Agenda packet — San Marino City Council, December 10, 2025 (part 3 of 3)

Amount
Balance Balance Due Within
June 30, 2024 Additions Deletions June 30, 2025 One Year Governmental activities
Leases, SBITA, claims,
and compensated absences
Leases 186,601 $ 786,780 $ (147,445) $ 825,936 $ 183,865 $ SBITAs 692,634 34,527 (371,550) 355,611 355,611
Compensated absences 1,595,212 187,801 - 1,783,013 187,801 Claims payable 2,953,622 1,669,751 (1,755,008) 2,868,365 816,223 Total leases, SBITA, claims
and compensated absences 5,428,069 $ 2,678,859 $ (2,274,003) $ 5,832,925 $ 1,543,500 $ *Compensated absences presented as a net change, as per the requirements of GASB Statement No. 101, Compensated Absences. 36 PAGE 536 of 704

CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 7: LEASES AND SUBSCRIPTION-BASED INFORMATION TECHNOLOGY ARRANGEMENTS (CONTINUED)
Information on the lease assets as of June 30, 2025 are as follows:

The future principal and interest lease payments as of June 30, 2025, were as follows:

B. Subscription-Based Information Technology Arrangements The City has thirty subscription-based information technology arrangements for the use of various software as of the end of the fiscal year. The City is required to make subscription payments through fiscal year 2026. As of June 30, 2025, the value of the subscription liability was $355,611. The City used an interest rate of 3.6% to calculate its subscription liability.

Information on the subscription assets as of June 30, 2025 are as follows:

The future principal and interest subscription payments as of June 30, 2025, were as follows:

Amount of Accumulated
Lease Type Major Class of Underlying Asset Lease Assets Amortization Vehicles Lease assets - equipment 731,143 $ (73,533) $
Postage machine lease Lease assets - equipment 3,902 (1,625) Copiers lease Lease assets - equipment 86,036 (39,802)
Facilities lease Lease assets - equipment 351,630 (210,976) Total $ 1,172,711 $ (325,936)
Governmental Activities
June 30 Principal Interest
2026 183,865 $ 19,968 $
2027 183,181 15,105
2028 185,472 10,308
2029 189,582 5,406
2030 83,836 848
Totals 825,936 $ 51,635 $
Governmental Activities
Amount of
Subscription Accumulated
Assets Amortization
$ (992,535) 1,371,083 $
Governmental Activities
Subscription Type
Software as a service
June 30 Principal Interest
2026 $ 355,611 $ 1,152
Totals $ 355,611 $ 1,152
Governmental Activities
37 PAGE 537 of 704

CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 8: CALPERS DEFINED BENEFIT PENSION PLANS
A. Plan Descriptions
All qualified permanent and probationary employees are eligible to participate in the City’s nine separate cost-sharing multiple-employer defined benefit pension plans 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. The nine City cost-sharing plans are listed as follows:
i. Miscellaneous Plan
ii. Miscellaneous Second Tier Plan
iii. Miscellaneous PEPRA Plan
iv. Safety Fire First Tier Plan
v. Safety Fire Second Tier Plan
vi. Safety Police Plan
vii. Safety Police Second Tier Plan
viii. Safety Fire Second Tier PEPRA Plan
ix. Safety Police PEPRA Plan
B. 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.

Below is a summary of the plans’ provisions and benefits in effect at June 30, 2025, for which the City has contracted:
38 PAGE 538 of 704

CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 8: CALPERS DEFINED BENEFIT PENSION PLANS (CONTINUED) Miscellaneous Miscellaneous
Miscellaneous * Second Tier * PEPRA
Hire Date Prior to 1/1/2010 1/1/2010 - 12/31/2012 On or after 1/1/2013 Benefit Provision
Benefit Formula 2.0% @ 55 2.0% @ 60 2.0% @ 62
Social Security no no no
Full/Modified full full full
Benefit Vesting Schedule 5 yr. service 5 yr. service 5 yr. service Benefit Payments monthly for life monthly for life monthly for life Retirement Age 50-63 50-63 52-67
Monthly Benefit as a % of
Eligible Compensation 1.426% to 2.418% 1.092% to 2.418% 1.0% to 2.5% Required Employer Contributions Rates 13.310% 10.930% 8.180% Required Employee Contributions Rates 6.930% 6.930% 8.250% Safety Fire
Safety Fire Second Tier
Safety Fire * Second Tier * PEPRA
Hire Date Prior to 1/1/2010 1/1/2010 - 12/31/2012 On or after 1/1/2013 Benefit Provision
Benefit Formula 3.0% @ 50 3.0% @ 55 2.0% @ 57
Social Security no no no
Full/Modified full full full
Benefit Vesting Schedule 5 yr. service 5 yr. service 5 yr. service Benefit Payments monthly for life monthly for life monthly for life Retirement Age 50 50-55 minimum 50
Monthly Benefit as a % of
Eligible Compensation 3% 2.4% to 3.0% 1.426% to 2.0%
Required Employer Contributions Rates 29.300% 26.290% 11.720% Required Employee Contributions Rates 8.990% 8.990% 11.750% Safety Police Safety Police
Safety Police * Second Tier * PEPRA
Hire Date Prior to 1/1/2010 1/1/2010 - 12/31/2012 On or after 1/1/2013 Benefit Provision
Benefit Formula 3.0% @ 50 2.0% @ 55 2.0% @ 57
Social Security no no no
Full/Modified full full full
Benefit Vesting Schedule 5 yr. service 5 yr. service 5 yr. service Benefit Payments monthly for life monthly for life monthly for life Retirement Age 50 50-55 minimum 50
Monthly Benefit as a % of
Eligible Compensation 3% 2.4% to 3.0% 1.426% to 2.0%
Required Employer Contributions Rates 29.300% 18.090% 11.720% Required Employee Contributions Rates 8.990% 6.990% 11.750% * Plan is closed to new entrants.
39 PAGE 539 of 704

CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 8: CALPERS DEFINED BENEFIT PENSION PLANS (CONTINUED) C. Contribution Description
Section 20814(c) of the California Public Employees’ Retirement Law (PERL) 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 1st following notice of a change in the rate. The total plan contributions are determined through the CalPERS’ annual actuarial valuation process. For public agency cost-sharing plans covered by either the Miscellaneous or Safety risk pools, the Plan’s actuarially determined rate is based on the estimated amount necessary to pay the Plan’s allocated share of the risk pool’s costs of benefits earned by employees during the year, and any unfunded accrued liability. The City is required to contribute the difference between the actuarially determined rate and the contribution rate of employees.

For the year ended June 30, 2025, the contributions recognized as a reduction to the net pension liability for all Plans was $1,259,606 and $3,576,245 for the Miscellaneous Plan and Safety Plan, respectively, for a total of $4,835,851.

D. Pension Liabilities, Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions Contributions to the City’s pension plans are made from the general fund. The general fund has been used in prior years to liquidate the City's net pension liability. As of June 30, 2025, the City reported net pension liabilities for its proportionate shares of the net pension liability of each Plan as follows:

The City’s net pension liability for each Plan is measured as the proportionate share of the net pension liability. The net pension liability of each of the Plans is measured as of June 30, 2024, and the total pension liability for each Plan used to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2023 rolled forward to June 30, 2024 using standard update procedures. The City’s proportion of the net pension liability was based on a projection of the City’s long-term share of contributions to the pension plans relative to the projected contributions of all participating employers, actuarially determined. The City’s proportionate share of the net pension liability for each Plan as of June 30, 2023 and 2024, was as follows:

Proportions as a percentage of the CalPERS Miscellaneous and Safety risk pools:

For the year ended June 30, 2025, the City recognized pension expense, as follows:

Net Pension
Liability
Miscellaneous Plan 11,157,525 $
Safety Plan 33,134,428
Total pension plans 44,291,953 $
Miscellaneous Safety
Proportion - June 30, 2023 0.090% 0.249%
Proportion - June 30, 2024 0.092% 0.274%
Change - Increase (Decrease) 0.002% 0.025%
Pension
Expenses
Miscellaneous Plan $ 632,510
Safety Plan 2,603,053
Total pension plans 3,235,563 $
40 PAGE 540 of 704

CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 8: CALPERS DEFINED BENEFIT PENSION PLANS (CONTINUED) The City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:

Deferred Outflows Deferred Inflows
of Resources of Resources
Miscellaneous Risk Pool
Contributions subsequent to the
measurement date 1,472,077 $ - $
Changes of assumptions 286,772 -
Differences between expected and
actual experience 964,670 37,641
Net difference between projected
and actual earnings on pension
plan investments 642,325 -
Adjustment due to differences in 73,456 -
proportions
Difference in actual to proportionate
share contribution - 251,424
Subtotal - Miscellaneous 3,439,300 289,065
Safety Risk Pool
Contributions subsequent to the
measurement date 3,936,901 -
Changes of assumptions 816,364 -
Differences between expected and
actual experience 2,704,064 87,920
Net difference between projected
and actual earnings on pension
plan investments 1,601,567 -
Adjustment due to differences in 223,126 338,139
proportions
Difference in actual to proportionate
share contribution 806,514 283,596
Subtotal - Safety 10,088,536 709,655
Total $ 13,527,836 $ 998,720
41 PAGE 541 of 704

CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 8: CALPERS DEFINED BENEFIT PENSION PLANS (CONTINUED) The $5,408,978 reported as deferred outflows of resources related to contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the fiscal 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:

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

F. Discount Rate
The discount rate used to measure the total pension liability was 6.90 percent for each plan. The projection of cash flows used to determine the discount rate assumed that contributions from plan members 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, the Plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on plan investments was applied to all period of projected benefit payments to determine the total pension liability.

Fiscal year ended June 30, Miscellaneous Safety Total Plans 2026 $ 501,662 $ 2,091,359 $ 2,593,021
2027 1,393,331 3,860,638 5,253,969
2028 3,282 37,967 41,249
2029 (220,117) (547,984) (768,101)
Total $ 1,678,158 $ 5,441,980 $ 7,120,138
Deferred Outflows/(Inflows) of Resources
Actuarial Cost Method Entry Age Normal Cost Method
Actuarial Assumptions
Discount Rate 6.90%
Inflation 2.30%
Salary Increases Varies by entry age and service
Mortality Rate Table (1) Derived using CalPERS' membership data for all funds
Post Retirement Benefit The lesser of contract COLA up to 2.30% until Increase Purchasing Power Protection Allowance
floor on purchasing power applies, 2.30% thereafter
(1) The mortality table used was developed based on CalPERS-specific data. The probabilities of mortality are based on the 2021 CalPERS Experience Study 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. 42 PAGE 542 of 704

CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 8: CALPERS DEFINED BENEFIT PENSION PLANS (CONTINUED) 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 as well as the expected pension fund cash flows. Using historical and forecasted information for all the funds’ asset classes, expected compound (geometric) returns were calculated over the short-term (first 10 years) and the long-term (11+ years) using a building-block approach. Using the expected nominal returns for both short-term and long-term, the present value of benefits was calculated for each fund. The expected rate of return was set by calculating the rounded single equivalent expected return that arrived at the same present value of benefits for cash flows as the one calculated using both short-term and long-term returns.

The expected rate of return was then set equal to the single equivalent rate calculated above and adjusted to account for assumed administrative expenses.

The table below reflects long-term expected real rate of return by asset class. The rate of return was calculated using the capital market assumptions applied to determine the discount rate and asset allocation. These geometric rates of return are net of administrative expenses.

G. Sensitivity of the Net Pension Liability to Changes in the Discount Rate The following presents the City’s proportionate share of the net pension liability/ (asset) of the Plan, calculated using the discount rate of 6.90% for each Plan, as well as what the City’s proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (5.90%) or 1-percentage-point higher (7.90%) than the current rate (dollars expressed in thousands):

Assumed
Asset
Asset Class Allocation Real Return 1, 2
Global equity-cap-weighted 30.00% 4.54%
Global equity-non-cap-weighted 12.00% 3.84%
Private equity 13.00% 7.28%
Treasury 5.00% 0.27%
Mortgage-backed securities 5.00% 0.50%
Investment grade corporates 10.00% 1.56%
High yield 5.00% 2.27%
Emerging market debt 5.00% 2.48%
Private debt 5.00% 3.57%
Real assets 15.00% 3.21%
Leverage -5.00% -0.59%
1 An expected inflation of 2.30% used for this period.
2 Figures are based on the 2021-22 Asset Liability Management study Discount Rate Current Discount Rate
-1 Percent Discount Rate +1 Percent
(5.90%) (6.90%) (7.90%)
Miscellaneous Plan 17,339,547 $ 11, $ 6, 157,525 $ 068,810 Safety Plan 48,107,912 33, 20, 134,428 888,223
Plan's net pension liability/(asset) 65,447,459 $ 44, $ 26, 291,953 $ 957,033 43 PAGE 543 of 704

CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 8: CALPERS DEFINED BENEFIT PENSION PLANS (CONTINUED) H. Pension Plan Fiduciary Net Position
Detailed information about each pension plan’s fiduciary net position is available in the separately issued CalPERS financial reports. See CalPERS website for additional information.

NOTE 9: PARS DEFINED CONTRIBUTION RETIREMENT PLAN
The City of San Marino contributes to the California Public Agency Retirement System (PARS), an agent multiple-employer public employee retirement system that acts as a common investment and administrative agent for participating public entities within the State of California.

The PARS plan is a defined contribution 401(a) plan as defined under Section 401(a) of the Internal Revenue Code, in which the City and the participant each contribute 3.75% of the participant’s compensation before tax. All City employees who are not participating in PERS are required to participate in PARS. Employees are 100% vested in employee and City contributions upon enrollment. As June 30, 2025, the balance in the plan was $355,698. For fiscal year 2024-2025, the City and employee's contributions to PARS were both $25,766 (3.75% of covered payroll), respectively. Total covered payroll was $687,084.

NOTE 10: OTHER POST-EMPLOYMENT BENEFITS
A. Plan Description
The City has established the City of San Marino Retiree Health Insurance Program (the Program), an agent, multiple-employer defined benefit retiree health insurance plan. The Program, which is administered by the City, provides medical insurance benefits to eligible retirees. The plan provides lifetime benefits ranging from $200 to $800 per month towards the health insurance premiums of all employees who retire from employment with the City and who elect to buy insurance through CalPERS. All employees are vested after five years of employment and must reach the age of 50 and qualify for CalPERS retirement in order to receive these benefits. The plan and its contribution requirements are established by Memoranda of Understanding with the applicable employee bargaining units and may be amended by agreement between the City and the bargaining units.

B. Employees Covered
As of the June 30, 2023 valuation date, the following current and former employees were covered by the benefit terms under the Program:

C. Contributions
For the measurement date ended June 30, 2024, the City’s cash contributions were $428,564 in total payments, subsidies and administrative costs, which were recognized as a reduction to the net OPEB liability. The general fund has been used in prior years to liquidate the City's net OPEB liability.

Inactive employees currently receiving benefit payments 58 Active employees 116
Total 174
44 PAGE 544 of 704

CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 10: OTHER POST-EMPLOYMENT BENEFITS (CONTINUED)
D. Change in Assumptions
Change of assumptions reflect the following change in assumptions from June 30, 2023 to the June 30, 2024 measurement date:
• Discount rate increased from 4.17% to 4.53%.
• Mortality improvement scale was updated from using 80% of Scale MP-2020 to the 2021 CalPERS mortality.

E. Discount Rate
The discount rate used to measure the net OPEB liability was 4.53%. Per GASB guidance, the single rate that produces the same present value of expected benefit payments as the expected long-term rate of return on plan assets during the period when projected assets are sufficient to pay future retiree benefits, and the 20-year municipal bond rate after assets are projects to be exhausted.

F. Net OPEB Liability
The net OPEB liability was determined using an actuarial valuation and measurement date as of June 30, 2024, using the following actuarial assumptions.

Actuarial Measurement Date June 30, 2024
Contribution Policy The City established an OPEB trust account during fiscal year ending 6/30/2021 and
adopted a formal OPEB funding policy. The
City if committed to making contributions of
$100,000 per year through fiscal year ending
June 30, 2025. Thereafter, trust contribution
will be made on an ad-hoc basis.

Actuarial Cost Method Entry Age Normal
Discount rate 4.53%
Long-term investment return assumption 6.25%
Inflation rate 2.50%
Mortality The mortality assumptions are based on the
2021 CalPERS Mortality for Miscellaneous and
Schools, and Safety Employees table created
by CalPERS. CalPERS periodically studies
mortality for participating agencies and
establishes mortality tables that are modified
versions of commonly used tables. This table
incorporates mortality projection as deemed
appropriate based on CalPERS analysis.

Healthcare cost trend rate 4.00%
45 PAGE 545 of 704

CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 10: OTHER POST-EMPLOYMENT BENEFITS (CONTINUED)
G. Changes in the net OPEB Liability
The components of the City’s net OPEB liability as of June 30, 2025, were as follows:

The plan fiduciary net position is from the City’s California Retirees Benefit Trust (CERBT) Fund, which qualifies as an agent multiple-employer plan. The trust is administered through CalPERS and meets the criteria of a Section 115 trust. As of June 30, 2025, the City held $1,010,087 in the trust account of which $820,210 is realized in the plan fiduciary net position as of measurement date June 30, 2024.

H. Sensitivity of the Net OPEB Liability to Changes in the Discount Rate The following presents the net OPEB liability of the City if it were calculated using a discount rate that is one percentage point lower or one percentage point higher than the current rate, for measurement period ended June 30, 2024:

Total OPEB Plan Fiduciary Net OPEB
Liability Net Position Liability/(Asset)
(a) (b) (c) = (a) - (b)
Balance at June 30, 2024 7,604,938 $ $ 6, 663,151 $ 941,787 (Measured at 6/30/2023)
Changes recognized for the
measurement period:

Service cost 364,502 - 364,502
Interest on total OPEB liability 317,560 57,289 260,271 Changes of assumptions (366,948) - ( 366,948)
Differences between expected and
actual experience (15,140) - (15, 140)
Contributions-employer - ( 428,564 428,564)
Benefit payments, including $165,874
implied subsidy costs (328,564) ( - 328,564)
Administrative expense - ( 230 230)
Net changes during 2024-25 (28,590) ( 157,059 185,649)
Balance at June 30, 2025 7,576,348 $ $ 6, 820,210 $ 756,138 (Measured at 6/30/2024)
Discount Rate Current Discount Rate
-1 Percent Discount Rate +1 Percent
(3.53%) (4.53%) (5.53%)
Plan's net OPEB liability/(asset) 7,822,710 $ 6, $ 5, 756,138 $ 901,955 46 PAGE 546 of 704

CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 10: OTHER POST-EMPLOYMENT BENEFITS (CONTINUED)
I. Sensitivity of the Net OPEB Liability to Changes in the Health Care Cost Trend Rates The following presents the net OPEB liability of the City if it were calculated using health care cost trend rates that are one percentage point lower or one percentage point higher than the current rate, for measurement period ended June 30, 2024:

J. OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB For the fiscal year ended June 30, 2025, the City recognized OPEB expense of $469,382. As of fiscal year, ended June 30, 2025, the City reported deferred outflows of resources related to OPEB from the following sources:

The $286,502 reported as deferred outflows of resources related to contributions subsequent to the June 30, 2024 measurement date will be recognized as a reduction of the net OPEB liability during the fiscal year ending June 30, 2026. Other amounts reported as deferred outflows of resources related to OPEB will be recognized as expense as follows:

Current
1 Percent Heathcare 1 Percent
Decrease Trend Rate Increase
Plan's net OPEB liability/(asset) 5,652,593 $ 6, $ 8, 756,138 $ 123,653 Deferred Outflows Deferred Inflows
of Resources of Resources
Contributions subsequent to the
measurement date $ 286,502 $ -
Changes in assumptions 824,119 (2,109,174)
Differences between expected and
actual experience 516,068 (34,916)
Net difference between projected
and actual earnings on OPEB
plan investments 34,765 -
Total $ 1,661,454 $ (2,144,090)
Deferred
Outflows/(Inflows)
Fiscal year ended June 30, of Resources
2026 (156,081) $
2027 (84,291)
2028 (97,122)
2029 (185,253)
2030 (166,078)
Thereafter (80,313)
Total (769,138) $
47 PAGE 547 of 704

CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 10: OTHER POST-EMPLOYMENT BENEFITS (CONTINUED)
The City began pre-funding the Program through the CERBT during the fiscal year ended June 30, 2021. The City has a policy of contributing City Council approved amounts each year. The CERBT issues a publicly available financial report that includes financial statements and required supplementary information for the City, not individualized, but in aggregate with the other CERBT participating agencies. This report may be obtained at the following address: CERBT - State of California PERS - 400 Q St - Sacramento, California 95811.

NOTE 11: RISK MANAGEMENT
A. Description of Self-Insurance Pool Pursuant to Joint Powers Agreement The City is a member of the California Joint Powers Insurance Authority (Authority). The Authority is composed of 126 California public entities and is organized under a joint powers agreement pursuant to California Government Code §6500 et seq. The purpose of the Authority is to arrange and administer programs for the pooling of self-insured losses, to purchase excess insurance or reinsurance, and to arrange for group purchased insurance for property and other lines of coverage. The Authority began covering claims of its members in 1978. Each member government has an elected official as its representative on the Board of Directors. The Board operates through a nine-member Executive Committee.

B. Primary Self-Insurance Programs of the Authority
Each member pays an annual contribution at the beginning of the coverage period. The total funding requirement for primary self-insurance programs is based on an actuarial analysis. Costs are allocated to individual agencies based on payroll and claims history, relative to other members of the risk-sharing pool.

1. Primary Liability Program
Claims are pooled separately between police and general government exposures. (1) The payroll of each member is evaluated relative to the payroll of other members. A variable credibility factor is determined for each member, which establishes the weight applied to payroll and the weight applied to losses within the formula. (2) The first layer of losses includes incurred costs up to $100,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the first layer. (3) The second layer of losses includes incurred costs from $100,000 to $500,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the second layer. (4) Incurred costs from $500,000 to $50 million, are distributed based on the outcome of cost allocation within the first and second loss layers.

The overall coverage limit for each member, including all layers of coverage, is $50 million per occurrence. Subsidence losses also have a limit of $50 million per occurrence limit. The coverage structure is composed of a combination of pooled self-insurance, reinsurance, and excess insurance. Additional information concerning the coverage structure is available on the Authority’s website: https://cjpia.org/coverage/risk-sharingpools. 48 PAGE 548 of 704

CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 11: RISK MANAGEMENT (CONTINUED)
For workers’ compensation, the City is self-insured for the first $750,000 on each claim with excess provided through a buffer layer insurance coverage. Claims expenditures and liabilities for workers’ compensation are reported when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. These losses include an estimate of claims that have been incurred but not reported. This liability is the City’s best estimate based on available information. The total liability reserve for workers’ compensation at June 30, 2025 is as follow:

The City estimates that $816,223 of the total claims outstanding at June 30, 2025 will be due within one year.

C. Purchased Insurance

1. Pollution Legal Liability Insurance
The City participates in the pollution legal liability insurance program which is available through the Authority. The policy covers sudden and gradual pollution of scheduled property, streets, and storm drains owned by the City. Coverage is on a claims-made basis. There is a $250,000 deductible. The Authority has an aggregate limit of $20 million.

2. Property Insurance
The City participates in the all-risk property protection program of the Authority. This insurance protection is underwritten by several insurance companies. City property is currently insured according to a schedule of covered property submitted by the City to the Authority. City property currently has all-risk property insurance protection in the amount of $41,231,417. There is a $10,000 deductible per occurrence except for non-emergency vehicle insurance which has a $2,500 deductible.

3. Crime Insurance
The City purchases crime insurance coverage in the amount of $5,000,000 with a $2,500 deductible. The fidelity coverage is provided through the Authority.

4. Adequacy of Protection
During the past three fiscal years, none of the above programs of protection experienced settlements or judgments that exceeded pooled or insured coverage. There were also no significant reductions in pooled or insured liability coverage in 2024-25.

Workers'
Compensation
Liability - June 30, 2023 2,123,077 $
Claims incurred 2,041,365
Claims payments (1,210,820)
Liability - June 30, 2024 2,953,622
Claims incurred 1,669,751
Claims payments (1,755,008)
Liability - June 30, 2025 2,868,365 $
49 PAGE 549 of 704

CITY OF SAN MARINO, CALIFORNIA
Notes to the Financial Statements
For the Year Ended June 30, 2025
NOTE 12: COMMITMENTS AND CONTINGENCIES
Numerous claims and suits have been filed against the City in the normal course of business. Based upon information received from the City Attorney and the self-insurance administrator, the estimated liability under such claims would be adequately covered by self-insurance designations and insurance coverage.

1. Commitments
At June 30, 2025, the City had the following construction commitments: the Sidewalk Replacement Program contracted for $2,771,215 with total expenditures of $1,262,941; the Lift Stations Project contracted for $2,575,194 with total expenditures of $1,251,297; the Alley Parking Lot Project contracted for $64,930 with total expenditures of $57,356; the Lacy Park Culvert Design Project contracted for $345,006 with total expenditures of $92,405; and the Street Rehab Project contracted for $7,251,268 with total expenditures of $7,184,796. The total remaining commitments for these projects are $3,158,277.

NOTE 13: FUND BALANCE CLASSIFICATION
At June 30, 2025, the governmental funds report the following fund balance classifications:

Total Total
Capital Nonmajor Governmental
General Projects Fund Funds Funds
Non-spendable
Notes and loans receivable $ 3,674 $ - $ - $ 3,674
Inventories 111,292 - 111,292 -
Prepaid costs 16,389 - - 16,389
Total non-spendable 131,355 - 131,355 -
Restricted
Public safety - 589,086 - 589,086
Public works - 2,604,543 - 2,604,543
Community development - 728,845 - 728,845
Parks and recreation - - 1,217 1,217
CEPPT Investments Trust 1,704,146 - 1,704,146 -
Total restricted 1,704,146 3,923,691 - 5,627,837
Committed
Community development projects 92,648 - - 92,648
Public safety 46,256 - - 46,256
Parks and recreation 87,586 - - 87,586
Library 116,405 - 116,405 -
Total committed 342,895 - 342,895 -
Assigned
Capital projects 8,236,193 - 8,236,193 -
Total assigned 8,236,193 - 8,236,193 -
Unassigned 19,071,070 - (9,944) 19,061,126
Total fund balances (deficits) $ 21,249,466 $ 8,236,193 $ 3,913,747 $ 33,399,406 50 PAGE 550 of 704
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,QIRUPDWLRQ
PAGE 551 of 704

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52 PAGE 552 of 704

CITY OF SAN MARINO, CALIFORNIA
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual General Fund
For the Year Ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)

REVENUES
Taxes $ 30,193,750 $ 30,538,750 $ 30,408,896 $ (129,854) Licenses and permits 917,000 1,259,000 1,431,113 172,113 Intergovernmental 510,466 510,466 560,876 50,410
Charges for services 2,598,647 2,582,171 2,870,983 288,812 Use of money and property 446,750 446,750 1,176,330 729,580 Fines and forfeitures 104,600 104,600 133,868 29,268
Contributions 41,600 165,800 154,206 (11,594)
Miscellaneous 765,500 765,500 1,001,242 235,742
Total revenues 35,578,313 36,373,037 37,737,514 1,364,477

EXPENDITURES
Current:

General government 6,026,128 6,537,478 5,538,703 998,775 Public safety 18,250,004 19,457,982 19,453,298 4,684
Community development 2,610,234 2,610,234 2,203,756 406,478 Parks and recreation 2,427,325 2,375,913 2,149,925 225,988 Public works 4,332,423 4,723,319 4,666,059 57,260
Library 1,663,140 1,675,271 1,506,174 169,097
Capital outlay 6,100 87,441 902,405 (814,964)
Debt service:

Lease and subscription payments - - 518,995 (518,995)
Interest - leases and subscriptions - - 16,008 (16,008) Total expenditures 35,315,354 37,467,638 36,955,323 48,543 Excess (deficiency) of revenues
over (under) expenditures 262,959 (1,094,601) 782,191 1,413,020

OTHER FINANCING SOURCES (USES)
Transfers in 14,667,442 15,698,244 44,129 (15,654,115)
Transfers out 14,403,109 15,548,472 (114,561) (15,663,033) Subscription financing - - 821,305 821,305
Total other financing sources (uses) 29,070,551 31,246,716 750,873 (30,495,843) Net change in fund balances $ 29,333,510 $ 30,152,115 1,533,064 $ (29,082,823) Fund balances (deficit)-beginning 19,716,402
Fund balances (deficit)-ending $ 21,249,466
53 PAGE 553 of 704

CITY OF SAN MARINO, CALIFORNIA
Schedules of Proportationate Share of Net Pension Liability As of June 30, for the Last Ten Fiscal Years
Proportionate Share Plan's Fiduciary
Proportion of the Proportionate of the Net Pension Net Position as a Reporting Date 1 Net Pension Share of Net Liability as a % of % of the Total as of June 30, Liability Pension Liability Covered Payroll Covered Payroll Pension Liability 2025 0.0920% $ 11,157,525 $ 5,750,334 194.0% 0.0%
2024 0.0899% 11,217,042 4,793,333 234.0% 0.0%
2023 0.0897% 10,360,723 4,446,375 233.0% 0.0%
2022 0.0871% 4,712,711 4,639,838 101.6% 0.0%
2021 0.0790% 8,595,291 4,440,251 193.6% 0.0%
2020 0.0762% 7,808,692 4,284,180 182.3% 0.0%
2019 0.0730% 7,034,588 4,335,098 162.3% 0.0%
2018 0.0724% 7,175,549 5,125,321 140.0% 0.0%
2017 0.0704% 6,087,772 3,796,330 160.4% 0.0%
2016 0.0668% 4,582,203 3,862,174 118.6% 0.0%
2025 0.2742% $ 33,134,428 $ 6,834,125 484.8% 0.0%
2024 0.2492% 33,555,443 6,206,638 540.6% 0.0%
2023 0.1712% 31,277,864 5,641,650 554.4% 0.0%
2022 0.3294% 17,814,242 5,454,449 326.6% 0.0%
2021 0.2489% 27,079,424 5,553,316 487.6% 0.0%
2020 0.2417% 24,764,857 5,060,432 489.4% 0.0%
2019 0.2372% 22,860,409 4,896,095 466.9% 0.0%
2018 0.2275% 22,563,016 4,779,412 472.1% 0.0%
2017 0.2270% 19,645,542 4,765,647 412.2% 0.0%
2016 0.2268% 15,567,356 4,873,353 319.4% 0.0%
Notes to Schedule of Proportionate Share of the Net Pension Liability:
1 The proportions and proportionate share of the net pension liability are measured as of one year behind the reporting date. Refer to notes to basic financial statements.

Miscellaneous Plan
Safety Plan
Benefit Changes : None
Changes of Assumptions : None
54 PAGE 554 of 704

CITY OF SAN MARINO, CALIFORNIA
Schedules of Plan Contributions
As of June 30, for the Last Ten Fiscal Years 1
Covered/ Contribution as a
Fiscal Year Actuarially Actual Contribution Covered- % of Covered/ Ending Determined Employer Deficiency Employee Covered Employee June 30, Contribution Contributions (Excess) Payroll Payroll 2025 $ 1,472,077 $ 1,472,077 $ - $ 6,288,271 23.4%
2024 1,259,606 1,259,606 - 5,750,334 21.9%
2023 1,165,556 1,165,556 - 4,793,333 24.3%
2022 907,187 907,187 - 4,446,375 20.4%
2021 747,530 747,530 - 4,639,838 16.1%
2020 659,077 659,077 - 4,440,251 14.8%
2019 687,781 687,781 - 4,284,180 16.1%
2018 585,135 585,135 - 4,335,098 13.5%
2017 539,909 539,909 - 5,125,321 10.5%
2016 552,286 552,286 - 3,796,330 14.5%
2025 $ 3,936,901 $ 3,936,901 $ - $ 6,757,140 58.3%
2024 3,576,245 3,576,245 - 6,834,125 52.3%
2023 3,375,365 3,375,365 - 6,206,638 54.4%
2022 3,090,046 3,090,046 - 5,641,650 54.8%
2021 2,828,922 2,828,922 - 5,454,449 51.9%
2020 2,553,327 2,553,327 - 5,553,316 46.0%
2019 2,177,743 2,177,743 - 5,060,432 43.0%
2018 1,847,780 1,847,780 - 4,896,095 37.7%
2017 1,751,030 1,751,030 - 4,779,412 36.6%
2016 1,433,464 1,433,464 - 4,765,647 30.1%
2025 $ 286,502 $ 286,502 $ - $ 15,398,302 1.9%
2024 262,690 262,690 - 14,278,968 1.8%
2023 291,286 291,286 - 13,254,897 2.2%
2022 281,540 281,540 - 12,153,108 2.3%
2021 778,376 778,376 - 11,538,598 6.7%
2020 276,482 276,482 - 11,641,439 2.4%
2019 187,153 187,153 - 10,771,862 1.7%
2018 185,544 185,544 - 10,589,124 1.8%
1 Fiscal year 2018 was the first year of GASB Statement No. 75 implementation for OPEB plan, therefore only eight years are shown.

Miscellaneous Cost-Sharing, Multiple-Employer Pension Plan Safety Agent, Multiple-Employer Pension Plan
Single Employer OPEB Plan
55 PAGE 555 of 704

CITY OF SAN MARINO, CALIFORNIA
Schedule of Changes in Net OPEB Liability and Related Ratios As of June 30, for the Last Ten Fiscal Years 1
2025 2024 2023 2022
Measurement Date 6/30/2024 6/30/2023 6/30/2022 6/30/2021

TOTAL OPEB LIABILITY
Service cost $ 364,502 $ 353,493 $ 344,032 $ 390,122
Interest on total pension liability 317,560 257,607 194,930 182,822 Changes of benefit terms 667,789 - - -
Changes of assumptions (366,948) 218,259 (1,320,614) (1,722,567) Difference between expected and actual experience (15,140) 19,213 (34,428) 904,956 Benefit payments, including refunds of employee
contributions (328,564) (317,579) (276,989) (276,973)
Net change in total OPEB liability (28,590) 1,198,782 (1,093,069) (521,640) Total OPEB liability-beginning 6,406,156 7,604,938 7,499,225 8,020,865 Total OPEB liability-ending (a) 7,576,348 7,604,938 6,406,156 7,499,225

PLAN FIDUCIARY NET POSITION
Contributions-employer 428,564 417,579 376,989 776,973
Net investment income 57,289 20,737 (73,079) 15,812
Benefit payments, including refunds of employee
contributions (328,564) (317,579) (276,989) (276,973)
Administrative expense (230) (157) (135) (27)
Net change in fiduciary net position 157,059 120,580 26,786 515,785 Plan fiduciary net position-beginning 663,151 542,571 515,785 - Plan fiduciary net position-ending (b) 820,210 663,151 542,571 515,785 Net OPEB liability/(asset) (a) - (b) $ 6,756,138 $ 6,941,787 $ 5,863,585 $ 6,983,440 Plan fiduciary net position as a percentage of the
total OPEB liability 10.83% 8.72% 8.47% 6.88%
Covered-employee payroll $ 14,278,968 $ 13,254,897 $ 12,153,108 $ 11,538,598 Plan net OPEB liability/(asset) as a percentage of
covered-employee payroll 47.32% 52.37% 48.25% 60.52%
Notes to Schedule of Changes in the Net OPEB Liability and Related Ratios:
1 Fiscal year 2018 was the first year of GASB Statement No. 75 implementation; therefore only eight years are shown.

Benefit Changes : None
Changes of Assumptions : None
56 PAGE 556 of 704
2021 2020 2019 2018
6/30/2020 6/30/2019 6/30/2018 6/30/2017
$ 378,759 $ 274,204 $ 287,072 $ 338,547
229,315 224,214 208,836 179,779
- - - -
1,366,176 252,998 (247,709) (665,092)
10,965 177,823 - -
(274,895) (276,274) (273,920) (278,857)
652,965 1,710,320 (25,721) (425,623)
5,657,580 6,310,545 5,683,301 6,108,924
6,310,545 8,020,865 5,657,580 5,683,301
274,895 - - -
- - - -
- (274,895) - -
- - - -
- - - -
- - - -
- - - -
$ 6,310,545 8,020,865 $ 5,657,580 $ 5,683,301 $

0.00% 0.00% 0.00% 0.00%
$ 11,641,439 $ 10,771,862 $ 10,589,124 $ 11,110,666

68.90% 58.58% 53.43% 51.15%
57 PAGE 557 of 704

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58 PAGE 558 of 704

CITY OF SAN MARINO, CALIFORNIA
Notes to Required Supplementary Information
For the Year Ended June 30, 2025
NOTE 1: BUDGETS AND BUDGETARY ACCOUNTING DATA
The City follows these procedures in establishing the budgetary data reflected in the financial statements:

1. The annual budget is adopted by the City Council and provides for the general operation of the City. The operating budget includes proposed expenditures and the means of financing them.

2. The City Council approves total budgeted appropriations and any amendments to appropriations throughout the year. This "appropriated budget" covers substantially all City expenditures. Actual expenditures may not exceed budgeted appropriations at the fund level. The City Manager is authorized to transfer budgeted amounts between the accounts of any department.

3. Encumbrance accounting, under which purchase orders, contracts and other commitments for the expenditure of monies are recorded to reserve that portion of the applicable appropriation, is employed as an extension of formal budgetary integration in the Governmental Fund Types during the year. However, at year-end all appropriations lapse. Accordingly, encumbrances are canceled and generally reappropriated as part of the following year's budget. Encumbrances are not included in reported expenditures.

4. Budgets for the general, special revenue, debt service, and capital project funds are adopted on a basis substantially consistent with generally accepted accounting principles (GAAP). Accordingly, actual revenues and expenditures can be compared with related budgeted amounts without any significant reconciling items.

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

6. The County Park Bond, Homeland Security Grant, and Prop 1B Street special revenue funds did not adopt a budget for the year ended June 30, 2025.

NOTE 2: ACTUARIAL METHODS AND ASSUMPTIONS USED FOR THE PENSION PLAN CONTRIBUTIONS The actuarial methods and assumptions used to set the actuarially determined CalPERS contributions for fiscal year 2024-25 were from the June 30, 2023 public agency valuations. 59 PAGE 559 of 704

CITY OF SAN MARINO, CALIFORNIA
Balance Sheet
Combining Nonmajor Governmental Funds
June 30, 2025
ASSETS
Cash and investments $ 25,145 $ - $ - $ 585,043
Receivables (net of uncollectibles):

Accounts - 8,195 - -
Taxes 90,303 - - -
Accrued interest - - - 5,234
Due from other governments - 925 - -
Due from other funds - - - -
Total assets 115,448 9,120 - 590,277

LIABILITIES
Accounts payable - 6,393 - 16,068
Due to other funds - 2,621 9 -
Total liabilities - 9,014 9 16,068

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues - 8,195 - -
Total deferred inflows of resources - 8,195 - -

FUND BALANCES (DEFICITS)
Restricted 115,448 - - 574,209
Unassigned - (8,089) (9) -
Total fund balances (deficits) 115,448 (8,089) (9) 574,209 Total liabilities, deferred inflows of resources,
and fund balances (deficits) $ 115,448 $ 9,120 $ - $ 590,277 Special Revenue Funds
State Gas Tax
Community
Development
Block Grant
County Park
Bond
Prop. A
Transit
60 PAGE 560 of 704

CITY OF SAN MARINO, CALIFORNIA
Balance Sheet
Combining Nonmajor Governmental Funds
June 30, 2025
ASSETS
Cash and investments
Receivables (net of uncollectibles):

Accounts
Taxes
Accrued interest
Due from other governments
Due from other funds
Total assets

LIABILITIES
Accounts payable
Due to other funds
Total liabilities

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues
Total deferred inflows of resources

FUND BALANCES (DEFICITS)
Restricted
Unassigned
Total fund balances (deficits)
Total liabilities, deferred inflows of resources,
and fund balances (deficits)
$ - $ 1,214 $ 595,636 $ 60,008
- - - -
- - - -
- 3 5,026 528
4,060 - - -
- - - -
4,060 1,217 600,662 60,536
- - - -
5,790 - - -
5,790 - - -
- - - -
- - - -
- 1,217 600,662 60,536
(1,730) - - -
(1,730) 1,217 600,662 60,536
$ 4,060 $ 1,217 $ 600,662 $ 60,536
Air Quality TDA Article 3
Prop. C
Transit Asset Seizure
Special Revenue Funds
61 PAGE 561 of 704

CITY OF SAN MARINO, CALIFORNIA
Balance Sheet
Combining Nonmajor Governmental Funds
June 30, 2025
ASSETS
Cash and investments
Receivables (net of uncollectibles):

Accounts
Taxes
Accrued interest
Due from other governments
Due from other funds
Total assets

LIABILITIES
Accounts payable
Due to other funds
Total liabilities

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues
Total deferred inflows of resources

FUND BALANCES (DEFICITS)
Restricted
Unassigned
Total fund balances (deficits)
Total liabilities, deferred inflows of resources,
and fund balances (deficits)
$ 227,224 $ 523,635 $ 4 $ 1,333
- - - -
- - - -
1,584 4,906 - 9
- - - -
- - 5 -
228,808 528,541 9 1,342
- - - -
- - - -
- - - -
- - - -
- - - -
228,808 528,541 9 1,342
- - - -
228,808 528,541 9 1,342
$ 228,808 $ 528,541 $ 9 $ 1,342
Homeland
Security Grant STPL
California
Recycling
Grant COPS Grant
Special Revenue Funds
62 PAGE 562 of 704

CITY OF SAN MARINO, CALIFORNIA
Balance Sheet
Combining Nonmajor Governmental Funds
June 30, 2025
ASSETS
Cash and investments
Receivables (net of uncollectibles):

Accounts
Taxes
Accrued interest
Due from other governments
Due from other funds
Total assets

LIABILITIES
Accounts payable
Due to other funds
Total liabilities

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues
Total deferred inflows of resources

FUND BALANCES (DEFICITS)
Restricted
Unassigned
Total fund balances (deficits)
Total liabilities, deferred inflows of resources,
and fund balances (deficits)
$ 1,058,851 $ 67,022 $ 61 $ 453,238
- - - -
- - - 5,926
9,320 274 62 3,988
- - - -
- - - -
1,068,171 67,296 123 463,152
- - - -
- - 239 -
- - 239 -
- - - -
- - - -
1,068,171 67,296 - 463,152
- - (116) -
1,068,171 67,296 (116) 463,152
$ 1,068,171 $ 67,296 $ 123 $ 463,152
Measure W
Clean Water Measure R
OTS Grant
Fund PEG Fund
Special Revenue Funds
63 PAGE 563 of 704

CITY OF SAN MARINO, CALIFORNIA
Balance Sheet
Combining Nonmajor Governmental Funds
June 30, 2025
ASSETS
Cash and investments
Receivables (net of uncollectibles):

Accounts
Taxes
Accrued interest
Due from other governments
Due from other funds
Total assets

LIABILITIES
Accounts payable
Due to other funds
Total liabilities

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues
Total deferred inflows of resources

FUND BALANCES (DEFICITS)
Restricted
Unassigned
Total fund balances (deficits)
Total liabilities, deferred inflows of resources,
and fund balances (deficits)
$ 21,139 $ 36,563 $ 167,722 $ -
- - - -
- - - -
114 322 1,434 -
- - - -
- - - -
21,253 36,885 169,156 -
- - - -
8,150 - - -
8,150 - - -
4,844 - - -
4,844 - - -
8,259 36,885 169,156 -
- - - -
8,259 36,885 169,156 -
$ 21,253 $ 36,885 $ 169,156 $ -
SB 1383 and
Used Oil Grant
Drought
Education
Fund Measure M
Bodyworn
Camera Grant
Special Revenue Funds
64 PAGE 564 of 704

CITY OF SAN MARINO, CALIFORNIA
Balance Sheet
Combining Nonmajor Governmental Funds
June 30, 2025
ASSETS
Cash and investments
Receivables (net of uncollectibles):

Accounts
Taxes
Accrued interest
Due from other governments
Due from other funds
Total assets

LIABILITIES
Accounts payable
Due to other funds
Total liabilities

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues
Total deferred inflows of resources

FUND BALANCES (DEFICITS)
Restricted
Unassigned
Total fund balances (deficits)
Total liabilities, deferred inflows of resources,
and fund balances (deficits)
Total
Nonmajor
Funds
$ - $ 3,823,838
- 8,195
- 96,229
- 32,804
- 4,985
- 5
- 3,966,056
- 22,461
- 16,809
- 39,270
- 13,039
- 13,039
- 3,923,691
- (9,944)
- 3,913,747
$ - $ 3,966,056
Debt Service
Fund
City Debt
Service Fund
65 PAGE 565 of 704