ 88 $ 88 $ 55 $ 39
Restricted 307 303 300 300 300
Committed 73,580 67,343 98,507 108,515 181,200 Assigned 331,310 279,356 458,289 423,942 436,484 Unassigned 8,041 225,967 127,858 142,302 22,921 Total General Fund $ 413,342 $ 573,057 $ 685,042 $ 675,114 $ 640,944

Other Governmental Funds
Nonspendable $ 4 $ - $ - $ - $ -
Restricted 1,298,955 1,452,020 1,349,185 1,256,141 1,148,918 Committed 93,721 102,159 108,406 120,214 121,839 Assigned 99,068 94,222 94,971 93,833 98,059
Unassigned (44,395) (20) (8,031) (3,510) (20)
Total Other Governmental Funds $ 1,447,353 $ 1,648,381 $ 1,544,531 $ 1,466,678 $ 1,368,796

(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, 2025 297

298 FOR THE YEAR ENDED JUNE 30, 2025

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)

2016 2017 2018 2019 2020

REVENUES
Taxes and special assessments $ 653,663 $ 721,419 $ 778,815 $ 819,139 $ 820,215 Sales taxes 228,317 207,695 226,337 263,530 260,558 Licenses, permits, and fines 69,856 75,173 74,859 80,725 77,747 Intergovernmental 81,133 87,622 94,202 102,328 217,546 (2) Charges for current services 257,212 251,447 279,045 269,807 243,745 Rent 43,284 50,838 53,415 60,974 49,387
Investment income and other revenues 118,903 131,895 122,980 135,047 187,121 Total revenues 1,452,368 1,526,089 1,629,653 1,731,550 1,856,319

EXPENDITURES
General government 108,505 110,853 115,276 151,295 229,369 Public safety 516,614 537,287 594,768 623,853 642,840 Community services 241,644 258,167 266,818 255,471 262,653 Sanitation 145,008 151,310 158,025 163,271 182,625 Capital maintenance 231,467 259,199 293,096 235,456 298,232 Capital outlay 60,049 68,197 81,311 138,176 90,167 Debt service:

Principal 53,405 56,139 185,982 73,022 99,034
Interest and fiscal charges 59,007 57,103 57,557 49,129 49,852 Payment to refunded bond escrow agent - - - - - Total expenditures 1,415,699 1,498,255 1,752,833 1,689,673 1,854,772

Excess (deficiency) of revenues over
(under) expenditures 36,669 27,834 (123,180) 41,877 1,547

OTHER FINANCING SOURCES (USES)
Inception of lease - - - - -
Inception of subscription-based information technology
arrangement - - - - -
Proceeds from SARA refunding - - 92,620 - -
Bonds issued - - - - 502,020
Bond premium - - - - -
Refunding bonds issued - - - - -
Premium / (discount) on bonds - - - - 80,821
Payment to refunded bond escrow agent - - (1,705) - (297,366) Proceeds from sale of capital assets 3,848 17,602 38,187 160,943 5,352 Transfers in 96,561 128,089 129,801 196,800 135,966 Transfers out (93,334) (125,526) (126,681) (197,647) (130,814) Escrow payment to the County of Santa Clara - - - (67,000) - Total other financing sources (uses) 7,075 20,165 132,222 93,096 295,979

Net change in fund balances $ 43,744 $ 47,999 $ 9,042 $ 134,973 $ 297,526

Debt service as a percentage of noncapital
expenditures(1) 8.29% 7.92% 14.57% 7.87% 8.44%

299

INTRODUCTORY

SECTION
FOR THE YEAR ENDED JUNE 30, 2025

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)

2021 2022 2023 2024 2025

REVENUES
Taxes and special assessments $ 866,088 $ 993,637 $ 977,408 $ 1,020,007 $ 1,061,252 Sales taxes 284,020 323,144 343,472 333,411 331,431 Licenses, permits, and fines 28,344 37,206 35,469 36,014 42,252 Intergovernmental 261,451 298,378 310,612 225,484 247,834 Charges for current services 252,441 292,686 300,110 314,943 318,631 Rent 13,331 31,508 46,682 58,820 63,324
Investment income and other revenues 188,433 164,493 162,020 230,909 240,845 Total revenues 1,894,108 2,141,052 2,175,773 2,219,588 2,305,569

EXPENDITURES
General government 294,300 243,157 163,545 206,134 210,659 Public safety 678,689 727,257 758,025 788,243 841,868 Community services 330,076 355,397 438,791 490,055 515,497 Sanitation 190,402 207,788 227,492 225,944 248,691 Capital maintenance 321,876 374,102 383,867 383,910 383,000 Capital outlay 104,823 58,488 91,403 116,869 141,927 Debt service:

Principal 63,236 93,245 65,225 60,116 60,991
Interest and fiscal charges 42,762 45,313 57,233 47,663 46,558 Payment to refunded bond escrow agent 31,750 12,194 - - - Total expenditures 2,057,914 2,116,941 2,185,581 2,318,934 2,449,191

Excess (deficiency) of revenues over
(under) expenditures (163,806) 24,111 (9,808) (99,346) (143,622)

OTHER FINANCING SOURCES (USES)
Inception of lease - - 11,378 13,417 442
Inception of subscription-based information technology
arrangement - - - 1,555 8,193
Proceeds from SARA refunding - - - - -
Bonds issued 155,012 273,980 - - -
Bond premium - 54,331 - - -
Refunding bonds issued 347,143 115,190 - - -
Premium / (discount) on bonds - - - - -
Payment to refunded bond escrow agent (344,516) (115,238) 1 - - Proceeds from sale of capital assets 7,020 4,252 4,962 68 - Transfers in 138,958 86,318 106,265 103,698 112,035 Transfers out (135,891) (82,201) (104,663) (106,778) (109,497) Escrow payment to the County of Santa Clara - - - - - Total other financing sources (uses) 167,726 336,632 17,943 11,960 11,173

Net change in fund balances $ 3,920 $ 360,743 $ 8,135 $ (87,386) $ (132,449)

Debt service as a percentage of noncapital
expenditures(1)(3) 5.43% 6.73% 5.85% 4.89% 4.66%

(1) Debt ratio was calculated by dividing principal and interest components by total government expenditures excluding capital outlay. (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, 2025300

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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
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 2025 214,792,067 7,365,168 8,035,400 214,121,835 38,814,519 5,886,825 - 44,701,344 0.172

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
302 FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT

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

Fiscal Year 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 0.022 0.021 0.019 0.017 0.022 0.017 0.021 0.019 0.017 0.016 Total Direct Rate 0.178 0.177 0.175 0.173 0.178 0.173 0.177 0.175 0.173 0.172

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 0.717 0.703 0.679 0.670 0.650 0.664 0.657 0.654 0.646 0.647 Special districts 0.029 0.032 0.030 0.028 0.028 0.028 0.029 0.028 0.028 0.028 Total direct and overlapping rates 1.216 1.204 1.176 1.162 1.148 1.157 1.155 1.149 1.139 1.139

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

Source: Department of Finance, County of Santa Clara
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SCHEDULE VII
City of San José
Principal Property Taxpayers
Current Year and Nine Years Ago
($000’S)
2025 2016
Taxpayer
Taxable
Assessed
Value
Percent of
Total City
Taxable
Assessed
Value Taxpayer
Taxable
Assessed
Value
Percent of
Total City
Taxable
Assessed
Value

Google LLC $ 1,418,226 0.55% Cisco Systems, Inc. $ 1,139,943 0.76% Essex Portfolio, L.P . 1,221,617 0.47% Essex Portfolio, L.P . 897,088 0.59% Adobe Inc. 1,201,882 0.46% Sobrato Interests 580,145 0.38% Cisco Systems, Inc. 1,095,284 0.42% FRIT San Jose Town & Country Village, LLC 554,947 0.37% San Jose Water Works 1,054,524 0.41% The Irvine Company LLC 551,188 0.37% VF Mall LLC 996,232 0.38% M West Propco 549,748 0.36% FRIT San Jose Town & Country Village LLC 880,401 0.34% VF Mall LLC 523,844 0.35% SJCCRE1 LLC 786,230 0.30% San Jose Water Works 411,601 0.27% River View Apartments 727,055 0.28% Tishman Speyer Archstone-Smith 291,863 0.19% SJ Park Almaden LLC 695,138 0.27% eBay Inc. 384,064 0.25% Total assessed property valuation, local
secured net $ 10,076,589 3.88% $ 5,884,431 3.89%

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

FY 2015-2016 $ 150,874,538
FY 2024-2025 $ 258,823,179

Source: California Municipal Statistics, Inc.

Finance Department, County of Santa Clara
304 FOR THE YEAR ENDED JUNE 30, 2025

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
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
2025 279,465 279,364 100.0

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
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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
Notes &
Loans
Lease
Revenue
Bonds
Direct
Placements
Special
Assessment
Bonds
Revenue
Bonds Leases SBITA
Total
Governmental
Activities

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 - - - 14,216 16,162 1,352,406 2024 628,190 - 637,078 - - - 23,277 12,704 1,301,249 2025 596,919 - 610,699 - - - 21,081 14,277 1,228,699

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)

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 - 98 800 3,272 1,435,191 2,787,597 1.20% $ 2,906.00 2024 1,100,229 - 295,470 - 40,098 2,412 2,120 1,440,329 2,741,578 1.11% $ 2,827.85 2025 1,060,689 - 290,223 - 40,098 5,137 1,587 1,396,147 2,624,846 1.02% $ 2,696.21

Note: (1) Total general obligation, lease revenue, airport revenue, and wastewater bonds includes the net premium/(discount)

Sources: Finance Department, City of San José
Finance Department, County of Santa Clara
306 FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT
Outstanding General Debt (1) (1) (2)
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)

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 2025 497,265 99,654 596,919 45,964 550,955 258,823,179 979,415 0.002306 562.53

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

(1) Effective FY 2017, Net General Bonded Debt is used to calculate ratio. The FY 2016 ratio of Net General Bonded Debt to Net Assessed Value and Net General Bonded Debt per Capita was restated.
(2) Effective FY 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 FY 2023 have restated the Ratio of Net General Bonded Debt Per Capita.

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
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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)
307

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STATISTICAL

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SCHEDULE XI
City of San José
Schedule of Direct and Overlapping Bonded Debt
June 30, 2025
(000’s)

City Net Taxable Assessed Valuation $ 258,823,179

% Applicable
Outstanding Debt
as of 06/30/25
Estimated Share of
Overlapping Debt
City Direct Debt 100.00% $ 1,228,699 $ 1,228,699

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 76.87% 181,335 139,396 Berryessa Union School District 92.39% 160,262 148,064 Cambrian School District 65.50% 113,750 74,507
Campbell Union High School District 60.14% 318,105 191,299 Campbell Union School District 48.07% 240,714 115,704 Cupertino Union School District 15.75% 294,953 46,455 East Side Union High School District 95.63% 740,599 708,235 Evergreen School District 99.43% 115,501 114,843
Foothill-DeAnza Community College District 3.79% 592,801 22,449 Franklin-McKinley School District 99.63% 186,810 186,119 Fremont Union High School District 8.46% 717,450 60,725 Gavilan Joint Community College District 4.68% 229,425 10,728 Los Gatos Union School District 1.62% 116,965 1,890 Los Gatos-Saratoga Joint Union High School District 0.80% 72,445 581 Luther Burbank School District 19.73% 16,568 3,270 Midpeninsula Regional Open Space District 0.01% 114,920 11 Moreland School District 74.85% 134,544 100,708
Morgan Hill Unified School District 11.06% 158,425 17,530 Mount Pleasant School District 88.45% 47,047 41,614 Oak Grove School District 99.93% 263,090 262,913
Orchard School District 100.00% 33,867 33,867
San José Unified School District 98.53% 412,539 406,458 San José-Evergreen Community College District 85.37% 940,705 803,051 Santa Clara County 36.99% 1,217,905 450,552
Santa Clara Unified School District 20.38% 958,135 195,277 Santa Clara Valley Water District Benefit Assessment District 36.99% 24,940 9,226 Union School District 72.75% 134,455 97,820
West Valley Community College District 31.34% 631,255 197,810 Subtotal Overlapping Tax and Assessment Debt 9,169,509 4,441,103 Total Direct and Overlapping Tax and Assessment Debt 9,169,509 4,441,103

Overlapping Other Debt:

Berryessa Union School District Certificates of Participation 92.39% 1,492 1,378 Campbell Union High School District General Fund Obligations 60.14% 12,500 7,517 Campbell Union School District General Fund Obligations 48.07% 855 411 Cupertino Union School District General Fund Obligations 15.75% 40,233 6,337 308 FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT

SCHEDULE XI
City of San José
Schedule of Direct and Overlapping Bonded Debt
June 30, 2025
(000’s)
East Side Union High School District Post Employment Obligations 95.63% 22,465 21,483 Franklin-McKinley School District General Fund Obligations 99.63% 10,085 10,048 Midpeninsula Regional Open Space Park District General Fund Obligations 0.01% 74,066 7 Morgan Hill Unified School District Certificates of Participation 11.06% 13,505 1,494 San Jose Unified School District Certificates of Participation 98.53% 1,685 1,660 San Jose-Evergreen Community College District Benefit Obligations 85.37% 46,575 39,760 Santa Clara County Board of Education Certificates of Participation 36.99% 12,072 4,466 Santa Clara County General Fund Obligations 36.99% 1,002,459 370,850 Santa Clara County Pension Obligation Bonds 36.99% 317,655 117,513 Santa Clara Unified School District Certificates of Participation 20.38% 10,859 2,213 West Valley-Mission Community College District General Fund Obligations 31.34% 2,520 790 Total Gross Direct and Overlapping General Fund Debt 1,569,026 585,927 Total Overlapping Debt $ 10,738,535
Total Direct and Overlapping Debt $ 5,027,030

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, leases, and SBITAs.

Source: California Municipal Statistics, Inc.

Finance Department, County of Santa Clara
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SCHEDULE XII
City of San José
Legal Debt Margin Information
Last Ten Fiscal Years
($000’S)

2016 2017 2018 2019 2020
Calculation of Debt Limit

Gross assessed value for fiscal year $ 155,942,422 $ 166,520,882 $ 177,041,893 $ 188,617,315 $ 202,143,227 Debt limit at 15% of assessed value (1) x .15 x .15 x .15 x .15 x .15 Debt limit applicable to fiscal year $ 23,391,363 $ 24,978,132 $ 26,556,284 $ 28,292,597 $ 30,321,484

Calculation of Legal Debt Margin

Debt limit applicable to fiscal year $ 23,391,363 $ 24,978,132 $ 26,556,284 $ 28,292,597 $ 30,321,484 Total general obligation bonds (2) 387,403 367,469 347,530 327,591 545,984 Legal debt margin $ 23,003,960 $ 24,610,663 $ 26,208,754 $ 27,965,006 $ 29,775,500

Percentage of outstanding debt subject to
legal debt limit 1.7% 1.5% 1.3% 1.2% 1.8%

2021 2022 2023 2024 2025
Calculation of Debt Limit

Gross assessed value for fiscal year $ 213,925,810 $ 222,716,179 $ 238,645,492 $ 254,060,033 $ 266,858,579 Debt limit at 15% of assessed value (1) x .15 x .15 x .15 x .15 x .15 Debt limit applicable to fiscal year $ 32,088,872 $ 33,407,427 $ 35,796,824 $ 38,109,005 $ 40,028,787

Calculation of Legal Debt Margin

Debt limit applicable to fiscal year $ 32,088,872 $ 33,407,427 $ 35,796,824 $ 38,109,005 $ 40,028,787 Total general obligation bonds (2) 519,304 699,184 659,786 628,190 596,919 Legal debt margin $ 31,569,568 $ 32,708,243 $ 35,137,038 $ 37,480,815 $ 39,431,868

Percentage of outstanding debt subject to
legal debt limit 1.6% 2.1% 1.8% 1.6% 1.5%

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
310 FOR THE YEAR ENDED JUNE 30, 2025

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), (6)

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

2016 $ 145,809 $ 73,118 $ 144,157 $ 71,466 $ 23,986 $ 95,452 $ 24,829 $ 70,623 2.04 2017 156,278 77,577 156,577 77,876 17,784 95,660 24,789 70,871 2.21 2018 173,862 85,584 166,435 78,157 25,609 103,766 24,792 78,974 2.11 2019 181,195 92,572 151,369 62,746 29,755 92,501 27,026 65,475 2.31 2020 183,201 97,122 137,167 51,088 42,170 93,258 27,479 65,779 2.09 2021 191,237(7) 89,924 (7) 142,812 41,100 52,807 93,907 14,339 78,379 1.82 2022 213,330 97,717 (8) 147,840 32,226 13,479 45,705 12,420 33,285 4.44 2023 235,654 105,362 174,279 43,897 3,585 47,482 13,640 33,842 5.15 2024 245,012 116,411 (9) 158,030 29,429 39,976 69,405 23,072 46,333 3.41 2025 300,785 121,815 178,970 35,444 38,217 73,661 23,788 49,873 3.59

(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.
(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) Other Available Funds includes Rolling Coverage Amount, uncommitted monies in the General Revenue Fund from the prior fiscal year, unspent bond proceeds in FY16 and FY17, and CFC Revenues, in an amount not to exceed the amount of eligible debt service and transportation costs. (7) FY 2021 revised amounts to reflect restated revenues and expenses related to GASB Statement No. 87. (8) FY 2022 amounts were revised to reflect restated expenses related to GASB Statement No. 96. (9) FY 2024 amounts were revised to reflect restated expenses related to GASB Statement No. 101.

311

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STATISTICAL

SECTION

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)

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
2025 - - - - - - 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 312 FOR THE YEAR ENDED JUNE 30, 2025

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 2025 267,127 198,754 68,373 4,365 12,907 17,272 5.06

(1) Includes operating revenues (excludes South Bay Water Recycling revenue) , 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 FY2023 hence no information is shown for prior periods.

Source: Environmental Services Department, City of San José 313

INTRODUCTORY

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 (%)

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 970,772 231,447,430 241,278 3.7
2024 969,491 246,508,885 254,266 4.5
2025 979,415 258,823,179 264,263 4.7 (4)

Note:
(1) Data pertaining to personal income is not readily available, thus the City used taxable assessed values to calculate per capita taxable property values.
(2) Population count only reflects preliminary numbers per the State’s press release (3) Unemployment rate reflects the rate as of 7/1 after fiscal year end (4) Beginning in 2025, the unemployment rate reflects the rate on 6/1 of the year.

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 314 FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT

SCHEDULE XV
City of San José
Principal Employers
Current Year and Nine Years Ago
2025 2016
Company or Organization
Number of
Employees Rank
Percent of Total
Employment
Number of
Employees Rank
Percent of Total
Employment

County of Santa Clara 24,000 1 4.71% 17,800 1 3.44% City of San José 8,053 (1) 2 1.58% 6,679 (1) 3 1.29% Cisco Systems, Inc. 7,500 3 1.47% 14,000 2 2.71% Kaiser Permanente 4,400 4 0.86% 2,100 10 0.41% San José State University 4,300 5 0.84% 4,300 4 0.83% Broadcom Inc. 3,206 (2) 6 0.63% 1,700 (2) 13 0.33% Second Harvest of Silicon Valley 3,004 7 0.59% n/a n/a n/a Paypal Inc. 2,748 8 0.54% 2,800 7 0.54%
Adobe Inc. 2,604 9 0.51% 2,100 9 0.41%
Target Corporation 2,460 10 0.48% 1,900 12 0.37% Super Micro Computer, Inc. 2,422 11 0.48% n/a n/a n/a eBay Inc. 2,364 12 0.46% 2,800 6 0.54%
Western Digital Corporation 2,221 13 0.44% 3,000 5 0.58% IBM Corporation 1,854 14 0.36% 2,800 8 0.54%
Good Samaritan Hospital 1,850 15 0.36% 2,000 11 0.39%

(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 2016. (2) Broadcom completed the acquisition of Brocade Communications in November 2017. FY2015-2016 ACFR lists Brocade Communications ranking no. 13.

Source: California Employment Development Department, Labor Market Information Division City of San José FY 2025-2026 Proposed Operating Budget

City of San José Finance Department
(payroll division)
FY 2015-2016 ACFR
315

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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)
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Airport 164 180 204 206 209 199 190 209 221 222 City Attorney’s Office 79 76 79 86 82 83 82 90 89 87 City Auditor’s Office 14 15 14 11 15 13 13 13 14 12 City Clerk’s Office 14 13 14 12 14 14 14 19 16 17 City Council & Mayor 90 95 104 102 120 113 109 104 102 96 City Manager’s Office 65 65 70 81 87 83 91 94 96 86 Energy 0 0 5 21 25 30 32 42 55 68
Environmental Services 460 489 492 485 488 492 487 513 523 534 Finance 124 111 113 123 120 119 128 128 135 134 Fire 779 781 771 798 794 795 794 771 774 800 Housing 51 55 61 64 70 83 99 108 112 110
Human Resources 46 46 48 44 50 190 (2) 48 64 59 50 Independent Police Auditor 6 5 6 5 6 6 6 5 5 6 Information Technology 68 76 66 82 85 86 96 107 110 103 Library 643 574 554 557 552 511 545 587 550 559 Office of Economic
Development 59 66 60 58 70 64 66 70 64 59
Parks, Recreation &
Neighborhood Services 1,160 1,178 1,698 1,783 1,539 1,481 1,434 1,844 1,984 1,762 Planning, Building & Code
Enforcement 289 284 299 292 289 273 247 266 288 270 Police 1,569 1,682 1,807 1,836 1,872 1,877 1,831 1,793 1,833 1,833 Public Works 535 557 575 592 598 602 596 659 674 680 Retirement Services 36 35 34 38 39 38 42 46 48 50 Transportation 428 422 453 452 451 475 463 512 510 515

Total 6,679 6,805 7,527 7,728 7,575 7,627 7,413 8,044 8,262 8,053

(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, 2025316

317

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STATISTICAL

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SCHEDULE XVII

City of San José
Operating Indicators
Last Ten Fiscal Years

2016 2017 2018 2019 2020
AIRPORT:

Takeoffs Per Year:

Commercial Airline Operations 76,050 104,377 (2) 128,242 141,454 119,018 Cargo Commercial Airlines Operations 1,570 1,654 1,596 1,562 1,494 Taxi / Commuter Commercial 19,055 NA (2) NA (2) NA (2) NA (2) General Aviation 34,670 34,105 35,664 48,762 47,724 Military Flights 241 279 249 230 148
Landings Per Day:

Commercial 132 143 176 194 165
General Aviation 47 47 49 67 65
Number of Passengers Per Year 10,000,000 11,200,000 13,500,000 14,900,000 11,300,000

ENVIRONMENT AND UTILITIES:

Water:

Wastewater Treated Per Day (in mil. gal.) 92 101 105 109 104 Muni Water Consumption Per Year (in bil.
gal.) 6.4 6.5 6.6 6.5 6.6
Recycled Materials:

Tons of Recyclables 85,239 96,363 78,606 84,344 87,084 Tons of Yard Trimmings 115,682 129,136 122,375 126,491 127,899 Gallons of Used Motor Oil 65,428 64,571 49,714 56,857 46,571

FIRE:

Fires Per Year 1,950 2,300 3,284 3,076 3,675
Hazardous Materials Incidents Per Year NA (1) NA (1) NA (1) NA (1) NA (1) Fire Safety Code Inspections Per Year 15,000 17,000 19,585 19,573 18,672 Emergency Medical Calls Per Year 54,000 55,000 57,715 57,509 56,454

LIBRARIES:

Circulation 9,705,777 9,228,155 8,372,753 8,613,193 6,992,895 Reference Questions 550,000 450,000 500,000 600,000 360,000

PARKS, RECREATION AND NEIGHBORHOOD
SERVICES:

Total Participation in Recreation Programs 683,913 779,077 785,581 828,233 709,764

POLICE:
911 Calls Per Year 563,000 565,000 610,000 608,000 639,000 311 Calls Per Year 385,000 382,000 426,800 441,000 523,000 Cases Investigated Per Year 22,000 23,000 30,200 34,000 35,500

BUILDING PERMITS:

Number issued:

New Buildings 742 885 858 1,325 1,240
Building Alterations 4,998 6,474 6,049 5,626 4,665 Value:

New Buildings (in $) 866,643,670 1,002,500,194 1,131,512,740 938,617,645 1,160,972,661 Building Alterations (in $) 770,315,772 967,071,695 630,571,262 896,629,696 725,204,828

318 FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT

SCHEDULE XVII
(Concluded)
City of San José
Operating Indicators
Last Ten Fiscal Years

2021 2022 2023 2024 2025
AIRPORT:

Takeoffs Per Year:

Commercial Airline Operations 54,558 (3) 87,824 111,318 110,011 105,836 Cargo Commercial Airlines Operations 1,534 1,147 1,350 1,475 1,045 Taxi / Commuter Commercial NA (2) NA (2) NA (2) NA (2) NA (2) General Aviation 36,389 49,653 55,483 53,497 52,996 Military Flights 118 293 26 149 84
Landings Per Day:

Commercial 77 120 152 151 145
General Aviation 50 68 72 73 73
Number of Passengers Per Year 4,000,000 (3) 9,000,000 12,000,000 12,300,000 11,300,000

ENVIRONMENT AND UTILITIES:

Water:

Wastewater Treated Per Day (in mil. gal.) 109 91 89 104 107 Muni Water Consumption Per Year (in bil.
gal.) 8.2 6.5 6.5 5.9 5.9
Recycled Materials:

Tons of Recyclables 104,627 95,371 90,530 81,766 80,177 Tons of Yard Trimmings 134,194 125,177 116,645 125,818 125,048 Gallons of Used Motor Oil 59,429 56,286 48,571 47,829 49,657

FIRE:

Fires Per Year 4,000 4,271 4,500 5,300 5,000
Hazardous Materials Incidents Per Year NA (1) NA (1) NA (1) NA (1) NA (1) Fire Safety Code Inspections Per Year 18,304 15,828 16,700 16,900 17,900 Emergency Medical Calls Per Year 57,000 54,945 63,000 70,000 70,000

LIBRARIES:

Circulation 3,613,471 (3) 6,799,375 8,566,177 10,995,391 8,096,900 Reference Questions 160,000 (3) 285,680 318,000 318,431 328,599

PARKS, RECREATION AND NEIGHBORHOOD
SERVICES:

Total Participation in Recreation Programs 100,811 (3) 516,597 496,899 818,325 854,316

POLICE:
911 Calls Per Year 640,000 660,552 633,300 642,974 620,000 311 Calls Per Year 525,000 488,298 609,200 469,454 410,000 Cases Investigated Per Year 30,000 30,000 28,000 30,000 32,000

BUILDING PERMITS:

Number issued:

New Buildings 1,310 1,363 1,098 1,306 1,183
Building Alterations 5,011 7,622 7,831 10,574 11,798 Value:

New Buildings (in $) 1,282,313,750 499,255,860 484,399,634 814,231,203 788,519,639 Building Alterations (in $) 759,736,823 1,165,845,019 1,037,052,856 1,049,919,409 1,172,492,157

(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 2025-2026 Proposed Operating Budget City Manager’s Office, City of San José 319

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SCHEDULE XVIII
City of San José
Capital Asset Statistics
By Function
Last Ten Fiscal Years

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Airport:

Terminals 2 2 2 2 2 2 2 2 2 2
Runways 3 3 3 3 3 3 2 2 2 2
Public Parking Spaces:

Short-Term Parking 2,500 2,130 1,980 1,620 1,620 1,443 3,023 (2) 3,023 2,966 2,966 Long-Term Parking 3,030 3,030 3,030 2,920 2,920 3,720 2,509 (2) 2,509 2,458 2,458

Environment And Utilities:

Wastewater:

Miles of Municipal Sewer Mains 2,308 2,030 2,315 2,320 2,322 2,327 2,030 2,040 2,039 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 26,894 26,671 27,356 26,839 26,980 26,980 26,986 27,000 Miles of Water Mains 345 345 345 345 345 345 344 345 347 348

Fire:

Stations 33 33 33 33 33 33 34 34 34 34

Libraries:

Main Library 1 1 1 1 1 1 1 1 1 1
Branches 23 23 23 24 24 24 24 24 24 24

Parks, Recreation And Neighborhood
Services:

Park Sites 200 200 203 206 209 209 212 213 215 221 Community Centers 12 12 11 11 16 16 12 12 12 12

Police:

Stations 1 1 1 1 1 1 1 1 1 1
Vehicles and Motorcycles 380 352 303 316 367 367 367 374 371 380 Horses and K-9’s 15 15 15 13 (1) 15 15 15 16 16 17 Aircraft 2 2 2 2 1 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 2025-2026 Proposed Capital Budget
City Manager’s Office, City of San José
FOR THE YEAR ENDED JUNE 30, 2025320

321

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SCHEDULE XIX
City of San José
Conduit Issuer of Multifamily Housing Revenue Bonds Outstanding (1) As of June 30, 2025

Project Name Series Date Issued
Issue Amount
(In Thousands)
6/30/2025
Balance (In
Thousands)
Maturity /
Redemption Annual Fees (2)

Helzer Court Apartments 1999A 06/02/99 $ 16,948 $ 12,208 12/01/41 $ 26,123 El Parador Apartments 2000A 12/07/00 6,130 4,345 01/01/41 14,413 San Jose Lutheran Seniors Apartments 2001A-1 07/11/01 3,850 1,871 02/15/34 6,250 Pollard Plaza Apartments 2002D 08/06/02 14,000 4,395 08/01/35 17,500 Hacienda Villa Creek Senior Apartments 2002G-1 10/10/02 4,453 2,118 12/01/34 8,750 Fallen Leaves Apartments 2002J-1 12/18/02 13,360 6,855 06/01/36 23,500 Fallen Leaves Apartments 2002J-2 (Sub.) 12/18/02 3,340 1,880 05/01/36 n/a (3) The Oaks of Almaden Apartments 2003B-1 07/29/03 4,365 2,327 02/15/36 10,438 Cinnabar Commons 2003C 08/07/03 25,900 19,400 02/01/37 32,375 Paseo Senter I 2005B-1 12/21/05 6,142 3,453 12/01/38 7,500 Paseo Senter II 2005C-1 12/21/05 4,903 2,569 06/01/38 7,500 Curtner Studios 2007C-1 12/19/07 5,520 3,683 12/01/39 7,500 Fairgrounds Senior Housing Apartments 2008B 05/08/08 26,000 9,330 02/15/36 32,500 Las Ventanas Apartments 2008B 07/15/08 25,900 25,900 07/01/38 38,750 Brookwood Terrace Family Apts 2009B-1 12/23/09 7,780 6,095 02/01/37 17,000 Fourth Street Apts 2010A-1 06/04/10 5,620 4,223 05/01/43 7,500 Orvieto Family Apartments 2010B-1 07/20/10 7,760 6,650 08/01/29 17,750 Kings Crossing Apartments 2010C 09/17/10 24,125 1,665 09/01/45 7,500 Taylor Oaks Apartments 2011A-1 10/21/11 3,950 3,405 10/01/28 7,875 1st and Rosemary Family Apartments 2012C 04/19/12 35,500 23,052 10/01/44 33,900 1st and Rosemary Senior Apartments 2012D 04/19/12 15,500 8,377 10/01/44 12,319 Mayfair Court Apartments 2012B-1 04/20/12 5,220 4,007 10/01/44 27,500 La Moraga Apartments 2012E 09/07/12 52,440 45,015 03/01/26 65,550 3rd Street Residential Apartments 2013A 06/27/13 6,630 3,430 07/01/33 8,288 Cambrian Center 2014A-1 10/17/14 19,035 11,305 05/01/47 32,047 Cambrian Center 2014A-2 10/17/14 19,035 11,305 05/01/47 n/a (3) Poco Way Apartments 2015A-1 02/01/15 21,833 9,521 09/01/47 14,406 Canoas Terrace Apartments 2015B 10/30/15 22,700 19,502 05/01/48 28,375 Town Park Towers Apartments 2015C 10/14/15 45,250 20,515 04/01/48 28,281 Don de Dios Apartments 2016A 12/22/16 17,376 6,065 06/01/34 8,353 Villa De Guadalupe 2017A1 & A2 05/23/17 37,700 28,011 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 5,768 04/01/39 7,905 El Rancho Verde 2018A 08/28/18 277,700 261,720 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 5,350 06/01/38 16,557 Palm Court Sr 2019D 10/11/19 12,247 4,215 06/01/38 15,309 Quetzal Gardens 2019E 12/20/19 32,208 5,829 07/01/37 40,259 Page Street 2020 B -1 10/01/20 6,000 5,766 05/05/53 7,500 Vela (Alum Rock) 2020 11/01/20 32,896 12,690 12/01/39 37,082 Arya 2021 03/01/21 34,314 4,171 03/01/46 7,500 322 FOR THE YEAR ENDED JUNE 30, 2025

ANNUAL COMPREHENSIVE FINANCIAL REPORT

SCHEDULE XIX
City of San José
Conduit Issuer of Multifamily Housing Revenue Bonds Outstanding (1) As of June 30, 2025

Project Name Series Date Issued
Issue Amount
(In Thousands)
6/30/2025
Balance (In
Thousands)
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 12,990 05/01/41 43,725 Blossom Hill 2021 06/01/21 39,363 9,323 08/01/45 12,000 Mariposa Place 202.1 01/28/22 31,341 26,213 01/01/40 39,176 Vitalia 2021F-2 01/28/22 10,500 10,390 01/01/41 n/a (3) 1860 Alum Rock 2023A-1 05/23/23 28,918 23,121 07/01/56 36,147 1860 Alum Rock 2023A-2 05/23/23 2,346 50 07/01/27 n/a 777 West San Carlos Apartments 2023C-1 06/12/23 70,700 3,777 07/01/57 88,375 The Charles 2023B-1 06/12/23 44,160 27,507 10/01/24 12,095 Tamien Station Affordable 2023D 06/30/23 66,100 48,723 04/01/57 82,625 Dry Creek E1 2023 E1 11/14/23 31,195 23,050 06/01/57 7,500 Dry Creek E2 2023 E2 11/14/23 8,805 1,009 06/01/28 n/a (3) Grand Total $ 1,416,833 $ 834,008 $ 1,251,334

(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, 2025, and amount of debt issued and outstanding at end of reporting period. As of June 30, 2025, 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 bonds since the regulatory agreements do not split fees.

Source: Housing Department, City of San José
FOR THE YEAR ENDED JUNE 30, 2025 323

San Jose City CouncilDecember 9, 2025

San Jose City Council
December 9, 2025