City of San Leandro, California
Annual Comprehensive Financial Report
Fiscal Year Ended June 30, 2024
CITY OF SAN LEANDRO, CALIFORNIA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED
JUNE 30, 2024
PREPARED BY:
City of San Leandro – Finance Department
CITY OF SAN LEANDRO
Annual Comprehensive Financial Report
For the Year Ended June 30, 2024
Table of Contents
INTRODUCTORY SECTION
Table of Contents ........................................................................................................................................... i Letter of Transmittal ..................................................................................................................................... v Organizational Chart ................................................................................................................................... xii Principal Officers ....................................................................................................................................... xiii Location Map ............................................................................................................................................. xiv Government Finance Officers Association (GFOA) Award ....................................................................... xv
FINANCIAL SECTION
Independent Auditors’ Report .................................................................................................................................... 1 Management’s Discussion and Analysis ................................................................................................... 5 Basic Financial Statements:
Government-Wide Financial Statements:
Statement of Net Position ................................................................................................. 23 Statement of Activities and Changes in Net Position ....................................................... 24 Fund Financial Statements:
Government Funds Financial Statements:
Balance Sheet .................................................................................................................... 30 Reconciliation of the Governmental Funds Balance Sheet with the Statement of Net Position .................................................................................................. 31 Statement of Revenues, Expenditures and Changes in Fund Balances ............................ 32 Reconciliation of the Net Change in Fund Balances – Total Governmental Funds with the Statement of Activities ........................................................................................ 33 Proprietary Funds Financial Statements:
Statement of Net Position ................................................................................................. 36 Statement of Revenues, Expenses and Changes in Fund Net Position ............................. 37 Statement of Cash Flows .................................................................................................. 38 Fiduciary Fund Financial Statement:
Statement of Fiduciary Net Position ................................................................................. 40 Statement of Changes in Fiduciary Net Position .............................................................. 41 i
CITY OF SAN LEANDRO
Annual Comprehensive Financial Report
For the Year Ended June 30, 2024
Table of Contents
FINANCIAL SECTION (Continued)
Index to Notes to Basic Financial Statements .................................................................................. 43 Notes to Basic Financial Statements ................................................................................................ 45 Required Supplementary Information:
Schedule of Changes in the Net Pension Liability and Related Ratios ............................. 96 Schedule of Contributions – Miscellaneous Plan ............................................................. 98 Schedule of the Plan’s Proportionate Share of the Net Pension Liability and Related Ratios as of the Measurement Date ................................................................. 100 Schedule of Contributions – Safety Plan ........................................................................ 102 Schedule of Changes in the Net OPEB Liability and Related Ratios ............................. 104 Schedule of Contributions – OPEB Plan ........................................................................ 106 Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – General Fund .................................................................................................. 107 Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – Special Grants Special Revenue Fund............................................................ 108 Notes to Required Supplementary Information .............................................................. 109 Supplementary Information:
Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – Capital Improvement Capital Projects Fund .................................................. 112 Non-Major Governmental Funds:
Combining Balance Sheet ............................................................................................... 116 Combining Statement of Revenue, Expenditures and Changes in Fund Balances ......... 120 Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – Non-Major Governmental Fund ..................................................................... 124 Non-Major Enterprise Funds:
Combining Statement of Net Position ............................................................................ 148 Combining Statement of Revenues, Expenses, and Changes in Net Position ................ 149 Combining Statement of Cash Flows ............................................................................. 150 ii
CITY OF SAN LEANDRO
Annual Comprehensive Financial Report
For the Year Ended June 30, 2024
Table of Contents
FINANCIAL SECTION (Continued)
Internal Service Funds:
Combining Statement of Net Position ............................................................................ 152 Combining Statement of Revenues, Expenses and Changes in Fund Net Position ........ 153 Combining Statement of Cash Flows ............................................................................. 154
STATISTICAL SECTION
Net Position by Component – Last Ten Fiscal Years ............................................................................... 159 Changes in Net Position – Last Ten Fiscal Years ..................................................................................... 160 Program Revenues by Function/Program – Last Ten Fiscal Years .......................................................... 161 Fund Balance of Governmental Funds – Last Ten Fiscal Years ............................................................... 162 General Governmental Revenues by Source – Last Ten Fiscal Years ...................................................... 163 Changes in Fund Balance of Governmental Funds – Last Ten Years ...................................................... 164 Direct and Overlapping Property Tax Rates – Last Ten Fiscal Years ...................................................... 167 Assessed Value of Taxable Property – Last Ten Fiscal Years .................................................................. 168 Net Assessed Value of Property by Use Code, Citywide – Last Three Fiscal Years ............................... 169 Principal Property Tax Payers – Current Fiscal Year and Nine Years Ago ............................................. 170 Property Tax Levies and Collections – Last Ten Fiscal Years ................................................................. 171 Historical Sales Tax Amount by Benchmark Year – Last Ten Fiscal Years at Quarter 1 (Q1) ................ 172 Principal Sales Tax Produces – Last Fiscal Year and Nine Years Ago .................................................... 173 Sewer Rates – Last Ten Fiscal Years ........................................................................................................ 174 Number of Permits and Valuation of Taxable Transactions – Last Ten Calendar Years ......................... 175 Direct and Overlapping Debt – As of June 30, 2024 ................................................................................ 179 Pledged-Revenue Coverage – Last Ten Fiscal Years ............................................................................... 180 Computation of Legal Debt Margin – Last Ten Fiscal Years ................................................................... 181 Ratios of General Bonded Debt Outstanding ............................................................................................ 182 Ratios of Outstanding Debt by Type – Last Ten Fiscal Years .................................................................. 183 Demographic and Economic Statistics – Last Ten Fiscal Years ............................................................... 187 Principals Employers – Current Year and Nine Years Ago ...................................................................... 188 Full-Time and Part-Time City Employees by Function – Last Ten Fiscal Years ..................................... 191 Operating Indicators by Function – Last Ten Fiscal Years ....................................................................... 192 Capital Asset Statistics by Function – Last Ten Fiscal Years ................................................................... 193 iii
City of San Leandro
Civic Center, 835 E. 14th Street
San Leandro, California 94577
www.sanleandro.org
January 10, 2025
To the Honorable Mayor and Members of the City Council and Residents of the City of San Leandro:
I am pleased to submit the Annual Comprehensive Financial Report (ACFR) for the City of San Leandro for the fiscal year ended June 30, 2024. Section 555 of the City Charter requires an annual independent audit of the City’s fiscal affairs. This ACFR is published to fulfill this requirement.
Responsibility for both the accuracy of the data and completeness and fairness of the presentation, including all disclosures, rests with the City. To the best of our knowledge and belief, the enclosed information is accurate in all material respects and is reported in a manner designed to fairly present the City’s financial position and results of operations of all funds. All disclosures necessary to understand the City’s financial activities are included.
This report consists of management’s representations concerning the finances of the City. To provide a reasonable basis for making these representations, management established a comprehensive internal control framework designed to protect the City’s assets from loss, theft, or misuse; compiled sufficient reliable information for the preparation of the City’s financial statements in conformity with Generally Accepted Accounting Principles (GAAP); and complied with applicable laws and regulations.
The City contracted with Maze & Associates (Maze), a public accounting firm licensed to perform local government audits in California, to complete the annual audit. Maze concluded that the financial statements fairly present the respective financial position of the government activities, the businesstype activities, each major fund, and the aggregate remaining fund information of the City, and the respective changes in the City’s financial position, and where applicable, cash flows for the year ended June 30, 2024, in accordance with GAAP. This is a favorable conclusion and is commonly referred to as an unmodified opinion.
GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic financial statement in the form of the Management’s Discussion and Analysis (MD&A). The MD&A complements this transmittal letter and should be read in conjunction with it. The audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation.
In addition to the ACFR, the City prepares a mandated Single Audit designed to meet requirements related to major program expenditures of Federal funds. The standards governing Single Audit engagements require the independent auditor to report on the audited government’s internal controls and compliance with legal requirements, emphasizing administration of Federal awards.
These reports are separately issued in the City’s Single Audit Report.
CITY PROFILE
The City was incorporated in 1872 and is one of the older communities in the San Francisco Bay Area. The City occupies fifteen square miles between the cities of Oakland and Hayward and is bordered on the east by the unincorporated community of Castro Valley and the west by the San v
City of San Leandro
Civic Center, 835 E. 14th Street
San Leandro, California 94577
www.sanleandro.org
Francisco Bay. San Leandro offers its 91,000 residents the charm and character of a community that has been established for 150 years. Once an agricultural community, the City has been successful in attracting significant residential, industrial, manufacturing, and retail development.
City Structure
The City functions under a council-manager form of government and is governed by a sevenmember council elected by City residents. Municipal services include public safety, streets and roads, recreation and cultural services, library, health services, public infrastructure improvements, planning and zoning, and general administrative services. The scope of the City Council’s power and influence includes the following:
• Authority to set policy and enact legislation that facilitates those policies, • Authority to establish and modify operating and capital budgets, • Power to appoint voting members to other governing authorities, • Power to appoint the City Manager and City Attorney, and • Authority to veto, modify, and overrule decisions previously enacted.
Component Units
The City’s blended component units include operations of the San Leandro Parking Authority and the San Leandro Public Financing Authority. As of June 30, 2024, there were no discrete reportable component units.
The ACFR for the year ending June 30, 2024, provides a financial account of these units, organizational elements, and the City functions for which the City Council provides policy direction and general oversight. It presents financial information on the activities of the City itself and the component units of the City upon which the City Council is authorized to impose its will. The operating nature of the City’s component units determines how they are reported in the financial statements. The activities of component units that provide financial benefit or create financial burden for the City are blended within the City’s general financial statements.
ECONOMIC CONDITION OF THE CITY
The City has a diverse business community, which is comprised of varied businesses ranging from neighborhood coffee houses and fine restaurants, large food processing centers, regional shopping opportunities, to cutting edge technology. While the economic base has dramatically changed from its agricultural early years, San Leandro continues to expand on its sound business base with the ongoing development of such projects as a multi-family housing development, highrise offices, and the continuing revitalization of downtown.
While the Bay Area regional economy still lags behind the state and country, the economic outlook for San Leandro is expected to stabilize in the upcoming years. As mortgage rates have decreased, home prices have gone up slightly from the year before. San Leandro’s unemployment rate is 4.7%.
This unemployment rate is slightly higher than it was one year ago but a significant improvement since the shutdown of economic activities during the pandemic. vi
City of San Leandro
Civic Center, 835 E. 14th Street
San Leandro, California 94577
www.sanleandro.org
The City saw strong growth in sales tax revenue in recent years and during the pandemic. While fiscal year 2022-23 declined by $3.1 million, fiscal year 2023-24 taxes increased by $1.29 million. In all, revenues came in higher than budget, mostly due to an unexpected $10.7 million increase in Intergovernmental Revenue.
Sales tax is the City’s top revenue source and is susceptible to economic cycles. Staff continues to monitor revenues closely to evaluate the impact of slower job growth, decreasing personal savings rates, lagging consumer confidence, and other key market conditions. Together with Avenu Insights, the City’s sales tax consultant, City staff also analyze business sectors currently growing in other parts of the Bay Area to assist in targeting economic development efforts.
The City’s General Fund supports basic municipal services, such as public safety, human services, library, recreation, and facilities maintenance. Revenue to this critical fund, generated largely from sales and property taxes, has grown to higher levels due to strong business and construction growth.
City operations are also supported by other funds, including major and non-major enterprise (proprietary) funds. Major enterprise funds include the Water Pollution Control Plant and Shoreline Enterprise Funds. The Water Pollution Control Plant Enterprise Fund was established to account for the City’s sewer service, that protects public health and preserves water quality through collection, treatment, and disposal of the community’s wastewater. Program revenues to this fund in 2023-24 totaled $18.7 million, a slight decrease from the prior fiscal year, however the overall fund balance increased due to interest earnings. The Shoreline Enterprise Fund was established by combining the Marina and the Golf Course Funds. Program revenues to this fund in 2023-24 totaled $5.5 million, a decrease of $1 million from the prior fiscal year.
While revenue growth is expected to be steady, the City is mindful of obligations related to unfunded pension and retiree healthcare liabilities, deferred maintenance, and facility and equipment replacement costs. The City continues to implement strategies to control costs and identify viable revenue options. The City is also committed to funding its unfunded pension and other postemployment benefits (OPEB) liabilities. Authorized by the City Council, the City continues to set aside funds in the Prioritization Unfunded Liability Liquidation (PULL) Plan to reduce its unfunded liabilities.
Long-term Perspective
The City adopts a biennial budget employing long-term planning as the framework for fiscal decisions. While San Leandro’s underlying economy is viewed as positive in the long-term, today’s economic challenges, notably in the General Fund and with aging infrastructure, must be dealt with now to ensure long-term fiscal sustainability. Passage of ballot Measure Z in November 2010, Measure HH in 2014, Measures OO, PP, NN in 2016, and Measure VV in 2020 have improved revenues enough to restore and maintain services. The City has also implemented strategies to control costs.
City Council unrestricted reserves total $70.3 million in the General Fund on June 30, 2024. The restricted reserves total $29 million.
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City of San Leandro
Civic Center, 835 E. 14th Street
San Leandro, California 94577
www.sanleandro.org
MAJOR INITIATIVES AND ACCOMPLISHMENTS
The City is committed to providing innovative and responsive services to the community. In its role of providing policy direction and general oversight, the City Council establishes major goals for City service delivery. The City initiated and completed a list of major programs/projects during 2023-24 that helped achieve the City’s mission of serving the public and enhancing the quality of life in San Leandro. Some of these major initiatives and accomplishments include:
• Implementation of the FY 2024-25 Biennial Budget – The City adopted its two-year operating and capital budget in May 2023 for the fiscal years 2023-24 and 2024-25. Performance measures for each department were also included with this biennial budget for the first time. • Service Delivery Reorganization – Implemented reorganization after assessing how best to organize Recreation, Human Services, Public Works, Water Pollution Control Plant, Engineering and Transportation Services based on needs and expectations of the City and the community to ensure an efficient organizational structure while optimizing staffing. The following organizational changes were implemented:
▪ Created a Recreation and Parks Department including recreation, parks, street trees, medians, marsh maintenance, and golf operation functions. ▪ Merged the Engineering and Transportation Department with the remaining maintenance sections of the Public Works Department (building, fleet, pavement and traffic maintenance, and street services)
▪ Changed the reporting structure of the Water Pollution Control Plant division from Public Works Department to the City Manager’s Office.
• Bay Fair Transit Oriented Development – The City accepted $1.8 million in Metropolitan Transportation Commission Priority Development Area grant funds to prepare the Bay Fair Transit-oriented Development (TOD) Plan, Specific Plan Update, and related environmental documents to advance the City’s goal to transition the area around the Bay Fair BART station into a dynamic, mixed-use TOD area.
• $15.1 million Annual Street Paving Project – Work began to complete surface seal paving maintenance on approximately 15.5 lane miles and includes upgrades to 376 pedestrian curb ramp locations as required by the American with Disabilities Act (ADA). • City Awarded $2,975,000 Grant from US Environmental Protection Agency (US EPA) - The US EPA, through the San Francisco Bay Water Quality Improvement Fund, awarded the City a $2,975,000 grant to support the construction of a Treatment Wetland at the Water Pollution Control Plant. The project is the first step to comply with upcoming requirements to reduce nitrogen entering the Bay. It will combine advanced wastewater treatment technology with a “nature-based” process similar to a natural wetland environment. This innovative project will further treat about 20% of the water coming from WPCP while providing habitat for native plants and animals and providing educational opportunities. viii
City of San Leandro
Civic Center, 835 E. 14th Street
San Leandro, California 94577
www.sanleandro.org
• Lewelling Navigation Center Awarded $3.5 million in State and Federal funding – State Assembly Bill (AB 102), the Budget Act of 2023, included $2.5 million for the acquisition and renovation of the Nimitz Motel to the San Leandro Navigation Center/Permanent Supportive Housing project. The City also received a $1 million federal earmark in Community Project Funding through a Department of Housing and Urban Development (HUD) Economic Development Initiative (EDI) grant.
• Habitat For Humanity Affordable Housing Project Approved – The Board of Zoning Adjustments approved entitlements for a new affordable housing development at 98 and 100 Castro Street, consisting of three new single-family residences. The property owner and project applicant, Habitat for Humanity, East Bay Silicon Valley, Inc., will be restricting sale of the three new homes to be affordable to moderate-income households. This project supports various goals and policies in the General Plan Housing Element aimed at increasing the supply of affordable housing in San Leandro.
• Monarch Bay Shoreline Development – At the end of 2023, the Developer went into default on the seller-financed loan for sale of the Single-Family Property due to nonpayment of interest, and in 2024, the City started the foreclosure process on the loan. In June the Developer filed for Chapter 11 bankruptcy. The bankruptcy process is expected to last at least 9 months. During the bankruptcy process the City continues to diligently process the Developer’s applications for permitting approvals as legally and contractually required. As of June 30, 2024, the City has recorded a loan receivable from Cal-Coast of $26,416,951 in the Shoreline Enterprise Fund, which includes the principal amount of the loan of $24,882,958, and accrued interest of $1,533,993.
FINANCIAL INFORMATION
City Budget & Budgetary Controls
The City Council is required to adopt a final budget by passing a budget resolution no later than June 30, following a public hearing process. This annual budget serves as the foundation for the City’s financial planning and control. The budget is prepared by fund, function (Public Safety), and department (Police). The legal level of budgetary control is at the fund level. The City Manager is authorized to transfer budgeted amounts between departments and line items within any fund. Any revisions that alter the net balance of any fund must be approved by the City Council. Transfers between funds must be approved by the City Council. At the end of the fiscal year, encumbered appropriations are carried forward and become part of the following year’s budget while appropriations that have not been encumbered lapse, unless otherwise authorized by the City Council and the City Manager.
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City of San Leandro
Civic Center, 835 E. 14th Street
San Leandro, California 94577
www.sanleandro.org
Accounting System
The City’s accounting records for general government operations are maintained on a modified accrual basis, with revenues recorded when measurable and available. Expenditures are recorded when the services or goods are received and the liabilities incurred. Accounting records for the City’s proprietary activities are maintained on the full accrual basis, with revenues recorded when earned and expenses when incurred.
In maintaining the City’s accounting system, consideration is given to the adequacy of internal controls. Internal controls are designed to provide reasonable assurance regarding the safeguarding of assets and to ensure the reliability of financial records and maintaining accountability for assets. The concept of reasonable assurance recognizes that the cost of control should not exceed the benefits likely to be derived. The evaluation of costs and benefits requires continuing estimates and judgments by City management. The City’s system of internal accounting controls continues to adequately safeguard assets and provide reasonable assurance that financial transactions are properly recorded.
Risk Management
The City maintains commercial insurance combined with self-insurance for all its governmental operations. The City is a member of the Local Agency Workers’ Compensation Excess Joint Powers Authority (LAWCX). The City is also a member of California Joint Powers Risk Management Authority (CJPRMA), providing general liability coverage in an aggregate up to $40 million.
Additional information on the City’s risk management activity can be found in Note 13 to the basic financial statements.
OTHER INFORMATION
Certificate of Achievement
The Government Finance Officers Association (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City for its ACFR for the year ended June 30, 2023. The City received this award for 26 of the past 27 years— the City did not apply one year due to staff changes. The City is planning to apply for the award for the fiscal year 2023-24 ACFR.
To be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized ACFR. This report must satisfy both generally accepted accounting principles and applicable legal requirements. The current ACFR continues to meet the Certificate of Achievement Program’s requirements and the Department will submit it to the GFOA for the current award.
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City of San Leandro
Civic Center, 835 E. 14th Street
San Leandro, California 94577
www.sanleandro.org
Acknowledgements
This ACFR represents the culmination of numerous hours of hard work expended by Accountant Tyler Hammond and the dedicated staff in the Finance Department. A special thank you to Jennifer Cianciulli for the commitment and diligence in the preparation of this document. Furthermore, I would like to thank Maze & Associates for their professional assistance and cooperation. Finally, I want to thank the City Council for their continued interest and support in planning and conducting the City’s financial operations and their commitment to placing San Leandro on a firm foundation for long-term fiscal sustainability.
Respectfully submitted,
Heather Rowden
Acting Finance Director
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PRINCIPAL OFFICERS
CITY OF SAN LEANDRO
For Fiscal Year Ended June 30, 2024
CITY COUNCIL
Mayor Juan González III
Councilmember Victor Aguilar, Jr.
Councilmember Bryan Azevedo
Councilmember Pete Ballew
Councilmember Xouhoa Bowen
Councilmember Sbeydeh Viveros-Walton
Councilmember Fred Simon
COUNCIL APPOINTEES
City Manager Janelle Cameron
City Attorney Richard Pio Roda
APPOINTED OFFICIALS
Assistant City Manager Michael Yuen
City Clerk Kelly Clancy
Community Development Director Tom Liao
Finance Director (Interim) Heather Rowden
Human Resources Director Emily Hung
Human Services Director Jessica Lobedan
Information Technology Director Michael Sinor
Library Director Brian Simons
Police Chief Angela Averiett
Public Works Director Sheila Marquises
Recreation & Parks Director Vicente Zuniga
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SAN LEANDRO
S a n
F r a n c i s c o
B a y
Oakland
Alameda
San Jose
Berkeley
Walnut Creek
San Francisco
±
5 2.5 0 5
Miles
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Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of San Leandro
California
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2023
Executive Director/CEO
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INDEPENDENT AUDITOR’S REPORT
To the Honorable Members of City Council
City of San Leandro, California
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of San Leandro, California (City), as of and for the year ended June 30, 2024, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the Table of Contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City as of June 30, 2024, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirement relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. 1 Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards and Government Auditing Standards will always detect a material misstatement when it exists.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would be expected to influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with generally accepted auditing standards and Government Auditing Standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis and other Required Supplementary Information as listed in the Table of Contents be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
2 Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City’s basic financial statements. The accompanying Supplementary Information, as listed in the Table of Contents, is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements.
The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the Supplementary Information is fairly stated, in all material respects, in relation to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual report. The other information comprises the Introductory Section and Statistical Section listed in the Table of Contents, but does not include the basic financial statements and our auditor’s report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated January 8, 2025, on our consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control over financial reporting and compliance.
Pleasant Hill, California
January 8, 2025
3 Management’s Discussion and Analysis
for Fiscal Year Ended June 30, 2024
The Management’s Discussion and Analysis (MD&A) provides an overview of the City of San Leandro’s financial activities and fiscal performance for the year ended June 30, 2024. Read this discussion and analysis in conjunction with the accompanying Transmittal Letter and Basic Financial Statements to obtain a complete picture of the City’s financial condition.
FINANCIAL HIGHLIGHTS
• City’s Assets and Deferred Outflows of Resources exceeded its Liabilities and Deferred Inflows of Resources by $290.3 million (Net Position), a $32.7 million increase from the prior year. Of total net position, $193 million was invested in capital assets, $114.9 million was restricted for other purposes, and ($17.8) million was unrestricted. Net Investment in Capital Assets and Restricted Net Position saw an increase of $10.4 million and $36.3 million respectively while Unrestricted Net Position saw a decrease of $14 million.
• Assets and Deferred Outflows of Resources increased by $32.9 million and Liabilities and Deferred Inflows of Resources increased by $0.2 million from the prior fiscal year. The increase was primarily due to a $26 million loan receivable for the sale of Shoreline property for development, which includes $2 million in accrued interest.
• City-wide Net Pension Liability to CalPERS for 2023-24 increased by $11.4 million, or 5% from $224.3 million in the prior year to $235.7 million. This increase in liability was driven by revised actuarial valuations from CalPERS which kept the discount rate the same as prior years at 6.9% but realized a 6.1% loss. In addition, the City contributed $14.2 million into the Section 115 irrevocable trust with the Public Agency Retirement Services (PARS). • The City’s total net position increase of $32.7 million is comprised of a $1.8 million increase in governmental activities and a $30.9 million increase in Business-Type activities. • In response to the COVID-19 pandemic, the Federal government passed the American Rescue Plan Act (ARPA) in March 2021, including financial aid to cities. The City was awarded $18.6 million in ARPA funds, received in two equal tranches in 2020-21 and 2021-22. During 2022-23, $6.2 million was spent on eligible programs.
• In accordance with GASB Statement No. 54, governments are obligated to enhance the financial reporting of the fund balance categories. Fund balances reported in Note 11 detail the classifications of the City’s fund balance categories. The City’s governmental fund balance, which includes the General, Special Revenue, Debt Service, and Capital Projects funds, increased by $10 million for an ending fund balance of $184.3 million. Ending fund balance classifications include:
a) Nonspendable: $6.3 million of these funds are not available or spendable due to advances and loans to other funds.
b) Restricted: $108.3 million based on constraints on the use of resources or imposed by law through constitutional provisions or enabling legislation. These include capital projects and debt service payments.
5 c) Assigned: $1.2 million including General Fund encumbrances. d) Unassigned: $68.5 million is available for expenditures. Unassigned is further categorized by Compensated Absences, Major Emergencies, Economic Uncertainties, and offsets from other fund deficits.
OVERVIEW OF THE BASIC FINANCIAL STATEMENTS
The MD&A serves as an introduction to the City’s basic financial statements. The City’s basic financial statements comprise of three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. The report also contains other supplementary information
Government-Wide Financial Statements
The government-wide financial statements provide readers a broad overview of the City’s finances in a manner similar to statements of a private-sector business. The Statements are comprised of the Statement of Net Position and Statement of Activities and Changes in Net Position.
The Statement of Net Position presents information on the City’s assets and liabilities, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of changes in the City’s financial reporting.
The Statement of Activities and Changes in Net Position presents information showing how the government’s net position changed during the fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of the related cash flows.
Revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g. uncollected taxes, earned but unused vacation leave, and other compensated absences).
The government-wide financial statements distinguish functions of the City that are principally supported by taxes and intergovernmental revenue (governmental activities) from other functions intended to recover all or a significant portion of their costs through user fees and charges (business-type activities).
Both of the above financial statements have separate sections for two different types of programs or activities. These two types of activities are:
Governmental Activities – The activities in this section are mostly supported by taxes and charges for services. The governmental activities of the City include General Government (City Council, City Manager, City Clerk, Human Resources, Information Technology, and Finance), Public Safety (Police and Fire), Engineering & Transportation (including Public Works), Recreation and Culture (including the Library), and Community Development.
Business-Type Activities – These functions normally recover all or a significant portion of their costs through user fees and charges to external users of goods and services. The business-type activities of the City include the Water Pollution Control Plant, Environmental Services, Shoreline Enterprise, and Storm Water.
6 Fund Financial Statements
A fund is a grouping of related accounts maintaining control over resources segregated for specific activities or objectives. The City, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All the funds of the City can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds.
Governmental Funds – Governmental funds are used to account for the same functions reported as governmental activities in the government-wide financial statements. However, unlike the governmentwide financial statements, governmental fund statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government’s near-term financial capacity.
Because the focus of governmental funds is narrower than the government-wide financial statements, it is useful to compare the information presented for government funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the City’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation facilitating the comparison between governmental funds and governmental activities. Reconciliations are presented on the page immediately following each governmental fund financial statement.
The City has 25 governmental funds, of which three are considered a major fund for presentation purposes. Major funds are presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balances. The City’s three major funds are the General Fund, Special Grants Special Revenue Fund and the Capital Improvement Capital Project Fund. Individual funds for each of the non-major governmental funds are provided in the form of combining statements in this report. A change from fiscal year 2022-23 to 2023-24 is the addition of the Special Grands Special Revenue Fund as a major fund and the movements of the Measure BB Special Revenue Fund into the non-major funds category.
The City adopts an annual appropriated budget for its General Fund and all other major and non-major funds. Budgetary comparison statements are elsewhere in this report to demonstrate compliance with the adopted budget.
Proprietary Funds – The City maintains two different types of proprietary funds: enterprise funds and internal service funds. Enterprise funds are used to report the functions presented as business-type activities in the government-wide financial statements. The City uses enterprise funds to account for the Water Pollution Control Plant, Shoreline, Storm Water, and Environmental Services. Internal service funds are used to accumulate and allocate costs internally among various City functions. The City uses internal service funds to account for the vehicles fleet, building and facilities maintenance, insurance services, and information systems. Because these services primarily benefit governmental rather than business-type functions, these are included within governmental activities in the governmental-wide financial statements.
7 Proprietary funds provide the same type of information as the government-wide financial statements, but in greater detail. The proprietary fund financial statements provide separate information for the City’s proprietary funds. Internal service funds are combined into a single, aggregated presentation in the proprietary financial statements. Individual fund data for the proprietary and internal service funds are provided in the form of combining statements.
Notes to the Basic Financial Statements
The notes to the basic financial statements provide additional information that is essential to fully understanding the data provided in the government-wide and fund financial statements. The notes to the financial statements follow the basic financial statements.
Other Information
In addition to the basic financial statements and accompanying notes, this report also presents required supplemental information. This information includes budgetary comparison schedules, detailed information about the City’s agreement with the California Public Employees Retirement System (CalPERS) for the defined benefit pension plan, more detailed information on the City’s Other Post Employment Benefit Plan (OPEB), and a detailed description of the City’s Long-Term Debt. 8 GOVERNMENT-WIDE FINANCIAL ANALYSIS
Net Position – As noted, net position may serve over time as a useful indicator of the City’s financial position. In this fiscal year, total assets and deferred outflow exceeded liabilities and deferred inflows by $290.3 million at the close of fiscal year 2023-24, an increase of 12.7%.
City of San Leandro
Net Position at June 30, 2024
(in thousands)
Governmental Activities Business-Type Activities Total
2024 2023
%
change 2024 2023
%
change 2024 2023
%
change
Current Assets $ 233,597 $ 229,726 1.7% $ 51,940 $ 50,357 3.1% $ 285,537 $ 280,083 1.9% Non-Current Assets 13,715 12,357 11.0% 18,410 (7,153)
-
357.4% 32,125 5,204 517.3%
Capital Assets 177,784 170,401 4.3% 85,817 86,393 -0.7% 263,601 256,794 2.7% Total assets 425,096 412,484 3.1% 156,167 129,597 20.5% 581,263 542,081 7.2% Deferred Outflows of
Resources 67,485 71,253 -5.3% 3,504 5,928 -40.9% 70,989 77,181 -8.0% Current and other liabilities 28,075 29,133 -3.6% 3,952 5,281 -25.2% 32,027 34,414 -6.9% Long-term liabilities 267,844 257,683 3.9% 48,421 53,024 -8.7% 316,265 310,707 1.8% Total liabilities 295,919 286,816 3.2% 52,373 58,305 -10.2% 348,292 345,121 0.9% Deferred Inflows of Resources 13,160 15,210 -13.5% 526 1,400 0.0% 13,686 16,610 -17.6% Net assets: Net investment in capital
assets 142,067 133,212 6.6% 50,974 49,389 3.2% 193,041 182,601 5.7% Restricted 114,990 78,669 46.2% - - N/A 114,990 78,669 46.2% Unrestricted (73,556) (30,172) 143.8% 55,798 26,432 111.1% (17,758) (3,740) 374.8% Total net position $ 183,502 $ 181,709 1.0% 106,772 75,821 40.8% $ 290,273 $ 257,530 12.7% The City’s $193 million net investment in capital assets such as infrastructure, land, buildings, machinery, and equipment are the largest portion of the City’s net position. These assets are not available for future spending because the City currently uses these capital assets to provide services to residents. Although investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay these investments must be provided from other sources (future income) since the capital assets themselves cannot be used to liquidate these liabilities.
Of the City’s total net position, $114.9 million represents resources that are subject to external restrictions.
The remaining balance of ($17.8) million represents an unrestricted net position, which may be used to meet the City’s ongoing obligations to citizens and creditors within the restrictions set forth by various funding sources.
9 Changes in Net Activities
Year Ended June 30, 2024
(in thousands)
Governmental Activities Business-Type Activities Total
2024 2023
%
Change 2024 2023
%
Change 2024 2023
%
Change
Revenues Program revenues:
Charges for
Services $ 19,974 $ 19,456 2.7% $ 26,093 $ 26,704 -2.3% $ 46,067 $ 46,160 -0.2% Operating grants
and 10,119 6,499 55.7% 619 238 160.1% 10,738 6,737 59.4% contributions Capital grants and 16,492 22,821 -27.7% - - 0.0% 16,492 22,821 -27.7% contributions
General revenues:
Property taxes 31,935 29,211 9.3% - - 0.0% 31,935 29,211 9.3% Sales tax 54,203 52,917 2.4% - - 0.0% 54,203 52,917 2.4% Franchise Fee 7,183 6,223 15.4% - - 0.0% 7,183 6,223 15.4% Utility users Tax 14,112 12,484 13.0% - - 0.0% 14,112 12,484 13.0% Property Transfer
Tax 6,561 9,341 -29.8% - - 0.0% 6,561 9,341 -29.8%
911 communication 3,790 3,457 9.6% - - 0.0% 3,790 3,457 9.6% Access Tax Other taxes 2,170 1,964 10.5% 491 602 -18.4% 2,661 2,566 3.7% Investment
Earnings 10,962 4,889 124.2% 3,171 624 408.2% 14,133 5,513 156.4% Gain or loss on sale
of assets - - 0.0% 23,449 0.0% 23,449 0 0.0%
Miscellaneous 4,302 7,481 -42.5% 0.0% 4,302 7,481 -42.5% Total Revenues 181,803 176,743 2.9% 53,823 28,168 91.1% 235,626 204,911 15.0% Expenses General Government 19,734 3,879 408.7% - - 0.0% 19,734 3,879 408.7% Public safety 85,976 74,780 15.0% - - 0.0% 85,976 74,780 15.0% Engineering &
Transportation 37,414 33,876 10.4% - - 0.0% 37,414 33,876 10.4% Recreation and
Culture 16,621 12,228 35.9% - - 0.0% 16,621 12,228 35.9% Community
Development 19,347 13,848 39.7% - - 0.0% 19,347 13,848 39.7% Interest on LongTerm Debt 919 1,502 -38.8% - - 0.0% 919 1,502 -38.8% Water Pollution
Control - - 0.0% 14,527 14,054 3.4% 14,527 14,054 3.4%
Shoreline - - 0.0% 5,991 6,198 -3.3% 5,991 6,198 -3.3%
Storm Water Utility - - 0.0% 1,282 1,672 -23.3% 1,282 1,672 -23.3% Environmental
Services - - 0.0% 1,073 1,115 -3.8% 1,073 1,115 -3.8%
Total Expenses 180,011 140,113 28.5% 22,873 23,039 -0.7% 202,884 163,152 24.4% Excess(deficiency)of revenues over expenses
before transfer 1,792 36,630 -95.1% 30,950 5,129 503.4% 32,742 41,759 -21.6% Transfer - - 0.0% - - 0.0% 0 0 0.0%
Increase in net
position 1,792 36,630 -95.1% 30,950 5,129 503.4% 32,742 41,759 -21.6% Beginning net position 181,709 145,079 25.2% 75,821 70,691 7.3% 257,529 215,770 19.4% Ending net position $ 183,502 $ 181,709 1.0% $ 106,772 $ 75,821 40.8% $ 290,273 $ 257,529 12.7%
10 Revenue – Total revenue for fiscal year 2023-24 amounted to $235.6 million, a $30.7 million increase from the prior fiscal year. Of this amount, revenue from governmental activities increased by $5.1 million or 2.9% and revenue from business-type activities increased by $25.7 million or 91.1%. The net change in revenue was due to the following:
• Charges for services in Governmental activities are primarily fees for recreation, building, fire, planning, and engineering services. Revenue from these charges increased by $0.5 million. BusinessType Activities decreased by $0.6 million. • Operating grants, capital grants, and contributions include Federal and State grants and other government and private contributions, including impact fees. Operating grants, capital grants and contributions increased by a net $4.0 million in fiscal year 2023-24. • Property taxes increased by 9.3% or $2.7 million when compared to fiscal year 2022-23. This is consistent with an increase in property taxes levied and assessed valuations provided through the County Assessor’s Office.
• Sales tax revenue increased by 2.4% or $1.3 million when compared to fiscal year 2022-23. The City’s five largest sales tax producing sectors were General Retail, Business to Business, Construction, Transportation and Food Services.
• Property Transfer Tax decreased significantly by 29.8% or $2.8 million when compared to fiscal year 2022-23. The decrease is primarily due to the increased cost of borrowing causing a cooling of sales for commercial, industrial and residential properties.
• Investment Earnings increased $8.6 million in comparison with investment earnings of $5.5 million for fiscal year 2022-23.
11 Expenses – Total expenses for both governmental and business-type activities increased by $39.7 million compared to the prior fiscal year. Program expenses for governmental activities increased by $39.9 million while program expenses for business-type activities decreased by $0.2 million. For each governmental and business-type activity, the total costs are expenses associated with that activity. • Within governmental activities, General Government had the largest increase in program expenses at $15.9 million greater than the prior fiscal year. The increase was mainly due to ARPA projects continuing and/or starting after being delayed in 2023. Public Safety experienced an increase of $11.2 million representing a 15% increase over the prior fiscal year. The increase was due to Safety pension expense increase overall staffing increases. Engineering & Transportation expenditures increased by $3.5 million representing a 10.4% increase from the prior fiscal year. The increase was mainly due to the resumption of major projects that were delayed from prior years. Recreation & Culture increased $4.4 million or 35.9% from prior fiscal year due primarily to large, ongoing, park and library projects.
Community Development increased $5.5 million or 39.7% due to housing and public pool projects. • Business-type activities saw a decrease in expenses totaling $0.2 million mainly due to Public Works Department mid-year reorganization moving salary expenses into General Government.
Change in expense
(in thousands)
2024 2023 % Change
General Government $ 19,734 $ 3,879 408.7%
Public safety 85,976 74,780 15.0%
Engineering & Transportation 37,414 33,876 10.4%
Recreation and Culture 16,621 12,228 35.9%
Community Development 19,347 13,848 39.7%
Interest on Long-Term Debt 919 1,502 -38.8%
Governmental Activities 180,011 140,113 28.5%
Water Pollution Control Plant 14,527 14,054 3.4%
Shoreline 5,991 6,198 -3.3%
Storm Water 1,282 1,672 -23.3%
Environmental Services 1,073 1,115 -3.8%
Business-Type Activities 22,873 23,039 -0.7%
Total Expenses $ 202,884 $ 163,152 24.4%
12 Business-Type Activities – The City’s business-type activities include the Water Pollution Control Plant, Shoreline, Storm Water, and Environmental Services. Business-Type activities net position increased by $30.9 million when compared to prior fiscal year. The sales of shoreline property for development, for a net gain on sale of $23.4 million was the primary driver of the increase. The Water Pollution Control Plant Fund’s net position increased from $69.8 to $75.3 million.
Expenses by Function – Business-Type Activities Revenues by Source – Business-Type Activities
FINANCIAL ANALYSIS OF INDIVIDUAL FUNDS
Governmental Funds
The focus of the City’s governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City’s financial conditions. Unassigned fund balance may serve as a useful measure of a government’s net resources available for spending at the end of the fiscal year. It should be noted that most of the unassigned amounts are designated by the City Council for specific uses.
At the end of fiscal year 2023-24, the City’s governmental funds reported combined ending fund balances of $184.3 million, an increase of $2.9 million compared to prior year. Approximately 3.4% or $6.3 million of the fund balance represents Nonspendable; 58.8% or $108.3 million represents Restricted, 0.7% or $1.2 million represents Assigned, and 37.1% or $68.4 million is Unassigned and available for spending at the City Council’s discretion.
General Fund
The General Fund is a major governmental fund and represents all funds not required to be accounted for in another fund. The General Fund accounted for 83.5% of the total governmental revenues and 79.5% of the total expenditures. A number of primary City services are accounted for in the General Fund including general government, public safety, development services, library and community services, and maintenance services. At the end of fiscal year 2023-24, the unassigned fund balance of the General Fund was $70.3 million, while the total fund balance was $106.9 million. As a measure of the General Fund’s liquidity, it is useful to compare the Unassigned Fund Balance to total of fund expenditures. 13 The Unassigned Fund Balance of $70.3 million has been designated for the following purposes:
• $1 million for Compensated Absences
• $5.0 million for Major Emergencies
• $26.7 million for Economic Uncertainty
• $37.6 million for remaining Unassigned (for liquidity and other purposes) At the end of fiscal year 2023-24, the General Fund ending balance increased by $9.6 million compared to the prior fiscal year. General Fund revenues increased by $17 million primarily due to a $10.5 million increase in Intergovernmental revenue, $4.5 million increase in use of money & property, and $3.2 million increase in property & other taxes, offset by a decrease of $1.8 million in other revenue. General Fund expenditures (not including Transfers Out) increased by $14.2 million from the prior fiscal year. The overall increase is due to increases in public safety of $8.8 million (including increases of $6 million to the Alameda County Fire Department contract and $2.8 million in police spending), community development $2.4 million, engineering and transportation expenditures by $1.8 million and recreation and culture $1.0 million.
Special Grants Special Revenue Fund
The Special Grants Special Revenue Fund is a major governmental fund and accounted for 4.6% of the total governmental revenues and 5.4% of the total expenditures. As of June 30, 2024, the Special Grants Special Revenue Fund had a total fund balance deficit of ($1.6 million). While this amount is currently being supported by the General Fund, the amounts should be paid back as projects are completed and grants are closed.
Capital Improvement Capital Projects Fund
The Capital Improvement Capital Projects Fund is a major governmental fund and accounted for 10.1% of the total governmental revenues and 9.4% of the total expenditures (not including other financing sources such as issuance of debt or interfund transfers). The fund accounts for monies for major capital improvement projects not provided for in the other special revenue funds such as the Measure B and F Funds. As of June 30, 2024, the Capital Improvement Capital Projects Fund had a total fund balance of $43.7 million, a decrease of (4.9%). The fund balance including the proceeds from 2018 Lease Revenue Bonds anticipated to include improvements to the Mulford-Marina Branch Library, and the Boat Harbor.
Non-major Governmental Funds
The City’s non-major funds are presented in the basic financial statements in the aggregate. As of June 30, 2024, non-major funds had a total fund balance of $35.3 million of which all are legally restricted for specific purposes by external funding. More information about these aggregate non-major funds can be found in the combining statements immediately following the required supplementary information.
Proprietary Funds
The City’s proprietary funds provide the same type of information found in the government-wide financial statements but in greater detail.
The total net position of the Enterprise Funds was $106.8 million at the end on June 30, 2024, an increase of $30.9 million from the prior fiscal year. The total net position of the Internal Service Funds was $15.7 million at the end on June 30, 2024, a decrease of $2.3 million from the prior fiscal year.
14 Water Pollution Control Plant Enterprise Fund
The Water Pollution Control Plant Enterprise Fund was established to account for the City’s sewer system, which protects public health and preserves water quality through collection, treatment, and disposal of wastewater and wastewater solids. As of June 30, 2024, the Fund’s net position totaled $75.3 million, an increase of $5.5 million, mainly due to changes in pension valuations. Operating revenue was $0.3 million less and expenditures increased $0.5 million compared to prior fiscal year. Nonoperating Revenue increased $1.0 million from investment income.
Shoreline Enterprise Fund
The Shoreline Enterprise Fund was established in 2002-03 by combining the Marina Enterprise and the Golf Course Enterprise Funds. The Fund accounts for the operation of food service facilities, and the public golf course. As of June 30, 2024, the Fund’s net position totaled $32.3 million, an increase of $25.5 million due to the sale of property.
Non-major Enterprise Funds
The City’s non-major enterprise funds include Storm Water and Environmental Services. As of June 30, 2024, net position for non-major enterprise funds decreased by $0.01 million. More information about these aggregate non-major enterprise funds can be found in the combining statements following the required supplementary information.
GENERAL FUND BUDGETARY HIGHLIGHTS
The General Fund ended the fiscal year with revenues above final budget projections by 13.1% or $18.3 million. The increase was due to higher Intergovernmental Revenue and Use of Money & Property than budgeted. Expenditures were 11.5% or $18.4 million below final budget projections. Unspent budget balance represents open purchase orders, ongoing ARPA projects, and deferred purchases that will incur in future fiscal years.
15 CITY OF SAN LEANDRO
Summary Analysis of General Fund Budget, Fiscal Year 2023-24 (in thousands)
Variance with
Budgeted Amounts Final Budget
Positive
Adopted Final Actual (Negative)
REVENUES:
Property taxes and other taxes $ 117,906 $ 118,654 $ 119,665 $ 1,011 Licenses and permits 10,740 10,906 11,497 591
Fines and forfeitures 614 540 395 (145)
Services charges 2,224 2,639 3,036 397
Intergovernmental 830 915 11,658 10,743
Use of money and property 2,586 3,096 8,802 5,706
Interdepartmental charges 2,793 2,792 2,793 1
Other 300 491 546 55
Total revenues 137,993 140,033 158,392 18,359
EXPENDITURES:
Current:
General government 22,428 21,688 18,859 (2,829)
Public safety 74,138 75,247 74,621 (626)
Engineering and transportation 4,099 28,877 20,407 (8,470) Recreation and culture 20,372 14,316 13,294 (1,022)
Community development 16,419 16,659 10,928 (5,731)
Debt service:
Principal 2,385 2,733 2,733 -
Interest and fees 132 206 454 248
Total expenditures 139,973 159,726 141,296 (18,430)
EXCESS (DEFICIENCY) OF
REVENUES
OVER EXPENDITURES (1,980) (19,693) 17,096 36,789
OTHER FINANCING SOURCES
(USES):
Transfers (in) - 4,629 - (4,629)
Transfers (out) - (12,119) (7,490) 4,629
Proceeds from the sale of property - - - -
Total other financing
sources (uses) - (7,490) (7,490) -
NET CHANGE IN FUND
BALANCE $ (1,980) $ (27,183) $ 9,606 $ 36,789
FUND BALANCES:
Beginning of year 97,319
End of year $ 106,925
16 CAPITAL ASSETS AND DEBT ADMINISTRATION
Capital Assets
The City’s capital assets for its governmental and business-type activities as of June 30, 2024 amount to $263.3 million, net of accumulated depreciation. This represents an increase of $7.7 million due to total capital asset additions of $16.2 million and annual depreciation expense of $8.6 million.
Investment in capital assets includes land, buildings, improvements, machinery and equipment, infrastructure, and construction in progress. Infrastructure assets are items that are normally immovable and of value only to the City such as roads, bridges, streets and sidewalks, drainage systems, lighting systems, and similar infrastructure.
The following is a summary of the City’s capital assets:
Additional information on the City’s capital assets can be found in Note 6 of the notes to the financial statements.
City of San Leandro
Capital Assets (net of depreciation)
Year Ended June 30, 2024
(in thousands)
2024 2023 2024 2023 2024 2023
Land 16,471 $ 16,471 $ 5,234 $ 5,234 $ 21,705 $ 21,705 $ Construction in progress 31,214 21,286 10,736 8,998 41,950 30,284 Total non-depreciable assets 47,685 37,757 15,970 14,232 63,655 51,989 Depreciable assets (net of depreciation)
Buildings 54,003 49,351 51,502 52,926 105,505 102,277
Improvements other than buildings 4,496 4,714 - - 4,496 4,714 Machinery and equipment 2,693 3,935 4,397 4,594 7,090 8,529 Licensed Vehicles 4,736 5,334 74 82 4,810 5,416
Subscription Asset 109 324 - - 109 324
Infrastructure 64,063 68,987 15,008 14,558 79,071 83,545 Total depreciable assets 130,100 132,645 70,981 72,160 201,081 204,805 Total capital assets $ 177,784 $ 170,401 $ 86,951 $ 86,393 $ 264,736 $ 256,794 Governmental Activities Business-Type Activities Total
17 Debt Administration
At the end of the current fiscal year, the City’s total outstanding long-term debt is $70.1 million, a decrease of $7.4 million from the prior fiscal year due to debt service payments.
At the end of the current fiscal year, the City’s total long-term debt outstanding for governmental activities is $35.6 million, a decrease of $4.9 million from the prior fiscal year. The decrease was due to principal payments during the year as seen in Note 8 of the notes to the financial statements.
At the end of the current fiscal year, the City’s total long-term debt outstanding for business-type activities is $34.5 million, a decrease of $2.5 million from the prior fiscal year. The decrease was due to principal payments during the year as see in Note 8 of the notes to the financial statements.
Additional information on the City’s long-term debt obligations can be found in Note 8 of the notes to the financial statements.
The following is a summary of the City’s outstanding debt:
City of San Leandro
Outstanding Debt
Year Ended June 30, 2024
(in thousands)
Governmental Activities Business-Type Activities Total
2024 2023 2024 2023 2024 2023
Revenue bonds and notes $ 31,536 $ 35,946 $ - $ - $ 31,536 $ 35,946 (backed by specific tax and fee revenues)
Other loans 4,063 4,543 34,543 37,004 38,606 41,547
Total $ 35,599 $ 40,489 $ 34,543 $ 37,004 $ 70,142 $ 77,493
ECONOMIC FACTORS AND NEXT YEAR’S BUDGET
The economy of the City and major initiative are discussed in the Transmittal Letter located in the Introductory Section of the ACFR.
REQUESTS FOR INFORMATION
This financial report is designed to provide a general overview of the City’s finances for all citizens, taxpayers, customers, investors, and creditors. Questions concerning any of the information provided in this report or requests for additional information should be addressed to the City of San Leandro, Finance Department, 835 East 14th Street, San Leandro, CA 94577. 18 BASIC FINANCIAL STATEMENTS
GOVERNMENT-WIDE FINANCIAL STATEMENTS
City of San Leandro
Statement of Net Position
June 30, 2024
Governmental Business - Type
Activities Activities Total
Current assets:
Cash and investments (Note 2) $ 46,973,090 178,760,531 $ 225,733,621 $ Restricted cash and investments (Note 2) 2,544,682 29,102,304 31,646,986 Receivables:
Accounts 25,469,875 1,798,771 27,268,646
Special assessments 92,855 - 92,855
Inventory and prepaid items 171,357 622,969 794,326
Total current assets 233,596,922 51,939,512 285,536,434 Noncurrent assets:
Loans receivable (Note 3) 26,416,951 1,372,647 27,789,598 Leases receivable (Note 4) 485,130 4,149,133 4,634,263
Internal balances (Note 5D) 8,193,086 (8,193,086) -
Capital assets (Note 6):
Non-depreciable 47,685,680 15,878,057 63,563,737
Depreciable 531,254,162 90,888,346 622,142,508
Less accumulated depreciation (401,155,607) (21,248,659) (422,404,266) Capital assets, net 177,784,235 85,517,744 263,301,979
Total noncurrent assets 191,499,101 104,226,739 295,725,840 Total Assets 156,166,251 425,096,023 581,262,274
DEFERRED OUTFLOWS OF RESOURCES
Related to pension (Note 15) 3,504,453 66,273,374 69,777,827 Related to OPEB (Note 16) - 1,211,393 1,211,393
Total Deferred Outflows of Resources 3,504,453 67,484,767 70,989,220 Current liabilities:
Accounts payable and accruals 12,275,183 1,268,215 13,543,398 Interest payable 255,443 3,064 258,507
Other liabilities 1,603,521 (3,760) 1,599,761
Unearned revenue (Note 10) 14,680 4,466,930 4,481,610
Compensated absences - Due within one year (Note 9) 147,219 1,260,218 1,407,437 SBITAs - Due within one year (Note 7) - 117,570 117,570 Claims and judgments payable - Due within one year (Note 13) - 5,499,279 5,499,279 Long- term debt - Due within one year (Note 8) 2,522,478 2,596,793 5,119,271 Total current liabilities 28,074,937 3,951,896 32,026,833 Noncurrent liabilities:
Deposits 33,344 4,704,711 4,738,055
Compensated absences payable - Due in more than one year (Note 9) 441,655 3,240,550 3,682,205 Claims and judgments payable - Due in more than one year (Note 13) - 6,069,164 6,069,164 Net pension liability (Note 15) 15,925,166 219,751,688 235,676,854 Net OPEB liability (Note 16) - 1,074,764 1,074,764
Long- term debt - Due in more than one year (Note 8) 32,020,799 33,002,899 65,023,698 Total noncurrent liabilities 267,843,776 48,420,964 316,264,740 Total Liabilities 52,372,860 295,918,713 348,291,573
DEFERRED INFLOWS OF RESOURCES
Related to leases (Note 4) 463,348 3,927,070 4,390,418
Related to pension (Note 15) 62,506 5,368,265 5,430,771 Related to OPEB (Note 16) - 3,864,355 3,864,355
Total Deferred Inflows of Resources 525,854 13,159,690 13,685,544 Net investment in capital assets 142,066,973 50,974,467 193,041,440 Restricted for:
Capital projects 43,682,145 43,682,145 -
Pension costs 29,049,679 29,049,679 -
Engineering and transportation 36,152,818 36,152,818 -
Recreation and culture 862,966 - 862,966
Community development - 4,840,701 4,840,701
Public safety - 401,785 401,785
Total restricted 114,990,094 - 114,990,094
Unrestricted (73,554,680) 55,797,523 (17,757,157)
Total Net Position $ 106,771,990 183,502,387 $ 290,274,377 $ See Accompanying Notes to Basic Financial Statements
ASSETS
LIABILITIES
NET POSITION (Note 11)
23 City of San Leandro
Statement of Activities and Changes in Net Position
For the year ended June 30, 2024
Operating Capital
Charges for Grants and Grants and
Functions/Programs Expenses Services Contributions Contributions Total Primary government:
Governmental Activities:
General government $ 9,716,186 19,733,862 $ - $ 2,998,885 $ 12,715,071 $ Public safety 85,975,797 1,993,528 54,583 - 2,048,111
Engineering and transportation 1,220,707 37,414,204 5,321,985 11,194,078 17,736,770 Recreation and culture 16,621,477 1,335,103 625,089 2,299,425 4,259,617 Community development 5,708,183 19,347,363 4,117,416 - 9,825,599 Interest on long-term debt - 918,611 - - -
Total Governmental Activities 180,011,314 19,973,707 10,119,073 16,492,388 46,585,168 Business-type activities:
Water Pollution Control Plant 18,755,522 14,527,453 - - 18,755,522 Shoreline 5,990,557 5,552,529 197,900 - 5,750,429
Storm Water Utility 1,281,625 1,085,694 - - 1,085,694
Environmental Services 1,072,998 698,809 420,984 - 1,119,793 Total Business-type activities 22,872,633 26,092,554 618,884 - 26,711,438 Total Primary Government $ 46,066,261 202,883,947 $ 10,737,957 $ 16,492,388 $ 73,296,606 $ General revenues:
Taxes:
Property taxes
Sales tax
Franchise fees
Utility users tax
Property transfer tax
911 communication access tax
Other taxes
Total Taxes
Investment earnings
Sale of property to developer (Note 19)
Miscellaneous
Total General Revenues
Change in Net Position
Net position - Beginning of year
Net position - End of year
See Accompanying Notes to Basic Financial Statements
Program Revenues
24 Governmental Business- Type
Activities Activities Total
$ - (7,018,791) $ (7,018,791) $
- (83,927,686) (83,927,686)
- (19,677,434) (19,677,434)
- (12,361,860) (12,361,860)
- (9,521,764) (9,521,764)
- (918,611) (918,611)
- (133,426,146) (133,426,146)
4,228,069 - 4,228,069
(240,128) - (240,128)
(195,931) - (195,931)
46,795 - 46,795
3,838,805 - 3,838,805
3,838,805 (133,426,146) (129,587,341)
- 31,935,353 31,935,353
- 54,202,822 54,202,822
- 7,182,525 7,182,525
- 14,112,099 14,112,099
- 6,560,843 6,560,843
- 3,790,379 3,790,379
491,355 2,169,930 2,661,285
119,953,951 491,355 120,445,306
10,962,001 3,171,155 14,133,156
- 23,449,552 23,449,552
4,302,441 4,302,441 -
135,218,393 27,112,062 162,330,455
1,792,247 30,950,867 32,743,114
181,710,140 75,821,123 257,531,263
$ 183,502,387 $ 106,771,990 $ 290,274,377
Changes in Net Position
Net (Expense) Revenue and
25 FUND FINANCIAL STATEMENTS
Governmental Fund Financial Statements
Proprietary Fund Financial Statements
Fiduciary Fund Financial Statements
GOVERNMENTAL FUND FINANCIAL STATEMENTS
The General Fund – Accounts for all general revenues of the City not specifically levied or collected for other City funds and the related expenditures. The General Fund accounts for all financial resources of a governmental unit which are not accounted for in other funds.
Special Grants Special Revenue Fund – This fund accounts for various grants from the State of California and the Federal Government to be expended for a specific purpose, activity or facility.
Capital Improvement Projects Capital Projects Fund – This fund accounts monies for major capital improvement projects not provided for in the other capital improvement projects fund. 29 City of San Leandro
Governmental Funds
Balance Sheet
June 30, 2024
Capital
Special Grants Improvement Non-Major
Special Revenue Capital Projects Governmental
General Fund Fund Fund Funds Total
Cash and investments (Note 2) $ 71,810,753 $ 44,445,066 - $ $ 36,471,952 $ 152,727,771 Restricted cash and investments (Note 2) 28,999,679 - 102,412 213 29,102,304 Receivables:
Accounts 16,913,475 375,989 - 1,144,712 18,434,176
Federal, State, and local grants 7,035,699 - - - 7,035,699 Special assessment - 92,855 - - 92,855
Loans (Note 3) 793,316 - - 579,331 1,372,647
Leases (Note 4) 4,149,133 - - - 4,149,133
Due from other funds (Note 5A) 6,499,749 - - - 6,499,749 Advances to other funds (Note 5B) 5,534,767 - - - 5,534,767 Total Assets $ 7,411,688 134,793,727 $ 44,547,478 $ 38,196,208 $ 224,949,101 $ Liabilities:
Accounts payable and accruals 8,698,095 $ 401,605 $ 865,333 $ 617,772 $ 10,582,805 $ Due to other funds (Note 5A) - 1,552,628 - 2,288,802 3,841,430 Deposits payable 4,704,711 - - - 4,704,711
Unearned revenue (Note 10) 4,466,930 - - - 4,466,930
Total Liabilities 1,954,233 17,869,736 865,333 2,906,574 23,595,876 Unavailable revenue - grants receivable 6,072,009 7,035,699 - - 13,107,708 Related to leases receivable (Note 4) 3,927,070 - - - 3,927,070 Total Deferred Inflows of Resources 7,035,699 9,999,079 - - 17,034,778 Fund Balances: (Note 11)
Nonspendable 6,328,083 - - - 6,328,083
Restricted - 29,049,679 43,682,145 35,599,013 108,330,837 Assigned - 1,214,010 - - 1,214,010
Unassigned (1,578,244) 70,333,140 - (309,379) 68,445,517 Total Fund Balances (1,578,244) 106,924,912 43,682,145 35,289,634 184,318,447 Total Liabilities, Deferred Inflows of Resources
and Fund Balances $ 7,411,688 134,793,727 $ 44,547,478 $ 38,196,208 $ 224,949,101 $ See Accompanying Notes to Basic Financial Statements
ASSETS
DEFERRED INFLOWS OF RESOURCES
LIABILITIES
Major Funds
30 City of San Leandro
Reconciliation of the Governmental Funds Balance Sheet
with the Statement of Net Position
June 30, 2024
Total fund balances reported on the governmental funds balance sheet $ 184,318,447 Amounts reported for Governmental Activities in the Statement of Net Position are different from those reported in the Governmental Funds above because of the following:
CAPITAL ASSETS
Capital assets used in Governmental Activities are not current assets or financial resources and therefore are not reported in the Governmental Funds. 172,996,289
ALLOCATION OF INTERNAL SERVICE FUND NET POSITION
Internal service funds are not governmental funds. However, they are used by management to charge the costs of certain activities, such as insurance and central services and maintenance to individual governmental funds. The net current assets of the Internal Service Funds are therefore included in Governmental Statement of Activities. 15,718,398
LONG-TERM ASSETS AND LIABILITIES
The assets and liabilities below are not due and payable in the current period and therefore are not reported in the Funds:
Net OPEB liability, related deferred outflows and inflows of resources (3,727,726) Net pension liability, related deferred outflows and inflows of resources (158,846,579) Long-term debt (35,599,692)
Interest payable (255,443)
Compensated absences (4,209,015)
Recognition of grants revenue 13,107,708
NET POSITION OF GOVERNMENTAL ACTIVITIES $ 183,502,387
See Accompanying Notes to Basic Financial Statements
31 City of San Leandro
Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds
For the year ended June 30, 2024
(Formerly
Major) Capital
Measure BB Special Grants Improvement Non-Major
Special Revenue Special Revenue Capital Projects Governmental General Fund Fund Fund Funds Total
REVENUES
Property and other taxes $ 119,664,919 $ - $ - $ - $ 688,261 $ 120,353,180 Licenses and permits 11,497,061 - - - 759,859 12,256,920 Fines and forfeitures 395,302 - - - 458,707 854,009
Service charges 3,035,513 - - 9,210 842,728 3,887,451
Intergovernmental 11,658,061 8,432,908 - 10,677,891 - 30,768,860 Use of money and property 8,801,746 - - 517,966 4,597,151 13,916,863 Interdepartmental charges 2,792,815 - - - - 2,792,815
Other 546,551 - 300,000 3,019,511 1,069,098 4,935,160
Total Revenues 158,391,968 8,732,908 - 3,546,687 19,093,695 189,765,258
EXPENDITURES
Current:
General Government 18,859,164 - 126,198 - - 18,985,362
Public safety 74,620,814 - 599,895 - 87,512 75,308,221
Engineering and transportation 20,407,225 7,032,194 - 4,835,379 11,200,418 43,475,216 Recreation and culture 13,293,582 1,851,231 - 126,314 25,065 15,296,192 Community development 10,928,332 - 5,187,023 - 1,983,782 18,099,137 Debt service:
Principal 2,733,059 - - 1,938,000 - 4,671,059
Interest and fees 454,246 - - 1,413,696 - 1,867,942
Total Expenditures 141,296,422 9,609,518 - 10,148,716 16,648,473 177,703,129 REVENUES OVER (UNDER) EXPENDITURES 17,095,546 - (876,610) (6,602,029) 2,445,222 12,062,129
OTHER FINANCING SOURCES (USES)
Transfers in (Note 5C) - - 5,338,211 - 1,086,251 6,424,462 Transfers (out) (Note 5C) (7,489,877) - (1,000,000) - - (8,489,877) Total Other Financing Sources (Uses) (7,489,877) - 4,338,211 - 1,086,251 (2,065,415) NET CHANGE IN FUND BALANCES 9,605,669 - (876,610) (2,263,818) 3,531,473 9,996,714
FUND BALANCES
Beginning Fund Balances, as previously reported $6,445,524 - 97,319,243 45,945,963 31,758,161 181,468,891 Adjustment-change from major fund to nonmajor (6,445,524) - - - - (6,445,524) Beginning fund balances (deficits), as adjusted - 97,319,243 (701,634) 45,945,963 31,758,161 174,321,733 Ending fund balances (deficits) $ - 106,924,912 $ (1,578,244) $ 43,682,145 $ 35,289,634 $ 184,318,447 $ See Accompanying Notes to Basic Financial Statements
32 City of San Leandro
Reconciliation of the Net Change in Fund Balances - Total Government Funds with the Statement of Activities
For the year ended June 30, 2024
The schedule below reconciles the Net Changes in Fund Balances reported on the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balance, which measures only changes in current assets and current liabilities on the modified accrual basis, with the Change in Net Position of Governmental Activities reported in the Statement of Activities, which is prepared on the full accrual basis.
NET CHANGE IN FUND BALANCES - TOTAL GOVERNMENTAL FUNDS $ 9,996,714 Amounts reported for governmental activities in the Statement of Activities are different because of the following:
CAPITAL ASSET TRANSACTIONS
Governmental Funds report capital outlays as expenditures. However, in the Statement of Activities the cost of those assets is capitalized and allocated over their estimated useful lives and reported as depreciation expense.
Capital expenditures are therefore added back to fund balance 17,541,522 Depreciation expense is deducted from the fund balance. The amount excludes the depreciation of $1,335,333, which is reported in the Internal Service Funds. (8,951,858) Loss on disposal of capital assets is deducted from fund balance (224,718)
LONG-TERM DEBT PROCEEDS AND PAYMENTS
Bond proceeds provide current financial resources to governmental funds, but issuing debt increases long-term liabilities in the Statement of Net Position.
Repayment of bond principal is an expenditure in the governmental funds, but in the Statement of Net Position the repayment reduces long-term liabilities.
Repayment of debt principal is added back to fund balance 4,671,059 Amortization of bond discount is deducted from fund balance (8,849) Amortization of bond premium is added back to fund balance 227,386
ACCRUAL OF NON-CURRENT ITEMS
The amounts below included in the Statement of Activities do not provide or (require) the use of current financial resources and therefore are not reported as revenue or expenditures in governmental funds (net change):
Unearned revenue (7,961,697)
Interest payable 165,570
Compensated absences (644,218)
Net pension liabilities, related deferred outflows and inflows of resources (10,513,524) Net OPEB liabilities, related deferred outflows and inflows of resources (220,929)
ALLOCATION OF INTERNAL SERVICE FUND ACTIVITY
Internal Service Funds are used by management to charge the costs of certain activities, 'such as equipment acquisition, maintenance, and insurance to individual funds. The portion of the net revenue (expense) of these Internal Service Funds arising out of their transactions with governmental funds is reported with governmental activities, because they service those activities.
Change in Net Position - All Internal Service Funds (2,284,211) CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES $ 1,792,247 See Accompanying Notes to Basic Financial Statements
33 PROPRIETARY FUND FINANCIAL STATEMENTS
Water Pollution Control Plant - This fund accounts for the City’s sewers which protect public health and preserve water quality through the collection, treatment and disposal of the community’s wastewater and wastewater solids.
Shoreline - The City operates various recreational facilities which include golf and marina berthing as well as providing food service facilities for the general public in an area connected to the San Francisco Bay.
Internal Service Funds - These funds are used to account for special activities and services performed by a designated City department for other departments on a cost reimbursement basis. 35 City of San Leandro
Statement of Net Position
Proprietary Funds
June 30, 2024
Major Enterprise Funds Governmental
Water Non- Major ActivitiesPollution Enterprise Internal Service Control Plant Shoreline Funds Total Funds
Current Assets:
Cash and investments (Note 2) $ 37,519,488 $ 7,505,866 $ 1,947,736 $ 46,973,090 $ 26,032,760 Restricted cash and investments (Note 2) 2,544,682 - - 2,544,682 - Receivables:
Accounts 1,461,501 240,885 96,385 1,798,771 -
Interest - - - - -
Loans (Note 3) - 26,416,951 - 26,416,951 -
Leases (Note 4) - 485,130 - 485,130 -
Inventory and prepaids - 622,969 - 622,969 171,357
Total current assets 41,525,671 35,271,801 2,044,121 78,841,593 26,204,117 Noncurrent assets:
Capital assets (Note 6):
Non-Depreciable 12,256,426 3,621,631 - 15,878,057 -
Depreciable 89,487,548 1,384,669 16,129 90,888,346 20,333,134 Less accumulated depreciation (20,206,002) (1,026,528) (16,129) (21,248,659) (15,545,188) Total capital assets, net 81,537,972 3,979,772 - 85,517,744 4,787,946 Total noncurrent assets 81,537,972 3,979,772 - 85,517,744 4,787,946 Total Assets 123,063,643 39,251,573 2,044,121 164,359,337 30,992,063
DEFERRED OUTFLOWS OF RESOURCES
Related to pension (Note 15) 3,504,453 - - 3,504,453 -
Current Liabilities:
Accounts payable 393,066 828,994 46,155 1,268,215 1,692,378 Interest payable - 3,064 - 3,064 -
Due to other funds (Note 5A) - - 2,658,319 2,658,319 -
Other liabilities - (3,760) - (3,760) 1,603,521
Unearned revenue (Note 10) - 14,680 - 14,680 -
SBITAs - due in 1 year (Note 7) - - - - 117,570
Claims and judgments - due in 1 year (Note 12) - - - - 5,499,279 Compensated absences - due in 1 year (Note 9) 111,691 4,064 31,464 147,219 81,691 Long-term debt - due in 1 year (Note 8) 2,500,773 21,705 - 2,522,478 - Total current liabilities 3,005,530 868,747 2,735,938 6,610,215 8,994,439 Non-current Liabilities:
Deposits payable 3,000 30,344 - 33,344 -
Advances from other funds (Note 5B) - 5,534,767 - 5,534,767 - Claims and judgments - due in more than 1 year (Note 13) - - - - 6,069,164 Compensated absences - due in more than 1 year (Note 9) 335,074 12,190 94,391 441,655 210,062 Net pension liability (Note 15) 15,925,166 - - 15,925,166 - Long-term debt - due in more than 1 year (Note 8) 31,974,414 46,385 - 32,020,799 - Total noncurrent liabilities 48,237,654 5,623,686 94,391 53,955,731 6,279,226 Total liabilities 51,243,184 6,492,433 2,830,329 60,565,946 15,273,665
DEFERRED INFLOWS OF RESOURCES
Related to leases (Note 4) - 463,348 - 463,348 -
Related to pension (Note 15) 62,506 - - 62,506 -
Total deferred inflows of resources 62,506 463,348 - 525,854 - Net investment in capital asset 47,062,785 3,911,682 - 50,974,467 5,137,445 Unrestricted 28,384,110 28,199,621 (786,208) 55,797,523 10,580,953 Total Net Position $ 75,262,406 $ 32,295,792 $ (786,208) $ 106,771,990 $ 15,718,398 See Accompanying Notes to Basic Financial Statements
NET POSITION (Note 11)
ASSETS
LIABILITIES
36 City of San Leandro
Statement of Revenues, Expenses, and Changes in Fund Net Position Proprietary Funds
For the year ended June 30, 2024
Governmental
Water Non- Major ActivitiesPollution Enterprise Internal Service Control Plant Shoreline Funds Total Funds
OPERATING REVENUES:
Charges for services $ 17,994,347 $ 4,928,144 $ 1,085,694 $ 24,008,185 $ 19,776,137 Licenses and permits 328,840 - 643,201 972,041 -
Rents and concessions - 612,685 - 612,685 -
Other operating revenues 432,335 11,700 55,608 499,643 592,859 Total Operating Revenues 5,552,529 18,755,522 1,784,503 26,092,554 20,368,996 OPERATING EXPENSES:
Salaries and benefits 5,645,856 239,823 1,101,234 6,986,913 4,994,955 Contractual and other services 2,772,970 4,770,216 546,264 8,089,450 15,752,010 Materials and supplies 1,124,318 290,126 57,205 1,471,649 902,360 Depreciation and amortization (Note 6) 1,784,902 107,287 2,085 1,894,274 1,335,333 Other operating costs 2,280,750 268,160 647,835 3,196,745 2,517,725 Total Operating Expenses 5,675,612 13,608,796 2,354,623 21,639,031 25,502,383 OPERATING INCOME (LOSS) 5,146,726 (123,083) (570,120) 4,453,523 (5,133,387) NONOPERATING REVENUES (EXPENSES):
Property and other taxes - 491,355 - 491,355 -
Intergovernmental - 197,900 420,984 618,884 -
Other income - 23,449,552 - 23,449,552 -
Investment income 1,268,912 1,777,327 124,916 3,171,155 783,761 Interest expense (918,657) (314,945) - (1,233,602) -
Total Nonoperating Revenues (Expenses) 25,601,189 350,255 545,900 26,497,344 783,761 INCOME BEFORE CONTRIBUTIONS AND TRANSFERS 5,496,981 25,478,106 (24,220) 30,950,867 (4,349,626) CONTRIBUTIONS AND TRANSFERS:
Transfers in (Note 5C) - - - - 2,065,415
Total Capital Contributions and Transfers - - - - 2,065,415 Change in Net Position 25,478,106 5,496,981 (24,220) 30,950,867 (2,284,211) NET POSITION:
Net Position (Deficit) - Beginning of year 69,765,425 6,817,686 (761,988) 75,821,123 18,002,609 Net Position (Deficit) - End of year $ 32,295,792 75,262,406 $ (786,208) $ $ 106,771,990 $ 15,718,398 See Accompanying Notes to Basic Financial Statements
Major Enterprise Funds
37 City of San Leandro
Statement of Cash Flows
Proprietary Funds
For the year ended June 30, 2024
Major Enterprise Funds Governmental
Water Non- Major ActivitiesPollution Enterprise Internal Service Control Plant Shoreline Funds Total Funds
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from customers 18,739,997 $ 5,316,312 $ 1,735,356 $ 25,791,665 $ 592,859 $ Cash received from other funds - - 183,670 183,670 -
Receipts from interfund charges - - - 19,814,304 -
Cash payments to suppliers and service providers (8,517,918) (5,164,788) (1,245,399) (14,928,105) (14,645,758) Cash payments to employees for services (5,657,150) (254,911) (1,153,609) (7,065,670) (5,014,378) Net cash provided (used) by operating activities (103,387) 4,564,929 (479,982) 3,981,560 747,027
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES:
Property and other taxes received 484,263 - - 484,263 - Intergovernmental revenue received 197,900 - 420,984 618,884 - Interfund loans 568,171 (247,113) - 321,058 -
Transfers in from other funds - - - - 2,065,415
Net cash provided (used) by noncapital financing activities 435,050 568,171 420,984 1,424,205 2,065,415
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES:
Principal paid on capital debt (2,440,133) (20,770) - (2,460,903) - Acquisition of capital assets (2,403,611) 1,307,585 14,507 (1,081,519) (353,228) Net capital asset retirements 62,584 (1,433,406) (1,370,822) - - Interest payments on bonds and notes payable (918,656) (315,880) (1,234,536) - - Net cash provided (used) by capital and
related financing activities (462,471) (5,699,816) 14,507 (6,147,780) (353,228) CASH FLOWS FROM INVESTING ACTIVITIES:
Change in fair values of investments 586,150 89,616 94,342 770,108 354,148 Interest income (expense) 791,970 180,462 37,023 1,009,455 497,204 Net cash provided (used) by investing activities 270,078 1,378,120 131,365 1,779,563 851,352 Net increase (decrease) in cash and cash equivalents 139,270 811,404 86,874 1,037,548 3,310,566 CASH AND CASH EQUIVALENTS:
Cash and investments at beginning of year 7,366,596 39,252,766 1,860,862 48,480,224 22,722,194 Cash and investments at end of year $ 7,505,866 40,064,170 $ 1,947,736 $ 49,517,772 $ 26,032,760 $
RECONCILIATION OF OPERATING INCOME/ (LOSS) TO
NET CASH PROVIDED BY OPERATING ACTIVITIES:
Operating income (loss) $ 5,146,726 $ (123,083) $ (570,120) $ 4,453,523 $ (5,133,387) Adjustments to reconcile operating income to
net cash provided by operating activities:
Depreciation 1,784,902 107,287 2,085 1,894,274 1,335,333 Change in assets and liabilities:
(Increase) decrease in accounts receivable (15,525) (234,215) (49,147) (298,887) - (Increase) decrease in inventories - (388,096) - (388,096) 19,408 (Increase) decrease in leases receivable - 50,207 - 50,207 - (Decrease) increase in accounts payable (1,924,479) 551,810 (1,366,764) 5,905 678,643 (Decrease) increase in other liabilities (10,725) - (10,725) - 635,436 (Decrease) increase due to other funds - 183,670 - 183,670 - (Decrease) increase claims and judgments payable (93) - - (93) 3,459,065 (Decrease) increase in SBITAs - - - (228,048) -
(Decrease) increase in compensated absences (11,294) (15,088) (52,375) (78,757) (19,423) (Decrease) increase in unearned revenue 14,680 - 14,680 - - (Decrease) increase in deferred outflow 2,423,765 - 2,423,765 - - (Decrease) increase in deferred inflow (817,757) (56,164) (873,921) - - (Decrease) increase in net pension liability - (2,021,316) - (2,021,316) - Total adjustments (581,797) 19,696 90,138 (471,963) 5,880,414 Net cash provided (used) by operating activities $ (103,387) 4,564,929 $ (479,982) $ 3,981,560 $ 747,027 $ See Accompanying Notes to Basic Financial Statements
38 FIDUCIARY FUND FINANCIAL STATEMENTS
Private Purpose Trust Funds are fiduciary fund types used to report all trust arrangements, other than those properly reported in pension trust funds or investment trust funds, under which principal and income benefit individuals, private organizations, or other governments.
Custodial Funds are custodial in nature. They are used to account for assets held in an agency capacity for others and therefore cannot be used to support the City's programs. Custodial funds use the economic resources measure focus.
Cherrywood – Accounts for monies accumulated for payments of special assessment bonds which are financed by assessments placed on the Alameda County tax roll for the Cherrywood housing development.
39 City of San Leandro
Statement of Fiduciary Net Position
June 30, 2024
Successor Agency
to the Redevelopment
Agency
Private-Purpose Cherrywood
Trust Fund Custodial Fund
Current assets:
Cash and cash equivalents (Notes 2 and 18A) $ 989,757 4,493,344 $ Cash and investments with fiscal agents (Notes 2 and 18A) 868 484,945 Accounts receivable 337 -
Interest receivable - -
Total Current Assets 4,494,549 1,474,702
Noncurrent assets:
Capital assets (Note 18B):
Land - 706,376
Depreciable assets, net 366,094 -
Total non-current assets 1,072,470 -
Total Assets 5,567,019 1,474,702
Current liabilities:
Accounts payable 4,400 2,329
Interest payable 355,939 -
Long-term debt - due in less than one year (Note 18C) - 1,939,394 Total current liabilities 2,299,733 2,329
Noncurrent Liabilities:
Long-term debt - due in more than one year (Note 18C) - 25,363,308 Total non current liabilities 25,363,308 -
Total Liabilities 2,329 27,663,041
Restricted for bondholders - 1,472,373
Held in trust for private purposes (22,096,022) -
Total Net Position $ (22,096,022) $ 1,472,373
See Accompanying Notes to Basic Financial Statements
LIABILITIES
NET POSITION
ASSETS
40 City of San Leandro
For the year ended June 30, 2024
Successor Agency
to the Redevelopment
Agency
Private-Purpose Cherrywood
Trust Fund Custodial Fund
Additions:
Property taxes $ 3,313,746 $ -
Special assessment - 386,894
Use of money and property 328,787 -
Investment income - 38,162
Other - -
Total Additions 3,642,533 425,056
Deductions:
Community development 3,454,519 -
Depreciation (Note18B) 11,678 -
Payment to bondholders - 370,000
Debt service interest and fiscal agent fees 896,714 79,197 Administrative support - 6,466
Total Deductions 4,362,911 455,663
Change in Net Position (720,378) (30,607)
NET POSITION HELD IN TRUST
Net position (deficit) - beginning of year (21,375,644) 1,502,980 Net position (deficit) - end of year $ (22,096,022) $ 1,472,373 See Accompanying Notes to Basic Financial Statements
Statement of Changes in Fiduciary Net Position
41 City of San Leandro
Index to Notes to Basic Financial Statements
For the year ended June 30, 2024
NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES ...................................................................... 45 A. Financial Reporting Entity ........................................................................................................ 45 B. Government-Wide Financial Statements ................................................................................... 45 C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation ................... 46 D. Recognition of Interest Liability ............................................................................................... 48 E. Use of Restricted and Unrestricted Net Position ....................................................................... 48 F. Cash, Cash Equivalents and Investments .................................................................................. 48 G. Inventory ................................................................................................................................... 48 H. Leases ........................................................................................................................................ 48 I. Capital Assets ............................................................................................................................ 49 J. Subscription Based Information Technology Arrangements (SBITAs) .................................... 50 K. Long-Term Debt ....................................................................................................................... 51 L. Compensated Absences ............................................................................................................. 51 M. Property Taxes ......................................................................................................................... 51 N. Deferred Inflows/Outflows of Resources .................................................................................. 51 O. Use of Estimates........................................................................................................................ 51 P. Fair Value Measurements .......................................................................................................... 52 Q. Implementation of New Governmental Accounting Standards Board (GASB) Pronouncements ....................................................................................................... 52 NOTE 2 – CASH AND INVESTMENTS .............................................................................................. 53 A. Cash Deposits ............................................................................................................................ 53 B. Investments .............................................................................................................................. 54 NOTE 3 – LOANS RECEIVABLE ........................................................................................................ 58 NOTE 4 – LEASES .................................................................................................................................. 60 NOTE 5 – INTERFUND TRANSACTIONS ......................................................................................... 61 A. Interfund Receivables and Payables .......................................................................................... 61 B. Long-Term Advances ................................................................................................................ 61 C. Transfers .................................................................................................................................... 62 D. Internal Balances ....................................................................................................................... 62 NOTE 6 – CAPITAL ASSETS ............................................................................................................... 63 A. Government-Wide Financial Statements .................................................................................. 63 B. Funds Financial Statements ...................................................................................................... 65 NOTE 7 – SUBSCRIPTION-BASED INFORMATION TECHNOLOGY ARRANGEMENTS ...... 65 NOTE 8 – LONG-TERM DEBT ............................................................................................................. 66 A. Governmental Activities Long-Term Debt .............................................................................. 66 B. Long-Term Debt of Business-Type and Proprietary Funds ..................................................... 71 C. Debt Covenants and Restrictions ............................................................................................. 73 43 City of San Leandro
Index to Notes to Basic Financial Statements
For the year ended June 30, 2024 (Continued)
NOTE 9 – COMPENSATED ABSENCES ............................................................................................. 73 NOTE 10 – UNEARNED REVENUE ..................................................................................................... 74 NOTE 11 – NET POSITION AND FUND BALANCES ...................................................................... 74 A. Net Position .............................................................................................................................. 74 B. Fund Balances .......................................................................................................................... 74 C. Encumbrances .......................................................................................................................... 75 D. Contingency Arrangements ...................................................................................................... 75 NOTE 12 – STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY ................................... 77 A. Fund Deficits ............................................................................................................................ 77 B. Expenditures in Excess of Appropriations ............................................................................... 77 NOTE 13 – INSURANCE ....................................................................................................................... 77 NOTE 14 – COMMITMENTS AND CONTINGENCIES .................................................................... 78 A. Federal and State Grants ........................................................................................................... 78 B. Self-Insurance Reserves ............................................................................................................ 78 C. Sales Tax Reimbursement Agreement ...................................................................................... 78 NOTE 15 – PENSION PLAN ................................................................................................................... 79 A. Plan Descriptions and Summary of Balances by Plan ............................................................. 79 B. Information Common to the Miscellaneous and Safety Plans ................................................. 81 C. Miscellaneous (All Other) Agents Multiple-Employer Plan .................................................... 83 D. Safety Cost-Sharing Multiple-Employer Plan .......................................................................... 83 E. Other Information ...................................................................................................................... 84 F. Section 115 Pension Trust Fund ................................................................................................ 85 NOTE 16 – OTHER POST EMPLOYMENT BENEFITS .................................................................. 85 A. Plan Description ....................................................................................................................... 85 B. Net OPEB Liability .................................................................................................................. 86 C. Changes in Net OPEB Liability ............................................................................................... 88 D. Sensitivity of the Net OPEB Liability to Changes in the Discount Rate and Healthcare Cost Trend Rates ................................................................................................ 88 E. OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB ..................... 89 NOTE 17 – JOINTLY GOVERNED ORGANIZATIONS .................................................................. 89 NOTE 18 – SUCCESSOR AGENCY ACTIVITIES ............................................................................ 90 A. Cash and Investments ............................................................................................................... 90 B. Capital Assets ........................................................................................................................... 90 C. Long-Term Debt Obligations ................................................................................................... 90 NOTE 19 – SHORELINE DEVELOPMENT ........................................................................................ 92 44 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES
The basic financial statements of the City of San Leandro, California, (City) have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governmental agencies in the United States. The Governmental Accounting Standards Boards (GASB) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The more significant of the City’s accounting policies are described below.
A. Financial Reporting Entity
The City of San Leandro, California (City) was incorporated in 1872 and is situated between the cities of Oakland and Hayward in the East Bay of the San Francisco Bay Area. The City operates under the Mayor-Council-Manager form of government and provides the following services: public safety (police, fire, disaster preparedness and hazardous waste disposal), highways and streets, sanitation, health services, public improvements, planning and zoning and general administration services.
The City is governed by a seven-member council elected by City residents. The City is legally separate and fiscally independent, which means it can issue debt, set and modify budgets and fees and sue or be sued. As required by generally accepted accounting principles, the financial statements include the financial activities of the City, the primary government, and its component units.
Component units are legally separate organizations for which the elected officials of the primary government are financially accountable. In addition, component units can be other organizations for which the primary government’s exclusion would cause the reporting entity’s financial statements to be misleading or incomplete.
The component units below are included in the City’s basic financial statements using the blended method since the governing body of these component units are substantially the same as the governing body of the City and these component units provide services entirely to the City.
The City of San Leandro Parking Authority (Parking Authority) was established to issue debt for downtown parking structures and lots. There are no financial activities to be accounted for in the Parking Authority Debt Service Fund in this fiscal year.
The San Leandro Public Financing Authority (Financing Authority) was formed to assist in the financing and refinancing of capital projects and other community related financing programs. The financial activities are accounted for in the San Leandro Public Financing Authority Debt Service Fund in the accompanying basic financial statements.
B. Government–Wide Financial Statements
The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the non-fiduciary activities of the primary government and its components units. For the most part, the effect of interfund activity has been removed from these statements except in the case of interfund services provided and used, which are not eliminated in the consolidation process. Governmental activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. Likewise, the primary government is reported separately from certain legally separate component units for which the primary government is financially accountable.
45 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES (Continued)
The statement of activities demonstrates the degree to which the direct expenses of a given function or segments are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Our policy is to allocate indirect costs to a specific function or segment.
Program revenues include 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment, and 2) grants and contributions that are restricted to meeting the operational or capital requirements or a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenues.
Separate fund financial statements are provided for governmental funds, proprietary funds, and fiduciary funds, even though the latter are excluded from the government-wide financial statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements.
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation The government–wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fund and fiduciary fund financial statements.
Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.
Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the City considers revenues to be available if they are collected within 30 days of the end of the current fiscal period. The City considers sales taxes and property taxes as available if they are collected within 60 days after year end. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences and claims and judgments, are recorded only when payment is due.
Sales taxes, property taxes, licenses, and interest associated within the current period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. Only the portion of special assessment receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period. All other revenue items are considered to be measurable and available only when cash is received by the City.
46 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES (Continued)
The City reports the following major governmental funds:
The General Fund is the government’s primary operating fund. It accounts for all financial resources of the general government, except those required to be accounted for in another fund.
The Special Grants Special Revenue Fund – This fund accounts for various grants from the State of California and the Federal Government to be expended for any specific purpose, activity or facility.
Capital Improvement Projects Capital Projects Fund accounts monies for major capital improvements projects not provided for in the other capital projects fund.
The Reconciliation of the Fund Financial Statements to the Government-Wide Financial Statements is provided to explain the differences created by the integrated approach of GASB Statement No. 34.
The City also reports the following major proprietary funds:
Water Pollution Control Plant Fund accounts for the City’s sewers which protect public health and preserve water quality.
Shoreline Fund accounts for various recreational facilities which include golf and marina berthing as well as providing food service facilities for the general public in an area connected to the San Francisco Bay.
A separate column representing internal service funds is also presented in these statements. However, internal service balances and activities have been combined with the governmental activities in the government-wide financial statements. The City’s Internal Service Funds account for Building Maintenance, Information Management Systems, Self-Insurance, and Equipment Maintenance which provides service to other departments of the City on a cost reimbursement basis.
Proprietary funds are accounted for using the “economic resources” measurement focus and the accrual basis of accounting. Accordingly, all assets and liabilities (whether current or noncurrent) are included on the Statement of Net Position. The Statement of Revenues, Expenses and Changes in Net Position presents increases (revenues) and decreases (expenses) in total Net Position. Under the accrual basis of accounting, revenues are recognized in the period in which they are earned while expenses are recognized in the period in which the liability is incurred.
Operating revenues in the proprietary funds are those revenues that are generated from the primary operations of the fund. All other revenues are reported as non-operating revenues. Operating expenses are those expenses that are essential to the primary operations of the fund. All other expenses are reported as non-operating expenses.
The Fiduciary fund financial statements normally include a Statement of Net Position and a Statement of Changes in Fiduciary Net Position. The City's fiduciary funds represent a private purpose trust fund and a custodial fund. The City’s Funds includes the Cherrywood Fund accounts for monies accumulated for payments of special assessment bonds.
47 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES (Continued)
D. Recognition of Interest Liability
In the government-wide financial statements, interest payable of long-term debt is recognized as the liability is incurred for governmental fund types as well as proprietary fund types.
In the fund financial statements, the Governmental fund types do not recognize the interest payable when the liability is incurred. Interest on long-term debt is recorded in the fund statement when payment is made. Proprietary fund types recognize the interest payable when the liability is incurred.
E. Use of Restricted and Unrestricted Net Position
When an expense is incurred for purposes for which both restricted and unrestricted net positions are available, the City’s policy is to apply restricted net position first.
F. Cash, Cash Equivalents and Investments
The City pools cash and investments from all sources, except the fiscal agent cash and investments, for the purpose of increasing income through investment activities. Interest income on investments is allocated on the basis of average month-end cash and investment balances in each fund. Cash and cash equivalents represent cash and investments and restricted cash and investments with an original maturity term of three months or less. Pooled cash and investments allocated to proprietary fund types are considered cash and cash equivalents since specific investments held in the City’s pooled cash and investments are not allocated to each fund.
The City invests in the California Local Agency Investment Fund (LAIF), which is part of the Pooled Money Investment Account operated by the California State Treasurer. LAIF funds are invested in high quality money market securities and are managed to insure the safety of the portfolio. A portion of LAIF’s investments are in structured notes and asset-backed securities. The remainder of the City’s investment portfolio is managed by Chandler Asset Management.
In accordance with GASB Statement No. 31, highly liquid money market investments with maturities of one year or less at time of purchase are stated at amortized cost.
G. Inventory
Inventory is held for consumption and is valued at average cost. Internal service fund supplies consist of materials and supplies for the various City vehicles (tires, batteries, etc.) and building maintenance, which are used for replacement parts for vehicle service and to maintain City buildings. Information management service inventory consists of postage for department use and a monthly count is performed to adjust this account to actual at the appropriate month-end.
H. Leases
A lease is defined as a contract that conveys control of the right to use another entity’s nonfinancial asset (the underlying asset) as specified in the contract for a period of time in an exchange or exchange-like transaction. Examples of nonfinancial assets include buildings, land, vehicles, and equipment. The City recognizes leases with an initial, individual value of $200,000 or more. 48 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES (Continued)
Lessor - The City records two leases as the lessor. The City recognizes a lease receivable and a deferred inflow of resources in the General Fund, Shoreline Enterprise Fund, Governmental Activities and Business-Type Activities statements.
At the commencement of a lease, the City initially measures the lease receivable at the present value of payments expected to be received during the lease term. Subsequently, the lease receivable is reduced by the principal portion of lease payments received. The deferred inflow of resources is initially measured as the initial amount of the lease receivable, adjusted for lease payments received at or before the lease commencement date. Subsequently, the deferred inflow of resources is recognized as revenue over the life of the lease term.
Key estimates and judgments include how the City determines (1) the discount rate it uses to discount the expected lease receipts to present value, (2) lease term, and (3) lease receipts as follows:
• The City uses its estimated incremental borrowing rate as the discount rate for leases. • The lease term includes the noncancellable period of the lease. • Lease receipts included in the measurement of the lease receivable is composed of fixed payments from the lessee.
The City monitors changes in circumstances that would require a remeasurement of its lease, and will remeasure the lease receivable and deferred inflows of resources if certain changes occur that are expected to significantly affect the amount of the lease receivable.
I. Capital Assets
Contributed capital assets are valued at their estimated fair market value on the date contributed. Donated capital assets, donated works of art and similar items, and capital assets received in a service concession arrangement are recorded at acquisition value. All other capital assets are valued at historical cost or estimated historical cost if actual historical cost is not available. City policy has set the capitalization threshold for reporting capital assets at $7,500. Depreciation is recorded on a straight-line basis over estimated useful lives of the assets as follows:
Buildings 50 years
Improvements other than buildings 20 years
Machinery and equipment 5-15 years
Licensed Vehicles 3-15 years
Infrastructure 20-50 years
The City defines infrastructure as the basic physical assets that allow the City to function. The assets include streets, sewer, and park lands. Each major infrastructure system can be divided into subsystems.
For example the street system can be subdivided into pavement, curb and gutters, sidewalks, medians, streetlights, landscaping and land. These subsystems were not delineated in the basic financial statements. The appropriate operating department maintains information regarding the subsystems.
Interest accrued during capital assets construction, if any, is capitalized for the business-type and proprietary funds as part of the asset cost.
49 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES (Continued)
For all infrastructure systems, the City elected to use the Basic Approach as defined by GASB Statement No. 34 for infrastructure reporting. Original costs were developed in one of three ways: (1) historical records; (2) standard unit costs appropriate for the construction/acquisition date; or (3) present cost indexed by a reciprocal factor of the price increase from the construction/acquisition date to the current date. The accumulated depreciation, defined as the total depreciation from the date of construction/acquisition to the current date on a straight line, un-recovered cost method was computed using industry accepted life expectancies for each infrastructure subsystem. The book value was then computed by deducting the accumulated depreciation from the original cost.
J. Subscription Based Information Technology Arrangements (SBITAs) A SBITA is a contract that conveys control of the right to use another party’s (a SBITA vendor’s) IT software, alone or in combination with tangible capital assets (the underlying IT assets), as specified in the contract for a period of time in an exchange or exchange-like transaction.
At the commencement of a SBITA, the City initially measures the subscription liability at the present value of payments expected to be made during the contract term. Subsequently, the subscription liability is reduced by the principal portion of payments made. The subscription asset is initially measured as the initial amount of the subscription liability, adjusted for payments made at or before the SBITA commencement date, plus certain initial direct costs. Subsequently, the subscription asset is amortized on a straight‐line basis over shorter of the subscription term or the useful life of the underlying IT assets.
Key estimates and judgments related to SBITAs include how the City determines (1) the discount rate it uses to discount the expected subscription payments to present value, (2) subscription term, and (3) subscription payments as follows:
• The City uses the interest rate charged by the IT vendor as the discount rate. When the interest rate charged by the IT vendor is not provided, the City generally uses its estimated incremental borrowing rate as the discount rate for subscription liabilities. • The subscription term includes the noncancellable period of the subscription. • Subscription payments included in the measurement of the subscription liability are composed of fixed payments and purchase option price that the City is reasonably certain to exercise.
The City monitors changes in circumstances that would require a remeasurement of its subscription and will remeasure the subscription asset and liability if certain changes occur that are expected to significantly affect the amount of the subscription liability.
Subscription assets are reported with other capital assets and subscription liabilities are reported as longterm obligations on the statement of net position. 50 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES (Continued)
K. Long-Term Debt
In Government-Wide Financial Statements, long-term debt and other financed obligations are reported as liabilities in the appropriate activities.
Bond premiums and discounts are deferred and amortized over the life of the bonds using the effective interest method. Bonds Payable are reported net of the applicable premium or discount.
In Fund Financial Statements long-term debt is not presented but is instead shown in the Reconciliation of the Governmental Funds Balance Sheet to the Government-Wide Statement of Net Position.
L. Compensated Absences
Vested vacation, sick leave, compensatory time, and related benefits are accrued as appropriate. For governmental funds, compensated absence obligations are recorded in the appropriate governmental funds when due. The portion not currently due is recorded in the government-wide financial statements. For enterprise funds, compensated absences are expensed when earned by employees. At year-end, the accrued but unpaid compensated absence obligations are recorded as current and non-current liabilities in the appropriate enterprise funds.
M. Property Taxes
Property taxes are placed on lien January 1 for the following fiscal year. Taxes are payable in two installments, due on November 1 and February 1, becoming delinquent on December 10 (for November) and April 10 (for February), respectively. The Alameda County Tax Collector bills and collects property taxes and allocates a portion to the City. Property tax revenues are recognized in the fiscal year, for which the taxes have been levied, provided they become available. In January 1994, the City elected to continue collection of interest and penalties on delinquent taxes and recognizes these revenues when available. Available means when due or past due and collected within the current period, or expected to be collected soon thereafter, and to be used to pay liabilities of the current period.
N. Deferred Inflows/Outflows of Resources
In addition to assets, the statement of net position or balance sheets report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net assets or fund balance that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then.
In addition to liabilities, the statement of net position or balance sheets report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net assets or fund balance that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time.
O. Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires City management to make estimates and assumptions that affect certain amounts and disclosures.
Accordingly, actual results could differ from those estimates. 51 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES (Continued)
P. Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The City categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The fair value hierarchy categorizes the inputs to valuation techniques used to measure fair value into three levels based on the extent to which inputs used in measuring fair value are observable in the market.
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 inputs are inputs – other than quoted prices included within level 1 that are observable for an asset or liability, either directly or indirectly.
Level 3 inputs are unobservable inputs for an asset or liability.
If the fair value of an asset or liability is measured using inputs from more than one level of the fair value hierarchy, the measurement is considered to be based on the lowest priority level input that is significant to the entire measurement.
Q. Implementation of New Governmental Accounting Standards Board (GASB) Pronouncements Management adopted the provisions of the following Governmental Accounting Standards Board (GASB) Statements which became effective during the year ended June 30, 2024.
GASB Statement No. 99 – In April 2022, GASB issued Statement No. 99, Omnibus 2022. The objectives of this Statement are to enhance comparability in accounting and financial reporting and to improve the consistency of authoritative literature by addressing (1) practice issues that have been identified during implementation and application of certain GASB Statements and (2) accounting and financial reporting for financial guarantees. The requirements related to leases, public-private partnerships, and subscription-based information technology agreements are effective for the City’s fiscal year ending June 30, 2024. The requirements related to financial guarantees and the classification and reporting of derivative instruments within the scope of Statement No. 53 are effective for the City’s fiscal year ending June 30, 2024. There was no impact to fund balance or net position.
GASB Statement No. 100 – In June 2022, GASB issued Statement No. 100, Accounting for Changes and Error Corrections. The primary objective of this Statement is to enhance accounting and financial reporting requirements for accounting changes and error corrections to provide more understandable, reliable, relevant, consistent, and comparable information for making decisions or assessing accountability. The requirements of this statement are effective for the City’s fiscal year ending June 30, 2024. There was no impact to fund balance or net position. The City is currently analyzing its accounting practices to determine the potential impact on the financial statements for the following GASB Statements.
52 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 2 – CASH AND INVESTMENTS
The City maintains a cash and investment pool, which includes cash balances and authorized investments of all funds, which the Finance Director invests to enhance interest earnings. The pooled interest earned is allocated to the funds based on average daily cash and investment balance in these funds.
A. Cash Deposits
The carrying amount of the City’s cash deposits is $16,745,681 at June 30, 2024. Bank balances before reconciling items were $21,482,980, at that date, the total amount of which was insured or collateralized with securities held by the pledging financial institutions in the City’s name as discussed below.
The California Government Code requires California banks and savings and loan associations to secure the City’s cash deposits by pledging securities as collateral. This Code states that collateral pledged in this manner shall have the effect of perfecting a security interest in such collateral superior to those of a general creditor. Thus, collateral for cash deposits is considered to be held in the City's name.
The fair value of pledged securities must equal at least 110% of the City's cash deposits. California law also allows institutions to secure City deposits by pledging first trust deed mortgage notes having a value of 150% of the City’s total cash deposits. The City may waive collateral requirements for cash deposits, which are fully insured up to $250,000 by the Federal Deposit Insurance Corporation. The City, however, has not waived the collateralization requirements.
The City follows the practice of pooling cash and investments of all funds, except for funds required to be held by fiscal agents under the provisions of bond indentures, and investments held in the City's Section 115 pension trust. Interest income earned on pooled cash and investments is allocated on an accounting period basis to the various funds based on the period-end cash and investment balances. Interest income from cash and investments with fiscal agents is credited directly to the related fund.
B. Investments
Under the provisions of the City’s investment policy, and in accordance with California Government Code, the City’s cash and investments as of June 30, 2024, are classified as follows:
Statement of Net Position:
Cash and investments 225,733,621 $
Restricted cash and investments 31,646,986
Fiduciary Funds:
Cash and investments 5,483,101
Cash and investments with fiscal agents 485,813
Total cash and investments 263,349,521 $
Cash and investments as of June 30, 2024, are classified as follows:
Deposits with financial institutions $ 16,745,681
Investments 246,603,840
Total cash and investments $ 263,349,521
53 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 2 – CASH AND INVESTMENTS (Continued)
Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment. Generally, the longer the maturity of an investment, there is a greater sensitivity of its fair value to changes in market interest rates. One of the ways that the City manages its exposure to interest rate risk is by purchasing a combination of shorter term and longer-term investments and by timing cash flow from maturities so that a portion of the portfolio is maturing or coming close to maturity evenly over time as necessary to provide cash flow and liquidity needed for operations. In accordance with the Policy, the City manages its exposure to declines in fair values by limiting the weighted average maturity of its investment portfolio to 5 years or less. The City is in compliance with this provision of the Policy.
Information about the sensitivity of the fair values of the City’s investments to market interest rate fluctuations is provided by the following table that shows the distribution of the City’s investment by maturity:
Investment Type Fair Value
12 Months or
Less 13 to 24 Months 25 to 60 Months
$ 43,544,087 $ 11,668,500 $ 9,003,814 $ 22,871,773
Money Market Fund 178,398 178,398 - -
U.S. Treasury Notes 86,819,056 29,504,122 21,449,736 35,865,198 Local Agency Investment Fund (LAIF) 10,868,531 10,868,531 - - Medium-Term Notes 46,142,010 12,571,678 9,309,669 24,260,663 Asset Backed Securities 21,977,327 649,605 803,127 20,524,595 Supranational 2,340,280 2,340,280 - -
PARS Pension Trust - Mutual Funds 31,600,441 31,600,441 - - Held by fiscal agent:
U.S. Treasury Money Market Funds 3,133,710 3,133,710 - - Total $ 246,603,840 $ 102,515,265 $ 40,566,346 $ 103,522,229 Federal Agency Securities
54 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 2 – CASH AND INVESTMENTS (Continued)
Investments Authorized by the City’s Investment Policy and California Government Code The table below identifies the investment types that are authorized for the City by the City’s Investment Policy. The table also identifies certain provisions of the California Government Code that address interest rate risk, credit risk, and concentration of credit risk. This table does not address investments of debt proceeds held by bond trustees that are governed by the provisions of the related bond documents, or investments held in the PARS Section 115 pension trust.
Investment Type Maximum Maturity Maximum Percentage of Portfolio U.S. Treasury Obligations 5 years None
U.S. Agency Securities 5 years None
Bankers Acceptances 180 days 40%
Commercial Paper 270 days 25%
Negotiable Certificate of Deposit 5 years 30%
Repurchase Agreements 1 year 20%
Reverse Repurchase Agreements 92 days 20%
Medium-Term Notes 5 years 30%
Mutual Funds N/A 20%
Money Market Mutual Funds N/A 20%
Local Agency Investment Fund (LAIF) N/A $75 million per account Passbook Accounts 5 years None
City Issued Securities N/A None
Supranational Securities 5 years 30%
Asset Backed Securities 5 years 20%
Mortgage Backed/Pass-Through Securities 5 years 20%
Collateralized Mortgage Obligations 5 years 20%
Other Investment Pools N/A None
Investments in Local Agency Investment Fund
The City invests in the Local Agency Investment Fund (LAIF), a State of California external investment pool. The fair value is calculated by multiplying the account balance with LAIF times a fair value factor of 0.996316042 which is determined by LAIF. This fair value factor was determined by dividing all LAIF participants’ total aggregate amortized cost by total aggregate fair value.
The City’s investments with Local Agency Investment Funds (LAIF) at June 30, 2024, included a portion of the pool funds invested in Structured Notes and Asset-Backed Securities. These investments included the following:
• Structured Notes are debt securities (other than asset-backed securities) whose cash-flow characteristics (coupon rate, redemption amount, or stated maturity) depend on one or more indices and/or that have embedded forwards or options.
• Asset-Backed Securities, the bulk of which are mortgage-backed securities, entitle their purchasers to receive a share of the cash flows from a pool of assets such as principal and interest repayments from a pool of mortgages (such as CMOs) or credit card receivables. 55 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 2 – CASH AND INVESTMENTS (Continued)
Concentration of Credit Risk
The City’s policy states that the investment portfolio shall be designed with the objective of attaining a rate of return throughout budgetary and economic cycles, commensurate with the City’s investment risk constraints and the cash flow characteristic of the portfolio. Purchases of mutual funds must not exceed 20% of the value of the portfolio. Investments in U.S. agencies exceeded 5% of total portfolio, and Federal agency investments exhibited below exceeded 5% percent or more of the total investments in any one issuer:
US Government Agency Securities Amount Invested
Percentage of
Investments
Federal agency security:
Federal Home Loan Bank (FHLB) $ 13.00% 26,120,409
Total $ 13.00% 26,120,409
Disclosures Relating to Credit Risk
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Presented below is the minimum rating required by (where applicable) the California Government Code, the City’s investment policy, or debt agreements, and the actual rating as of year-end for each investment type.
The City’s policy requires that mutual funds must have the highest rating provided by not less than two of the three largest nationally recognized rating organizations.
Fair
Minimum
Legal Exempt From
Investment Type Value Rating Disclosure Not Rated A-1 AAA AA+ Federal Agency Securities $ 43,544,087 N/A $ - $ - $ - $ - $ 43,544,087 Money Market Fund 178,398 N/A - 178,398 - - -
U.S. Treasury Notes 86,819,056 N/A 86,819,056 - - - -
Local Agency Investment Fund 10,868,531 N/A - 10,868,531 - - - Medium-Term Notes 46,142,010 A - - - 2,226,512 -
Asset Backed Securities 21,977,327 AAA - 4,601,340 - 17,375,987 - Supranational 2,340,280 AA - - 2,340,280 - -
PARS Pension Trust - Mutual Funds 31,600,441 N/A 31,600,441 - - - - Held by fiscal agent:
U.S. Treasury Money Market Funds 3,133,710 A - - 3,133,710 - - Total $ 246,603,840 $ 118,419,497 $ 15,648,269 $ 2,340,280 $ 20,509,697 $ 45,770,599 AA AA- A+ A AMedium-Term Notes $ 2,655,220 $ 2,962,306 $ 10,030,378 $ 14,995,281 $ 13,272,313 56 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 2 – CASH AND INVESTMENTS (Continued)
Fair Value Hierarchy
The City categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure fair value of the assets. Level 1 inputs are quoted prices in an active market for identical assets; Level 2 inputs are significant other observable inputs; and Level 3 inputs are significant unobservable inputs.
The following is a summary of the fair value hierarchy of the fair value of investments of the City as of June 30, 2024:
Level 1 Level 2 Total
Investments By Fair Value Level:
$ - $ 43,544,087 $ 43,544,087
U.S. Treasury Notes - 86,819,056 86,819,056
Medium-Term Notes - 46,142,010 46,142,010
Asset Backed Securities - 21,977,327 21,977,327
Supranational - 2,340,280 2,340,280
Total Investments $ - $ 200,822,760 200,822,760
Investments Exempt from Fair Value Hierarchy:
Local Agency Investment Fund (LAIF) 10,868,531
PARS Pension Trust - Mutual Funds 31,600,441
Investments Measured at Amortized Cost:
Held by fiscal agent:
U.S. Treasury Money Market Funds 3,133,710
Money Market Fund 178,398
Total $ 246,603,840
Federal Agency Securities
Investments classified in Level 2 of the fair value hierarchy, are valued using matrix pricing techniques maintained by various pricing vendors. Matrix pricing is used to value securities based on the securities’ relationship to benchmark quoted prices. The California Local Agency Investment Fund (LAIF) is valued based on the fair value factor provided by the Treasurer of the State of California, which is calculated as fair value divided by the amortization cost of the investment pool and is exempt from the Fair Value hierarchy. Fair value is defined as the quoted market value on the last trading day of the period. These prices are obtained from various pricing sources by the custodian bank.
Public Agency Retirement Services – Section 115 Pension Trust In June 2021, the City Council authorized the establishment of a Section 115 Pension Trust with the Public Agency Retirement Services (PARS). The trust is an irrevocable trust, and is used to set aside funds for future pension contributions. During fiscal year ended June 30, 2024, the City contributed $14,210,000 to the trust. As of June 30, 2024, the fair value of the trust was $31,600,441. 57 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 3 – LOANS RECEIVABLE
At June 30, 2024, the City had loans receivable in the following funds:
Governmental Activities:
General Fund 1,093,316 $
Non Major Special Revenue Funds:
Affordable Housing Asset Fund 20,396,184
Community Development Block Grant (CDBG) 559,441
HOME 4,196,114
Housing In-Lieu 723,711
Less allowance for uncollectible loans (25,596,119)
Total Governmental Governmental Loans Receivable, net $ 1,372,647 Business-Type Activities:
Shoreline Enterprise Fund $ 26,416,951
At June 30, 2024, the City was owed in the General Fund, $425,805 for a loan made by the City to Alameda County Industries Inc. (ACI). The loan is to refurbish ACI's Materials Recovery Facility in order to expand operations to take in more solid waste, recyclable, and green waste tonnage. The loan is evidenced by a promissory note with a term of 10 years and is to be repaid in full on July 1, 2025. The interest rate is 2.5% per annum.
At June 30, 2024, the City was owed in the General Fund, $11,453 for loans made by the City to employees as part of the Employee Computer Purchase Loan Program. The loans are to assist regular full-time employees after completion of the one-year probationary period, “permanent” part-time employees as defined in the relevant MOU and City Council Members with the purchase of a home computer or laptop. The loans range from $500 to $3,000, are repaid over a 1 or 2 year period, and are interest free. Payments on the loans are handled as standard payroll deductions.
At June 30, 2024, the City was owed in the General Fund, $35,070 for a loan made by the City to San Leandro Improvement Agency. The loan is to fund Downtown San Leandro capital improvements. The loan is evidenced by a promissory note with a term of 10 years. The interest rate is 3% per annum.
At June 30, 2024, the City was owed in the General Fund, $374,039 for a loan made by the City to the Historic BAL Theatre. The loan is to promote the performing arts, music, and City's culture, which is vital to the public health and economic vitality of the City. The loan is evidenced by a promissory note with a term of 30 years. The interest rate is 3% per annum.
At June 30, 2024, the City was owed in the General Fund, $246,949 for a loan made by the City to MTLG, LLC. The loan is for litigation costs between the City of San Leandro and MTLG, LLC for a proposed wind energy conversion project. The loan is evidenced by a promissory note in the amount of the loan and a deed of trust with a term of 10 years. The interest rate is 2% per annum. 58 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 3 – LOANS RECEIVABLE (Continued)
At June 30, 2024, the City was owed in its Affordable Housing Asset Special Revenue Fund, $20,396,184 which includes (1) loans made to the City property owners who meet the HUD requirements for financial assistance for property improvements and first time home buyer loans; (2) a loan made to Ruth Rogers and Sara Bagwell; (3) a loan made to Eden Housing, Inc.; (4) a loan made to San Leandro Senior Housing; (5) a loan made to Citizens’ Housing Corporation for property improvements; (6) a loan made to Mercy Housing for the construction of the Casa Verde; and (7) a loan to Washington LLP to develop a 72 unit multifamily residential apartment building. The total loan receivable amount was reduced by an allowance for uncollectible loans in the amount of $19,816,853 leaving a balance of $579,331 as of June 30, 2024.
At June 30, 2024, the City was owed in its Community Development Block Grant (CDBG) Special Revenue Fund, $559,441 for various housing assistance loans made by the City. The terms of repayment vary. The entire loan receivable was reduced by an allowance for uncollectible loans.
At June 30, 2024, the City was owed in its HOME Special Revenue Fund, $4,196,114 which includes (1) two housing assistance loans made by the City to Citizens’ Housing Corporation; (2) a loan made to Estabrook Senior Housing for construction of a senior housing facility; (3) a loan made to Hello Housing for the rehabilitation of a single family home; (4) a housing assistance loan made to Allied Housing. The terms of repayment vary. All of the loans receivable were reduced by allowance for uncollectible loans.
At June 30, 2024, the City was owed in its Housing In-Lieu Special Revenue Fund, $723,711 for a housing assistance loan made by the City to the Estabrook Senior Housing for low-moderate housing construction. The terms of repayment vary. The entire loan receivable was reduced by allowance for uncollectible loans.
At June 30, 2024, the City was owed in its Shoreline Enterprise Fund, $26,416,951, including $1,533,993 in accrued interest, for a seller-financed loan made by the City to Cal-Coast Companies LLC (Developer), for the purchase of land to be utilized for the Shoreline Project. Cal-Coast made interest payments throughout the fiscal year, but at the end of 2023, the Developer went into default on the loan due to nonpayment of interest, causing the loan principal and interest to be due immediately. See Note 19 for further details.
59 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 4 – LEASES
The City from to time to time engages in lease arrangements allowing the right for others to use various owned land and buildings for the public benefit. As of June 30, 2024, these leases receivable and related deferred inflows of resources consisted of the following:
Lessor
Original Lease
Date
Expiration Date
Including Options
Monthly
Revenue as of
June 30, 2024
Lease Receivable
Balance at
June 30, 2024
Deferred Inflow of
Resources at
June 30, 2024
Governmental Funds
General Fund
Alameda County Fire Department -
Fire Training Center 7/1/2013 6/30/2038 $ 2,983,708 15,209 $ 2,778,454 $ Bandwidth IG
Fiber Optic Cable 10/4/2023 10/4/2048 1,165,425 1,148,616 4,010 Total Governmental Funds 19,219 4,149,133 3,927,070
Proprietary Funds
Shoreline Fund
Cingular Wireless PCS, LLC 5/16/2005 8/31/2032 485,130 463,348 4,719 $ 4,634,263 23,938 $ 4,390,418 $
On June 25, 2013, the City began leasing property to the Alameda County Fire Department with monthly payments ranging from $14,695 to $24,619 through the end of the lease term. Lease payments are to be increased by 3.5% every year on July 1, until the end of the lease on June 30, 2038. The City recognized $198,461 in lease revenue and $44,546 in interest revenue in fiscal year 2024 related to this lease. Also, the City has a deferred inflow of resources associated with this lease that will be recognized as revenue over the lease term.
On October 4, 2023, the City began leasing property to Bandwidth IG, LLC with monthly payments ranging from $4,010 to $5,733 through the end of the lease term. Lease payments are to be increased
1.5% every year on October 1, until the end of the lease on October 4, 2048. The City recognized $47,859 in lease revenue and $17,074 in interest revenue in fiscal year 2024 related to this lease. Also, the City has a deferred inflow of resources associated with this lease that will be recognized as revenue over the lease term.
On May 16, 2005, the City began leasing property to New Cingular Wireless PCS, LLC with monthly payments ranging from $4,492 to $5,640 through the end of the lease term. Lease payments are to be increased by 2% every year on August 1, until the end of the lease on August 31, 2032. The City recognized $50,206 in lease revenue and $6,237 in interest revenue in fiscal year 2024 related to this lease. Also, the City has a deferred inflow of resources associated with this lease that will be recognized as revenue over the lease term.
60 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 5 – INTERFUND TRANSACTIONS
A. Interfund Receivables and Payables
At June 30, 2024, the City had the following short-term receivables and payables:
Receivable Fund Payable Fund Amount
General Fund Special Grants Special Revenue Fund $ 1,552,628 Non-Major Governmental Funds 2,288,802
Storm Water Utility Enterprise Fund 2,658,319
Total $ 6,499,749
The City has recorded due to/due from all funds requiring cash at the end of June 30, 2024. The funds that had deficit year-end balances will be repaid back to the General Fund during the 2024-25 fiscal year.
B. Long-Term Advances
Long-term advances to be repaid out of future earnings or charges at June 30, 2024 consisted of:
Receivable Fund Amount
General Fund Shoreline Enterprise Fund 5,534,767 $
Total $ 5,534,767
Payable Fund
The City Council authorized General Fund loans to the Shoreline Enterprise Fund for capital improvements at the Marina and Golf Course. The loans are to be paid over 30 years with an annual interest accrual rate of 5%. Principal payments are made annually provided the fund has sufficient resources. The balance as of June 30, 2024 was $2,488,051 and $3,046,716 for the Marina and the Golf Course, respectively, for a total of $5,534,767.
The City Council authorized a loan to the General Fund from the Water Pollution Control Plant in 2011 for the partial payment of the Public Safety Side Fund Obligation. The $6,000,000 loan was to pay-down the CalPERS Public Safety Side Fund with a long-term adjustable rate of 4% or less, annually, for 13 years. As of June 30, 2024, the loan was fully paid off. 61 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 5 – INTERFUND TRANSACTIONS (Continued)
C. Transfers
Transfers during the fiscal year ended June 30, 2024 comprised the following:
General Capital Projects
Fund Fund Total
Capital Improvement
Capital Projects Fund $ 5,338,211 $ - $ 5,338,211
Non-major
Governmental Funds 1,086,251 - 1,086,251
Internal Service Funds 1,065,415 1,000,000 2,065,415
Total $ 7,489,877 $ 1,000,000 $ 8,489,877
Transfers Out:
Transfers In
The City Council authorized transfers from various funds for fiscal year 2023-24 to the following accounts and projects:
Capital Improvement Fund $ 150,000 ADA Transition Plan
Capital Improvement Fund 600,000 City Building Major Maintenance Capital Improvement Fund 475,000 City Park Maintenance
Capital Improvement Fund 4,113,211 Street Improvement Projects Non-major Governmental Funds 400,425 General Fund Subsidy Non-major Governmental Funds 50,000 Links Shuttle
Non-major Governmental Funds 635,826 Street Maintenance Internal Service Funds 2,065,415 Technology Upgrade/Accella Total $ 8,489,877
D. Internal Balances
Internal balances are presented only in the government-wide financial statements. They represent the net interfund receivables and payables remaining after the elimination of all such balances within government and business-type activities.
62 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 6 – CAPITAL ASSETS
A. Government-Wide Financial Statements
At June 30, 2024, the City’s capital assets consisted of the following:
Governmental Business-Type
Activities Activities Total
Non-depreciable assets:
Land 16,471,405 $ 5,142,310 $ $ 21,613,715
Construction in Progress 31,214,275 10,735,747 41,950,022 Total non-depreciable assets 47,685,680 15,878,057 63,563,737 Depreciable assets:
Buildings 89,970,152 64,269,714 154,239,866
Improvements 10,750,759 113,416 10,864,175
Machinery and Equipment 15,236,366 8,449,773 23,686,139 Licensed Vehicles 17,495,046 129,102 17,624,148
Subscription asset 544,051 - 544,051
Infrastructure:
Park Irrigation Systems 4,668,420 - 4,668,420
Medians Irrigation 10,145,502 - 10,145,502
Park Structures 12,787,941 - 12,787,941
Roadway 257,069,835 - 257,069,835
Sidewalk 74,895,578 - 74,895,578
Curb and Gutter 37,447,790 - 37,447,790
Underground Piping and Storm Drain 242,722 11,338,114 11,580,836 Water Pollution Plant - 6,588,227 6,588,227
Total depreciable assets 531,254,162 90,888,346 622,142,508 Less accumulated depreciation (401,155,607) (21,248,659) (422,404,266) Total depreciable assets, net 130,098,555 69,639,687 199,738,242 Total capital assets $ 177,784,235 $ 85,517,744 $ 263,301,979 63 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 6 – CAPITAL ASSETS (Continued)
The following is a summary of capital assets for governmental activities:
Balance Balance
July 1, 2023 Additions Retirements Transfers June 30, 2024 Non-Depreciable Assets:
Land $ 16,471,405 $ - $ - $ - $ 16,471,405
Construction in progress 21,286,195 10,809,671 - (881,591) 31,214,275 Total Non-Depreciable Assets 37,757,600 10,809,671 - (881,591) 47,685,680 Depreciable Assets:
Buildings 83,774,955 6,195,197 - - 89,970,152
Improvements 10,750,759 - - - 10,750,759
Machinery and equipment 15,452,524 266,593 (482,751) - 15,236,366 Licensed vehicles 16,834,391 537,548 (7,716) 130,823 17,495,046 Subscription asset 458,310 85,741 - - 544,051
Infrastructure 396,521,650 - (14,630) 750,768 397,257,788 Total Depreciable Assets 523,792,589 7,085,079 (505,097) 881,591 531,254,162 Accumulated Depreciation:
Buildings (34,424,351) (1,543,053) - - (35,967,404)
Improvements (6,037,466) (217,658) - - (6,255,124)
Machinery and equipment (11,517,036) (1,291,663) 265,748 - (12,542,951) Licensed vehicles (11,500,427) (1,258,995) - - (12,759,422) Subscription asset (134,138) (301,103) - - (435,241)
Infrastructure (327,535,377) (5,674,719) 14,631 - (333,195,465) Total Accumulated Depreciation (391,148,795) (10,287,191) 280,379 - (401,155,607) Depreciable Assets, Net 132,643,794 (3,202,112) (224,718) 881,591 130,098,555 Total Governmental Activities
Capital Assets, Net $ 170,401,394 $ 7,607,559 $ (224,718) $ - $ 177,784,235 Governmental activities depreciation expenses for capital assets for the year ended June 30, 2024, are as follows:
General Government $ 268,556
Public Safety 358,074
Engineering and Transportation 7,161,486
Recreation and Human services 895,186
Community Development 268,556
Subtotal 8,951,858
Capital assets held by the City's Internal Service Funds 1,335,333 Total Depreciation Expense $ 10,287,191
64 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 6 – CAPITAL ASSETS (Continued)
The following is a summary of capital assets for business-type activities:
Balance Balance
July 1, 2023 Additions Retirements Transfers June 30, 2024 Non-Depreciable Assets:
Land 5,234,310 $ - $ $ (92,000) $ - $ 5,142,310
Construction in progress 8,998,172 2,515,739 - (778,164) 10,735,747 Total Non-Depreciable Assets 14,232,482 2,515,739 (92,000) (778,164) 15,878,057 Depreciable Assets:
Buildings 68,814,409 - (4,544,695) - 64,269,714
Improvements 113,416 - - - 113,416
Machinery and equipment 8,552,685 - (102,912) - 8,449,773 Licensed vehicles 129,102 - - - 129,102
Infrastructure 17,159,947 - (11,770) 778,164 17,926,341 Total Depreciable Assets 94,769,559 (4,659,377) 778,164 90,888,346 Accumulated Depreciation:
Buildings (15,888,315) (1,423,778) 3,193,289 - (14,118,804) Improvements (113,416) - - - (113,416)
Machinery and equipment (3,958,523) (146,930) 61,284 - (4,044,169) Licensed vehicles (46,715) (8,030) - - (54,745)
Infrastructure (2,601,989) (315,536) - - (2,917,525)
Total Accumulated Depreciation (22,608,958) (1,894,274) 3,254,573 - (21,248,659) Total Business-Type Activities
Capital Assets, Net $ 86,393,083 $ 621,465 $ (1,496,804) $ - $ 85,517,744 B. Funds Financial Statements
The Funds Financial Statements do not present General Government Capital Assets but are shown in the Reconciliation of the Governmental Funds Balance Sheet to the Government-Wide Statement of Net Position.
NOTE 7 – SUBSCRIPTION-BASED INFORMATION TECHNOLOGY ARRANGEMENTS On July 1, 2022, the City entered into a 41 month subscription for the use of Accela. An initial subscription liability was recorded in the amount of $458,310. The City is required to make annual fixed payments of $113,367, and the subscription has an interest rate of .4310%.
A summary of the City’s SBITA transactions for the fiscal year ended June 30, 2024 are as follows:
Balance Balance Due Within
June 30, 2023 Retirements June 30, 2024 One Year
Governmental Activities
Accela $ 345,618 $ 228,048 $ 117,570 $ 117,570
Total SBITA Liabilities $ 345,618 $ 228,048 $ 117,570 $ 117,570 65 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 8 – LONG-TERM DEBT
A. Governmental Activities Long-Term Debt
Summary of changes in governmental activities long-term debt for the year ended June 30, 2024, follows:
Balance Balance Due within Due in more
Governmental Activity Debt: June 30, 2023 Retirements June 30, 2024 one year than one year Pension Obligation Bonds:
2012 Taxable Pension Obligation Bonds $ 2,385,000 $ (2,385,000) $ - $ - $ - Lease Revenue Bonds:
2013 Refunding Lease Revenue Bonds
City portion 3,961,000 (736,000) 3,225,000 762,000 2,463,000 2016 Refunding Lease Revenue Bonds 8,535,000 (1,070,000) 7,465,000 1,120,000 6,345,000 2018 Lease Revenue Bonds 18,905,000 - 18,905,000 - 18,905,000 Total Governmental Activity Debt 33,786,000 (4,191,000) 29,595,000 1,882,000 27,713,000 Direct Borrowings:
Financed Purchase:
2016 Bank of America Equipment Lease 3,619,427 (348,059) 3,271,368 355,407 2,915,961 Total Capital Leases 3,619,427 (348,059) 3,271,368 355,407 2,915,961 Other Debt
HUD 108 Loan - Guarantee Loan -
Senior Center 924,000 (132,000) 792,000 132,000 660,000 Total Other Debt 924,000 (132,000) 792,000 132,000 660,000 Total Government Activity Debt 38,329,427 (4,671,059) 33,658,368 2,369,407 31,288,961 Plus unamortized:
Discount (2012 POB) (8,849) 8,849 - - -
Premium (2013 RLRB) 94,463 (19,888) 74,575 19,888 54,687 Premium (2016 RLRB) 983,121 (163,853) 819,268 163,853 655,415 Premium (2018 LRB) 1,091,126 (43,645) 1,047,481 43,645 1,003,836 Total General Long-term Obligations $ 40,489,288 $ (4,889,596) $ 35,599,692 $ 2,596,793 $ 33,002,899 66 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 8 – LONG-TERM DEBT (Continued)
2012 Taxable Pension Obligation Bonds
In 2012, the City issued $18,305,000 principal amount of 2012 Taxable Pension Obligation Bonds (2012 POB). The purpose of the 2012 POB was to refinance the “side fund” obligations of the City to CalPERS with respect solely to the Public Safety Plan. Side funds with CalPERS are retired over a fixed term with a fixed amortization schedule based on CalPERS actuarial earnings assumption rate (7.65%). 2012 POB principal is due annually on December 1 and interest is due semi-annually on June 1 and December 1 through June 2024. Debt service is payable from available City resources.
The 2012 POB are general obligations of the City, payable solely from any legally available moneys or funds of the City. The bond covenants contain events of default that require the revenue of the City to be applied by the Trustee as specified in the terms of the agreement if any of the following conditions occur:
default on debt service payments; the failure of the City to observe or perform the conditions, covenants, or agreement terms of the debt; bankruptcy filing by the City; or if any court or competent jurisdiction shall assume custody or control of the City. There were no such events during the fiscal year ending June 30, 2024. The 2012 Taxable Pension Obligation Bonds were fully paid during fiscal year 2024. 2013 Refunding Lease Revenue Bonds
In April 2013, the City issued $8,883,000 principal amount of 2013 Refunding Lease Revenue Bonds (2013 RLRB). The purpose of the 2013 RLRBs was to refund and retire the City’s 2003 COPs and 2001 COPs. The 2013 RLRBs bear interest rates ranging from 2.00% to 5.00% and are payable semiannually on each June 1 and December 1. Principal payments are payable annually on December 1.
The 2013 RLRBs are general obligations of the City, payable solely from and secured by Revenues and certain funds and accounts held under the Indenture. The bond covenants contain events of default that may result in the termination of the lease, collection of rent due and other monetary charges but do not terminate the City’s right to possession of the leased property as applied by the Trustee and specified in the terms of the agreement if any of the following conditions occur: default on debt service payments; the failure of the City to observe or perform the conditions, covenants, or agreement terms of the debt; bankruptcy filing by the City; or if any court or competent jurisdiction shall assume custody or control of the City. There were no such events occurred during the fiscal year ending June 30, 2024.
At June 30, 2024, future debt service requirements for the City’s portion of the 2013 RLRB follows:
For The Year
Ending June 30 Principal Interest Total
2025 762,000 $ 113,017 $ 875,017 $
2026 789,000 86,351 875,351
2027 824,000 51,944 875,944
2028 850,000 23,644 873,644
$ 274,956 3,225,000 $ 3,499,956 $
67 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 8 – LONG-TERM DEBT (Continued)
2016 Refunding Lease Revenue Bonds
In fiscal year 2016-17, the San Leandro Public Financing Authority issued $14,125,000 principal amount of 2016 Refunding Lease Revenue Bonds (2016 RLRB). The purpose of the 2016 RLRBs was to refinance the City’s 2007 COPs. The 2016 RLRBs bear interest rates ranging from 2.0% to 5.0% and are payable semiannually on each May 1 and November 1. Principal payments are payable annually on November 1.
The 2016 RLRBs are general obligations of the City, payable solely from and secured by Revenues and certain funds and accounts held under the Indenture. The bond covenants contain events of default that may result in the termination of the lease or may retain the lease and hold the City liable for all payments on an annual basis and still have the right to re-enter the leased property without effecting a surrender of the lease. These may be applied by the Trustee as specified in the terms of the agreement if any of the following conditions occur: default on debt service payments; the failure of the City to observe or perform the conditions, covenants, or agreement terms of the debt; bankruptcy filing by the City; or if any court or competent jurisdiction shall assume custody or control of the City. There were no such events occurred during the fiscal year ending June 30, 2024.
At June 30, 2024, future debt service requirements for the 2016 RLRBs follows:
For The Year
Ending June 30 Principal Interest Total
2025 1,120,000 $ 303,100 $ 1,423,100 $
2026 1,180,000 260,350 1,440,350
2027 1,205,000 215,475 1,420,475
2028 1,265,000 160,050 1,425,050
2029 1,315,000 101,875 1,416,875
2030 1,380,000 34,500 1,414,500
$ 1,075,350 7,465,000 $ 8,540,350 $
68 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 8 – LONG-TERM DEBT (Continued)
2018 Lease Revenue Bonds
In fiscal year 2018-19, the San Leandro Public Financing Authority issued $18,905,000 principal amount of 2018 Lease Revenue Bonds (2018 LRB). The purpose of the 2018 LRBs was to finance the acquisition and construction of certain capital improvement projects of the City, anticipated to consist of improvements to the Police Headquarters and South Office Building, the Mulford-Marina Branch Library, Manor Park Competition Pool, Farrelly Pool, and Casa Peralta. The 2018 LRBs bear interest rates ranging from 3.5% to
5.0% and are payable semiannually on each May 1 and November 1. Principal payments are payable annually on November 1, beginning in 2030.
The 2018 LRBs are special obligations of the Authority payable solely from and secured by a pledge of Revenues and certain funds and accounts held under the Indenture on a parity with the 2016 RLRBs. The bond covenants contain events of default that may result in the termination of the lease or may retain the lease and hold the City liable for all payments on an annual basis and still have the right to re-enter the leased property without effecting a surrender of the lease. These may be applied by the Trustee as specified in the terms of the agreement if any of the following conditions occur: default on debt service payments; the failure of the City to observe or perform the conditions, covenants, or agreement terms of the debt; bankruptcy filing by the City; or if any court or competent jurisdiction shall assume custody or control of the City. There were no such events occurred during the fiscal year ending June 30, 2024.
At June 30, 2024, future debt service requirements for the 2018 LRBs are as follow:
For The Year
Ending June 30 Principal Interest Total
2025 - $ $ 871,575 $ 871,575
2026 - 871,575 871,575
2027 - 871,575 871,575
2028 - 871,575 871,575
2029 - 871,575 871,575
2030 - 2034 2,705,000 4,095,251 6,800,251
2035 - 2039 4,190,000 3,208,762 7,398,762
2040 - 2044 5,340,000 2,027,750 7,367,750
2045 - 2049 6,670,000 688,000 7,358,000
$ 18,905,000 $ 14,377,638 $ 33,282,638
69 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 8 – LONG-TERM DEBT (Continued)
2016 Bank of America Equipment Lease
On July 21, 2016, the City entered into a direct borrowing Lease/Purchase Agreement with Bank of America, LLC to Lease/Purchase Equipment in the amount of $5,409,045. The Equipment was for the installation of energy efficiency improvements on various City-owned facilities. The interest is 2.10% payable over 16 years.
At June 30, 2024, future debt service requirements for the 2016 equipment lease follows:
For The Year
Ending June 30 Principal Interest Total
2025 $ 355,407 $ 66,842 $ 422,249
2026 362,909 59,340 422,249
2027 370,571 51,679 422,250
2028 378,394 43,856 422,250
2029 386,382 35,868 422,250
2030 - 2033 1,417,705 60,163 1,477,868
$ 3,271,368 $ 317,748 $ 3,589,116
HUD 108 Guarantee Loan – Senior Center
In 2011, the City received a direct borrowing $2,500,000 20-year federal loan from HUD, at an interest rate of 3% to finance the acquisition and construction of a senior center facility within the City of San Leandro.
The loan is secured and payable from the Community Development Block Grant Fund.
The loan covenants contain events of default which include collection of any funds pledged under the contract, withholding the guarantee of any or all obligations not yet disbursed to the City or the Loanee may direct the City’s financial institution to refuse to release any loan funds held in loan accounts, repayment accounts and investment accounts to the City. These events may be applied by the Loanee as specified in the terms of the agreement if any of the following conditions occur: default on debt service payments; the failure of the City to observe or perform the conditions, covenants, or agreement terms of the debt; bankruptcy filing by the City; or if any court or competent jurisdiction shall assume custody or control of the City. There were no such events occurred during the fiscal year ending June 30, 2024.
At June 30, 2024 future debt service requirements for the HUD 108 Guarantee loan follows:
For The Year
Ending June 30 Principal Interest Total
2025 132,000 $ 30,882 $ $ 162,882
2026 132,000 25,496 157,496
2027 132,000 19,991 151,991
2028 132,000 14,388 146,388
2029 132,000 8,693 140,693
2030 132,000 2,911 134,911
$ 792,000 $ 102,361 $ 894,361
70 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 8 – LONG-TERM DEBT (Continued)
CEC Loan
On January 28, 2022, the City entered into a direct borrowing loan agreement with the California Energy Commission (CEC) in the total principal amount of $1,284,140, for the purpose of financing various energy savings projects. The loan will bear interest at 1.0%. As of June 30, 2024, the City has not drawn down or received any funds.
B. Long-Term Debt of Business-Type and Proprietary Funds Summary of changes in long-term debt of business-type and proprietary funds for the year ended June 30, 2024:
Due Due in
Balance Balance Within more than
Direct Borrowings June 30, 2023 Retirements June 30, 2024 one year one year State Water Resources Control Board $ 30,181,703 $ (1,981,140) $ 28,200,563 $ 2,032,650 $ 26,167,913 Marina Notes 88,860 (20,770) 68,090 21,705 46,385
Climatec Lease 6,733,617 (458,993) 6,274,624 468,123 5,806,501 Total 37,004,180 $ $ (2,460,903) $ 34,543,277 $ 2,522,478 $ 32,020,799 State Water Resources Control Board
On August 4, 2011, the City entered into a direct borrowing Finance Agreement with the State Water Resources Control Board in the total principal amount of $43,000,000, for the purpose of financing the Wastewater System Expansion and Improvement Project. The loan bears an interest rate of 2.6%.
Principal and interest payments are payable annually on July 1. The debt is secured by the WPCP Enterprise Fund operating revenues. The project was completed in fiscal year 2016-17.
Pursuant to the agreement, the City is expected to obtain net revenues of the Water system to be equal to at least 1.20 times the total annual debt service in such fiscal year. In fiscal year 2023-24, net revenues amounted to $5,341,234 which represented coverage of 159% under the $3,358,790 in debt service.
Future debt service is expected to average $3 million per year through fiscal year 2035-36 for a total of $41.5 million. The City is authorized under Prop 218 to increase up to 9.5% and in fiscal year 2023, the City requested a 7% increase. The City will evaluate its current financial situation and might propose another hike to meet the coverage expectation. Cash and investments are sufficient to meet any debt service requirement, until rates increased.
71 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 8 – LONG-TERM DEBT (Continued)
At June 30, 2024, future debt service requirements for the State Water Resources Control Board loan are as follows:
For The Year
Ending June 30 Principal Interest Total
2025 2,032,650 $ 733,215 $ 2,765,865 $
2026 2,085,499 680,366 2,765,865
2027 2,139,722 626,143 2,765,865
2028 2,195,354 570,510 2,765,864
2029 2,252,434 513,431 2,765,865
2030 - 2034 12,171,670 1,657,651 13,829,321
2035 - 2036 5,323,234 208,494 5,531,728
$ 28,200,563 $ 4,989,810 $ 33,190,373
Marina Cal Boating Notes Payable
The City entered into various direct borrowing construction loan agreements with the California Department of Boating and Waterways in the total principal amount of $5,331,032. The loans bear an average interest rate of 4.50%. Principal and interest payments are payable annually on each August 1.
The debt is secured by Shoreline Enterprise Fund operating revenues.
At June 30, 2024, future debt service requirements for the Marina Cal Boating Notes Payable are as follows:
For The Year
Ending Principal Interest Total
2025 21,705 $ 3,064 $ 24,769 $
2026 22,682 2,087 24,769
2027 23,703 1,067 24,770
$ 6,218 68,090 $ 74,308 $
72 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 8 – LONG-TERM DEBT (Continued)
2020 Bank of America Equipment Lease
On January 22, 2021, the City entered into a direct borrowing Lease/Purchase Agreement (Climatec Lease) with the Bank of America, LLC to Lease/Purchase Equipment in the amount of $7,624,924. The Equipment was for the installation of energy efficiency equipment. The loan bears an interest rate of
1.989% per annum. Principal and interest payments are payable annually on January 22. The debt is secured by Water Pollution Control Plant Enterprise Fund’s operating revenues.
At June 30, 2024, future debt service requirements for the Climatec Lease are as follows:
For The Year
Ending June 30 Principal Interest Total
2025 468,123 $ 124,802 $ 592,925 $
2026 477,434 115,491 592,925
2027 486,930 105,995 592,925
2028 496,615 96,310 592,925
2029 506,493 86,432 592,925
2030 - 2034 2,687,643 276,983 2,964,626
2035 - 2036 1,151,386 34,464 1,185,850
$ 6,274,624 $ 840,477 $ 7,115,101
C. Debt Covenants and Restrictions
For fiscal year 2023-24, the City complied with all general and specific covenants regarding debt proceeds usage and debt repayment. In accordance with bond official statements, the City also maintained adequate reserves for all debt issues.
NOTE 9 – COMPENSATED ABSENCES
The City’s compensated absences consist of accrued vacation pay, sick leave, and accrued compensatory time. The total amount of the accrued liability is recorded in the Government-wide Financial Statements and charges for compensated absences expense is charged to the various program activities in the Governmental funds, primarily the General Fund, Internal Service funds, and all Proprietary funds.
A summary of changes in compensated absences for the year ended June 30, 2024 is as follows:
Balance Balance Due within Due in more
July 1, 2023 Additions Retirements June 30, 2024 one year than one year Governmental Activities $ 3,875,973 $ 1,269,564 $ 644,769 $ 4,500,768 $ 1,260,218 $ 3,240,550 Business-type Activities 667,631 - 78,757 588,874 147,219 441,655 Total $ 4,543,604 $ 1,269,564 $ 723,526 $ 5,089,642 $ 1,407,437 $ 3,682,205 73 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 10 – UNEARNED REVENUE
Governmental-Wide Financial Statements
Unearned revenue in the Government-Wide Financial Statements represents amounts for which revenues have not been earned. At June 30, 2024, unearned revenue in the Government-Wide Financial Statements was $4,466,930 for Governmental Activities and $14,680 for Business-type Activities.
NOTE 11 – NET POSITION AND FUND BALANCES
A. Net Position
Net Position is the excess of all the City’s assets and deferred outflows of resources over all its liabilities, and deferred inflows of resources regardless of fund. Net Position is divided into three captions. These captions apply only to Net Position, which is determined only at the Government-wide level, and are described below:
Net investment in capital assets describes the portion of Net Position which is represented by the current net book value of the City’s capital assets, less the outstanding balance of any debt issued to finance these assets.
Restricted net position describes the portion of Net Position which is restricted as to use by the terms and conditions of agreements with outside parties, governmental regulations, laws, or other restrictions which the City cannot unilaterally alter. These principally include capital projects, debt service requirements, and special revenue programs restricted to special revenue purposes such as Measure B, Measure BB, Measure F, special Gas Tax, Grant funds, and other special revenue funds.
Unrestricted describes the portion of Net Position which is not restricted to use.
B. Fund Balances
Governmental fund balances represent the net current assets of each fund. Net current assets generally represent a fund’s cash and receivables, less its liabilities.
The City’s fund balances are classified in accordance with Governmental Accounting Standards Board Statement Number 54 (GASB 54), Fund Balance Reporting and Governmental Fund Type Definitions, which requires the City to classify its fund balances based on spending constraints imposed on the use of resources. For programs with multiple funding sources, the City prioritizes and expends funds in the following order: Restricted, Committed, Assigned, and Unassigned. Each category in the following hierarchy is ranked according to the degree of spending constraint:
Nonspendable represents balances set aside to indicate items do not represent available, spendable resources even though they are a component of assets. Fund balances required to be maintained intact, such as Permanent Funds, and assets not expected to be converted to cash, such as prepaid, notes receivable, and land held for redevelopment are included. However, if proceeds realized from the sale or collection of nonspendable assets are restricted, committed or assigned, then Nonspendable amounts are required to be presented as a component of the applicable category. 74 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 11 – NET POSITION AND FUND BALANCES (Continued)
Restricted fund balances have external restrictions imposed by creditors, grantors, contributors, laws, regulations, or enabling legislation which requires the resources to be used only for a specific purpose.
Encumbrances and nonspendable amounts subject to restrictions are included along with spendable resources.
Committed fund balances have constraints imposed by formal action of the City’s highest level decisionmaking authority. The City Council is the highest level of decision-making authority for the City that can, by adoption of a resolution prior to end if the fiscal year, commit fund balance. Once adopted, the limitation imposed by the resolution remains in place until a similar action is taken to remove or revise the limitation. Encumbrances and nonspendable amounts subject to council commitments are included along with spendable resources. As of June 30, 2024, the City does not have committed fund balance.
Assigned fund balances are amounts constrained by the City’s intent to be used for a specific purpose, but are neither restricted nor committed. Intent is expressed through City Council resolution and/or budget document or its designee (City Manager) and may be changed at the discretion of the City Council or its designee. This category includes encumbrances; Nonspendable, when it is the City’s intent to use proceeds or collections for a specific purpose, and residual fund balances, if any, of Special Revenue, Capital Projects and Debt Service Funds which have not been restricted or committed.
Unassigned fund balance represents residual amounts that have not been restricted, committed, or assigned. This includes the residual general fund balance and residual fund deficits, if any, of other governmental funds.
C. Encumbrances
The City uses an encumbrance system as an extension of normal budgetary accounting for governmental funds. Under this system, purchase orders, contracts, and other commitments for the expenditure of monies are recorded in order to reserve that portion of applicable appropriations. Encumbrances outstanding at year-end are recorded as restricted, committed or assigned fund balance, depending on the classification of the resources to be used to liquidate the encumbrance, since they do not constitute expenditures or liabilities. Outstanding encumbrances at year-end are automatically reappropriated for the following year. Unencumbered and unexpended appropriations lapse at year-end.
As of June 30, 2024, the General Fund had outstanding encumbrances of $11,349,724.
D. Contingency Arrangements
The City’s annual budget requires the City to implement and maintain fund balance to handle any unforeseen contingencies in the future, rather than continued reliance on the City’s operating General Fund reserves. These unforeseen contingencies include Economic Uncertainty, major Emergencies and Contingencies. As of June 30, 2024, the following are reported within the unassigned fund balance of the General Fund:
Compensated Absences $ 999,852
Major Emergencies 5,000,000
Economic Uncertainty 26,725,400
Internship program 50,000
Community impact 1,200,000
Other Remaining Unassigned 36,357,888
Total 70,333,140 $
75 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 11 – NET POSITION AND FUND BALANCES (Continued)
Detailed classifications of the City’s Fund Balances, as of June 30, 2024, are below:
Capital
Special Grants Improvement Non-Major
General Special Revenue Capital Project Governmental
Fund Fund Fund Funds Total
Nonspendables:
Advances to Other Funds $ 5,534,767 $ - $ - $ - $ 5,534,767 Loans receivable 793,316 - - - 793,316
Total Nonspendable Fund Balances 6,328,083 - - 6,328,083 - Restricted for:
Pension contributions 28,999,679 - - 28,999,679 -
Internship 50,000 - - - 50,000
Measure BB funded projects - - 8,963,502 - 8,963,502
Capital Improvement Projects - 43,682,145 - - 43,682,145 Non-Major Governmental Funds
Special Assessment District Debt Service - - - 121 121
San Leandro Public Financing Authority - - - 402,879 402,879 GHAD - - - 13,622 13,622
Affordable Housing - - - 1,930,392 1,930,392
Street/ Traffic Improvements - - 1,605,917 1,605,917 -
Park Development Fees - - 6,046,328 6,046,328 -
Underground Utility - - 4,311,384 4,311,384 -
Special Gas Tax - - 5,404,386 5,404,386 -
Cherrywood Maintenance - - - 596,027 596,027
Measure B - Paratransit - - - 5,834 5,834
Asset Seizure - - - 401,785 401,785
Heron Bay - - - 321,200 321,200
Proposition 1B - Local Streets & Roads - - - 14,623 14,623 Measure B - - 1,044,397 1,044,397 -
Measure F - - 1,493,081 1,493,081 -
HOME - - - 1,273,929 1,273,929
Housing In- Lieu - - - 311,484 311,484
Business Improvement District - - - 595,156 595,156
Public Education and Government - - - 862,966 862,966
Total Restricted Fund Balances 29,049,679 - 43,682,145 35,599,013 108,330,837 Assigned to:
Departmental projects 1,214,010 - - 1,214,010 -
Total Assigned Fund Balances 1,214,010 - - 1,214,010 -
Unassigned:
General fund - Compensated Absences 999,852 - - - 999,852 General fund - Major Emergencies 5,000,000 - - 5,000,000 - General fund - Economic Uncertainty 26,725,400 - - 26,725,400 - General fund - Other 37,607,888 - - 37,607,888 -
Deficit balance - (1,578,244) - (309,379) (1,887,623)
Total Unassigned Fund Balances 70,333,140 (1,578,244) - (309,379) 68,445,517 Total Fund Balances $ 106,924,912 $ (1,578,244) $ 43,682,145 $ 35,289,634 $ 184,318,447 76 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 12 – STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY
A. Fund Deficits
At June 30, 2024, the following funds had deficit fund balances or net position:
Special Grants Special Revenue $ 1,578,244
Private-Purpose Trust Fund 22,096,022
Parking Special Revenue Fund 121,892
C.D.B.G. Special Revenue Fund 187,487
Storm Water Utility Enterprise Fund 2,745,454
Self-Insurance Internal Service Fund 1,554,365
B. Expenditures in Excess of Appropriations
Excess of expenditures over appropriations approved by the City Council occurred in individual funds during the fiscal year 2023-24 as follows:
Fund/Department Expenditure Appropriation Excess
Special Revenue Funds:
Affordable Housing $ 216,668 $ 3,500 $ 213,168
Cherrywood Maintenance District 509 - 509
Measure B - Paratransit 402,988 - 402,988
HOME 19,783 16,266 3,517
Housing In-Lieu 374,500 65,000 309,500
Debt Service Fund:
San Leandro Public Financing Authority 3,179,311 $ $ 3,173,261 $ 6,050 NOTE 13 – INSURANCE
The City provides workers’ compensation benefits under self-insurance programs. Claims outstanding, including claims incurred but not reported, are estimated and recorded as liabilities in the Self Insurance Internal Service Fund. The City’s self-insured retention limit for workers’ compensation is $250,000 per claim. The City is a member of the Local Agency Workers’ Compensation Excess Joint Powers Authority (LAWCX). This coverage includes a limit of $45 million for excess workers compensation, $5 million for employer’s liability, and a statutory excess layer of $50 million.
The City is a member of California Joint Powers Risk Management Authority (CJPRMA), which provides annual general liability coverage in an aggregate up to $40 million. The City is self-insured for the first $750,000 for liability losses. The City has had no settlements that exceed the self-insured retention coverage in the last five fiscal years.
The City’s deposits in the CJPRMA equal the ratio of the City’s payroll to the total payrolls of all entities participating in the same layer of each program in each program year. Actual surpluses or losses are shared according to a formula developed from overall loss costs and spread to member entities on a percentage basis after a retrospective rating. Estimated claims liabilities, as shown below, are presented on a basis of actuarial value as determined by the City’s actuary, who determines the expected value of the overall claim based upon certain criteria of the claim. 77 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 13 – INSURANCE (Continued)
The following provides a reconciliation of claims and judgments:
Current Year Claims for
Liability Claims and Payments in Liability Liability
Balance Changes in Current and Prior Balance Due in
July 1 Estimates Fiscal Years June 30 One Year
2021-2022 $ 7,051,634 $ 2,241,399 $ (2,223,164) $ 7,069,869 $ 4,251,981 2022-2023 7,069,869 3,527,339 (2,487,830) 8,109,378 4,865,627 2023-2024 8,109,378 8,451,263 (4,992,198) 11,568,443 5,499,279 NOTE 14 – COMMITMENTS AND CONTINGENCIES
A. Federal and State Grants
The City participates in several Federal and State grant programs. These programs have been audited by the City’s independent accountants in accordance with the provisions of the Federal Single Audit Act as amended and applicable State requirements. No cost disallowances were proposed as a result of these audits. However, these programs are still subject to further examination by the grantors and the amount, if any, of expenditures that may be disallowed by the granting agencies cannot be determined at this time.
The City expects such amounts, if any, to be immaterial.
B. Self-Insurance Reserves
The City is a defendant in a number of lawsuits which have arisen in the normal course of business.
While substantial damages are alleged in some of these actions, their outcome cannot be predicted with certainty. In the opinion of the City Attorney, these actions when finally adjudicated will not have a material adverse effect on the financial position of the City. As discussed in Note 13 to the Financial Statements, the City maintains a Self-Insurance Fund which has reserves of $3,081,369 at the end of June 30, 2024. These reserves are available to satisfy any future liability.
C. Sales Tax Reimbursement Agreement
The City has entered into a sales tax reimbursement agreement in order to encourage construction and improvement of property sites within the City. In return, the City is expected to make annual reimbursement payments until the full amount of assistance has been remitted or over a twenty (20) year period, whichever comes sooner. The annual cost of each reimbursement payment commitment is equal to 50% of the net sales tax generated and received by the City above a base amount of $277,000 as stipulated in the approved agreements.
For financial reporting purposes, GASB Statement No. 77 defines a tax abatement as resulting from an agreement between a government and an individual or entity in which the government promises to forgo tax revenues and the individual or entity promises to subsequently take a specific action that contributes to economic development or otherwise benefits the government or its citizens. According to GASB Statement No. 77, the substance of this sales-tax reimbursement agreement meets the definition of “tax abatements.”
Pursuant to the Sales and Use Tax law (chapter 8 – Article 1 – section 7056), in order to protect the confidential information of the sales taxes collected and abatements provided to each of the specific agencies, the City has presented the aggregate amount abated during the current fiscal year. 78 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 15 – PENSIONS PLAN
For purposes of measuring the net pension liability and deferred outflows/inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the City’s California Public Employees’ Retirement System (CalPERS) plans (Plans) and additions to/deductions from the Plans’ fiduciary net position have been determined on the same basis as they are reported by CalPERS.
For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value.
A. Plan Descriptions and Summary of Balances by Plan
All qualified permanent employees are eligible to participate in the City’s defined benefit pension plans:
• Miscellaneous (all other) agent multiple-employer plan • Safety cost-sharing multiple-employer plan
These plans are administered by the California Public Employees’ Retirement System (CalPERS), which acts as a common investment and administrative agent for its participating member employers. Benefit provisions under the Plans are established by State statute and City resolution. CalPERS issues publicly available reports that include a full description of the pension plans regarding benefit provisions, assumptions and membership information that can be found on the CalPERS website.
Below is a summary of the deferred outflows of resources, net pension liabilities, and deferred inflows of resources by Plan for the year ended June 30, 2024:
Deferred Deferred
Outflows Net Pension Inflows
of Resources Liability of Resources
Miscellaneous $ 25,250,590 $ 114,745,394 $ 450,369
Safety 44,527,237 120,931,460 4,980,402
Total $ 69,777,827 $ 235,676,854 $ 5,430,771
Benefits Provided – CalPERS provides service retirement and disability benefits, annual cost of living adjustments and death benefits to plan members, who must be public employees and beneficiaries.
Benefits are based on years of credited service, equal to one year of full-time employment. Members with five years of total service are eligible to retire at age 50 with statutorily reduced benefits. All members are eligible for non-duty disability benefits after 10 years of service. The cost of living adjustments for each plan are applied as specified by the Public Employees’ Retirement Law. The Pension Reform Act of 2013 (PEPRA), Assembly Bill 340, is applicable to employees new to CalPERS and hired after December 31, 2012.
During the fiscal year 2019, the City adopted amendments with CalPERS that allows sharing of additional employer costs passed to the employees. The City implemented a cost sharing within the pension plans among San Leandro Police Officers' Association (SLPOA). This included SLPOA staff picking up the employers CalPERS share of 3%. These are the maximum under CalPERS law for the passing on of costs of the employer’s share. These were amendment changes to the contract between the Board of Administration California Public Employees’ Retirement System and the City as proposed changes in Section 20516 (Employees Sharing Additional Costs). Increase in employee contribution rates result in a respective decrease in employer contribution rates.
79 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 15 – PENSIONS PLAN (Continued)
The Plans’ provisions and benefits in effect at June 30, 2024, are summarized as follows:
Miscellaneous
Hire date
Prior to
May 6, 2010
On or after May 6,
2010 to
January 1, 2013
On or after
January 1, 2013
Benefit formula 2.5% @ 55 2% @ 55 2% @ 62
Benefit vesting schedule 5 years service 5 years service 5 years service Benefit payments monthly for life monthly for life monthly for life Retirement age 50 to 55 50 to 63 52 to 62
Monthly benefits, as a % of eligible compensation 2.00% - 2.50% 1.426% - 2.418% 1.00% - 2.50% Required employee contribution rates 8.00% 7.00% 7.50%
Required employer contribution rates, (blended) 11.37% 11.37% 11.37% Hire date
Prior to
January 1, 2013
On or after
January 1, 2013
Benefit formula 3% @ 50 2.7% @ 57
Benefit vesting schedule 5 years service 5 years service Benefit payments monthly for life monthly for life
Retirement age 50 50 to 57
Monthly benefits, as a % of eligible compensation 3.00% 2.00% - 2.70% Required employee contribution rates 9.00% 14.50%
Required employer contribution rates 29.09% 14.50%
Safety
Beginning in fiscal year 2016, CalPERS collects employer contributions for the Plan as a percentage of payroll for the normal cost portion as noted in the rates above and as a dollar amount for contributions toward the unfunded accrued liability (UAL). The dollar amounts are billed on a monthly basis. The City’s required contribution for the UAL in the Miscellaneous and Safety Plans for the fiscal year ended June 30, 2024, were $8,413,646 and $8,092,505 respectively.
Employees Covered – The following employees were covered by the benefit terms for the Miscellaneous Plan as of the most recent actuarial valuation date of June 30, 2022 and measurement date of June 30, 2023:
Miscellaneous
Active employees 254
Inactive employees entitled
but not yet receiving benefits 372
Inactive employees or beneficiaries
currently receiving benefits 680
Total 1,306
* All Tiers of the Miscellaneous plan were combined together on GASB 68 report by CalPERS
80 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 15 – PENSIONS PLAN (Continued)
Contributions – Section 20814(c) of the California Public Employees’ Retirement Law requires that the employer contribution rates for all public employers be determined on an annual basis by the actuary and shall be effective on July 1 following notice of a change in the rate. Funding contributions for both Plans are determined annually on an actuarial basis as of June 30 by CalPERS.
The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The City is required to contribute the difference between the actuarially determined rate and the contribution rate of employees.
For the year ended June 30, 2024, the contributions recognized as part of pension expense for the Plan were as follows:
Miscellaneous Safety Total
Contributions - employer $ 11,660,763 $ 10,523,532 $ 22,184,295 B. Information Common to the Miscellaneous and Safety Plans The City’s net pension liability for each Plan is measured as the total pension liability, less the pension plan’s fiduciary net position. The net pension liability of each of the Plan is measured as of June 30, 2023, using an annual actuarial valuation as of June 30, 2022 rolled forward to June 30, 2023 using standard update procedures. A summary of principal assumptions and methods used to determine the net pension liability is shown below.
Actuarial Assumptions – The total pension liabilities in the June 30, 2023 measurement date were determined using the following actuarial assumptions:
All Plans
Valuation Date June 30, 2022
Measurement Date June 30, 2023
Actuarial Cost Method Entry-Age Normal Cost Method
Actuarial Assumptions:
Discount Rate 6.90%
Inflation 2.30%
Payroll Growth 2.80%
Projected Salary Increase (1)
Investment Rate of Return 6.90% (2)
Mortality Derived using CalPERS Membership Data for all Funds (3) Post Retirement Benefit Increase
The lesser of COLA or 2.30% until Purchasing
Power Protection Allowance Floor on purchasing
power applies, 2.30% thereafter
(1) Depending on age, service and type of employment.
(2) Net of pension plan investment expenses, includes inflation. (3) The mortality table used was developed based on CalPERS' specific data. The probabilities of mortality are based on the 2021 CalPERS Experience Study for the period from 2001 to 2019. Pre-retirement and post-retirement mortality rates include generational mortality improvement using 80% of Scale MP-2020 published by the Society of Actuaries. For more details on this table, please refer to the 2021 Cal PERS and review of Actuarial Assumptions report from November 2021 that can be found on the CalPERS website.
81 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 15 – PENSIONS PLAN (Continued)
Discount Rate – The discount rate used to measure the total pension liability for each Plan was 6.90%.
The projection of cash flows used to determine the discount rate for each Plan assumed that contributions from all plan members in the Public Employees Retirement Fund (PERF) will be made at the current member contribution rates and that contributions from employers will be made at statutorily required rates, actuarially determined. Based on those assumptions, each Plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members for all plans in the PERF. Therefore, the long-term expected rate of return on plan investments was applied to all periods of projected benefit payments to determine the total pension liability for each plan.
The long-term expected rate of return on pension plan investments was determined using a building-block method in which expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class.
In determining the long-term expected rate of return, CalPERS took into account both short-term and long-term market return expectations. Using historical returns of all the funds’ asset classes, expected compound (geometric) returns were calculated over the next 20 years using a building-block approach.
The expected rate of return was then adjusted to account for assumed administrative expenses of 10 basis points.
The expected real rate of return by asset class are as follows:
Assumed Asset
Asset Class (1) Allocation Real Return (1),(2)
Global Equity-Cap Weighted 30.0% 4.54%
Global Equity-Non-Cap Weighted 12.0% 3.84%
Private Equity 13.0% 7.28%
Treasury 5.0% 0.27%
Mortgage-backed Securities 5.0% 0.50%
Investment Grade Corporates 10.0% 1.56%
High Yield 5.0% 2.27%
Emerging Market Debt 5.0% 2.48%
Private Debt 5.0% 3.57%
Real Assets 15.0% 3.21%
Leverage -5.0% -0.59%
Total 100.0%
(1) An expected inflation of 2.30% used for this period. (2) Figures are based on the 2021 Asset Liability Management study. 82 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 15 – PENSIONS PLAN (Continued)
C. Miscellaneous (All Other) Agents Multiple-Employer Plan The changes in the Net Pension Liability for the City’s Miscellaneous Plan are as follows:
Increase (Decrease)
Total Pension
Liability
Plan Fiduciary
Net Position
Net Pension
Liability/(Asset)
Balance at June 30, 2023 $ 229,302,261 339,768,188 $ 110,465,927 $ Changes in the year:
Service cost 4,445,333 - 4,445,333
Interest on the total pension liability 23,185,168 - 23,185,168 Changes of benefit terms 408,557 - 408,557
Changes of assumptions - - -
Differences between expected and actual
experience 4,016,101 - 4,016,101
Plan to plan resource movement - - -
Contributions - employer - 11,737,463 (11,737,463)
Contributions - employees - 1,984,145 (1,984,145)
Net investment income 14,222,702 (14,222,702) -
Benefit payments, including refunds of employee
contributions (20,797,167) (20,797,167) -
Administrative expense (168,618) 168,618 -
Other Miscellaneous Income/(Expense) - - -
Net changes 11,257,992 6,978,525 4,279,467
Balance at June 30, 2024 $ 351,026,180 $ 236,280,786 $ 114,745,394 D. Safety Cost-Sharing Multiple-Employer Plan
As of June 30, 2024, the Safety cost-sharing plan reported net pension liabilities for its proportionate shares of the net pension liability at $120,931,460.
The Safety Plan net pension liability is measured as the proportionate share of the net pension liability in the State-wide pool. The City’s proportion of the net pension liability was based on a projection of the City’s long-term share of contributions to the pension plan relative to the projected contributions of all participating employers, actuarially determined. The City’s proportionate share of the net pension liability for the Safety Plan as of June 30, 2022 and 2023 was as follows:
Safety
Proportion - June 30, 2022 0.985780%
Proportion - June 30, 2023 1.617827%
Change - Increase (Decrease) 0.632047%
83 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 15 – PENSIONS PLAN (Continued)
E. Other Information
Sensitivity of the Net Pension Liability to Changes in the Discount Rate – The following presents the net pension liability of the City for the Plan, calculated using the discount rate for the Plan, as well as what the City’s net pension liability would be if it were calculated using a discount rate that is 1- percentage point lower or 1-percentage point higher than the current rate:
Miscellaneous Safety
1% Decrease 5.90% 5.90%
Net Pension Liability $ 169,844,964 158,132,091 $
Current Discount Rate 6.90% 6.90%
Net Pension Liability $ 120,931,460 114,745,394 $
1% Increase 7.90% 7.90%
Net Pension Liability $ 80,941,190 78,789,461 $
Pension Plan Fiduciary Net Position – Detailed information about each pension plan’s fiduciary net position is available in the separately issued CalPERS financial reports.
Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions – For the year ended June 30, 2024, the City recognized total pension expense of $22,996,743 for both the Miscellaneous and Safety Plans. At June 30, 2024, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:
Agent-Multiple - Deferred Outflows Deferred Inflows
Miscellaneous of Resources of Resources
Pension contributions subsequent to measurement date $ 11,660,763 $ - Differences between actual and expected experience 2,190,601 (450,369) Changes in assumptions 803,022 -
Net differences between projected and actual earnings
on plan investments 10,596,204 -
Total $ 25,250,590 $ (450,369)
Cost-Sharing - Deferred Outflows Deferred Inflows
Safety of Resources of Resources
Pension contributions subsequent to measurement date $ 10,523,532 $ - Differences between actual and expected experience 8,878,598 (760,102) Changes in assumptions 7,057,722 -
Change in employer's proportion and differences between the employer’s contributions and the employer’s
proportionate share of contributions 1,517,948 (4,220,300) Net differences between projected and actual earnings
on plan investments 16,549,437 -
Total $ 44,527,237 $ (4,980,402)
84 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 15 – PENSIONS PLAN (Continued)
The $11,660,763 and $10,523,532 for Miscellaneous and Safety, respectively, will be reported as deferred outflows of resources related to contributions subsequent to the measurement date and will be recognized as a reduction of the net pension liability in the year ended June 30, 2025. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized as pension expense as follows:
Miscellaneous Safety
Plan Plan Total
Year Ended Annual Annual Annual
June 30 Amortization Amortization Amortization
2025 3,970,441 $ 8,839,224 $ 12,809,665 $
2026 1,293,045 6,406,861 7,699,906
2027 7,607,861 13,315,293 20,923,154
2028 268,111 461,925 730,036
$ 29,023,303 13,139,458 $ 42,162,761 $
F. Section 115 Pension Trust Fund
In June 2021, the City established a Section 115 irrevocable trust with the Public Agency Retirement Services (PARS). During fiscal year ended June 30, 2024, the City contributed $14,210,000 into the trust.
NOTE 16 – OTHER POST EMPLOYMENT BENEFITS
OPEB Liabilities, OPEB Expenses and Deferred Outflows/Inflows of Resources Related to OPEB - For purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the City’s OPEB Plan and additions to/deductions from the OPEB Plan’s fiduciary net position have been determined on the same basis as they are reported by PARS. For this purpose, benefit payments are recognized when currently due and payable in accordance with the benefit terms. Investments are reported at fair value.
A. Plan Description
The City administers a multiple-employer defined-benefit post-employment healthcare plan. Dependents are eligible to enroll, and benefits continue to surviving spouses. The plan was established by City Council in fiscal year 2009-10 and provides reimbursements to retirees for qualified expenses. Retirees who have between five and fifteen years of service and meet certain criterion based upon retirement date, household income in the most recent calendar year, and age are entitled to reimbursements for qualified expenses.
Benefits Provided - Eligibility for retiree health benefits requires retirement from the City. Retirees may receive up to $360 monthly medical and $115.74 monthly dental reimbursement prior to age 65. Some retirees may receive $200 monthly medical reimbursement from age 65 to age 70. With the exception of certain retirees who are eligible for the $200 payment as discussed, after age 65, the retirees receive the PEMHCA minimum amount only.
85 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 16 – OTHER POST EMPLOYMENT BENEFITS (Continued)
Amendments to benefit provisions are negotiated by various bargaining units at the City and must be approved by Council. In fiscal year 2008-09, the City established an irrevocable exclusive agent multiemployer benefit trust which is administered by Public Agency Retirement Services (PARS). The trust will be used to accumulate and invest assets necessary to reimburse retirees. No separate financial reports are issued by PARS for the OPEB plan.
Employees Covered by Benefit Terms – Membership in the plan consisted of the following at the measurement date of June 30, 2024:
Active employees 325
Inactives currently receiving benefit payments 297
Inactive entitled to but not yet
receiving benefit payments 221
Total 843
B. Net OPEB Liability
Actuarial Methods and Assumptions – The City’s net OPEB liability was measured as of June 30, 2024 and the total OPEB liability used to calculate the net OPEB liability was determined on actuarial valuation date that was rolled forward using standard update procedures to determine the total OPEB liability as of the measurement date, based on the following actuarial methods and assumptions:
Actuarial Assumptions June 30, 2024 Measurement Date
Valuation Date • June 30, 2023
Actuarial Cost Method • Entry Age Normal Level Percentage of Payroll Funding Policy • City contributes full Actuarial Determined Contribution Discount Rate • 4.50%
General Inflation • 2.30% annually
Mortality, Retirement,
Disability, Termination • CalPERS 2020 Experience Study Salary Increases • 2.80%
• Additional merit-based on CalPERS merit 2021 Experience Study Healthcare Cost Trend • Non-Medicare -7.40% for 2024, decreasing to an ultimate rate of 4.14% in 2076 • Medicare -4.2% for 2024, decreasing to an ultimate rate of 4.14% in 2076 Mortality Improvement • Mortality projected fully generational with Scale MP-2020.
PEMHCA Minimum Increases • 4.00% Annually.
86 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 16 – OTHER POST EMPLOYMENT BENEFITS (Continued)
Change of Assumptions – Effective with the June 30, 2023 valuation date (2024 measurement date) the salary rate was increased from 2.75% to 2.80%.
The long-term expected rate of return on OPEB plan investments (comprised of capital appreciation and reinvestment of dividends, interest, and other distributions) is determined through a combination of historical rates of returns, valuation projections, and economic expectations. The expected return is then calculated by weighting the returns for each asset class according to the exposure as determined by HighMark’s current strategic allocation. Expected returns are developed and annually reviewed. The target allocation and best estimates of real rates of return for each major asset class are summarized in the following table:
Long-Term
Target Expected Real
Asset Class Allocation Rate of Return
Domestic Equity 23.00% 7.50%
International Developed 4.00% 7.10%
Emerging Markets 2.00% 7.40%
REITs 1.00% 7.00%
Short-Term Bonds 14.00% 3.70%
Core Fixed Income 49.25% 4.70%
High-Yield 1.75% 6.80%
Cash 5.00% 2.70%
Total 100.0%
Discount Rate – The discount rate used to measure the total OPEB liability is 4.50% for fiscal year 2024.
This is the expected long-term rate of return on City assets using a Moderately Conservative Highmark PLUS fund within the Public Agency Retirement Services (PARS). The projection of cash flows used to determine the discount rate assumed that the City contribution will be made at rates equal to the actuarially determined contribution rates. Based on those assumptions, the OPEB plan's fiduciary net position is projected to cover all future OPEB payments. Therefore, the discount rate was set equal to the long-term expected rate of return.
87 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 16 – OTHER POST EMPLOYMENT BENEFITS (Continued)
C. Changes in Net OPEB Liability
The changes in the net OPEB liability follows:
Total OPEB Plan Fiduciary Net OPEB
Liability Net Position Liability/(Asset)
(a) (b) (a) - (b)
Balance at June 30, 2023 Measurement Date 24,461,835 $ 19,987,094 $ 4,474,741 $ Changes Recognized for the Measurement Period:
Service Cost - 986,291 986,291
Interest on the total OPEB liability 1,118,831 - 1,118,831 Changes in benefit terms - - -
Differences between expected and actual experience (959,814) - (959,814) Changes of assumptions (1,699,094) - (1,699,094)
Employer contributions - City - 794,455 (794,455)
Employer contributions - Implicit subsidy - 376,000 (376,000) Net investment income 1,750,521 - (1,750,521)
Benefit payments (794,455) (794,455) -
Implicit rate subsidy fulfilled (376,000) (376,000) -
Administrative expenses - (74,785) 74,785
Net changes (1,724,241) 1,675,736 (3,399,977)
Balance at June 30, 2024 Measurement Date $ 22,737,594 $ 21,662,830 $ 1,074,764 Plan fiduciary net position as percentage of the total OPEB liability 95.27% D. Sensitivity of the Net OPEB Liability to Changes in the Discount Rate and Healthcare Cost Trend Rates
The following presents the net OPEB liability of the City, as well as what the City's net OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower or 1-percentage-point higher than the current discount rate:
Net OPEB Liability/(Asset)
Discount Rate -1% Current Discount Rate Discount Rate +1% (3.50%) (4.50%) (5.50%)
$ 1,074,764 3,584,182 $ (1,058,365) $
The following presents the net OPEB liability of the City, as well as what the City's net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower or 1- percentage-point higher than the current healthcare cost trend rates 7.40% in 2024, trending down to 4.14% in 2076):
Net OPEB Liability/(Asset)
1% Decrease Current Healthcare Cost 1% Increase
Trend Rates
$ 1,074,764 (48,271) $ 2,397,462 $
88 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 16 – OTHER POST EMPLOYMENT BENEFITS (Continued)
E. OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB For the year ended June 30, 2024, the City recognized OPEB expense of $1,391,384. At June 30, 2024, the City reported deferred outflows and inflows of resources related to OPEB from the following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Changes of assumptions 716,071 $ (1,441,655) $
Differences between expected and actual experience 20,822 (2,422,700) Net differences between projected and actual earnings on plan investments 474,500 -
Total $ 1,211,393 $ (3,864,355)
The deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized as part of OPEB expense as follows:
Year Annual
Ended June 30 Amortization
2025 $ (399,567)
2026 (113,425)
2027 (864,177)
2028 (631,215)
2029 (402,866)
Thereafter (241,712)
Total $ (2,652,962)
NOTE 17 – JOINTLY GOVERNED ORGANIZATIONS
The City of San Leandro participates in the East Bay Dischargers Authority established on February 15, 1974. The Agency Members of the Joint Powers are the City of Hayward, City of San Leandro, Oro Loma Sanitary District, Castro Valley Sanitary District, and Union Sanity District. The authority has the powers to plan for, acquire, construct, manage, maintain, operate, and control facilities for the collection, transmission, treatment, reclamation, sale and disposal of waste water. No debt, liability, or obligation of the Authority shall constitute a debt, liability or obligation of any Agency.
The Authority is governed by the East Bay Dischargers Commission (Commission). The Commission consists of five members, one from each Agency. The ownership of the Joint Facilities is as follows:
13.74% City of San Leandro; 29.44% Oro Loma/Castro Valley; 14.72% City of Hayward; and 42.10% Union Sanitary District. The City’s share of the expenses are recorded as expenses of the Water Pollution Control Fund.
89 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 18 – SUCCESSOR AGENCY ACTIVITIES
A. Cash and Investments
Cash and investments at June 30, 2024, consisted of the following:
Statement of net position:
Cash and Investments 4,493,344 $
Cash and Investments held by fiscal agents 868
Total cash and investments 4,494,212 $
The Successor Agency pools its cash and investment with the City in order to achieve a higher return on investment. Certain restricted funds, which are held and invested by independent custodians through contractual agreements, are not pooled. These restricted funds include cash with fiscal agents.
B. Capital Assets
The Successor Agency assumed the capital assets of the former Redevelopment Agency as of February 1, 2012. All capital assets are valued at historical cost or estimated historical cost if actual historical cost is not available. Contributed capital assets are valued at their estimated fair market value on the date contributed. The Successor Agency’s policy is to capitalize all assets with costs exceeding certain minimum thresholds and with useful lives exceeding two years.
All capital assets with limited useful lives are depreciated over their estimated useful lives. The purpose of depreciation is to spread the cost of capital assets equitably among all users over the life of these assets.
The amount charged to depreciation expense each year represents that year’s pro rata share of the cost of capital assets.
C. Long-Term Debt Obligations
At June 30, 2024, future debt service requirements for the Successor Agency were as follows:
Balance Balance Current Long-Term
June 30, 2023 Retirements June 30, 2024 Portion Portion 2013 Refunding Lease Revenue Bonds
Successor Agency Portion $ 1,049,000 $ (249,000) $ 800,000 $ 258,000 $ 542,000 2014 Tax Allocation Refunding Bonds
Successor Agency Portion 8,950,000 (740,000) 8,210,000 765,000 7,445,000 2018 Tax Allocation Refunding Bonds, Series A
Successor Agency Portion 16,415,000 (710,000) 15,705,000 740,000 14,965,000 Direct Borrowings:
Owner Participation Agreements 414,170 - 414,170 414,170 - Total 26,828,170 (1,699,000) 25,129,170 1,763,000 23,366,170 Plus (Less) unamortized:
Premium (2013 LRB) 32,114 (8,562) 23,552 8,562 14,990
Premium (2014 TARB) 939,133 (81,664) 857,469 81,664 775,805 Premium (2018 TARB) 1,378,679 (86,168) 1,292,511 86,168 1,206,343 Total Long-Term Debt $ 29,178,096 $ (1,875,394) $ 27,302,702 $ 1,939,394 $ 25,363,308 90 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 18 – SUCCESSOR AGENCY ACTIVITIES (Continued)
2013 Refunding Lease Revenue Bonds
In 2013, the City issued $11,995,000 principal amount of 2013 Refunding Lease Revenue Bonds (2013 RLRB). The purpose of the 2013 RLRBs was to refund the 2003 COPs and 2001 COPs. The 2013 RLRBs bear interest rates ranging from 2.0% to 5.00% and are payable semiannually on each June 1 and December
1. Principal payments are payable annually on December 1.
At June 30, 2024, future debt service requirements for the Successor Agency’s portion of the 2013 Refunding Lease Revenue Bonds were as follows:
For The Year
Ending June 30 Principal Interest Total
2025 258,000 $ 27,464 $ 285,464 $
2026 266,000 18,455 284,455
2027 276,000 6,900 282,900
$ 52,819 800,000 $ 852,819 $
2014 Tax Allocation Refunding Bonds
On September 30, 2014, the Successor Agency issued $11,235,000 of Tax Allocation Bonds (2014 TABs) to prepay the 2002 and 2004 Tax Allocation Bonds and to pay issuance costs. The 2014 TABs are payable and secured by a pledge of tax revenues from tax increment generated in the Plaza Project Area and the West San Leandro/MacArthur Boulevard Project Area. The 2014 TABs bear interest rates ranging from
3.5% to 5.00% and are payable semiannually on March 1 and September 1. Principal payments are payable on September 1st.
Proceeds were deposited in an irrevocable trust with an escrow agent to provide funds to fully redeem, on October 30, 2014, the principal and accrued interest of the 2002 and 2004 Tax Allocation Bonds. As a result, the 2002 and 2004 Tax Allocation Bonds are considered redeemed (current refunding) and the liability for those bonds has been removed from the statement of fiduciary net position.
At June 30, 2024, future debt service requirements for the 2014 Tax Allocation Refunding Bonds are as follows:
For The Year
Ending June 30 Principal Interest Total
2025 765,000 $ 367,450 $ 1,132,450 $
2026 785,000 328,700 1,113,700
2027 805,000 288,950 1,093,950
2028 825,000 248,200 1,073,200
2029 845,000 206,450 1,051,450
2030 - 2034 3,805,000 420,538 4,225,538
2035 380,000 6,650 386,650
$ 1,866,938 8,210,000 $ 10,076,938 $
91 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 18 – SUCCESSOR AGENCY ACTIVITIES (Continued)
2018 Tax Allocation Refunding Bonds Series A
On May 8, 2018, the Successor Agency issued Tax Allocation Refunding Bonds (2018A TABs) in the amount of $16,845,000. The proceeds of the bonds were used to refund the 2008 Tax Allocation Bonds, Series 2008. Principal payments of the 2018A TABs are due annually on September from 2023 to 2039 in amounts ranging from $430,000 to $1,370,000 and bear interest at rates ranging from 3.375% to 5.000%.
Interest is payable semiannually on March 1 and September 1. The Bonds are payable solely from tax increment revenue generated in the Alameda County – City of San Leandro Redevelopment Project Area.
Total principal and interest remaining to be paid on the Bonds was $20,944,533 as of June 30, 2024.
The bonds were issued at a premium of $1,809,519 which is being amortized over the 21-year life of the bonds resulting in an annual amortization of $86,168.
On the date of issuance of the 2018A TABs, the Successor Agency deposited into the reserve account for the 2018A TABs a municipal bond debt service insurance policy in the amount of $1,431,438, which is equal to the “Reserve Requirement” for the 2018A TABs.
Proceeds from the 2018A TABs were deposited in an irrevocable trust with an escrow agent to provide funds to fully redeem, on June 5, 2018, the outstanding principal and accrued interest of the 2008 Tax Allocation Bonds.
At June 30, 2024, future debt service requirements for the 2018 Tax Allocation Refunding Bonds Series A are as follows:
For The Year
Ending June 30 Principal Interest Total
2025 740,000 $ 654,788 $ 1,394,788 $
2026 775,000 616,912 1,391,912
2027 815,000 577,162 1,392,162
2028 855,000 535,413 1,390,413
2029 900,000 491,538 1,391,538
2030 - 2034 5,225,000 1,765,338 6,990,338
2035 - 2039 6,395,000 598,382 6,993,382
$ 15,705,000 $ 5,239,533 $ 20,944,533
92 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 18 – SUCCESSOR AGENCY ACTIVITIES (Continued)
Direct Borrowings
The Agency entered into the following agreement which represent contingency liabilities for the Agency:
Ford Motor Company Owner Participation Agreement
The agreement required the Agency to make annual payments equivalent to 50% of the sales tax generated above a base of $277,000 by the sale of vehicles as part of the Ford Store San Leandro development. The amount due is paid over several years depending on the volume of auto sales at no interest. There were no payments for fiscal year ended June 30, 2024.
NOTE 19 – SHORELINE DEVELOPMENT PROJECT
In October 2008, the City put out a request for proposal for a master developer and entered into an Exclusive Negotiating Rights Agreement with Cal-Coast (Developer) to negotiate agreements to redevelop the City’s Shoreline area. From 2008 to 2015, Cal-Coast worked with City staff and various resident advisory committees to develop a Conceptual Master Plan for the Shoreline area that would meet the following stated objectives:
• Provide complementary amenities to the residents of, and visitors to, the City of San Leandro; • Connect the amenities with current Shoreline users;
• Recognize the development value of a desirable regional location and how private development can fund public amenities and services;
• Address logical phasing of development;
• Require little or no City investment; and
• Result in a self-supporting Shoreline project area.
Subsequent to that, Cal-Coast modified the Shoreline Development Concept Plan based on feedback from local commissions and evolving market conditions.
On February 24, 2020, the City Council approved a General Plan Text Amendment, General Plan Map Amendment, and Zoning Map Amendments, including a Planned Development Overlay, to reflect the updated Shoreline Development Concept Plan, which includes the following:
• 210-room hotel with attached restaurant;
• 15,000 square foot two-story restaurant/banquet facility; • Up to 500 housing units;
• 3,000 square foot market/café;
• Demolition within the Harbor Basin area and construction of a 9-acre community park on Mulford Point;
• New Mulford-Marina Branch library;
• Redesigned nine-hole golf course;
• Reconstruction of Monarch Bay Drive, including a Class I bike facility; • Related site improvements, including publicly accessible trails, landscaped areas, access drives, and parking lots throughout the project area.
93 CITY OF SAN LEANDRO
NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2024
NOTE 19 – SHORELINE DEVELOPMENT PROJECT (Continued)
In February 2020, the City Council further committed to the Shoreline Development by approving and entering into a DDA with Cal Coast Companies LLC, Inc., which includes authorization to enter into leases and a Purchase and Sale Agreement for the single family/townhome property, and outlines key business terms, including the scope of a development, schedule of performance and the respective responsibilities of the City and the Developer.
On December 30, 2022, a new milestone was reached in the progress of the Monarch Bay Shoreline Development Project. Master Developer Cal-Coast and the City completed the sale and leasing of public properties that comprise the land for the Shoreline project. The City sold property to the Developer for construction of the Single Family Element under a seller-financed loan.
As of June 30, 2024, the following progress has been made on the Shoreline Project:
• After receiving approximately $9M in grant funding for construction of the library, the City continued preparation of final design and construction documents. • Following the closure of the marina in January 2023, City staff from multiple departments worked to ensure the area is stable, secure and clean. Work has included removal of debris and abandoned boats, closure to vehicle traffic, and plans to remove vacant buildings. • The City continued to prepare for construction of the City Park, completing review by the Bay Conservation and Development Commission’s (BCDC) Design Review Board in August 2023 and entering into contracts to prepare construction documents for final BCDC approval and permitting.
• At the end of 2023, the Developer went into default on the seller-financed loan for sale of the Single-Family Property due to nonpayment of interest, and in 2024, the City started the foreclosure process on the loan.
• In June 2024, the Developer's legal entity that entered into the loan and purchased the property with the City filed for Chapter 11 bankruptcy. The bankruptcy process is expected to last at least 9 months.
• During the bankruptcy process, the City continues to diligently process the Developer's applications for permitting approvals as legally and contractually required. The Developer is currently preparing vesting tentative map, grading permit, and golf course plans for the development of the Single-Family Element, and under the loan agreement, the Developer must begin Site Preparation by the end of 2024.
As of June 30, 2024, the City has recorded a loan receivable from Cal-Coast of $26,416,951 in the Shoreline Enterprise Fund, which includes the principal amount of the loan of $24,882,958, and accrued interest of $1,533,993.
94 REQUIRED SUPPLEMENTARY INFORMATION
CITY OF SAN LEANDRO
Notes to Required Supplementary Information
For the year ended June 30, 2024
City of San Leandro
Agent Multiple Employer Defined Benefit Retirement Plan - Miscellaneous Plan As of June 30,
SCHEDULE OF CHANGES IN THE NET PENSION LIABILITY AND RELATED RATIOS Last 10 Years
Measurement Date 2014 2015 2016 2017 2018
Total Pension Liability
Service Cost $ 3,921,445 $ 3,570,669 $ 3,522,248 $ 4,044,169 $ 4,095,987 Differences between expected and actual
experience - (8,034,544) 593,697 (1,248,019) (596,425)
Changes in assumptions - (4,335,946) - 15,476,760 (1,768,314) Interest 18,867,111 18,796,998 19,495,753 19,808,061 20,204,782 Change of benefit terms - - - - -
Benefit payments, including refunds of
employee contributions (13,777,288) (14,563,306) (15,016,152) (15,620,511) (16,309,242) Net change in total pension liability (4,496,016) 8,941,155 8,595,546 22,460,460 5,626,788 Total pension liability - beginning 264,495,717 255,554,562 259,999,701 268,595,247 291,055,707 Total pension liability - ending (a) $ 259,999,701 264,495,717 $ 268,595,247 $ 291,055,707 $ 296,682,495 $ Plan fiduciary net position
Contributions - employer 4,594,523 $ 5,043,060 $ 5,638,865 $ 6,399,288 $ 6,873,684 $ Contributions - employee 2,010,061 1,672,356 1,618,186 1,695,139 1,762,858 Net investment income 29,807,971 4,385,312 994,580 20,564,284 16,783,894 Benefit payments, including refunds of
employee contributions (13,777,288) (14,563,306) (15,016,152) (15,620,511) (16,309,242) Plan to Plan Resource Movement (572) - - - (1,934)
Administrative Expense - (217,263) (117,644) (274,840) (309,964) Other Miscellaneous Income/(Expense) - - - - (588,627)
Net change in plan fiduciary net position (3,680,413) 22,635,267 (6,882,165) 12,763,360 8,210,669 Plan fiduciary net position - beginning 196,714,141 174,078,874 193,033,728 186,151,563 198,914,923 Plan fiduciary net position - ending (b) $ 193,033,728 196,714,141 $ 186,151,563 $ 198,914,923 $ 207,125,592 $ Net pension liability - ending (a)-(b) 67,781,576 $ 66,965,973 $ 82,443,684 $ 92,140,784 $ $ 89,556,903 Plan fiduciary net position as a percentage of
the total pension liability 25.63% 25.76% 30.69% 31.66% 30.19% Covered payroll $ 20,167,441 $ 19,979,507 $ 21,037,041 $ 21,903,698 $ 22,864,060 Plan fiduciary net position as a percentage of covered
payroll 336.09% 335.17% 391.90% 420.66% 391.69%
Notes to Schedule:
Benefit changes - The figures above do not include any liability impact that may have resulted from plan changes which occurred after the June 30. This applies for voluntary benefit changes as well as any offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes).
Changes in assumptions - Changes in assumptions - In 2017, the accounting discount rate reduced from 7.65 percent to 7.15 percent. In 2016, 2018, 2019, 2020, 2021 and 2023, there were no changes. In 2022, the accounting discount rate reduced from 7.15 percent to 6.90 percent. In 2023, there is no change. In 2015, amounts reported reflect an adjustment of the discount rate from 7.5 percent (net of administrative expense) to 7.65 percent (without a reduction for pension plan administrative expense.) In 2014, amounts reported were based on the 7.5 percent discount rate.
96 CITY OF SAN LEANDRO
Notes to Required Supplementary Information
For the year ended June 30, 2024
2019 2020 2021 2022 2023
$ 4,005,467 $ 3,874,755 $ 3,844,792 $ 4,317,556 $ 4,445,333 4,908,580 2,724,076 1,977,496 (4,954,065) 4,016,101
- - - 8,833,240 -
21,089,806 21,804,805 22,444,027 22,422,063 23,185,168
- - - - 408,557
(17,262,935) (18,245,091) (19,158,743) (19,540,136) (20,797,167) 12,740,918 10,158,545 9,107,572 11,078,658 11,257,992
296,682,495 309,423,413 319,581,958 328,689,530 339,768,188 $ 309,423,413 $ 319,581,958 $ 328,689,530 $ 339,768,188 $ 351,026,180 $ 7,676,172 $ 8,774,417 $ 9,720,658 $ 10,537,066 $ 11,737,463 1,826,595 1,750,192 1,724,547 1,788,035 1,984,145
13,606,328 10,595,404 48,506,294 (19,300,149) 14,222,702 (17,262,935) (18,245,091) (19,158,743) (19,540,136) (20,797,167) - - - - -
(147,809) (300,030) (215,171) (159,458) (168,618)
483 - - - -
5,698,834 2,574,892 40,577,585 (26,674,642) 6,978,525
207,125,592 212,824,426 215,399,318 255,976,903 229,302,261 $ 212,824,426 $ 215,399,318 $ 255,976,903 $ 229,302,261 $ 236,280,786 $ 96,598,987 $ 104,182,640 $ 72,712,627 $ 110,465,927 $ 114,745,394
31.22% 32.60% 22.12% 32.51% 32.69%
$ 22,638,587 $ 23,100,009 $ 22,919,363 $ 23,764,539 $ 26,344,583 426.70% 451.01% 317.25% 464.84% 435.56%
97 CITY OF SAN LEANDRO
Notes to Required Supplementary Information
For the year ended June 30, 2024
City of San Leandro
Agent Multiple Employer Defined Benefit Retirement Plan - Miscellaneous Plan As of fiscal year ending June 30,
SCHEDULE OF CONTRIBUTIONS
Last 10 Years
Fiscal Year 2015 2016 2017 2018 2019
Actuarially determined contribution $ 5,043,060 $ 5,638,865 $ 6,387,063 $ 6,873,205 $ 7,688,583 Contributions in relation to the actuarially
determined contributions (5,043,060) (5,638,865) (6,387,063) (6,873,205) (7,688,583) Contribution deficiency (excess) $ - $ - $ - $ - $ -
Covered payroll $ 19,979,507 $ 21,037,041 $ 21,903,698 $ 22,864,060 $ 22,638,587 Contributions as a percentage of covered payroll 25.24% 26.80% 29.16% 30.06% 33.96% Notes to Schedule
Valuation date: 6/30/2013 6/30/2014 6/30/2015 6/30/2016 6/30/2017 Methods and assumptions used to determine contribution rates:
Entry age normal
Level percentage of payroll
Fair Value of Assets
2.75% for 2015 to 2019, 2.625% for 2020, and 2.50% for 2021 and 2022 2.30% for 2023 and 2024.
Varies by entry age and service
2.75%
Mortality
Salary increases
Payroll growth
Investment rate of return
Inflation
Actuarial cost method
Amortization method
Retirement age
Asset valuation method
The probabilities of retirement are based on the CalPERS Experience Study.
7.50% for 2015 to 2018, 7.375% for 2019, 7.25% for 2020, and 7.00% for 2021, 2022, 2023 and 2024, net of pension plan investment expense and administrative expenses, includes inflation The probabilities of mortality are based on the CalPERS Experience Study. Pre-retirement and Postretirement mortality rates include 20 years of projected mortality improvement using Scale AA published by the Society of Actuaries for 2015 to 2018. For 2019, 2020, 2021, 2022, 2023 and 2024, pre-retirement and post-retirement mortality rates include 15 years of projected mortality improvement using 90% of Scale MP-2016 published by the Society of Actuaries.
98 CITY OF SAN LEANDRO
Notes to Required Supplementary Information
For the year ended June 30, 2024
2020 2021 2022 2023 2024
$ 8,747,418 $ 9,717,634 $ 10,532,119 $ 11,737,463 $11,660,763 (8,747,418) (9,717,634) (10,532,119) (11,737,463) (11,660,763) $ - $ - $ - $ - $ -
$ 23,100,009 $ 22,919,363 $ 23,764,539 $ 26,344,583 $ 28,966,094
37.87% 42.40% 44.32% 44.55% 40.26%
6/30/2018 6/30/2019 6/30/2020 6/30/2021 6/30/2022
99 CITY OF SAN LEANDRO
Notes to Required Supplementary Information
For the year ended June 30, 2024
City of San Leandro
Cost-Sharing Multiple-Employer Defined Pension Plan - Safety Plan
SCHEDULE OF THE PLAN'S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
AND RELATED RATIOS AS OF THE MEASUREMENT DATE
Last 10 Years
Measurement Date 6/30/2014 6/30/2015 6/30/2016 6/30/2017 6/30/2018 Plan's proportion of the Net Pension Liability (Asset) 0.77754% 0.84138% 0.85648% 0.85168% 0.88976% Plan's proportion share of the Net Pension Liability
(Asset) $ 57,751,630 48,381,880 $ 74,111,802 $ 84,462,824 $ 85,739,175 $ Plan's Covered Payroll $ 10,794,582 10,789,007 $ 11,439,904 $ 11,316,753 $ 12,841,859 $ Plan's Proportionate Share of the Net Pension
Liability/(Asset) as a Percentage of its Covered Payroll 450.15% 535.01% 647.84% 746.35% 667.65% Plan's Proportionate Share of the Fiduciary Net Position as a Percentage of the Plan's Total Pension Liability 79.82% 78.40% 74.06% 73.31% 75.26%
100
CITY OF SAN LEANDRO
Notes to Required Supplementary Information
For the year ended June 30, 2024
6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2023
0.89929% 0.91795% 1.26665% 0.985780% 1.617827%
$ 92,150,076 $ 99,870,170 $ 68,504,096 $ 113,865,092 $ 120,931,460 $ 13,169,196 $ 13,692,447 $ 13,470,710 $ 11,906,385 $ 11,146,890 699.74% 729.38% 508.54% 956.34% 1084.89%
75.26% 75.10% 88.29% 76.68% 76.21%
101
CITY OF SAN LEANDRO
Notes to Required Supplementary Information
For the year ended June 30, 2024
Fiscal Year 2015 2016 2017 2018 2019
Actuarially determined contribution $ 4,210,971 $ 5,482,854 $ 5,233,646 $ 6,062,560 $ 7,027,678 Contributions in relation to the actuarially
determined contributions (4,210,973) (5,482,854) (5,233,646) (6,062,560) (7,027,678) Contribution deficiency (excess) $ (2) $ - $ - $ - $ -
Covered payroll $ 17,798,104 $ 11,439,904 $ 11,316,753 $ 12,841,859 $ 13,169,196 Contributions as a percentage of covered
payroll 23.66% 47.93% 46.25% 47.21% 53.36%
Cost-Sharing Multiple Employer Defined Pension Plan - Safety Plan City of San Leandro
Last 10 Years
SCHEDULE OF CONTRIBUTIONS
For the Fiscal Year Ended June 30,
102
CITY OF SAN LEANDRO
Notes to Required Supplementary Information
For the year ended June 30, 2024
2020 2021 2022 2023 2024
$ 8,187,368 $ 9,219,375 $ 9,552,942 $ 10,271,849 $ 10,523,532 (8,187,368) (9,219,375) (9,552,942) (10,271,849) (10,523,532) $ - $ - $ - $ - $ -
$ 13,692,447 $ 13,470,710 $ 11,906,385 $ 11,146,890 $ 10,149,257
59.79% 68.44% 80.23% 92.15% 103.69%
103
CITY OF SAN LEANDRO
Notes to Required Supplementary Information
For the year ended June 30, 2024
City of San Leandro
Other Postemployment Benefits Plan - Multiple Employer Plan Schedule of Changes in the
Net OPEB Liability and Related Ratios
Last Ten Fiscal Years *
For the Measurement Period Ended June 30 2017 2018 2019 Total OPEB Liability
Service Cost $ 673,551 709,979 $ 692,916 $
Interest 1,027,370 1,054,962 1,067,353
Changes of benefit terms - - -
Differences between expected and actual experience - - 1,270,076 Changes of assumptions 440,394 1,975,353 -
Implicit rate subsidy fulfilled (733,837) - -
Administrative expenses - - -
Benefit Payments (802,834) (1,508,460) (1,538,260)
Net change in Total OPEB Liability 199,089 632,236 3,497,238 Total OPEB Liability at beginning of year 18,835,515 18,636,426 19,467,751 Total OPEB Liability at end of year $ 19,467,751 18,835,515 $ 22,964,989 $ Plan Fiduciary Net Position
Contributions - employer $ 1,552,834 8,488,260 $ $2,508,460 Contributions - employer for implicit subsidy 733,837 - - Contributions - member - - -
Net investment income 640,483 528,900 1,047,583
Benefit payments (802,834) (1,508,460) (1,538,260)
Implicit subsidy fulfilled (733,837) - -
Administrative expenses (67,811) (36,472) (40,605)
Net change in Plan Fiduciary Net Position 7,549,878 1,211,089 2,011,111 Plan Fiduciary Net Position at beginning of year 6,115,430 13,665,308 14,876,397 Plan Fiduciary Net Position at end of year $ 14,876,397 13,665,308 $ 16,887,508 $ Authority's Net OPEB Liability (Asset) at end of year $ 4,591,354 5,170,207 $ 6,077,481 $ Plan's Fiduciary Net Position as percentage of Total
OPEB Liability 72.6% 76.4% 73.5%
Covered employee payroll $ 33,357,709 34,267,955 $ 42,275,248 $ Net OPEB Liability as percentage of covered payroll 15.09% 13.76% 14.38% Notes:
* Fiscal year 2018 was the first year of implementation for GASB 75
104
CITY OF SAN LEANDRO
Notes to Required Supplementary Information
For the year ended June 30, 2024
2020 2021 2022 2023 2024
$ 843,066 $ 868,358 $ 894,409 $ 959,427 $ 986,291
1,216,539 1,257,969 1,302,546 1,080,426 1,118,831
- - - - -
- (3,116,104) - - (959,814)
- 1,324,642 - (1,699,094) -
(376,000.00) - - - (376,000)
- - - - -
(1,271,770) (1,319,716) (1,286,842) (1,256,104) (794,455) 411,835 806,611 (881,349) 783,749 (1,724,241)
22,964,989 23,376,824 24,183,435 23,302,086 24,461,835
$ 23,376,824 $ 24,183,435 $ 23,302,086 $ 24,085,835 $ 22,737,594 $ 2,771,770 $ 1,319,716 $1,286,842 $1,256,104 $ 794,455 (376,000.00) - - 376,000.00 -
- - - - -
801,925 2,700,965 (2,610,009) 870,145 1,750,521
(1,271,770) (1,319,716) (1,286,842) (1,256,104) (794,455) (376,000.00) - - - (376,000)
(40,057) (43,249) (42,746) (37,388) (74,785)
1,509,868 2,657,716 (2,652,755) 832,757 1,675,736
16,887,508 18,397,376 21,055,092 18,402,337 19,987,094
$ 18,397,376 $ 21,055,092 $ 18,402,337 $ 19,235,094 $ 21,662,830 $ 4,979,448 $ 3,128,343 $ 4,899,749 $ 4,850,741 $ 1,074,764
78.7% 87.1% 79.0% 79.9% 95.3%
$ 41,120,591 $ 41,613,491 $ 41,709,251 $ 45,121,024 $ 48,021,021
12.11% 7.52% 11.75% 10.75% 2.24%
105
CITY OF SAN LEANDRO
Notes to Required Supplementary Information
For the year ended June 30, 2024
Fiscal Year Ended June 30, 2018 2019 2020 2021 2022 2023 2024 Actuarially determined contribution $ 1,121,087 $ 1,027,403 $ 1,359,000 $ 1,405,000 $ 1,448,000 $ 1,137,000 $ 1,164,000 Contributions in relation to the
actuarially determined contribution (2,286,671) (2,508,460) (2,771,770) (1,319,716) (1,286,842) (1,256,104) (1,170,455) Contribution deficiency (excess) $ (1,481,057) (1,165,584) $ (1,412,770) $ 85,284 $ 161,158 $ (119,104) $ (6,455) $ Covered-employee payroll $ 42,275,248 33,357,709 $ 41,120,591 $ 41,613,491 $ 41,709,251 $ 45,121,024 $ 48,021,021 $ Contributions as a percentage of
covered-employee payroll 6.86% 5.93% 6.74% 3.17% 3.09% 2.78% 2.44% Notes:
* Fiscal year 2018 was the first year of implementation for GASB 75 City of San Leandro
Other Postemployment Benefits Plan
Schedule of Contributions
Last Ten Fiscal Years *
106
City of San Leandro
Required Supplementary Information
For the year ended June 30, 2024
BUDGETS AND BUDGETARY ACCOUNTING
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual General Fund
Variance with
Budgeted Amounts Final Budget
Positive
Adopted Final Actual (Negative)
REVENUES:
Property taxes and other taxes $ 117,906,020 $ 118,653,690 $ 119,664,919 $ 1,011,229 Licenses and permits 10,741,000 10,905,500 11,497,061 591,561 Fines and forfeitures 613,500 540,000 395,302 (144,698) Services charges 2,223,500 2,638,600 3,035,513 396,913
Intergovernmental 830,000 915,000 11,658,061 10,743,061 Use of money and property 2,585,600 3,096,600 8,801,746 5,705,146 Interdepartmental charges 2,792,815 2,792,815 2,792,815 - Other 300,400 546,551 490,686 55,865
Total revenues 137,992,835 140,032,891 158,391,968 18,359,077 EXPENDITURES:
Current:
General government 22,427,743 23,896,531 18,859,164 5,037,367 Public safety 74,138,102 76,246,690 74,620,814 1,625,876 Engineering and transportation 4,099,497 33,706,591 20,407,225 13,299,366 Recreation and culture 20,372,431 14,995,142 13,293,582 1,701,560 Community development 16,418,851 20,305,560 10,928,332 9,377,228 Debt service:
Principal 2,733,059 2,733,059 2,733,059 -
Interest and fees 206,319 206,319 454,246 (247,927)
Total expenditures 140,396,002 172,089,892 141,296,422 30,793,470
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (2,403,167) (32,057,001) 17,095,546 49,152,547 OTHER FINANCING SOURCES (USES):
Transfers in - 4,629,000 - (4,629,000)
Transfers (out) (5,911,251) (12,118,877) (7,489,877) 4,629,000 Total other financing sources (uses) (5,911,251) (7,489,877) (7,489,877) - NET CHANGE IN FUND BALANCE $ (8,314,418) $ (39,546,878) 9,605,669 $ 49,152,547 FUND BALANCES:
Beginning of year 97,319,243
End of year $ 106,924,912
107
City of San Leandro
Required Supplementary Information
For the year ended June 30, 2024
BUDGETS AND BUDGETARY ACCOUNTING
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Special Grants Special Revenue Fund
Budgeted Amounts Variance
Positive
Adopted Final Actual (Negative)
REVENUES:
Intergovernmental $ 2,950,589 $ 7,020,193 $ 8,432,908 $ 1,412,715 Other 800,000 - 300,000 (500,000)
Total revenues 7,820,193 2,950,589 8,732,908 912,715
EXPENDITURES:
Current:
General Government 1,293,812 1,293,812 126,198 1,167,614 Public safety 853,608 853,608 599,895 253,713
Engineering and transportation 6,429,838 6,429,838 7,032,194 (602,356) Community development 2,302,835 2,302,835 - 2,302,835
Recreation and culture 8,978,271 8,978,271 1,851,231 7,127,040 Total expenditures 19,858,364 19,858,364 9,609,518 10,248,846 NET CHANGE IN FUND BALANCES $ (16,907,775) $ (12,038,171) (876,610) $ 11,161,561 FUND BALANCES (DEFICITS):
Beginning of year (701,634)
End of year $ (1,578,244)
108
CITY OF SAN LEANDRO
Notes to Required Supplementary Information
For the year ended June 30, 2024
Budgets and Budgetary Accounting
The City adopts a biennial budget annually for all governmental fund types. This budget is effective July 1 through June 30 for each of the ensuing fiscal years. The second year of the biennial budget is amended during the mid-biennial budget cycle process. From the effective date of the budget, which is adopted and controlled at the department level, the amounts stated therein as proposed expenditures become appropriations to the various City departments. The City Council may amend the budget by resolution during the fiscal year. The City Manager is authorized to transfer budgeted amounts between departments and line items within any fund; however, any revisions that alter the total expenditures of any fund must be approved by the City Council. Transfers between funds must be approved by the City Council. All appropriations lapse at year-end, unless otherwise authorized by the City Council and the City Manager, except for capital improvement funds for which appropriations may be carried over for not more than five (5) fiscal years as per the City of San Leandro Charter, Section 520. The City did not budget Proposition 1B – Local Streets and Roads Fund and Housing In Lieu Fund.
Annual budgets are adopted on a basis consistent with generally accepted accounting principles except for capital projects funds, which are adopted on a project length basis, which means budgets, are used until the project’s completion, not to exceed five fiscal years, for the entire project amount.
Under encumbrance accounting, purchase orders, contracts and other commitments for the expenditures of monies are recorded in order to reserve that portion of the applicable appropriation. Encumbrance accounting is employed as an extension of the formal budgetary process. Encumbrances outstanding at year-end are carried over to the next fiscal year as part of that year’s budget resolution.
GAAP serves as the budgetary basis of accounting.
109
SUPPLEMENTARY INFORMATION
City of San Leandro
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Major Governmental Fund
For the year ended June 30, 2024
Variance
Final Positive
Budget Actual (Negative)
REVENUES:
Service charges $ 25,000 $ 9,210 $ (15,790)
Use of money and property 513,211 517,966 4,755
Other - 3,019,511 3,019,511
Total revenues 538,211 3,546,687 3,008,476
EXPENDITURES:
Current:
Engineering and transportation 18,570,927 4,835,379 13,735,548 Recreation and culture 4,500,000 126,314 4,373,686
Community development 29,050,243 5,187,023 23,863,220
Total expenditures 52,121,170 10,148,716 41,972,454
REVENUES OVER (UNDER) EXPENDITURES (51,582,959) (6,602,029) 44,980,930 OTHER FINANCING SOURCES (USES):
Transfer in 5,338,211 5,338,211 -
Transfers (out) (Note 5C) (1,000,000) (1,000,000) -
Total Other Financing Sources (Uses) 4,338,211 4,338,211 - NET CHANGE IN FUND BALANCES $ (47,244,748) (2,263,818) $ 44,980,930 FUND BALANCES:
Beginning of year 45,945,963
End of year $ 43,682,145
Capital Improvement Capital Projects Fund
112
NON-MAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS
Affordable Housing Asset Fund – This fund accounts for assets received from affordable housing activities from the former Redevelopment Agency’s Low/Moderate Housing Fund and acts as its Successor Agency.
Street/Traffic Improvements – This fund accounts for development fee assessments levied to provide for partial funding of street and traffic improvements associated with commercial and residential growth.
Park Development Fee – This fund accounts for park development fee assessments levied to provide for partial funding for park development needs associated with residential growth.
Underground Utility Fee – This fund accounts for utility conversion project assessments levied to provide for the placement of overhead facilities underground. Assessment shall be expended only for expansion of, maintenance of or construction of Underground Utility Districts and facilities.
Parking – This fund accounts for parking meter and parking lot collections for maintenance of downtown parking facilities and other public parking locations.
Special Gas Tax – This fund accounts for revenues and expenditures received from the State of California under Street and Highways Code. The allocations must be spent for street maintenance and construction and a limited amount for engineering.
Cherrywood Maintenance District – This fund is used to account for the special assessment funding for the on-going maintenance of public facilities at the Cherrywood development.
Measure B Paratransit – This fund accounts for the City’s share of proceeds of a one-half cent sales tax increase originally approved by the voters in November 1986. The program is administered by the Alameda County Transportation Authority. The tax provides funds for AC transit and paratransit operations.
Asset Seizure – This fund accounts for funds received from asset forfeiture and used for public safety purposes.
Heron Bay – This fund accounts for maintenance assessments to fund ongoing maintenance of wetlands impacted by residential growth.
Proposition 1B Local Streets & Roads – This fund accounts for Proposition 1B funds for safety improvements and repairs to local streets and roads.
Measure BB Special Revenue Fund– This fund accounts for the City's share of revenues earned and expenditure incurred under the City paratransit, streets and roads, and bike and pedestrian programs.
Measure B – This fund accounts for the City's share of proceeds on a one-half cent sales tax increase originally approved by the voters in November 1986. The program is administered by the Alameda County Transportation Authority. The tax provides funds for eight specific projects within Alameda County including major freeway improvements and a major rail extension.
113
NON-MAJOR GOVERNMENTAL FUNDS (Continued)
SPECIAL REVENUE FUNDS (Continued)
Measure F – This fund accounts for the City's share of proceeds on a $10 increase in Vehicle Registration fees originally approved by the voters in November 2010. The program is administered by the Alameda County Transportation Authority. The tax provides funds for projects to reduce traffic congestion and vehicle related pollution.
C.D.B.G. – This fund accounts for federally funded grants through the Community Development Block Grant Program from the U.S. Department of Housing and Urban Development.
HOME – This fund accounts for federally funded grants from the U.S. Department of Housing and Urban Development to provide for community housing renovation programs.
Housing In-Lieu – This fund accounts for Housing In-Lieu assessments levied to provide for partial funding of low/moderate housing projects.
Business Improvement District – This fund accounts for service fees charged to business owners to provide a shuttle service from BART to the downtown business district.
Public Education & Government (PEG) Fund – This fund accounts for the Digital Infrastructure and Video Competition Act (DIVCA) of 2006, collecting 1% of gross revenues from state franchise holders.
The fund accounts for user fees charged to cable television customers to provide public education on government programs.
DEBT SERVICE FUND
Special Assessment District – This fund accumulates monies for payments of special assessment bonds which are financed by assessments placed on the Alameda County tax roll.
San Leandro Public Financing Authority Debt Service Fund – This fund accounts for the Certificates of Participation issued for the library and fire stations seismic retrofit. These Certificates of Participation were refunded by the issuance of the 2016 Lease Revenue Bonds. The debt will be paid back pursuant to lease agreements between the City of San Leandro and the San Leandro Public Finance Authority.
CAPITAL PROJECTS FUNDS
San Leandro Hillside Geological Hazardous Abatement District (GHAD) – This fund is used to account for the finances of the collaborative between the City of San Leandro and the Geological Hazardous Abatement.
114
City of San Leandro
Combining Balance Sheet
Non-Major Governmental Funds
Special Revenue Funds
Affordable Park Underground
Housing Street/ Traffic Development Utility
Asset Fund Improvements Fee Fee
Cash and investments 1,351,502 $ 1,767,323 $ 6,046,328 $ 4,311,384 $ Cash and investments with fiscal agent - - - -
Receivables:
Accounts - - - -
Loans 579,331 - - -
Total Assets $ 1,930,833 $ 1,767,323 $ 6,046,328 $ 4,311,384 Accounts payable $ 441 $ 161,406 $ - $ -
Due to other funds - - - -
Total Liabilities 441 161,406 - -
Fund Balances:
Restricted 1,605,917 1,930,392 6,046,328 4,311,384
Unassigned - - - -
Total Fund Balances 1,930,392 1,605,917 6,046,328 4,311,384 Total Liabilities, Deferred Inflow of
Resources and Fund Balances $ 1,930,833 $ 1,767,323 $ 6,046,328 $ 4,311,384 June 30, 2024
ASSETS
LIABILITIES
116
Special Revenue Funds
Cherrywood Proposition IB
Special Maintenance Measure B Asset Local Streets
Parking Gas Tax District Paratransit Seizure Heron Bay & Roads $ 5,710,865 - $ 596,027 $ 18,772 $ 434,899 $ 409,209 $ 14,623 $ - - - - - - -
211,220 5,052 - - - - -
- - - - - - -
$ 5,922,085 5,052 $ 596,027 $ 18,772 $ 434,899 $ 409,209 $ 14,623 $ $ 18,880 40,463 $ - $ 12,938 $ 33,114 $ 88,009 $ - $
498,819 86,481 - - - - -
517,699 126,944 - 12,938 33,114 88,009 -
5,404,386 - 596,027 5,834 401,785 321,200 14,623
- (121,892) - - - - -
5,404,386 (121,892) 596,027 5,834 401,785 321,200 14,623 $ 5,922,085 5,052 $ 596,027 $ 18,772 $ 434,899 $ 409,209 $ 14,623 $ (Continued)
117
City of San Leandro
Combining Balance Sheet
Non-Major Governmental Funds
Special Revenue Funds
Measure BB Measure B Measure F C.D.B.G.
Cash and investments 9,898,917 $ 1,010,599 $ 1,425,615 $ 46,441 $ Cash and investments with fiscal agent - - - -
Receivables:
Accounts 796,680 33,798 67,466 -
Loans - - - -
Total Assets $ 1,044,397 10,695,597 $ 1,493,081 $ 46,441 $ Accounts payable 221,446 $ - $ - $ 41,075 $
Due to other funds 1,510,649 - - 192,853
Total Liabilities 1,732,095 - - 233,928
Fund Balances:
Restricted 1,044,397 8,963,502 1,493,081 -
Unassigned - - - (187,487)
Total Fund Balances 1,044,397 8,963,502 1,493,081 (187,487) Total Liabilities, Deferred Inflow of
Resources and Fund Balances $ 1,044,397 10,695,597 $ 1,493,081 $ 46,441 $ ASSETS
LIABILITIES
June 30, 2024
118
Capital Projects
Special Revenue Funds Debt Service Funds Fund
Total
Business Public Special San Leandro Non-Major
Housing Improvement Education and Assessment Public Financing Governmental HOME In-Lieu District Government District Authority GHAD Funds $ 1,273,929 311,484$ 595,156$ 832,470$ 121$ 402,666$ 13,622$ $ 36,471,952 - - - - - 213 - 213
- - 30,496 - - - 1,144,712 -
- - - - - - - 579,331
$ 1,273,929 $ 311,484 $ 595,156 $ 862,966 $ 121 $ 402,879 $ 13,622 $ 38,196,208 $ - $ - $ - $ - $ - $ - $ - $ 617,772
- - - - - - 2,288,802 -
- - - - - - 2,906,574 -
1,273,929 311,484 595,156 862,966 121 402,879 13,622 35,599,013 - - - - - - (309,379) -
1,273,929 311,484 595,156 862,966 121 402,879 13,622 35,289,634 $ 1,273,929 $ 311,484 $ 862,966 595,156 $ 121 $ 402,879 $ 13,622 $ 38,196,208 $ 119
City of San Leandro
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Non-Major Governmental Funds
For the year ended June 30, 2024
Special Revenue Funds
Affordable Park Underground
Housing Street/Traffic Development Utility
Asset Fund Improvements Fee Fee
REVENUES:
Property and other taxes - $ - $ - $ - $
Licenses and permits - 43,368 - -
Service charges - - - 842,728
Fines and forfeitures - - - -
Intergovernmental - - - -
Use of money and property 119,599 69,387 209,919 137,441 Other 510,138 - 117,667 -
Total Revenues 112,755 629,737 327,586 980,169
EXPENDITURES:
Current:
Public safety - - - -
Engineering and transportation 359,476 - - 2,000
Recreation and culture - - 25,065 -
Community development - 216,668 - -
Debt service:
Principal - - - -
Interest and fees - - - -
Total Expenditures 359,476 216,668 25,065 2,000
REVENUES OVER
(UNDER) EXPENDITURES (246,721) 413,069 302,521 978,169
OTHER FINANCING SOURCES:
Transfer in - - - -
Total Other Financing Sources - - - -
NET CHANGE IN FUND BALANCES 413,069 (246,721) 302,521 978,169 FUND BALANCES (DEFICITS):
Beginning of year 1,852,638 5,743,807 3,333,215 1,517,323 End of year $ 1,605,917 1,930,392 $ 6,046,328 $ 4,311,384 $ 120
Special Revenue Funds
Cherrywood Proposition IB
Special Maintenance Measure B Asset Local Streets
Parking Gas Tax District Paratransit Seizure Heron Bay & Roads $ - - $ 30,429 $ - $ - $ 490,697 $ - $
- 262,664 - - - - -
- - - - - - -
- 458,707 - - - - -
4,567,112 - - - 36,448 - -
199,751 - 21,072 13,642 23,485 12,521 548
60 180 - - - - -
4,766,923 721,551 51,501 13,642 59,933 503,218 548
- - - - 87,512 - -
5,125,323 1,009,831 509 402,988 - 484,801 -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - 4,250 -
1,009,831 5,125,323 509 402,988 87,512 489,051 -
(288,280) (358,400) 50,992 (389,346) (27,579) 14,167 548 400,425 635,826 - - - - -
400,425 635,826 - - - - -
112,145 277,426 50,992 (389,346) (27,579) 14,167 548
(234,037) 5,126,960 545,035 395,180 429,364 307,033 14,075 $ (121,892) $ 5,404,386 $ 596,027 $ 5,834 $ 401,785 $ 321,200 $ 14,623 (Continued)
121
City of San Leandro
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Non-Major Governmental Funds
For the year ended June 30, 2024
Special Revenue Funds
Measure BB Measure B Measure F C.D.B.G.
REVENUES:
Property and other taxes - $ - $ - $ - $
Licenses and permits - - - -
Service charges - - - -
Fines and forfeitures - - - -
Intergovernmental 4,721,270 - 401,863 951,198
Use of money and property 368,261 57,311 52,775 22,500
Other - 314,368 - 5,490
Total Revenues 371,679 5,089,531 454,638 979,188
EXPENDITURES:
Current:
Public safety - - - -
Engineering and transportation 645,937 2,571,553 598,000 - Recreation and culture - - - -
Community development - - - 850,392
Debt service:
Principal - - - 132,000
Interest and fees - - - 36,135
Total Expenditures 645,937 2,571,553 598,000 1,018,527
REVENUES OVER
(UNDER) EXPENDITURES (274,258) 2,517,978 (143,362) (39,339) OTHER FINANCING SOURCES:
Transfer in - - - -
Total Other Financing Sources - - - -
NET CHANGE IN FUND BALANCES 2,517,978 (274,258) (143,362) (39,339) FUND BALANCES (DEFICITS):
Beginning of year 6,445,524 1,318,655 1,636,443 (148,148) End of year $ 1,044,397 8,963,502 $ 1,493,081 $ (187,487) $ 122
Capital Projects
Special Revenue Funds Debt Service Funds Fund
Total
Business Public Special San Leandro Nonmajor
Housing Improvement Education and Assessment Public Financing Governmental HOME In-Lieu District Government District Authority GHAD Funds $ - $ - $ 167,135$ - $ - $ - $ - $ 688,261
- - 453,827 - - - - 759,859
- - - - - - - 842,728
- - - - - - - 458,707
- - - - - - - 10,677,891
67,593 6,113 13,002 28,781 3,173,450 - 4,597,151 -
11,445 109,750 - - - - 1,069,098 -
79,038 6,113 576,579 195,916 3,173,450 - 19,093,695 -
- - - - - - - 87,512
- - - - - - 11,200,418 -
- - - - - - - 25,065
19,783 374,500 500,000 22,439 - - 1,983,782 -
- - - - 1,806,000 - 1,938,000 -
- - - - 1,373,311 - 1,413,696 -
19,783 374,500 500,000 22,439 3,179,311 - 16,648,473 -
59,255 (368,387) 76,579 173,477 (5,861) - 2,445,222 -
- 50,000 - - - - 1,086,251 -
- 50,000 - - - - 1,086,251 -
59,255 (368,387) 126,579 173,477 (5,861) - 3,531,473 -
1,214,674 679,871 468,577 689,489 121 408,740 13,622 31,758,161 1,273,929$ 311,484$ 595,156$ 862,966$ 121$ 402,879$ 13,622$ $ 35,289,634 123
City of San Leandro
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Non Major Governmental Fund
Affordable Housing Special Revenue Fund
For the year ended June 30, 2024
Variance
Final Positive
Budget Actual (Negative)
REVENUES:
Use of money and property 50,000 $ 119,599 $ 69,599 $
Other 100,000 510,138 410,138
Total Revenues 150,000 629,737 479,737
EXPENDITURES:
Current:
Community development 3,500 216,668 (213,168)
Total Expenditures 3,500 216,668 (213,168)
NET CHANGE IN FUND BALANCES $ 146,500 413,069 $ 266,569 FUND BALANCES:
Beginning of year 1,517,323
End of year $ 1,930,392
124
City of San Leandro
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Non Major Governmental Fund
Street/Traffic Improvements Special Revenue Fund
For the year ended June 30, 2024
Variance
Final Positive
Budget Actual (Negative)
REVENUES:
Licenses and permits $ 200,000 $ 43,368 $ (156,632)
Use of money and property - 69,387 69,387
Total Revenues 200,000 112,755 (87,245)
EXPENDITURES:
Current:
Engineering and transportation 914,222 359,476 554,746
Total Expenditures 914,222 359,476 554,746
NET CHANGE IN FUND BALANCES $ (714,222) (246,721) $ 467,501 FUND BALANCES:
Beginning of year 1,852,638
End of year $ 1,605,917
125
City of San Leandro
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Non Major Governmental Fund
Park Development Fee Special Revenue Fund
For the year ended June 30, 2024
Variance
Final Positive
Budget Actual (Negative)
REVENUES:
Use of money and property - $ 209,919 $ 209,919 $
Other 200,000 117,667 (82,333)
Total Revenues 327,586 200,000 127,586
EXPENDITURES:
Current:
Recreation and culture 4,373,281 25,065 4,348,216
Total Expenditures 25,065 4,373,281 4,348,216
NET CHANGE IN FUND BALANCES $ 302,521 4,475,802 (4,173,281) $ FUND BALANCES:
Beginning of year 5,743,807
End of year $ 6,046,328
126
City of San Leandro
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Non Major Governmental Fund
For the year ended June 30, 2024
Variance
Final Positive
Budget Actual (Negative)
REVENUES:
Use of money and property 35,000 $ 137,441 $ 102,441 $
Service charges 100,000 842,728 742,728
Total Revenues 135,000 980,169 845,169
EXPENDITURES:
Current:
Engineering and transportation 1,901,616 2,000 1,899,616 Total Expenditures 1,901,616 2,000 1,899,616
NET CHANGE IN FUND BALANCES $ (1,766,616) 978,169 $ 2,744,785 FUND BALANCES:
Beginning of year 3,333,215
End of year $ 4,311,384
Underground Utility Fees Special Revenue Fund
127
City of San Leandro
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Non Major Governmental Fund
Parking Special Revenue Fund
For the year ended June 30, 2024
Variance
Final Positive
Budget Actual (Negative)
REVENUES:
Licenses and permits 314,763 $ 262,664 $ (52,099) $
Fines and forfeitures 630,000 458,707 (171,293)
Other 180 - 180
Total revenues 944,763 721,551 (223,212)
EXPENDITURES:
Current:
Engineering and transportation 1,274,747 1,009,831 264,916 Total expenditures 1,274,747 1,009,831 264,916
OTHER FINANCING SOURCES:
Transfers in 400,425 400,425 -
Total expenditures 400,425 400,425 -
NET CHANGE IN FUND BALANCES $ 70,441 112,145 $ 41,704
FUND BALANCES:
Beginning of year (234,037)
End of year $ (121,892)
128
City of San Leandro
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Non Major Governmental Fund
Special Gas Tax Special Revenue Fund
For the year ended June 30, 2024
Variance
Final Positive
Budget Actual (Negative)
REVENUES:
Intergovernmental 5,700,230 $ 4,567,112 $ (1,133,118) $ Use of money and property 27,000 199,751 172,751
Other - 60 60
Total revenues 4,766,923 5,727,230 (960,307)
EXPENDITURES:
Current:
Engineering and transportation 7,098,514 5,125,323 1,973,191 Total expenditures 5,125,323 7,098,514 1,973,191
OTHER FINANCING SOURCES:
Transfers in 635,826 635,826 -
Total expenditures 635,826 635,826 -
NET CHANGE IN FUND BALANCES $ (735,458) 277,426 $ 1,012,884 FUND BALANCES:
Beginning of year 5,126,960
End of year $ 5,404,386
129
City of San Leandro
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Non Major Governmental Fund
Cherrywood Maintenance District Special Revenue Fund
For the year ended June 30, 2024
Variance
Final Positive
Budget Actual (Negative)
REVENUES:
Property and other taxes $ - $ 30,429 $ 30,429
Use of money and property 7,000 21,072 14,072
Total revenues 7,000 51,501 44,501
EXPENDITURES:
Current:
Engineering and transportation - 509 (509)
Total expenditures - 509 (509)
NET CHANGE IN FUND BALANCES $ 7,000 50,992 $ 43,992
FUND BALANCES:
Beginning of year 545,035
End of year $ 596,027
130
City of San Leandro
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Non Major Governmental Fund
For the year ended June 30, 2024
Variance
Final Positive
Budget Actual (Negative)
REVENUES:
Use of money and property - $ 13,642 $ 13,642 $
Total revenues 13,642 - 13,642
EXPENDITURES:
Current:
Engineering and transportation - 402,988 (402,988)
Total expenditures 402,988 - (402,988)
NET CHANGE IN FUND BALANCES $ (389,346) - (389,346) $
FUND BALANCES:
Beginning of year 395,180
End of year $ 5,834
Measure B - Paratransit Special Revenue Fund
131
City of San Leandro
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Non Major Governmental Fund
Asset Seizure Special Revenue Fund
For the year ended June 30, 2024
Variance
Final Positive
Budget Actual (Negative)
REVENUES:
Intergovernmental - $ 36,448 $ 36,448 $
Use of money and property 15,000 23,485 8,485
Total revenues 59,933 15,000 44,933
EXPENDITURES:
Current:
Public safety 386,651 87,512 299,139
Total expenditures 386,651 87,512 299,139
NET CHANGE IN FUND BALANCES $ (371,651) (27,579) $ 344,072 FUND BALANCES:
Beginning of year 429,364
End of year $ 401,785
132
City of San Leandro
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Non Major Governmental Fund
Heron Bay Special Revenue Fund
For the year ended June 30, 2024
Variance
Final Positive
Budget Actual (Negative)
REVENUES:
Property and other taxes $ 463,653 $ 490,697 $ 27,044
Use of money and property 5,000 12,521 7,521
Total revenues 468,653 503,218 34,565
EXPENDITURES:
Current:
Engineering and transportation 587,102 484,801 102,301
Debt service:
Interest and fees 5,100 4,250 850
Total expenditures 592,202 489,051 103,151
NET CHANGE IN FUND BALANCES $ (123,549) 14,167 $ (137,716) FUND BALANCES:
Beginning of year 307,033
End of year $ 321,200
133
City of San Leandro
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Non Major Governmental Fund
Proposition 1B - Local Streets & Roads Special Revenue Fund For the year ended June 30, 2024
Variance
Final Positive
Budget Actual (Negative)
REVENUES:
Use of money and property - $ 548 $ 548 $
Total revenues 548 - 548
NET CHANGE IN FUND BALANCES $ 548 - 548 $
FUND BALANCES:
Beginning of year 14,075
End of year $ 14,623
134
City of San Leandro
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Non Major Governmental Fund
Measure BB Special Revenue Fund
For the year ended June 30, 2024
Variance with
Final Budget
Final Positive
Budget Actual (Negative)
REVENUES:
Intergovernmental 3,552,510 $ 4,721,270 $ 1,168,760 $
Use of money and property - 368,261 368,261
Total revenues 5,089,531 3,552,510 1,537,021
EXPENDITURES:
Current:
Engineering and transportation 16,608,073 2,571,553 14,036,520 Total expenditures 2,571,553 16,608,073 14,036,520
NET CHANGE IN FUND BALANCES $ 2,517,978 15,573,541 (13,055,563) $ FUND BALANCES:
Beginning of year 6,445,524
End of year $ 8,963,502
135
City of San Leandro
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Non Major Governmental Fund
Measure B Special Revenue Fund
For the year ended June 30, 2024
Variance
Final Positive
Budget Actual (Negative)
REVENUES:
Intergovernmental 3,300,000 $ - $ (3,300,000) $
Use of money and property 30,000 57,311 27,311
Other - 314,368 314,368
Total revenues 371,679 3,330,000 (2,958,321)
EXPENDITURES:
Current:
Engineering and transportation 6,226,585 645,937 5,580,648 Total expenditures 645,937 6,226,585 5,580,648
NET CHANGE IN FUND BALANCES $ (274,258) (2,896,585) 2,622,327 $ FUND BALANCES:
Beginning of year 1,318,655
End of year $ 1,044,397
136
City of San Leandro
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Non Major Governmental Fund
Measure F - (Vehicle Registration Fees) Special Revenue Fund For the year ended June 30, 2024
Variance
Final Positive
Budget Actual (Negative)
REVENUES:
Intergovernmental - $ 401,863 $ 401,863 $
Use of money and property 10,000 52,775 42,775
Total revenues 454,638 10,000 444,638
EXPENDITURES:
Current:
Engineering and transportation 2,754,832 598,000 2,156,832 Total expenditures 598,000 2,754,832 2,156,832
NET CHANGE IN FUND BALANCES $ (143,362) (2,744,832) 2,601,470 $ FUND BALANCES:
Beginning of year 1,636,443
End of year $ 1,493,081
137
City of San Leandro
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Non Major Governmental Fund
C.D.B.G. Special Revenue Fund
For the year ended June 30, 2024
Variance
Final Positive
Budget Actual (Negative)
REVENUES:
Intergovernmental 808,949 $ 951,198 $ 142,249 $
Use of money and property - 22,500 (22,500)
Other - 5,490 (5,490)
Total revenues 808,949 979,188 114,259
EXPENDITURES:
Current:
Community development 993,187 850,392 142,795
Debt service:
Principal 132,000 132,000 -
Interest and fees 36,135 36,135 -
Total expenditures 1,161,322 1,018,527 142,795
NET CHANGE IN FUND BALANCES $ (352,373) (39,339) $ 313,034 FUND BALANCES:
Beginning of year (148,148)
End of year $ (187,487)
138
City of San Leandro
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Non Major Governmental Fund
HOME Special Revenue Fund
For the year ended June 30, 2024
Variance
Final Positive
Budget Actual (Negative)
REVENUES:
Intergovernmental 13,670 $ - $ (13,670) $
Use of money and property - 67,593 67,593
Other - 11,445 11,445
Total revenues 13,670 79,038 65,368
EXPENDITURES:
Current:
Community development 16,266 19,783 (3,517)
Total expenditures 16,266 19,783 (3,517)
NET CHANGE IN FUND BALANCES $ (2,596) 59,255 $ 61,851
FUND BALANCES:
Beginning of year 1,214,674
End of year $ 1,273,929
139
City of San Leandro
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Non Major Governmental Fund
Housing In-Lieu Special Revenue Fund
For the year ended June 30, 2024
Variance
Final Positive
Budget Actual (Negative)
REVENUES:
Use of money and property $ - $ 6,113 $ 6,113
Total revenues - 6,113 6,113
EXPENDITURES:
Current:
Community development 65,000 374,500 (309,500)
Total expenditures 65,000 374,500 (309,500)
NET CHANGE IN FUND BALANCES $ (65,000) (368,387) $ (303,387) FUND BALANCES:
Beginning of year 679,871
End of year $ 311,484
140
City of San Leandro
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Non Major Governmental Fund
Business Improvement District Special Revenue Fund
For the year ended June 30, 2024
Variance
Final Positive
Budget Actual (Negative)
REVENUES:
Licenses and permits $ 400,000 $ 453,827 $ 53,827
Intergovernmental 104,126 - (104,126)
Use of money and property - 13,002 13,002
Other - 109,750 109,750
Total revenues 504,126 576,579 72,453
EXPENDITURES:
Current:
Community development 554,126 500,000 54,126
Total expenditures 554,126 500,000 54,126
OTHER FINANCING SOURCES:
Transfers in 50,000 50,000 -
NET CHANGE IN FUND BALANCES $ - 126,579 $ 126,579
FUND BALANCES:
Beginning of year 468,577
End of year $ 595,156
141
City of San Leandro
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Non Major Governmental Fund
Public Education and Government Special Revenue Fund
For the year ended June 30, 2024
Variance
Final Positive
Budget Actual (Negative)
REVENUES:
Property and other taxes 150,000 $ 167,135 $ 17,135 $
Use of money and property - 28,781 28,781
Total revenues 195,916 150,000 45,916
EXPENDITURES:
Current:
Community development 213,711 22,439 191,272
Total expenditures 22,439 213,711 191,272
NET CHANGE IN FUND BALANCES $ 173,477 (63,711) 237,188 $ FUND BALANCES:
Beginning of year 689,489
End of year $ 862,966
142
City of San Leandro
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Non Major Governmental Fund
For the year ended June 30, 2024
Variance
Final Positive
Budget Actual (Negative)
REVENUES:
Property and other taxes $ - $ - $ -
Use of money and property - - -
Total revenues - - -
EXPENDITURES:
Debt service:
Interest and fees - - -
Total expenditures - - -
NET CHANGE IN FUND BALANCES $ - - $ -
FUND BALANCES:
Beginning of year 121
End of year $ 121
Special Assessment District Debt Service Fund
143
City of San Leandro
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Non Major Governmental Fund
San Leandro Public Financing Authority Debt Service Fund For the year ended June 30, 2024
Variance
Final Positive
Budget Actual (Negative)
REVENUES:
Use of money and property $ 3,173,000 $ 3,173,450 $ 450 Total revenues 3,173,000 3,173,450 450
EXPENDITURES:
Debt service:
Principal 1,806,000 1,806,000 -
Interest and fees 1,367,261 1,373,311 (6,050)
Total expenditures 3,173,261 3,179,311 (6,050)
NET CHANGE IN FUND BALANCES $ (261) (5,861) $ (5,600)
FUND BALANCES:
Beginning of year 408,740
End of year $ 402,879
144
City of San Leandro
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Non Major Governmental Fund
San Leandro Hillside Geological Abatement Fund (GHAD) Capital Projects Fund For the year ended June 30, 2024
Variance
Final Positive
Budget Actual (Negative)
EXPENDITURES:
Current:
Engineering and transportation $ 14,265 $ - $ 14,265
Total expenditures 14,265 - 14,265
NET CHANGE IN FUND BALANCES $ (14,265) - $ 14,265
FUND BALANCES:
Beginning of year 13,622
End of year $ 13,622
145
NON-MAJOR ENTERPRISE FUNDS
Storm Water Utility – Provides for the City’s storm water program in conjunction with the National Pollutant Discharge and Emissions Services Act.
Environmental Services – Accounts for the regulation of hazardous materials, wastewater discharge, storm water runoff, solid waste and recycling, and the landfill at the Marina. 147
City of San Leandro
Combining Statement of Net Position
Non-Major Enterprise Funds
June 30, 2024
Total
Non-Major
Storm Water Environmental Enterprise
Utility Services Funds
Current Assets:
Cash and investments - $ 1,947,736 $ 1,947,736 $
Receivables:
Accounts - 96,385 96,385
Total current assets - 2,044,121 2,044,121
Noncurrent assets:
Capital assets:
Depreciable 16,129 - 16,129
Less accumulated depreciation (16,129) - (16,129)
Total noncurrent assets - - -
Total Assets 2,044,121 2,044,121 -
Current Liabilities:
Accounts payable 28,161 17,994 46,155
Due to other funds 2,658,319 - 2,658,319
Compensated absences - due in one year 17,156 14,308 31,464 Total current liabilities 2,700,788 35,150 2,735,938
Non-current Liabilities:
Compensated absences - due in more than one year 42,924 51,467 94,391 Total Liabilities 2,743,712 86,617 2,830,329
Net investment in capital assets - - -
Unrestricted (2,743,712) 1,957,504 (786,208)
Total Net Position (Deficit) $ (2,743,712) $ 1,957,504 $ (786,208) ASSETS
LIABILITIES
NET POSITION (DEFICIT)
148
City of San Leandro
Combining Statement of Revenues, Expenses, and Changes in Net Position Non-Major Enterprise Funds
For the year ended June 30, 2024
Total
Non-Major
Storm Water Environmental Enterprise
Utility Services Funds
OPERATING REVENUES
Charges for services 1,085,694 $ - $ 1,085,694 $
Licenses and permits - 643,201 643,201
Other operating revenue - 55,608 55,608
Total operating revenues 698,809 1,085,694 1,784,503
OPERATING EXPENSES
Salaries and benefits 460,078 641,156 1,101,234
Contractual and other services 415,887 130,377 546,264
Material and supplies 16,992 40,213 57,205
Depreciation 2,085 - 2,085
Other operating costs 386,583 261,252 647,835
Total operating expenses 1,072,998 1,281,625 2,354,623
OPERATING INCOME (LOSS) (374,189) (195,931) (570,120)
NONOPERATING REVENUES (EXPENSES):
Investment income - 124,916 124,916
Intergovernmental - 420,984 420,984
Total Nonoperating Revenues (Expenses) 545,900 - 545,900 Change in net position 171,711 (195,931) (24,220)
NET POSITION (DEFICIT):
Beginning of year 1,785,793 (2,547,781) (761,988)
End of year $ 1,957,504 (2,743,712) $ (786,208) $
149
City of San Leandro
Combining Statement of Cash Flows
Non-Major Enterprise Funds
For the year ended June 30, 2024
Total
Non-Major
Storm Water Environmental Enterprise
Utility Services Funds
CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from customers 1,085,694 $ 649,662 $ 1,735,356 $ Cash received from other funds 183,670 - 183,670
Cash payments to suppliers and service providers (807,051) (438,348) (1,245,399) Cash payments to employees for services (476,820) (676,789) (1,153,609) Net cash provided (used) by operating activities (465,475) (14,507) (479,982)
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES:
Intergovernmental revenue received 420,984 - 420,984
Net cash provided (used) by noncapital financing activities 420,984 - 420,984
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES:
Acquisition of capital assets 14,507 - 14,507
Net cash provided (used) by capital and related financing activities - 14,507 14,507 CASH FLOWS FROM INVESTING ACTIVITIES:
Change in fair values of investments - 94,342 94,342
Interest income 37,023 - 37,023
Net cash provided (used) by investing activities 131,365 - 131,365 Net increase (decrease) in cash and cash equivalents 86,874 - 86,874 CASH AND CASH EQUIVALENTS:
Beginning of year 1,860,862 - 1,860,862
End of year $ 1,947,736 - $ 1,947,736 $
RECONCILIATION OR OPERATING INCOME (LOSS) TO NET
CASH PROVIDED (USED) BY OPERATING ACTIVITIES:
Operating income (loss) (195,931) $ (374,189) $ (570,120) $ Depreciation - 2,085 2,085
Adjustments to reconcile operating income (loss) to net cash provided (used) by operating activities:
Changes in assets and liabilities:
(Increase) decrease in accounts receivable - (49,147) (49,147) (Decrease) increase in accounts payable 12,411 (6,506) 5,905 (Decrease) increase due to other funds 183,670 - 183,670 (Decrease) increase in compensated absences (16,742) (35,633) (52,375) Total adjustments 179,339 (91,286) 88,053
Net cash provided (used) by operating activities $ (465,475) (14,507) $ (479,982) $ 150
INTERNAL SERVICE FUNDS
Internal Service Funds are used to account for special activities and services performed by a designated City department for other departments on a cost reimbursement basis.
Building Maintenance – This fund accounts for the City’s custodial maintenance and minor building modifications performed on various City complexes. The source of revenue is reimbursement of costs for services performed to the departments.
Information Management Services – The fund accounts for centralized data processing and the maintenance, acquisition and replacement of computerized systems. Sources of revenue for this fund are reimbursement of costs for services and equipment purchased by other departments.
Self-Insurance – This fund accounts for the administration of the City’s self-insurance programs, payment of worker’s compensation and liability claims payments.
Equipment Maintenance – This fund accounts for the maintenance and replacement of vehicles and equipment used by all City departments. Source of revenues for this fund is reimbursement of costs for services and supplies purchased by other departments.
151
City of San Leandro
Combining Statement of Net Position
Internal Service Funds
June 30, 2024
Information
Building Management Self - Equipment
Maintenance Services Insurance Maintenance Total
Cash and investments 1,500,433 $ 6,379,183 $ 11,997,375 $ 6,155,769 $ 26,032,760 $ Receivables:
Inventory and prepaids 11,881 2,337 - 157,139 171,357
Total current assets 1,512,314 6,381,520 11,997,375 6,312,908 26,204,117 Capital assets:
Depreciable 62,754 6,650,114 - 13,620,266 20,333,134
Less accumulated depreciation (45,876) (6,257,951) - (9,241,361) (15,545,188) Total Net capital assets 16,878 392,163 - 4,378,905 4,787,946 Total noncurrent assets 16,878 392,163 - 4,378,905 4,787,946 Total Assets 6,773,683 1,529,192 11,997,375 10,691,813 30,992,063 Current Liabilities:
Accounts payable 420,572 733,448 361,835 176,523 1,692,378 Other liabilities - - 1,603,521 - 1,603,521
SBITAs - due in one year - 117,570 - - 117,570
Claims and judgments - due in one year - - 5,499,279 - 5,499,279 Compensated absences payable - due in one year 23,150 41,225 5,023 12,293 81,691 Total current liabilities 443,722 892,243 7,469,658 188,816 8,994,439 Noncurrent Liabilities:
Claims and judgments - due in more than one year - - 6,069,164 - 6,069,164 Compensated absences - due in more than one year 106,007 59,527 12,918 31,610 210,062 Total noncurrent liabilities 59,527 106,007 6,082,082 31,610 6,279,226 Total Liabilities 998,250 503,249 13,551,740 220,426 15,273,665 Net investment in capital assets 16,878 741,662 - 4,378,905 5,137,445 Unrestricted 5,033,771 1,009,065 (1,554,365) 6,092,482 10,580,953 Total Net Position $ 5,775,433 1,025,943 $ $ (1,554,365) $ 10,471,387 $ 15,718,398
LIABILITIES
NET POSITION
ASSETS
152
City of San Leandro
Combining Statement of Revenues, Expenses and Changes in Fund Net Position Internal Service Funds
For the year ended June 30, 2024
Information
Building Management Self - Equipment
Maintenance Services Insurance Maintenance Total
OPERATING REVENUES:
Service charges 4,917,174 $ 7,390,183 $ 4,808,832 $ 2,659,948 $ 19,776,137 $ Other operating revenues 45 - 588,429 4,385 592,859
Total Operating Revenues 7,390,183 4,917,219 5,397,261 2,664,333 20,368,996 OPERATING EXPENSES:
Salaries and benefits 1,216,585 2,734,195 366,814 677,361 4,994,955 Contractual and other services 2,172,211 3,223,665 9,743,349 612,785 15,752,010 Materials and supplies 176,822 31,328 - 694,210 902,360 Depreciation 16,856 196,301 - 1,122,176 1,335,333
Other operating costs 522,787 1,358,510 136,040 500,388 2,517,725 Total Operating Expenses 7,543,999 4,105,261 10,246,203 3,606,920 25,502,383 OPERATING INCOME (LOSS) (153,816) 811,958 (4,848,942) (942,587) (5,133,387)
NONOPERATING REVENUES (EXPENSES)
Interest income 31,845 104,382 415,096 232,438 783,761
Total nonoperating revenues (expenses) 104,382 31,845 415,096 232,438 783,761 INCOME BEFORE TRANSFERS (49,434) 843,803 (4,433,846) (710,149) (4,349,626) TRANSFERS:
Transfers in - 1,836,500 128,915 100,000 2,065,415
Change in net position 1,787,066 843,803 (4,304,931) (610,149) (2,284,211) NET POSITION:
Beginning of the year 182,140 3,988,367 2,750,566 11,081,536 18,002,609 End of the year 1,025,943 $ 5,775,433 $ (1,554,365) $ 10,471,387 $ 15,718,398 $ 153
City of San Leandro
Combining Statement of Cash Flows
Internal Service Funds
For the year ended June 30, 2024
Information
Building Management Self - Equipment
Maintenance Services Insurance Maintenance Total
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from customers $ 45 $ - $ 588,429 $ 4,385 $ 592,859 Receipts from interfund charges 4,917,174 7,428,350 4,808,832 2,659,948 19,814,304 Cash payments to suppliers and service providers (2,879,393) (4,505,668) (5,510,062) (1,750,635) (14,645,758) Cash payments to employees for services (1,289,503) (2,679,730) (364,056) (681,089) (5,014,378) Net cash provided (used) by operating activities 242,952 748,323 (476,857) 232,609 747,027
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES:
Transfers in from other funds - 1,836,500 128,915 100,000 2,065,415 Net cash provided (used) by noncapital
financing activities 1,836,500 - 128,915 100,000 2,065,415
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:
Acquisition of capital assets - 119,077 - (472,305) (353,228) Net cash provided (used) by capital
and related financing activities 119,077 - - (472,305) (353,228) CASH FLOWS FROM INVESTING ACTIVITIES:
Change in fair values of investments 10,279 12,845 209,122 121,902 354,148 Interest income 23,844 97,106 243,949 132,305 497,204
Cash Flows from Investing Activities 109,951 34,123 453,071 254,207 851,352 Net Cash Flows 2,308,480 782,446 105,129 114,511 3,310,566 CASH AND CASH EQUIVALENTS:
Cash and investments at beginning of year $717,987 $4,070,703 $11,892,246 $6,041,258 22,722,194 Cash and investments at end of year $ 6,379,183 1,500,433 $ 11,997,375 $ 6,155,769 $ 26,032,760 $
RECONCILIATION OF OPERATING
INCOME (LOSS TO NET CASH PROVIDED
(USED) BY OPERATING ACTIVITIES:
Operating income (loss) 811,958 $ (153,816) $ (4,848,942) $ (942,587) $ (5,133,387) $ Adjustments to reconcile operating income (loss)
to net cash provided (used) by operating activities:
Depreciation 16,856 196,301 - 1,122,176 1,335,333
Change in assets and liabilities:
(Increase) decrease in inventory - 38,167 - (18,759) 19,408 (Decrease) increase in accounts payable (7,573) 335,883 274,826 75,507 678,643 (Decrease) increase in other liabilities - - 635,436 - 635,436 (Decrease) increase in claims and judgments payable - - 3,459,065 - 3,459,065 (Decrease) increase in SBITA's - (228,048) - - (228,048) (Decreased) increase in compensated absences (72,918) 54,465 2,758 (3,728) (19,423) Total cash provided (used) by operating activities $ 242,952 748,323 $ (476,857) $ 232,609 $ 747,027 $ 154
STATISTICAL SECTION
Contents Page
Financial Trends 157
Revenue Capacity 165
Debt Capacity 177
Demographic and Economic Information 185
Operating Information 189
These schedules contain service and infrastructure data to help the reader understand how the information in the city's financial report relates to the services the city provides and the activities it performs.
This section of the City of San Leandro's annual comprehensive financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the city's overall financial health.
These schedules contain trend information to help the reader understand how the city's financial performance and well-being have changed over time.
These schedules contain information to help the reader assess the city's most significant local revenue sources, sales tax and property tax.
These schedules present information to help the reader assess the affordability of the city's current levels of outstanding debt and the city's ability to issue additional debt in the future.
These schedules offer demographic and economic indicators to help the reader understand the environment within which the city's financial activities take place. 155
FINANCIAL TRENDS
Net Position by Component Unit - Last Ten Fiscal Years
Changes in Net Position - Last Ten Fiscal Years
Program Revenues by Function / Program - Last Ten Fiscal Years Fund Balances of Governmental Funds - Last Ten Fiscal Years General Fund Revenue by Source - Last Ten Fiscal Years
Changes in Fund Balance of Governmental Funds - Last Ten Fiscal Years These schedules contain trend information to help the reader understand how the city's financial performance and well-being have changed over time.
157
City of San Leandro
Net Position by Component UnitLast Ten Fiscal Years(Accrual Basis of Accounting) Governmental Activities 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 212,967,616 $ 200,560,064 $ 190,556,178 $ 181,178,754 $ 152,522,070 $ 147,336,413 $ 146,227,950 $ 139,036,949 $ 133,346,557 $ 145,700,215 $ Restricted 21,206,626 23,680,435 31,647,662 41,104,032 63,079,453 64,472,691 51,588,031 51,233,996 78,669,326 141,407,045 Unrestricted (98,955,552) (77,776,029) (67,544,332) (84,962,486) (88,393,775) (90,215,808) (70,341,620) (45,191,914) (30,116,102) (77,187,922) Total Governmental Activities Net Position 135,218,690 $ 146,464,470 $ 154,659,508 $ 137,320,300 $ 127,207,748 $ 121,593,296 $ 127,474,361 $ 145,079,031 $ 181,899,781 $ 209,919,338 $ Business-Type Activities 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 32,505,629 $ 30,434,444 $ 31,056,113 $ 34,872,307 $ 38,661,914 $ 41,645,101 $ 39,934,659 $ 45,175,278 $ 49,388,903 $ 52,408,687 $ Restricted - - - - - - - - - -
Unrestricted 12,609,167 18,050,170 20,616,425 17,962,702 20,090,760 16,938,807 25,724,305 25,516,257 26,242,579 29,380,572 Total Business-Type Activities Net Position 45,114,796 $ 48,484,614 $ 51,672,538 $ 52,835,009 $ 58,752,674 $ 58,583,908 $ 65,658,964 $ 70,691,535 $ 75,631,482 $ 81,789,259 $ Primary government 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 245,473,245 $ 230,994,508 $ 221,612,291 $ 216,051,061 $ 191,183,984 $ 188,981,514 $ 186,162,609 $ 184,212,227 $ 182,735,460 $ 198,108,902 $ Restricted 21,206,626 23,680,435 31,647,662 41,104,032 63,079,453 64,472,691 51,588,031 51,233,996 78,669,326 141,407,045 Unrestricted (86,346,385) (59,725,859) (46,927,907) (66,999,784) (68,303,015) (73,277,001) (44,617,315) (19,675,657) (3,873,523) (47,807,350) Total Governmental Activities Net Position 180,333,486 $ 194,949,084 $ 206,332,046 $ 190,155,309 $ 185,960,422 $ 180,177,204 $ 193,133,325 $ 215,770,566 $ 257,531,263 $ 291,708,597 $ Source: City of San Leandro Annual Comprehensive Financial Report (ACFR) - Statement of Net Position Net investment in capital assetsNet investment in capital assetsNet investment in capital assetsNote: (1) Large negative amount in 2015 is due to the implementation of GASB 68. -100,000,000
-50,000,000
0 50,000,000
350,000,000300,000,000250,000,000200,000,000150,000,000100,000,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Net investment in capital assets Restricted Unrestricted 159
City of San Leandro
Changes in Net PositionLast Ten Fiscal Years(accrual basis of accounting) Expenses: 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024Governmental activities: General government 10,896,679 $ 7,923,300 $ 8,524,377 $ 13,658,584 $ 14,053,667 $ 13,979,398 $ 10,695,243 $ 5,526,031 $ 3,878,929 $ 19,733,862 $ Public safety 47,989,126 52,944,433 54,510,194 64,971,782 68,742,284 73,021,991 78,812,214 84,150,324 74,779,776 85,975,797 Engineering & Transportation 30,566,925 31,476,280 28,124,152 32,933,260 35,750,270 32,594,161 23,380,477 35,676,370 33,876,537 37,414,204 Recreation & Culture 11,667,158 13,824,385 13,228,291 14,756,277 14,087,453 13,337,227 11,113,653 12,111,560 12,228,194 16,621,477 Community Development 5,704,907 6,840,393 8,134,895 10,216,834 10,390,977 15,377,114 17,849,902 12,284,760 13,848,053 19,347,363 Interest on long-term debt 2,156,400 1,764,322 2,218,025 1,677,316 1,794,526 1,827,883 2,201,522 2,541,072 1,502,327 918,611 Total governmental activities expenses 108,981,195 114,773,113 114,739,934 138,214,053 144,819,177 150,137,774 144,053,011 152,290,117 140,113,816 180,011,314 Business-type activities: Water Pollution Control 8,802,564 13,534,488 10,795,950 12,184,473 11,814,460 15,233,737 14,588,118 11,456,337 14,053,895 14,527,453 Shoreline 1,691,932 1,839,667 1,754,842 1,786,193 1,677,896 2,094,266 5,393,167 5,389,583 6,198,211 5,990,557 Storm Water Utility 1,105,054 1,212,469 1,106,011 1,412,257 1,407,078 1,417,416 1,551,666 1,583,533 1,671,793 1,281,625 Environmental Services 1,020,388 1,189,985 1,065,885 1,095,232 1,061,370 1,081,674 807,630 763,670 1,114,791 1,072,998 Total business-type activities expenses 12,619,938 17,776,609 14,722,688 16,478,155 15,960,804 19,827,093 22,340,581 19,193,123 23,038,690 22,872,633 Total primary government expenses 121,601,133 132,549,722 129,462,622 154,692,208 160,779,981 169,964,867 166,393,592 171,483,240 163,152,506 202,883,947 Program revenues:
Governmental activities: General government Property taxes 18,898,038 20,044,219 20,858,027 22,994,212 24,123,875 26,307,855 26,664,153 27,772,678 29,211,367 31,935,353 Sales taxes 32,948,155 42,336,643 41,727,835 42,990,223 45,865,704 44,654,873 49,574,497 54,686,116 52,917,433 54,202,822 Franchise Fees 4,845,086 4,968,614 5,102,904 5,269,391 5,192,138 5,648,900 5,844,069 5,951,091 6,222,940 7,182,525 Utility Users Tax 10,359,050 10,807,581 10,975,234 10,719,315 10,182,141 10,529,901 10,830,889 11,611,644 12,483,899 14,112,099 Property Transfer Tax 4,112,030 4,460,568 5,459,316 5,176,403 5,372,712 3,788,439 9,558,694 14,957,472 9,341,227 6,560,843 911 Communication Access Tax 2,974,313 2,917,993 2,890,302 3,035,256 3,110,165 3,123,155 3,255,178 3,388,459 3,456,638 3,790,379 Other taxes 733,867 811,619 907,651 1,008,115 1,430,740 1,821,885 1,813,395 1,896,881 1,964,367 2,169,930 Motors Vehicle License Fees 35,936 - - - - - - - - -
Investment 1,191,893 1,882,764 1,560,277 1,691,972 4,286,379 4,483,519 1,403,560 (1,527,446) 4,889,430 10,962,001 Community Impact Reimbursement - - - - - - - - - -
Miscellaneous 825,082 4,225,123 1,702,501 5,426,862 853,797 878,095 769,949 1,444,158 7,481,254 4,302,441 Gain on sale of assets 6,902 7,060 3,004 1,020,970 553,670 1,578 1,221,097 - - - Transfers - 25,000 - 187,921 (476,000) 111,937 - - - -
Charges for Service 16,063,276 16,552,308 16,956,990 18,674,955 19,315,193 17,865,810 15,588,302 18,635,326 19,456,082 19,973,707 Capital grants and contributions 10,516,591 11,421,781 9,456,976 9,394,883 7,998,205 17,774,584 7,878,242 9,859,600 6,498,886 16,492,388 Operating grants and contributions 8,038,949 5,557,620 5,333,955 6,579,225 6,897,906 7,532,791 15,532,050 21,218,809 22,821,403 10,119,073 Total Governmental activities program revenues 111,549,168 126,018,893 122,934,972 134,169,703 134,706,625 144,523,322 149,934,075 169,894,788 176,744,926 181,803,561 Business-type activities: Charges for services 16,878,752 15,991,142 16,858,465 16,368,849 18,052,981 17,162,985 24,818,868 23,848,318 26,704,161 26,092,554 Capital Grants and Contributions - - 243,304 369,087 982,215 258,586 3,644,686 66,721 - - Operating grants and contributions - - - - 268,599 472,735 349,804 356,393 238,461 618,884 Other taxes 477,190 520,321 629,411 806,392 836,332 660,893 441,445 602,208 601,824 491,355 Investment Earnings 259,724 425,834 179,432 284,219 1,262,342 1,215,065 160,834 (647,946) 623,832 3,171,155 Miscellaneous 268,689 4,234,130 - - - - - - - -
Sale of preropty to developer - - - - - - - - - 23,449,552 Transfers - (25,000) - (187,921) 476,000 (111,937) - - - - Total Business activities program revenues 17,884,355 21,146,427 17,910,612 17,640,626 21,878,469 19,658,327 29,415,637 24,225,694 28,168,278 53,823,500 Total primary government program revenues 129,433,523 147,165,320 140,845,584 151,810,329 156,585,094 164,181,649 179,349,712 194,120,482 204,913,204 235,627,061 Extraordinary Items - - - - - - - - - -
Net revenues (expenses): Governmental Activities 2,567,973 11,245,780 8,195,038 (4,044,350) (10,112,552) (5,614,452) 5,881,064 17,604,671 36,631,110 1,792,247 Business-type activities 5,264,417 3,369,818 3,187,924 1,162,471 5,917,665 (168,766) 7,075,056 5,032,571 5,129,588 30,950,867 Total net revenues (expenses) 7,832,390 $ 14,615,598 $ 11,382,962 $ (2,881,879) $ (4,194,887) $ (5,783,218) $ 12,956,120 $ 22,637,242 $ 41,760,698 $ 32,743,114 $ Source: City of San Leandro Annual Comprehensive Financial Report (ACFR) - Statement of Activities 160
City of San Leandro
Program Revenues by Function/ ProgramLast Ten Fiscal Years(Accrual Basis of Accounting) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Program / FunctionGovernmental Activities:
General Government 7,887,476 $ 10,326,562 $ 8,550,928 $ 9,381,699 $ 9,786,425 $ 9,660,706 $ 10,206,812 $ 11,635,682 $ 11,164,465 $ 12,715,071 $ Public Safety 3,623,194 3,897,568 3,801,944 4,429,180 3,877,786 3,582,527 3,164,583 2,195,549 2,380,127 2,048,111 Engineering and transportation 8,668,597 10,897,823 10,772,477 11,825,335 11,626,649 20,260,794 15,402,179 26,515,527 18,541,363 17,736,770 Recreation and culture 4,493,916 4,385,376 4,062,763 3,605,783 3,559,591 3,890,762 3,280,434 3,241,826 9,171,687 4,259,617 Community development 9,945,633 4,024,380 4,559,809 5,407,066 5,360,853 5,778,396 6,944,586 7,884,843 7,518,729 9,825,599 Interest on long-term debt - - - - - - - - - -
Subtotal governmental activities 34,618,816 $ 33,531,709 $ 31,747,921 $ 34,649,063 $ 34,211,304 $ 43,173,185 $ 38,998,594 $ 51,473,427 $ 48,776,371 $ 46,585,168 $ Business-Type Activities
Water Pollution Control Plant 12,996,465 $ 12,467,570 $ 13,068,979 $ 12,574,723 $ 15,250,875 $ 14,172,199 $ 20,054,960 $ 16,085,725 $ 19,103,753 $ 18,755,522 $ Shoreline 2,038,388 1,702,955 1,994,642 2,085,975 1,970,376 1,710,740 6,778,655 6,287,707 5,841,043 5,750,429 Storm Water Utility 1,070,154 1,093,460 1,084,122 1,056,708 1,068,814 1,073,513 1,071,874 1,084,536 1,075,407 1,085,694 Environmental Services 773,745 727,157 954,026 1,020,530 1,013,730 937,854 907,869 813,464 922,419 1,119,793 Subtotal business-type activities 16,878,752 $ 15,991,142 $ 17,101,769 $ 16,737,936 $ 19,303,795 $ 17,894,306 $ 28,813,358 $ 24,271,432 $ 26,942,622 $ 26,711,438 $ Total primary government 51,497,568 $ 49,522,851 $ 48,849,690 $ 51,386,999 $ 53,515,099 $ 61,067,491 $ 67,811,952 $ 75,744,859 $ 75,718,993 $ 73,296,606 $ Source: City of San Leandro Annual Comprehensive Financial Report (ACFR) - Statement of Activities 161
City of San Leandro
Fund Balance of Governmental FundsLast Ten Fiscal Years(modified accrual basis of accounting) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
General Fund: Reserved - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Unreserved - - - - - - - - - -
Nonspendable 13,849,630 14,448,674 12,552,626 11,267,706 10,902,741 7,997,945 7,626,704 7,218,598 6,749,826 6,328,083 Restricted 50,000 50,000 50,000 50,000 50,000 50,000 50,000 5,691,874 2,089,319 29,049,679 Assigned 1,766,700 3,128,977 4,577,831 5,301,907 6,296,907 9,799,641 9,505,953 9,436,735 9,436,735 1,214,010 Unassigned 19,145,226 29,378,795 33,781,436 36,552,684 42,741,116 46,666,766 66,536,219 79,066,787 79,043,363 70,333,140 Total General Fund 34,811,556 $ 47,006,446 $ 50,961,893 $ 53,172,297 $ 59,990,764 $ 64,514,352 $ 83,718,876 $ 101,413,994 $ 97,319,243 $ 106,924,912 $ All other governmental funds: Reserved - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ Unreserved, designated - - - - - - - - - -
Unreserved, undesignated, reported in: Special revenue funds - - - - - - - - - - Capital projects funds - - - - - - - - - - Nonspendable - - - - - - 430,668 - 309,500 - Restricted 22,590,294 25,002,605 32,364,776 41,104,032 63,726,144 64,472,691 54,358,746 54,062,312 77,776,809 105,698,109 Assigned - - - - - - - - - - Unassigned (1,383,668) (1,322,170) (717,114) - (646,691) - (3,201,383) (2,828,316) (1,083,819) (1,887,623)Total all other governmental funds 21,206,626 $ 23,680,435 $ 31,647,662 $ 41,104,032 $ 63,079,453 $ 64,472,691 $ 51,588,031 $ 51,233,996 $ 77,002,490 $ 103,810,486 $ Total All Governmental Funds 56,018,182 $ 70,686,881 $ 82,609,555 $ 94,276,329 $ 123,070,217 $ 128,987,043 $ 135,306,907 $ 152,647,990 $ 174,321,733 $ 210,735,398 $ Source: City of San Leandro Annual Comprehensive Financial Report (ACFR) - Governmental Funds Balance Sheet 162
City of San Leandro
General Governmental Revenues By SourceAll Government Fund TypesLast Ten Fiscal Years Fiscal
Year
Property & Other
Taxes
Licenses &
Permits
Fines &
Forfeitures Service Charges
Intergovernmental Use of Money & Property Other Revenue Total 2015 75,226,114 $ 8,041,005 $ 1,524,570 $ 3,489,068 $ 14,476,306 $ 3,332,499 $ 5,266,519 $ 111,356,081 $ 2016 86,735,605 8,594,731 1,685,098 3,099,475 12,191,846 4,023,537 6,587,487 122,917,7792017 88,391,366 9,348,195 1,572,898 3,543,567 11,078,666 4,117,990 4,882,290 122,934,9722018 91,648,512 10,726,515 1,688,351 3,790,985 12,843,102 4,145,901 9,138,416 133,981,7822019 95,596,907 11,429,826 1,675,533 3,592,813 11,964,009 6,878,046 4,045,491 135,182,6252020 96,089,825 12,249,199 1,495,851 2,399,404 20,552,655 7,972,029 3,652,422 144,411,3852021 107,772,445 10,062,117 1,338,461 1,426,373 14,601,427 5,277,599 1,075,849 141,554,2712022 120,465,255 10,801,893 809,767 1,970,713 17,343,374 835,725 2,217,020 154,443,7472023 116,949,985 12,901,332 678,304 3,215,720 22,461,573 8,606,086 9,931,493 174,744,4932024 120,353,180 12,256,920 854,009 3,887,451 30,768,860 13,916,863 4,935,160 186,972,443 `
$0
$90,000,000$80,000,000$70,000,000$60,000,000$50,000,000$40,000,000$30,000,000$20,000,000$10,000,000 $100,000,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Property & Other Taxes Licenses & Permits Fines & Forfeitures Service Charges Intergovern- mental Use of Money & Property Other Revenue 163
City of San Leandro
Changes in Fund Balance of Governmental FundsLast Ten Fiscal Years 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Revenues: Property and other taxes 75,226,114 $ 86,735,605 $ 88,391,366 $ 91,648,512 $ 95,596,907 $ 96,089,825 $ 107,772,445 $ 120,465,255 $ 116,949,985 $ 120,353,180 $ Licenses and permits 8,041,005 8,594,731 9,348,195 10,726,515 11,429,826 12,249,199 10,062,117 10,801,893 12,901,332 12,256,920 Fines and forfeitures 1,524,570 1,685,098 1,572,898 1,688,351 1,675,533 1,495,851 1,338,461 809,767 678,304 854,009 Service charges 3,489,068 3,099,475 3,543,567 3,790,985 3,592,813 2,399,404 1,426,373 1,970,713 3,215,720 3,887,451 Intergovernmental 14,476,306 12,191,846 11,078,666 12,843,102 11,964,009 20,552,655 14,601,427 17,343,374 22,461,573 30,768,860 Use of money and property 3,340,946 4,023,537 4,117,990 4,145,901 6,878,046 7,972,029 5,277,599 835,725 8,606,086 13,916,863 Intergovernmental 2,250,266 1,999,878 1,999,878 1,999,878 1,999,878 1,999,878 2,001,068 2,000,000 2,000,000 2,792,815 Other 3,007,806 4,587,609 2,882,412 7,138,538 2,045,613 1,652,544 1,075,849 2,217,020 9,931,493 4,935,160 Total revenues 111,356,081 122,917,779 122,934,972 133,981,782 135,182,625 144,411,385 143,555,339 156,443,747 176,744,493 189,765,258 Expenditures:
Current: General government 11,720,994 11,846,864 11,493,208 11,679,072 12,305,756 13,109,392 14,745,469 14,611,556 19,263,609 18,985,362 Public safety 49,441,422 52,258,892 54,732,167 60,034,363 62,392,436 64,708,745 65,649,509 64,179,413 66,432,821 75,308,221 Engineering and transportation 17,905,896 19,185,657 19,487,997 25,648,773 24,132,999 28,781,633 23,906,576 29,357,598 32,768,592 43,475,216 Recreation and culture 10,481,528 12,214,366 11,845,986 11,898,321 11,101,882 10,999,381 10,069,379 11,719,789 12,999,246 15,296,192 Community development 5,708,945 6,480,125 7,700,158 8,244,056 9,132,310 14,699,407 17,767,244 12,575,591 14,606,998 18,099,137 Capital Outlay - - - - - - - - - -
Debt service: Principal 2,524,833 2,549,397 18,960,762 3,206,330 3,480,537 3,668,156 3,884,915 4,116,816 4,382,864 4,671,059 Interest and fees 2,299,286 1,963,779 2,196,157 1,744,082 2,207,841 2,417,755 2,256,968 2,072,246 1,847,053 1,867,942 Total expenditures 100,082,904 106,499,080 126,416,435 122,454,997 124,753,761 138,384,469 138,280,060 138,633,009 152,301,183 177,703,129 Excess (deficiency of revenues over (under)
expenditures 11,273,177 16,418,699 (3,481,463) 11,526,785 10,428,864 6,026,916 5,275,279 17,810,738 24,443,310 12,062,129 Other financing Sources (uses): Transfers in 2,604,156 3,877,017 4,193,000 10,345,878 28,198,333 6,425,000 8,427,823 9,679,732 15,641,549 6,424,462 Transfers out (2,604,156) (5,627,017) (10,453,000) (10,205,889) (30,047,660) (6,535,090) (8,604,335) (10,158,425) (18,411,549) (8,489,877) Property Proceeds - - - - - - 1,221,097 9,038 433 -
Issuance of Debt - - 21,664,137 - 20,214,351 - - -
Total other financing sources (uses) - (1,750,000) 15,404,137 139,989 18,365,024 (110,090) 1,044,585 (469,655) (2,769,567) (2,065,415) Prior period restatement - - - - - - - - - -
Net change in fund balances 11,273,177 $ 14,668,699 $ 11,922,674 $ 11,666,774 $ 28,793,888 $ 5,916,826 $ 6,319,864 $ 17,341,083 $ 21,673,743 $ 9,996,714 $ Debt Services as a percentage of noncapital expenditures 5.06% 4.43% 20.10% 4.21% 4.78% 4.60% 4.65% 4.67% 4.26% 3.82% Sources: City of San Leandro Annual Comprehensive Financial Report (ACFR) - Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances City of San Leandro Annual Comprehensive Financial Report (ACFR) - Reconciliation of the Net Change in Fund Balances - Total Government Funds with the Statement of Activities 164
REVENUE CAPACITY
Direct and Overlapping Property Tax Rates - Last Ten Fiscal Years Assessed Value of Taxable Property - Last Ten Fiscal Years Net Assessed Value of Property by Use Code, Citywide - Last Three Fiscal Year Principal Property Tax Payers - Current Year and Nine Years Ago Property Tax Levies and Collections - Last Ten Fiscal Years Historical Sales Tax Amount by Benchmark Year - Last Nine Calendar Years at Quarter 1 (Q1) Principal Sales Tax Producers - Last Fiscal Year and Nine Years Ago Sewer Rates - Last Ten Fiscal Years
Number of Permits and Valuation of Taxable Transactions - Last Ten Calendar Years These schedules contain information to help the reader assess the city's most significant local revenue sources, sales tax and property tax.
165
City of San Leandro
Direct and Overlapping Property Tax Rates(Rate per $1,000 of assessed value)Last Ten Fiscal Years 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Basic City and County Levy City of San Leandro 0.156681 0.156681 0.156681 0.156681 0.156681 0.156681 0.156681 0.156681 0.156681 0.156681 County of Alameda 0.843319 0.843319 0.843319 0.843319 0.843319 0.843319 0.843319 0.843319 0.843319 0.843319Total Basic Levy 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000 1.000000Override Assessments County GO Bond 0.000000 0.000000 0.000000 0.000000 0.011200 0.010800 0.003600 0.004100 0.010300 0.008800 San Leandro Unified School Bond 0.131000 0.121500 0.117900 0.140600 0.133500 0.132500 0.177000 0.173200 0.170100 0.180000 Chabot-Las Positas College Bond 0.021700 0.019800 0.024600 0.044500 0.044300 0.042200 0.021400 0.045800 0.038800 0.041600 Bay Area Rapid Transit 0.004500 0.002600 0.008000 0.008400 0.007000 0.012000 0.013900 0.006000 0.014000 0.013400 East Bay Regional Park 0.008500 0.006700 0.003200 0.002100 0.005700 0.006000 0.001400 0.002000 0.005800 0.005700Total Override Rate 0.165700 0.150600 0.153700 0.195600 0.201700 0.203500 0.217300 0.231100 0.239000 0.249500Total Tax Rate 1.165700 1.150600 1.153700 1.195600 1.201700 1.203500 1.217300 1.231100 1.239000 1.249500Tax rates have been restated from previous ACFR reportsSources 1) County Auditor/Controller data, Avenu Insights & Analytics2) 2022-23 and prior, previously published ACFR Report Note: TRAs 10-001 is represented for this report.
167
City of San Leandro
Assessed Value of Taxable PropertyLast Ten Fiscal Years(In Thousands) Fiscal Year
Ended June
30 Secured
Property
Unsecured
Property
Less:
Exemptions
Taxable
Assessed
Value
Secured
Property
Unsecured
Property
Less:
Exemptions
Taxable
Assessed Value
Total Tax
Rate (`1)
Taxable Assessed
Value
Estimated
Actual Taxable
Value (2)
Factor of Taxable
Assessed Value (2)
2015 6,310,548 $ 152,421 $ 196,657 $ 6,266,312 $ 4,694,159 $ 367,800 $ 907,973 $ 4,153,986 $ 1.1657 10,420,298 $ 13,808,666 $ 1.325172016 7,795,139 197,971 178,848 7,814,262 3,899,194 371,143 892,306 3,378,031 1.1657 11,192,293 15,938,474 1.4240582017 8,243,336 235,839 334,516 8,144,659 3,995,308 404,452 851,651 3,548,110 1.1537 11,692,768 20,767,772 1.77612018 8,775,315 229,625 319,941 8,684,999 4,195,622 413,077 880,570 3,728,128 1.1956 12,413,128 18,025,239 1.45212019 9,283,562 281,710 355,814 9,209,457 4,424,460 473,473 894,212 4,003,721 1.2017 13,213,179 21,102,345 1.59712020 9,780,976 301,691 362,978 9,719,689 4,796,146 544,368 956,213 4,384,301 1.2035 14,103,990 20,936,315 1.48442021 10,237,915 275,465 367,295 10,146,085 5,026,306 580,363 1,004,807 4,601,862 1.2173 14,747,947 18,755,382 1.2717 2022 10,671,290 248,354 351,759 10,567,885 5,202,833 536,027 999,971 4,738,889 1.2311 15,306,774 21,274,862 1.3899 2023 11,421,150 253,556 368,453 11,306,253 5,468,618 550,988 1,015,684 5,003,922 1.2390 16,310,175 23,524,930 1.44232024 12,079,806 287,660 406,439 11,961,027 5,944,673 609,275 994,418 5,559,530 1.2495 17,520,557 24,817,168 1.4165 Source: County Assessor Data, Avenu Insights & Analytics Source: 2022-23 and prior, previously published ACFR Report Table does not include state unitary value of $3,331,742.Notes:(-) Data Unavailable (1.) Total direct tax rate is represented by TRA 10-001 (2.) Estimated Actual Value is derived from a series of calculations comparing median assessed values from 1940 to current median sale prices.Based on these calculations a multiplier value was extrapolated and applied to current assessed values.
City (Excl Successor Agency) Successor Agency City Wide 168
City of San Leandro
Net Assessed Value of Property by Use Code, Citywide
Last Three Fiscal Years
Category FY 2022 FY 2023 FY 2024
Residential $ 9,964,415,506 $ 10,623,558,234 $ 11,216,032,873 Industrial 2,626,276,566 2,891,556,134 3,133,771,521
Commercial 1,743,505,980 1,810,506,723 1,977,773,090
Institution 1,095,462,065 1,109,483,469 1,144,094,804
Unknown 197,291,505 219,995,409 254,729,840
Vacant 191,456,692 172,743,409 225,929,809
Government 46,808,197 52,293,901 57,124,202
Professional 7,758,020 8,458,817 13,827,977
Recreation 1,148,710 1,171,684 1,195,113
Public - - -
Net Secured Value 15,874,123,241 16,889,767,780 18,024,479,229 Unsecured 784,380,778 804,543,992 896,934,706
Exemptions 1,351,729,114 1,384,136,752 1,400,857,408
Net Assessed Value 15,306,774,905 $ 16,310,175,020 $ 17,520,556,527 $ Source: County Assessor data, Avenu Insights & Analytics Use code categories are based on County Assessor's data Secured Property does not includes state unitary value of $3,331,742. 169
City of San Leandro
Principal Property Tax Payers
June 30, 2024
Current Fiscal Year and Nine Years Ago
Taxpayer Rank Taxable Value ($)
Percent of
Total City
Taxable
Value (%) Rank Taxable Value ($)
Percent of
Total City
Taxable
Value (%)
AMB Property LP 1 213,026,886 $ 1.22% 2 177,434,881 $ 1.70% Waste Management Of Alameda County Inc 2 204,116,186 1.17% 8 53,803,184 0.52% Kaiser Foundation Hospitals Inc 3 190,132,228 1.09% 5 72,610,179 0.70% Alameda Ca I SGF LLC 4 181,866,000 1.04%
Ghirardelli Chocolate Company 5 151,676,764 0.87% 1 203,078,416 1.95% Safeway Inc 6 125,006,513 0.71% 7 67,134,639 0.64%
100 Halcyon Owner LLC 7 112,852,504 0.64%
Colfin 2018 2 Industrial Owner LLC 8 110,169,915 0.63%
SLTC LLC 9 99,485,303 0.57%
San Leandro JV LLC 10 96,164,418 0.55%
BRE Westgate Property Owner LLC 11 93,546,841 0.53%
BPP Pacific Industrial Ca Reit Owner 2 LLC 12 89,799,350 0.51% 902 Davis Street Owner LLC 13 85,950,458 0.49%
Prologis USLV New CA 7 LLC 14 82,266,214 0.47%
BG8 Williams Street LLC 15 79,032,957 0.45%
Reyes Coca-Cola Bottling LLC 16 75,343,628 0.43%
R. Torre & Company, Inc 17 68,073,120 0.39%
2000 Marina LLC 18 60,978,560 0.35%
Chill Build San Leandro LLC 19 58,103,216 0.33%
Woodchase Owner LLC 20 58,065,218 0.33%
San Leandro Advisors & GWH Parkside LLC Etal 21 57,440,727 0.33% Lone Oak San Leandro LLC 22 49,213,350 0.28%
Gateway Buena Park Inc 23 44,006,019 0.25% 12 37,337,757 0.36% AROW Merced 2701 LLC 24 42,900,000 0.24%
Georgia Pacific Corrugated LLC 25 41,686,813 0.24% 9 50,331,910 0.48% BCI Coca Cola Bottling Co 3 83,916,561 0.81%
Madison Bay Fair LLC 4 79,808,198 0.77%
General Foods Corp 6 69,234,447 0.66%
SKB Westgate Investments LLC 10 49,417,641 0.47%
Creekside Plaza Partners LLC 11 43,594,448 0.42%
Emerald Properties 13 30,674,785 0.29%
World Savings Loan Assoc 14 30,284,070 0.29%
BRCP San Leandro Industrial LLC 15 29,413,024 0.28%
FPA Woodchase Assoc LP 16 29,054,490 0.28%
KTR Bay East IV LLC 17 28,150,000 0.27%
Bigge Crane Rigging Company 18 28,084,784 0.27%
Batarse Anthony A Jr 19 27,048,215 0.26%
LBA CPT Industrial Co II LLC 20 26,806,148 0.26%
PLP Partners LP Wells Fargo Bank 21 26,512,341 0.25%
PK I Fashion Faire Place LP 22 25,050,000 0.24%
Heritage Gateway LP Heritage S 23 23,505,516 0.23%
WRI Greenhouse LP 24 22,550,254 0.22%
Acco Engineered Systems Inc. 25 22,515,026 0.22%
Total Top 25 Taxpayers 2,470,903,188 14.10% 1,337,350,914 12.83% Total Taxable Value $ 17,520,556,527 100.00% $ 10,420,298,464 100.00% Source: County Assessor data, Avenu Insights & Analytics 2024 2015
170
City of San Leandro
Property Tax Levies and CollectionsLast Ten Fiscal Years Fiscal Taxes Levied Collections in
Year Ended for the Percent Subsequent Residual Percent
June 30 Fiscal Year Amount of Levy Years Distribution Amount of Levy 2015 10,630,839 $ 10,250,071 $ 96.42% 158,636 $ 337,278 $ 10,745,985 $ 101.08% 2016 11,326,738 10,897,360 96.21% 191,132 165,626 11,254,119 99.36%2017 11,817,732 11,631,783 98.43% 133,429 1,604,861 13,370,073 113.14%2018 12,566,402 12,399,772 98.67% 84,584 2,559,564 15,043,920 119.72% 2019 13,300,863 13,135,622 98.76% 168,341 2,457,712 15,761,675 118.50%2020 14,079,125 13,862,645 98.46% 83,577 3,278,262 17,224,484 122.34% 2021 14,606,893 14,387,162 98.50% 103,506 2,721,627 17,212,295 117.84%2022 15,159,492 14,909,498 98.35% 74,666 2,886,249 17,870,413 117.88% 2023 16,154,116 15,883,172 98.32% 97,932 2,726,130 18,707,235 115.80% 2024 17,227,913 16,913,560 98.18% 106,993 3,817,675 20,838,229 120.96% Source: Alameda County Auditor-Controller's Office
Collected within the
Fiscal Year of Levy Total Collections to Date
171
City of San Leandro
Historical Sales Tax Amount by Benchmark YearLast Nine Fiscal Years at Quarter 1 (Q1)(In Thousands) 2024 Q1 2023 Q1 2022 Q1 2021 Q1 2020 Q1 2019 Q1 2018 Q1 2017 Q1 2016 Q1 2015 Q1 Accommodation and Food Services 2,822,855 $ 2,693,414 $ 2,483,492 $ 1,743,342 $ 2,325,678 $ 2,272,934 $ 2,113,999 $ 1,937,534 $ 1,789,446 $ 1,590,180 $ Agriculture, Forestry, Fishing and Hunting 564,191 497,465 364,409 240,362 277,587 299,232 231,749 308,064 260,550 312,992 Arts, Entertainment, and Recreation 15,126 14,367 11,048 1,821 7,155 2,973 1,055 1,164 3,906 9,309 Construction 2,556,649 2,709,150 2,546,150 2,269,140 2,179,732 1,491,043 1,544,809 1,466,541 1,824,763 1,491,611Educational Services 8,182 11,454 11,611 6,873 13,912 19,452 26,617 13,899 8,747 11,553Information 73,010 76,306 75,367 60,171 76,271 89,927 85,581 84,141 74,144 79,550 Manufacturing 2,615,066 2,504,625 1,961,714 1,918,006 2,046,987 1,823,281 1,820,615 3,183,024 3,481,755 2,982,867Mining, Quarrying, and Oil and Gas Extraction 3,087,413 3,705,558 3,559,183 2,749,216 2,777,223 2,820,479 2,889,998 2,373,233 2,081,095 2,147,576Other Services (except Public Administration) 309,103 289,547 277,513 259,890 308,662 280,413 341,964 303,082 323,462 269,204 Professional, Scientific, and Technical Services 185,727 225,380 (120,846) 190,785 196,275 198,962 (91,960) 211,126 209,561 166,247 Real Estate and Rental and Leasing 143,627 191,438 275,868 170,535 211,822 290,218 159,287 157,397 211,377 194,121Retail Trade 18,252,812 19,559,391 18,782,294 15,045,298 16,380,533 16,572,244 16,429,530 15,297,068 14,364,745 13,415,269Utilities 1,068,411 844,729 608,319 727,912 867,334 763,178 670,320 627,965 573,325 496,631Undefined 300,329 258,170 266,583 245,243 243,243 230,055 210,874 178,546 197,432 267,412TOTAL 32,002,501 $ 33,580,996 $ 31,102,706 $ 25,628,594 $ 27,912,415 $ 27,154,393 $ 26,434,438 $ 26,142,781 $ 25,404,310 $ 23,434,522 $ Source: Avenu Insights & AnalyticsNote:The data contained in this report is economic and therefore constantly changing as adjustments, fund transfers, late filings and audits are recorded.The categories listed in previous reports were based on SBOE NAICS codes and have been updated to reflect current updated CDTFA standards. 172
City of San Leandro
Principal Sales Tax Producers Current Fiscal Year and Nine Years Ago Taxpayer Business Type Taxpayer Business Type
Arco AM/PM Mini Marts Service Stations AB Calif Acquisition Bldg.Matls-RetailBeacon Roofing Supply Bldg.Matls-Whsle Chevron Service Stations Service StationsCalifornia Waterproofing Supply Bldg.Matls-Whsle Consolidated Electrical Distributors Bldg.Matls-Whsle Coast Counties Peterbilt Misc. Vehicle Sales Costco Wholesale Department StoresCostco Wholesale Department Stores Cummins Heavy IndustryEnterprise Rent-A-Car Leasing Enterprise Rent-A-Car LeasingF H Dailey Chevrolet Auto Sales - New ESD Company Electronic EquipmentFerguson Enterprises Bldg.Matls-Whsle F H Dailey Chevrolet Auto Sales - NewFoundation Building Materials Bldg.Matls-Whsle Home Depot Bldg.Matls-RetailHome Depot Bldg.Matls-Retail Macy's Department Store Department StoresIndependent Electric Supply Bldg.Matls-Whsle Nike Factory Store Apparel StoresNike Factory Store Apparel Stores Norcal Kenworth Misc. Vehicle SalesPape Kenworth Misc. Vehicle Sales Nordstrom Department Store Department StoresPeterson Power Systems Heavy Industry Pacific Pride Energy SalesPeterson Tractor Company Heavy Industry Peterson Power Systems Heavy IndustryPeterson Trucks Misc. Vehicle Sales Peterson Tractor Company Heavy Industry Ross Stores Apparel Stores Peterson Trucks Misc. Vehicle Sales San Leandro Chrysler Jeep Dodge Ram Auto Sales - New Safeway Stores Food Markets San Leandro Honda Auto Sales - New San Leandro Chrysler Jeep Dodge Ram Auto Sales - NewSan Leandro Hyundai/Kia Auto Sales - New San Leandro Honda Auto Sales - NewTarget Stores Department Stores San Leandro Nissan Auto Sales - NewThe Ford Store Auto Sales - New Shell Service Stations Service StationsTrayer Engineering Corporation Electronic Equipment Target Stores Department StoresWal Mart Stores Department Stores The Ford Store Auto Sales - NewWine.com Liquor Stores Wal Mart Stores Department Stores Source: Avenu Insights & Analytics
FY 2024 FY 2015
173
City of San Leandro
Sewer Rates
Last Ten Fiscal Years
Fiscal Single MultiYear Family Family Institutional
2015 $ 33.07 $ 23.54 $ - 7.66 3.65 $ 3.00
2016 33.17 23.54 3.65 - 7.66 3.00
2017 34.03 24.15 3.74 - 7.86 3.08
2018 34.71 24.63 3.81 - 8.02 3.14
2019 35.75 25.37 3.92 - 8.26 3.23
2020 37.13 26.35 4.07 - 8.58 3.36
2021 41.60 29.30 4.36 - 9.75 3.93
2022 44.90 31.60 4.68 - 10.53 4.31
2023 48.70 34.30 5.06 - 11.42 4.75
2024 53.20 37.40 5.51 - 12.47 4.91
Notes: Commercial and Institutional charge is based upon the volume of water used.
Source: City of San Leandro Public Works Department and Master Fee Schedule Sewer Non-Residential
Commercial
174
City of San Leandro
Number of Permits and Valuation of Taxable Transactions Last Ten Calendar Years
Retail Stores
Taxable Taxable
Calendar Number Transactions Number Transactions
Year of Permits (in thousands) of Permits (in thousands) 2015 1,309 1,478,697 $ 2,425 2,483,400 $
2016 1,362 1,598,459 2,508 2,584,669
2017 1,374 1,662,454 2,513 2,650,938
2018 1,373 1,688,378 2,555 2,665,437
2019 1,379 1,702,666 2,618 2,718,393
2020 1,379 1,580,927 2,618 2,573,889
2021 1,455 1,709,464 2,766 2,784,599
2022 1,426 1,974,334 2,706 3,188,713
2023 1,355 1,990,228 2,611 3,290,425
2024 1,347 1,940,352 2,590 3,115,754
Note: Data 2015 and beyond is provided by California Dept. of Tax and Fee Administration Note for 2020: The Number of Permits for Retail Stores and for All Outlets was not available for disclosure at the time of Financial Reporting and the 2019 year amounts were used for the number of permits.
Prior to 2015, data provided by State Board of Equalization (BOE), Taxable Sales in California (Sales and Use Tax).
Total All Outlets
175
DEBT CAPACITY
Direct and Overlapping Debt - As of June 30, 2021
Pledged-Revenue Coverage - Last Ten Fiscal Years
Computation of Legal Debt Margin - Last Ten Fiscal Years Ratios of Outstanding Debt by Type - Last Ten Fiscal Years Ratios of General Bonded Debt Outstanding - Last Ten Fiscal Years These schedules present information to help the reader assess the affordability of the city's current levels of outstanding debt and the city's ability to issue additional debt in the future. 177
Direct and Overlapping Debt
As of June 30, 2024
2023-24 Assessed Valuation $ 17,618,827,869
Total Debt City's Share of
OVERLAPPING TAX AND ASSESSMENT DEBT: 6/30/2024 % Applicable (1) Debt 6/30/24 Alameda County $ 497,295,000 4.394% $ 21,851,142
Bay Area Rapid Transit District 1.745% 42,675,284 2,445,575,000 Chabot-Las Positas Community College District 947,675,000 10.678% 101,192,737 San Leandro Unified School District 387,164,900 92.937% 359,819,443 San Lorenzo Unified School District 208,575,000 21.563% 44,975,027 East Bay Regional Park District 144,520,000 2.742% 3,962,738 City of San Leandro Cherrywood Community Facilities District 815,000 100% 815,000 TOTAL OVERLAPPING TAX AND ASSESSMENT DEBT $ 575,291,371 DIRECT AND OVERLAPPING GENERAL FUND DEBT:
Alameda County General Fund Obligations $ 656,746,000 4.394% $ 28,857,419 Alameda-Contra Costa Transit District Certificates of Participation 10,420,000 5.172% 538,922 San Lorenzo Unified School District Certificates of Participation 7,635,000 21.563% 1,646,335 Eden Township Healthcare District General Fund Obligations 13,235,000 25.248% 3,341,573 City of San Leandro General Fund Obligations 35,717,262 100% 35,717,262 TOTAL DIRECT AND OVERLAPPING GENERAL FUND DEBT $ 70,101,511 OVERLAPPING TAX INCREMENT DEBT (Successor Agencies):
San Leandro Tax Allocation Bonds $ 9,010,000 100% $ 9,010,000 Alameda County – San Leandro Tax Allocation Bonds 15,705,000 55.507% $ 8,717,374 TOTAL OVERLAPPING TAX INCREMENT DEBT $17,727,374
TOTAL DIRECT DEBT $ 35,717,262
TOTAL OVERLAPPING DEBT $ 627,402,995
COMBINED TOTAL DEBT $ 663,120,257 (2)
Ratios to 2023-24 Assessed Valuation:
Total Overlapping Tax and Assessment Debt 3.27%
Total Direct Debt ($35,717,262) 0.20%
Combined Total Debt 3.76%
Ratios to Redevelopment Successor Agency Incremental Valuation ($3,983,999.307):
Total Overlapping Tax Increment Debt 0.44%
City of San Leandro
(1) The percentage of overlapping debt applicable to the city is estimated using taxable assessed property value. Applicable percentages were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the city divided by the district's total taxable assessed value.
(2) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and non-bonded financed purchase obligations. 179
City of San Leandro
Pledged-Revenue Coverage
Last Ten Fiscal Years
Special
Fiscal Assessment
Year Collections Principal Interest Coverage
2015 - - - -
2016 - - - -
2017 - - - -
2018 - - - -
2019 - - - -
2020 - - - -
2021 - - - -
2022 - - - -
2023 - - - -
2024 - - - -
Notes: During Fiscal Year 2009-10 and beyond no assessments were necessary due to the availability of funds to pay the debt.
Source: City of San Leandro
Special Assessment Bonds
Debt Service
180
City of San Leandro
Computation of Legal Debt MarginLast Ten Fiscal Years
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Assessed Valuation:Secured property assessed value 9,900,077,000 $ 10,623,178,219 $ 11,098,868,606 $ 11,810,249,391 $ 12,457,995,912 $ 13,257,932,134 $ 13,892,119,617 $ 14,522,393,000 $ 15,505,631,000 $ 16,623,622,000 $ Addback: Exemptions 1,104,630,000 1,071,154,402 1,139,775,183 1,160,687,336 1,250,026,103 1,319,190,336 1,372,102,115 1,351,730,000 1,384,137,000 1,400,857,000 Total Assessed Valuation 11,004,707,000 $ 11,694,332,621 $ 12,238,643,789 $ 12,970,936,727 $ 13,708,022,015 $ 14,577,122,470 $ 15,264,221,732 $ 15,874,123,000 $ 16,889,768,000 $ 18,024,479,000 $ Bonded debt (15% of Assessed Value) 1,650,706,050 $ 1,754,149,893 $ 1,835,796,568 $ 1,945,640,509 $ 2,056,203,302 $ 2,186,568,371 $ 2,289,633,260 $ 2,381,118,450 $ 2,533,465,200 $ 2,703,671,850 $ Total Bonded Debt 715,441 42,066,944 42,404,398 37,374,715 37,374,715 50,714,022 46,829,107 42,712,291 38,329,427 33,658,368 Less:
Special assessment bonds - - - - - - - - - -
Lease Revenue Debt (26,208,000) (25,198,000) (27,410,045) (20,495,000) (37,904,000) (36,368,000) (34,777,000) (33,126,000) (31,401,000) (29,595,000) Financed purchases (715,441) (678,944) (240,353) (5,254,715) (4,941,178) (4,621,022) (4,294,107) (3,960,291) (3,619,427) (3,271,368) Amount of Debt subject to Limit (26,208,000) 16,190,000 14,754,000 11,625,000 (5,470,463) 9,725,000 7,758,000 5,626,000 3,309,000 792,000 Legal Debt Margin 1,676,914,050 $ 1,737,959,893 $ 1,821,042,568 $ 1,934,015,509 $ 2,061,673,765 $ 2,176,843,371 $ 2,281,875,260 $ 2,375,492,450 $ 2,530,156,200 $ 2,702,879,850 $ Source: County Assessor Data, Avenu Insights & Analytics Source: County of Alameda office of Auditor-Controller and Statement of Direct and Overlapping Debt 181
City of San Leandro
Ratios of General Bonded Debt OutstandingLast Ten Fiscal Years Pension Total % of Debt General Bonded
Fiscal Total of Obligation Financed Other General Personal per Debt to Year Personal Income Population Bonds Purchases Debt Bonded Debt Income Capita Taxable Property 2015 5,545,682,831 $ 89,189 15,555,000 $ 715,441 - 16,270,441 $ 0.29% 184 0.148% 2016 5,524,820,829 88,441 14,345,000 678,944 - 15,023,944 0.27% 170 0.128%2017 5,587,279,300 87,700 13,040,000 240,353 - 13,280,353 0.24% 151 0.109%2018 5,894,517,000 88,274 11,625,000 5,254,715 - 16,879,715 0.29% 191 0.130%2019 6,729,183,000 89,825 10,085,000 4,941,178 - 15,026,178 0.22% 167 0.110% 2020 6,851,117,000 87,930 8,405,000 4,621,022 - 13,026,022 0.19% 148 0.089%2021 7,341,134,000 87,289 6,570,000 4,294,107 - 10,864,107 0.15% 124 0.071%2022 8,539,844,000 88,404 4,570,000 3,960,291 - 8,530,291 0.10% 96 0.054%2023 9,858,650,000 87,497 2,385,000 3,619,427 - 6,004,427 0.06% 69 0.036%2024 11,099,966,000 87,984 - 3,271,368 - 3,271,368 0.03% 37 0.00 Sources:
(a) Income Data is provided by the U.S. Census Bureau, 2019 American Community Survey. Income data has been restated from previous years.(b) Population Projections are provided by the California Department of Finance Projections.(c) All other information provided by the City of San Leandro. 182
City of San Leandro
Ratios of Outstanding Debt by TypeLast Ten Fiscal Years Tax Pension CFDs % of Debt Total % of Debt Total % of Debt Fiscal Year Total of Allocation Obligation and Lease Financed Other Total Personal per Business-Type Personal per Government-Wide Personal per Ended Personal Income Population Bonds Bonds Revenue Debt (1) Purchase Debt Governmental Debt Income Capita Debt (2) Income Capita Debt Income Capita 2015 5,545,682,831 $ 89,189 - 15,555,000 $ 26,208,000 $ 715,441 $ 1,976,000 $ 44,454,441 $ 0.80% 498$ 42,092,468 $ 0.76% 471.95 68,300,468 $ 1.23% 765.79 2016 5,524,820,829 88,441 - 14,345,000 25,198,000 678,944 1,845,000 42,066,944 0.76% 475.65 44,179,819 0.80% 499.54 69,377,819 1.26% 784.45 2017 5,587,279,300 87,700 - 13,040,000 27,410,045 240,353 1,714,000 42,404,398 0.76% 483.52 42,297,582 0.76% 482.30 69,707,627 1.25% 794.84 2018 5,894,517,000 88,274 - 11,625,000 20,495,000 5,254,715 1,583,000 38,957,715 0.66% 441.33 40,364,096 0.68% 457.26 60,859,096 1.03% 689.43 2019 6,729,183,000 89,825 - 10,085,000 37,904,000 4,941,178 1,452,000 54,382,178 0.81% 605.42 38,373,780 0.57% 427.21 76,277,780 1.13% 849.18 2020 6,851,117,000 87,930 - 8,405,000 36,368,000 4,621,022 1,320,000 50,714,022 0.74% 576.75 36,327,008 0.53% 413.14 72,695,008 1.06% 826.74 2021 7,341,134,000 87,289 - 6,570,000 37,371,395 4,294,107 1,188,000 49,423,502 0.67% 566.21 41,847,033 0.57% 479.41 79,218,428 1.08% 907.54 2022 8,539,844,000 88,404 - 4,570,000 35,503,128 3,960,291 1,056,000 45,089,419 0.53% 510.04 39,430,492 0.46% 446 74,933,620 0.88% 847.63 2023 9,858,650,000 87,497 - 2,385,000 33,560,861 3,619,427 1,269,618 40,834,906 0.41% 466.70 37,004,180 0.38% 423 70,565,041 0.72% 806.49 2024 11,099,966,000 87,984 - - 31,536,504 3,271,368 909,570 35,717,442 0.32% 405.95 34,543,277 0.31% 393 66,079,781 0.60% 751.04 .
Note: (1) CFDs - Community Facility District
(2) Business-type Activity Debt consists of a Marina Loan, a State Water Resources Control Board Loan, and Climatec Lease.Sources: (a) Income Data is provided by the U.S. Census Bureau, 2019 American Community Survey. Income data has been restated from previous years.(b) Population Projections are provided by the California Department of Finance Projections.(c) All other information provided by the City of San Leandro.See "XDM-Demo EC" tab for Personal Income and Population Governmental Activities Business-Type Activity Total Government-Wide 183
DEMOGRAPHIC AND ECONOMIC INFORMATION
Demographic and Economic Statistics - Last Ten Fiscal Years Principal Employers - Current Year and Nine Years Ago
These schedules offer demographic and economic indicators to help the reader understand the environment within which the city's financial activities take place. 185
City of San Leandro
Demographic and Economic StatisticsLast Ten Fiscal Years Fiscal Year Population (1)
Personal
Income
( in thousands)
(2)
Per Capita
Personal
Income (2) Median Age
Public School
Enrollment (3)
Median Home
Price
Consumer
Price Index
City
Unemployment
Rate (4)
2015 88,441 5,524,821 $ 62,469 $ 39.2 8,617 510,000 $ 238.654 4.8% 2016 87,700 5,587,279 63,709 40.5 8,560 529,000 239.810 5.1% 2017 88,274 5,894,517 66,775 40.5 8,638 585,400 244.786 4.6% 2018 87,598 6,221,503 71,023 43.9 8,880 671,200 251.846 3.1% 2019 89,825 6,729,183 74,914 40.8 8,926 647,500 256.161 2.8% 2020 87,930 6,851,117 77,916 40.5 9,067 694,295 259.101 17.7% 2021 87,289 7,341,134 84,101 40.7 8,828 862,445 270.981 10.8% 2022 88,404 8,539,844 96,600 41.1 8,712 949,940 330.539 2.7% 2023 87,497 9,858,650 112,674 43.3 8,624 812,080 340.056 3.6% 2024 87,984 11,099,966 126,159 42.1 8,741 846,858 345.151 3.9% Source: Avenu Insights & Analytics, U.S. Census BureauSource: 2022-23 and prior, previous published ACFRNotes:1.) Population Projections are provided by the California Department of Finance Projections.2.) Income Data & CPI is provided by the U.S. Census Bureau. Income data has been restated from previous years. 187
City of San Leandro
Principal Employers
Current Year and Nine Years Ago
Percent of Percent of
Number of Total Number of Total
Employer Employees Rank Employment Employees Rank Employment Kaiser Permanente 3,659 1 8.17% 1,032 2 2.34%
Alameda Health System* 1,729 2 3.86%
San Leandro USD* 1,297 3 2.90% 1,380 1 3.13%
Acco Engineered Systems 988 4 2.21%
Walmart (2 locations) 740 5 1.65% 323 9 0.73%
Safeway (4 locations) 571 6 1.27%
City of San Leandro* 553 7 1.23% 582 3 1.32%
Ghirardelli Chocolate Factory Outlet 508 8 1.13% 487 4 1.10% Costco Wholesale* 483 9 1.08% 358 7 0.81%
Peterson Cat 474 10 1.06%
San Leandro Hospital 460 5 1.04%
OSI Soft, Inc. 364 6 0.83%
BCI Coca-Cola Bottling Co-Service 325 8 0.74%
Paramedics Plus LLC 295 10 0.67%
Total Top Employers 11,002 24.56% 5,606 12.71%
Total City Employment (1) 44,800
Source: Avenu Insights & Analytics
Source: 2014-15, previously published ACFR. Walmart locations are combined to show comparison.
Notes:
*Includes full and part-time
(1) Total City Labor Force provided by EDD Labor Force Data 2023-24 2014-15
188
OPERATING INFORMATION
Full-Time and Part-Time City Employees by Function - Last Ten Fiscal Years Operating Indicators by Function - Last Ten Fiscal Years Capital Assets by Function - Last Ten Fiscal Years
These schedules contain service and infrastructure data to help the reader understand how the information in the city's financial report relates to the services the city provides and the activities it performs. 189
City of San Leandro
Full-Time and Part-Time City Employees by FunctionLast Ten Fiscal Years Function 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024General Government 55 50 51 52 52 52 52 50 50 63Police 139 143 143 140 140 140 140 137 136 138Engineering & Transportation 27 31 30 29 29 29 29 29 29 36 Development Services 22 26 25 29 27 27 27 27 27 35
Public Works Services 102 102 104 110 109 109 109 108 108 108Other Agencies 0000000020 Library 33 34 34 36 36 36 36 36 36 39
Recreation & Human Services 39 39 39 41 41 41 41 43 43 55 Total 417 425 426 437 434 434 434 430 431 472
Notes:Numbers represent Full-Time equivalents. Fire Services contracted with the Alameda County Fire Department.
Source: City of San Leandro Adopted Budget
191
City of San Leandro
Operating Indicators by FunctionLast Ten Fiscal years
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Police Department:
Arrests 2,148 2,789 2,799 2,513 2,151 1,968 1,196 1,203 1,024 976 Building Department:
Permits Issued 1,961 2,891 2,762 4,080 2,275 2,065 2,575 2,224 3,140 2,783 Engineering and Transportation:
Street reconstruction (miles) 0.26 0.74 2.24 1.42 1.77 1.25 1.69 3.70 0.28 0.90 Street resurfacing (miles) 5.39 4.12 5.21 4.69 7.33 0.67 - 15.00 1.81 14.00 Parks and Recreation:
Number of registrants 17,737 17,114 16,742 14,703 14,261 9,748 5,179 7,607 8,067 8, 641 Number of facility rentals 3,830 2,439 2,222 2,465 2,373 1,209 220 1,235 1,908 2,392 Golf Course:
Golf rounds played 102,534 99,185 98,987 105,043 100,409 97,803 163,279 129,701 109,756 112,448Notes:
Fire Services are contracted with the Alameda County Fire Department. Building Department: Methodology changed in 2015 from issuing permits for each discipline to one consolidated permit per project.Source: City of San Leandro Recreation Department, Police Department, Public Works, and Building Regulations. 192
City of San Leandro
Capital Asset Statistics by FunctionLast Ten Fiscal Years 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Police:
Stations 1 1 1 1 1 1 1 1 1 1
Fire:
Fire Stations 5 5 5 5 5 5 5 5 5 5
Park and Recreation:
Parks 16 16 16 16 16 16 16 16 16 16
Community Center 2 2 2 2 2 2 2 2 2 2
Engineering and Transportation:
Streets (miles) 175 175 175 175 175 175 174 174 174 174 Streetlights 5,500 5,500 5,500 6,000 6,000 6,000 6,000 6,000 6,000 6,000 Traffic signals 755 755 755 1,254 1,254 1,254 1,254 1,254 1,254 1,254 Wastewater:
Sanitary Sewer Lines (miles) 130 128 128 128 128 128 128 128 128 128 Storm Drainage Lines In the City (miles) 175 180 180 180 180 180 180 180 108 108 Golf Course:
Courses 2 2 2 2 2 2 2 2 2 2
Sources: City of San Leandro: Public Works Department, Engineering & Transportation Department, Recreation Department 193