Finance Committee
January 28, 2026

City of San Leandro, California
Annual Comprehensive Financial Report
Fiscal Year Ended June 30, 2025
Attachment A

CITY OF SAN LEANDRO, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FOR THE FISCAL YEAR ENDED
JUNE 30, 2025
PREPARED BY:

City of San Leandro – Finance Department

CITY OF SAN LEANDRO
Annual Comprehensive Financial Report
For the Year Ended June 30, 2025
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 Index to Notes to Basic Financial Statements .................................................................................. 43 Notes to Basic Financial Statements ................................................................................................ 45 i

CITY OF SAN LEANDRO
Annual Comprehensive Financial Report
For the Year Ended June 30, 2025
Table of Contents
FINANCIAL SECTION (Continued)
Required Supplementary Information:

Schedule of Changes in the Net Pension Liability and Related Ratios ............................. 98 Schedule of Contributions – Miscellaneous Plan ........................................................... 100 Schedule of the Plan’s Proportionate Share of the Net Pension Liability and Related Ratios as of the Measurement Date ................................................................. 102 Schedule of Contributions – Safety Plan ........................................................................ 104 Schedule of Changes in the Net OPEB Liability and Related Ratios ............................. 106 Schedule of Contributions – OPEB Plan ........................................................................ 108 Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – General Fund .................................................................................................. 110 Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – Special Grants Special Revenue Fund............................................................ 111 Notes to Required Supplementary Information .............................................................. 113 Supplementary Information:

Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – Capital Improvement Capital Projects Fund .................................................. 116 Combining Schedules – General Fund:

Combining Balance Sheets ............................................................................................. 117 Combining Schedule of Revenues, Expenditures and Changes in Fund Balances ......... 118 Non-Major Governmental Funds:

Combining Balance Sheet ............................................................................................... 122 Combining Statement of Revenue, Expenditures and Changes in Fund Balances ......... 126 Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – Non-Major Governmental Fund ..................................................................... 130 Non-Major Enterprise Funds:

Combining Statement of Net Position ............................................................................ 154 Combining Statement of Revenues, Expenses, and Changes in Net Position ................ 155 Combining Statement of Cash Flows ............................................................................. 156 ii

CITY OF SAN LEANDRO
Annual Comprehensive Financial Report
For the Year Ended June 30, 2025
Table of Contents
FINANCIAL SECTION (Continued)
Internal Service Funds:

Combining Statement of Net Position ............................................................................ 158 Combining Statement of Revenues, Expenses and Changes in Fund Net Position ........ 159 Combining Statement of Cash Flows ............................................................................. 160

STATISTICAL SECTION
Net Position by Component – Last Ten Fiscal Years ............................................................................... 165 Changes in Net Position – Last Ten Fiscal Years ..................................................................................... 166 Program Revenues by Function/Program – Last Ten Fiscal Years .......................................................... 167 Fund Balance of Governmental Funds – Last Ten Fiscal Years ............................................................... 168 General Governmental Revenues by Source – Last Ten Fiscal Years ...................................................... 169 Changes in Fund Balance of Governmental Funds – Last Ten Years ...................................................... 170 Direct and Overlapping Property Tax Rates – Last Ten Fiscal Years ...................................................... 173 Assessed Value of Taxable Property – Last Ten Fiscal Years .................................................................. 174 Net Assessed Value of Property by Use Code, Citywide – Last Three Fiscal Years ............................... 175 Principal Property Tax Payers – Current Fiscal Year and Nine Years Ago ............................................. 176 Property Tax Levies and Collections – Last Ten Fiscal Years ................................................................. 177 Historical Sales Tax Amount by Benchmark Year – Last Ten Fiscal Years at Quarter 1 (Q1) ................ 178 Principal Sales Tax Produces – Last Fiscal Year and Nine Years Ago .................................................... 179 Sewer Rates – Last Ten Fiscal Years ........................................................................................................ 180 Number of Permits and Valuation of Taxable Transactions – Last Ten Calendar Years ......................... 181 Direct and Overlapping Debt – As of June 30, 2025 ................................................................................ 185 Pledged-Revenue Coverage – Last Ten Fiscal Years ............................................................................... 186 Computation of Legal Debt Margin – Last Ten Fiscal Years ................................................................... 187 Ratios of Outstanding Debt by Type – Last Ten Fiscal Years .................................................................. 188 Ratios of General Bonded Debt Outstanding ............................................................................................ 189 Demographic and Economic Statistics – Last Ten Fiscal Years ............................................................... 193 Principals Employers – Current Year and Nine Years Ago ...................................................................... 194 Full-Time and Part-Time City Employees by Function – Last Ten Fiscal Years ..................................... 197 Operating Indicators by Function – Last Ten Fiscal Years ....................................................................... 198 Capital Asset Statistics by Function – Last Ten Fiscal Years ................................................................... 199 iii

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xii

PRINCIPAL OFFICERS

CITY OF SAN LEANDRO
For Fiscal Year Ended June 30, 2025

CITY COUNCIL
Mayor Juan González III
Councilmember Victor Aguilar, Jr.

Councilmember Bryan Azevedo
Councilmember Dylan Bolt
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 Nicole Gonzales
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
xiii

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
xiv
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, 2024
Executive Director/CEO
xv

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, 2025, 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, 2025, 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 December 30, 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
December 30, 2025
3 Management’s Discussion and Analysis
for Fiscal Year Ended June 30, 2025
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, 2025. 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 $287.1 million (Net Position), a $3.1 million decrease from the prior year. Of total net position, $215.4 million was invested in capital assets, $126.8 million was restricted for other purposes, and ($55.0) million was unrestricted. Net Investment in Capital Assets and Restricted Net Position saw an increase of $10.3 million and $11.8 million respectively while Unrestricted Net Position saw a decrease of $25.2 million.
• Assets and Deferred Outflows of Resources decreased by $13.0 million, while Liabilities and Deferred Inflows of Resources decreased by $9.8 million compared to the prior fiscal year. The decrease was primarily driven by a $17 million reduction in Deferred Outflows of Resources related to pensions, resulting from a rate of return that exceeded the discount rate. • City-wide Net Pension Liability to CalPERS for 2024-25 decreased by $4.5 million, or 1.9% from $235.7 million in the prior year to $231.2 million. This decrease in liability was primarily attributable to a preliminary investment return of 11.6% that exceeds the discount rate of 6.8%. • The City’s total net position decrease of $3.1 million is comprised of a $10.1 million decrease in governmental activities and a $7.0 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 2024-25 $3.4 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 $5.5 million for an ending fund balance of $189.8 million. Ending fund balance classifications include:
a) Nonspendable: $5.9 million of these funds are not available or spendable due to advances and loans to other funds.
b) Restricted: $120.5 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.
c) Committed: $.7 million was committed through City Council appropriations. d) Assigned: $1.2 million including General Fund encumbrances. 5 e) Unassigned: $61.5 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
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 $287.1 million at the close of fiscal year 2024-25, a decrease of 1.1%.

The City’s $215.4 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, $126.8 million represents resources that are subject to external restrictions.

The remaining balance of ($43.2) 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.
2025 2024 % change 2025 2024 % change 2025 2024 % change Current Assets $ 226,010 $ 233,597 -3.2% 57,606 $ $ 51,940 10.9% 283,615 $ 285,537 -0.7% Non-Current Assets 13,231 13,715 -3.5% 18,117 18,709 -3.2% 31,348 32,424 -3.3% Capital Assets 185,204 177,784 4.2% 85,982 85,517 0.5% 271,188 263,301 3.0% Total assets 424,445 425,096 -0.2% 161,706 156,166 3.5% 586,151 581,262 0.8% Deferred Outflows of Resources 50,289 -25.5% 2,840 67,485 -18.9% 3,504 53,129 70,989 -25.2% Current and other liabilities 33,266 28,075 18.5% 4,430 12.1% 3,952 37,696 32,027 17.7% Long-term liabilities 257,575 267,844 -3.8% 45,973 48,421 -5.1% 303,548 316,265 -4.0% Total liabilities 290,841 295,919 -1.7% 50,403 52,373 -3.8% 341,245 348,292 -2.0% Deferred Inflows of Resources 10,480 -20.4% 13,160 407 -22.6% 526 10,887 13,686 -20.5% Net Position:

Net investment in capital assets 161,444 154,080 4.8% 53,962 50,974 5.9% 215,406 193,041 11.6% Restricted 126,774 114,990 10.2% - N/A 126,774 - 114,990 10.2% Unrestricted (114,806) (85,568) 34.2% 59,773 55,798 7.1% (55,033) (17,758) 209.9% Total net position $ 173,413 $ 183,502 -5.5% 113,735 106,772 6.5% 287,146 $ $ 290,273 -1.1% City of San Leandro
Net Position at June 30, 2025
(in thousands)
Governmental Activities Business-Type Activities Total
9 2025 2024 % Change 2025 2024 % Change 2025 2024 % Change Revenues
Program revenues:

Charges for Services 20,794 $ 19,974 $ 4.1% 27,753 $ $ 26,092 6.4% 48,547 $ $ 46,066 5.4% Operating grants and 10,119 7,245 -28.4% 289 -53.3% 7,534 10,738 -29.8% 619 contributions
Capital grants and 21,576 16,492 30.8% - - 0.0% 21,576 16,492 30.8% contributions
General revenues:

Property taxes 32,762 31,935 2.6% - - 0.0% 32,762 31,935 2.6% Sales tax 52,019 54,203 -4.0% - - 0.0% 52,019 54,203 -4.0% Franchise Fee 7,657 7,183 6.6% - - 0.0% 7,657 7,183 6.6% Utility users Tax 14,097 14,112 -0.1% - - 0.0% 14,097 14,112 -0.1% Property Transfer Tax 9,153 39.5% - 6,561 - 0.0% 9,153 6,561 39.5% 911 communication 3,773 3,790 -0.4% - - 0.0% 3,773 3,790 -0.4% Access Tax
Other taxes 1,782 -17.9% 567 2,170 15.5% 2,349 2,661 -11.7% 491 Investment Earnings 11,700 10,962 6.7% 3,252 3,171 2.6% 14,952 14,133 5.8% Gain or loss on sale of assets - - 0.0% - 23,450 -100.0% 0 23,450 -100.0% Miscellaneous 2,713 -36.9% 4,302 0.0% 2,713 4,302 -36.9% Total Revenues 185,271 181,803 1.9% 31,861 53,823 -40.8% 217,132 235,626 -7.8% Expenses
General Government 20,580 19,734 4.3% - - 0.0% 20,580 19,734 4.3% Public safety 83,461 85,976 -2.9% - - 0.0% 83,461 85,976 -2.9% Engineering & Transportatio 44,271 37,414 18.3% - - 0.0% 44,271 37,414 18.3% Recreation and Culture 21,021 16,621 26.5% - - 0.0% 21,021 16,621 26.5% Community Development 25,716 19,347 32.9% - - 0.0% 25,716 19,347 32.9% Interest on Long-Term Debt 919 -66.1% - 312 - 0.0% 312 919 -66.1% Water Pollution Control - 0.0% 16,596 - 14,527 14.2% 16,596 14,527 14.2% Shoreline - - 0.0% 6,023 5,991 0.5% 6,023 5,991 0.5%
Storm Water Utility - - 0.0% 1,186 1,282 -7.5% 1,186 1,282 -7.5% Environmental Services - - 0.0% 1,094 1,073 2.0% 1,094 1,073 2.0% Total Expenses 195,361 180,011 8.5% 24,899 22,873 8.9% 220,260 202,884 8.6% Excess(deficiency)of revenues
over expenses before transfe (10,090) 1,792 -663.1% 6,962 30,950 -77.5% (3,128) 32,742 -109.6% Transfer - - 0.0% - - 0.0% 0 0 0.0%
Increase in net position (10,090) 1,792 -663.1% 6,962 30,950 -77.5% (3,128) 32,742 -109.6% Beginning net position 183,502 181,709 1.0% 106,772 75,821 40.8% 290,273 257,530 12.7% Ending net position $ 183,502 173,413 $ -5.5% 113,735 $ $ 106,772 6.5% 287,147 $ $ 290,272 -1.1% Changes in Net Activities
Year Ended June 30, 2025
(in thousands)
Governmental Activities Business-Type Activities Total
10 Revenue – Total revenue for fiscal year 2024-25 amounted to $217.1 million, a $18.5 million decrease from the prior fiscal year. Of this amount, revenue from governmental activities increased by $3.5 million or 1.9% and revenue from business-type activities decreased by $22.0 million or 40.8%. 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 $0.8 million. BusinessType Activities increased by $1.7 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 decreased by a net $3.2 million in fiscal year 2024-25. • Property taxes increased by 2.6% or $0.8 million when compared to fiscal year 2023-24. This is consistent with an increase in property taxes levied and assessed valuations provided through the County Assessor’s Office.
• Sales tax revenue decreased by 4% or $2.2 million when compared to fiscal year 2023-24. The City’s five largest sales tax producing sectors were General Retail, Business to Business, Construction, Transportation and Food Services.
• Property Transfer Tax increased significantly by 39.5% or $2.6 million when compared to fiscal year 2023-24. The increase is primarily due to the sale of a large commercial property. • Investment Earnings of $15.0 million is an increase of $.9 million in comparison with investment earnings of $14.1 million for fiscal year 2023-24.
• Gain on the sale of assets was not recognized during the current fiscal year, as no comparable asset sales occurred; this contrasts with the prior fiscal year, which reported a gain of $23.4 million from the sale of the Shoreline property.
11 Expenses – Total expenses for both governmental and business-type activities increased by $17 million compared to the prior fiscal year. Program expenses for governmental activities increased by $15.4 million while program expenses for business-type activities decreased by $2.0 million. For each governmental and business-type activity, the total costs are expenses associated with that activity. • Within governmental activities, Engineering & Transportation had the largest increase in program expenses at $6.9 million greater than the prior fiscal year. The increase was mainly due to the resumption of major projects such as the Streets Overlay Rehabilitation and Sealing projects. Public Safety experienced a decrease of $2.5 million representing a 2.9% decrease over the prior fiscal year.

The decrease was due to lower Safety pension expense. General Government expenditures increased slightly by $.8 million representing a 4.3% increase from the prior fiscal year. Recreation & Culture increased $4.4 million or 26.5% from prior fiscal year due primarily to large, ongoing, park and library projects. Community Development increased $6.4 million or 32.9% due to housing and development projects.

Business-type activities saw an increase in expenses totaling $2.0 million mainly due to the new MOU for the Water Pollution Control Plant employees in effective this fiscal year. 2025 2024 % Change
General Government 20,580 19,734 4.3%
Public safety 83,461 85,976 -2.9%
Engineering & Transportation 44,271 37,414 18.3%
Recreation and Culture 21,021 16,621 26.5%
Community Development 25,716 19,347 32.9%
Interest on Long-Term Debt 312 -66.1% 919
Governmental Activities 195,361 180,011 8.5%
Water Pollution Control Plant 16,596 14,527 14.2%
Shoreline 6,023 5,991 0.5%
Storm Water 1,186 1,282 -7.5%
Environmental Services 1,094 1,073 2.0%
Business-Type Activities 24,899 22,873 8.9%
Total Expenses $ 220,260 $ 202,884 8.6%
Change in expense
(in thousands)
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 $7.0 million when compared to prior fiscal year. Favorable market conditions resulted in higher investment income, contributing to the increase in net position. The Water Pollution Control Plant Fund’s net position increased from $75.3 to $80.3 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 2024-25, the City’s governmental funds reported combined ending fund balances of $189.8 million, an increase of $5.3 million compared to prior year. Approximately 3.1% or $5.9 million of the fund balance represents Nonspendable; 63.5% or $120.5 million represents Restricted; .4% or $.7 million represents Committed; 0.6% or $1.2 million represents Assigned, and 32.4% or $61.5 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 81.9% of the total governmental revenues and 77.9% 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 2024-25, the unassigned fund balance of the General Fund was $61.7 million, while the total fund balance was $105.0 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 $61.7 million has been designated for the following purposes:
• $1.0 million for Compensated Absences
• $5.0 million for Major Emergencies
• $26.7 million for Economic Uncertainty
• $29.0 million for remaining Unassigned (for liquidity and other purposes) At the end of fiscal year 2024-25, the General Fund ending balance decreased by $1.9 million compared to the prior fiscal year. General Fund revenues remained relatively consistent with the prior year, with a slight increase of $.2 million. General Fund expenditures (not including Transfers Out) increased by $5.9 million from the prior fiscal year. The overall increase is due to increases in public safety of $5.8 million, community development $1.6 million, engineering and transportation expenditures by $.2 million and recreation and culture $1.4 million.

Special Grants Special Revenue Fund
The Special Grants Special Revenue Fund is a major governmental fund and accounted for 5.0% of the total governmental revenues and 4.4% of the total expenditures. As of June 30, 2025, the Special Grants Special Revenue Fund had a total fund balance deficit of ($.2 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 0% of the total governmental revenues and 5.9% 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 BB and F Funds. As of June 30, 2025, the Capital Improvement Capital Projects Fund had a total fund balance of $45.6 million, an increase of 4.4%. The fund balance includes 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, 2025, non-major funds had a total fund balance of $39.4 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 $113.7 million at the end on June 30, 2025, an increase of $6.9 million from the prior fiscal year. The total net position of the Internal Service Funds was $11.6 million at the end on June 30, 2025, a decrease of $4.1 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, 2025, the Fund’s net position totaled $80.3 million, an increase of $5.0 million, mainly due to planned rate increases, modest customer growth, and higher investment income. Operating revenue was $0.9 million more and expenditures increased $2.1 million compared to prior fiscal year. Nonoperating Revenue increased $0.8 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, 2025, the Fund’s net position totaled $34.4 million, an increase of $2.1 million due to favorable rate of return on investments.

Non-major Enterprise Funds
The City’s non-major enterprise funds include Storm Water and Environmental Services. As of June 30, 2025, net position for non-major enterprise funds decreased by $0.2 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 9.5% or $13.7 million. The increase was due to higher Intergovernmental Revenue and Use of Money & Property than budgeted. Expenditures were 2.9% or $4.4 million below final budget projections due to several park projects being placed on hold until the adoption of the Park Master Plan by Council. Unspent budget balance represents open purchase orders, ongoing ARPA projects, and deferred purchases that will incur in future fiscal years.
15 Variance with
Final Budget
Positive
Adopted Final Actual (Negative)
REVENUES:

Property taxes and other taxes $ 120,866,592 120,737,220 $ 120,009,201 $ (857,391) $ Licenses and permits 10,741,000 11,127,500 11,347,587 220,087 Fines and forfeitures 613,500 658,500 1,296,540 638,040 Services charges 2,394,100 2,675,973 2,732,375 56,402
Intergovernmental 830,000 909,330 7,735,819 6,826,489
Use of money and property 2,628,800 3,700,600 10,478,448 6,777,848 Interdepartmental charges 2,792,815 2,792,815 2,793,384 569 Other 202,500 2,200,145 2,236,904 36,759
Total revenues 140,939,935 144,931,455 158,630,258 13,698,803 EXPENDITURES:

Current:

General government 20,280,704 17,000,910 18,795,436 (1,794,526) Public safety 78,255,234 80,828,509 80,501,623 326,886
Engineering and transportation 4,330,320 16,543,532 20,252,807 (3,709,275) Recreation and culture 21,085,036 22,939,729 14,738,712 8,201,017 Community development 16,934,963 13,929,348 12,523,112 1,406,236 Debt service:

Principal 355,407 355,407 355,407 -
Interest and fees 66,843 66,843 66,842 1
Total expenditures 141,308,507 151,664,278 147,233,939 4,430,339

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (368,572) (6,732,823) 11,396,319 18,129,142 OTHER FINANCING SOURCES (USES):

Transfers (in) - - - -
Transfers (out) (5,887,544) (9,304,204) (13,285,116) (3,980,912) Proceeds from the sale of property - - - -
Total other financing sources (uses) (5,887,544) (9,304,204) (13,285,116) (3,980,912) NET CHANGE IN FUND BALANCE $ (6,256,116) $ (16,037,027) $ (1,888,797) $ 14,148,230 FUND BALANCES:

Beginning of year 106,924,912
End of year $ 105,036,115

CITY OF SAN LEANDRO
Summary Analysis of General Fund Budget, Fiscal Year 2024-25 (in thousands)
Budgeted Amounts
16 CAPITAL ASSETS AND DEBT ADMINISTRATION
Capital Assets
The City’s capital assets for its governmental and business-type activities as of June 30, 2025 amount to $271.2 million, net of accumulated depreciation. This represents an increase of $7.9 million due to total capital asset additions of $7.9 million and annual depreciation expense of $12.1 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, 2025
(in thousands)
2025 2024 2025 2024 2025 2024
Land 16,471 $ 16,471 $ 5,142 $ 5,142 $ 21,613 $ 21,613 $ Construction in progress 26,202 31,214 11,618 10,736 37,820 41,950 Total non-depreciable assets 42,673 47,685 16,760 15,878 59,433 63,563 Depreciable assets (net of depreciation)
Buildings 69,376 54,003 48,863 50,151 118,239 104,154
Improvements other than buildings 4,278 4,496 - - 4,278 4,496 Machinery and equipment 1,965 2,693 4,404 4,406 6,369 7,099 Licensed Vehicles 3,651 4,736 74 74 3,725 4,810
Subscription Asset 2,976 109 - - 2,976 109
Infrastructure 60,286 64,063 15,882 15,009 76,168 79,072 Total depreciable assets 142,532 130,100 69,223 69,640 211,755 199,740 Total capital assets $ 185,205 $ 177,784 $ 85,983 $ 85,517 $ 271,188 $ 263,302 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 $64.4 million, a decrease of $5.7 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 $32.3 million, a decrease of $3.3 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 $32.0 million, a decrease of $2.5 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.

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:

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. 2025 2024 2025 2024 2025 2024
Revenue bonds and notes 29,427 $ 31,536 $ - $ - $ 29,427 $ 31,536 $ (backed by specific tax and fee revenues)
Other loans 2,916 4,063 32,021 34,543 34,937 38,606
Total 32,343 $ 35,599 $ 32,021 $ 34,543 $ 64,364 $ 70,142 $ Governmental Activities Business-Type Activities Total
City of San Leandro
Outstanding Debt
Year Ended June 30, 2025
(in thousands)
18 BASIC FINANCIAL STATEMENTS

GOVERNMENT-WIDE FINANCIAL STATEMENTS

City of San Leandro
Statement of Net Position
June 30, 2025
Governmental Business - Type
Activities Activities Total
Current assets:

Cash and investments (Note 2) 168,179,731 $ 51,359,004 $ 219,538,735 $ Restricted cash and investments (Note 2) 32,358,898 2,544,682 34,903,580 Receivables:

Accounts 2,717,007 25,176,933 27,893,940
Special assessments 160,989 - 160,989
Inventory and prepaid items 132,589 985,590 1,118,179
Total current assets 226,009,140 57,606,283 283,615,423 Noncurrent assets:

Loans receivable (Note 3) 1,217,971 25,726,380 26,944,351 Leases receivable (Note 4) 3,969,925 433,175 4,403,100
Internal balances (Note 5D) 8,043,036 (8,043,036) -
Capital assets (Note 6):

Non-depreciable 42,673,425 16,760,151 59,433,576
Depreciable 553,463,333 92,250,872 645,714,205
Less accumulated depreciation (410,931,972) (23,028,110) (433,960,082) Capital assets, net 185,204,786 85,982,913 271,187,699
Total noncurrent assets 198,435,718 104,099,432 302,535,150 Total Assets 424,444,858 161,705,715 586,150,573

DEFERRED OUTFLOWS OF RESOURCES
Related to pension (Note 15) 49,811,475 2,839,813 52,651,288 Related to OPEB (Note 16) 477,945 - 477,945
Total Deferred Outflows of Resources 50,289,420 2,839,813 53,129,233 Current liabilities:

Accounts payable and accruals 17,157,994 1,632,936 18,790,930 Interest payable 349,042 - 349,042
Other liabilities 2,983,786 - 2,983,786
Unearned revenue (Note 10) 4,190,454 8,380 4,198,834
Compensated absences - Due within one year (Note 9) 1,835,791 203,468 2,039,259 SBITAs - Due within one year (Note 7) 199,212 - 199,212 Claims and judgments payable - Due within one year (Note 13) 3,990,204 - 3,990,204 Long-term debt - Due within one year (Note 8) 2,559,295 2,585,615 5,144,910 Total current liabilities 33,265,778 4,430,399 37,696,177 Noncurrent liabilities:

Deposits - 33,344 33,344
Compensated absences payable - Due in more than one year (Note 9) 4,818,216 610,402 5,428,618 SBITAs - Due in more than one year (Note 7) 3,009,480 - 3,009,480 Claims and judgments payable - Due in more than one year (Note 13) 4,658,977 - 4,658,977 Net pension liability (Note 15) 215,280,511 15,893,772 231,174,283 Net OPEB liability (Note 16) 25,245 - 25,245
Long-term debt - Due in more than one year (Note 8) 29,783,604 29,435,184 59,218,788 Total noncurrent liabilities 257,576,033 45,972,702 303,548,735 Total Liabilities 290,841,811 50,403,101 341,244,912

DEFERRED INFLOWS OF RESOURCES
Related to leases (Note 4) 3,680,750 407,185 4,087,935
Related to pension (Note 15) 3,362,260 - 3,362,260
Related to OPEB (Note 16) 3,436,570 - 3,436,570
Total Deferred Inflows of Resources 10,479,580 407,185 10,886,765 Net investment in capital assets 161,443,896 53,962,114 215,406,010 Restricted for:

Capital projects 45,597,172 - 45,597,172
Pension costs 35,571,498 - 35,571,498
Engineering and transportation 37,820,647 - 37,820,647
Recreation and culture 994,131 - 994,131
Community development - 6,307,416 6,307,416
Public safety 483,772 - 483,772
Total restricted 126,774,636 - 126,774,636
Unrestricted (114,805,645) 59,773,128 (55,032,517)
Total Net Position $ 173,412,887 $ 113,735,242 $ 287,148,129 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, 2025
Operating Capital
Charges for Grants and Grants and
Functions/Programs Expenses Services Contributions Contributions Total Primary government:

Governmental Activities:

General government $ 9,982,090 20,580,095 $ - $ $ 3,575,734 $ 13,557,824 Public safety 89,153,002 2,472,682 169,420 - 2,642,102
Engineering and transportation 995,747 39,777,756 5,575,836 15,706,207 22,277,790 Recreation and culture 21,020,622 1,666,150 331,614 2,294,675 4,292,439 Community development 5,677,359 24,517,714 1,167,758 - 6,845,117 Interest on long-term debt - 311,610 - - -
Total Governmental Activities 195,360,799 20,794,028 7,244,628 21,576,616 49,615,272 Business-type activities:

Water Pollution Control Plant 19,690,082 16,596,023 - - 19,690,082 Shoreline 6,023,182 6,262,729 26,460 - 6,289,189
Storm Water Utility 1,185,496 1,077,944 - - 1,077,944
Environmental Services 1,094,151 722,716 262,799 - 985,515 Total Business-type activities 24,898,852 27,753,471 289,259 - 28,042,730 Total Primary Government $ 220,259,651 $ 48,547,499 $ 7,533,887 $ 21,576,616 $ 77,658,002 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
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
$ - (7,022,271) $ (7,022,271) $
(86,510,900) - (86,510,900)
(17,499,966) - (17,499,966)
(16,728,183) - (16,728,183)
(17,672,597) - (17,672,597)
(311,610) - (311,610)
(145,745,527) - (145,745,527)
- 3,094,059 3,094,059
- 266,007 266,007
- (107,552) (107,552)
- (108,636) (108,636)
- 3,143,878 3,143,878
(145,745,527) 3,143,878 (142,601,649)
32,761,682 - 32,761,682
52,019,269 - 52,019,269
7,657,200 - 7,657,200
14,097,009 - 14,097,009
9,152,616 - 9,152,616
3,773,129 - 3,773,129
1,782,138 567,595 2,349,733
121,243,043 567,595 121,810,638
11,700,469 3,251,779 14,952,248
2,712,515 - 2,712,515
135,656,027 3,819,374 139,475,401
(10,089,500) 6,963,252 (3,126,248)
183,502,387 106,771,990 290,274,377
$ 173,412,887 $ 113,735,242 $ 287,148,129
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, 2025
Capital
Special Grants Improvement Non-Major
Special Revenue Capital Projects Governmental
General Fund Fund Fund Funds Total
Cash and investments (Note 2) 60,712,426 $ 16,905 $ 45,736,859 $ 40,375,957 $ 146,842,147 $ Restricted cash and investments (Note 2) 31,488,058 - 870,108 732 32,358,898 Receivables:

Accounts 17,382,996 449,889 - 2,898,432 20,731,317
Federal, State, and local grants - 4,445,616 - - 4,445,616 Special assessment 160,989 - - - 160,989
Loans (Note 3) 654,673 - - 563,298 1,217,971
Leases (Note 4) 3,969,925 - - - 3,969,925
Due from other funds (Note 5A) 7,314,947 - - - 7,314,947 Advances to other funds (Note 5B) 5,261,382 - - - 5,261,382 Total Assets $ 126,945,396 $ 4,912,410 $ 46,606,967 $ 43,838,419 $ 222,303,192 Accounts payable and accruals $ 14,038,077 $ 340,796 $ 709,795 $ 334,260 $ 15,422,928 Due to other funds (Note 5A) - 403,522 - 4,129,771 4,533,293 Deposits payable - - - - -
Unearned revenue (Note 10) 4,190,454 - - - 4,190,454
Total Liabilities 18,228,531 744,318 709,795 4,464,031 24,146,675 Unavailable revenue - grants receivable - 4,337,057 300,000 - 4,637,057 Related to leases receivable (Note 4) 3,680,750 - - - 3,680,750 Total Deferred Inflows of Resources 3,680,750 4,337,057 300,000 - 8,317,807 FUND BALANCES: (Note 11)
Nonspendable 5,916,055 - - - 5,916,055
Restricted 35,571,498 45,597,172 - 39,374,388 120,543,058 Committed 683,187 - - - 683,187
Assigned 1,214,010 - - - 1,214,010
Unassigned 61,651,365 (168,965) - 61,482,400 -
Total Fund Balances 105,036,115 (168,965) 45,597,172 39,374,388 189,838,710 Total Liabilities, Deferred Inflows of Resources
and Fund Balances $ 126,945,396 $ 4,912,410 $ 46,606,967 $ 43,838,419 $ 222,303,192 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, 2025
Total fund balances reported on the governmental funds balance sheet $ 189,838,710 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. 178,126,009

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. 11,623,748

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 (2,983,870) Net pension liability, related deferred outflows and inflows of resources (168,831,296) Long-term debt (32,342,899)
Interest payable (349,042)
Compensated absences (6,305,530)
Recognition of grants revenue 4,637,057
NET POSITION OF GOVERNMENTAL ACTIVITIES $ 173,412,887
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, 2025
Capital
Special Grants Improvement Non-Major
Special Revenue Capital Projects Governmental
General Fund Fund Funds Total

REVENUES
Property and other taxes $ 120,009,201 $ - $ - $ 640,992 $ 120,650,193 Licenses and permits 11,347,587 - - 838,743 12,186,330
Fines and forfeitures 1,296,540 - - 822,491 2,119,031
Service charges 2,732,375 - 9,746 - 2,742,121
Intergovernmental 7,735,819 9,588,195 - 13,386,859 30,710,873 Use of money and property 10,478,448 45,460 (102,412) 5,140,748 15,562,244 Interdepartmental charges 2,793,384 - - - 2,793,384
Other 2,236,904 - 52,870 4,688,000 6,977,774
Total Revenues 158,630,258 9,633,655 (39,796) 25,517,833 193,741,950

EXPENDITURES
Current:

General Government 18,795,436 - - - 18,795,436
Public safety 80,501,623 54,094 - - 80,555,717
Engineering and transportation 20,252,807 4,180,610 3,193,996 16,377,176 44,004,589 Recreation and culture 14,738,712 2,897,622 84,174 25,066 17,745,574 Community development 12,523,112 1,092,050 7,779,138 2,079,178 23,473,478 Debt service:

Principal 355,407 - - 2,674,000 3,029,407
Interest and fees 66,842 - - 1,340,203 1,407,045
Total Expenditures 147,233,939 8,224,376 11,057,308 22,495,623 189,011,246 REVENUES OVER (UNDER) EXPENDITURES 11,396,319 1,409,279 (11,097,104) 3,022,210 4,730,704

OTHER FINANCING SOURCES (USES)
Transfers in (Note 5C) - - 14,012,131 1,062,544 15,074,675 Transfers (out) (Note 5C) (13,285,116) - (1,000,000) - (14,285,116) Total Other Financing Sources (Uses) - (13,285,116) 13,012,131 1,062,544 789,559 NET CHANGE IN FUND BALANCES (1,888,797) 1,409,279 1,915,027 4,084,754 5,520,263

FUND BALANCES
Beginning fund balances (deficits) 106,924,912 (1,578,244) 43,682,145 35,289,634 184,318,447 Ending fund balances (deficits) $ (168,965) 105,036,115 $ 45,597,172 $ 39,374,388 $ 189,838,710 $ 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, 2025
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 $ 5,520,263 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 15,932,575 Depreciation expense is deducted from the fund balance. The amount excludes the depreciation of $1,306,683, which is reported in the Internal Service Funds. (10,796,004) Loss on disposal of capital assets is deducted from fund balance (6,851)

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 3,029,407 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 (8,470,651)
Interest payable (93,599)
Compensated absences (2,096,515)
Net pension liabilities, related deferred outflows and inflows of resources (9,984,717) Net OPEB liabilities, related deferred outflows and inflows of resources 743,856

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 (4,094,650) CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES $ (10,089,500) 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, 2025
Major Enterprise Funds Governmental
Water Non- Major ActivitiesPollution Enterprise Internal Service Control Plant Shoreline Funds Total Funds
Current Assets:

Cash and investments (Note 2) $ 41,210,761 $ 8,270,761 $ 1,877,482 $ 51,359,004 $ 21,337,584 Restricted cash and investments (Note 2) 2,544,682 - 2,544,682 - - Receivables:

Accounts 1,819,505 788,461 109,041 2,717,007 -
Loans (Note 3) - 25,726,380 25,726,380 - -
Leases (Note 4) - 433,175 433,175 - -
Inventory and prepaids - 985,590 985,590 - 132,589
Total current assets 45,574,948 36,204,367 1,986,523 83,765,838 21,470,173 Noncurrent assets:

Capital assets (Note 6):

Non-Depreciable 12,553,859 4,206,292 16,760,151 - -
Depreciable 90,737,788 1,467,671 45,413 92,250,872 22,816,338 Less accumulated depreciation (21,984,553) (1,038,239) (5,318) (23,028,110) (15,737,561) Total capital assets, net 81,307,094 4,635,724 40,095 85,982,913 7,078,777 Total noncurrent assets 81,307,094 4,635,724 40,095 85,982,913 7,078,777 Total Assets 126,882,042 40,840,091 2,026,618 169,748,751 28,548,950

DEFERRED OUTFLOWS OF RESOURCES
Related to pension (Note 15) 2,839,813 - 2,839,813 - -
Current Liabilities:

Accounts payable 902,548 693,954 36,434 1,632,936 1,735,066 Interest payable - - - - -
Due to other funds (Note 5A) - - 2,781,654 2,781,654 -
Other liabilities - - - - 2,983,786
Unearned revenue (Note 10) - 8,380 - 8,380 -
SBITAs - due within one year (Note 7) - - - - 199,212
Claims and judgments - due within one year (Note 12) - - - - 3,990,204 Compensated absences - due within one year (Note 9) 150,630 10,310 42,528 203,468 97,573 Long-term debt - due within one year (Note 8) 2,562,933 22,682 2,585,615 - - Total current liabilities 3,616,111 735,326 2,860,616 7,212,053 9,005,841 Non-current Liabilities:

Deposits payable 3,000 30,344 33,344 - -
Advances from other funds (Note 5B) - 5,261,382 5,261,382 - - SBITAs - due in more than one year (Note 7) - - - - 3,009,480 Claims and judgments - due in more than one year (Note 13) - - - - 4,658,977 Compensated absences - due in more than one year (Note 9) 451,889 30,930 127,583 610,402 250,904 Net pension liability - due in more than one year (Note 15) 15,893,772 - 15,893,772 - - Long-term debt - due in more than one year (Note 8) 29,411,481 23,703 29,435,184 - - Total noncurrent liabilities 45,760,142 5,346,359 127,583 51,234,084 7,919,361 Total liabilities 49,376,253 6,081,685 2,988,199 58,446,137 16,925,202

DEFERRED INFLOWS OF RESOURCES
Related to leases (Note 4) - 407,185 407,185 - -
Total deferred inflows of resources - 407,185 407,185 - - Net investment in capital assets 49,332,680 4,589,339 40,095 53,962,114 3,870,085 Unrestricted 29,761,882 31,012,922 (1,001,676) 59,773,128 7,753,663 Total Net Position $ 34,351,221 80,345,602 $ (961,581) $ 113,735,242 $ 11,623,748 $ 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, 2025
Governmental
Water Non- Major ActivitiesPollution Enterprise Internal Service Control Plant Shoreline Funds Total Funds
OPERATING REVENUES:

Charges for services $ 19,246,366 $ 5,566,973 $ 1,076,234 $ 25,889,573 $ 19,930,911 Licenses and permits 79,506 - 652,121 731,627 -
Rents and concessions 579,891 - - 579,891 -
Other operating revenues 364,210 115,865 72,305 552,380 664,392 Total Operating Revenues 6,262,729 19,690,082 1,800,660 27,753,471 20,595,303 OPERATING EXPENSES:

Salaries and benefits 7,829,793 521,140 1,089,753 9,440,686 5,983,133 Contractual and other services 3,071,732 5,119,133 475,726 8,666,591 13,416,040 Materials and supplies 1,023,464 (245,486) 35,068 813,046 917,009 Depreciation and amortization (Note 6) 1,778,552 11,711 (10,183) 1,780,080 1,306,683 Other operating costs 2,034,464 328,990 689,283 3,052,737 3,466,563 Total Operating Expenses 5,735,488 15,738,005 2,279,647 23,753,140 25,089,428 OPERATING INCOME (LOSS) 3,952,077 527,241 (478,987) 4,000,331 (4,494,125) NONOPERATING REVENUES (EXPENSES):

Property and other taxes 567,595 - - 567,595 -
Intergovernmental - 26,460 262,799 289,259 -
Investment income 1,989,137 1,221,827 40,815 3,251,779 1,189,034 Interest expense (858,018) (287,694) - (1,145,712) -
Total Nonoperating Revenues (Expenses) 1,528,188 1,131,119 303,614 2,962,921 1,189,034 INCOME BEFORE CONTRIBUTIONS AND TRANSFERS 2,055,429 5,083,196 (175,373) 6,963,252 (3,305,091) CONTRIBUTIONS AND TRANSFERS:

Transfers in (Note 5C) - - - - 1,082,461
Transfers (out) (Note 5C) - - - - (1,872,020)
Total Capital Contributions and Transfers - - - - (789,559) Change in Net Position 2,055,429 5,083,196 (175,373) 6,963,252 (4,094,650) NET POSITION:

Net Position (Deficit) - Beginning of year 75,262,406 32,295,792 (786,208) 106,771,990 15,718,398 Net Position (Deficit) - End of year $ 34,351,221 80,345,602 $ (961,581) $ $ 113,735,242 $ 11,623,748 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, 2025
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 $ 19,332,078 $ 6,398,976 $ 1,788,004 $ 27,519,058 $ 664,392 Receipts from interfund charges - - - - 19,899,849
Cash payments to suppliers and service providers (5,049,439) (5,700,298) (1,209,798) (11,959,535) (16,134,969) Cash payments to employees for services (7,674,039) (496,154) (1,045,497) (9,215,690) (5,926,409) Net cash provided (used) by operating activities 6,608,600 202,524 (467,291) 6,343,833 (1,497,137)

CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES:

Property and other taxes received - 567,595 567,595 - - Intergovernmental revenue received - 26,460 262,799 289,259 - Interfund loans - (273,385) 123,335 (150,050) -
Transfers in from other funds - - - - 1,082,461
Transfers (out) to other funds - - - - (1,872,020)
Net cash provided (used) by noncapital financing activities - 320,670 386,134 706,804 (789,559)

CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES:

Principal paid on capital debt (2,500,773) (21,705) (2,522,478) - - Acquisition of capital assets (1,547,674) (667,663) (29,912) (2,245,249) (291,006) Acquisition of capital assets - SBITA - - - - (3,306,508) Interest payments on bonds and notes payable (858,017) (290,758) (1,148,775) - - Net cash provided (used) by capital and
related financing activities (4,906,464) (980,126) (29,912) (5,916,502) (3,597,514) CASH FLOWS FROM INVESTING ACTIVITIES:

Change in fair values of investments 637,321 16,121 (25,960) 627,482 396,288 Interest income (expense) 1,351,816 1,205,706 66,775 2,624,297 792,746 Net cash provided (used) by investing activities 1,989,137 1,221,827 40,815 3,251,779 1,189,034 Net increase (decrease) in cash and cash equivalents 3,691,273 764,895 (70,254) 4,385,914 (4,695,176) CASH AND CASH EQUIVALENTS:

Cash and investments at beginning of year 7,505,866 40,064,170 1,947,736 49,517,772 26,032,760 Cash and investments at end of year $ 8,270,761 43,755,443 $ $ 1,877,482 $ 53,903,686 $ 21,337,584

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

Operating income (loss) $ 3,952,077 $ 527,241 $ (478,987) $ 4,000,331 $ (4,494,125) Adjustments to reconcile operating income to
net cash provided by operating activities:

Depreciation 1,778,552 11,711 (10,183) 1,780,080 1,306,683 Change in assets and liabilities:
(Increase) decrease in accounts receivable (358,004) (547,576) (12,656) (918,236) - (Increase) decrease in loans receivable - $690,571 690,571 - - (Increase) decrease in inventories - (362,621) (362,621) - 38,768 (Increase) decrease in leases receivable - 51,955 51,955 - - (Decrease) increase in accounts payable 509,481 (135,040) (9,721) 364,720 42,688 (Decrease) increase in other liabilities - 3,760 - 3,760 1,380,265 (Decrease) increase claims and judgments payable - - - - (2,919,262) (Decrease) increase in SBITAs - - - - 3,091,122
(Decrease) increase in compensated absences 155,754 24,986 44,256 224,996 56,724 (Decrease) increase in unearned revenue - (6,300) - (6,300) - (Decrease) increase in deferred outflows 664,640 - 664,640 - - (Decrease) increase in deferred inflows (62,506) (56,163) (118,669) - - (Decrease) increase in net pension liability (31,394) - (31,394) - - Total adjustments 2,656,523 (324,717) 11,696 2,343,502 2,996,988 Net cash provided (used) by operating activities $ 6,608,600 $ 202,524 $ (467,291) $ 6,343,833 $ (1,497,137) 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, 2025
Successor Agency
to the Redevelopment
Agency
Private-Purpose Cherrywood
Trust Fund Custodial Fund
Current assets:

Cash and cash equivalents (Notes 2 and 18A) $ 4,856,138 $ 589,925 Cash and investments with fiscal agents (Notes 2 and 18A) 2,997 474,215 Accounts receivable 343 -
Total Current Assets 4,859,478 1,064,140
Noncurrent assets:

Capital assets (Note 18B):

Land 706,376 -
Depreciable assets, net 361,084 -
Total non-current assets 1,067,460 -
Total Assets 5,926,938 1,064,140
Current liabilities:

Accounts payable - 10,690
Interest payable 330,130 -
Long-term debt - due in less than one year (Note 18C) 2,002,394 - Total current liabilities 2,332,524 10,690
Noncurrent Liabilities:

Long-term debt - due in more than one year (Note 18C) 22,946,744 - Total non current liabilities 22,946,744 -
Total Liabilities 25,279,268 10,690
Restricted for bondholders - 1,053,450
Restricted for private purposes (19,352,330) -
Total Net Position $ (19,352,330) $ 1,053,450
See Accompanying Notes to Basic Financial Statements

LIABILITIES

NET POSITION
ASSETS
40 City of San Leandro
For the year ended June 30, 2025
Successor Agency
to the Redevelopment
Agency
Private-Purpose Cherrywood
Trust Fund Custodial Fund
Additions:

Property taxes $ 3,275,704 $ -
Special assessment - 1,990
Use of money and property 367,636 -
Investment income - 28,306
Other 414,170 -
Total Additions 4,057,510 30,296
Deductions:

Community development 458,285 -
Depreciation (Note18B) 5,010 -
Payment to bondholders - 395,000
Debt service interest and fiscal agent fees 850,523 54,219 Total Deductions 1,313,818 449,219
Change in Net Position 2,743,692 (418,923)

NET POSITION
Net position (deficit) - beginning of year (22,096,022) 1,472,373 Net position (deficit) - end of year $ (19,352,330) $ 1,053,450 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, 2025
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 ............................................................................................................................... 53 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 ...... 66 NOTE 8 – LONG-TERM DEBT ............................................................................................................. 67 A. Governmental Activities Long-Term Debt ............................................................................... 67 B. Long-Term Debt of Business-Type and Proprietary Funds ...................................................... 72 C. Debt Covenants and Restrictions .............................................................................................. 74 43 City of San Leandro
Index to Notes to Basic Financial Statements
For the year ended June 30, 2025 (Continued)
NOTE 9 – COMPENSATED ABSENCES ............................................................................................. 74 NOTE 10 – UNEARNED REVENUE ..................................................................................................... 75 NOTE 11 – NET POSITION AND FUND BALANCES ....................................................................... 75 A. Net Position ............................................................................................................................... 75 B. Fund Balances ........................................................................................................................... 75 C. Encumbrances ........................................................................................................................... 76 D. Contingency Arrangements ....................................................................................................... 76 NOTE 12 – STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY .................................... 78 A. Fund Deficits ............................................................................................................................. 78 B. Expenditures in Excess of Appropriations ................................................................................ 78 NOTE 13 – INSURANCE ........................................................................................................................ 78 NOTE 14 – COMMITMENTS AND CONTINGENCIES .................................................................... 79 A. Federal and State Grants ........................................................................................................... 79 B. Self-Insurance Reserves ............................................................................................................ 79 C. Sales Tax Reimbursement Agreement ...................................................................................... 79 NOTE 15 – PENSION PLAN ................................................................................................................... 80 A. Plan Descriptions and Summary of Balances by Plan .............................................................. 80 B. Information Common to the Miscellaneous and Safety Plans .................................................. 82 C. Miscellaneous (All Other) Agents Multiple-Employer Plan ..................................................... 85 D. Safety Cost-Sharing Multiple-Employer Plan .......................................................................... 85 E. Other Information ...................................................................................................................... 86 F. Section 115 Pension Trust Fund ................................................................................................ 87 NOTE 16 – OTHER POST EMPLOYMENT BENEFITS ................................................................... 87 A. Plan Description ........................................................................................................................ 87 B. Net OPEB Liability ................................................................................................................... 88 C. Changes in Net OPEB Liability ................................................................................................ 90 D. Sensitivity of the Net OPEB Liability to Changes in the Discount Rate and Healthcare Cost Trend Rates ................................................................................................. 90 E. OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB ..................... 91 NOTE 17 – JOINTLY GOVERNED ORGANIZATIONS ................................................................... 91 NOTE 18 – SUCCESSOR AGENCY ACTIVITIES ............................................................................. 92 A. Cash and Investments ................................................................................................................ 92 B. Capital Assets ............................................................................................................................ 92 C. Long-Term Debt Obligations .................................................................................................... 92 NOTE 19 – SHORELINE DEVELOPMENT ........................................................................................ 95 44 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
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, 2025
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, 2025
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, 2025
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, 2025
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, 2025
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, 2025
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, 2025
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, 2025.

GASB Statement No. 101 – In June 2022, the GASB issued GASB Statement No. 101, Compensated Absences. The unified recognition and measurement model in this Statement will result in a liability for compensated absences that more appropriately reflects when a government incurs an obligation. In addition, the model can be applied consistently to any type of compensated absence and will eliminate potential comparability issues between governments that offer different types of leave. The model also will result in a more robust estimate of the amount of compensated absences that a government will pay or settle, which will enhance the relevance and reliability of information about the liability for compensated absences. This Statement is effective for the fiscal year ending June 30, 2025 and had the effect of increasing the compensated absences liability due to the inclusion of payroll related items in the calculation of the liability. The change was not significant, and there, did not require a restatement of beginning net position.

GASB Statement No. 102 – In December 2023, the GASB issued GASB Statement No. 102, Certain Risk Disclosures. The requirements of this Statement will improve financial reporting by providing users of financial statements with essential information that currently is not often provided. The disclosures will provide users with timely information regarding certain concentrations or constraints and related events that have occurred or have begun to occur that make a government vulnerable to a substantial impact. As a result, users will have better information with which to understand and anticipate certain risks to a government’s financial condition. This Statement is effective for the fiscal year ending June 30, 2025 and did not have any impact on the City’s financial statements for the current fiscal year. 52 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
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 $37,654,651 at June 30, 2025. Bank balances before reconciling items were $39,234,324 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, 2025, are classified as follows:

Statement of Net Position:

Cash and investments 219,538,735 $
Restricted cash and investments 34,903,580
Fiduciary Funds:

Cash and investments 5,446,063
Cash and investments with fiscal agents 477,212
Total cash and investments 260,365,590 $
Cash and investments as of June 30, 2025, are classified as follows:

Deposits with financial institutions 37,659,421 $
Investments 222,706,169
Total cash and investments 260,365,590 $
53 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
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
$ 36,223,753 $ 9,184,268 $ 17,152,567 $ 9,886,918
Money Market Fund 1,572,528 1,572,528 - -
U.S. Treasury Notes 67,527,171 14,055,961 21,810,500 31,660,710 Local Agency Investment Fund (LAIF) 19,041,446 19,041,446 - - Medium-Term Notes 39,707,955 6,618,802 9,961,049 23,128,104 Asset Backed Securities 18,562,643 36,018 3,385,906 15,140,719 Supranational Securities 2,382,114 2,382,114 - -
PARS Pension Trust - Mutual Funds 34,662,877 34,662,877 - - Held by fiscal agent:

U.S. Treasury Money Market Funds 3,025,682 3,025,682 - - Total $ 222,706,169 $ 90,579,696 $ 52,310,022 $ 79,816,451 Federal Agency Securities
54 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
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, 2025, 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, 2025
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) 20,700,302 $ 11.20%
Federal Farm Credit Bank (FFCB) 9,562,335 5.17%
Total $ 16.37% 30,262,637
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 $ 36,223,753 N/A $ - $ - $ - $ - 36,223,753 $ Money Market Fund 1,572,528 N/A 1,572,528 - - - -
U.S. Treasury Notes 67,527,171 N/A 67,527,171 - - - -
Local Agency Investment Fund 19,041,446 N/A 19,041,446 - - - - Medium-Term Notes 39,707,955 A - - - 9 - 93,720
Asset Backed Securities 18,562,643 AAA - 3,009,388 - 15,553,255 - Supranational 2,382,114 AA - - 2,382,114 - -
PARS Pension Trust - Mutual Funds 34,662,877 N/A 34,662,877 - - - - Held by fiscal agent:

U.S. Treasury Money Market 3,025,682 A - - 3,025,682 - - Total $ 222,706,169 $ 102,190,048 $ 23,623,362 $ - 20,961,051 $ $ 37,217,473 AA AA- A+ A AMedium-Term Notes $ 999,100 $ 1,032,373 $ 7,229,872 $ 14,674,695 $ 14,778,195 56 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
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, 2025:

Level 1 Level 2 Total
Investments By Fair Value Level:
$ - 36,223,753 $ $ 36,223,753
U.S. Treasury Notes - 67,527,171 67,527,171
Medium-Term Notes - 39,707,955 39,707,955
Asset Backed Securities - 18,562,643 18,562,643
Supranational Securities - 2,382,114 2,382,114
Total Investments $ - 164,403,636 $ 164,403,636
Investments Exempt from Fair Value Hierarchy:

Local Agency Investment Fund (LAIF) 19,041,446
PARS Pension Trust - Mutual Funds 34,662,877
Investments Measured at Amortized Cost:

Held by fiscal agent:

U.S. Treasury Money Market Funds 3,025,682
Money Market Fund 1,572,528
Total $ 222,706,169
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, 2025, the City contributed $0 to the trust. As of June 30, 2025, the fair value of the trust was $34,662,877. 57 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
NOTE 3 – LOANS RECEIVABLE
At June 30, 2025, the City had loans receivable in the following funds:

Governmental Activities:

General Fund 804,673 $
Non Major Special Revenue Funds:

Affordable Housing Asset Fund 20,403,331
Community Development Block Grant (CDBG) 388,893
HOME 4,129,141
Housing In-Lieu 723,711
Less allowance for uncollectible loans (25,231,778)
Total Governmental Governmental Loans Receivable, net 1,217,971 $ Business-Type Activities:

Shoreline Enterprise Fund $ 25,726,380
At June 30, 2025, the City was owed in the General Fund, $195,000 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, 2025, the City was owed in the General Fund, $14,349 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, 2025, the City was owed in the General Fund, $21,042 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, 2025, the City was owed in the General Fund, $364,952 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, 2025, the City was owed in the General Fund, $209,330 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, 2025
NOTE 3 – LOANS RECEIVABLE (Continued)
At June 30, 2025, the City was owed in its Affordable Housing Asset Special Revenue Fund, $20,403,331 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 $19,840,033 leaving a balance of $563,298 as of June 30, 2025.

At June 30, 2025, the City was owed in its Community Development Block Grant (CDBG) Special Revenue Fund, $388,893 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, 2025, the City was owed in its HOME Special Revenue Fund, $4,129,141 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, 2025, 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, 2025, the City was owed in its Shoreline Enterprise Fund, $25,726,380, including $843,422 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, 2025
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, 2025, 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, 2025
Lease
Receivable
Balance at
June 30, 2025
Deferred Inflow
of Resources at
June 30, 2025
Governmental Funds
General Fund
Alameda County Fire Department -
Fire Training Center 7/1/2013 6/30/2038 15,741 $ 2,837,389 $ 2,579,993 $ Bandwidth IG
Fiber Optic Cable 10/4/2023 10/4/2048 4,070 1,132,536 1,100,757 Total Governmental Funds 19,811 3,969,925 3,680,750
Proprietary Funds
Shoreline Fund
Cingular Wireless PCS, LLC 5/16/2005 8/31/2032 4,813 433,175 407,185 $ 4,403,100 24,624 $ 4,087,935 $
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 $42,578 in interest revenue in fiscal year 2025 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 $16,631 in interest revenue in fiscal year 2025 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 $56,164 in lease revenue and $5,616 in interest revenue in fiscal year 2025 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, 2025
NOTE 5 – INTERFUND TRANSACTIONS
A. Interfund Receivables and Payables
At June 30, 2025, the City had the following short-term receivables and payables:

Receivable Fund Payable Fund Amount
General Fund Special Grants Special Revenue Fund $ 403,522 Non-Major Governmental Funds 4,129,771
Storm Water Utility Enterprise Fund 2,781,654
Total $ 7,314,947
The City has recorded due to/due from all funds requiring cash at the end of June 30, 2025. The funds that had deficit year-end balances will be repaid back to the General Fund during the 2025-26 fiscal year.

B. Long-Term Advances
Long-term advances to be repaid out of future earnings or charges at June 30, 2025 consisted of:

Receivable Fund Amount
General Fund Shoreline Enterprise Fund $ 5,261,382
Total $ 5,261,382
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, 2025 was $2,370,121 and $2,891,261 for the Marina and the Golf Course, respectively, for a total of $5,261,382.

61 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
NOTE 5 – INTERFUND TRANSACTIONS (Continued)
C. Transfers
Transfers during the fiscal year ended June 30, 2025 comprised the following:

Capital Improvements
General Capital Projects Internal Service
Fund Fund Funds Total
Capital Improvement
Capital Projects Fund 12,140,111 $ - $ $ 1,872,020 $ 14,012,131 Non-major
Governmental Funds 1,062,544 - 1,062,544 -
Internal Service Funds 82,461 1,000,000 1,082,461 -
Total $ 13,285,116 $ 1,000,000 $ 1,872,020 $ 16,157,136 Transfers Out:

Transfers In:

The City Council authorized transfers from various funds for fiscal year 2024-25 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 3,615,700 Street Improvement Projects Capital Improvement Fund 1,450,000 DL Falk Settlement
Capital Improvement Fund 630,000 Mulford-Marina Branch Library Capital Improvement Fund 505,750 City Hall Space Planning Capital Improvement Fund 1,500,000 Has Bridge Donation
Capital Improvement Fund 2,938,880 Street Overlay from 210-38-419 Capital Improvement Fund 274,781 Street & Road Repair
Non-major Governmental Funds 376,718 General Fund Subsidy Non-major Governmental Funds 50,000 Links Shuttle
Non-major Governmental Funds 635,826 Street Maintenance Internal Service Funds 1, 872,020 Fuel Tank Project
Internal Service Funds 1, 082,461 Technology Upgrade/Accella Total $ 16,157,136
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, 2025
NOTE 6 – CAPITAL ASSETS
A. Government-Wide Financial Statements
At June 30, 2025, 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 26,202,020 11,617,841 37,819,861 Total non-depreciable assets 42,673,425 16,760,151 59,433,576 Depreciable assets:

Buildings 107,380,997 64,269,714 171,650,711
Improvements 10,750,759 113,416 10,864,175
Machinery and Equipment 14,237,704 8,577,923 22,815,627 Licensed Vehicles 17,404,482 136,501 17,540,983
Subscription asset 3,392,249 - 3,392,249
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 260,109,189 - 260,109,189
Sidewalk 74,895,578 - 74,895,578
Curb and Gutter 37,447,790 - 37,447,790
Underground Piping and Storm Drain 242,722 12,565,091 12,807,813 Water Pollution Plant - 6,588,227 6,588,227
Total depreciable assets 553,463,333 92,250,872 645,714,205 Less accumulated depreciation (410,931,972) (23,028,110) (433,960,082) Total depreciable assets, net 142,531,361 69,222,762 211,754,123 Total capital assets $ 85,982,913 185,204,786 $ 271,187,699 $

63 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
NOTE 6 – CAPITAL ASSETS (Continued)
The following is a summary of capital assets for governmental activities:

Balance Balance
July 1, 2024 Additions Retirements Transfers June 30, 2025 Non-Depreciable Assets:

Land $ 16,471,405 $ - $ - $ - $ 16,471,405
Construction in progress 31,214,275 15,491,827 - (20,504,082) 26,202,020 Total Non-Depreciable Assets 47,685,680 15,491,827 - (20,504,082) 42,673,425 Depreciable Assets:

Buildings 89,970,152 - - 17,410,845 107,380,997
Improvements 10,750,759 - - - 10,750,759
Machinery and equipment 15,236,366 558,363 (1,557,025) - 14,237,704 Licensed vehicles 17,495,046 173,391 (263,955) - 17,404,482 Subscription asset 544,051 3,306,508 (458,310) - 3,392,249 Infrastructure 397,257,788 - (53,883) 3,093,237 400,297,142 Total Depreciable Assets 531,254,162 4,038,262 (2,333,173) 20,504,082 553,463,333 Accumulated Depreciation:

Buildings (35,967,404) (2,037,929) - - (38,005,333)
Improvements (6,255,124) (217,660) - - (6,472,784)
Machinery and equipment (12,542,951) (1,280,653) 1,550,174 - (12,273,430) Licensed vehicles (12,759,422) (1,257,817) 263,955 - (13,753,284) Subscription asset (435,241) (439,461) 458,310 - (416,392) Infrastructure (333,195,465) (6,869,167) 53,883 - (340,010,749) Total Accumulated Depreciation (401,155,607) (12,102,687) 2,326,322 - (410,931,972) Depreciable Assets, Net 130,098,555 (8,064,425) (6,851) 20,504,082 142,531,361 Total Governmental Activities
Capital Assets, Net $ 177,784,235 $ 7,427,402 $ (6,851) $ - $ 185,204,786 Governmental activities depreciation expenses for capital assets for the year ended June 30, 2025, are as follows:

General Government $ 323,880
Public Safety 431,840
Engineering and Transportation 8,636,804
Recreation and Human Services 1,079,600
Community Development 323,880
Subtotal 10,796,004
Capital assets held by the City's Internal Service Funds 1,306,683 Total Depreciation Expense $ 12,102,687
64 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
NOTE 6 – CAPITAL ASSETS (Continued)
The following is a summary of capital assets for business-type activities:

Balance Balance
July 1, 2024 Additions Retirements Transfers June 30, 2025 Non-Depreciable Assets:

Land $ 5,142,310 $ - $ - $ - $ 5,142,310
Construction in progress 10,735,747 2,109,071 - (1,226,977) 11,617,841 Total Non-Depreciable Assets 15,878,057 2,109,071 - (1,226,977) 16,760,151 Depreciable Assets:

Buildings 64,269,714 - - 64,269,714 -
Improvements 113,416 - - - 113,416
Machinery and equipment 8,449,773 128,389 (239) - 8,577,923 Licensed vehicles 129,102 7,789 (390) - 136,501
Infrastructure 17,926,341 - - 1,226,977 19,153,318
Total Depreciable Assets 90,888,346 136,178 (629) 1,226,977 92,250,872 Accumulated Depreciation:

Buildings (14,118,804) (1,288,428) - (15,407,232) -
Improvements (113,416) - - - (113,416)
Machinery and equipment (4,044,169) (130,421) 239 - (4,173,961) Licensed vehicles (54,745) (8,194) 390 - (62,939)
Infrastructure (2,917,525) (353,037) - (3,270,562) -
Total Accumulated Depreciation (21,248,659) (1,780,080) 629 - (23,028,110) Total Business-Type Activities
Capital Assets, Net $ 85,517,744 $ 465,169 $ - $ - $ 85,982,913 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.
65 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
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 and the subscription has an interest rate of .4310%. During fiscal year 2025, the subscription was paid off in full.

On July 18, 2024, the City entered into a 10 year subscription for the use of Workday. An initial subscription liability was recorded in the amount of $3,306,508. As of June 30, 2025, the balance of the subscription liability was $3,208,692.

A summary of the City’s SBITA transactions for the fiscal year ended June 30, 2025 are as follows:

Balance Balance Due Within
June 30, 2024 Additions Retirements June 30, 2025 One Year Governmental Activities
Accela $ 117,570 $ 117,570 - $ $ - -$
Workday 3,306,508 97,816 3,208,692 199,212 -
Total SBITA Liabilities $ 117,570 $ 3,306,508 $ 215,386 $ 3,208,692 $ 199,212 The future principal and interest subscription liability payments as of June 30, 2025, were as follows:

For the Year Governmental Activities
Ended June 30 Principal Interest Total
2026 $ 199,212 45,788$ $ 245,000
2027 440,323 42,945 483,268
2028 351,606 36,662 388,268
2029 356,625 31,644 388,269
3030 361,714 26,555 388,269
3031-3034 1,499,212 53,863 1,553,075
Totals $ 3,208,692 237,457$ 3,446,149$
66 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
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, 2025 follows:

Balance Balance Due within Due in more
Governmental Activity Debt: June 30, 2024 Retirements June 30, 2025 one year than one year Lease Revenue Bonds:
2013 Refunding Lease Revenue Bonds
City portion $ 3,225,000 $ (762,000) $ 2,463,000 $ 789,000 $ 1,674,000 2016 Refunding Lease Revenue Bonds 7,465,000 (1,120,000) 6,345,000 1,180,000 5,165,000 2018 Lease Revenue Bonds 18,905,000 - 18,905,000 - 18,905,000 Total Governmental Activity Debt 29,595,000 (1,882,000) 27,713,000 1,969,000 25,744,000 Direct Borrowings:

Financed Purchase:
2016 Bank of America Equipment Lease 3,271,368 (355,407) 2,915,961 362,909 2,553,052 Total Capital Leases 3,271,368 (355,407) 2,915,961 362,909 2,553,052 Other Debt
HUD 108 Loan - Guarantee Loan -
Senior Center 792,000 (792,000) - - -
Total Other Debt 792,000 (792,000) - - -
Total Government Activity Debt 33,658,368 (3,029,407) 30,628,961 2,331,909 28,297,052 Plus unamortized:

Premium (2013 RLRB) 74,575 (19,888) 54,687 19,888 34,799 Premium (2016 RLRB) 819,268 (163,853) 655,415 163,853 491,562 Premium (2018 LRB) 1,047,481 (43,645) 1,003,836 43,645 960,191 Total General Long-term Obligations $ 35,599,692 $ (3,256,793) $ 32,342,899 $ 2,559,295 $ 29,783,604 67 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
NOTE 8 – LONG-TERM DEBT (Continued)
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, 2025.

At June 30, 2025, future debt service requirements for the City’s portion of the 2013 RLRB follows:

For The Year
Ending June 30 Principal Interest Total
2026 789,000 $ 86,351 $ 875,351 $
2027 824,000 51,944 875,944
2028 850,000 23,644 873,644
$ 161,939 2,463,000 $ 2,624,939 $
68 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
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, 2025.

At June 30, 2025, future debt service requirements for the 2016 RLRBs follows:

For The Year
Ending June 30 Principal Interest Total
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
$ 772,250 6,345,000 $ 7,117,250 $
69 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
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, 2025.

At June 30, 2025, future debt service requirements for the 2018 LRBs are as follow:

For The Year
Ending June 30 Principal Interest Total
2026 - $ 871,575 $ 871,575 $
2027 - 871,575 871,575
2028 - 871,575 871,575
2029 - 871,575 871,575
2030 - 871,575 871,575
2031 - 2035 3,470,000 3,944,363 7,414,363
2036 - 2040 4,390,000 2,997,750 7,387,750
2041 - 2045 5,605,000 1,760,275 7,365,275
2046 - 2049 5,440,000 445,800 5,885,800
$ 18,905,000 $ 13,506,063 $ 32,411,063

70 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
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, 2025, future debt service requirements for the 2016 equipment lease follows:

For The Year
Ending June 30 Principal Interest Total
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 394,538 27,711 422,249
2031 - 2033 1,033,906 32,452 1,066,358
$ 2,926,700 $ 250,906 $ 3,177,606
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, 2025. During fiscal year 2025, the loan was defeased. The trustee determined that there were sufficient funds to pay off the loan, and those funds were deposited into a defeasance account to fully pay off the debt. 71 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
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, 2025, 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, 2025:

Due Due in
Balance Balance Within more than
Direct Borrowings June 30, 2024 Retirements June 30, 2025 one year one year State Water Resources Control Board $ 28,200,563 $ (2,032,650) $ 26,167,913 $ 2,085,499 $ 24,082,414 Marina Notes 68,090 (21,705) 46,385 22,682 23,703
Bank of America Equipment Lease (Climatec) 6,274,624 (468,123) 5,806,501 477,434 5,329,067 Total 34,543,277 $ $ (2,522,478) $ 32,020,799 $ 2,585,615 $ 29,435,184 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 2024-25, net revenues amounted to $5,186,317 which represented coverage of 184% under the $2,765,865 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.
72 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
NOTE 8 – LONG-TERM DEBT (Continued)
At June 30, 2025, future debt service requirements for the State Water Resources Control Board loan are as follows:

For The Year
Ending June 30 Principal Interest Total
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 2,310,997 454,867 2,765,864
2031 - 2035 12,488,133 1,341,188 13,829,321
2036 2,695,774 70,090 2,765,864
$ 4,256,595 26,167,913 $ 30,424,508 $
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, 2025, future debt service requirements for the Marina Cal Boating Notes Payable are as follows:

For The Year
Ending Principal Interest Total
2026 22,682 $ 2,087 $ 24,769 $
2027 23,703 1,067 24,770
$ 3,154 46,385 $ 49,539 $
73 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
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, 2025, future debt service requirements for the Climatec Lease are as follows:

For The Year
Ending June 30 Principal Interest Total
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 516,567 76,358 592,925
2031 - 2035 2,741,100 223,526 2,964,626
2036 581,362 11,563 592,925
$ 5,806,501 $ 715,675 6,522,176$
C. Debt Covenants and Restrictions
For fiscal year 2024-25, 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, 2025 is as follows:

Balance Balance Due within Due in more
July 1, 2024 Net Change June 30, 2025 one year than one year Governmental Activities $ 4,500,768 $ 2,153,239 $ 6,654,007 $ 1,835,791 $ 4,818,216 Business-type Activities 588,874 224,996 813,870 203,468 610,402 Total $ 5,089,642 $ 2,378,235 $ 7,467,877 $ 2,039,259 $ 5,428,618

74 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
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, 2025, unearned revenue in the Government-Wide Financial Statements was $4,190,454 for Governmental Activities and $8,380 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 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.

75 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
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.

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, 2025, the General Fund had outstanding encumbrances of $9,101,875.

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, 2025, 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
Other Remaining Unassigned 28,926,113
Total $ 61,651,365
76 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
NOTE 11 – NET POSITION AND FUND BALANCES (Continued)
Detailed classifications of the City’s Fund Balances, as of June 30, 2025, are below:

Capital
Special Grants Improvement Non-Major
General Special Revenue Capital Project Governmental
Fund Fund Fund Funds Total
Nonspendables:

Advances to Other Funds $ 5,261,382 $ - $ - $ 5,261,382 - $ Loans receivable 654,673 - - - 654,673
Total Nonspendable Fund 5,916,055 - - 5,916,055 -
Restricted for:

Pension contributions 35,521,498 - - 35,521,498 -
Internship 50,000 - - - 50,000
Measure BB funded projects - - 6,799,416 - 6,799,416
Capital Improvement Projects - 45,597,172 - 45,597,172 - Non-Major Governmental Funds
Special Assessment District Debt - - - 121 121
San Leandro Public Financing - - - 398,752 398,752
Affordable Housing - - 3,123,314 3,123,314 -
Street/ Traffic Improvements - - 1,667,622 - 1,667,622
Park Development Fees - - 6,862,255 6,862,255 -
Underground Utility - - 4,537,020 4,537,020 -
Parking - - - 320,965 320,965
Special Gas Tax - - 9,104,971 9,104,971 -
Cherrywood Maintenance - - - 659,881 659,881
Measure B - Paratransit - - - 6,573 6,573
Asset Seizure - - - 483,772 483,772
Heron Bay - - - 432,402 432,402
Proposition 1B - Local Streets & - - - 15,425 15,425
Measure B - - 1,084,905 1,084,905 -
Measure F - - - 791,044 791,044
C.D.B.G. - - - 7,390 7,390
HOME - - 1,467,078 1,467,078 -
Housing In- Lieu - - - 336,166 336,166
Business Improvement District - - - 281,185 281,185
Public Education and Government - - - 994,131 994,131
Total Restricted Fund Balances 35,571,498 45,597,172 39 - ,374,388 120,543,058 Committed to:

CDBG 183,187 - - - 183,187
Oakland Airport Access License 500,000 - - - 500,000
Total Committed Fund Balance 683,187 - - - 683,187
Assigned to:

Departmental projects 1,214,010 - - 1,214,010 -
Total Assigned Fund Balances 1,214,010 - - 1,214,010 -
Unassigned:

General fund - Compensated 999,852 - - - 999,852
General fund - Major Emergencies 5,000,000 - - 5,00 - 0,000 General fund - Economic Uncertainty 26,725,400 - - 26,725,400 - General fund - Other 28,926,113 - - 28,926,113 -
Deficit balance - (168,965) - - (168,965)
Total Unassigned Fund Balances 61,651,365 (168,965) - 61,482,400 - Total Fund Balances $ 105,036,115 $ (168,965) $ 45,597,172 $ 39,374,388 $ 189,838,710

77 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
NOTE 12 – STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY
A. Fund Deficits
At June 30, 2025, the following funds had deficit fund balances or net position:

Special Grants Special Revenue Fund $ 168,965
Private-Purpose Trust Fund 19,352,330
Storm Water Utility Enterprise Fund 2,851,264
Self-Insurance Internal Service Fund 1,317,680
B. Expenditures in Excess of Appropriations
Excess of expenditures over appropriations approved by the City Council occurred in individual funds during the fiscal year 2024-25 as follows:

Fund/Department Expenditure Appropriation Excess
Special Revenue Funds:

Business Improvement District $ 950,000 $ 559,532 $ 390,468 Cherrywood Maintenance District 521 - 521
Debt Service Fund:

San Leandro Public Financing Authority 3,174,661 3,169,693 4,968 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. 78 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
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
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 2024-2025 11,568,443 (3,764,918) 845,656 8,649,181 3,990,204 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 $1,317,680 at the end of June 30, 2025.

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. 79 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
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, 2025:

Deferred Deferred
Outflows Net Pension Inflows
of Resources Liability of Resources
Miscellaneous $ 19,967,536 $ 111,753,646 $ -
Safety 32,683,752 119,420,637 3,362,260
Total $ 52,651,288 $ 231,174,283 $ 3,362,260
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 death benefit is one of the following: the Basic Death Benefit, the 1957 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost of living adjustments for each plan are applied as specified by the Public Employees’ Retirement Law. The Pension Reform Act of 2013 (PEPRA), Assembly Bill 340, is applicable to employees new to CalPERS and hired after December 31, 2012. 80 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
NOTE 15 – PENSIONS PLAN (Continued)
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.

The Plans’ provisions and benefits in effect at June 30, 2025, 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) 11.11% 11.11% 11.11% Required Unfunded Actuarial Liability Contribution
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 29.30% 14.72%
Required Unfunded Actuarial Liability Contribution
Safety
$10,042,704
$9,788,851
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, 2025, were $10,042,704 and $9,788,851 respectively. 81 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
NOTE 15 – PENSIONS PLAN (Continued)
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, 2023 and measurement date of June 30, 2024:

Miscellaneous
Active employees 261
Inactive employees entitled
but not yet receiving benefits 388
Inactive employees or beneficiaries
currently receiving benefits 696
Total 1,345
* All Tiers of the Miscellaneous plan were combined together on GASB 68 report by CalPERS
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. Employer contribution rates may change if plan contracts are amended. Payments made by the City to satisfy contribution requirements that are identified by the Plan terms as Plan member contribution requirements are classified as Plan member contributions.

For the year ended June 30, 2025, the contributions recognized as part of pension expense for the Plan were as follows:

Miscellaneous Safety Total
Contributions - employer $ 13,613,816 $ 12,475,832 $ 26,089,648 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, 2024, using an annual actuarial valuation as of June 30, 2023 rolled forward to June 30, 2024 using standard update procedures. A summary of principal assumptions and methods used to determine the net pension liability is shown below.

82 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
NOTE 15 – PENSIONS PLAN (Continued)
Actuarial Assumptions – The total pension liabilities in the June 30, 2024 measurement date were determined using the following actuarial assumptions:

All Plans
Valuation Date June 30, 2023
Measurement Date June 30, 2024
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 and Review of Actuarial Assumptions. Mortality rates incorporate full 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 experience study report from November 2021 that can be found on the CalPERS website.

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.
83 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
NOTE 15 – PENSIONS PLAN (Continued)
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. 84 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
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, 2024 $ 236,280,786 351,026,180 $ 114,745,394 $ Changes in the year:

Service cost 4,804,620 - 4,804,620
Interest on the total pension liability 23,946,588 23,946,588 - Changes of benefit terms - - -
Changes of assumptions - - -
Differences between expected and actual
experience 4,495,600 - 4,495,600
Plan to plan resource movement - - -
Contributions - employer - 11,660,763 (11,660,763)
Contributions - employees - 2,169,312 (2,169,312)
Net investment income - 22,600,743 (22,600,743)
Benefit payments, including refunds of employee
contributions (21,744,136) (21,744,136) -
Administrative expense - (192,262) 192,262
Other Miscellaneous Income/(Expense) - - -
Net changes 11,502,672 14,494,420 (2,991,748)
Balance at June 30, 2025 $ 362,528,852 $ 250,775,206 $ 111,753,646 D. Safety Cost-Sharing Multiple-Employer Plan
As of June 30, 2025, the Safety cost-sharing plan reported net pension liabilities for its proportionate shares of the net pension liability at $119,420,637.

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, 2023 and 2024 was as follows:

Safety
Proportion - June 30, 2023 1.617827%
Proportion - June 30, 2024 1.637956%
Change - Increase (Decrease) 0.020129%
85 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
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 $ 156,534,944 $ 169,774,392
Current Discount Rate 6.90% 6.90%
Net Pension Liability $ 111,753,646 $ 119,420,637
1% Increase 7.90% 7.90%
Net Pension Liability $ 74,668,743 $ 78,238,345
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, 2025, the City recognized total pension expense of $10,680,843 for both the Miscellaneous and Safety Plans. At June 30, 2025, 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 $ 13,613,816 $ - Differences between actual and expected experience 2,817,246 - Changes in assumptions - -
Net differences between projected and actual earnings
on plan investments 3,536,474 -
Total $ 19,967,536 $ -
Cost-Sharing - Deferred Outflows Deferred Inflows
Safety of Resources of Resources
Pension contributions subsequent to measurement date $ 12,475,832 $ - Differences between actual and expected experience 9,745,786 (316,877) Changes in assumptions 2,942,279 -
Change in employer's proportion and differences between the employer’s contributions and the employer’s
proportionate share of contributions 1,747,605 (3,045,383) Net differences between projected and actual earnings
on plan investments 5,772,250 -
Total $ 32,683,752 $ (3,362,260)
86 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
NOTE 15 – PENSIONS PLAN (Continued)
The $13,613,816 and $12,475,832 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, 2026. 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
2026 $ 2,019,639 $ 6,056,937 $ 8,076,576
2027 6,699,690 13,042,133 19,741,823
2028 (1,048,750) (278,408) (1,327,158)
2029 (1,316,859) (1,975,002) (3,291,861)
$ 6,353,720 $ 16,845,660 $ 23,199,380
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, 2025, the City contributed $0 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 on or after age 50 (age 52 for PEPRA New hires) with at least five years of CalPERS service. Eligible employees receive up to $360 per month for pre-65 coverage and the PEMHCA minimum for coverage after 65. SLPOA employees hired prior to 2007 who retire with at least 15 years of service receive up to $460 per month for pre-65 coverage, $200 per month from age 65 to age 70 and the PEMHCA minimum thereafter.

87 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
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, 2025:

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, 2025 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, 2025 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 - 6.20% for 2025, decreasing to an ultimate rate of 4.14% in 2076
Mortality Improvement • Mortality projected fully generational with Scale MP-2020.

PEMHCA Minimum Increases • $157 for 2024, $151 for 2023. 88 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
NOTE 16 – OTHER POST EMPLOYMENT BENEFITS (Continued)
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:

Target
Asset Class Allocation
US Large Cap Equity 17.00%
US Small Cap Equity 0.90%
International Developed 6.80%
Emerging Market Equity 2.30%
REITs 1.50%
Listed Infrastructure 1.50%
Core Bonds 63.00%
High-Yield 5.00%
Cash 2.00%
Total 100.0%
Discount Rate – The discount rate used to measure the total OPEB liability is 4.50% for fiscal year 2025.

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.
89 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
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, 2024 Measurement Date $ 22,737,594 $ 21,662,830 $ 1,074,764 Changes Recognized for the Measurement Period:

Service Cost 1,029,181 - 1,029,181
Interest on the total OPEB liability 1,039,366 - 1,039,366 Changes in benefit terms - - -
Differences between expected and actual experience 9,324 - 9,324 Changes of assumptions - - -
Employer contributions - City - 775,051 (775,051)
Employer contributions - Implicit subsidy - 564,451 (564,451) Net investment income 1,864,530 - (1,864,530)
Benefit payments (775,051) (775,051) -
Implicit rate subsidy fulfilled (564,451) (564,451) -
Administrative expenses - (76,642) 76,642
Net changes 738,369 1,787,888 (1,049,519)
Balance at June 30, 2025 Measurement Date $ 23,475,963 $ 23,450,718 $ 25,245 Plan fiduciary net position as percentage of the total OPEB liability 99.89% 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%)
$ 2,618,293 $ 25,245 $ (2,179,927)
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 6.20% in 2025, trending down to 4.14% in 2076):

Net OPEB Liability/(Asset)
1% Decrease Current Healthcare Cost 1% Increase
Trend Rates
$ (1,256,879) $ 25,245 $ 1,542,963
90 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
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, 2025, the City recognized OPEB expense of $595,646. At June 30, 2025, 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 $ 470,034 $ (1,184,216)
Differences between expected and actual experience 7,911 (1,774,676) Net differences between projected and actual earnings on plan investments - (477,678)
Total $ 477,945 $ (3,436,570)
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
2026 $ (290,298)
2027 (1,041,050)
2028 (808,088)
2029 (579,736)
2030 (240,299)
Thereafter 846
Total $ (2,958,625)
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.
91 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
NOTE 18 – SUCCESSOR AGENCY ACTIVITIES
A. Cash and Investments
Cash and investments at June 30, 2025, consisted of the following:

Statement of net position:

Cash and Investments $ 4,856,138
Cash and Investments held by fiscal agents 2,997
Total cash and investments $ 4,859,135
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, 2025, future debt service requirements for the Successor Agency were as follows:

Balance Balance Current Long-Term
June 30, 2024 Retirements June 30, 2025 Portion Portion 2013 Refunding Lease Revenue Bonds
Successor Agency Portion $ 800,000 $ (258,000) $ 542,000 $ 266,000 $ 276,000 2014 Tax Allocation Refunding Bonds
Successor Agency Portion 8,210,000 (765,000) 7,445,000 785,000 6,660,000 2018 Tax Allocation Refunding Bonds, Series A
Successor Agency Portion 15,705,000 (740,000) 14,965,000 775,000 14,190,000 Direct Borrowings:

Owner Participation Agreements 414,170 (414,170) - - -
Total 25,129,170 (2,177,170) 22,952,000 1,826,000 21,126,000 Plus (Less) unamortized:

Premium (2013 LRB) 23,552 (8,562) 14,990 8,562 6,428
Premium (2014 TARB) 857,469 (81,664) 775,805 81,664 694,141 Premium (2018 TARB) 1,292,511 (86,168) 1,206,343 86,168 1,120,175 Total Long-Term Debt $ 27,302,702 $ (2,353,564) $ 24,949,138 $ 2,002,394 $ 22,946,744 92 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
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, 2025, 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
2026 266,000 $ 18,455 $ 284,455 $
2027 276,000 6,900 282,900
$ 25,355 542,000 $ 567,355 $
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, 2025, future debt service requirements for the 2014 Tax Allocation Refunding Bonds are as follows:

For The Year
Ending June 30 Principal Interest Total
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 870,000 163,575 1,033,575
2031 - 2035 3,315,000 263,613 3,578,613
$ 1,499,488 7,445,000 $ 8,944,488 $
93 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
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 $19,549,745 as of June 30, 2025.

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, 2025, 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
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 945,000 445,413 1,390,413
2031 - 2035 5,465,000 1,536,863 7,001,863
2036 - 2039 5,210,000 381,444 5,591,444
$ 4,584,745 14,965,000 $ 19,549,745 $
94 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
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. At June 30, 2025, the City closed out the obligation as agreement was terminated back in 2020.

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.
95 CITY OF SAN LEANDRO

NOTES TO BASIC FINANCIAL STATEMENTS
For The Year Ended June 30, 2025
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, 2025, the following progress has been made on the Shoreline Project:
• In 2022, the Shoreline Development Project received planning entitlements authorizing a mixed-use development consisting of up to 500 residential units, a redesigned Marina golf course, a hotel, restaurants, retail space, a library, and a new community park. • In December 2022, the City sold the Single Family Property of the project to developer Cal-Coast under its legal entity for the single family portion of the project (Monarch Bay for Sale Residential LLC). The City provided a $24,800,000 takeback bridge loan, with a $5M deposit, to the developer for the sale of the property. • 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 filed for Chapter 11 bankruptcy.
• As of June 2025, the Developer remained subject to ongoing Chapter 11 bankruptcy proceedings and continued in default on the loan extended by the City of San Leandro. • After receiving approximately $9 million in grant funding for construction, the City prepared to begin construction of a new Mulford-Marina community library in the fall of 2025.
• City staff from multiple departments have worked to ensure the former marina area is stable, secure and clean. Work has included removal of debris and over two dozen abandoned boats, enforcement of no overnight parking, and closure to vehicle traffic.

Permits were obtained and nine vacant buildings, which had become hazardous, were removed.
• The City continued to prepare for construction of the new park, with consultants completing the Design Development phase (50% drawings). • During the bankruptcy process, the City continues to process the Developer's applications for permitting approvals as legally and contractually required. A vesting tentative map for the subdivision of the Single Family Element into individual parcels was approved by the City in December 2024. The Developer has submitted applications for demolition and grading of the Single Family Element, has applied for an Administrative Permit for the design of the Golf Course Element, including wetland mitigation, and has applied for applicable external agency permits.

As of June 30, 2025, the City has recorded a loan receivable from Cal-Coast of $25,726,380 in the Shoreline Enterprise Fund, which includes the principal amount of the loan of $24,882,958, and accrued interest of $843,422.
96 REQUIRED SUPPLEMENTARY INFORMATION

CITY OF SAN LEANDRO
Notes to Required Supplementary Information
For the year ended June 30, 2025
Measurement Date 2015 2016 2017 2018
Total Pension Liability
Service Cost $ 3,522,248 3,570,669 $ 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 19,495,753 18,867,111 19,808,061 20,204,782
Change of benefit terms - - - -
Benefit payments, including refunds of
employee contributions (14,563,306) (15,016,152) (15,620,511) (16,309,242) Net change in total pension liability (4,496,016) 8,595,546 22,460,460 5,626,788 Total pension liability - beginning 264,495,717 259,999,701 268,595,247 291,055,707 Total pension liability - ending (a) $ 259,999,701 $ 268,595,247 $ 291,055,707 $ 296,682,495 Plan fiduciary net position
Contributions - employer $ 5,638,865 5,043,060 $ 6,399,288 $ 6,873,684 $ Contributions - employee 1,672,356 1,618,186 1,695,139 1,762,858 Net investment income 4,385,312 994,580 20,564,284 16,783,894 Benefit payments, including refunds of
employee contributions (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) (6,882,165) 12,763,360 8,210,669 Plan fiduciary net position - beginning 196,714,141 193,033,728 186,151,563 198,914,923 Plan fiduciary net position - ending (b) $ 193,033,728 $ 186,151,563 $ 198,914,923 $ 207,125,592 Net pension liability - ending (a)-(b) $ 66,965,973 $ 82,443,684 $ 92,140,784 $ 89,556,903 Plan fiduciary net position as a percentage of
the total pension liability 74.24% 69.31% 68.34% 69.81% Covered payroll $ 19,979,507 $ 21,037,041 $ 21,903,698 $ 22,864,060 Plan fiduciary net position as a percentage of covered
payroll 335.17% 391.90% 420.66% 391.69%
Notes to Schedule:

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
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, 2022, and 2025 there were no changes. In 2022, the accounting discount rate reduced from 7.15 percent to 6.90 percent. In 2023 and 2024, 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.) 98 CITY OF SAN LEANDRO
Notes to Required Supplementary Information
For the year ended June 30, 2025
2019 2020 2021 2022 2023 2024
$ 4,005,467 $ 3,874,755 $ 3,844,792 $ 4,317,556 $ 4,445,333 $ 4,804,620 4,908,580 2,724,076 1,977,496 (4,954,065) 4,016,101 4,495,600 - - - 8,833,240 - -
21,089,806 21,804,805 22,444,027 22,422,063 23,185,168 23,946,588 - - - - 408,557 -
(17,262,935) (18,245,091) (19,158,743) (19,540,136) (20,797,167) (21,744,136) 12,740,918 10,158,545 9,107,572 11,078,658 11,257,992 11,502,672 296,682,495 309,423,413 319,581,958 328,689,530 339,768,188 351,026,180 $ 309,423,413 $ 319,581,958 $ 328,689,530 $ 339,768,188 $ 351,026,180 $ 362,528,852 $ 7,676,172 $ 8,774,417 $ 9,720,658 $ 10,537,066 $ 11,737,463 $ 11,660,763 1,826,595 1,750,192 1,724,547 1,788,035 1,984,145 2,169,312 13,606,328 10,595,404 48,506,294 (19,300,149) 14,222,702 22,600,743 (17,262,935) (18,245,091) (19,158,743) (19,540,136) (20,797,167) (21,744,136) - - - - - -
(147,809) (300,030) (215,171) (159,458) (168,618) (192,262) 483 - - - - -
5,698,834 2,574,892 40,577,585 (26,674,642) 6,978,525 14,494,420 207,125,592 212,824,426 215,399,318 255,976,903 229,302,261 236,280,786 $ 212,824,426 $ 215,399,318 $ 255,976,903 $ 229,302,261 $ 236,280,786 $ 250,775,206 $ 96,598,987 $ 104,182,640 $ 72,712,627 $ 110,465,927 $ 114,745,394 $ 111,753,646

68.78% 67.40% 77.88% 67.49% 67.31% 69.17%
$ 22,638,587 $ 23,100,009 $ 22,919,363 $ 23,764,539 $ 26,344,583 $ 26,707,171 426.70% 451.01% 317.25% 464.84% 435.56% 418.44%
99 CITY OF SAN LEANDRO
Notes to Required Supplementary Information
For the year ended June 30, 2025
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 2016 2017 2018 2019 2020
Actuarially determined contribution $ 5,638,865 $ 6,387,063 $ 6,873,205 $ 7,688,583 $ 8,747,418 Contributions in relation to the actuarially
determined contributions (5,638,865) (6,387,063) (6,873,205) (7,688,583) (8,747,418) Contribution deficiency (excess) $ - $ - $ - $ - $ -
Covered payroll $ 21,037,041 $ 21,903,698 $ 22,864,060 $ 22,638,587 $ 23,100,009 Contributions as a percentage of covered
payroll 26.80% 29.16% 30.06% 33.96% 37.87%
Notes to Schedule
Valuation date: 6/30/2014 6/30/2015 6/30/2016 6/30/2017 6/30/2018 Methods and assumptions used to determine contribution rates:

Entry age normal
Level percentage of payroll
Fair Value of Assets
Varies by entry age and service

2.80%
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, 7.00% for 2021, 2022, 2023 and 2024, and

6.80% for 2025, 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 Post-retirement 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. For 2025, the probabilities of mortality are based on the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. Mortality rates incorporate full generational mortality improvement using 80% of Scale MP-2020 published by Society of Actuaries.

2.75% for 2015 to 2019, 2.625% for 2020, and 2.50% for 2021 and 2022 2.30% for 2023, 2024, and 2025.
100

CITY OF SAN LEANDRO
Notes to Required Supplementary Information
For the year ended June 30, 2025
2021 2022 2023 2024 2025
$ 9,717,634 $ 10,532,119 $ 11,737,463 $ 11,660,763 $ 13,613,816 (9,717,634) (10,532,119) (11,737,463) (11,660,763) (13,613,816) $ - $ - $ - $ - $ -
$ 22,919,363 $ 23,764,539 $ 26,344,583 $ 26,707,171 $ 32,498,450

42.40% 44.32% 44.55% 40.26% 41.89%
6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2023
101

CITY OF SAN LEANDRO
Notes to Required Supplementary Information
For the year ended June 30, 2025
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 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019 Plan's proportion of the Net Pension Liability (Asset) 0.84138% 0.85648% 0.85168% 0.88976% 0.89929% Plan's proportion share of the Net Pension Liability
(Asset) $ 57,751,630 $ 74,111,802 $ 84,462,824 $ 85,739,175 $ 92,150,076 Plan's Covered Payroll $ 10,794,582 $ 11,439,904 $ 11,316,753 $ 12,841,859 $ 13,169,196 Plan's Proportionate Share of the Net Pension
Liability/(Asset) as a Percentage of its Covered
Payroll 535.01% 647.84% 746.35% 667.65% 699.74%
Plan's Proportionate Share of the Fiduciary Net
Position as a Percentage of the Plan's Total Pension
Liability 78.40% 74.06% 73.31% 75.26% 75.26%
102

CITY OF SAN LEANDRO
Notes to Required Supplementary Information
For the year ended June 30, 2025
6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024

0.91795% 1.26665% 0.98578% 1.617827% 1.637956%
$ 99,870,170 $ 68,504,096 $ 113,865,092 $ 120,931,460 $ 119,420,637 $ 13,692,447 $ 13,470,710 $ 11,906,385 $ 10,149,257 $ 10,637,746 729.38% 508.54% 956.34% 1191.53% 1122.61%

75.10% 88.29% 76.68% 76.21% 78.08%
103

CITY OF SAN LEANDRO
Notes to Required Supplementary Information
For the year ended June 30, 2025
Fiscal Year 2016 2017 2018 2019 2020
Actuarially determined contribution $ 5,482,854 $ 5,233,646 $ 6,062,560 $ 7,027,678 $ 8,187,368 Contributions in relation to the
actuarially determined contributions (5,482,854) (5,233,646) (6,062,560) (7,027,678) (8,187,368) Contribution deficiency (excess) $ - $ - $ - $ - $ -
Covered payroll $ 11,439,904 $ 11,316,753 $ 12,841,859 $ 13,169,196 $ 13,692,447 Contributions as a percentage of
covered payroll 47.93% 46.25% 47.21% 53.36% 59.79%
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,
104

CITY OF SAN LEANDRO
Notes to Required Supplementary Information
For the year ended June 30, 2025
2021 2022 2023 2024 2025
$ 9,219,375 $ 9,552,942 $ 10,271,849 $ 10,523,532 $ 12,475,832 (9,219,375) (9,552,942) (10,271,849) (10,523,532) (12,475,832) $ - $ - $ - $ - $ -
$ 13,470,710 $ 11,906,385 $ 10,149,257 $ 10,637,746 $ 12,012,514

68.44% 80.23% 101.21% 103.69% 103.86%
105

CITY OF SAN LEANDRO
Notes to Required Supplementary Information
For the year ended June 30, 2025
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 $ 709,979 $ 673,551 $ 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 (1,538,260) (802,834) (1,508,460)
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 (1,538,260) (802,834) (1,508,460)
Implicit subsidy fulfilled - (733,837) -
Administrative expenses (40,605) (67,811) (36,472)
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 75 106

CITY OF SAN LEANDRO
Notes to Required Supplementary Information
For the year ended June 30, 2025
2020 2021 2022 2023 2024 2025
$ 843,066 $ 868,358 $ 894,409 $ 959,427 $ 986,291 $ 1,029,181 1,216,539 1,257,969 1,302,546 1,080,426 1,118,831 1,039,366 - - - - - -
- - (3,116,104) - (959,814) 9,324
- - 1,324,642 - (1,699,094) -
(376,000.00) - - - (376,000) (564,451)
- - - - - -
(1,271,770) (1,319,716) (1,286,842) (1,256,104) (794,455) (775,051) 411,835 806,611 (881,349) 783,749 (1,724,241) 738,369
22,964,989 23,376,824 24,183,435 23,302,086 24,461,835 22,737,594 $ 23,376,824 $ 24,183,435 $ 23,302,086 $ 24,085,835 $ 22,737,594 $ 23,475,963 $ 2,771,770 $ 1,319,716 $ 1,286,842 $ 1,256,104 $ 794,455 $ 775,051 (376,000.00) - - - 376,000 564,451
- - - - - -
801,925 2,700,965 (2,610,009) 870,145 1,750,521 1,864,530 (1,271,770) (1,319,716) (1,286,842) (1,256,104) (794,455) (775,051) (376,000.00) - - - (376,000) (564,451)
(40,057) (43,249) (42,746) (37,388) (74,785) (76,642)
1,509,868 2,657,716 (2,652,755) 832,757 1,675,736 1,787,888 16,887,508 18,397,376 21,055,092 18,402,337 19,987,094 21,662,830 $ 18,397,376 $ 21,055,092 $ 18,402,337 $ 19,235,094 $ 21,662,830 $ 23,450,718 $ 4,979,448 $ 3,128,343 $ 4,899,749 $ 4,850,741 $ 1,074,764 $ 25,245

78.7% 87.1% 79.0% 79.9% 95.3% 99.9%
$ 41,120,591 $ 41,613,491 $ 41,709,251 $ 45,121,024 $ 48,021,021 $ 53,501,374

12.11% 7.52% 11.75% 10.75% 2.24% 0.05%
107

CITY OF SAN LEANDRO
Notes to Required Supplementary Information
For the year ended June 30, 2025
City of San Leandro
Other Postemployment Benefits Plan
Schedule of Contributions
Last Ten Fiscal Years *
Fiscal Year Ended June 30, 2018 2019 2020 2021
Actuarially determined contribution $ 1,121,087 $ 1,027,403 $ 1,359,000 $ 1,405,000 Contributions in relation to the
actuarially determined contribution (2,286,671) (2,508,460) (2,771,770) (1,319,716) Contribution deficiency (excess) $ (1,481,057) (1,165,584) $ (1,412,770) $ 85,284 $ Covered-employee payroll $ 42,275,248 33,357,709 $ 41,120,591 $ 41,613,491 $ Contributions as a percentage of
covered-employee payroll 6.86% 5.93% 6.74% 3.17%
Notes:
* Fiscal year 2018 was the first year of implementation for GASB 75 108

CITY OF SAN LEANDRO
Notes to Required Supplementary Information
For the year ended June 30, 2025
2022 2023 2024 2025
$ 1,137,000 1,448,000 $ $ 1,164,000 $ 1,257,708
(1,286,842) (1,256,104) (1,170,455) (1,339,502)
$ 161,158 $ (119,104) $ (6,455) $ (81,794)
$ 41,709,251 $ 45,121,024 $ 48,021,021 $ 53,501,374

3.09% 2.78% 2.44% 2.50%
109
City of San Leandro
Required Supplementary Information
For the year ended June 30, 2025

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 $ 120,737,220 $ 120,009,201 120,866,592 $ (857,391) $ Licenses and permits 10,741,000 11,347,587 11,127,500 220,087 Fines and forfeitures 613,500 658,500 1,296,540 638,040 Services charges 2,394,100 2,732,375 2,675,973 56,402
Intergovernmental 830,000 7,735,819 909,330 6,826,489
Use of money and property 2,628,800 10,478,448 3,700,600 6,777,848 Interdepartmental charges 2,792,815 2,793,384 2,792,815 569 Other 202,500 2,236,904 2,200,145 36,759
Total revenues 140,939,935 144,931,455 158,630,258 13,698,803 EXPENDITURES:

Current:

General government 20,280,704 18,795,436 17,000,910 (1,794,526) Public safety 78,255,234 80,501,623 80,828,509 326,886
Engineering and transportation 4,330,320 20,252,807 16,543,532 (3,709,275) Recreation and culture 21,085,036 14,738,712 22,939,729 8,201,017 Community development 16,934,963 12,523,112 13,929,348 1,406,236 Debt service:

Principal 355,407 355,407 355,407 -
Interest and fees 66,843 66,843 66,842 1
Total expenditures 141,308,507 151,664,278 147,233,939 4,430,339

EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (368,572) (6,732,823) 11,396,319 18,129,142 OTHER FINANCING SOURCES (USES):

Transfers in - - - -
Transfers (out) (5,887,544) (9,304,204) (13,285,116) (3,980,912) Total other financing sources (uses) (9,304,204) (5,887,544) (13,285,116) (3,980,912) NET CHANGE IN FUND BALANCE $ (16,037,027) (6,256,116) $ (1,888,797) 14,148,230 $ FUND BALANCES:

Beginning of year 106,924,912
End of year $ 105,036,115
110
City of San Leandro
Required Supplementary Information
For the year ended June 30, 2025

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 $ 759,438 $ 8,285,664 $ 9,588,195 $ 1,302,531 Use of money and property - - 45,460 45,460
Total revenues 759,438 8,285,664 9,633,655 1,347,991
EXPENDITURES:

Current:

General Government - 34,236 - 34,236
Public Safety 165,702 393,529 54,094 339,435
Engineering and transportation 698,000 5,845,021 4,180,610 1,664,411 Community development 7,581,298 1,092,050 6,489,248
Recreation and culture 154,815 7,825,738 2,897,622 4,928,116 Total expenditures 1,018,517 21,679,822 8,224,376 13,455,446 NET CHANGE IN FUND BALANCES $ (259,079) $ (13,394,158) 1,409,279 $ 14,803,437 FUND BALANCES (DEFICITS):

Beginning of year (1,578,244)
End of year $ (168,965)
111

CITY OF SAN LEANDRO
Notes to Required Supplementary Information
For the year ended June 30, 2025
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.
113

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, 2025
Variance
Final Positive
Budget Actual (Negative)
REVENUES:

Service charges $ 25,000 $ 9,746 $ (15,254)
Use of money and property - (102,412) (102,412)
Other 3,500,000 52,870 (3,447,130)
Total revenues 3,525,000 (39,796) (3,564,796)
EXPENDITURES:

Current:

Engineering and transportation 24,955,551 3,193,996 21,761,555 Recreation and culture 5,803,685 84,174 5,719,511
Community development 27,665,971 7,779,138 19,886,833
Total expenditures 58,425,207 11,057,308 47,367,899
REVENUES OVER (UNDER) EXPENDITURES (54,900,207) (11,097,104) 43,803,103 OTHER FINANCING SOURCES (USES):

Transfer in 14,012,131 14,012,131 -
Transfers (out) (Note 5C) (1,000,000) (1,000,000) -
Total Other Financing Sources (Uses) 13,012,131 13,012,131 - NET CHANGE IN FUND BALANCES $ (41,888,076) 1,915,027 43,803,103 $ FUND BALANCES:

Beginning of year 43,682,145
End of year $ 45,597,172
Capital Improvement Capital Projects Fund
116
City of San Leandro
General Fund
Combining Balance Sheets
June 30, 2025
General Purpose Pension Trust Fund
American Rescue
Plan Act Fund
Trust Agency
Fund Total
Cash and investments (Note 2) 51,734,400 $ 3,632,787 $ $ 506,380 $ 4,838,859 $ 60,712,426 Restricted cash and investments (Note 2) 31,488,058 31,488,058 Receivables:

Accounts 17,378,996 4,000 17,382,996
Special assessment 160,989 160,989
Loans (Note 3) 654,673 654,673
Leases (Note 4) 3,969,925 3,969,925
Due from other funds (Note 5A) 7,314,947 7,314,947
Advances to other funds (Note 5B) 5,261,382 5,261,382
Total Assets $ 86,475,312 $ 35,120,845 $ 506,380 $ 4,842,859 $ 126,945,396 Liabilities:

Accounts payable and accruals $ 9,089,491 $ - $ 105,728 $ 4,842,858 $ 14,038,077 Unearned revenue (Note 10) 4,190,454 - 4,190,454
Total Liabilities 13,279,945 - 105,728 4,842,858 18,228,531 Related to leases receivable (Note 4) 3,680,750 3,680,750 Total Deferred Inflows of Resources 3,680,750 - - - 3,680,750 Fund Balances: (Note 11)
Nonspendable 5,916,055 5,916,055
Restricted 50,000 35,120,845 400,652 1 35,571,498
Committed 683,187 683,187
Assigned 1,214,010 1,214,010
Unassigned 61,651,365 61,651,365
Total Fund Balances 35,120,845 69,514,617 400,652 1 105,036,115 Total Liabilities, Deferred Inflows of Resources
and Fund Balances $ 86,475,312 $ 35,120,845 $ 506,380 $ 4,842,859 $ 126,945,396 See Accompanying Notes to Basic Financial Statements
ASSETS

LIABILITIES

DEFERRED INFLOWS OF RESOURCES
117
City of San Leandro
General Fund
Combining Schedules of Revenues, Expenditures
And Changes in Fund Balances
For the year ended June 30, 2025
General Purpose Pension Trust Fund
American Rescue
Plan Act Fund Trust Agency Fund Total

REVENUES
Property and other taxes 120,009,201 $ - $ $ - $ - $ 120,009,201 Licenses and permits 11,347,587 11,347,587
Fines and forfeitures 1,296,540 1,296,540
Service charges 2,732,375 2,732,375
Intergovernmental 1,663,810 6,072,009 7,735,819
Use of money and property 7,143,946 3,174,819 159,683 10,478,448 Interdepartmental charges 2,793,384 2,793,384
Other 736,903 1,500,001 2,236,904
Total Revenues 147,723,746 3,174,819 6,231,692 1,500,001 158,630,258

EXPENDITURES
Current:

General Government 18,253,820 112,383 429,233 18,795,436 Public safety 80,501,623 80,501,623
Engineering and transportation 19,547,700 705,107 20,252,807 Recreation and culture 14,567,627 171,085 14,738,712
Community development 10,998,375 1,524,737 12,523,112
Debt service:

Principal 355,407 355,407
Interest and fees 66,842 66,842
Total Expenditures 144,291,394 112,383 2,830,162 - 147,233,939 REVENUES OVER (UNDER) EXPENDITURES 3,432,352 3,062,436 3,401,530 1,500,001 11,396,319

OTHER FINANCING SOURCES (USES)
Transfers (out) (Note 5C) (8,846,236) (2,938,880) (1,500,000) (13,285,116) Total Other Financing Sources (Uses) (8,846,236) - (2,938,880) (1,500,000) (13,285,116) NET CHANGE IN FUND BALANCES (5,413,884) 3,062,436 462,650 1 (1,888,797)

FUND BALANCES
Beginning fund balances (deficits) 74,928,501 32,058,409 (61,998) 106,924,912 Ending fund balances (deficits) $ 35,120,845 69,514,617 $ 400,652 $ $ 1 $ 105,036,115 See Accompanying Notes to Basic Financial Statements
118

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.

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.

Sidewalk Repair Cost-Share – 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. 119
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.
120

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 1,660,449 $ 1,655,825 $ 6,862,255 $ 4,537,020 $ Cash and investments with fiscal agent - - - -
Receivables:

Accounts 899,770 24,625 - -
Loans 563,298 - - -
Total Assets $ 3,123,517 $ 1,680,450 $ 6,862,255 $ 4,537,020 Accounts payable $ 203 $ 12,828 $ - $ -
Due to other funds - - - -
Total Liabilities 203 12,828 - -
Fund Balances:

Restricted 3,123,314 1,667,622 6,862,255 4,537,020
Unassigned - - - -
Total Fund Balances 3,123,314 1,667,622 6,862,255 4,537,020 Total Liabilities, Deferred Inflow of
Resources and Fund Balances $ 3,123,517 $ 1,680,450 $ 6,862,255 $ 4,537,020 June 30, 2025
ASSETS

LIABILITIES
122
Special Revenue Funds
Cherrywood Proposition IB
Special Maintenance Asset Local Streets
Parking Gas Tax District Paratransit Seizure Heron Bay & Roads $ 8,952,801 360,521 $ 659,793 $ 6,733 $ 434,943 $ 463,073 $ 15,425 $ - - - - - - -
57,854 862,624 88 - 48,829 3,188 -
- - - - - - -
$ 418,375 $ 9,815,425 $ 659,881 $ 6,733 $ 483,772 $ 466,261 $ 15,425 $ 97,410 $ 75,384 $ - $ 160 $ - $ 33,859 $ -
- 635,070 - - - - -
97,410 710,454 - 160 - 33,859 -
320,965 9,104,971 659,881 6,573 483,772 432,402 15,425
- - - - - - -
320,965 9,104,971 659,881 6,573 483,772 432,402 15,425
$ 418,375 $ 9,815,425 $ 659,881 $ 6,733 $ 483,772 $ 466,261 $ 15,425 (Continued)
123
City of San Leandro
Combining Balance Sheet
Non-Major Governmental Funds
Special Revenue Funds
Sidewalk
Repair
Measure BB Cost-Share Measure F C.D.B.G.

Cash and investments 9,539,889 $ 1,067,122 $ 720,512 $ 32,202 $ Cash and investments with fiscal agent - - - -
Receivables:

Accounts 836,207 22,303 70,532 -
Loans - - - -
Total Assets $ 10,376,096 $ 1,089,425 $ 791,044 $ 32,202 Accounts payable $ 81,979 $ 4,520 $ - $ 24,812
Due to other funds 3,494,701 - - -
Total Liabilities 3,576,680 4,520 - 24,812
Fund Balances:

Restricted 6,799,416 1,084,905 791,044 7,390
Unassigned - - - -
Total Fund Balances 6,799,416 1,084,905 791,044 7,390
Total Liabilities, Deferred Inflow of
Resources and Fund Balances $ 10,376,096 $ 1,089,425 $ 791,044 $ 32,202 ASSETS

LIABILITIES
June 30, 2025
124
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 $ 336,166 1,423,169 $ 278,048$ $ 969,927 $ 399,963 121 $ $ 40,375,957 - $ - - - - - 732 - 732
43,909 - 3,137 25,366 - - - 2,898,432
- - - - - - - 563,298
$ 1,467,078 $ 336,166 $ 281,185 $ 995,293 $ 121 $ 400,695 $ 43,838,419 - $ $ - $ - $ 1,162$ - $ 1,943$ - $ - $ 334,260
- - - - - - - 4,129,771
- - - 1,162 - 1,943 - 4,464,031
1,467,078 336,166 281,185 994,131 121 398,752 - 39,374,388 - - - - - - - -
1,467,078 336,166 281,185 994,131 121 398,752 - 39,374,388 $ 1,467,078 $ 336,166 $ 281,185 $ 995,293 $ 121 $ 400,695 $ 43,838,419 - $ 125
City of San Leandro
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Non-Major Governmental Funds
For the year ended June 30, 2025
Special Revenue Funds
Affordable Park Underground
Housing Street/Traffic Development Utility
Asset Fund Improvements Fee Fee
REVENUES:

Property and other taxes $ - $ - $ - $ -
Licenses and permits - 96,529 - -
Fines and forfeitures - - - -
Intergovernmental 931,560 - - -
Use of money and property 69,351 89,025 349,560 232,995 Other 543,946 24,625 491,433 -
Total Revenues 1,544,857 210,179 840,993 232,995
EXPENDITURES:

Current:

Engineering and transportation - 148,474 - 7,359
Recreation and culture - - 25,066 -
Community development 351,935 - - -
Debt service:

Principal - - - -
Interest and fees - - - -
Total Expenditures 351,935 148,474 25,066 7,359

REVENUES OVER
(UNDER) EXPENDITURES 61,705 1,192,922 815,927 225,636
OTHER FINANCING SOURCES:

Transfer in - - - -
Total Other Financing Sources - - - -
NET CHANGE IN FUND BALANCES 1,192,922 61,705 815,927 225,636 FUND BALANCES (DEFICITS):

Beginning of year 1,930,392 1,605,917 6,046,328 4,311,384 End of year $ 3,123,314 $ 1,667,622 $ 6,862,255 $ 4,537,020 126
Special Revenue Funds
Cherrywood Proposition IB
Special Maintenance Asset Local Streets
Parking Gas Tax District Paratransit Seizure Heron Bay & Roads $ - $ - $ 31,202 $ - $ - 501,942 $ $ -
- 306,856 - - - - -
822,491 - - - - - -
- 5,422,445 - - 59,592 - -
1,345 368,626 33,173 739 22,395 18,542 802
- 1,000,000 - - - - -
1,130,692 6,791,071 64,375 739 81,987 520,484 802
1,064,553 3,726,312 521 - - 406,732 -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - 2,550 -
1,064,553 3,726,312 521 - - 409,282 -
66,139 3,064,759 63,854 739 81,987 111,202 802
376,718 635,826 - - - - -
376,718 635,826 - - - - -
442,857 3,700,585 63,854 739 81,987 111,202 802
(121,892) 5,404,386 596,027 5,834 401,785 321,200 14,623 $ 320,965 $ 9,104,971 $ 659,881 $ 6,573 $ 483,772 $ 432,402 $ 15,425 (Continued)
127
City of San Leandro
Combining Statement of Revenues, Expenditures and Changes in Fund Balances Non-Major Governmental Funds
For the year ended June 30, 2025
Special Revenue Funds
Sidewalk
Repair
Measure BB Cost-Share Measure F C.D.B.G.

REVENUES:

Property and other taxes $ - $ - $ - $ -
Licenses and permits - - - -
Fines and forfeitures - - - -
Intergovernmental 4,766,388 - 408,503 1,309,616
Use of money and property 40,263 512,192 67,915 -
Other 2,299,868 88,859 - -
Total Revenues 7,578,448 129,122 476,418 1,309,616
EXPENDITURES:

Current:

Engineering and transportation 9,742,534 88,614 1,178,455 - Recreation and culture - - - -
Community development - - - 277,747
Debt service:

Principal - - - 792,000
Interest and fees - - - 44,992
Total Expenditures 9,742,534 88,614 1,178,455 1,114,739

REVENUES OVER
(UNDER) EXPENDITURES 40,508 (2,164,086) (702,037) 194,877 OTHER FINANCING SOURCES:

Transfer in - - - -
Total Other Financing Sources - - - -
NET CHANGE IN FUND BALANCES (2,164,086) 40,508 (702,037) 194,877 FUND BALANCES (DEFICITS):

Beginning of year 8,963,502 1,044,397 1,493,081 (187,487) End of year $ 1,084,905 6,799,416 $ 791,044 $ 7,390 $
128
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 $ - $ - $ - 107,848 $ $ - $ - $ - $ 640,992
- - 435,358 - - - - 838,743
- - - - - - - 822,491
488,755 - - - - - - 13,386,859
73,129 24,682 17,752 47,728 - 3,170,534 5,140,748 -
106,350 - 132,919 - - - - 4,688,000
668,234 24,682 586,029 155,576 - 3,170,534 - 25,517,833 - - - - - - 13,622 16,377,176
- - - - - - - 25,066
475,085 - 950,000 24,411 - - - 2,079,178
- - - - - 1,882,000 - 2,674,000
- - - - - 1,292,661 1,340,203 -
475,085 - 950,000 24,411 - 3,174,661 13,622 22,495,623
193,149 24,682 (363,971) 131,165 - (4,127) (13,622) 3,022,210 - - 50,000 - - - - 1,062,544
- - 50,000 - - - - 1,062,544
193,149 24,682 (313,971) 131,165 - (4,127) (13,622) 4,084,754 1,273,929 311,484 595,156 862,966 121 402,879 13,622 35,289,634 1,467,078$ $ 336,166 281,185$ $ 994,131 $ 398,752 121 $ $ 39,374,388 - $ 129
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, 2025
Variance
Final Positive
Budget Actual (Negative)
REVENUES:

Intergovernmental $ - $ 931,560 $ 931,560
Use of money and property 50,000 69,351 19,351
Other 100,000 543,946 443,946
Total Revenues 150,000 1,544,857 1,394,857
EXPENDITURES:

Current:

Community development 353,460 351,935 1,525
Total Expenditures 353,460 351,935 1,525
NET CHANGE IN FUND BALANCES $ (203,460) 1,192,922 $ 1,396,382 FUND BALANCES:

Beginning of year 1,930,392
End of year $ 3,123,314
130
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, 2025
Variance
Final Positive
Budget Actual (Negative)
REVENUES:

Licenses and permits $ 200,000 $ 96,529 $ (103,471)
Use of money and property - 89,025 89,025
Other - 24,625 24,625
Total Revenues 200,000 210,179 10,179
EXPENDITURES:

Current:

Engineering and transportation 670,534 148,474 522,060
Total Expenditures 670,534 148,474 522,060
NET CHANGE IN FUND BALANCES $ (470,534) 61,705 $ 532,239 FUND BALANCES:

Beginning of year 1,605,917
End of year $ 1,667,622
131
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, 2025
Variance
Final Positive
Budget Actual (Negative)
REVENUES:

Use of money and property $ - $ 349,560 $ 349,560
Other 200,000 491,433 291,433
Total Revenues 200,000 840,993 640,993
EXPENDITURES:

Current:

Recreation and culture 4,513,959 25,066 4,488,893
Total Expenditures 4,513,959 25,066 4,488,893
NET CHANGE IN FUND BALANCES $ (4,313,959) 815,927 $ 5,129,886 FUND BALANCES:

Beginning of year 6,046,328
End of year $ 6,862,255
132
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, 2025
Variance
Final Positive
Budget Actual (Negative)
REVENUES:

Use of money and property $ 35,000 $ 232,995 $ 197,995
Service charges 100,000 - (100,000)
Total Revenues 135,000 232,995 97,995
EXPENDITURES:

Current:

Engineering and transportation 1,901,616 7,359 1,894,257 Total Expenditures 1,901,616 7,359 1,894,257
NET CHANGE IN FUND BALANCES $ (1,766,616) 225,636 $ 1,992,252 FUND BALANCES:

Beginning of year 4,311,384
End of year $ 4,537,020
Underground Utility Fees Special Revenue Fund
133
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, 2025
Variance
Final Positive
Budget Actual (Negative)
REVENUES:

Licenses and permits 320,888 $ 306,856 $ (14,032) $
Fines and forfeitures 630,000 822,491 192,491
Use of money and property - 1,345 1,345
Total revenues 950,888 1,130,692 179,804
EXPENDITURES:

Current:

Engineering and transportation 1,229,501 1,064,553 164,948 Total expenditures 1,229,501 1,064,553 164,948
OTHER FINANCING SOURCES:

Transfers in 376,718 376,718 -
Total expenditures 376,718 376,718 -
NET CHANGE IN FUND BALANCES $ 98,105 442,857 $ 344,752
FUND BALANCES:

Beginning of year (121,892)
End of year $ 320,965
134
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, 2025
Variance
Final Positive
Budget Actual (Negative)
REVENUES:

Intergovernmental 4,828,383 $ 5,422,445 $ 594,062 $
Use of money and property 927,283 368,626 (558,657)
Other - 1,000,000 1,000,000
Total revenues 5,755,666 6,791,071 1,035,405
EXPENDITURES:

Current:

Engineering and transportation 6,532,915 3,726,312 2,806,603 Total expenditures 6,532,915 3,726,312 2,806,603
OTHER FINANCING SOURCES:

Transfers in 635,826 635,826 -
Total expenditures 635,826 635,826 -
NET CHANGE IN FUND BALANCES $ (141,423) 3,700,585 $ 3,842,008 FUND BALANCES:

Beginning of year 5,404,386
End of year $ 9,104,971
135
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, 2025
Variance
Final Positive
Budget Actual (Negative)
REVENUES:

Property and other taxes $ - $ 31,202 $ 31,202
Use of money and property 7,000 33,173 26,173
Total revenues 7,000 64,375 57,375
EXPENDITURES:

Current:

Engineering and transportation - 521 (521)
Total expenditures - 521 (521)
NET CHANGE IN FUND BALANCES $ 7,000 63,854 $ 56,854
FUND BALANCES:

Beginning of year 596,027
End of year $ 659,881
136
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, 2025
Variance
Final Positive
Budget Actual (Negative)
REVENUES:

Use of money and property $ - $ 739 $ 739
Total revenues - 739 739
EXPENDITURES:

Current:

Engineering and transportation - - -
Total expenditures - - -
NET CHANGE IN FUND BALANCES $ - 739 $ 739
FUND BALANCES:

Beginning of year 5,834
End of year $ 6,573
Measure B - Paratransit Special Revenue Fund
137
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, 2025
Variance
Final Positive
Budget Actual (Negative)
REVENUES:

Intergovernmental $ - $ 59,592 $ 59,592
Use of money and property 15,000 22,395 7,395
Total revenues 15,000 81,987 66,987
EXPENDITURES:

Current:

Public safety - - -
Total expenditures - - -
NET CHANGE IN FUND BALANCES $ 15,000 81,987 $ 66,987
FUND BALANCES:

Beginning of year 401,785
End of year $ 483,772
138
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, 2025
Variance
Final Positive
Budget Actual (Negative)
REVENUES:

Property and other taxes $ 502,220 $ 501,942 $ (278)
Use of money and property 5,000 18,542 13,542
Total revenues 507,220 520,484 13,264
EXPENDITURES:

Current:

Engineering and transportation 657,877 406,732 251,145
Debt service:

Interest and fees 3,570 2,550 1,020
Total expenditures 661,447 409,282 252,165
NET CHANGE IN FUND BALANCES $ (154,227) 111,202 $ (265,429) FUND BALANCES:

Beginning of year 321,200
End of year $ 432,402
139
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, 2025
Variance
Final Positive
Budget Actual (Negative)
REVENUES:

Use of money and property $ - $ 802 $ 802
Total revenues - 802 802
NET CHANGE IN FUND BALANCES $ - 802 $ 802
FUND BALANCES:

Beginning of year 14,623
End of year $ 15,425
140
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, 2025
Variance with
Final Budget
Final Positive
Budget Actual (Negative)
REVENUES:

Intergovernmental 3,581,759 $ 4,766,388 $ 1,184,629 $
Use of money and property - 512,192 512,192
Other - 2,299,868 -
Total revenues 3,581,759 7,578,448 1,696,821
EXPENDITURES:

Current:

Engineering and transportation 18,523,883 9,742,534 8,781,349 Total expenditures 18,523,883 9,742,534 8,781,349
NET CHANGE IN FUND BALANCES $ (14,942,124) (2,164,086) 10,478,170 $ FUND BALANCES:

Beginning of year 8,963,502
End of year $ 6,799,416
141
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, 2025
Variance
Final Positive
Budget Actual (Negative)
REVENUES:

Intergovernmental 3,300,000 $ - $ $ (3,300,000)
Use of money and property 30,000 40,263 10,263
Other - 88,859 88,859
Total revenues 3,330,000 129,122 (3,200,878)
EXPENDITURES:

Current:

Engineering and transportation 3,048,841 88,614 2,960,227 Total expenditures 3,048,841 88,614 2,960,227
NET CHANGE IN FUND BALANCES $ 281,159 40,508 $ (240,651) FUND BALANCES:

Beginning of year 1,044,397
End of year $ 1,084,905
142
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, 2025
Variance
Final Positive
Budget Actual (Negative)
REVENUES:

Intergovernmental $ - $ 408,503 $ 408,503
Use of money and property 10,000 67,915 57,915
Total revenues 10,000 476,418 466,418
EXPENDITURES:

Current:

Engineering and transportation 2,356,832 1,178,455 1,178,377 Total expenditures 2,356,832 1,178,455 1,178,377
NET CHANGE IN FUND BALANCES $ (2,346,832) (702,037) $ 1,644,795 FUND BALANCES:

Beginning of year 1,493,081
End of year $ 791,044
143
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, 2025
Variance
Final Positive
Budget Actual (Negative)
REVENUES:

Intergovernmental $ 808,949 $ 1,309,616 $ 500,667
Total revenues 808,949 1,309,616 500,667
EXPENDITURES:

Current:

Community development 587,749 277,747 310,002
Debt service:

Principal 792,000 792,000 -
Interest and fees 44,992 44,992 -
Total expenditures 1,424,741 1,114,739 310,002
NET CHANGE IN FUND BALANCES $ (615,792) 194,877 $ 810,669 FUND BALANCES:

Beginning of year (187,487)
End of year $ 7,390
144
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, 2025
Variance
Final Positive
Budget Actual (Negative)
REVENUES:

Intergovernmental $ 462,857 $ 488,755 $ 25,898
Use of money and property - 73,129 73,129
Other - 106,350 106,350
Total revenues 462,857 668,234 205,377
EXPENDITURES:

Current:

Community development 924,273 475,085 449,188
Total expenditures 924,273 475,085 449,188
NET CHANGE IN FUND BALANCES $ (461,416) 193,149 $ 654,565 FUND BALANCES:

Beginning of year 1,273,929
End of year $ 1,467,078
145
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, 2025
Variance
Final Positive
Budget Actual (Negative)
REVENUES:

Use of money and property $ - $ 24,682 $ 24,682
Total revenues - 24,682 24,682
EXPENDITURES:

Current:

Community development - - -
Total expenditures - - -
NET CHANGE IN FUND BALANCES $ - 24,682 $ 24,682
FUND BALANCES:

Beginning of year 311,484
End of year $ 336,166
146
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, 2025
Variance
Final Positive
Budget Actual (Negative)
REVENUES:

Licenses and permits $ 400,000 $ 435,358 $ 35,358
Intergovernmental 109,532 - (109,532)
Use of money and property - 17,752 17,752
Other - 132,919 132,919
Total revenues 509,532 586,029 76,497
EXPENDITURES:

Current:

Community development 559,532 950,000 (390,468)
Total expenditures 559,532 950,000 (390,468)
OTHER FINANCING SOURCES:

Transfers in 50,000 50,000 -
NET CHANGE IN FUND BALANCES $ - (313,971) $ (313,971)
FUND BALANCES:

Beginning of year 595,156
End of year $ 281,185
147
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, 2025
Variance
Final Positive
Budget Actual (Negative)
REVENUES:

Property and other taxes 150,000 $ 107,848 $ (42,152) $ Use of money and property - 47,728 47,728
Total revenues 150,000 155,576 5,576
EXPENDITURES:

Current:

Community development 287,577 24,411 263,166
Total expenditures 287,577 24,411 263,166
NET CHANGE IN FUND BALANCES $ (137,577) 131,165 $ 268,742 FUND BALANCES:

Beginning of year 862,966
End of year $ 994,131
148
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, 2025
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
149
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, 2025
Variance
Final Positive
Budget Actual (Negative)
REVENUES:

Use of money and property $ 3,170,000 $ 3,170,534 $ 534 Total revenues 3,170,000 3,170,534 534
EXPENDITURES:

Debt service:

Principal 1,882,000 1,882,000 -
Interest and fees 1,287,693 1,292,661 (4,968)
Total expenditures 3,169,693 3,174,661 (4,968)
NET CHANGE IN FUND BALANCES $ 307 (4,127) $ (4,434)
FUND BALANCES:

Beginning of year 402,879
End of year $ 398,752
150
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, 2025
Variance
Final Positive
Budget Actual (Negative)
EXPENDITURES:

Current:

Engineering and transportation $ 13,622 $ 13,622 $ -
Total expenditures 13,622 13,622 -
NET CHANGE IN FUND BALANCES $ (13,622) (13,622) $ -
FUND BALANCES:

Beginning of year 13,622
End of year $ -
151

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. 153
City of San Leandro
Combining Statement of Net Position
Non-Major Enterprise Funds
June 30, 2025
Total
Non-Major
Storm Water Environmental Enterprise
Utility Services Funds
Current Assets:

Cash and investments $ - $ 1,877,482 $ 1,877,482
Receivables:

Accounts 5,888 103,153 109,041
Total current assets 5,888 1,980,635 1,986,523
Noncurrent assets:

Capital assets:

Depreciable 16,681 28,732 45,413
Less accumulated depreciation (4,518) (800) (5,318)
Total noncurrent assets 12,163 27,932 40,095
Total Assets 18,051 2,008,567 2,026,618
Current Liabilities:

Accounts payable 13,058 23,376 36,434
Due to other funds 2,781,654 - 2,781,654
Compensated absences - due in one year 18,651 23,877 42,528 Total current liabilities 2,813,363 47,253 2,860,616
Non-current Liabilities:

Compensated absences - due in more than one year 55,952 71,631 127,583 Total Liabilities 2,869,315 118,884 2,988,199
Net investment in capital assets 12,163 27,932 40,095
Unrestricted (2,863,427) 1,861,751 (1,001,676)
Total Net Position (Deficit) $ 1,889,683 (2,851,264) $ (961,581) $ ASSETS

LIABILITIES

NET POSITION (DEFICIT)
154
City of San Leandro
Combining Statement of Revenues, Expenses, and Changes in Net Position Non-Major Enterprise Funds
For the year ended June 30, 2025
Total
Non-Major
Storm Water Environmental Enterprise
Utility Services Funds

OPERATING REVENUES
Charges for services $ 1,076,234 $ - $ 1,076,234
Licenses and permits - 652,121 652,121
Other operating revenue 1,710 70,595 72,305
Total operating revenues 1,077,944 722,716 1,800,660

OPERATING EXPENSES
Salaries and benefits 458,208 631,545 1,089,753
Contractual and other services 319,679 156,047 475,726
Material and supplies 16,325 18,743 35,068
Depreciation (10,983) 800 (10,183)
Other operating costs 402,267 287,016 689,283
Total operating expenses 1,185,496 1,094,151 2,279,647
OPERATING INCOME (LOSS) (107,552) (371,435) (478,987)
NONOPERATING REVENUES (EXPENSES):

Investment income - 40,815 40,815
Intergovernmental - 262,799 262,799
Total Nonoperating Revenues (Expenses) - 303,614 303,614 Change in net position (107,552) (67,821) (175,373)
NET POSITION (DEFICIT):

Beginning of year 1,957,504 (2,743,712) (786,208)
End of year $ 1,889,683 (2,851,264) $ (961,581) $
155
City of San Leandro
Combining Statement of Cash Flows
Non-Major Enterprise Funds
For the year ended June 30, 2025
Total
Non-Major
Storm Water Environmental Enterprise
Utility Services Funds

CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from customers 1,072,056 $ 715,948 $ 1,788,004 $ Cash payments to suppliers and service providers (753,374) (456,424) (1,209,798) Cash payments to employees for services (440,837) (604,660) (1,045,497) Net cash provided (used) by operating activities (345,136) (122,155) (467,291)

CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES:

Intergovernmental revenue received - 262,799 262,799
Interfund loans 123,335 - 123,335
Net cash provided (used) by noncapital financing activities 123,335 262,799 386,134

CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES:

Acquisition of capital assets (1,180) (28,732) (29,912) Net cash provided (used) by capital and related financing activities (1,180) (28,732) (29,912) CASH FLOWS FROM INVESTING ACTIVITIES:

Change in fair values of investments - (25,960) (25,960) Interest income - 66,775 66,775
Net cash provided (used) by investing activities - 40,815 40,815 Net increase (decrease) in cash and cash equivalents - (70,254) (70,254) CASH AND CASH EQUIVALENTS:

Beginning of year - 1,947,736 1,947,736
End of year $ - $ 1,877,482 $ 1,877,482

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

Operating income (loss) $ (107,552) $ (371,435) $ (478,987) Depreciation (10,983) 800 (10,183)
Adjustments to reconcile operating income (loss) to net cash provided (used) by operating activities:

Changes in assets and liabilities:
(Increase) decrease in accounts receivable (5,888) (6,768) (12,656) (Decrease) increase in accounts payable (15,103) 5,382 (9,721) (Decrease) increase in compensated absences 17,371 26,885 44,256 Total adjustments (3,620) 25,499 21,879
Net cash provided (used) by operating activities $ (122,155) $ (345,136) $ (467,291) 156

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.
157
City of San Leandro
Combining Statement of Net Position
Internal Service Funds
June 30, 2025
Information
Building Management Self - Equipment
Maintenance Services Insurance Maintenance Total
Cash and investments $ 1,646,850 $ 4,944,077 $ 10,840,838 $ 3,905,819 $ 21,337,584 Inventory and prepaids 11,881 33,399 - 87,309 132,589
Total current assets 1,658,731 4,977,476 10,840,838 3,993,128 21,470,173 Capital assets:

Depreciable 62,754 9,028,866 - 13,724,718 22,816,338
Less accumulated depreciation (51,975) (5,801,605) - (9,883,981) (15,737,561) Total net capital assets 10,779 3,227,261 - 3,840,737 7,078,777 Total noncurrent assets 10,779 3,227,261 - 3,840,737 7,078,777 Total Assets 1,669,510 8,204,737 10,840,838 7,833,865 28,548,950 Current Liabilities:

Accounts payable 496,156 611,198 515,004 112,708 1,735,066 Other liabilities - - 2,983,786 - 2,983,786
SBITAs - due within one year - 199,212 - - 199,212
Claims and judgments - due within one year - - 3,990,204 - 3,990,204 Compensated absences payable - due within one year 27,787 55,330 2,953 11,503 97,573 Total current liabilities 523,943 865,740 7,491,947 124,211 9,005,841 Noncurrent Liabilities:

Claims and judgments - due in more than one year - - 4,658,977 - 4,658,977 SBITAs - due in more than one year - 3,009,480 - - 3,009,480 Compensated absences - due in more than one year 142,278 71,453 7,594 29,579 250,904 Total noncurrent liabilities 71,453 3,151,758 4,666,571 29,579 7,919,361 Total Liabilities 595,396 4,017,498 12,158,518 153,790 16,925,202 Net investment in capital assets 10,779 18,569 - 3,840,737 3,870,085 Unrestricted 4,168,670 1,063,335 (1,317,680) 3,839,338 7,753,663 Total Net Position $ 1,074,114 $ 4,187,239 $ (1,317,680) $ 7,680,075 $ 11,623,748

LIABILITIES

NET POSITION
ASSETS
158
City of San Leandro
Combining Statement of Revenues, Expenses and Changes in Fund Net Position Internal Service Funds
For the year ended June 30, 2025
Information
Building Management Self - Equipment
Maintenance Services Insurance Maintenance Total
OPERATING REVENUES:

Service charges 4,972,739 $ 7,409,237 $ 4,981,623 $ 2,567,312 $ 19,930,911 $ Other operating revenues - - 664,392 - 664,392
Total Operating Revenues 4,972,739 7,409,237 5,646,015 2,567,312 20,595,303 OPERATING EXPENSES:

Salaries and benefits 1,311,456 3,732,656 272,370 666,651 5,983,133 Contractual and other services 2,688,522 4,335,001 5,533,975 858,542 13,416,040 Materials and supplies 215,820 30,129 - 671,060 917,009 Depreciation 6,099 211,460 - 1,089,124 1,306,683
Other operating costs 779,040 2,004,600 136,558 546,365 3,466,563 Total Operating Expenses 5,000,937 10,313,846 5,942,903 3,831,742 25,089,428 OPERATING INCOME (LOSS) (28,198) (2,904,609) (296,888) (1,264,430) (4,494,125)

NONOPERATING REVENUES (EXPENSES)
Loss on disposal of capital assets 25,750 25,750
Interest income 76,369 242,716 529,754 340,195 1,189,034 Total nonoperating revenues (expenses) 76,369 242,716 529,754 340,195 1,189,034 INCOME BEFORE TRANSFERS 48,171 (2,661,893) 232,866 (924,235) (3,305,091) TRANSFERS:

Transfers in - 1,073,699 3,819 4,943 1,082,461
Transfers (out) - - - (1,872,020) (1,872,020)
Change in net position 48,171 (1,588,194) 236,685 (2,791,312) (4,094,650) NET POSITION:

Beginning of the year 1,025,943 5,775,433 (1,554,365) 10,471,387 15,718,398 End of the year $ 1,074,114 $ 4,187,239 $ (1,317,680) $ 7,680,075 $ 11,623,748 159
City of San Leandro
Combining Statement of Cash Flows
Internal Service Funds
For the year ended June 30, 2025
Information
Building Management Self - Equipment
Maintenance Services Insurance Maintenance Total
CASH FLOWS FROM OPERATING ACTIVITIES:

Receipts from customers $ - $ - $ 664,392 $ - $ 664,392 Receipts from interfund charges 4,972,739 7,378,175 4,981,623 2,567,312 19,899,849 Cash payments to suppliers and service providers (3,607,798) (3,400,858) (7,056,361) (2,069,952) (16,134,969) Cash payments to employees for services (1,294,893) (3,682,280) (279,764) (669,472) (5,926,409) Net cash provided (used) by operating activities 295,037 70,048 (1,690,110) (172,112) (1,497,137)

CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES:

Transfers in from other funds - 1,073,699 3,819 4,943 1,082,461 Transfers (out) to other funds - - - (1,872,020) (1,872,020) Net cash provided (used) by noncapital
financing activities - 1,073,699 3,819 (1,867,077) (789,559)

CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:

Acquisition of capital assets - 259,950 - (550,956) (291,006) Acquisition of capital assets - SBITA (3,306,508) - - (3,306,508) Net cash provided (used) by capital
and related financing activities - (3,046,558) - (550,956) (3,597,514) CASH FLOWS FROM INVESTING ACTIVITIES:

Change in fair values of investments 24,922 82,559 183,138 105,669 396,288 Interest income 51,447 160,157 346,616 234,526 792,746
Cash Flows from Investing Activities 242,716 76,369 529,754 340,195 1,189,034 Net Cash Flows (1,435,106) 146,417 (1,156,537) (2,249,950) (4,695,176) CASH AND CASH EQUIVALENTS:

Cash and investments at beginning of year 1,500,433 6,379,183 11,997,375 6,155,769 26,032,760 Cash and investments at end of year $ 4,944,077 1,646,850 $ 10,840,838 $ 3,905,819 $ 21,337,584 $

RECONCILIATION OF OPERATING

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

Operating income (loss) (28,198) $ (2,904,609) $ (296,888) $ (1,264,430) $ (4,494,125) $ Adjustments to reconcile operating income (loss)
to net cash provided (used) by operating activities:

Depreciation 6,099 211,460 - 1,089,124 1,306,683
Change in assets and liabilities:
(Increase) decrease in inventory - (31,062) - 69,830 38,768 (Decrease) increase in accounts payable 75,584 (122,250) 153,169 (63,815) 42,688 (Decrease) increase in other liabilities - - 1,380,265 - 1,380,265 (Decrease) increase in claims and judgments payable - - (2,919,262) - (2,919,262) (Decrease) increase in SBITA's - 3,091,122 - - 3,091,122 (Decreased) increase in compensated absences 16,563 50,376 (7,394) (2,821) 56,724 Total cash provided (used) by operating activities $ 295,037 70,048 $ (1,690,110) $ (172,112) $ (1,497,137) $ 160

STATISTICAL SECTION
Contents Page
Financial Trends 165
Revenue Capacity 171
Debt Capacity 183
Demographic and Economic Information 191
Operating Information 195
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. 161

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.
163

City of San Leandro
Net Position by Component UnitLast Ten Fiscal Years(Accrual Basis of Accounting) Governmental Activities 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 200,560,064 $ 190,556,178 $ 181,178,754 $ 152,522,070 $ 147,336,413 $ 146,227,950 $ 139,036,949 $ 133,346,557 $ 154,080,103 $ 161,443,896 $ Restricted 23,680,435 31,647,662 41,104,032 63,079,453 64,472,691 51,588,031 51,233,996 78,669,326 114,990,094 126,774,636 Unrestricted (77,776,029) (67,544,332) (84,962,486) (88,393,775) (90,215,808) (70,341,620) (45,191,914) (30,116,102) (85,567,810) (114,805,645) Total Governmental Activities Net Position 146,464,470 $ 154,659,508 $ 137,320,300 $ 127,207,748 $ 121,593,296 $ 127,474,361 $ 145,079,031 $ 181,899,781 $ 183,502,387 $ 173,412,887 $ Business-Type Activities 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 30,434,444 $ 31,056,113 $ 34,872,307 $ 38,661,914 $ 41,645,101 $ 39,934,659 $ 45,175,278 $ 49,388,903 $ 50,974,467 $ 53,962,114 $ Restricted - - - - - - - - - -
Unrestricted 18,050,170 20,616,425 17,962,702 20,090,760 16,938,807 25,724,305 25,516,257 26,242,579 55,797,523 59,773,128 Total Business-Type Activities Net Position 48,484,614 $ 51,672,538 $ 52,835,009 $ 58,752,674 $ 58,583,908 $ 65,658,964 $ 70,691,535 $ 75,631,482 $ 106,771,990 $ 113,735,242 $ Primary government 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 230,994,508 $ 221,612,291 $ 216,051,061 $ 191,183,984 $ 188,981,514 $ 186,162,609 $ 184,212,227 $ 182,735,460 $ 205,054,570 $ 215,406,010 $ Restricted 23,680,435 31,647,662 41,104,032 63,079,453 64,472,691 51,588,031 51,233,996 78,669,326 114,990,094 126,774,636 Unrestricted (59,725,859) (46,927,907) (66,999,784) (68,303,015) (73,277,001) (44,617,315) (19,675,657) (3,873,523) (29,770,287) (55,032,517) Total Governmental Activities Net Position 194,949,084 $ 206,332,046 $ 190,155,309 $ 185,960,422 $ 180,177,204 $ 193,133,325 $ 215,770,566 $ 257,531,263 $ 290,274,377 $ 287,148,129 $ 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 assets ‐
‐
100,000,000
50,000,000
0 50,000,000
350,000,000300,000,000250,000,000200,000,000150,000,000100,000,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Net investment in capital assets Restricted Unrestricted 165
City of San Leandro
Changes in Net PositionLast Ten Fiscal Years(accrual basis of accounting) Expenses: 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025Governmental activities: General government 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 $ 20,580,095 $ Public safety 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 89,153,002 Engineering & Transportation 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 39,777,756 Recreation & Culture 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 21,020,622 Community Development 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 24,517,714 Interest on long-term debt 1,764,322 2,218,025 1,677,316 1,794,526 1,827,883 2,201,522 2,541,072 1,502,327 918,611 311,610 Total governmental activities expenses 114,773,113 114,739,934 138,214,053 144,819,177 150,137,774 144,053,011 152,290,117 140,113,816 180,011,314 195,360,799 Business-type activities: Water Pollution Control 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 16,596,023 Shoreline 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 6,023,182 Storm Water Utility 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 1,185,496 Environmental Services 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 1,094,151 Total business-type activities expenses 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 24,898,852 Total primary government expenses 132,549,722 129,462,622 154,692,208 160,779,981 169,964,867 166,393,592 171,483,240 163,152,506 202,883,947 220,259,651Program revenues:Governmental activities: General government Property taxes 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 32,761,682 Sales taxes 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 52,019,269 Franchise Fees 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 7,657,200 Utility Users Tax 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 14,097,009 Property Transfer Tax 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 9,152,616 911 Communication Access Tax 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 3,773,129 Other taxes 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 1,782,138 Investment 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 11,700,469 Miscellaneous 4,225,123 1,702,501 5,426,862 853,797 878,095 769,949 1,444,158 7,481,254 4,302,441 2,712,515 Gain on sale of assets 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 16,552,308 16,956,990 18,674,955 19,315,193 17,865,810 15,588,302 18,635,326 19,456,082 19,973,707 20,794,028 Capital grants and contributions 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 21,576,616 Operating grants and contributions 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 7,244,628 Total Governmental activities program revenues 126,018,893 122,934,972 134,169,703 134,706,625 144,523,322 149,934,075 169,894,788 176,744,926 181,803,561 185,271,299 Business-type activities: Charges for services 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 27,753,471 Capital Grants and Contributions - 243,304 369,087 982,215 258,586 3,644,686 66,721 - - - Operating grants and contributions - - - 268,599 472,735 349,804 356,393 238,461 618,884 289,259 Other taxes 520,321 629,411 806,392 836,332 660,893 441,445 602,208 601,824 491,355 567,595 Investment Earnings 425,834 179,432 284,219 1,262,342 1,215,065 160,834 (647,946) 623,832 3,171,155 3,251,779 Miscellaneous 4,234,130 - - - - - - - - -
Sale of property to developer - - - - - - - - 23,449,552 - Transfers (25,000) - (187,921) 476,000 (111,937) - - - - - Total Business activities
program revenues 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 31,862,104 Total primary government program revenues 147,165,320 140,845,584 151,810,329 156,585,094 164,181,649 179,349,712 194,120,482 204,913,204 235,627,061 217,133,403 Extraordinary Items - - - - - - - - - - Net revenues (expenses): Governmental Activities 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 (10,089,500) Business-type activities 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 6,963,252 Total net revenues (expenses) 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 $ (3,126,248) $ Source: City of San Leandro Annual Comprehensive Financial Report (ACFR) - Statement of Activities 166
City of San Leandro
Program Revenues by Function/ ProgramLast Ten Fiscal Years(Accrual Basis of Accounting) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Program / FunctionGovernmental Activities:

General Government 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 $ 13,557,824 $ Public Safety 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 2,642,102 Engineering and transportation 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 22,277,790 Recreation and culture 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 4,292,439 Community development 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 6,845,117 Interest on long-term debt - - - - - - - - - -
Subtotal governmental activities 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 $ 49,615,272 $ Business-Type Activities
Water Pollution Control Plant 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 $ 19,690,082 $ Shoreline 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 6,289,189 Storm Water Utility 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 1,077,944 Environmental Services 727,157 954,026 1,020,530 1,013,730 937,854 907,869 813,464 922,419 1,119,793 985,515 Subtotal business-type activities 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 $ 28,042,730 $ Total primary government 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 $ 77,658,002 $ Source: City of San Leandro Annual Comprehensive Financial Report (ACFR) - Statement of Activities 167
City of San Leandro
Fund Balance of Governmental FundsLast Ten Fiscal Years(modified accrual basis of accounting) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
General Fund: Nonspendable 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 $ 5,916,055 $ Restricted 50,000 50,000 50,000 50,000 50,000 50,000 5,691,874 2,089,319 29,049,679 35,571,498 Committed - - - - - - - - - 683,187
Assigned 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 1,214,010 Unassigned 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 61,651,365 Total General Fund 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 $ 105,036,115 $ All other governmental funds: Nonspendable - $ - $ - $ - $ - $ 430,668 $ - $ 309,500 $ - $ - $ Restricted 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 84,971,560 Assigned - - - - - - - - - -
Unassigned (1,322,170) (717,114) - (646,691) - (3,201,383) (2,828,316) (1,083,819) (1,887,623) (168,965) Total all other governmental funds 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 $ 84,802,595 $ Total All Governmental Funds 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 $ 189,838,710 $ Source: City of San Leandro Annual Comprehensive Financial Report (ACFR) - Governmental Funds Balance Sheet 168
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 2016 86,735,605 $ 8,594,731 $ 1,685,098 $ 3,099,475 $ 12,191,846 $ 4,023,537 $ 6,587,487 $ 122,917,779 $ 2017 88,391,366 9,348,195 1,572,898 3,543,567 11,078,666 4,117,990 4,882,290 122,934,972 2018 91,648,512 10,726,515 1,688,351 3,790,985 12,843,102 4,145,901 9,138,416 133,981,782 2019 95,596,907 11,429,826 1,675,533 3,592,813 11,964,009 6,878,046 4,045,491 135,182,625 2020 96,089,825 12,249,199 1,495,851 2,399,404 20,552,655 7,972,029 3,652,422 144,411,385 2021 107,772,445 10,062,117 1,338,461 1,426,373 14,601,427 5,277,599 1,075,849 141,554,271 2022 120,465,255 10,801,893 809,767 1,970,713 17,343,374 835,725 2,217,020 154,443,747 2023 116,949,985 12,901,332 678,304 3,215,720 22,461,573 8,606,086 9,931,493 174,744,493 2024 120,353,180 12,256,920 854,009 3,887,451 30,768,860 13,916,863 4,935,160 186,972,443 2025 120,650,193 12,186,330 2,119,031 2,742,121 30,710,873 15,562,244 6,977,774 190,948,566 Source: City of San Leandro Annual Comprehensive Financial Report (ACFR) - Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances $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
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Property & Other Taxes Licenses & Permits Fines & Forfeitures Service Charges Intergovern- mental Use of Money & Property Other Revenue 169
City of San Leandro
Changes in Fund Balance of Governmental FundsLast Ten Fiscal Years 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Revenues: Property and other taxes 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 $ 120,650,193 $ Licenses and permits 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 12,186,330 Fines and forfeitures 1,685,098 1,572,898 1,688,351 1,675,533 1,495,851 1,338,461 809,767 678,304 854,009 2,119,031 Service charges 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 2,742,121 Intergovernmental 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 30,710,873 Use of money and property 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 15,562,244 Intergovernmental 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 2,793,384 Other 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 6,977,774 Total revenues 122,917,779 122,934,972 133,981,782 135,182,625 144,411,385 143,555,339 156,443,747 176,744,493 189,765,258 193,741,950 Expenditures:

Current: General government 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 18,795,436 Public safety 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 80,555,717 Engineering and transportation 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 44,004,589 Recreation and culture 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 17,745,574 Community development 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 23,473,478 Capital Outlay - - - - - - - - - -
Debt service: Principal 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 3,029,407 Interest and fees 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 1,407,045 Total expenditures 106,499,080 126,416,435 122,454,997 124,753,761 138,384,469 138,280,060 138,633,009 152,301,183 177,703,129 189,011,246 Excess (deficiency of revenues over (under)
expenditures 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 4,730,704 Other financing Sources (uses): Transfers in 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 15,074,675 Transfers out (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) (14,285,116) 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) 789,559 Prior period restatement - - - - - - - - - -Net change in fund balances 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 $ 5,520,263 $ Debt Services as a percentage of noncapital expenditures 4.43% 20.10% 4.21% 4.78% 4.60% 4.65% 4.67% 4.26% 3.82% 2.56% 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 170

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.
171

City of San Leandro
Direct and Overlapping Property Tax Rates(Rate per $1,000 of assessed value)Last Ten Fiscal Years 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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 0.011200 0.010800 0.003600 0.004100 0.010300 0.008800 0.008900 San Leandro Unified School Bond 0.121500 0.117900 0.140600 0.133500 0.132500 0.177000 0.173200 0.170100 0.180000 0.160300 Chabot-Las Positas College Bond 0.019800 0.024600 0.044500 0.044300 0.042200 0.021400 0.045800 0.038800 0.041600 0.039300 Bay Area Rapid Transit 0.002600 0.008000 0.008400 0.007000 0.012000 0.013900 0.006000 0.014000 0.013400 0.014800 East Bay Regional Park 0.006700 0.003200 0.002100 0.005700 0.006000 0.001400 0.002000 0.005800 0.005700 0.001300Total Override Rate 0.150600 0.153700 0.195600 0.201700 0.203500 0.217300 0.231100 0.239000 0.249500 0.224600Total Tax Rate 1.150600 1.153700 1.195600 1.201700 1.203500 1.217300 1.231100 1.239000 1.249500 1.224600Sources 1) Source: County Auditor/Controller data, MuniServices, LLC / Neumo2) 2023-24 and prior, previously published ACFR Report Note: TRAs 10-001 is represented for this report.
173
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)
2016 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 $ 1.42406 2017 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 1.77612 2018 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 1.45211 2019 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 1.59707 2020 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 1.48442 2021 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 1.27173 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 1.38990 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 1.44235 2024 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 1.41646 2025 12,570,419 340,961 438,057 12,473,323 6,152,603 647,568 1,037,398 5,762,773 1.2246 18,236,096 25,846,438 1.41732 Source: County Assessor Data, MuniServices, LLC / NeumoSource: FY2023-24 and prior, City of San Leandro -- ACFR Publication 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 174
City of San Leandro
Net Assessed Value of Property by Use Code, Citywide
Last Three Fiscal Years
Category FY 2023 FY 2024 FY 2025
Residential $ 10,623,558,234 $ 11,216,032,873 $ 11,707,950,676 Industrial 2,891,556,134 3,133,771,521 3,215,750,535
Commercial 1,810,506,723 1,977,773,090 2,011,034,526
Institution 1,109,483,469 1,144,094,804 1,155,554,550
Unknown 219,995,409 254,729,840 323,726,682
Vacant 172,743,409 225,929,809 234,914,442
Government 52,293,901 57,124,202 58,193,048
Professional 8,458,817 13,827,977 14,678,902
Recreation 1,171,684 1,195,113 1,219,014
Public - - -
Net Secured Value 16,889,767,780 18,024,479,229 18,723,022,375 Unsecured 804,543,992 896,934,706 988,529,121
Exemptions 1,384,136,752 1,400,857,408 1,475,454,861
Net Assessed Value 16,310,175,020 $ 17,520,556,527 $ 18,236,096,635 $ 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 $3,331,742. 175
City of San Leandro
Principal Property Tax Payers
June 30, 2025
Current Fiscal Year and Nine Years Ago
Taxpayer Rank Taxable Value ($)
Percent of
Total City
Taxable
Value (%) Rank Taxable Value ($)
Percent of
Total City
Taxable
Value (%)
AMB Property Lp 1 217,286,486 $ 1.19% 1 182,283,190 $ 1.63% Alameda CA I SGF LLC 2 185,503,316 1.02%
Waste Management Of Alameda County Inc 3 162,577,583 0.89% 10 50,447,459 0.45% Kaiser Foundation Hospitals 4 155,574,700 0.85% 4 109,433,265 0.98% Ghirardelli Chocolate Company 5 155,127,965 0.85% 2 117,364,640 1.05% 100 Halcyon Owner LLC 6 118,475,307 0.65%
Safeway Stores Incorporated 7 116,876,042 0.64% 8 73,095,834 0.65% Colfin 2018 2 Industrial Owner LLC 8 112,373,050 0.62%
SLTC LLC 9 110,974,730 0.61%
BRE Westgate Property Owner LLC 10 95,394,244 0.52%
BPP Pacific Industrial CA Reit Owner 2 LLC 11 91,595,332 0.50% Reyes Coca-Cola Bottling LLC 12 90,655,260 0.50%
902 Davis Street Owner LLC 13 87,665,547 0.48%
BG8 Williams Street LLC 14 86,023,353 0.47%
R. Torre & Company, Inc 15 62,507,410 0.34%
2000 Marina LLC 16 62,197,951 0.34%
Prologis USLV Newca 7 LLC 17 60,098,996 0.33%
San Leandro JV LLC 18 59,587,218 0.33%
Chill-Build San Leandro LLC 19 59,265,143 0.32% 13 50,299,340 0.45% Woodchase Owner LLC 20 59,231,609 0.32%
San Leandro Advisors & GWH Parkside LLC Etal 21 58,504,945 0.32% Lone Oak San Leandro LLC 22 51,527,500 0.28%
Gateway Buena Park Inc 23 45,085,921 0.25% 15 38,083,592 0.34% Arow Merced 2701 LLC 24 43,758,000 0.24%
IPT San Leandro DC Lp 25 42,640,946 0.23%
Standard Lakeside I Lp 3 115,001,982 1.03%
Madison Bay Fair LLC 5 96,175,157 0.86%
General Foods Corp 6 93,934,344 0.84%
Coca Cola Bottling Company 7 84,890,318 0.76%
Bigge Dev Company 9 71,566,279 0.64%
SKB Westgate Investments LLC 11 50,404,646 0.45%
Georgia Pacific Corp 12 50,367,737 0.45%
Creekside Plaza Partners LLC 14 44,465,210 0.40%
Emerald Properties 16 31,301,360 0.28%
FPA Woodchase Assoc Lp 17 31,000,039 0.28%
World Savings Loan Assoc 18 30,888,973 0.28%
BRCP San Leandro Industrial LLC 19 30,097,392 0.27%
D C 1717 Doolittle Sub LLC 20 29,069,429 0.26%
Batarse Anthony A Jr 21 28,966,576 0.26%
KTR Bay East Iv LLC 22 28,712,436 0.26%
City Of San Leandro 23 27,262,835 0.24%
PLP Partners Lp Wells Fargo Bank 24 27,041,843 0.24%
PK I Fashion Faire Place Lp 25 26,750,000 0.24%
Total Top 25 Taxpayers 2,390,508,554 13.11% 1,518,903,876 13.59% Total Taxable Value $ 18,236,096,635 100.00% $ 11,192,292,749 100.00% Source: County Assessor data, MuniServices, LLC / Neumo FY 2025 FY 2016
176
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 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%2025 17,793,257 17,439,969 98.01% 232,214 3,710,010 21,382,193 120.17% Source: Alameda County Auditor-Controller's Office
Collected within the
Fiscal Year of Levy Total Collections to Date
177
City of San Leandro
Historical Sales Tax Amount by Benchmark YearLast Nine Fiscal Years at Quarter 1 (Q1)(In Thousands) 2025 Q1 2024 Q1 2023 Q1 2022 Q1 2021 Q1 2020 Q1 2019 Q1 2018 Q1 2017 Q1 2016 Q1 Accommodation and Food Services 2,887,754 $ 2,842,454 $ 2,704,528 $ 2,488,009 $ 1,743,175 $ 2,334,823 $ 2,273,677 $ 2,114,000 $ 1,937,587 $ 1,789,446 $ Agriculture, Forestry, Fishing and Hunting 559,869 586,346 497,808 369,199 240,362 276,960 299,232 231,749 308,064 260,550 Arts, Entertainment, and Recreation 13,625 15,136 14,367 11,048 1,821 7,155 2,973 1,055 1,164 3,906 Construction 2,231,562 2,563,079 2,710,882 2,554,904 2,269,140 2,179,732 1,491,053 1,544,809 1,466,541 1,824,763 Educational Services 13,185 8,190 11,454 11,611 6,873 13,912 19,452 26,617 13,899 8,747 Information 62,522 72,952 76,306 75,367 60,171 76,271 89,927 85,581 84,141 74,144 Manufacturing 3,209,901 2,511,524 2,504,641 1,961,723 1,918,156 2,046,987 1,823,743 1,801,658 3,172,832 3,476,585 Mining, Quarrying, and Oil and Gas Extraction 2,664,785 3,074,981 3,706,852 3,561,935 2,766,551 2,777,223 2,820,479 2,907,408 2,380,311 2,086,265 Other Services (except Public Administration) 279,095 307,189 289,627 278,755 259,890 311,958 280,396 341,964 303,082 323,462 Professional, Scientific, and Technical Services 195,397 178,591 211,784 (135,654) 190,398 196,275 198,962 (95,165) 211,126 209,561 Real Estate and Rental and Leasing 144,920 164,207 192,147 275,868 170,535 211,822 290,218 159,287 157,397 211,377 Retail Trade 16,613,878 18,053,574 19,399,834 18,783,222 15,062,850 16,389,489 16,586,705 16,437,370 15,266,998 14,357,932 Utilities 1,241,725 1,053,713 845,449 608,371 727,851 854,654 763,178 670,317 627,950 573,325 Undefined 318,199 326,246 252,112 259,158 243,770 236,194 230,055 210,434 178,546 197,494 TOTAL 30,436,417 $ 31,758,182 $ 33,417,791 $ 31,103,516 $ 25,661,543 $ 27,913,455 $ 27,170,050 $ 26,437,084 $ 26,109,638 $ 25,397,557 $ Source: MuniServices, LLC / NeumoNote: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. 178
City of San Leandro
Principal Sales Tax Producers Current Fiscal Year and Nine Years Ago Taxpayer Business Type Taxpayer Business Type
American Emperor Bldg.Matls-Whsle Acoustical Material Services Bldg.Matls-WhsleArco AM/PM Mini Marts Service Stations Autocom Nissan East Bay Auto Sales - New Baywa R.E. Solar Systems Green Energy Chevron Service Stations Service StationsBeacon Roofing Supply Bldg.Matls-Whsle Costco Wholesale Department StoresCalifornia Waterproofing Supply Bldg.Matls-Whsle Cummins Heavy IndustryCoast Counties Peterbilt Misc. Vehicle Sales Enterprise Rent-A-Car LeasingCostco Wholesale Department Stores ESD Company Electronic EquipmentEnterprise Rent-A-Car Leasing F H Dailey Chevrolet Auto Sales - NewF H Dailey Chevrolet Auto Sales - New Home Depot Bldg.Matls-Retail Ferguson Enterprises Bldg.Matls-Whsle Macy's Department Store Department StoresFoundation Building Materials Bldg.Matls-Whsle Nicholas Parks Hyundai Kia Auto Sales - NewHome Depot Bldg.Matls-Retail Nike Factory Store Apparel Stores One Source Distributors Office Equipment Norcal Kenworth Misc. Vehicle SalesPape Kenworth Misc. Vehicle Sales Nordstrom Department Store Department StoresPeterson Power Systems Heavy Industry Onesource Supply Solutions Electronic Equipment Peterson Tractor Company Heavy Industry Peterson Power Systems Heavy IndustryPeterson Trucks Misc. Vehicle Sales Peterson Tractor Company Heavy IndustryRoss Stores Apparel Stores Peterson Trucks Misc. Vehicle Sales San Leandro Chrysler Jeep Dodge Ram Auto Sales - New Ross Stores Apparel StoresSan Leandro Honda Auto Sales - New Safeway Stores Food Markets San Leandro Hyundai/Kia Auto Sales - New San Leandro Chrysler Jeep Dodge Ram Auto Sales - New Target Stores Department Stores San Leandro Honda Auto Sales - New The Ford Store Auto Sales - New Target Stores Department Stores Trayer Engineering Corporation Electronic Equipment The Ford Store Auto Sales - New Wal Mart Stores Department Stores Wal Mart Stores Department Stores Source: MuniServices, LLC / Neumo
FY 2025 FY 2016
179
City of San Leandro
Sewer Rates
Last Ten Fiscal Years
Fiscal Single MultiYear Family Family Institutional
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
2025 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
180
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) 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
2025 1,354 1,841,979 2,615 3,044,342
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.

Total All Outlets
181

DEBT CAPACITY
Direct and Overlapping Debt - As of June 30, 2025
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. 183

Direct and Overlapping Debt
As of June 30, 2025
2024-25 Assessed Valuation $ 18,334,010,977
Total Debt City's Share of
OVERLAPPING TAX AND ASSESSMENT DEBT: 6/30/2025 % Applicable (1) Debt 6/30/25 Alameda County $ 478,925,000 4.359% $ 20,876,341
Bay Area Rapid Transit District 1.750% 41,847,050 2,391,260,000 Chabot-Las Positas Community College District 10.601% 94,608,094 892,445,000 San Leandro Unified School District 92.180% 338,473,054 367,187,084 San Lorenzo Unified School District 21.411% 43,375,474 202,585,000 East Bay Regional Park District 2.730% 3,983,889 145,930,000 City of San Leandro Cherrywood Community Facilities District 100% 420,000 420,000 TOTAL OVERLAPPING TAX AND ASSESSMENT DEBT $ 543,583,903 DIRECT AND OVERLAPPING GENERAL FUND DEBT:

Alameda County General Fund Obligations $ 622,687,500 4.359% $ 27,142,948 Alameda-Contra Costa Transit District Certificates of Participation 9,600,000 5.128% 492,288 San Lorenzo Unified School District Certificates of Participation 7,120,000 21.411% 1,524,463 Eden Township Healthcare District General Fund Obligations 13,235,000 25.030% 3,312,721 City of San Leandro General Fund Obligations 30,628,962 100% 30,628,962 TOTAL DIRECT AND OVERLAPPING GENERAL FUND DEBT $ 63,101,382 OVERLAPPING TAX INCREMENT DEBT (Successor Agencies):

San Leandro Tax Allocation Bonds $ 7,987,000 100% $ 7,987,000 Alameda County – San Leandro Tax Allocation Bonds 14,965,000 54.839% $ 8,206,656 TOTAL OVERLAPPING TAX INCREMENT DEBT $16,193,656
TOTAL DIRECT DEBT $ 30,628,962
TOTAL OVERLAPPING DEBT $ 592,249,979
COMBINED TOTAL DEBT $ 622,878,941 (2)
Ratios to 2024-25 Assessed Valuation:

Total Overlapping Tax and Assessment Debt 2.96%
Total Direct Debt ($30,628,962) 0.17%
Combined Total Debt 3.40%
Ratios to Redevelopment Successor Agency Incremental Valuation ($4,210,888,158):

Total Overlapping Tax Increment Debt 0.38%
Source: MuniServices, LLC / Neumo & California Municipal Statistics, Inc.

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 financed purchase obligations. 185
City of San Leandro
Pledged-Revenue Coverage
Last Ten Fiscal Years
Special
Fiscal Assessment
Year Collections Principal Interest Coverage
2016 - - - -
2017 - - - -
2018 - - - -
2019 - - - -
2020 - - - -
2021 - - - -
2022 - - - -
2023 - - - -
2024 - - - -
2025 - - - -

Source: City of San Leandro
Special Assessment Bonds
Debt Service
186
City of San Leandro
Computation of Legal Debt MarginLast Ten Fiscal Years
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Assessed Valuation:Secured property assessed value 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 $ 17,247,567,000 $ Addback: Exemptions 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 1,475,455,000 Total Assessed Valuation 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 $ 18,723,022,000 $ Bonded debt (15% of Assessed Value) 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 $ 2,808,453,300 $ Total Bonded Debt 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 30,628,961 Less: Special assessment bonds - - - - - - - - - -
Lease Revenue Debt (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) (27,713,000) Financed Purchases (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) (2,915,961) Amount of Debt subject to Limit 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 1,737,959,893 $ 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 $ 2,808,453,300 $ Source: County Assessor Data, Avenu Insights & Analytics Source: County of Alameda office of Auditor-Controller and Statement of Direct and Overlapping Debt 187
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) Purchases Debt Governmental Debt Income Capita Debt (2) Income Capita Debt Income Capita 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 3,619,427 924,000 40,489,288 0.41% 462.75 37,004,180 0.38% 423 70,565,041 0.72% 806.49 2024 11,099,966,000 87,984 - - 31,536,324 3,271,368 792,000 35,599,692 0.32% 404.62 34,543,277 0.31% 393 66,079,601 0.60% 751.042025 11,944,587,699 87,813 - - 29,426,938 2,915,961 - 32,342,899 0.27% 368.32 32,020,799 0.27% 365 61,447,737 0.51% 699.76 .

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.

Governmental Activities Business-Type Activity Total Government-Wide 188
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 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 0.018%2025 11,944,587,699 87,813 - 2,915,961 - 2,915,961 0.02% 33 0.016% 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. 189

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. 191

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 (5)
Consumer Price
Index
City
Unemployment
Rate (4)
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% 2025 87,813 11,944,588 136,023 41.5 8,866 836,670 321.500 4.4% Source: Avenu Insights & Analytics, U.S. Census BureauSource: FY2023-24 and prior, City of San Leanrdo -- ACFR Publication Report Notes:1.) Population Projections are provided by the California Department of Finance Projections.2.) Income Data & CPI is provided by the U.S. Census Bureau. 3.) Student Enrollment reflects the total number of students enrolled in the San Leandro Unified School District. Any other school districts within the City are not accounted for in this statistic. 4.) Unemployment Data is provided by the EDD's Bureau of Labor Statistics Department. 5.) Median Home price is provided by Zillow. 193
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 3,600 1 7.84% 3,400 1 7.25%
Alameda Health System* 1,783 2 3.88%
San Leandro Unified School District 1,312 3 2.86% 1,246 2 2.66% Acco Engineered Systems 713 4 1.55%
Safeway (3 locations & Milk Plant) 596 5 1.30% 426 9 0.91% City of San Leandro (a) 583 6 1.27% 549 3 1.17%
Peterson Cat 490 7 1.07% 475 7 1.01%
Ghirardelli Chocolate Factory Outlet 489 8 1.07% 515 4 1.10% Costco Wholesale* 470 9 1.02% 390 10 0.83%
Kindred Hospital - SF Bay Area 380 10 0.83%
San Leandro Hospital 500 5 1.07%
Walmart (2 locations) 478 6 1.02%
Paramedics Plus LLC 475 8 1.01%
Total Top Employers 10,416 22.69% 8,454 18.03%
Total City Employment (1) 45,900 46,900
Source: MuniServices, LLC / Neumo
Results based on direct correspondence
with city’s local businesses.
(1.) Total City Employment provided by
EDD Labor Force Data
Source: FY2016, City of San Leanrdo -- ACFR Publication Report (1) Total City Labor Force provided by EDD Labor Force Data.

Notes:

Results based on direct correspondence with city's local businesses. 2025 2016
194

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. 195

City of San Leandro
Full-Time and Part-Time City Employees by FunctionLast Ten Fiscal Years Function 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025General Government 50 51 52 52 52 52 50 50 63 69Police 143 143 140 140 140 140 137 136 138 138Engineering & Transportation 31 30 29 29 29 29 29 29 36 36 Community Development Services 26 25 29 27 27 27 27 27 35 35 Public Works Services 102 104 110 109 109 109 108 108 108 112Other Agencies 0000000200 Library 34 34 36 36 36 36 36 36 39 40
Recreation & Human Services 39 39 41 41 41 41 43 43 55 47 Total 425 426 437 434 434 434 430 431 472 478
Notes:Numbers represent Full-Time equivalents. Fire Services contracted with the Alameda County Fire Department.

Source: City of San Leandro Adopted Budget
197
City of San Leandro
Operating Indicators by FunctionLast Ten Fiscal years
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Police Department:

Arrests 2,789 2,799 2,513 2,151 1,968 1,196 1,203 1,024 976 1,300 Building Department:

Permits Issued 2,891 2,762 4,080 2,275 2,065 2,575 2,224 3,140 2,783 3,088 Engineering and Transportation:

Street reconstruction (miles) 0.74 2.24 1.42 1.77 1.25 1.69 3.70 0.28 0.90 2.34 Street resurfacing (miles) 4.12 5.21 4.69 7.33 0.67 - 15.00 1.81 14.00 - Parks and Recreation:

Number of registrants 17,114 16,742 14,703 14,261 9,748 5,179 7,607 8,067 8, 641 11,116 Number of facility rentals 2,439 2,222 2,465 2,373 1,209 220 1,235 1,908 2,392 1,758 Golf Course:

Golf rounds played 99,185 98,987 105,043 100,409 97,803 163,279 129,701 109,756 112,448 115,419 Notes: Fire Services are contracted with the Alameda County Fire Department.Source: City of San Leandro Recreation Department, Police Department, Public Works, and Building Regulations. 198
City of San Leandro
Capital Asset Statistics by FunctionLast Ten Fiscal Years 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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) 175 175 175 175 175 174 174 174 174 174 Streetlights 5,500 5,500 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 Traffic signals 755 755 1,254 1,254 1,254 1,254 1,254 1,254 1,254 1,254 Wastewater:

Sanitary Sewer Lines (miles) 128 128 128 128 128 128 128 128 128 128 Storm Drainage Lines In the City (miles) 180 180 180 180 180 180 180 108 108 108 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 199