City of San Ramon
FINANCE COMMITTEE
AGENDA
Mark Armstrong, Chair Scott Perkins, Vice Chair
City Hall - Training Room, First Floor
7000 Bollinger Canyon Road
Regular Meeting
4:00 PM
May 8, 2023
AGENDA QUESTIONS: PLEASE CALL THE ADMINISTRATIVE SERVICES DIRECTOR AT (925) 973-2576 Documents received after publication of this Agenda and considered by the Finance Committee in its deliberation will be available for inspection in the Administrative Services Department located at 7000 Bollinger Canyon Road, San Ramon during normal business hours and in the red binder at the Finance Committee meeting.
1. CALL TO ORDER
2. PUBLIC COMMENT
At this time, members of the public are encouraged to address the Committee on any item not already included on the agenda. Comments should not exceed three (3) minutes. No Committee action can be taken at this meeting on issues raised during Public comment.
Written comments submitted were provided to the Committee prior to the start of this meeting and made a part of the public record. Written public comment will not be read aloud during the meeting.
3. APPROVAL OF MINUTES
3.1 Finance Committee Special Meeting - April 24, 2023
4. UNFINISHED BUSINESS
5. NEW BUSINESS
5.1 Annual Comprehensive Financial Report for the Fiscal Year Ended June 30, 2022 Staff Report by Candace Daniels, Finance Division Manager
5.2 California Employer’s Benefit Trust (CERBT) for the Period Ending March 31, 2023
Staff Report by Candace Daniels, Finance Division Manager 2 Finance Committee Meeting – May 8, 2023
6. COMMITTEE MEMBER COMMENTS
7. ADJOURNMENT
The next Finance Committee Meeting is scheduled for June 12, 2023.
I hereby certify that the attached Finance Committee Meeting Agenda was posted 72 hours before the noted meeting. To make a request for disability-related accommodation to participate in the meeting, please contact the City Clerk’s Office 48 hours in advance of the meeting at 925-973-2539 or [email protected].
Dated: May 5, 2023
ATTENDEE CONDUCT
There will be zero tolerance for any person addressing the Committee making profane, offensive and disruptive remarks, or engaging in loud, boisterous, or other disorderly conduct, that disrupts the orderly conduct of the public meeting. Specifically, it is important for all speakers to adhere to the following guidelines for participation in this meeting:
a. No profanity or obscenity
b. Refrain from personal threats or attacks.
c. Refrain from hateful epithets and demeaning language based on any person’s race, religion, sexual orientation, ethnicity, gender, or disability. d. Respect all people that are present.
At the discretion of the Committee Chair, a speaker may forfeit speaking time for any of the following reasons:
a. Exceeding the allotted time to speak;
b. Yelling, screaming, or other behavior that renders this Committee unable to continue the meeting;
c. Excessive profanity or slander; Specific threats or “fighting words” that incite violence; or
d. Speech that is outside the subject matter jurisdiction of the Committee or the specific agenda item in which you are speaking.
MINUTES OF THE
CITY OF SAN RAMON FINANCE COMMITTEE
April 24, 2023
1. CALL TO ORDER
The meeting was called to order at 4:00 PM.
Attendee Name Title Status Arrived
Mark Armstrong Chair Present
Scott Perkins Vice Chair Present
Amy Amiri, Senior Administrative Analyst, Public Works
Robin Bartlett, Division Manager, Public Works
John Bell, Program Manager, Public Works
Brian Bornstein, City Engineer, Public Works
Candace Daniels, Finance Division Manager, Administrative Services Deborah Fehr, Senior Traffic Engineer, Public Works
Maria Fierner, Public Works Director
Kathi Heimann, Parks & Community Services Director
Miaoxia Joe, Financial Analyst, Administrative Services Marc Luke, Maintenance Supervisor, Public Works
Jeffrey Maier, Maintenance Specialist, Public Works
Mae Mlyniec, Analyst, Parks & Community Services
Diego Munoz, Accountant, Administrative Services
Kerry Parker, Program Manager, Public Works
Brent Scroggs, Program Manager, Public Works
Kelly Sessions, Administrative Services Director
Steven Spedowski, Interim City Manager
2. PUBLIC COMMENT
3. APPROVAL OF MINUTES
3.1 Finance Committee - Regular Meeting - March 6, 2023 4:00 PM RESULT: ACCEPTED [UNANIMOUS]
AYES: Armstrong, Perkins
4. UNFINISHED BUSINESS
5. NEW BUSINESS
5.1 Quarterly Investment Report for the Period Ending March 31, 2023 Report by Candace Daniels, Finance Division Manager
The Finance Committee accepted the report and recommended forwarding to City Council for approval.
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Minutes Acceptance: Minutes of Apr 24, 2023 4:00 PM (APPROVAL OF MINUTES) 2 Finance Committee Meeting – April 24, 2023
RESULT: APPROVED [UNANIMOUS]
AYES: Armstrong, Perkins
5.2 Draft Five-Year Capital Improvement Program 2023-2028 Report by Maria Fierner, Public Works Director
The Finance Committee accepted the report and recommended forwarding to City Council for approval.
RESULT: APPROVED [UNANIMOUS]
AYES: Armstrong, Perkins
5.3 Landscaping & Lighting District No. 1984-1 – Zone 4, Vista San Ramon Ballot Measure and Draft Engineer’s Report
Staff Report by Robin Bartlett, District Engineer
The Finance Committee accepted the report.
RESULT: APPROVED [UNANIMOUS]
AYES: Armstrong, Perkins
5.4 Review Fund Study and Preliminary FY 2023/24 Operating and Capital Budgets for Landscaping & Lighting District 1984-1
Staff Report by Robin Bartlett, District Engineer
The Finance Committee accepted the report and recommended forwarding to City Council for approval.
RESULT: APPROVED [UNANIMOUS]
AYES: Armstrong, Perkins
5.5 Update of the Preserve Landscaping and Lighting Assessment District Staff Report by Robin Bartlett, District Engineer
The Finance Committee accepted the report and recommended forwarding to City Council for approval.
RESULT: APPROVED [UNANIMOUS]
AYES: Armstrong, Perkins
5.6 Proposed Stormwater Program Budget for FY 2023/24
Report by Kerry Parker, Program Manager
The Finance Committee accepted the report.
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Minutes Acceptance: Minutes of Apr 24, 2023 4:00 PM (APPROVAL OF MINUTES) 3 Finance Committee Meeting – April 24, 2023
RESULT: APPROVED [UNANIMOUS]
AYES: Armstrong, Perkins
5.7 City of San Ramon Quarterly Revenue and Expenditure Reports FY22/23 Q3 Ending March 31, 2023
Staff Report by Miaoxia Joe, Finance Analyst
The Finance Committee accepted the report.
RESULT: APPROVED [UNANIMOUS]
AYES: Armstrong, Perkins
5.8 PARS Pension Stabilization Trust Statement for the Period Ending March 31, 2023
Staff Report by Miaoxia Joe, Finance Analyst
The Finance Committee accepted the report.
RESULT: APPROVED [UNANIMOUS]
AYES: Armstrong, Perkins
5.9 Approve Selection of Maze & Associates, Inc. for Professional Audit Services, for Fiscal Years 2022-23 through 2025-26 with an Option to Extend for Two Additional Years and Forward to City Council for Approval by Resolution Report by Kelly Sessions, Administrative Service Director The Finance Committee accepted the report and recommended forwarding to City Council for approval.
RESULT: APPROVED [UNANIMOUS]
AYES: Armstrong, Perkins
6. COMMITTEE MEMBER COMMENTS
Committee members had nothing additional to report.
7. ADJOURNMENT
The next Finance Committee Meeting is scheduled for May 8, 2023.
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Minutes Acceptance: Minutes of Apr 24, 2023 4:00 PM (APPROVAL OF MINUTES)
FINANCE COMMITTEE STAFF REPORT
DATE: May 8, 2023
TO: Finance Committee/City Manager
FROM: Kelly Sessions, Administrative Services Director
By: Candace Daniels, Finance Division Manager
SUBJECT: Annual Comprehensive Financial Report for the Fiscal Year Ended June 30, 2022
RECOMMENDED ACTION
Staff recommends that the Finance Committee accept the Annual Comprehensive Financial Report (ACFR) for the Fiscal Year Ended June 30, 2022.
BACKGROUND/DISCUSSION
State Law and prudent financial management require that the City of San Ramon retain a qualified auditor to conduct an independent review of the City’s financial records and procedures. On March 24, 2020, the City Council approved an agreement for professional audit services with Eide Bailly, LLP including preparation of the ACFR, and the Annual State Controller’s Office Report for Fiscal Years June 30, 2020 through June 30, 2023 (Four Years) with an option to extend for two additional one-year periods. The City is currently in Year 3 of the contract but has elected to exercise its right to terminate and is currently in the process of contracting with Maze and Associates for audit services that will begin next month.
The auditors have completed their examination of the financial records and have prepared the City’s Annual Comprehensive Financial Report for the fiscal year ended June 30, 2022.
The Financial Section of the ACFR provides critical information regarding the financial condition of the City through the presentation of financial statements, schedules, note disclosures, and narratives (Management Discussion and Analysis or MD&A).
Highlights of the Financial Section of the ACFR:
Pages 1 -3 Independent Auditor’s Report: This report explains how the audit was performed, points out any significant changes in the financial statements and states the auditor’s opinion.
Eide Bailly, LLP’s audit opinion is that the City of San Ramon’s Financial Statements are fairly presented in all materials aspects.
million is invested in capital assets, $63.5 million is restricted, and $8.8 million is unrestricted.
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The net position increased $7.5 million from last fiscal year primarily due to:
Decreases in assets - decreases in notes and loans receivable and capital assets; offset by increases in cash and investments, leases and OPEB and pension contributions (deferred outflows).
Decreases in liabilities - decreases in accrued payables, unearned revenue, compensated absences and net pension liability; offset by increases in long-term debt, leases, and OPEB and pension earnings (deferred inflows).
supports itself before general tax dollars are included.
all of the major and non-major funds. The ending balance for the General Fund was $23.8 million. The fund balance for all Governmental Funds was $99.6 million.
Balances: Shows revenue by source, expenditures by department, transfers, and the net change in fund balances for all major and non-major funds. The General Fund net change in fund balance was $4.6 million and the Dougherty Valley Fund change in fund balance was $(1.4) million. The total net change in all governmental funds increased $2.5 million, primarily due to the ARPA funds received; offset by debt service payments.
Internal Service Funds of $13.5 million, which is a increase of $0.2 million.
Successor Agency Fund of $(53.9) million, which is due to the reporting of long-term debt.
Pages 44-49 - Cash and Investments (Note 3): Shows total cash and investments of $108.9 million.
million.
Pages 54-59 - Long-Term Debt (Note 8): Shows total long-term debt of $61.7 million.
million for revenue stabilization and assigned reserves of $4.0 million for future expenditure volatility, recommended by Management Partners review of the General Fund Reserve Policy, and a remaining unassigned balance of $9.0 million.
Pages 62-74 - Pension Plans (Note 10): This section gives detail of the City’s CalPERS obligations, including the City’s proportionate share of the Dougherty Regional Fire Authority (DRFA) pension plans, and provides information required by GASB Statement No. 68. The net pension liability for the measurement period of June 30, 2021 was $16.9 million, which is a
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decrease of $30.4 million. The City’s pension liability decreased $28.3 million from the prior fiscal year. The remaining decrease of $2.1 million is the City’s share of DRFA’s net pension liability.
Pages 74-77 - Post Employment Healthcare (Note 12): This section gives details of the City’s Other Post-Employment Benefits (OPEB) and provides information required by GASB Statement No. 75. The net OPEB asset for the measurement period of June 30, 2021 was $4.6 million, due to being over 100% funded based upon the most recent actuarial valuation.
Pages 83-92 - Required Supplementary Information: Shows the schedule of changes in the net pension liability, schedule of pension contributions, and schedule of OPEB funding progress.
Pages 93-95 and 97-99 - Schedule of Revenues, Expenditures and Changes in fund balance:
Shows a budget to actual comparison for the major funds. The General Fund came in $3.4 million below budget and the Dougherty Valley Fund came in $1.2 million above budget due to a revenue shortfall of $1.6 million.
Pages 101-103 - Non-Major Governmental Funds Combining Balance sheets: Shows assets, liabilities and ending fund balances for each non-major fund.
Pages 104-106 - Non-Major Governmental Funds Combining Statements of Revenues, Expenditures and Changes in fund balance: Shows revenues, expenditures and ending fund balances for each non-major fund. The budget to actual comparisons begin on page 107.
FISCAL ANALYSIS
The General Reserves ending balance was $22.4 million or 41% of the reserve requirement.
STEPS FOLLOWING APPROVAL
Present the final Annual Comprehensive Financial Report to the City Council on May 9, 2023.
ATTACHMENT
City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) This
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22)
CITY OF SAN RAMON, CALIFORNIA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
Fiscal year ended June 30, 2022
Prepared by the
Administrative Services Department, Finance Division
Kelly Sessions, Director of Administrative Services
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) This
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) City of San Ramon
Table of Contents
June 30, 2022
Introductory Section
Letter of Transmittal ...................................................................................................................................... i Certificate of Achievement for Excellence in Financial Reporting.............................................................. vii Distinguished Budget Award...................................................................................................................... viii Operating Budget Excellence Award ........................................................................................................... ix Staff Directory............................................................................................................................................... x Organization Chart....................................................................................................................................... xi Financial Section
Independent Auditor’s Report......................................................................................................................1 Management’s Discussion and Analysis.......................................................................................................5 Basic Financial Statements
Government-wide Financial Statements
Statement of Net Position ......................................................................................................................18 Statement of Activities............................................................................................................................19 Fund Financial Statements
Balance Sheet – Governmental Funds....................................................................................................21 Reconciliation of the Governmental Funds – Balance Sheet to the Statement of Net Position ............22 Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds...........23 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities..............................................................................24 Fund Financial Statements – Proprietary Funds.....................................................................................25 Statement of Net Position – Proprietary Funds......................................................................................26 Statement of Revenues, Expenses, and Changes in Fund Net Position – Proprietary Funds.................27 Statement of Cash Flows – Proprietary Funds........................................................................................28 Fund Financial Statements – Fiduciary Funds.........................................................................................30 Statement of Fiduciary Net Position – Fiduciary Funds..........................................................................31 Statement of Changes in Fiduciary Net Position – Fiduciary Funds .......................................................32 Notes to Financial Statements................................................................................................................33 Required Supplementary Information
City’s Miscellaneous Plan – Schedule of Changes in the Net Position Liability and Related Ratios Agent Multiple-Employer Defined Pension Plan - Last 10 Years.......................................................................83 City’s Miscellaneous Plan - Last 10 Years - Schedule of Contributions an Agent Multiple-Employer Defined Pension Plan ..............................................................................................................................84 City’s Safety Plan – Schedule of the Plan’s Proportionate Share of the Net Pension Liability and Related Ratios as of the Measurement Date Cost-Sharing Multiple-Employer Defined Pension Plan - Last 10 Years........................................................................................................................................................85 City’s Safety Plan – Schedule of Contribution Cost-Sharing Multiple-Employer Defined Pension Plan – Last 10 Years ...........................................................................................................................................86
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) Dougherty Regional Fire Authority - Miscellaneous Plan – Schedule of the Plan’s Proportionate Share of the Net Pension Liability and Related Ratios as of the Measurement date Cost-Sharing MultipleEmployer Defined Pension Plan – Last 10 Years.....................................................................................87 Dougherty Regional Fire Authority - Miscellaneous Plan – Schedule of Contribution Cost-Sharing Multiple-Employer Defined Pension Plan – Last 10 Years......................................................................88 Dougherty Regional Fire Authority - Safety Plan – Schedule of the Plan’s Proportionate Share of the Net Pension Liability and Related Ratios as of the Measurement Date Cost-Sharing Multiple-Employer Defined Pension Plan – Last 10 Years.....................................................................................................89 Dougherty Regional Fire Authority - Safety Plan – Schedule of Contribution Cost-Sharing MultipleEmployer Defined Pension Plan – Last 10 Years.....................................................................................90 Schedule of Changes in the Net OPEB Liability and Related Ratios – Retiree Medical Benefits (OPEB) Plan – Last 10 Fiscal Years.......................................................................................................................91 Schedule of Contributions – Retiree Medical Benefits (OPEB) Plan – Last 10 Fiscal Years....................92 General Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual ................................................................................................................................................................93 Dougherty Valley Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual ...............................................................................................................................................94 GHAD-Dougherty Valley Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual...................................................................................................................................95 Notes to Required Supplementary Information.....................................................................................96 Supplementary Information
COP #13 Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual ......................................................................................................................................................97 2021 Pension Obligation Bonds Fund Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual ..................................................................................................................98 Capital Improvements Fund Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual...................................................................................................................................99 Description of Nonmajor Governmental Funds....................................................................................100 Nonmajor Governmental Funds – Combining Balance Sheet ..............................................................101 Non-Major Governmental Funds – Combining Statement of Revenues, Expenditure, and Changes in Fund Balances.......................................................................................................................................104 Non-Major Governmental Funds – Combining Statement of Revenues, Expenditure, and Changes in Fund Balances, continued.....................................................................................................................105 Planning Costs Recovery Fund Schedules of Revenues, Expenditures and Changes in Fund Balance Budget and Actual.................................................................................................................................107 Geographic Information Schedules of Revenues, Expenditures and Changes in Fund Balance Budget and Actual .............................................................................................................................................108 CFD 2014-1 (Acres) Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual.................................................................................................................................109 CFD 2014-1 (Faria) Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual .............................................................................................................................................110 Gas Tax Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual ..............................................................................................................................................................111 Park Development Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual .............................................................................................................................................112 Crow Canyon Project Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual.................................................................................................................................113 SCCJEPA Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual ....................................................................................................................................................114
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) Street Maintenance/Improvements Fund Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual ................................................................................................................115 Traffic Improvements Fund Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual.................................................................................................................................116 Tri-Valley Transportation Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual.................................................................................................................................117 Public Education and Government Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual ................................................................................................................118 Citywide Lighting and Landscaping Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual ................................................................................................................119 Special Landscaping Zones Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual.................................................................................................................................120 Canyon Park Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual ....................................................................................................................................................121 Village Center Common Area Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual ................................................................................................................122 Solid Waste Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual ....................................................................................................................................................123 Non-Point Drainage District Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual..............................................................................................................................124 Street Smarts Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual ....................................................................................................................................................125 TDM Programs Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual .............................................................................................................................................126 Police Services Donation Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual.................................................................................................................................127 Vehicle Refuse Impact Fees Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual..............................................................................................................................128 Open Space Development Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual.................................................................................................................................129 Development Mitigation Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual.................................................................................................................................130 Preserve Faria Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual ....................................................................................................................................................131 Traffix Program Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual .............................................................................................................................................132 GHAD NWSR Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual ....................................................................................................................................................133 San Ramon Housing Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual.................................................................................................................................134 DV Arts Theatre Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual .............................................................................................................................................135 Pension Obligation Bonds Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual.................................................................................................................................136 LED Lights Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual ....................................................................................................................................................137 COP #12 Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual ....................................................................................................................................................138 Description of Internal Service Funds...................................................................................................139 Internal Service Funds – Combining Statements of Net Position.........................................................140
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) Internal Service Funds – Combining Statements of Revenues, Expenses and Changes in Fund Net Position .................................................................................................................................................141 Internal Service Funds – Combining Statements of Cash Flows...........................................................142 Descriptions of Custodial Funds............................................................................................................144 Combining Statements of Fiduciary Net Position .................................................................................145 Combining Statements of Changes in Fiduciary Net Position...............................................................146 Statistical Section
Miscellaneous Statistical Data ..............................................................................................................147 Government-Wide Revenues by Source...............................................................................................148 Government-Wide Expenses by Function.............................................................................................149 General Governmental Revenues by Source ........................................................................................150 Tax Revenue by Source .........................................................................................................................151 General Governmental Expenditures by Function ...............................................................................152 Net Position by Component – Last Ten Fiscal Years.............................................................................153 Changes in Net Position ........................................................................................................................154 Fund Balances of Governmental Funds................................................................................................155 Changes in Fund Balances of Governmental Funds..............................................................................156 Assessed Value and Estimated Actual Value of Taxable Property – Taxable Property ........................157 Direct and Overlapping Property Tax Rates..........................................................................................158 Principal Sales Tax Producers................................................................................................................159 Principal Property Taxpayers................................................................................................................160 Property Tax Levies and Collections .....................................................................................................162 Ratios of Debt Outstanding...................................................................................................................163 Ratios of Outstanding Debt by Type .....................................................................................................164 Direct and Overlapping Debt ................................................................................................................165 Legal Debt Margin Information.............................................................................................................166 Pledge-Revenue Coverage ....................................................................................................................167 Demographics Statistics........................................................................................................................168 Annual Average Employment and Unemployment Rates....................................................................170 Principal Employers...............................................................................................................................171 Full-Time Equivalent City Government Employees by Function...........................................................172 Operating Indicators by Function/Program..........................................................................................173 Capital Assets Statistics by Function.....................................................................................................174 Miscellaneous Statistical Data ..............................................................................................................175
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) eidebailly.com
Introductory Section
June 30, 2022
City of San Ramon
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) i
April 19, 2023
To the Citizens of the City of San Ramon,
Honorable Mayor and Members of the
City Council
We are pleased to present the Annual Comprehensive Financial Report (ACFR) of the City of San Ramon for the fiscal year ended June 30, 2022 with the Independent Auditors’ Report. The ACFR was prepared by the City’s Finance Division of the Administrative Services Department. To provide a reasonable basis for making these representations, management of the City of San Ramon has established a comprehensive internal control framework that is designed both to protect the government’s assets from loss, theft or misuse and to compile sufficient reliable information for the preparation of San Ramon’s financial statements in conformity with Generally Accepted Accounting Principles (GAAP).
Because the cost of internal controls should not outweigh their benefits, San Ramon’s comprehensive framework of internal controls has been designed to provide reasonable rather than absolute assurance that the financial statements will be free from material misstatement. Responsibility for both the accuracy of the data and the completeness and fairness of the presentation, including all disclosures, rests with City management. Management asserts that to the best of our knowledge and belief, the information as presented is accurate in all material respects, that the presentation fairly shows the financial position and the results of the City’s operations as measured by the financial activity of the various funds, and that the included disclosures will provide the reader with an understanding of the City’s financial affairs.
This report is published in accordance with State law requirements that financial statements be presented in conformity with accounting principles generally accepted in the United States of America and audited by a firm of licensed certified public accountants. The City of San Ramon has continued to comply with recent pronouncements of the Governmental Accounting Standards Board (GASB), which is the authoritative body in establishing US GAAP for local governments.
The analysis of the financial condition and the result of operations can be found in the financial section of the Management’s Discussion and Analysis (MD&A) document. This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it.
Profile of the City of San Ramon
The City of San Ramon, incorporated in 1983, is located in Contra Costa County, a growing area in the eastern portion of the San Francisco Bay Area. The City occupies a land area of 18.56 square miles and serves a population of 83,820 as of January 2022. San Ramon continues to show strength as a major employer and a community with high quality residential neighborhoods. San Ramon is considered to be one of the most desirable living areas in the Bay Area.
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) ii
The City of San Ramon is a Charter City that operates under the Council-Manager form of government.
Policymaking and legislative authority are vested in the City Council, which consists of a Mayor elected to a two-year term and a four-member Council elected to four-year terms. The governing Council is responsible for the City’s ordinances, operational resolutions, adoption of the annual budget, appointing commissions and committees, and hiring the City Manager and City Attorney.
The City Manager is responsible for implementing the policies, ordinances and directives of the City Council, for overseeing the day-to-day operations of the City and for appointing the Directors of City departments. The City provides a number of services and activities summarized as follows:
• Police protection
• Maintenance of streets and roads
• Maintenance of parks and landscaping
• Recreation activities
• Senior activities
• Planning and building services
• Engineering
• Storm water and drainage services
• Economic development
• Other general government services
Financial Information
Budgeting Controls:
The City operates on a fiscal year basis, beginning July 1 and ending June 30. The budget is prepared under the supervision of the City Manager and transmitted to the City Council for deliberation and adoption prior to the beginning of the fiscal year.
Upon adoption by the City Council, the City maintains budgetary controls to ensure compliance with legal provisions embodied in the annual budget. Budget to actual comparisons are provided in this report for each individual governmental fund for which an appropriated annual budget has been adopted. The City’s budgetary procedures are further discussed in the Notes to the Basic Financial Statements and can be found in the Financial Section of this report.
Activities of all funds of the City are included in the annual appropriated budget except for the capital projects fund, which adopts a project length budget. In addition, a five-year Capital Improvement Program is updated annually, at which time budgets for new projects and revisions of existing projects are adopted. The level of budgetary control is by fund, although budgets are adopted within funds at the department/division level in all operating funds and at the project level in the capital projects funds.
Only the City Council has the authority to increase total appropriations subject only to the appropriation limitations established by State law. Budget appropriations lapse at the end of the fiscal year, with the exception of contract commitments and capital improvement projects, which are carried over until the commitment is met, or the project has been completed.
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) iii
Financial Policies:
Throughout the years, the City has followed a fiscally conservative philosophy, including building and maintaining healthy reserves. This practice has allowed the City to continue providing quality services to its residents at a time when many local agencies are being forced to cut back due to fiscal constraints.
On an annual basis, the Council approves financial policies designed to promote sound financial management and ensure fiscal integrity over time. This ACFR reflects the implementation of these financial guidelines and presents all fund reserves and designations in an effort to define fund balance commitments and obligations as of the financial report date.
Internal Controls:
City management is responsible for establishing and maintaining fiscal internal controls designed to safeguard the assets of the government from loss, theft or misuse, and to ensure that accounting data is accurately compiled to allow for the preparation of financial statements in conformity with generally accepted accounting principles. In order to strengthen internal controls, the City formalized a fraud prevention policy which was adopted by City Council. The intent of the policy is to facilitate the development of such controls, which will aid in the prevention and detection of fraud against the City of San Ramon.
Cash Management:
To maximize investment leverage, the City “pools” available cash from all funds for investment purposes. In accordance with the annually adopted investment policy, available cash is invested with the goal of safety--meaning protection of principal--as the first priority, ensuring adequate liquidity as the second priority, and maximizing yield as the third priority. The City’s investments generally include federal agencies, treasuries, certificates of deposit, corporate notes, commercial paper, municipal bonds, and supranationals. The average duration of investments in the City’s investment pool as of June 30, 2022 was 1.91 years. The average return realized on the pooled investments decreased from 1.30% in fiscal year 2020-21 to 1.27% in fiscal year 2021-22.
Factors Affecting Financial Condition
Local Economic Conditions:
The City of San Ramon’s economy has mostly recovered from revenue losses that were caused by the COVID-19 pandemic. Most of the major revenue categories are above budget estimates. General Fund revenue came in $1.1 million above budget estimates:
• California statewide unemployment registered 3.7%, but the San Ramon residential unemployment rate as measured by the State Employment Development Department was approximately 2.4% as of December 2022.
• San Ramon has a relatively high median household income level of $173,519, which is more than twice the State of California level of $84,097 per the US Census Bureau’s 2021 Quick Facts. • San Ramon median home values increased 2.1% from January 2022 to January 2023.
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) iv
Planning for the Future
In spite of the challenges the City continues to face (e.g. COVID-19 financial impacts, increased pension costs, aging infrastructure, etc.), the City is confident that our team will embrace these challenges and move our community forward with a focus on our purpose and goals. As the City navigates fiscal year 2022-23 and beyond, effort will be made to remain conservative with resources in order to maintain the desired level of services. The State of California economy continues to grow after the impact of COVID19. Governor Newsom’s fiscal year 2022-23 May revision budget includes setting aside money in the Budget Stabilization Account (Rainy Day Fund), increasing funding for K-12 schools and children’s mental health, as well as more funding for public safety.
The City continues to look for ways to provide high-quality service to residents at lower cost. In 2012, City Council adopted a budget, which required employees to make additional contributions to the City’s pension fund. More recently, the City has continued to rely on contracting for services to cover the expansion of municipal services in the Dougherty Valley area of the City. During FY 2022-23, service expansion included continued replacement and renovation of declining plant material, assumption of maintenance responsibilities for new landscape improvements, continued implementation of the Dougherty Valley Tree and Planting Strip Management Program, assumption of additional maintenance responsibilities for new Dougherty Valley improvements, including additional traffic signs, catch basins, streetlights, and roadways.
The 2022-23 adopted budget did not include an increase in the staffing level of any department.
The City Council has been proactive in planning for an uncertain financial future by:
• Establishing a 36% General Contingency Reserve Policy. The General Fund Reserve balance as of June 30, 2022 was $23.8 million (43%).
• Setting aside funds in a trust with California Employer’s Retirement Benefit Trust (CERBT) to cover the future cost of retiree health benefits. The CERBT trust balance was $34.5 million as of June 30, 2022.
• Setting aside funds in a trust with Public Agency Retirement Services (PARS) to help offset some of the increase in pension costs. The PARS trust balance was $4.0 million as of June 30, 2022. • Maintaining an internal service fund to accumulate funds for maintenance of publicly owned buildings.
• Fully funding replacement of vehicles and information technology equipment through the use of internal service funds.
• Working with labor groups to require additional employee contributions to the employer portion of pension costs.
• Transitioning from a defined benefit program for retiree medical benefit to a defined contribution healthcare savings account.
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) v
These types of actions help to preserve the financial health of the City of San Ramon and to provide the flexibility to make up for revenue shortfalls. As a result of efforts to preserve the financial health of the City, long-term debt ratings for the General Fund continue to receive an “AAA” rating by Standard and Poor’s.
Annual Audit
Eide Bailly LLP, a firm of licensed certified public accountants, audited the City of San Ramon’s financial statements. The goal of an independent audit is to provide reasonable assurance that the financial statements of the City of San Ramon are free of material misstatement for the fiscal year which ends on June 30. The independent audit involved examining evidence supporting the amounts and disclosures in the financial statements on a test basis; assessing the accounting principles used and significant estimates made by management; and evaluating the overall financial statement presentation.
The independent auditor concluded that there was a reasonable basis for rendering an unmodified opinion that the City of San Ramon’s financial statements for the year ended June 30, 2022, are fairly presented in conformity with accounting principles generally accepted in the United States of America.
The independent auditor’s report is presented as the first component of the financial section of this report.
The City of San Ramon was required to undergo an annual single audit in conformity with the provisions of the Single Audit Act of 1984 and the US Office of Management and Budget’s Uniform Guidance, Audits of State and Local Governments.
Awards for Excellence in Financial Reporting
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of San Ramon for its Annual Comprehensive Financial Report for the fiscal year ended June 30, 2021. The Certificate of Achievement is a prestigious national award, recognizing conformance with the highest standards for preparation of state and local government financial reports.
In order to be awarded a Certificate of Achievement, the City must publish an easily readable and efficiently organized Annual Comprehensive Financial Report (ACFR), whose contents conform to program standards. Such reports must satisfy both generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. The City of San Ramon has received a Certificate of Achievement for the last sixteen consecutive years. We believe our current report continues to meet the Program’s Certificate of Achievement requirements, and we are submitting it to GFOA to determine its eligibility for another certificate.
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) vi
Budget Award
The City received GFOA’s Distinguished Budget Presentation Award—the highest form of recognition in governmental budgeting—for the Annual Budget for the fiscal year beginning July 1, 2022. This award represents a significant achievement by the City in that it reflects the commitment of the City Council and staff to meet the highest principles of government budgeting. To receive this award, a governmental unit must publish a budget document that satisfies nationally recognized guidelines for effective budget presentation and meets program criteria as a policy document, a financial plan, an operations guide, and a communications device.
Acknowledgements
The preparation and development of the ACFR could not have been accomplished without the yearround efficiency and dedication of the Finance Division staff and their special efforts, working in conjunction with the City’s independent auditors.
We would like to express our appreciation to all members of City staff who contributed to the final product. We want to thank Eide Bailly LLP, our independent auditors, for their professionalism in performing this year-end financial audit. A special thanks and acknowledgment are due to Candace Daniels, Finance Division Manager and Vivian Gong, Program Manager who devoted extensive time and energy preparing this report. We would also like to thank the Mayor and City Council for their interest and support in planning and conducting the financial operations of the City in a responsible and progressive manner.
Respectfully submitted,
Steven Spedowfski J. Kelly Sessions
Interim City Manager Administrative Services Director
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) vii
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) viii
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) ix
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 x
Staff Directory
Executive Management
City Manager (Interim) Steven Spedowfski
City Attorney Martin Lysons
Chief of Police Denton Carlson
City Clerk Christina Franco
Director of Administrative Services Kelly Sessions
Director of Community Development Debbie Chamberlain
Director of Parks & Community Services Kathi Heimann
Director of Public Works Maria Fierner
Finance
Finance Division Manager Candace Daniels
Finance Program Manager Vivian Gong
Administrative Analyst Glenda Broadfoot
Administrative Analyst Michelle Joe
Accountant Diego Munoz
Accounting Specialist Adolfo Narravo
Accounting Specialist Sonia Alvarado
Accounting Specialist Vacant
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) xi
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) eidebailly.com
Financial Section
June 30, 2022
City of San Ramon
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) What inspires you, inspires us. | eidebailly.com
4040 Campbell Ave., Ste. 200 | Menlo Park, CA 94025-1053 | T 650.522.3400 | F 650.645.7393 | EOE 1 Independent Auditor’s Report
The Honorable City Council
City of San Ramon
San Ramon, California
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of the City of San Ramon, California (City), as of and for the year ended June 30, 2022, 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 accompanying financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the City, as of June 30, 2022, 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 (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States (Government Auditing Standards).
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 requirements 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.
Adoption of a New Accounting Standard
As discussed in Note 1 and Note 17 to the financial statements, the City has adopted the provisions of Government Accounting Standards Board (GASB) Statement No. 87, Leases, for the year ended June 30, 2022. Accordingly, a restatement has been made to the fund balance of the General fund and the net position of the governmental activities as of July 1, 2021, to restate the beginning fund balance and net position. Our opinions are not modified with respect to this matter.
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 2 Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the 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 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.
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 GAAS 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 influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with GAAS 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.
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 3 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, the schedule of changes in the net pension liability and related ratios, the schedules of the proportionate share of the net pension liability and related ratios, the schedules of pension contributions, the schedule of changes in the net OPEB liability and related ratios, the schedule of OPEB contributions, and budgetary comparison information 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.
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 combining and individual fund financial statements and schedules are presented for purposes of additional analysis and are not a required part of the basic financial statements.
The combining and individual fund financial statements and schedules are the responsibility of management and were 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 combining and individual fund financial statements and schedules are 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 and statistical sections 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.
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 4 In connection with our audit of the 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 April 19, 2023 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 City’s internal control over financial reporting and compliance.
Menlo Park, California
April 19, 2023
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 5 City of San Ramon
Management’s Discussion and Analysis
June 30, 2022
This section of the City’s Annual Comprehensive Financial Report presents an overview of the City’s financial activities for the fiscal year ended June 30, 2022. To obtain a complete understanding of the City’s financial condition, this document should be read in conjunction with the accompanying Transmittal Letter and Basic Financial Statements.
Financial Highlights
Financial highlights of fiscal year 2022 include the following:
• Overall, the assets and deferred outflows of resources of the City exceeded its liabilities and deferred inflows of resources at the close of Fiscal Year 2021-2022 by $427.8 million (net position). Of this amount, ($8.7) million represents unrestricted net position. $63.4 million is restricted for specific purposes, and $355.6 million is the net investment in capital assets. The City’s total net position increased by $7.5 million above the prior fiscal year as restated.
• Deferred outflows of resources increased $23.7 million, due to changes in pension and debt deferrals. • Long-term liabilities were $61.7 million at the end of the year, which was $21.3 million more than last fiscal year which was mainly due to the issuance of 2021 Pension Obligation Bonds. • Deferred inflows increased $23.6 million reflecting an increase in interest earnings for the pension and OPEB plans.
• Net pension liability was $16.9 million, which was $30.4 million less than the previous fiscal year. • The City’s governmental funds reported combined ending fund balances of $99.6 million, an increase of $2.5 million in comparison with the prior year.
• The revenues available for expenditure were $5.1 million more than the final budget in the General Fund due to higher than anticipated revenue in property taxes, licenses and permits and intergovernmental revenue offset by fines and forfeitures and investment income. The City kept General Fund expenditures within spending limits by $2.6 million.
• The available General Fund ending balance of $23.8 million was $4.6 million more than previous fiscal year ending balance.
The Financial Statements
The City’s basic financial statements are comprised of three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also includes supplementary information intended to furnish additional detail to support the Basic Financial Statements. Each of these components is discussed below.
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 6 City of San Ramon
Management’s Discussion and Analysis
June 30, 2022
Government-Wide Financial Statements are designed to provide readers with a broad overview of the City’s finances, in a manner similar to a private-sector business. The statements present the financial picture of the City from the economic resources measurement focus using the accrual basis of accounting. Additionally, certain eliminations have occurred as prescribed by the GASB statements with regard to inter-fund activity, payables and receivables.
The Statement of Net Position presents information on all of the City’s assets, deferred outflows of resources, liabilities and deferred inflows of resources, with the difference reported as net position. Over time, increases or decreases in net position may serve as an indicator of whether the financial health of the City of San Ramon is improving or deteriorating. The City’s pension liability is recorded and the City’s OPEB- liability (asset) is also recorded on the statement of net position as per generally accepted accounting principles.
The Statement of Activities presentsinformation showing how the City’s net position changed during the most recent fiscal year. All of the current year revenues and expenses are taken into account, regardless of the timing of related cash flows (accrual basis of accounting). In the statement of activities, we separate the City activities asfollows:
• Governmental Activities – Most of the City's basic services are reported in this category, including General Government (City Manager, City Clerk, Council, City Attorney and Administrative Services), Community Development (Planning and Building), Police Services, Public Works (streets, facilities, parks, Engineering, Transportation, etc.), and Parks and Community Services(recreation and culture). These activities are generally financed by property and sales taxes, user fees, interest income, franchise fees, and State and Federal shared revenues and grants.
The Government-wide Financial Statements can be found on pages 18 - 19 of this report.
Fund Financial Statements – A fund is a grouping of related accounts that is used to maintain control over resources that have been 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 of the funds of the City can be divided into three categories of activities: governmental funds, proprietary funds, and fiduciary funds.
Governmental funds – are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financials 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 financing requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental 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 government’s near-term financing decisions. Both the governmental fund balance sheet and governmental fund statement of revenues, expenditures and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 7 City of San Ramon
Management’s Discussion and Analysis
June 30, 2022
The City maintains 38 individual governmental funds. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balance for the General Fund, Dougherty Valley Fund, GHAD Dougherty Valley Fund, COPS# 13 debt service fund, 2021 POB debt service fund and Capital Improvement Project Fund, all of which are considered to be major funds. Data from the other 32 governmental funds are combined into a single, aggregated presentation.
Individual fund data for each of these non-major governmental funds is provided in the Supplemental Information section of this report.
An annual appropriated budget is adopted each year for each governmental fund. A budgetary comparison statement has been provided forseveral key governmental fundsto demonstrate compliance with the budget.
The basic governmental fund financial statements can be found on pages 21 – 24 of this report.
Proprietary funds – When the City charges customers for the services it provides, these services are generally reported in proprietary funds. Internal service funds are an accounting device used to accumulate costs internally among the City’s various functions. The City uses internal service funds to account for its City’s investments, equipment replacement, information systems replacement, insurance liability, healthcare, and infrastructure maintenance.
Proprietary fund financial statements provide the same type of information as the government-wide financial statements, only in more detail. All six internal service funds are combined into a single, aggregated presentation in the proprietary fund financial statements on pages 26 – 29 Individual fund data for the internal service funds is provided in the form of combining statements elsewhere in this report.
The combining statements referred to earlier in connection with non-major governmental funds, proprietary and internal service funds are presented immediately following the notes to the financial statements. Combining and individual fund statements and schedules can be found on pages 101 – 143 of this report.
Fiduciary funds – The City isthe trustee, or fiduciary, for certain funds held on behalf of developers and other community organizations such as the San Ramon Valley Tourism Improvement District. Fiduciary funds are used to account for resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the City’s own programs. T h e City isresponsible for ensuring that assetsreported in these funds are used for their intended purposes. The Fiduciary fund financials can be found on pages 31 – 32.
Notes to the Financial Statements provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statements can be found on pages 33 – 82 of this report.
Required Supplementary Information is in addition to the basic financial statements and accompanying notes.
This report also presents certain “Required Supplementary Information” concerning the City’s pension liability, other post-employment benefits, and budget-to-actual financial comparisons for the General Fund and other major Special Revenue funds which can be found on pages 83 – 95.
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 8 City of San Ramon
Management’s Discussion and Analysis
June 30, 2022
Supplementary Information includes information for Certificates of Participation, major capital projects, nonmajor governmental, internal service, and custodial funds, and is presented immediately following the required supplementary information pages 97 – 146.
Government-Wide Financial Analysis
The City has presented its financial statements under the reporting model required by Governmental Accounting Standards Board Statement No. 34 (GASB 34). The following analysis of the Government-Wide statements includes a comparison between current and prior year results of operations and year- end balances.
Statement of Net Position
Table 1 below focuses on the net position. The City’s combined net position increased $7.5 million ending at $427.8 million.
2022 2021 $ Change % Change Current and Restricted Assets $ 124,192,974 $ 122,599,588 $ 1,593,386 1.3% Noncurrent and Capital Assets 384,310,953 390,541,673 (6,230,720) -1.6% total assets 508,503,927 513,141,261 (4,637,334) -0.9%
Deferred Outflows of Resources 41,836,805 18,154,017 23,682,788 130.5% Long-term Liabilities Outstanding 61,670,139 40,320,968 21,349,171 52.9% Net Pension Liability 16,881,808 47,241,429 (30,359,621) -64.3% Net OPEB Liability - 1,338,590 (1,338,590) -100.0%
Other Liabilities 16,304,028 21,127,935 (4,823,907) -22.8% total liabilities 94,855,975 110,028,922 (15,172,947) -13.8% Deferred Inflows of Resources 27,638,827 902,472 26,736,355 2962.6% Net Investment in Capital Assets 355,599,943 368,555,622 (12,955,679) -3.5% Restricted 63,481,492 73,759,679 (10,278,187) -13.9%
Unrestricted 8,764,495 (21,951,417) 30,715,912 -139.9%
Total Net Position $ 427,845,930 $ 420,363,884 $ 7,482,046 1.8% Governmental Activities
Table 1
of Net Position
as of June 30, 2022 and 2021
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 9 City of San Ramon
Management’s Discussion and Analysis
June 30, 2022
Total liabilities are $94.9 million, the majority of which is non-current and due in more than one year. The noncurrent liability portion due in more than one-year totals $61.7 million for certificates of participation debt and pension obligation bonds, and $16.9 million for the net pension liability required by GASB 68.
Statement of Activities
The Statement of Net Position provides a measure of the financial health of an entity at a specific date in time (i.e., year-end). In contrast, the Statement of Activities provides details of how net position changed from the prior year. Generally, it indicates whether the financial health of the City as a whole is better at June 30, 2022, in relation to a year earlier. Table 2 below focuses on the changes in net position. 2022 2021 $ Change % Change Revenues Program revenues Charges for services $ 13,386,335 $ 6,628,610 $ 6,757,725 101.9% Operating contributions and grants 41,551,345 37,147,892 4,403,453 11.9% Capital contributions and grants - 3,170,000 (3,170,000) -100.0% Total program revenue 54,937,680 46,946,502 7,991,178 17.0% General revenues Property tax 23,479,914 21,862,847 1,617,067 7.4% Sales tax 12,124,019 10,773,143 1,350,876 12.5%
Transient occupancy tax 1,744,152 768,417 975,735 127.0% Franchise tax 5,444,056 5,434,321 9,735 0.2%
Property transfer taxes 1,213,062 1,043,996 169,066 16.2% Intergovernmental, unrestricted 827,008 946,649 (119,641) -12.6% Investment income (2,943,042) 1,041,246 (3,984,288) -382.6% Miscellaneous 5,162,831 494,718 4,668,113 943.6% Total general revenue 47,052,000 42,365,337 4,686,663 11.1% Total revenues 101,989,680 89,311,839 12,677,841 14.2%
ExpensesGeneral government 7,602,313 8,945,328 (1,343,015) -15.0% Community development 4,147,543 4,722,306 (574,763) -12.2% Housing 166,619 692,707 (526,088) -75.9%
Police services 20,382,863 26,984,956 (6,602,093) -24.5% Public works 52,098,897 66,663,070 (14,564,173) -21.8%
Parks and community services 7,940,542 9,296,675 (1,356,133) -14.6% Interest 2,168,857 1,971,936 196,921 10.0%
Total expenses 94,507,634 119,276,978 (24,769,344) -20.8% Change in Net Position 7,482,046 (29,965,139) 37,447,185 -125.0% Net Position, July 1, as Restated 420,363,884 450,329,023 (29,965,139) -6.7% Net Position, June 30 $ 427,845,930 $ 420,363,884 $ 7,482,046 1.8% Table 2
Statement of Activities-Governmental Activities as of June 30, 2022 and 2021
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 10 City of San Ramon
Management’s Discussion and Analysis
June 30, 2022
Revenue Highlights
Total revenues for governmental activities were $101.9 million, an increase of $12.6 million from the prior year.
The changes included:
• Charges for Services increased $6.8 million primarily due to business recovery after the effects of the COVID-19 pandemic that negatively impacted prior year revenues. • Operating Contributions and Grants increased $4.4 million primarily due to an increase in assessments, and federal and state grant revenue.
• Capital Contributions and Grants decreased $3.2 million due to a decrease in annexed infrastructure. • Property tax increased $1.6 million due to the increase in the property values that are expected to continue to rise because of the additional City development. • Sales Tax increased $1.4 million reflecting an increase in retail sales. • Transient Occupancy Tax increased $1.0 million due to increase of hotel occupancy after the effects of the COVID-19 pandemic that negatively impacted prior year revenues. • Franchise Tax remained consistent with prior year revenues. • Property Transfer Tax increased $0.2 million due to the sale of more homes at higher values. • Intergovernmental revenue remained relatively consistent with prior year. • Investment income decreased $4.0 million due to a decrease in investment earnings compared to the prior year as a result of inflation rates that increased significantly during the current year. • Miscellaneous revenue increased $4.5 million primarily due to the increase in grants, facility rentals and recreation programs.
The largest component of general revenue is property taxes at $23.5 million, making up 24.0% of total revenue in the governmental funds. This is consistent with the nature and purpose of governmental funds, particularly in the General Fund, where programs are largely supported by general taxes. The highest tax revenues received by the General Fund include property tax, sales tax, and franchise fees.
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 11 City of San Ramon
Management’s Discussion and Analysis
June 30, 2022
The chart below presents revenue by source for Governmental Activities.
Expense Highlights
Functional expenses for the year totaled $94.4 million, a decrease $24.9 million from the prior year. The reason for the decrease is related to reduced pension expense in the fiscal year coming from higher-than-expected investment earnings for CalPERS pension plans during its measurement fiscal year (2020-21).
The following are changes by function/program:
• General Government decreased $1.3 million.
• Community Development decreased $0.6 million.
• San Ramon Housing decreased $0.5 million.
• Police Services decreased $6.7 million.
• Public Works decreased $14.6 million.
• Parks and Community Services decreased $1.4 million.
• Interest expense increased $0.2 million.
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 12 City of San Ramon
Management’s Discussion and Analysis
June 30, 2022
Public Works represents $52.1 million (55.2%) of total expense. A large portion of Public Works costs are funded from general revenues, primarily taxes and restricted revenues, such as special assessments and operating contributions. The chart below presents expenses by source of Governmental Activities.
Fund Financial Analysis
The City uses fund accounting to segregate accounts for specific activities or objectives, including demonstrating finance-related legal compliance.
Governmental Funds – The focus of the City’s governmental funds is to provide information on near- term inflows, outflows, and balances ofspendable resources. Such information is useful in assessing the City’s financing requirements. In particular, the unassigned fund balance may serve as a useful measure of a government’s net resources available for discretionary use as they represent the portion of fund balance which has not yet been limited to use for a particular purpose by either an external party, the City itself, or a group or individual that has been delegated authority by assigning resources for a particular purpose by the City Council.
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 13 City of San Ramon
Management’s Discussion and Analysis
June 30, 2022
As of the end of the current fiscal year, the City’s governmental funds reported a combined ending fund balance of $99.6 million, an increase of $2.5 million over the prior fiscal year primarily due to the Coronavirus State and Local Fiscal Recovery Funds (SLFRF) program authorized by the American Rescue Plan Act of $8.1 million recognized during the current fiscal year. The total of the combined fund balance includes a General Fund balance of $23.8 million. The General Fund balance increased $4.6 million.
Other major funds and non-major funds significant balance changes are noted below:
• The COP #13 fund balance decreased $2.6 million reflecting the expenditures for Capital Improvement Projects funded by the 2019 Certificate of Participation. • The Capital Improvement fund balance increased $1.0 million for Capital Improvement Projects that extend over multiple years.
• The SCCJEPA fund balance decreased $0.7 million reflecting funds spent on Capital Improvement projects. • The Street Maintenance and Improvement fund balance decreased $0.9 million reflecting funds spent on street improvement projects.
• The Gas Tax fund balance increased $1.3 million reflecting an increase in gas tax revenue received. • The Geologic Hazard Abatement District (GHAD) Dougherty Valley fund balance increased $1.2 million reflecting an increase in assessment revenue received.
Proprietary Funds – The City’s proprietary fundsstatements provide the same type ofinformation found in the Government-Wide Financial Statements, but in more detail.
At the end of the fiscal year, total net position was $13.5 million. Of that, the unrestricted net position was $10.8 million and the net investment in capital assets was $2.7 million. Net position of the proprietary funds increased by $0.2 million reflecting the increase in the charges for services revenues collected in the current year.
General Fund Budgetary Highlights
The General Fund is the main operating fund of the City. At end of the fiscal year, fund balance of the General Fund was $23.8 million, compared to $19.2 million in the prior year. The fund balance has been classified as $0.1 million nonspendable and $23.7 million as unassigned.
Revenues
The General Fund revenues are primarily derived from taxes, charges for services, licenses and permits, intergovernmental revenue and miscellaneous revenue.
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 14 City of San Ramon
Management’s Discussion and Analysis
June 30, 2022
General Fund Revenues totaled $64.2 million at year-end, which were $5.2 million above the final budgeted revenues of $59.0 million (See Table 3).
Actual Variance from
Revenues Original Final Amount Final Budget Taxes $ 43,018,599 $ 43,018,599 $ 44,005,203 $ 986,604 Licenses and permits 2,542,577 2,542,577 2,705,182 162,605 Intergovernmental 4,520,354 4,520,354 8,668,465 4,148,111 Charges for services 5,600,996 5,600,996 5,860,232 259,236 Fines and forfeitures 289,000 289,000 133,028 (155,972) Investment income 100,000 100,000 (266,707) (366,707) Miscellaneous 2,942,146 2,942,146 3,067,630 125,484 Total revenues $ 59,013,672 $ 59,013,672 $ 64,173,033 $ 5,159,361 Table 3
Summary of General Fund Revenues Budget and Actual Fiscal Year Ended June 30, 2022 Budget Amounts • Taxes were $1.0 million above budget reflecting an increase in transient occupancy tax, property tax, sales tax, and franchise fees.
• Licenses and permits were $0.2 million above budget reflecting an increase in building permits after recovering from the effects of the COVID-19 pandemic.
• Intergovernmental revenue was $4.1 million above budget reflecting monies received from the SLFRF Grant.
• Charges for services were $0.3 million above budget reflecting an increase in inspection and plan check fees for development projects.
• Fines and forfeitures were $0.2 million below budget reflecting a decrease in vehicle code fees. • Investment income was $0.4 million below budget reflecting unfavorable investment fair value adjustments.
• Miscellaneous revenue was $0.1 million above budget reflecting an increase in facility rentals and recreation programs and activities.
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 15 City of San Ramon
Management’s Discussion and Analysis
June 30, 2022
Expenditures
General Fund expenditures totaled $52.6 million, which were $2.6 million less than the final budget of $55.2 million. The actual spending coming in below budget reflected savings from vacant positions and a continued effort by the City to carefully control spending.
Actual Variance from
Expenditures Original Final Amounts Final Budget General government $ 8,508,123 $ 8,649,468 $ 8,213,767 $ 435,701 Community development 4,603,274 4,603,274 4,200,211 403,063 Police services 16,966,788 16,970,052 16,429,678 540,374 Public works 16,240,569 16,372,426 16,002,177 370,249 Parks and community services 8,640,785 8,640,785 7,774,508 866,277 Total expenditures $ 54,959,539 $ 55,236,005 $ 52,620,341 $ 2,615,664 Table 4
Summary of General Fund Expenditures Budget and Actual Fiscal Year Ended June 30, 2022 Budget Amount Capital Asset and Debt Administration
Capital Assets
Table 5 below summarizesthe City’s capital assets by class. Capital assets are reported at historical cost, net of accumulated depreciation. These amounts do not represent the market value or replacement cost of City assets, which would be significantly higher. Historical cost is used, pursuant to accounting standards, to provide an objective basis for reporting capital assets.
At the end of 2022, the City had $379.7 million invested in a broad range of capital assets, including land, streets, bridges, drainage systems, traffic lights, parks, buildings, vehicles, and equipment.
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 16 City of San Ramon
Management’s Discussion and Analysis
June 30, 2022
2022 2021 $ Change % Change Non Depreciable
Land $ 42,275,381 $ 42,275,381 $ - 0.0%
Construction in progress 17,341,000 14,716,649 2,624,351 17.8% Depreciable, Net of
Accumulated Depreciation
Park improvements 18,656,636 20,668,067 (2,011,431) -9.7% Buildings and improvements 61,028,073 63,265,705 (2,237,632) -3.5% Machinery, furniture and equipment 2,681,464 3,350,592 (669,128) -20.0% Infrastructure 237,695,090 246,265,279 (8,570,189) -3.5% Total capital assets $ 379,677,644 $ 390,541,673 $ (10,864,029) -2.8% Governmental Activities
Table 5 Capital Assets As of June 30, 2022 and 2021
The City’s fiscal year 2022-23 capital budget calls for spending $17.4 million for capital projects. The majority of spending is for the 2022 and 2023 Pavement Management project, Open Space Preservation, and the Crow Canyon Road/Iron Horse Trail Bicycle Pedestrian Overcrossing. Most projects will be financed with funds that have been designated by an outside party for that specific use and/or the 2019 Certificates of Participation (COP) financing. Additional information about capital assets can be found in Note 7 to the Notes to the Financial Statements.
Debt Administration
At year-end, the City’s governmental activities had $61.7 million in bonds, notes and contracts as shown in Table
6. This was $21.3 million above the prior year reflecting the reductions for payments of annual principal on debt and the new issuance of 2021 Pension Obligation bonds. Additional information about the City’s long-term debt obligations can be found in Note 9 in the Notes to the Financial Statements. 2022 2021 $ Change % Change Certificates of Participation $ 23,427,159 $ 24,700,147 $ (1,272,988) -5.2% 2010 Pension Obligation Bonds 14,185,000 14,640,000 (455,000) -3.1% 2021 Pension Obligation Bonds 23,345,000 - 23,345,000 100.0% Capital Lease 712,980 980,821 (267,841) -27.3%
Total debt $ 61,670,139 $ 40,320,968 $ 21,349,171 52.9% Governmental Activities
Table 6 Outstanding Debt As of June 30, 2022 and 2021
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 17 City of San Ramon
Management’s Discussion and Analysis
June 30, 2022
Economic Factors and Next Year’s Budget
In preparing the budget for fiscal year 2022-23, management looked at the following economic factors:
• The City of San Ramon has made a good recovery from the impact of COVID-19 in most of the major revenue sources. The largest increases were in property tax, property transfer tax and miscellaneous revenue. Sales tax remained consistent with the prior fiscal year, while licenses and permits is showing a significant decrease. Notwithstanding the pandemic, the City continues to prioritize maintaining quality services in spite of having less resources due to budget restraints. For the third year in a row, the budget includes a draw-down of General Reserves to close the budget gap. • The State economy has shown improvement from the onset of the COVID-19 pandemic; however, the budget was prepared with strong consideration of an uncertain future. The State budget includes funds set aside for the Rainy-Day fund, paying down long-term liabilities and education. • Continued expansion of City services in the Dougherty Valley area east of the current City limits: per existing agreements with Contra Costa County, this former County Service Area will see increases in special assessment revenues over the next few years offset by cost increases for service delivery. • The City budget plan will be to continue maintaining General Fund reserves to meet the 36% reserve policy level.
• The expenditure budget will be developed to maintain core City services. This may require additional expenditure decreases across broad categories to offset increasing labor and operating expenses.
Although the Dougherty Valley annexation has reached its conclusion, the City continues to grow with new infill housing and business. The FY 2022-23 budget is a reflection of the City’s commitment to the residents of San Ramon to continue its historically conservative approach of maintaining a high level of operating reserves to cushion against economic uncertainties, while providing high levels of service. As such, the City has made a commitment to allocate resources for public safety, cultural/social programs, and infrastructure improvements.
A copy of the City’s FY 2022-23 budget can be obtained by contacting the City Administrative Services Department (see below) or via the City’s website at www.sanramon.ca.gov.
Contacting the City’s Financial Management
This Financial Report is designed to provide our citizens, taxpayers, customers, investors, and creditors with a general overview of the City’s finances and to show the City’s accountability for revenues received. If you have questions about this report or need additional financial information, contact the Administrative Services Department, City of San Ramon, 7000 Bollinger Canyon Road, San Ramon, California 94583 or by calling (925) 973-2500.
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Financial Statements 18
City of San Ramon
Statement of Net Position
June 30, 2022 Governmental
Activities Assets Cash and investments (Note 3) $ 94,808,084 Restricted cash and investments (Note 3) 9,250,690 Receivables Accounts 11,143,374 Interest 325,246 Notes and loans (Note 5) 5,520,488
Lease (Note 7) 3,064,947 Prepaid and deposits 80,145 Net OPEB asset (Note 13) 4,633,309 Capital assets (Note 8) Capital assets not being depreciated 59,616,381 Capital assets being depreciated, net 320,061,263 Total assets 508,503,927
Deferred Outflows of Resouces Related to pension (Note 11) 37,094,415 Related to OPEB (Note 13) 4,679,952 Unamortized loss on refunding of debt (Note 9) 62,438 total deferred outflows of resouces 41,836,805
Liabilities Accounts payable and accrued expenses 7,599,001 Interest payable 187,771 Deposits payable 2,073,125 Unearned revenue 1,039,262 Compensated absences (Note 1 (k)) Due within one year 767,808 Due in more than one year 4,534,933 Noncurrent liabilities Due within one year Claims and judgments payable, due within one year (Note 14) 102,128 Bonds, POB, leases (Note 9) 3,549,507 Due in more than one year Bonds, POB, leases (Note 9) 58,120,632 Net Pension Liability (Note 11) 16,881,808 Total liabilities 94,855,975
Deferred Inflows of Resouces Related to pension (Note 11) 19,169,401 Related to OPEB (Note 13) 5,470,838 Related to leases (Note 7) 2,998,588 total deferred inflows of resources 27,638,827
Net Position (Note 10) Net investment in capital assets 355,599,943 Restricted for Housing 9,417,719 Public, educational, and governmental programs 1,323,632 Capital projects 33,931,710 Public works 10,317,626 Debt service 2,472,661 Streets and roads 1,765,193 Public safety 286,376 Culture and recreation 464,635 Lighting, landscaping, and special zones 3,501,940
Total restricted net position 63,481,492 Unrestricted net position 8,764,495 Total net position $ 427,845,930
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Financial Statements 19
City of San Ramon
Statement of Activities
Year Ended June 30, 2022
Net (Expense) Revenue and Change Net Position Operating Charges for Grants and Governmental Expenses Services Contributions Activities Governmental Activities General government $ 7,602,313 $ 272,463 $ 4,057,713 $ (3,272,137) Community development 4,147,543 4,755,260 - 607,717 San Ramon Housing 166,619 - - (166,619) Police services 20,382,863 226,934 389,986 (19,765,943) Public works 52,098,897 4,033,401 36,984,239 (11,081,257) Parks and community services 7,940,542 4,098,277 119,407 (3,722,858) Interest expense and other charges 2,168,857 - - (2,168,857) Total governmental activities $ 94,507,634 $ 13,386,335 $ 41,551,345 (39,569,954) General revenues Taxes Property 23,479,914
Sales and use 12,124,019
Transient occupancy 1,744,152
Franchise 5,444,056
Property transfer 1,213,062
Intergovernmental, unrestricted 827,008
Interest income (2,943,042) Miscellaneous 5,162,831
Total general revenues 47,052,000 Change in Net Position 7,482,046 Net Position-Beginning, as restated (Note 17) 420,363,884 Net Position-Ending $ 427,845,930 Program Revenues
Functions/Programs
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 20 City of San Ramon
Fund Financial Statements
June 30, 2022
Governmental Funds
Major funds are defined generally as having significant activities or balances in the current year.
The funds described below were determined to be Major Funds by the City in fiscal year 2022. Individual nonmajor funds may be found in the Supplementary Information section.
General Fund
Accounts for all financial resources of the City, except those required to be accounted for in another fund.
Dougherty Valley Special Revenue Fund
Accounts for revenue received from Contra Costa County as reimbursements for a variety of municipal services, including police protection, and street and park maintenance, to be provided by the City. Per a Memorandum of Understanding with the County, the City is required to separately track the costs of service provided in the Dougherty Valley Area and submit claims for reimbursements for costs to the County.
Dougherty Valley Geologic Hazard Abatement District Special Revenue Fund Accounts for revenue received from DV GHAD assessments per residential unit and non-residential square foot.
The DV GHAD also obtains minor income from access leases, inspection fees, and an agricultural grazing lease.
COP # 13 Debt Service Fund
Accounts for debt service activity relating to the 2019 Certificates of Participation. 2021 Pension Obligation Bonds Debt Service Fund
Accounts for debt service activity relating to the 2021 Pension Obligation Bonds.
Capital Improvements Capital Projects Fund
Accounts for expenditures for major infrastructure improvements of roads; sidewalks; City facilities, including parks; as well as for the procurement of major pieces of equipment.
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Financial Statements 21
City of San Ramon
Balance Sheet– Governmental Funds
June 30, 2022
Capital Projects GHAD - 2021 Pension Nonmajor Total General Dougherty Dougherty Obligation Capital Governmental Governmental Fund Valley Valley Fund COPS #13 Bonds Improvements Funds Funds Assets Cash and investments (Note 3) $ 16,376,178 $ - $ 11,985,899 $ - $ - $ 35,425,198 $ 24,449,607 $ 88,236,882 Restricted cash and investments (Note 3) - - - 3,586,253 1,665,480 - 28,253 5,279,986 Receivables Accounts 8,287,483 99,257 2,519 - - 1,760 1,659,699 10,050,718 Notes and loans (Note 5) 10,563 - - - - - 5,509,925 5,520,488 Leases (Note 7) 3,064,947 - - - - - - 3,064,947
Interest 92,833 - 38,497 - - 79,368 98,548 309,246 Due from other funds (Note 4 (a)) 4,990,969 - - - - - - 4,990,969 Prepaids and deposits 60,618 16,692 - - - - - 77,310 Total assets $ 32,883,591 $ 115,949 $ 12,026,915 $ 3,586,253 $ 1,665,480 $ 35,506,326 $ 31,746,032 $ 117,530,546 Liabilities Accounts payable $ 1,743,000 $ 1,200,972 $ 156,731 $ - $ - $ 1,397,542 $ 596,584 $ 5,094,829 Accrued payroll 1,605,825 356,714 4,938 - - 15,941 66,906 2,050,324 Due to other funds (Note 4 (a)) - - - 2,628,787 1,657,769 - 348,872 4,635,428 Deposits payable 1,658,236 - - - - 161,147 253,742 2,073,125 Unearned revenue 1,039,262 - - - - - - 1,039,262 Total liabilities 6,046,323 1,557,686 161,669 2,628,787 1,657,769 1,574,630 1,266,104 14,892,968 Deferred Inflows of Resouces Related to leases 2,998,588 - - - - - - 2,998,588 Fund Balances (Note 10) Nonspendable 137,540 - - - - - - 137,540 Restricted - - 11,865,246 957,466 7,711 33,931,696 30,214,127 76,976,246 Committed - - - - - - 265,801 265,801 Unassigned 23,701,140 (1,441,737) - - - - - 22,259,403 Total fund balances (deficits) 23,838,680 (1,441,737) 11,865,246 957,466 7,711 33,931,696 30,479,928 99,638,990 Total Liabilities, Deferred Inflows of
Resources, and Fund Balances (Deficits) $ 29,885,003 $ 115,949 $ 12,026,915 $ 3,586,253 $ 1,665,480 $ 35,506,326 $ 31,746,032 $ 114,531,958 Special Revenue Debt Service
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 See Notes to Financial Statements 22
City of San Ramon
Reconciliation of the Governmental Funds – Balance Sheet to the Statement of Net Position June 30, 2022
Total Fund Balances - Total Governmental Funds $ 99,638,990 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. 376,996,180 Longterm Liabilities and Related Deferrals
The liabilities and related deferrals below are not due and payable in the current period and therefore are not reported in the funds: Long-term debt (61,670,139) Unamortized loss on refunding of debt 62,438 Interest payable (187,771) Deferred outflow related to pension 37,094,415 Net Pension liability (16,881,808) Deferred inflow related to pension (19,169,401) Compensated absences (5,302,741) Deferred outflow related to OPEB 4,679,952 Net OPEB (Liability) Asset 4,633,309 Claims payable (102,128) Internal service funds are used by management to charge the costs of certain activities, such as equipment management, to individual funds. The assets and liabilities of the internal service funds must be added to the Statement of Net Position 13,525,472 Net Position of Governmental Activities $ 427,845,930
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Financial Statements 23
City of San Ramon
Statement of Revenues, Expenditures, and Changes in Fund Balances– Governmental Funds Year Ended June 30, 2022
Capital Projects GHAD - 2021 Pension Nonmajor Total General Dougherty Dougherty Obligation Capital Governmental Governmental Fund Valley Valley Fund COP #13 Bonds Improvements Funds Funds Revenues Taxes $ 44,005,203 $ - $ - $ - $ - $ - $ - $ 44,005,203 Licenses and permits 2,705,182 - 9,320 - - - - 2,714,502 Intergovernmental 8,668,465 19,107,144 - - - 421,725 4,914,783 33,112,117 Developer fees - - - - - - 2,438,238 2,438,238 Charges for services 5,860,232 658 - - - - 1,172,158 7,033,048 Fines and forfeitures 133,028 - - - - - 7,724 140,752
Investment income (266,707) 25,802 (277,561) 2,938 - (997,387) (707,156) (2,220,071) Special assessments - - 2,169,850 - - - 5,602,972 7,772,822 Miscellaneous 3,067,630 69,724 39,353 - - 8,799 3,049,810 6,235,316 Total revenues 64,173,033 19,203,328 1,940,962 2,938 - (566,863) 16,478,529 101,231,927 Expenditures Current General government 8,213,767 - - - 2,740,539 - - 10,954,306 Community development 4,200,211 - - - 1,859,652 - 512,536 6,572,399 Housing - - - - - - 158,313 158,313 Police services 16,429,678 9,500,288 - - 4,938,819 - 47,273 30,916,058 Public works 16,002,177 12,785,304 620,190 - 10,154,677 992,936 6,594,978 47,150,262 Parks and community service 7,774,508 - - - 3,327,798 - - 11,102,306 Capital outlay - - - - - 10,712,122 12,229 10,724,351 Debt service Principal - - - 725,000 - - 1,152,841 1,877,841 Interest and fees - - - 879,433 315,804 - 1,029,103 2,224,340 Total expenditures 52,620,341 22,285,592 620,190 1,604,433 23,337,289 11,705,058 9,507,273 121,680,176 Excess (Deficiency) of Revenues
Over Expenditures 11,552,692 (3,082,264) 1,320,772 (1,601,495) (23,337,289) (12,271,921) 6,971,256 (20,448,249) Other Financing Sources (Uses) Transfers in (Note 4 (b)) 4,338,677 2,302,495 - 1,607,700 - 19,607,844 8,353,605 36,210,321 Proceeds from long term debt - - - - 23,345,000 - - 23,345,000 Transfers (out) (Note 4 (b)) (11,273,949) (661,968) (87,714) (2,650,000) - (6,290,756) (15,602,929) (36,567,316) Total other financing sources (uses) (6,935,272) 1,640,527 (87,714) (1,042,300) 23,345,000 13,317,088 (7,249,324) 22,988,005 Net Change in Fund Balances 4,617,420 (1,441,737) 1,233,058 (2,643,795) 7,711 1,045,167 (278,068) 2,539,756 Fund Balance at The Beginning of Year, as Restated 19,221,260 - 10,632,188 3,601,261 - 32,886,529 30,757,996 97,099,234 Fund Balances (Deficits) at End of Year $ 23,838,680 $ (1,441,737) $ 11,865,246 $ 957,466 $ 7,711 $ 33,931,696 $ 30,479,928 $ 99,638,990 Special Revenue Debt Service
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 See Notes to Financial Statements 24
City of San Ramon
Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities
Year Ended June 30, 2022
Net Change in Fund Balances - Total Governmental Funds $ 2,539,756 Amounts Reported for Governmental Activities in the Statement of Activities Are Different Because of the Following: Capital Assets 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 outlay is therefore added back to net position 10,724,351 Depreciation expense is deducted from net position Net of internal service fund depreciation of $1,144,044 which has already been allocated to internal service funds (20,919,252) Longterm 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 1,877,841 Proceeds from debt (23,345,000) Amortization of premium is added back to fund balance 117,988 Amortization of loss on refunding is deducted from fund balance (31,218) 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): Long-term compensated absences 19,675 Interest payable and accrued liabilities, included in accrued liabilities (31,287) Claims payable (5,838) Net Pension Liability Transactions Governmental funds record pension expense as it is paid. However, in the Statement of Activities those costs are reversed as deferred outflows/(inflows) and an increase/(decrease) in net pension liability. 33,231,964 Net OPEB Liability Transactions Governmental funds record OPEB expense as it is paid. However, in the Statement of Activities those costs are reversed as deferred outflows/(inflows) and an increase/(decrease) in net OPEB liability. 3,075,795 Internal service funds are used by management to charge the costs of certain activities, such as equipment management, to individual funds. The net revenues (expenses) of the internal service funds is reported with governmental activities. 227,271 Change in Net Position of Governmental Activities $ 7,482,046
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 25 City of San Ramon
Fund Financial Statements – Proprietary Funds
June 30, 2022
Proprietary Funds
Proprietary funds account for City operations financed and operated in a manner similar to a private business enterprise. The intent of the City is that the cost of providing goods and services be financed primarily through user charges.
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Financial Statements 26
City of San Ramon
Statement of Net Position– Proprietary Funds
June 30, 2022
Governmental Activities
Internal Service
Funds Assets Current assets Cash and investments (Note 3) $ 6,571,202 Restricted cash and investments (Note 3) 3,970,704 Accounts receivable 1,092,656 Interest receivable 16,000 Prepaids and deposits 2,835
Total current assets 11,653,397 Non-current assets Depreciable capital assets, net of accumulated depreciation (Note 8) 2,681,464
Total noncurrent assets 2,681,464
Total assets 14,334,861
Liabilities Current liabilities Accounts payable 357,253 Accrued payroll 96,595 Due to other funds 355,541 Total liabilities 809,389 Net Position (Note 10) Net investment in capital assets 2,681,464 Unrestricted 10,844,008 Total net position $ 13,525,472
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Financial Statements 27
City of San Ramon
Statement of Revenues, Expenses, and Changes in Fund Net Position – Proprietary Funds Year Ended June 30, 2022
Governmental Activities
Internal Service
Funds Operation Revenues Charges for services $ 13,800,277 Miscellaneous 750,599 Total operating revenues 14,550,876 Operating Expenses Personnel services 2,323,019 Services and supplies 280,999 Claims and insurance 10,939,692 Depreciation 1,144,044 Total operating expenses 14,687,754 Operating Loss (136,878) Non-operating revenue Investment income (722,971)
Intergovernmental 730,125
Total non-operating revenues 7,154
Loss before transfers (129,724) Transfers Transfer in (Note 4 (b)) 2,274,346 Transfer (out) (Note 4 (b)) (1,917,351) Total transfers 356,995 Change in Net Position 227,271 Net Position - Beginning of Year 13,298,201 Net Position - End of Year $ 13,525,472
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Financial Statements 28
City of San Ramon
Statement of Cash Flows– Proprietary Funds
Year Ended June 30, 2022
Governmental Activities
Internal Service Cash Flows from Operating Activities Cash received from department users $ 13,712,915 Cash payments to suppliers of goods and services (4,129,866) Cash payments to employees and services (9,107,357) Net cash used for operating activities 475,692 Cash Flows from Noncapital Financing Activities
Intergovernmental 730,125
Transfers in 2,274,346
Transfers (out) (1,917,351) Cash flows from noncapital financing activities 1,087,120 Cash Flows from Capital and Related Financing Activities Acquisition and construction of capital assets (474,916) Cash flows used for capital and related financing activities (474,916) Cash Flows from Investing Activities Investment earnings received (722,971) Cash flows from investing activities (722,971) Net change in cash and cash equivalents 364,925 Cash and Cash Equivalent at Beginning of Year 10,176,981 Cash and Cash Equivalent at End of Year $ 10,541,906
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Financial Statements 29
City of San Ramon
Statement of Cash Flows– Proprietary Funds, continued
Year Ended June 30, 2022
Governmental Activities
Internal Service Reconciliation of Operating Income (Loss) to Cash Provided by Operating Activities Operating income $ (136,878) Adjustments to reconcile operating income to net cash provided by operating activities Depreciation and amortization 1,144,044 Change in assets and liabilities Accounts receivable (834,184) Interest receivable (3,777) Prepaids and deposits 7,408 Accounts payable 141,989 Accrued payroll 41,144 Due to other funds 115,946 Net Cash Provided by Operating Activities $ 475,692
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 30 City of San Ramon
Fund Financial Statements – Fiduciary Funds
June 30, 2022
Fiduciary Funds
Private-purpose trust fund is used to account for monies received from the Contra Costa County Auditor Controller for the repayment of the enforceable obligations of the San Ramon Successor Agency. These funds are restricted for the sole purpose of payment of items on an approved Recognized Payment Obligation Schedule.
Custodial funds are used to account for assets held by the City as a custodian for individuals, private organizations, and other governments. The financial activities of these funds are excluded from the governmentwide financial statements but are presented in separate Fiduciary Fund financial statements.
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Financial Statements 31
City of San Ramon
Statement of Fiduciary Net Position– Fiduciary Funds
June 30, 2022
Private-Purpose Custodial Trust Fund Funds Assets Cash and investments (Note 3) $ 4,597,999 $ 264,942 Notes and loans 5,534 - Interest receivable 11,002 5 Capital assets, not depreciated 4,746,608 - Total assets 9,361,144 264,947 Liabilities Accounts payable 943,380 - Deposits - 216,651 Loan payable to City (Note 6) 359,887 - Long-term debt Due in less than one year 3,053,058 - Due in more than one year 58,914,522 - Total liabilities 63,270,847 216,651 Net Position Restricted for Individuals, organizations, and other governments (53,909,703) 48,296
Total net position $ (53,909,703) $ 48,296
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Financial Statements 32
City of San Ramon
Statement of Changes in Fiduciary Net Position – Fiduciary Funds Year ended June 30, 2022
Private-Purpose Custodial Trust Funds Funds Additions Taxes $ 4,378,092 $ - Investment income (171,342) 47,748 Assessments - 10,950 Total additions 4,206,750 58,698 Deductions Community development 5,923 (204,402) Debt service Interest and fiscal charges 1,990,420 - Total deductions 1,996,343 (204,402) Net Increase (Decrease) in Net Position 2,210,407 263,100 Net Position - Beginning of Year (56,120,110) (137,906) Net Position (Deficit) - End of Year $ (53,909,703) $ 125,194
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 33 City of San Ramon
Notes to Financial Statements
June 30, 2022
Note 1 - Summary of Significant Accounting Policies
a) Reporting Entity
The City of San Ramon (the “City”) was incorporated in 1983 as a Charter City and operates under a Council/Manager form of government. The Council is composed of five members. As required by generally accepted accounting principles, the financial statements present the government and its component unit for which the government is considered financially accountable. A blended component unit, although a legally separate entity, is, in substance, part of the government’s operations and so data from this unit is combined with the data of the primary government. The blended component unit as described below has a June 30 year end.
Blended Component Unit
The San Ramon Public Financing Authority (the “Authority”) was formed in 1987 as a joint powers authority between the City and the Authority in order to provide financial assistance to the City and the Authority by issuing debt and financing the construction of public facilities. The members of the City Council also act as the governing board of the Authority. Separate financial statements are not issued for the Authority. b) Government-wide and Fund 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 nonfiduciary activities of the primary government. For the most part, the effect of interfund activity has been removed from these statements and eliminations have been made to minimize the double counting of internal activities.
The statement of activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are clearly identifiable with 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 of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenues.
Separate 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 are reported as separate columns in the fund financial statements.
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 34 City of San Ramon
Notes to Financial Statements
June 30, 2022
c) Measurement Focus, Basis of Accounting, and Financial Statement Presentation The government-wide, proprietary, and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when the liability is incurred, regardless of the timing of the 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. Under this method, revenues are recognized when 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 government considers revenues to be available if they are collected within 365 days of the end of the current fiscal year. Revenues from property taxes are determined to be available if collectible within sixty days. 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.
Property taxes, franchise taxes, licenses, charges for services, intergovernmental revenue and interest associated with the current fiscal 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 assessments 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 government. Inventories are reported in the governmental funds using the purchase method. Inventories are valued on a first-in-first-out basis and since they are held for the City’s own use, they are not adjusted to reflect changes in their market value.
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 City, except those required to be accounted for in another fund.
The Dougherty Valley Special Revenue Fund is used to account for revenue received from Contra Costa County as reimbursements for a variety of municipal services, including police protection, and street and park maintenance, to be provided by the City. Per a Memorandum of Understanding with the County, the City is required to separately track the costs of service provided in the Dougherty Valley Area and submit claims for reimbursement to the County.
The Dougherty Valley Geologic Hazard Abatement District Special Revenue Fund accounts for revenue received from DV GHAD assessments per residential unit and non-residential square foot. The DV GHAD also obtains minor income from access leases, inspection fees, and an agricultural grazing lease.
The COP # 13 Debt Service Fund accounts for debt service activity relating to the 2019 Certificates of Participation.
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 35 City of San Ramon
Notes to Financial Statements
June 30, 2022
The 2021 Pension Obligation Bonds Debt Service Fund Accounts for debt service activity relating to the 2021 Pension Obligation Bonds.
The Capital Improvement Capital Projects Fund is used to account for expenditures for major infrastructure improvements of roads, sidewalks, and City facilities, including parks, as well as for the procurement of major pieces of equipment.
In addition, the City reports the following fund types:
Proprietary Fund Type
Internal Service Funds are used to account for the financing of goods or services provided by one department of the City to other departments on a cost-reimbursement basis. The City has six internal service funds – the Investment Fund is for investment management, the Equipment Replacement Fund is for recording the equipment and depreciation thereon, the Information Systems Replacement Fund is for recording computer equipment, the Insurance Liability Fund is used to provide for the general liability and other claims against the City, the Healthcare Fund is used for payment of medical, dental, vision premiums and claims, and the Infrastructure Maintenance Fund is used for the cost of maintaining City buildings.
Fiduciary Fund Types
Private-purpose Trust Fund is used to account for monies received from the Contra Costa County Auditor Controller for repayment of the enforceable obligations of the San Ramon Successor Agency. These funds are restricted for the sole purpose of payment of items on an approved Recognized Obligation Payment Schedule.
Custodial Funds are used to report activities related to the City as a fiduciary for individuals, private organizations, and/or other governments, in accordance with the conditions of the agreements. The City has three custodial funds – Cree Court Assessment District Fund, Southern Contra Costa Joint Exercise of Powers Agreement (SCCJEPA) Trust Fund, and San Ramon Valley Tourism Improvement District (TID).
As a general rule the effect of interfund activity has been eliminated from the government-wide financial statements.
Amounts reported as program revenues include 1) charges to members, customers or applicants for goods, services, or privileges provided; 2) operating grants and contributions; and 3) capital grants and contributions, including special assessments. Internally dedicated resources are reported as general revenues rather than as program revenues. Likewise, general revenues include all taxes.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund’s principal ongoing operations. The principal operating revenues of the City’s internal service funds are charges to customers for sales and services. Operating expenses for internal service funds include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses.
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 36 City of San Ramon
Notes to Financial Statements
June 30, 2022
d) Restricted Assets
Certain proceeds of debt and lease agreements, as well as certain resources set aside for their repayment, are classified as restricted assets on the balance sheet because their use is limited by applicable debt covenants.
When both restricted and unrestricted resources are available for use, it is the City’s policy to use restricted resources first, then use unrestricted resources as needed. e) New Accounting Pronouncements– Effective This Fiscal Year During the fiscal year ended June 30, 2022, the City implemented the following GASB Pronouncements:
GASB Statement No. 87 – In June 2017, GASB issued Statement No. 87, Leases. The objective of this Statement is to better meet the information needs of financial statement users by improving accounting and financial reporting for leases by governments. This Statement increases the usefulness of governments’ financial statements by requiring recognition of certain lease assets and liabilities for leases that previously were classified as operating leases and recognized as inflows of resources or outflows of resources based on the payment provisions of the contract. It establishes a single model for lease accounting based on the foundational principle that leases are financings of the right to use an underlying asset. Under this Statement, a lessee is required to recognize a lease liability and an intangible right-to-use lease asset, and a lessor is required to recognize a lease receivable and a deferred inflow of resources, thereby enhancing the relevance and consistency of information about governments’ leasing activities. The Statement is effective for the reporting periods beginning after December 15, 2020, or FY 2021/2022. The City implemented this Statement as of July 1, 2021.
GASB Statement No. 89 – In June 2018, GASB issued Statement No. 89, Accounting for Interest Cost Incurred Before the End of a Construction Period. The objective of this Statement is to enhance the relevance and comparability of information about capital assets and the cost of borrowing for a reporting period and (b) to simplify accounting for certain interest costs. This Statement requires that interest cost incurred before the end of a construction period be recognized as an expense in the period in which the cost is incurred for financial statements prepared using the economic resources measurement focus. As a result, interest cost incurred before the end of a construction period will not be included in the historical cost of a capital asset reported in the financial statements. The requirements of this Statement are effective for reporting periods beginning after December 15, 2020, or FY 2021/2022. This Statement did not impact the City’s financial statements.
GASB Statement No. 92 – In January 2020, GASB issued Statement No. 92, Omnibus 2020. The objective of this Statement is to establish accounting and financial reporting requirements for specific issues related to leases, intra-entity transfers of assets, postemployment benefits, government acquisitions, risk financing and insurancerelated activities of public entity risk pools, fair value measurements, and derivative instruments. The requirements of this Statement are effective for reporting periods beginning after June 15, 2021 or FY 2021/2022, except for the requirement relating to Statement 87 and Implementation Guide 2019-3, reinsurance recoveries, and terminology used to refer to derivative instruments which are effective upon issuance. This Statement did not impact the City’s financial statements.
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 37 City of San Ramon
Notes to Financial Statements
June 30, 2022
GASB Statement No. 97 – In June 2020, GASB issued Statement No. 97, Certain Component Unit Criteria, and Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans—an amendment of GASB Statements No. 14 and No. 84, and a supersession of GASB Statement No. 32. The objective of this Statement is (1) to increase consistency and comparability related to the reporting of fiduciary component units in circumstances in which a potential component unit does not have a governing board and the primary government performs the duties that a governing board typically would perform; (2) mitigate costs associated with the reporting of certain defined contribution pension plans, defined contribution other postemployment benefit (OPEB) plans, and employee benefit plans other than pension plans or OPEB plans (other employee benefit plans) as fiduciary component units in fiduciary fund financial statements; and (3) enhance the relevance, consistency, and comparability of the accounting and financial reporting for Internal Revenue Code (IRC) Section 457 deferred compensation plans (Section 457 plans) that meet the definition of a pension plan and for benefits provided through those plans. The requirements of this Statement are effective for reporting periods beginning after June 15, 2021 or FY 2021/2022. This Statement did not impact the City’s financial statements.
f) New Accounting Pronouncements – Effective in Future Fiscal Years The following GASB pronouncements have been issued, but are not effective as of June 30, 2022:
GASB Statement No. 91 – In May 2019, GASB issued Statement No. 91, Conduit Debt Obligations. The objectives of this Statement is to provide a single method of reporting conduit debt obligations by issuers and eliminate diversity in practice associated with commitments extended by issuers, arrangements associated with conduit debt obligations, and related note disclosures by clarifying the existing definition of a conduit debt obligation; establishing that a conduit debt obligation is not a liability of the issuer; establishing standards for accounting and financial reporting of additional commitments and voluntary commitments extended by issuers and arrangements associated with conduit debt obligations; and improving required note disclosures. The requirements of this Statement are effective for reporting periods beginning after December 15, 2021 or FY 2022/2023. The City is evaluating the impact of this Statement on the financial statements.
GASB Statement No. 93 – In May 2020, GASB issued Statement No. 93, Replacement of Interbank Offered Rates.
The objectives of this Statement is to address those and other accounting and reporting implications resulting from the replacement of an IBOR by providing exceptions for certain hedging derivative instruments to the hedge accounting termination provisions when an IBOR is replaced and providing clarification to the hedge accounting termination provisions, removing LIBOR as a benchmark interest rate for the qualitative evaluation of the effectiveness of an interest rate swap, identifying a Secured Overnight Financing Rate and the Effective Federal Funds Rate as appropriate benchmark interest rates for the qualitative evaluation of the effectiveness of an interest rate swap.
GASB Statement No. 94 – In March 2020, GASB issued Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements. The objectives of this Statement improve financial reporting by addressing issues related to public-private and public-public partnership arrangements (PPPs). The requirements of this Statement are effective for reporting periods beginning after June 15, 2022, or FY 2022/2023.
The City is evaluating the impact of this Statement on the financial statements.
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 38 City of San Ramon
Notes to Financial Statements
June 30, 2022
GASB Statement No. 96 – In May 2020, GASB issued Statement No. 96, Subscription-Based Information Technology Arrangements. The objective of this Statement is to provide guidance on the accounting and financial reporting for subscription-based information technology arrangements (SBITAs) for government end users (governments). This Statement (1) defines a SBITA; (2) establishes that a SBITA results in a right-to-use subscription asset—an intangible asset—and a corresponding subscription liability; (3) provides the capitalization criteria for outlays other than subscription payments, including implementation costs of a SBITA; and (4) requires note disclosures regarding a SBITA. The requirements of this Statement are effective for reporting periods beginning after June 15, 2022, or FY 2022/2023. The City is evaluating the impact of this Statement on the financial statements.
GASB Statement No. 99 – In April 2022, GASB Issued Statement No. 99, Omnibus 2022. The objectives of this Statement are to enhance comparability in accounting and financial reporting and to improve the consistency of authoritative literature by addressing (1) practice issues that have been identified during implementation and application of certain GASB Statements and (2) accounting and financial reporting for financial guarantees.
Certain requirements of this statement have been implemented as of June 30, 2022. The requirements related to leases, PPPs, and SBITAs are effective for fiscal years beginning after June 15, 2022, and all reporting periods thereafter. The requirements related to financial guarantees and the classification and reporting of derivative instruments within the scope of Statement 53 are effective for fiscal years beginning after June 15, 2023, and all reporting periods thereafter. The City is evaluating the impact of this Statement on the financial statements.
GASB Statement No. 100 – In June 2022, GASB Issued Statement No. 100, Accounting Changes and Error Corrections – an amendment of GASB Statement No. 62. The objective of this Statement is to enhance accounting and financial reporting requirements for accounting changes and error corrections to provide more understandable, reliable, relevant, consistent and comparable information for making decisions or assessing accountability. The requirements of this Statement are effective for accounting changes and error corrections made in fiscal years beginning after June 15, 2023 and all reporting periods thereafter. The City is evaluating the impact of this Statement on the financial statements.
GASB Statement No. 101 – In June 2022, GASB Issued Statement No. 101, Compensated Absences. The objective of this Statement is to better meet the information needs of the financial statement users by updating the recognition and measurement guidance for compensated absences. That objective is achieved by aligning the recognition and measurement guidance under a unified model and by amending certain previously required disclosures. The requirements of this Statement are effective for fiscal years beginning after December 15, 2023, and all reporting periods thereafter. The City is evaluating the impact of this Statement on the financial statements.
g) Cash and Investments
For purposes of the statement of cash flows of the proprietary funds, all cash and investments with an original maturity of 90 days or less are considered to be cash and cash equivalents. The City pools its investment funds for maximum return. Investments are included within the financial statement classifications of “Cash and investments” and “Cash and investments – restricted” and are stated at fair value. The City has adopted the provisions of GASB Statement No. 31, Accounting and Financial Reporting for Certain Investments and for External Pools (GASB 31), which require governmental entities to report certain investments at fair value in the financial statements and recognize the corresponding change in the fair value of investments in the year in which the change occurred. In accordance with GASB 31, the City has adjusted certain investments to fair value.
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 39 City of San Ramon
Notes to Financial Statements
June 30, 2022
h) Receivables and Payables
Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as either “due to/from other funds” (i.e., the current portion of interfund loans) or “advances to/from other funds” (i.e., the noncurrent portion of interfund loans). All other outstanding balances between funds are reported as “due to/from other funds.” i) Leases
The City is a lessor for a noncancellable lease of a building, land and cell tower. The City recognizes a lease receivable and a deferred inflow of resources in the government‐wide and governmental and proprietary fund financial 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. • The City uses its estimated 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.
j) Capital Assets
Capital assets, which include land, machinery, equipment (vehicles, computers, etc.), buildings and improvements, and infrastructure assets (roads, bridges, etc.), are reported in the statements of net position.
Capital assets are defined by the City as all land and buildings; vehicles, and equipment with an initial individual cost of more than $5,000; and improvements and infrastructure assets with costs of more than $100,000.
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.
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 40 City of San Ramon
Notes to Financial Statements
June 30, 2022
Depreciation is recorded on a straight-line basis over the useful life of the assets as follows:
Parks improvements 25 years
Buildings and improvements 25 to 50 years
Machinery, improvements and equipment 3 to 10 years
Infrastructure assets 10 to 100 years
Infrastructure assets include pavement/roads, storm drains, sidewalks, landscaping, curb and gutters, streetlights, traffic signals, bridges, culverts, catch basins, retaining and sound walls, v-ditches, drainage structures and fencing.
Some capital assets may be acquired using Federal and State grant funds, or they may be contributed by developers or other governments. GASB Statement 34 requires that these contributions be accounted for as revenues at the time the capital assets are contributed. k) Deferred Outflows and Inflows of Resources
In addition to assets, the statement of net position reports a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net assets that applies to a future period(s) and so will not be recognized as an outflow of resources (expense) until then.
In addition to liabilities, the statement of net position or balance sheet reports a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net assets that applies to a future period(s) and so will not be recognized as an inflow or resources (revenue) until that time.
l) Long-Term Debt
In the government-wide statements long-term debt is recorded as liability in the Statement of Net Position. m) Employee Compensated Absences
City employees may receive from twelve to twenty-five days-vacation time each year, depending upon length of service. An employee may accumulate earned vacation time up to a maximum of two years’ worth of accrued vacation leave. Upon termination, employees are paid the full value of their unused vacation and compensatory time at their existing salary. City employees may accrue twelve days of sick leave each year. Upon termination, employees are paid 25-50 percent depending on length of service, of the value of their unused sick leave balance at their existing salary. There is no fixed payment schedule for employee compensated absences. The liability will be paid from the fund where the employee’s salary was charged, primarily from the general fund.
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 41 City of San Ramon
Notes to Financial Statements
June 30, 2022
The changes of the compensated absences in fiscal year 2021-2022 were as follows: Governmental Activities Beginning Balance $ 5,322,416 Additions 927,750 Payments (947,425) Ending Balance $ 5,302,741
Current Portion $ 767,808
n) Property Taxes
Property taxes are assessed, collected, and allocated by the County of Contra Costa.
The duties of assessing and collecting property taxes are performed by the County of Contra Costa Assessor and Tax Collector, respectively. Under the County’s “Teeter Plan,” the County remits the entire amount levied and handles all delinquencies, retaining interest and penalties. Tax levies cover the period from July 1 to June 30 of each year. All tax liens attach annually on the first day in January proceeding the fiscal year for which the taxes are levied. Taxes are levied on both real and personal property, as it exists on that date.
Secured property taxes are levied against real property and are due and payable in two equal installments. The first installment is due on November 1 and becomes delinquent if not paid by December 10. The second installment is due on February 1 and becomes delinquent if not paid by April 10. o) Claims and Judgments
When it is probable that a claim liability has been incurred, and the amount of the loss can be reasonably estimated, the City records the estimated loss, net of any insurance coverage under its self-insurance program.
At June 30, 2022, in the opinion of the City Attorney, the City had no material claims, which require loss provisions in the financial statements. Small claims and judgments are recorded as expenditures when paid.
The City’s self-insurance program is administered through the Municipal Pooling Authority (the MPA), which is described at Note 13(a). The MPA is a public entity risk pool, which is accounted for under the provisions of GASB Statement No. 10, Accounting and Financial Reporting for Risk Financing and Related Insurance Issues.
Claim losses recorded in the MPA include both current claims and Incurred but Not Reported (IBNR) claims.
Payments to the MPA for claim settlements are recorded by the City as expenditures in the Insurance Liability Internal Service Fund when paid.
p) Allocation of Investment Earnings Among Funds
The City pools all non-restricted cash for investment purchases and allocates interest income and gains and losses in fair value based on month-end cash balances. Funds that have restricted cash record interest income in the respectivefund.
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 42 City of San Ramon
Notes to Financial Statements
June 30, 2022
q) Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the Unites States of America requires management to make estimates and assumptions that effect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. r) 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.
s) Net Pension Liabilities, Expenses and Deferred Outflows of Resources/Inflows of Resources Related to Pension
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 the CalPERS Financial Office. 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. t) OPEB Liabilities, Expenses and Deferred Outflows of Resources/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 the California Employers’ Retiree Benefit Trust (CERBT). For this purpose, benefit payments are recognized when currently due and payable in accordance with the benefit terms.
Investments are reported at fair value.
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 43 City of San Ramon
Notes to Financial Statements
June 30, 2022
Note 2 - Stewardship, Compliance and Accountability
Budgetary Accounting
The City Council adopts an Annual Budget, in accordance with generally accepted accounting principles, no later than the second meeting of June of each year for the fiscal year commencing the following July 1. The City follows these procedures in establishing the budgetary data reflected in the financial statements:
During May of each year, the City Manager submits to the City Council a proposed budget for the next fiscal year. Copies are made available to the public, the press, and staff members.
A series of Council work sessions are held at which the recommended budget is reviewed in detail and the departments(as requested) provide additional information.
After review by the City Council, a public hearing is conducted for the purpose of receiving public input on the recommended operating and capital budgets, the Master Fee Schedule, and the Appropriation Limit.
Upon completion of the hearings and modifications, if any, to the proposed budget, the budget is adopted no later than June 30th by the City Council through passage of appropriate resolutions.
Generally, the budget is amended in the middle of the fiscal year. All approved additional appropriations are added to the adopted budget and an amended budget is presented to the City Council, which adopts it after review. Expenditures may not exceed budgeted appropriations at the fundlevel.
Under Article XIIIB of the California Constitution (the Gann Spending Limitation Initiative), the City is restricted as to the amount of annual appropriations from the proceeds of taxes, and if proceeds of taxes exceed allowed appropriations, the excess must either be refunded to the State Controller, 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, 2022, based on calculations by City Management, proceeds of taxes did not exceed related appropriations.
Expenditure in Excess of Appropriations
The City had the following funds with expenditures in excess of appropriations for the year ended June 30, 2022:
Fund Name Amount Governmental Major Funds
Planning Pension Obligation Bonds $ 23,337,289
Governmental Non-Major Funds
Planning Cost Recovery 66,549
Police Services Donation 47,273
Northwest San Ramon GHAD (NWSR GHAD) 234
San Ramon Housing 9,725
DV Performing Arts Theatre 196,433
LED Lights 1,216
5.1.a
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 44 City of San Ramon
Notes to Financial Statements
June 30, 2022
Note 3 - Cash and Investments
Cash and investments as of June 30, 2022 are classified in the accompanying financial statements as follows: Amount Statement of Net Position Cash and investments $ 94,808,084 Cash and investments - restricted 9,250,690 Statement of Fiduciary Net Position Cash and investments Private purpose trust fund 4,597,999 Custodial funds 264,942 Total cash and investments $ 108,921,716 Cash and Investments as of June 30 Consisted of the Following: Cash on hand $ 16,700 Deposits with financial institutions 20,174,865 Investments 88,730,151
Total cash and investments $ 108,921,716
a) Investments Authorized by the California Government Code and the City’sInvestment Policy The following table identifies the investment types that are authorized for the City by the California Government Code (or the City’s investment policy, where more restrictive). The table also identifies certain provisions of the California Government Code (or the City’s investment policy, where more restrictive) that address interest rate risk, credit risk, and concentration of credit risk. This table does not address investment of debt proceeds held by bond trustee that are governed by the provisions of debt agreements of the City, rather than the general provisions of the California Government Code or the City’s investment policy; nor does the table address the investment of funds set aside for the payment of retiree health care benefits which are governed by a separate less restrictive section of the California Government Code.
5.1.a
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 45 City of San Ramon
Notes to Financial Statements
June 30, 2022 Maximum Maximum Maximum Minimum Percentage Investment Authorized Investment Type Maturity Credit Quality** of Portfolio * in One Issuer Bankers' Acceptances 180 days P-1/ A-1 40% 2% Commercial Paper 270 days A-1/P-1/F-1 25% 2%
FDIC Insured Certificates of Deposit 5 years None None $250,000 Federal Agency Securities 5 years None None 50%
Local Agency Bonds 5 years Aa3/AA-/AA- None 10% San Ramon / 2% other Municipal Securities Local Agency Investment Fund (LAIF) N/A None 15% $40 million Medium-Term Corporate Notes 5 years Aa3/AA-/AA- 30% 2% Money Market Mutual Funds None Aaa/AAA 20% 10% Negotiable Order of Withdrawal N/A AA $3,500,000 None Negotiable Time Certificates of Deposit 5 years Aa2/AA 30% 2% Repurchase Agreements 30 days None 30% None
State of CA Bonds 5 years Aa3/AA-/AA- None None
State of CA Obligations 5 years Aa3/AA-/AA- 3% 3%
Supranational Debt Organizations 5 years Aa2/AA 30% 5%
U.S. Treasury Obligations 5 years None None None
* Excluding amounts held by bond trustee and funds invested for the payment of retiree health care benefits. ** At time of purchase b) Investments Authorized by Debt Agreements
Investments of debt proceeds held by bond trustees are governed by provisions of the debt agreements, rather than the general provisions of the California Government Code or the City’s investment policy. The table below identifies the investment types that are authorized for investments held by bond trustee. The table also identifies certain provisions of these debt agreements that address interest rate risk, credit risk, and concentration of credit risk. Maximum Maximum Minimum Maximum Percentage Investment Credit Authorized Investment Type Maturity Allowed in One Issuer Quality Bankers' Acceptances 366 days None 40% A-1 Commercial Paper 270 days None None A-1, AAA Federal Agency Obligations 3 years None None AAA
Federal Agency Securities None None None None
Investment Agreements 30 years None None None
Local Agency Bonds None None None None
Local Agency Investment Fund (LAIF) N/A None 15% None Medium-Term Corporate Notes 5 years None None None Money Market Mutual Funds N/A None None AAA Mortgage-backed Securities None None None None Municipal Bonds None None None AAA U.S. Treasury Obligations None None None None
5.1.a
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 46 City of San Ramon
Notes to Financial Statements
June 30, 2022
c) Disclosures Relating to 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, the greater the 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 maturities so that a portion of the portfolio is maturing or coming close to maturity evenly over time as necessary to provide the cash flow and liquidity needed for operations.
Information about the sensitivity of the fair values of the City’s investments (including investments held by bond trustee) to market interest rate fluctuations is provided by the following table that shows the distribution of the City’s investments by maturity: 12 Months 13 to 25 to
or less 24 Months 60 Months Total
Federal Agency Securities $ 13,212,706 $ 5,963,085 $ 15,185,959 $ 34,361,750 U.S. Treasury Notes 2,991,930 2,864,530 17,009,990 22,866,450 Municipal Bonds - 990,110 - 990,110 Medium-Term Corporate Notes 1,993,120 990,140 3,393,374 6,376,634 Negotiable Time Certificates of Deposit 1,735,856 1,480,820 466,927 3,683,603 Commercial Paper 3,740,913 - - 3,740,913 Money Market Mutual Funds 1,973,048 - - 1,973,048 Supranational Obligations - - 2,886,146 2,886,146
Local Agency Investment Fund (LAIF) 2,600,788 - - 2,600,788 Held by trustee: Money Market Mutual Funds 1,693,752 - - 1,693,752 PARS Trust - Mutual Funds 3,970,704 - - 3,970,704 US Treasury/Federal Agency 3,586,253 - - 3,586,253 Total Investments $ 37,499,070 $ 12,288,685 $ 38,942,396 88,730,151 Cash in banks and on hand 20,191,565 Total cash and investments $ 108,921,716
Investment Type
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 47 City of San Ramon
Notes to Financial Statements
June 30, 2022
d) 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, as provided by Moody’s investment rating system:
Aaa Aa1 to Aa3 A1 Total Commercial Paper $ - $ - $ 3,740,913 $ 3,740,913 Federal Agency Securities 34,361,750 - - 34,361,750 Municipal Securities - 990,110 - 990,110 Medium-Term Corporate Notes 3,843,620 998,340 1,534,674 6,376,634 Money Market Mutual Funds 1,973,048 - - 1,973,048 Supranational Obligations 2,886,146 - - 2,886,146 Held by trustee Money market mutual funds 1,693,752 - - 1,693,752 Subtotal $ 44,758,316 $ 1,988,450 $ 5,275,587 52,022,353 Not Rated Local Agency Investment Fund 2,600,788 Negotiable Time Certificates of Deposit 3,683,603 PARS Trust - Mutual Funds 3,970,704 Exempt from Credit Rate Disclosure US Treasury/Federal Government 3,586,253 U.S. Treasury Notes 22,866,450 Total investments $ 88,730,151
Ratings as of June 30, 2022
Investment Type
e) 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 unobservableinputs.
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 48 City of San Ramon
Notes to Financial Statements
June 30, 2022
The following is a summary of the fair value hierarchy of the fair value of investments of the City as of June 30, 2022:
Level 1 Total Investments by Fair Value Level Federal Agency Securities $ 34,361,750 $ 34,361,750 Municipal Securities 990,110 990,110 Medium-Term Corporate Notes 6,376,634 6,376,634 Negotiable Time Certificates of Deposit 3,683,603 3,683,603 Supranational Obligations 2,886,146 2,886,146 Commercial Paper 3,740,913 3,740,913 U.S. Treasury Notes 26,452,703 26,452,703 Subtotal $ 78,491,859 78,491,859
Investments Measured at Amortized Cost Money Market Mutual Funds 1,973,048 Held by trustee Money Market Mutual Funds 1,693,752 PARS Trust - Mutual Funds 3,970,704 Investments Exempt from Fair Value Hierarchy
Local Agency Investment Fund (LAIF) 2,600,788
Total investments $ 88,730,151
Investments classified in Level 1 of the fair value hierarchy are valued using prices quoted in active markets for those securities or offer same day liquidity at a price of par. Investments classified in Level 2 of the fair value hierarchy, are valued using a matrix pricing technique. Matrix pricing is the process of estimating the market price of a bond based on the quoted prices of more frequently traded comparable bonds. The Local Agency Investment Fund and the Money Market Funds are reported at amortized cost because the transactions are based on a stable net asset value per share. All contributions and redemptions are transacted at $1.00 net asset value per share.
f) Concentration of Credit Risk
The investment policy of the City contains no limitations on the amount that can be invested in any one issuer beyond that stipulated by the California Government Code. Investments in any one issuer (other than U.S.
Treasury securities, mutual funds, and external investment pools) that represent 5% or more of total City investments are as follows:
Issuer Investment Type Amount
Federal Farm Credit Bank Federal Agency Securities $ 14,142,970 Federal Home Loan Bank Federal Agency Securities 7,748,110 Federal Home Loan Mortgage Corporation Federal Agency Securities 6,812,290 Federal National Mortgage Association Federal Agency Securities 3,787,720
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 49 City of San Ramon
Notes to Financial Statements
June 30, 2022
g) Custodial Credit Risk
Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover its deposits or will not be able to recover collateral securities that are in the possession of an outside party. The custodial credit risk for investments is the risk that, in the event of the failure of the counterparty (e.g., broker- dealer) to a transaction, a government will not be able to recover the value of its investment or collateral securities that are in the possession of another party. The California Government Code and the City’s policy do not contain legal or policy requirements that would limit the exposure to custodial credit risk for deposits or investments, other than the following provision for deposits: the California Government Code requires that a financial institution secure deposits made by state or local governmental units by pledging securities in an undivided collateral pool held by a depository regulated under state law (unless so waived by the governmental unit). The fair value of the pledged securities in the collateral pool must equal at least 110% of the total amount deposited by the public agencies. California law also allows financial institutions to secure City deposits by pledging first trust deed mortgage notes having a value of 150% of the secured publicdeposits.
As of June 30, 2022, $19,924,865 of the City’s deposits with financial institutions in excess of Federal Depository Insurance Limits were collateralized.
h) Investment in State Investment Pool
The City is a voluntary participant in the Local Agency Investment Fund (LAIF) that is regulated by California Government Code Section 16429 under the oversight of the Treasurer of the State of California. The pool is not rated by the Securities and Exchange Commission. The book value of the City’s investment in this pool is reported in the accompanying financial statements at amounts based upon the City’s pro-rata share of the fair value provided by LAIF for the entire LAIF portfolio (in relation to the amortized cost of that portfolio). The balance available for withdrawal is based on the accounting records maintained by LAIF, which are recorded on an amortized costbasis.
The total amount invested by all public agencies in LAIF as of June 30, 2022 was $35.8 billion. LAIF is a part of the California Pooled Money Investment Act (PMIA), which at June 30, 2022 had a portfolio balance of $234.5 billion. Included in LAIF’s investment portfolio are collateralized mortgage obligations, mortgage-backed securities, other asset-backed securities, loans to certain state funds, and floating rate securities issued by federal agencies, government-sponsored enterprises, United States Treasury Notes and Bills, and corporations.
The average maturity of PMIA investments was 311 days as of June 30, 2022.
5.1.a
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 50 City of San Ramon
Notes to Financial Statements
June 30, 2022
Note 4 - Interfund Transactions
a) Interfund Balances
The purpose of the interfund receivables and payables is to make short-term loans from the General Fund to various funds. This interfund loan is to provide for operating cash flow. At June 30, 2022, interfund balances were asfollows:
Due From Other Funds Due to Other Funds Amount General Fund 2019 Certificates of Participation Fund $ 2,628,787 2021 Taxable Pension Obligation Bonds Fund 1,657,769
Non-Major Governmental Funds 348,872
Internal Service Funds 355,541
$ 4,990,969
b) Interfund Transfers
Interfund transfers for the year ended June 30, 2022 consisted of the following: Amount Transfers From Transfers To Transferred General Fund Dougherty Valley Special Revenue Fund $ 2,302,495 (A) Capital Improvements Capital Projects Fund 3,154,560 (B) Internal Service Funds 2,272,175 (E) Non-major Governmental Funds 3,544,719 (A)(C) Dougherty Valley Special Revenue Fund Capital Improvements Capital Projects Fund 446,000 (B) Non-major Governmental Funds 215,968 (A)(C) GHAD Dougherty Valley Fund General Fund 87,714 (A) Capital Improvements Capital Projects Fund General Fund 528,074 (A) Internal Service Funds 2,171 (E) Non-major Governmental Funds 5,760,511 (A)(D) COPS# 13 Fund Capital Improvements Capital Projects Fund 2,650,000 (B) Nonmajor Governmental Funds General Fund 3,722,890 (A) Capital Improvements Capital Projects Fund 11,439,933 (B) Non-major Governmental Funds 440,106 (A)(C) Internal Service Funds Capital Improvements Capital Projects Fund 1,917,351 (B) Total Interfund Transfers $ 38,484,667 (A) Transfers to fund operation expenditures
(B) Transfers to fund capital improvements
(C) Transfers to fund debt service
(D) Transfers to return excess CIP funding
(E) Transfer to Internal Service Funds
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 51 City of San Ramon
Notes to Financial Statements
June 30, 2022
Note 5 - Notes and Loans Receivable
Notes and loans receivable activities for the year ended June 30, 2022 are as follows: Balance at Balance at June 30, 2021 Additions Deletions June 30, 2022 Governmental Activities American Baptist Homes $ 5,500,000 $ - $ - $ 5,500,000 Computer Loans 16,086 - (5,523) 10,563 Greystone Homes, Inc. 9,925 - - 9,925 Firearm Safe Loans 539 - (539) - Total 5,526,550 - (6,062) 5,520,488 Fiduciary Funds Diablo Motors 6,207 - (673) 5,534
$ 5,532,757 $ - $ (6,735) $ 5,526,022
a) Greystone Homes, Inc.
In January 1996, the City entered into an Affordable Housing Agreement with Greystone Homes, Inc. The agreement provides for various restrictions on the project to facilitate the affordability of housing units to qualifying low and moderate-income residents. The agreement calls for the reduction of the purchase price of affordable units by $5,000. Upon initial sale of each affordable unit, the homebuyer will execute a promissory note to the City for $9,925, accruing annually compounded interest at 3 percent for a term not to exceed thirty years. The homebuyer agrees to repay the note, together with interest accrued and deferred, upon sale or transfer of the affordable unit. For each note, $4,925 represents the deferred payment of the San Ramon Valley Boulevard Widening Fee to the City.
b) American Baptist Homes
In April 2007, the former Redevelopment Agency approved a loan to American Baptist Homes in the amount of $5,500,000 for the development and improvement of real property for the purpose of developing 105 units of multifamily housing for seniors of very-low-income and low-income households in the City of San Ramon. The $5,500,000 includes a $750,000 loan from the State of California to the former Redevelopment Agency which was then loaned by the Agency to American Baptist Homes. The loan is due and payable in full to the San Ramon Housing Fund no later than fifty-five (55) years from the Completion Date.
5.1.a
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 52 City of San Ramon
Notes to Financial Statements
June 30, 2022
c) Firearm Safe Loans
The City’s Home Safe and Vehicle Vault/Security System Loan Program provides a financing alternative for sworn San Ramon police officers wishing to purchase secure firearm storage products for their home and personal vehicles. As of June 30, 2022, there were no outstanding loans. d) Computer Loans
The City’s Computer Loan Program provides a financing alternative for employees wishing to purchase personal computer hardware and software similar to what they may be asked to use for City business. As of June 30, 2022, thirty City employees had loans outstanding totaling $10,563.
Note 6 - Loan Receivable from Successor Agency
During May 2010, the San Ramon Redevelopment Agency (the “RDA”) authorized a loan from the Low/Mod Housing Fund to the former Redevelopment Special Revenue Fund in the amount of $2,888,859 for five years at the City pool interest rate. These funds were to supplement the State’s Supplemental Educational Revenue Augmentation Fund for 2009-2010.
During April 2011, the former RDA authorized an additional loan from the Low/Mod Housing Fund to the Redevelopment Special Revenue Fund in the amount of $594,765 for five years at the City pool interest rate.
These additional funds were to supplement the State’s Supplemental Educational Revenue Augmentation Fund for2010-2011.
In fiscal year 2011-2012, the former RDA was dissolved (per Assembly Bill AB X1 26) and all loans were transferred from the RDA to the San Ramon Successor Agency (the “Successor Agency”). During the fiscal year 2012-2013, the City took over ownership of the Low/Mod Housing Fund from the Successor Agency, thereby taking ownership of the two loans. The outstanding amount of the two loans totaled $359,887 at June 30, 2022.
Note 7 - Lease Receivables
The City, as a lessor, has entered into long-term lease agreements for cell towers which expire at various dates through 2035. During the year ended June 30, 2022, the City recognized $335,511 and $88,418 in lease revenue and interest revenue, respectively, pursuant to these contracts. As of June 30, 2022, the City has a receivable for lease payments of $3,064,947, and a balance of deferred inflow of resources of $2,998,588. The future lease payments were discounted at a rate of 1.95% to 3.22%, depending on the length of the lease.
5.1.a
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 53 City of San Ramon
Notes to Financial Statements
June 30, 2022
Note 8 - Capital Assets
The following table presents the capital assets activities for the year ended June 30, 2022: Balance at Transfers/ Balance at July 1, 2021 Additions Retirements June 30, 2022 Governmental Activities Capital assets not being depreciated Land $ 42,275,381 $ - $ - $ 42,275,381 Construction in progress 14,716,649 2,624,351 - 17,341,000 Total capital assets not being depreciated 56,992,030 2,624,351 - 59,616,381 Capital Assets being Depreciated Park improvements 56,477,972 - - 56,477,972 Buildings and improvements 93,450,223 - - 93,450,223 Machinery, improvements and equipment 13,116,840 490,888 (164,948) 13,442,780 Infrastructure Pavement/roads 211,338,005 3,229,000 - 214,567,005 Curb and gutters 36,550,347 847,200 - 37,397,547 Sidewalks 55,166,217 649,800 - 55,816,017 Catch basins 10,750,163 - - 10,750,163 Storm drains 82,276,483 1,945,000 - 84,221,483 V-ditches 1,176,594 - - 1,176,594 Street lights 34,796,619 - - 34,796,619
Traffic signals 23,114,947 - - 23,114,947 Bridges 29,214,041 - - 29,214,041 Culverts 10,512,415 - - 10,512,415 Retaining/soundwalls 4,635,017 - - 4,635,017 Drainage structures 3,055,100 - - 3,055,100 Fencing 1,470,809 - - 1,470,809
Landscaping 56,971,993 1,429,000 - 58,400,993
Total capital assets being depreciated 724,073,785 8,590,888 (164,948) 732,499,725 Less Accumulated Depreciation for Park improvements (35,809,905) (2,011,431) - (37,821,336) Buildings and improvements (30,184,518) (2,237,632) - (32,422,150) Machinery, improvements and equipment (9,766,248) (1,144,044) 148,976 (10,761,316) Infrastructure Pavement/roads (149,230,593) (7,897,661) - (157,128,254) Curb and gutters (14,816,560) (602,378) - (15,418,938) Sidewalks (36,286,594) (1,603,696) - (37,890,290) Catch basins (4,770,277) (215,003) - (4,985,280) Storm drains (32,543,299) (1,684,430) - (34,227,729) V-ditches (493,255) (21,499) - (514,754) Street lights (19,701,288) (802,274) - (20,503,562) Traffic signals (15,809,854) (422,576) - (16,232,430) Bridges (6,719,602) (584,281) - (7,303,883) Culverts (2,564,346) (210,248) - (2,774,594) Retaining/soundwalls (2,427,421) (185,401) - (2,612,822) Drainage structures (606,578) (61,102) - (667,680) Fencing (741,699) (73,540) - (815,239) Landscaping (28,052,105) (2,306,100) - (30,358,205) Total accumulated depreciation (390,524,142) (22,063,296) 148,976 (412,438,462) Net Capital Assets being Depreciated 333,549,643 (13,472,408) (15,972) 320,061,263 Governmental activity capital assets, net $ 390,541,673 $ (10,848,057) $ (15,972) $ 379,677,644
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 54 City of San Ramon
Notes to Financial Statements
June 30, 2022
Depreciation expense is charged to functions and programs based on their usage of the related assets. The amounts allocated to each function or programs are as follows: Amount Governmental Activities General government $ 356,177 Community development 132,652 Police 128,866 Public works 18,854,609 Parks and community services 1,446,948 Internal service funds 1,144,044
$ 22,063,296
Note 9 - Long-Term Debt
Governmental Activities
Long-term debt for the year ended June 30, 2022 is as follows: Amount Due Balance Balance within One July 1, 2021 Additions Retirements June 30, 2022 Year Certificates of Participation 2011 COPS #12 Refunding Bonds $ 1,350,000 $ - $ (430,000) $ 920,000 $ 450,000 2019 COPS #13 19,895,000 - (725,000) 19,170,000 760,000 Premium on 2011 COPS #12 133,834 - (44,611) 89,223 44,611 Premium on 2019 COPS #13 3,321,313 - (73,377) 3,247,936 106,157 2010 Pension Obligation Bonds 14,640,000 - (455,000) 14,185,000 485,000 2021 Pension Obligation Bonds - 23,345,000 - 23,345,000 1,420,000 Direct-Borrowing Bank of America Financing - LED Lighting 980,821 - (267,841) 712,980 283,739 Total Debt $ 40,320,968 $ 23,345,000 $ (1,995,829) $ 61,670,139 $ 3,549,507 a) 2011 Certificates of Participation (COP #12)
On July 12, 2011, the San Ramon Public Financing Authority issued $11,585,000 of refunding certificates of participation. These certificates were issued to repay the City’s 2001 Certificates of Participation in the amount of $8,415,000 and the City’s 1996 Certificates of Participation in the amount of $4,915,000. The 1996 and 2001 Certificates financed the expansion of Central Park and construction of the Community Center. As a result of this current refunding, the refunded bonds are considered to be defeased and the liability has been removed from the statement of net position. Interest on the certificates accrues at 2.50% to 5.00% and is payable semiannually on June 1 and December 1. Principal is payable each June 1.
The reacquisition price exceeded the net carrying amount of the old debt by $364,212, resulting in a deferred charge on refunding. This amount, with a balance of $89,223 as of June 30, 2022, is being netted against the new debt and amortized over the remaining life of the new debt, which is shorter than the life of the refunded debt and recorded as a deferred outflow of resources on the Statement of Net Position.
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Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 55 City of San Ramon
Notes to Financial Statements
June 30, 2022
Original deferred charge is $364,212 amortized over the remaining life of the debt.
Debt service payments on the 2011 Certificates of Participation will be made from a debt service fund. Annual debt service requirements to maturity are as follows:
For the Year Ending
June 30 Principal Interest Total 2023 $ 450,000 $ 43,650 $ 493,650 2024 470,000 21,150 491,150
Total 920,000 $ 64,800 $ 984,800 Plus: Premium on debt 89,223 $ 1,009,223
2011 COP #12 Refunding
b) 2019 Certificates of Participation (COP #13)
On October 17, 2019, the City of San Ramon issued $20,990,000 of certificates of participation. These certificates were issued to acquire, construct and improve multiple capital improvement projects. Interest on the certificates accrues at 3.0% to 5.0% and is payable semiannually on June 1 and December 1. Principal is payable each June 1.
Debt service payments on the 2019 Certificates of Participation will be made from a debt service fund. Annual debt service requirements to maturity are as follows:
For the Year Ending 30-Jun Principal Interest Total 2023 $ 760,000 $ 839,450 $ 1,599,450 2024 800,000 801,450 1,601,450
2025 840,000 761,450 1,601,450
2026 880,000 719,450 1,599,450
2027 925,000 675,450 1,600,450
2028-2032 5,355,000 2,647,000 8,002,000
2033-2037 6,590,000 1,415,800 8,005,800
2038-2039 3,020,000 182,400 3,202,400
Total 19,170,000 $ 8,042,450 $ 27,212,450 Plus: Premium on debt 3,247,936 $ 22,417,936
2019 COP #13
5.1.a
Packet Pg. 87
Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 56 City of San Ramon
Notes to Financial Statements
June 30, 2022
c) 2010 Pension Obligation Bonds
On January 21, 2010, taxable pension obligation bonds in the amount of $17,650,000 were issued to prepay the unfunded CalPERS pension obligation. Interest on the bonds accrues at 4 to 6.4 percent and is payable semiannually on June 1 and December 1. Principal is payable each June 1. Term bonds maturing February 1, 2039 are subject to mandatory sinking fund redemption at par commencing June 1,2015.
Debt service payments on the Pension Obligation Bonds will be made from a debt service fund. Annual debt service requirements to maturity are as follows:
For the Year Ending 30-Jun Principal Interest Total 2023 $ 485,000 $ 907,840 $ 1,392,840 2024 515,000 892,320 1,407,320
2025 550,000 876,800 1,426,800
2026 585,000 860,320 1,445,320
2027 620,000 843,840 1,463,840
2028-2032 3,765,000 3,206,080 6,971,080
2033-2037 5,125,000 1,836,800 6,961,800
2038-2039 2,540,000 246,400 2,786,400
Total $ 14,185,000 $ 9,670,400 $ 23,855,400
2010 Taxable Pension Obligation Bonds
d) 2021 Pension Obligation Bonds
On November 9, 2021, taxable pension obligation bonds in the amount of $23,345,000 were issued to prepay the unfunded CalPERS pension obligation. Interest on the bonds accrues at 0.28 to 2.86 percent and is payable semiannually on July 1 and January 1. Principal is payable each July 1. Term bonds maturing July 1, 2035 are subject to mandatory sinking fund redemption. Debt service payments on the Pension Obligation Bonds will be made from a debt service fund. Annual debt service requirements to maturity are as follows:
For the Year Ending 30-Jun Principal Interest Total 2023 $ 1,420,000 $ 462,310 $ 1,882,310 2024 1,675,000 406,678 2,081,678
2025 1,690,000 395,307 2,085,307
2026 1,705,000 377,810 2,082,810
2027 1,730,000 355,038 2,085,038
2028-2032 9,120,000 1,289,090 10,409,090
2033-2036 6,005,000 290,906 6,295,906
Total $ 23,345,000 $ 3,577,139 $ 26,922,139
2021 Taxable Pension Obligation Bonds
5.1.a
Packet Pg. 88
Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 57 City of San Ramon
Notes to Financial Statements
June 30, 2022
e) Bank of America Financed Purchase
On June 28, 2012, the City entered into a twelve-year purchase agreement in the amount of $2,687,302 for the lease/purchase of LED lights for the Citywide lighting project, which had a net book value of $2,501,504 at June 30, 2022. The total monthly payments range from $18,105 to $25,940 including interest at 2.34%. Annual debt service requirements to maturity are as follows:
For the Year Ending 30-Jun Principal Interest Total 2023 $ 283,738 $ 13,681 $ 297,419 2024 300,299 6,865 307,164
2025 128,943 755 129,698
Total $ 712,980 $ 21,301 $ 734,281
Bank of America Purchase Agreement
Fiduciary Funds
The City is serving as a successor agency to the Redevelopment Agency which has long-term debt for the year ended June 30, 2022 as follows: Amount Due Balance Balance within One July 1, 2021 Additions Retirements June 30, 2022 Year 2006 Tax Allocation Revenue Bonds, Series A $ 20,566,817 $ 29,176 $ (1,295,000) $ 19,300,993 $ 615,459 2015 Subordinate Tax Allocation Refunding Bonds, Series A 30,625,000 - (1,850,000) 28,775,000 1,945,000 2015 Subordinate Tax Allocation Refunding Bonds, Series B 12,205,000 - (355,000) 11,850,000 365,000 Subtotal 63,396,817 29,176 (3,500,000) 59,925,993 2,925,459 Premium on Debt 2,374,338 - (139,667) 2,234,671 139,667 Discount on Debt (205,152) - 12,068 (193,084) (12,068) Total debt $ 65,566,003 $ 29,176 $ (3,627,599) $ 61,967,580 $ 3,053,058 a) 2006 Tax Allocation Revenue Bonds, Series A
On October 11, 2006, the San Ramon Public Financing Authority issued 2006 Tax Allocation Revenue Bonds, Series A, consisting of $ 19,535,000 amount of Current Interest Bonds and $12,331,570 initial principal amount of Capital Appreciation Bonds. These Bonds were issued to finance redevelopment projects and pay costs of Bonds issuance. Interest on the certificates accrues at 4.49% to 4.87% and is payable semiannually on February 1 and August 1. Principal is payable each February 1. The current interest portion was refunded by the 2015 Subordinate Tax Allocation Refunding Bonds, Series A.
5.1.a
Packet Pg. 89
Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 58 City of San Ramon
Notes to Financial Statements
June 30, 2022
Debt service payments on the 2006 Tax Allocation Revenue Bonds, Series A, will be made from the fiduciary fund. Annual debt service requirements to maturity are as follows: Principal Interest to Maturity Total 2023 $ 615,459 $ 684,541 $ 1,300,000 2024 $582,595 $712,405 1,295,000
2025 $766,914 $1,028,086 1,795,000
2026 $729,273 $1,065,727 1,795,000
2027 $693,774 $1,106,226 1,800,000
2028-2032 5,205,965 10,734,035 15,940,000
2033 998,850 2,536,150 3,535,000
9,592,830 $ 17,867,170 $ 27,460,000 Accretion to date 9,708,163 $ 19,300,993
b) 2015 Subordinate Tax Allocation Refunding Bonds, Series A On June 4, 2015, the Successor Agency of the Redevelopment Agency has issued 2015 Subordinate Tax Allocation Refunding Bonds, Series A, for $33,860,000. The Bonds were issued to prepay all amounts outstanding under the 1998 Tax-Exempt Loan and the 2004 Tax-Exempt Loan and the portion of the 2006 TaxExempt Loan. Interest on the bonds accrues at 4 to 5 percent and is payable semiannually on February 1 and August 1. Principal is payable each February 1.
Debt service payments on the 2015 Subordinate Tax Allocation Refunding Bonds, Series A, will be made from the fiduciary fund. Annual debt service requirements to maturity are as follows: Principal Interest to Maturity Total 2023 $ 1,945,000 $ 1,438,750 $ 3,383,750 2024 2,040,000 1,341,500 3,381,500
2025 1,520,000 1,239,500 2,759,500
2026 1,595,000 1,163,500 2,758,500
2027 1,670,000 1,083,750 2,753,750
2028-2032 1,760,000 4,649,250 6,409,250
2033-2037 14,235,000 3,537,500 17,772,500
2038-2039 4,010,000 200,500 4,210,500
$ 28,775,000 $ 14,654,250 $ 43,429,250
c) 2015 Subordinate Tax Allocation Refunding Bonds, Series B On June 4, 2015, the Successor Agency of the Redevelopment Agency has issued 2015 Subordinate Tax Allocation Refunding Bonds, Series B, for $16,515,000. The Bonds were issued to prepay the 2006 Taxable Housing Loan and the 2006 Taxable Non-Housing Loan. The remaining proceeds of the 2015 Bonds were used to purchase a municipal bond insurance policy and a debt service reserve insurance policy for the 2015 Bonds.
Interest on the bonds accrues at 1 to 4 percent and is payable semiannually on February 1 and August 1.
5.1.a
Packet Pg. 90
Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 59 City of San Ramon
Notes to Financial Statements
June 30, 2022
Principal is payable each February 1.
Debt service payments on the 2015 Subordinate Tax Allocation Refunding Bonds, Series B, will be made from the fiduciary fund. Annual debt service requirements to maturity are as follows:
Principal Interest to Maturity Total 2023 $ 365,000 $ 538,088 $ 903,088 2024 375,000 525,313 900,313
2025 520,000 511,250 1,031,250
2026 540,000 490,450 1,030,450
2027 560,000 468,850 1,028,850
2028-2032 3,670,000 1,912,250 5,582,250
2033-2037 4,735,000 953,088 5,688,088
2038-2039 1,085,000 51,538 1,136,538
$ 11,850,000 $ 5,450,827 $ 17,300,827
Note 10 - Net Position and Fund Balances
a) Net Position
The government-wide and proprietary fund financial statements utilize a net position presentation. Net position is categorized as invested in capital assets (net of related debt), restricted, and unrestricted. • Net Investment in Capital Assets – groups all capital assets, including infrastructure, into one component of net position. Accumulated depreciation and the outstanding balances of debt that are attributable to the acquisition, construction, or improvement of these assets reduce the balance in this category. • Restricted – reflects net position that are subject to constraints either (1) externally imposed by creditors, grantors, contributors, or laws or regulations of other governments, or (2) imposed by law through constitutional provisions or enabling legislation. Enabling legislation authorizes the City to assess, levy, charge, or otherwise mandate payment of resources and includes a legally enforceable requirement that those resources be used only for the specific purposes stipulated in the legislation. A legally enforceable enabling legislation restriction is one that a party external to a government – such as citizens, public interest groups, or the judiciary – can compel a government to honor. • Unrestricted – represents net position of the City that are not restricted for any project or purpose.
5.1.a
Packet Pg. 91
Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 60 City of San Ramon
Notes to Financial Statements
June 30, 2022
b) Fund Balances
As prescribed by generally accepted accounting principles, governmental funds report fund balance in classifications based primarily on the extent to which the City is bound to honor constraints on the specific purposes for which amounts in the funds can be spent. As of June 30, 2022, fund balances for government funds are made up of thefollowing:
• Nonspendable – includes amounts that are (a) not in spendable form, or (b) legally or contractually required to be maintained intact. The “not in spendable form” criterion includes items that are not expected to be converted to cash, for example: inventories, prepaid amounts, and long-term notes receivable.
• Restricted – includes amounts that can be spent only for the specific purposes stipulated by external resource providers, constitutionally or through enabling legislation. Restrictions may effectively be changed or lifted only with the consent of resource providers. • Committed – includes amounts that can only be used for the specific purposes determined by a formal action of the City’s highest level of decision-making authority, through the adoption of a resolution.
Commitments may be changed or lifted only by the City taking the same formal action that imposed the constraint originally. As of June 30, 2022, the City has committed fund balance in the amount of $265,801.
Of the committed fund balance, $54,804 was held in the Planning Cost Recovery Fund and $210,997 in the Geographic Information System Fund. The City established the Planning Cost Recovery Fund to separate the General Plan Recovery Fee that is collected with each building permit to cover the costs of ongoing implementation, monitoring, and maintenance of the GeneralPlan. • Assigned – comprises amounts intended to be used by the City for specific purposes that are neither restricted nor committed. Intent is expressed by (a) the City Council or (b) a body (for example: a budget or finance committee) or the City Manager to which the City Council has delegated the authority to assign amounts to be used for specific purposes.
• Unassigned – is the residual classification for the General Fund and residual fund deficits, if any, of other governmental funds. Unassigned amounts are technically available for any purpose.
In circumstances when an expenditure is made for a purpose for which amounts are available in multiple fund balance classifications, fund balance is generally depleted in the order of restricted, committed, assigned, and unassigned.
5.1.a
Packet Pg. 92
Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 61 City of San Ramon
Notes to Financial Statements
June 30, 2022
Fund balances for all the major and nonmajor governmental funds as of June 30, 2022, are as follows: GHAD - 2021 Pension Other General Dougherty Dougherty Obligation Capital Governmental Classifications Fund Valley Valley Fund COP #13 Bonds Improvements Funds Total Nonspendable Notes and loans and leases $ 76,922 $ - $ - $ - $ - $ - $ - $ 76,922 Prepaids 60,618 - - - - - - 60,618 Total nonspendable 137,540 - - - - - - 137,540 Restricted for Community development projects - - - - - - 1,801,267 1,801,267 Streets and roads projects - - 11,865,246 - - - 10,367,402 22,232,648 Developers related activities - - - - - - 1,494,103 1,494,103 Debt services - - - 957,466 7,711 - 1,700,546 2,665,723 Park and facilities projects - - - - - - 687,541 687,541 Lighting and landscape projects - - - - - - 3,774,890 3,774,890 Capital projects - - - - - 33,931,696 - 33,931,696 Police services - - - - - - 286,376 286,376 Solid waste projects - - - - - - 684,283 684,283 Housing projects - - - - - - 9,417,719 9,417,719 Total restricted - - 11,865,246 957,466 7,711 33,931,696 30,214,127 76,976,246 Committed to Community development projects - - - - - - 54,804 54,804 Capital projects - - - - - - 210,997 210,997 Total committed - - - - - - 265,801 265,801 Unssigned for Expenditure volatility 4,000,000 - - - - - - 4,000,000 Future revenue stabilization 10,700,000 - - - - - - 10,700,000 Remaining unassigned 9,001,140 (1,441,737) - - - - - 7,559,403 Total unassigned 23,701,140 (1,441,737) - - - - - 22,259,403 Total fund balances $ 23,838,680 $ (1,441,737) $ 11,865,246 $957,466 $ 7,711 $ 33,931,696 $ 30,479,928 $ 99,638,990 c) Policies
The City’s General Fund Reserve Policy requires the General Fund reserves to maintain a minimum of 36% of General Fund Operating Expenditures and the inclusion of the annual transfer payment from the General Fund to the Dougherty Valley Fund in the calculation. The reserve balance for the year ended June 30, 2022 was $23,701,140. The uses of these reserves are restricted unless approved by resolution of the City Council.
5.1.a
Packet Pg. 93
Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 62 City of San Ramon
Notes to Financial Statements
June 30, 2022
Note 11 - Pension Plans
The City reported pension amounts on the financial statements are follows: Net Deferred Deferred Pension Inflows of Outflows of Pension
Liability Resouces Resouces Expense Miscellaneous Agent Plan-City $ 12,609,234 $ 15,332,503 $ 26,375,236 $ 1,839,107 Safety Cost Sharing-City 1,308,301 1,257,977 9,684,391 (3,758,268) Miscellaneous Cost Sharing-DRFA 34,796 38,864 9,862 12,444 Safety Cost Sharing-DRFA 2,929,477 2,540,057 1,024,926 179,312 Total $ 16,881,808 $ 19,169,401 $ 37,094,415 $ (1,727,405) a) General Information about the PensionPlans
Plan Descriptions – All qualified permanent and probationary employees are eligible to participate in the City’s separate Safety (police) cost-sharing and Miscellaneous (all other) agent 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.
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.
5.1.a
Packet Pg. 94
Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 63 City of San Ramon
Notes to Financial Statements
June 30, 2022
The Plans’ provisions and benefits in effect at June 30, 2021 (measurement date), are summarized as follows:
Prior to Between July 1, 2012 and On or after Hire date July 1, 2012 January 1, 2013 January 1, 2013 Benefit formula 2.7% @ 55 2% @ 60 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 Normal retirement age 55 60 62 Monthly benefits, as a % of eligible compensation 2.0% to 2.7% 1.092% to 2.0% 1.0% to 2.0% Required employee contribution rates 7.57% 7.00% 6.25%
Required employer contribution rates (1) 11.540% 11.540% 11.540% Unfunded liability contribution (UAL) $21,558,228
(1) The unfunded liability contribution is the aggregate for all three Miscellaneous plans.
Prior to Between July 1, 2012 and On or after Hire date July 1, 2012 January 1, 2013 January 1, 2013 Benefit formula 3% @ 50 3% @ 55 2.7% @ 57 Benefit vesting schedule 5 years service 5 years service 5 years service Benefit payments monthly for life monthly for life monthly for life Normal retirement age 50 55 62 Monthly benefits, as a % of eligible compensation 3% 2.4% to 3.0% 2.0% to 2.7% Required employee contribution rates 9% 9% 13.750%
Required employer contribution rates 25.590% 22.470% 13.980% Unfunded liability contribution $4,938,819 $12,506 $7,276 Miscellaneous Safety Prior to Prior to Hire date July 1, 2012 July 1, 2012 Benefit formula 2% @ 60 3% @ 50 Benefit payments monthly for life monthly for life Normal Retirement age 60 50 Unfunded liability contribution $14,026 $1,187,871 Miscellaneous
Safety
Dougherty Regional Fire Authority (2)
(2) The DRFA was terminated on June 30, 1997. City of San Ramon share the contributions requirements with City of Dublin at 42.49%.
5.1.a
Packet Pg. 95
Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 64 City of San Ramon
Notes to Financial Statements
June 30, 2022
b) City’s Miscellaneous Agent Multiple-Employer Defined Benefit Pension Plan Employees Covered – As of the most recent June 30, 2020 actuarial valuation date, the following employees were covered by the benefit terms for the Miscellaneous (agent multiple-employer plan):
Miscellaneous
Inactive employees or beneficiaries currently receiving benefits 189 Inactive employees entitled to but not yet receiving benefits 215 Active employees 209
613
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 the July 1 following notice of a change in the rate. Funding contributions for the Plan are determined annually on an actuarial basis as of June 30 by CalPERS. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The City is required to contribute the difference between the actuarially determined rate and the contribution rate of employees.
For the measurement period ended June 30, 2021, the City's contributions to the Plan were $24,058,195.
5.1.a
Packet Pg. 96
Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 65 City of San Ramon
Notes to Financial Statements
June 30, 2022
Net Pension Liability
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 for each Plan is measured as of June 30, 2021, using an annual actuarial valuation as of June 30, 2020 rolled forward to June 30, 2021 using standard update procedures. A summary of principal assumptions and methods used to determine the net pension liability is shownbelow.
Changes in the Net Pension Liability
The changes in the Net Pension Liability for the Miscellaneous Plan at measurement date are as follows:
Total Pension Plan Fiduciary Net Pension
Liability Net Position Liability/(Asset)
Balance at June 30, 2020 $ 172,371,308 $ 139,122,257 $ 33,249,051 Changes in the Year Service cost 3,749,626 - 3,749,626 Interest on the total pension liability 12,228,073 - 12,228,073 Differences between expected and actual experience 628,393 - 628,393 Contribution - employer - 4,642,099 (4,642,099) Contribution - employees - 1,568,718 (1,568,718) Net investment income - 31,174,067 (31,174,067) Benefit payments, including refunds of employee Contributions (7,705,037) (7,705,037) - Administrative expenses - (138,975) 138,975 Net changes 8,901,055 29,540,872 (20,639,817) Balance at June 30, 2021 $ 181,272,363 $ 168,663,129 $ 12,609,234
5.1.a
Packet Pg. 97
Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 66 City of San Ramon
Notes to Financial Statements
June 30, 2022
Sensitivity of the Net Pension Liability to Changes in the Discount Rate – The following presents the net pension liability of the City for the Miscellaneous Plan, calculated using the discount rate for each 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 1% Decrease 6.15% Net Pension Liability $ 37,228,333 Current Discount Rate 7.15% Net Pension Liability $ 12,609,234
1% Increase 8.15%
Net Pension Liability $ (7,759,267)
Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions For the year ended June 30, 2022, the City recognized pension expense of $1,839,107. At June 30, 2022, 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 Pension contributions subsequent to measurement date $ 24,058,195 $ - Differences between actual and expected experience 2,317,041 - Net differences between Projected and Actual Earnings on Pension Plan Investments - (15,332,503)
Total $ 26,375,236 $ (15,332,503)
$24,058,195 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 year ended June 30, 2023.
Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized as pension expense as follows:
Year Ended Annual
June 30 Amortization
2023 $ (2,332,931)
2024 (2,809,951)
2025 (3,614,046)
2026 (4,258,534)
5.1.a
Packet Pg. 98
Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 67 City of San Ramon
Notes to Financial Statements
June 30, 2022
c) City’s Safety Cost-Sharing Multiple-Employer Defined Benefit Plan 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 the July 1 following notice of a change in the rate. Funding contributions for the Plan are determined annually on an actuarial basis as of June 30 by CalPERS. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The City is required to contribute the difference between the actuarially determined rate and the contribution rate of employees.
For the year ended June 30, 2022, the contributions recognized as part of pension expense for the Safety (costsharing plan) were as follows:
Tier 1 Tier 2 PEPRA Total
Contributions - employer $ 6,139,559 $ 752,708 $ 399,431 $ 7,291,698 Pension Liabilities, Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions – For purposes of measuring the net pension liability and deferred outflows/inflows of resources related to pensions and pensions expense, information about the fiduciary net position of the Plans and additions to/deductions from the Plans’ fiduciary net position have been determined on the same basis as they are reported by the CalPERS Financial Office. For this purpose, benefit payments (including refunds of employee contributions) are recognized when currently due and payable in accordance with the benefit terms. Investments are reported at fair value.
As of June 30, 2022, the City reported net pension liabilities of $1,308,301 for its proportionate shares of the net pension liability of the Plan.
The City’s net pension liability for the Plan is measured as the proportionate share of the net pension liability.
The net pension liability of the Plan is measured as of June 30, 2021, and the total pension liability for the Plan used to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2020 rolled forward to June 30, 2021 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 plan relative to the projected contributions of all participating employers, actuarially determined. The City’s proportionate share of the net pension liability for the Plan as of June 30, 2020 and 2021 measurement dates was as follows:
Safety
Proportion - June 30, 2020 0.13446%
Proportion - June 30, 2021 0.03728%
Change - Increase (Decrease) -0.09718%
5.1.a
Packet Pg. 99
Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 68 City of San Ramon
Notes to Financial Statements
June 30, 2022
For the year ended June 30, 2022, the City recognized a pension credit of $3,758,268. The reason for pension credit is related to higher-than-expected CalPERS investment earnings in FY 2021. At June 30, 2022, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the followingsources: Deferred Outflows Deferred Inflows of Resources of Resources Pension contributions subsequent to measurement date $ 7,291,698 $ - Differences between actual and expected experience 223,522 - Changes in assumptions - - Net differences between projected and actual earnings on plan investments - (778,690) Change in employer's proportion and differences between the employer’s contributions and the employer’s
proportionate share of contributions 2,169,171 (479,287) Total $ 9,684,391 $ (1,257,977) $7,291,698 was 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, 2023. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized as pension expense asfollows:
Year Ended Annual
June 30 Amortization
2022 $ 767,346
2023 458,864
2024 122,790
2025 (214,284)
Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount Rate – The following presents the City’s proportionate share of the net pension liability for each Plan, calculated using the discount rate 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 or 1-percentage point higher than the current rate:
Safety 1% Decrease 6.15%
Net Pension Liability $ 9,917,313 Current Discount Rate 7.15% Net Pension Liability $ 1,308,301
1% Increase 8.15%
Net Pension Liability $ (5,762,939)
5.1.a
Packet Pg. 100 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 69 City of San Ramon
Notes to Financial Statements
June 30, 2022
d) Dougherty Regional Fire Authority Cost-Sharing Multiple-Employer Defined Benefit Plans Dougherty Regional Fire Authority Background - In 1988, the cities of Dublin and San Ramon formed Dougherty Regional Fire Authority (DRFA), a Joint Powers Agency (JPA). The JPA provided fire services to all of Dublin and the southern portion of San Ramon. In 1997, the two cities decided to change how Fire Services would be provided in each City. As a result, JPA personnel were absorbed by the two new service providers pursuant to a mutual agreement. The JPA has remained intact to conclude the financial affairs of the entity. This includes residual retiree obligations and workers compensation liabilities. San Ramon's share of all DRFA close-out expenses, including retiree medical benefits, is 42.49% of the actual costs, with the City of Dublin paying 57.51% of the costs. The two cities have entered into a binding agreement to share these expenses on this basis. The City of San Ramon is presenting information only for its contractual share of the obligations.
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 the July 1 following notice of a change in the rate. Funding contributions for the Plan are determined annually on an actuarial basis as of June 30 by CalPERS. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The City is required to contribute the difference between the actuarially determined rate and the contribution rate of employees.
For the year ended June 30, 2022, the contributions recognized as part of pension expense for the DRFA Safety (cost-sharing plan) were as follows:
Miscellaneous Safety Total
Contributions - employer $ 5,960 $ 504,726 $ 510,686
Pension Liabilities, Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions – For purposes of measuring the net pension liability and deferred outflows/inflows of resources related to pensions and pensions expense, information about the fiduciary net position of the Plans and additions to/deductions from the Plans’ fiduciary net position have been determined on the same basis as they are reported by the CalPERS Financial Office. For this purpose, benefit payments (including refunds of employee contributions) are recognized when currently due and payable in accordance with the benefit terms. Investments are reported at fair value.
As of June 30, 2022, the City reported net pension liabilities of $34,796 and $2,929,477 for the Miscellaneous and Safety Plans, respectively, for its proportionate shares of the net pension liability of the Plans.
The City’s net pension liability for the Plans is measured as the proportionate share of the net pension liability.
The net pension liability of the Plans is measured as of June 30, 2021, and the total pension liability for the Plans used to calculate the net pension liability was determined by an actuarial valuation as of June 30, 2020 rolled forward to June 30, 2021 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 plan relative to the projected contributions of all participating employers, actuarially determined.
5.1.a
Packet Pg. 101 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 70 City of San Ramon
Notes to Financial Statements
June 30, 2022
The City’s proportionate share of the net pension liability for the Plans as of June 30, 2020 and 2021 measurement dates was as follows:
Miscellaneous Safety
Proportion - June 30, 2020 0.00137% 0.07469%
Proportion - June 30, 2021 0.00183% 0.08347%
Change - Increase (Decrease) 0.00047% 0.00878%
For the year ended June 30, 2022, the City recognized a pension expense of $12,444 and $179,312 for the Miscellaneous and Safety plans, respectively. At June 30, 2022, 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 Pension contributions subsequent to measurement date $ 5,960 $ - Differences between actual and expected experience 3,902 - Net differences between projected and actual earnings on plan investments - (30,375) Change in employer's proportion and differences between the employer’s contributions and the employer’s
proportionate share of contributions - (8,489) Total $ 9,862 $ (38,864) Deferred Outflows Deferred Intflows of Resources of Resources Pension contributions subsequent to measurement date $ 504,726 $ - Differences between actual and expected experience 500,499 - Net differences between projected and actual earnings on plan investments - (1,743,602) Change in employer's proportion and differences between the employer’s contributions and the employer’s
proportionate share of contributions 19,701 (796,455) Total $ 1,024,926 $ (2,540,057) Miscellaneous
Safety
$5,960 and $504,726 were 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 year ended June 30, 2023.
5.1.a
Packet Pg. 102 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 71 City of San Ramon
Notes to Financial Statements
June 30, 2022
Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized as pension expense as follows:
Year Ended Annual Year Ended Annual
June 30 Amortization June 30 Amortization
2023 $ (9,708) 2023 $ (544,241)
2024 (8,829) 2024 (521,217)
2025 (8,031) 2025 (474,585)
2026 (8,394) 2026 (479,814)
Miscellaneous Safety
Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount Rate – The following presents the City’s proportionate share of the net pension liability for each Plan, calculated using the discount rate 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 or 1-percentage point higher than the current rate: Miscellaneous Safety 1% Decrease 6.15% 1% Decrease 6.15% Net Pension Liability $ 61,789 Net Pension Liability $ 5,240,349 Current Discount Rate 7.15% Current Discount Rate 7.15% Net Pension Liability $ 34,796 Net Pension Liability $ 2,929,477 1% Increase 8.15% 1% Increase 8.15%
Net Pension Liability $ 12,482 Net Pension Liability $ 1,031,381
5.1.a
Packet Pg. 103 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 72 City of San Ramon
Notes to Financial Statements
June 30, 2022
e) Information Common to the Miscellaneous and Safety Plans Actuarial Assumptions – For the measurement period ended June 30, 2021, the total pension liabilities were determined by rolling forward the June 30, 2020 total pension liability based on the following actuarial methods and assumptions: Miscellaneous & Safety Valuation Date June 30, 2020 Measurement Date June 30, 2021 Actuarial Cost Method Entry-Age Normal Cost Method Actuarial Assumptions Discount rate 7.15% Inflation 2.50%
Payroll growth 2.75%
Projected salary increase Varies by Entry Age and Service Investment rate of return 7.15% (1) Mortality Derived using CalPERS Membership Data for all Funds (2) Post retirement benefit increase Contract COLA up to 2.00% until Purchasing Power Protection Allowance Floor on Purchasing Power applies 2.50% thereafter. (1) Net of pension plan investment and administrative expenses, including inflation (2) The mortality table used was developed based on CalPERS' specific data. The table includes 15 years of mortality improvements using the Society of Actuaries Scale 90% of scale MP 2016. For more details on this table, please refer to the December 2017 experience study report (based on CalPERS demographic data from 1997 to 2015) that can be found on the CalPERS website.
Discount Rate – The discount rate used to measure the total pension liability for each Plan was 7.15%. 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.
5.1.a
Packet Pg. 104 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 73 City of San Ramon
Notes to Financial Statements
June 30, 2022
The long-term expected rate of return on pension plan investments was determined using a building-block method in which best-estimate ranges of 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 returns of 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 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 equivalent to the single equivalent rate calculated above and adjusted to account for assumed administrativeexpenses.
The table below reflects the 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 rates of return are net of administrative expenses. New Strategic Real Return Real Return Asset Class (a) Allocation Years 1 - 10(b) Years 11+(c) Global Equity 50.0% 4.80% 5.98% Fixed Income 28.0% 1.00% 2.62%
Inflation Assets 0.0% 0.77% 1.81%
Private Equity 8.0% 6.30% 7.23%
Real Assets 13.0% 3.75% 4.93%
Liquidity 1.0% 0.00% -0.92%
100%
(a) In the System's financial statements, Fixed Income is included in Global Debt Securities; Liquidity is included in Short-term Investments; Inflation Assets are included in both Global Equity Securities and Global Debt Securities. (b) An expected inflation of 2.0% used for this period. (c) An expected inflation of 2.92% used for this period.
5.1.a
Packet Pg. 105 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 74 City of San Ramon
Notes to Financial Statements
June 30, 2022
Pension Plan Fiduciary Net Position – Detailed information about each pension plan’s fiduciary net position is available in the separately issued CalPERS financial reports In January 2018, the City established a Section 115 Pension Trust with Public Agency Retirement Services (PARS).
PARS, the trust administrator, partners with U.S. Bank and High Mark Capital Management to provide trustee and investment advisory services, respectively. This trust was established to set aside moneys to meet the City’s future pension contributions or unfunded liabilities. Financial statements of PARS may be obtained from PARS, 4350 Von Karman Avenue, Suite 100, Newport Beach, CA 92660.
Note 12 - Post-Employment Health Care Benefits – Dougherty Regional Fire Authority The City provides certain health care benefits for Dougherty Regional Fire Authority retirees as required under contract signed with PERS and the dissolution agreement of the Authority. The cost of retiree health care benefits is recognized as expenditure as premiums are paid. For the year ended June 30, 2022, those cost totaled $69,293. See Note 13 for additional disclosures on the City retiree health care benefits.
Note 13 - Post-Employment Healthcare Plan
Plan Description
The City administers an agent multiple-employer defined benefit healthcare plan (the plan) which provides medical insurance benefits to eligible retirees and their spouses in accordance with various labor agreements.
The City reports the financial activity of the plan as a trust fund, and no separate financial report is prepared.
Funding Policy and Benefits Provided: The contribution requirements of plan members and the City are established and may be amended by the City Council. The required contribution is based on projected pay-asyou-go financing requirements, with an additional amount to prefund benefits as determined annually by the City Council. For fiscal year 2021-2022, the City contributed $1,509,925 for current premiums (90% of total premiums). Plan members receiving benefits contributed $168,563 (approximately 10% of total premiums) through their required contribution. The City pays up to the entire cost of health benefits for eligible retirees and their spouses until age 65 subject to the City’s vesting schedule. After age 65, the City pays up to $443 per month (2020 rate, 2% annual increase) for any health coverage, also subject to the vesting schedule. The Plan does not issue separate financial statements.
Employees Covered by Benefit Terms: Employees are eligible for retiree health benefits if they retire from the City on or after age 50 with at least 4 years of service and are eligible for a PERS pension. Membership of the plan consisted of the following as of the measurement date June 30, 2021:
Retirees 192
Active plan members 272
464
5.1.a
Packet Pg. 106 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 75 City of San Ramon
Notes to Financial Statements
June 30, 2022
Net OPEB Liability
Actuarial Methods and Assumptions: The City’s net OPEB liability was measured as of June 30, 2021 and the total OPEB liability used to calculate the net OPEB liability was determined by actuarial valuation dated June 30, 2021 that was used to determine the total OPEB liability as of June 30, 2021, based on the following actuarial methods and assumptions: Actuarial Assumptions Valuation Date June 30, 2021 Measurement Date June 30, 2021 Actuarial Cost Method Entry Age Normal Cost, level percent of pay Actuarial Assumptions: Discount Rate 7.11% Inflation 5.50% Mortality Rate Rates based on the statistics taken from the 2017 CalPERS experience study. The mortality rates include an assumed improvement in future mortality based on Scale BB projected to 2028. Healthcare Trend Rate 6.00% - 7.00%
The long-term expected rate of return on OPEB plan investments was determined using a building- block method in which expected future real rates of return (expected returns, net of OPEB plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table:
Long-Term
Target Expected Real Asset Class Allocation Rate of Return Global Equities 40.0% 6.80% U.S. Fixed Income 43.0% 3.10%
Treasury Inflation-Protected Securities 5.0% 2.25%
Real Estate Investment Trusts 8.0% 5.50%
Commodities 4.0% 3.50%
100%
5.1.a
Packet Pg. 107 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 76 City of San Ramon
Notes to Financial Statements
June 30, 2022
Discount Rate
The discount rate used to measure the total OPEB liability was 7.11%. The projection of cash flows used to determine the discount rate assumed that City contributions will be made at rates equal to the actuarially determined contribution rates. Based on those assumptions, the OPEB plan’s fiduciary net position was projected to be available to make all projected OPEB payments for current active and inactive employees and beneficiaries. Therefore, the long-term expected rate of return on OPEB plan investments was applied to all periods of projected benefit payments to determine the total OPEBliability.
Changes in Net OPEB Liability
The changes in the net OPEB liability were as follows:
Total OPEB Plan Fiduciary Net OPEB
Liability Net Position Liability
(a) (b) (a) - (b)
Balance at June 30, 2020 $ 34,128,054 $ 32,789,464 $ 1,338,590 Changes Recognized for the Measurement Period
Service cost 1,006,540 - 1,006,540
Interest on the total OPEB liability 2,217,350 - 2,217,350 Differences between expected and actual experience 2,049,882 - 2,049,882 Changes of assumptions (2,475,853) - (2,475,853)
Benefit payments (2,043,050) (2,043,050) -
Contributions from the employer - 2,343,050 (2,343,050) Net investment income - 6,444,525 (6,444,525)
Administrative expenses - (17,757) 17,757
Net changes 754,869 6,726,768 (5,971,899)
Balance at June 30, 2021 (Measurement Date) $ 34,882,923 $ 39,516,232 $ (4,633,309) Increase (Decrease)
Sensitivity of Net OPEB Liability to Changes in the Discount Rate and Healthcare Cost Trend Rates The following presents the net OPEB liability (asset) of the City, as well as what the City's net OPEB asset would be if it were calculated using a discount rate that is 1-percentage-point higher or net OPEB liability if it were calculated using a discount rate this is 1- percentage-point lower than the current discount rate:
Discount Rate -1% Current Discount Rate Discount Rate +1%
6.11% 7.11% 8.11%
$ (626,430) $ (4,633,309) $ (7,980,099)
Net OPEB Liability/(Asset)
5.1.a
Packet Pg. 108 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 77 City of San Ramon
Notes to Financial Statements
June 30, 2022
The following presents the net OPEB liability (asset) of the City, as well as what the City's net OPEB asset would be if it were calculated using healthcare cost trend rates that 1-percentage-point lower or net OPEB liability would be if it were calculated using a healthcare cost trend rate that is 1-percentage-point higher than the current discount rate:
Current Healthcare Cost
1% Decrease Trend Rates 1% Increase
6.00% 7.00% 8.00%
$ (8,282,096) $ (4,633,309) $ (225,850)
Net OPEB Liability/(Asset)
OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB For the year ended June 30, 2022, the City recognized OPEB expense of $299,585. At June 30, 2022, the City reported deferred outflows and inflows of resources related to OPEB from the following sources: Deferred Outflows Deferred Inflows of Resources of Resources Employer contributions made subsequent to the measurement date $ 2,339,603 $ - Differences between actual and expected experience 1,870,676 - Changes of assumptions 469,673 (2,119,101) Net differences between projected and actual earnings on plan investments - (3,351,737)
Total $ 4,679,952 $ (5,470,838)
$2,339,603 reported as deferred outflows of resources related to contributions subsequent to the measurement date will be recognized as a reduction of the OPEB liability in the year ended June 30, 2023. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized as part of OPEB expense as follows:
Year Ended Annual June 30 Amortization
2023 $ (777,750) 2024 (792,226) 2025 (750,990) 2026 (807,611) 2027 55,785 Thereafter (57,697)
5.1.a
Packet Pg. 109 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 78 City of San Ramon
Notes to Financial Statements
June 30, 2022
Note 14 - Risk Management
Description of Participation in the Municipal Pooling Authority The City is exposed to various risks of loss related to torts; theft or damage to, and destruction of assets; natural disasters; errors and omissions; injury to employees; and unemployment claims. The City is a member of the Municipal Pooling Authority (MPA). MPA is comprised of over 20 California member cities and other local agencies and is organized under a Joint Powers Agreement pursuant to the California Government Code. The purpose of the MPA is to arrange and administer programs of insurance for the pooling of self-insured losses and to purchase excess insurance coverage. Each member city has a representative on the Board of Directors.
The accounting methods used by the MPA are further described at Note 1(m).
The City pays an annual premium to the MPA for its Liability ($29 million coverage, $5,000 deductible), Fire and Property ($1 billion coverage, $25,000 deductible all-risk and copper claims, $150,000 deductible water intrusions claims, $100,000 minimum deductible flood claims per occurrence, except Zone A & V, which have $250,000 minimum deductible and $25 million limit, others $25,000 deductible), Auto ($250,000 coverage; police $3,000 deductible; all others $2,000 deductible), Workers’ Compensation (Statutory limit, workers compensation liability equals $4.5 million, $500,000 insured retention, zero deductible), Cyber Liability ($2 million coverage, $50,000 deductible), Pollution Liability ($1 million per pollution condition, $100,000 deductible), and Boiler & Machinery ($100 million, $5,000 deductible). The Agreement provides that the MPA will be self-sustaining through member premiums and assessments. The MPA purchases commercial insurance in excess of those amounts covered by the MPA’s self-insurancepool.
There have been no significant reductions in any of the City's areas of insurance coverage and no settlement amounts have exceeded coverage in the past three years. Audited financial information can be obtained from the MPA at 1911 San Miguel Drive, Walnut Creek, CA 94596 and the latest audited annual financial information are available online at https://www.mpa-nc.com/.
Liability for Uninsured Claims
The City provides for the uninsured portion of claims and judgments in the General Fund and Insurance Liability Fund. Claims and Judgments, including a provision for claims incurred but not reported, are recorded when a loss is deemed probable of assertion and the amount of the loss is reasonably determinable. The City’s liability for uninsured claims at June 30, 2022 was estimated by management and based on MPA’s claims experience, and was computed as follows: Claims Liability
Beginning claims payable balance $ 96,290
Claims incurred in current year 180,623
Claims paid (174,785)
Ending claims payable balance $ 102,128
Current portion $ 102,128
5.1.a
Packet Pg. 110 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 79 City of San Ramon
Notes to Financial Statements
June 30, 2022
Note 15 - Developer Agreements and Tax Sharing Agreements a) Bishop RanchAgreement
In November 1987, the City entered into an annexation and development agreement with Sunset Development Company (et al.) relative to the development known as Bishop Ranch. The agreement was subsequently amended eight different times (September 1991, September 1996, April 1998, May 2002, January 2008, December 2008, December 2009, and August 2014). The agreement and amendments outline provisions for the development of the 585-acre business park community known as Bishop Ranch. The development included the installation of numerous public improvements that serve both the project and adjoining areas of the City.
In the Third Amendment dated April 14, 1998, the developer of Bishop Ranch agreed to dedicate 11.19 acres of land to the City when building permits are obtained for the fourth office building of the BR #3 office project by June 30, 2001, whichever shall occur first. This transaction was consummated on June 29, 2001. The use of the property is restricted by the development agreement and limited to the development of public buildings. If the City elected to sell or transfer any or all of its interests in the property at any time before December 31, 2010, the developer had the right to purchase the property from the City for $5,000,000 (with a consumer price index escalation clause) plus the actual out-of-pocket costs incurred by the City in constructing improvements to the property. If the City did not commence construction of a civic center complex on the property by December 31, 2010, the developer had until July 1, 2011 to repurchase the property under the same terms as the preDecember 31, 2010 right to purchase clause.
The Fifth Amendment dated January 25, 2008 was entered into in connection with the approval of the City Center Project and contained a termination clause if certain property transfers between the Bishop Ranch ownership and the City, for construction of the City Center Project, did not occur prior to January 1, 2010.
In the Seventh Amendment dated December 15, 2009, the termination date was extended to January 1, 2015, and Sunset’s right to exercise its option for reacquisition of the dedicated land was extended to July 1, 2015.
The Eighth Amendment dated August 13, 2014 was entered into to incorporate the amended City Center approvals into the Project, vest the rights to proceed with development of the City Center Project on portions of the project site covered by the development agreement, and to clarify the transfer of ownership, thus ensuring the terms of the development agreement, and all its amendments, were extended to December 31, 2020. On January 21, 2020, the Ninth Amendment was executed, extending the Development Agreement to December 31, 2025.
The CityWalk Master Plan was approved on September 8, 2020. With the long-term buildout of the CityWalk Master Plan, the City and Bishop Ranch entered into three development agreements, specific to the three development areas BR 1A, BR 3A and BR 2600. The Agreements replaced the prior Agreements with the exception of BR 1B, which remains with the current property owner under the prior City Center Approval for Medical Office Use. The Agreements are identical for each property, with minor changes to address individual ownership, to allow the individual ownerships to proceed independently without the need to seek approval from other property owners within the CityWalk project or their respective lenders. As negotiated, the Agreements have terms of 25 years, and provide the vested right that the project may proceed independently in accordance with the terms and conditions of the project approvals.
5.1.a
Packet Pg. 111 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 80 City of San Ramon
Notes to Financial Statements
June 30, 2022
b) Bishop Ranch Tax Exchange Agreement with Contra Costa County On June 3, 1986 pursuant to resolutions adopted by the City Council of the City San Ramon and the Board of Supervisors of the County of Contra Costa, the City and County entered into the Master Property Tax Exchange Agreement for Allocation of Property Tax between the two agencies upon annexations of County Service Area to the City (LAFCO Nos 87-58 and 87-60).
On December 1, 1987, the City and County entered into the first amendment to the Master Agreement to specify provisions which govern the administration of property, sales, and transient occupancy taxes and for the sharing of tax revenues in the 585-acre business park known as the Bishop Ranch.
On July 24, 2007, a second amendment was made to exclude the residential component of the City Center Project from provisions of the Master Property Tax Exchange Agreement for a period of 25 years. The second amendment terminated automatically on November 2, 2010 when construction of the City Center Project was delayed by the economic downturn.
On June 14, 2016, a third amendment was made to continue the operative terms of the second amendment to exclude residential units from the tax sharing formula and facilitate the development of jobs and housing in the revised City Center Project area.
The agreement provides that the property tax revenue allocation to the City for parcels in the Bishop Ranch business park would be reduced by 50% of the total sales and transient occupancy taxes collected in the Bishop Ranch area. The agreement limits the amount of property tax revenues transferred to the County to the amount of property taxes allocable to the City for the Bishop Ranch area. During fiscal year 2022, the amount of property taxes received by the Contra Costa County under the agreement was$1,444,231. c) Dougherty Valley Development Memorandum of Understanding On October 15, 1997, the City entered into a Memorandum of Understanding with Contra Costa County, Shapell Industries, and Windermere Partners related to the development of Dougherty Valley, an area on the eastern borders of the City. The Memorandum of Understanding is an instrument of compliance with a May 11, 1994 settlement agreement. Under the Memorandum of Understanding, the City will be annexed land that included up to approximately 11,000 housing units. Contra Costa County has established a County Service Area assessment district in Dougherty Valley that is intended to pay for a variety of municipal services including police protection, and street and park maintenance. The City will be providing service in the area, and under the agreement will be reimbursed for a portion of those services from the County Service Area Assessment. Under the agreement, the City is required to separately track the costs of services in the Dougherty Valley Area, and submit claims for reimbursements for costs from the County. On December 13, 2005, the City Council approved the formal reimbursementagreement.
5.1.a
Packet Pg. 112 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 81 City of San Ramon
Notes to Financial Statements
June 30, 2022
d) Property Tax Sharing with San Ramon Valley Fire Protection District On September 28, 2007 the City of San Ramon and San Ramon Valley Fire Protection District (District) entered into a property tax sharing agreement related to development of City Center Project. The agreement provides a formula for sharing of property tax revenue between the District and the City. During fiscal year 2020-21, the City did not receive payments due to a new interagency agreement authorized on May 26, 2020 for the Joint Public Safety Complex. Refer to the disclosure at Note # 16. e) Use Tax Sharing Agreement with San Ramon Valley Fire Protection District On November 25, 2014, the City and San Ramon Valley Fire Protection District (District) entered into an agreement whereby the City agreed to share with the District, on a 50/50 basis, the additional amount of California state use tax received by the City and attributable to use tax paid directly by the District to the California State Board of Equalization on purchases from out-of-state vendors. f) PG&E Energy Efficiency Retrofit Loan Program
On April 7, 2017, the City entered into an Energy Efficiency Retrofit On-Bill financing loan agreement with Pacific Gas & Electric (PG&E) for the cost of energy efficiency/demand response equipment and services to upgrade and repair the current HVAC Mechanical System and Window Inserts and re-lamp the current lighting fixtures to LED. In lieu of actual payments, the zero-interest bearing loan, which totaled $1,051,893, will be repaid through energy savings reflected on the City’s PG&E utility bills. As of June 30, 2022, the outstanding loan amount was $712,980.
Note 16 - Contingencies and Commitments
In the normal course of operations, the City has been named as a defendant in various claims and legal actions.
In the opinion of management and legal counsel, the ultimate liability for these legal actions and claims will not have a material adverse effect on the City’s basic financial statements.
The City participates in Federal and State grant programs. These programs are subject to examination by the grantors and the amount, if any, of expenditures, which may be disallowed by the granting agencies, cannot be determined at this time. The City expected such amounts, if any, to be immaterial.
5.1.a
Packet Pg. 113 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 82 City of San Ramon
Notes to Financial Statements
June 30, 2022
Note 17 - Restatement
The City adopted GASB Statement No. 87, Leases (GASB 87). As a result of the implementation of GASB Statement No. 87, Leases, the City restated the fund balance of the general fund as of July 1, 2021, as follows: Governmental Activities Government-Wide Financial Statements Net position - beginning $ 420,363,884 Leases receivable 3,334,099 Deferred inflows of resources related to leases (3,334,099) Net position - beginning as restated $ 420,363,884 General Fund Governmental Funds Fund Balance - beginning $ 19,221,260 Leases receivable 3,334,099 Deferred inflows of resources related to leases (3,334,099) Fund balance - beginning as restated $ 19,221,260
5.1.a
Packet Pg. 114 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) eidebailly.com
Required Supplementary Information
June 30, 2022
City of San Ramon
5.1.a
Packet Pg. 115 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Required Supplementary Information 83
City of San Ramon
City’s Miscellaneous Plan – Schedule of Changes in the Net Position Liability and Related Ratios Agent Multiple-Employer Defined Pension Plan - Last 10 Years Year Ended June 30, 2022
Fiscal Year* 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 6/30/2022 Measurement Date * 6/30/2014 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 Total Pension Liability
Service cost $ 3,065,874 $ 2,878,989 $ 3,098,911 $ 3,476,565 $ 3,525,409 $ 3,755,429 $ 3,722,031 $ 3,749,626 Interest ontotal pension liability 7,616,515 8,236,308 8,844,191 9,359,296 9,984,181 10,758,879 11,595,929 12,228,073 Changes of assumptions - (2,125,794) - 8,124,508 (1,264,366) - - - Differences between expected and actual experience - 859,787 269,589 (926,508) 1,712,222 2,415,967 3,309,316 628,393 Benefit payments, including refunds of
employee contributions (3,016,709) (3,407,918) (3,689,418) (4,392,615) (4,744,359) (5,666,944) (6,532,902) (7,705,037) Net Change in Total Pension Liability 7,665,680 6,441,372 8,523,273 15,641,246 9,213,087 11,263,331 12,094,374 8,901,055 Total Pension Liability - Beginning 101,528,945 109,194,625 115,635,997 124,159,270 139,800,516 149,013,603 160,276,934 172,371,308 Total Pension Liability - Ending (a) $ 109,194,625 $ 115,635,997 $ 124,159,270 $ 139,800,516 $ 149,013,603 $ 160,276,934 $ 172,371,308 $ 181,272,363 Plan Fiduciary Net Position
Contributions - employer $ 2,161,339 $ 2,324,159 $ 2,609,080 $ 2,762,063 $ 2,994,787 $ 3,438,169 $ 3,979,613 $ 4,642,099 Contributions - employee 1,685,116 1,335,799 1,411,367 1,418,316 1,499,052 1,528,829 1,545,644 1,568,718 Net investment income 15,156,953 2,250,869 542,297 11,717,164 9,797,196 8,271,435 6,651,048 31,174,067 Benefit payments, including refunds of
employee contributions (3,016,709) (3,407,918) (3,689,418) (4,392,615) (4,744,359) (5,666,944) (6,532,902) (7,705,037) Net plan to plan resource movement - 18 - 3,951 (291) - - - Administrative expense - (118,214) (63,996) (156,230) (182,581) (90,049) (188,438) (138,975) Other miscellaneous Income/ (expense) - - - - (346,724) 291 - - Net change in Fiduciary Net Position 15,986,699 2,384,713 809,330 11,352,649 9,017,080 7,481,731 5,454,965 29,540,872 Plan Fiduciary Net Position - Beginning 86,635,090 102,621,789 105,006,502 105,815,832 117,168,481 126,185,561 133,667,292 139,122,257 Plan Fiduciary Net Position - Ending (b) $ 102,621,789 $ 105,006,502 $ 105,815,832 $ 117,168,481 $ 126,185,561 $ 133,667,292 $ 139,122,257 $ 168,663,129 Net Pension Liability - Ending (a)-(b) $ 6,572,836 $ 10,629,495 $ 18,343,438 $ 22,632,035 $ 22,828,042 $ 26,609,642 $ 33,249,051 $ 12,609,234 Plan Fiduciary Net Position as a Percentage of the
Total Pension Liability 93.98% 90.81% 85.23% 83.81% 84.68% 83.40% 80.71% 93.04% Covered Payroll 15,815,866 16,576,119 17,838,272 18,178,704 18,746,192 20,066,378 22,294,661 20,298,340 Net Pension Liability as Percentage of Covered Payroll 41.56% 64.13% 102.83% 124.50% 121.77% 132.61% 149.13% 62.12% Discount Rate 7.65% 7.65% 7.15% 7.15% 7.15% 7.15% 7.15% 7.15% *Fiscal year 2015 was the 1st year of implementation.
5.1.a
Packet Pg. 116 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 See Notes to Required Supplementary Information 84
City of San Ramon
City’s Miscellaneous Plan - Last 10 Years - Schedule of Contributions an Agent Multiple-Employer Defined Pension Plan Year Ended June 30, 2022
Fiscal Year* 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 6/30/2022 Actuarially Determined Contribution $ 2,230,199 $ 2,601,374 $ 2,755,597 $ 1,970,001 $ 3,436,541 $ 3,979,422 $ 4,640,927 $ 24,058,195 Contributions in Relation to the
Actuarially Determined Contributions (2,230,199) (2,601,374) (2,755,597) (1,970,001) (3,436,541) (3,979,422) (4,640,927) (24,058,195) Contribution Deficiency (Excess) $ - $ - $ - $ - $ - $ - $ - $ - Covered Payroll $ 16,576,119 $ 17,838,272 $ 18,178,704 $ 18,746,192 $ 20,066,378 $ 22,294,661 $ 20,298,340 $ 20,763,505 Contributions as a Percentage of
Covered Payroll 13.45% 14.58% 15.16% 10.51% 17.13% 17.85% 22.86% 115.87% Notes to Schedule
Valuation Date: 6/30/2013 6/30/2014 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019 6/30/2020 *Fiscal year 2015 was the 1st year of implementation.
5.1.a
Packet Pg. 117 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 See Notes to Required Supplementary Information 85
City of San Ramon
City’s Safety Plan – Schedule of the Plan’s Proportionate Share of the Net Pension Liability and Related Ratios as of the Measurement Date Cost-Sharing MultipleEmployer Defined Pension Plan - Last 10 Years Year Ended June 30, 2022
Fiscal Year* 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 6/30/2022 Measurement Date 6/30/2014 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 Safety - Total
Proportion of the Net Pension Liability (Asset) 0.05854% 0.93720% 0.97490% 0.10633% 0.10888% 0.11920% 0.13446% 0.03728% Proportion Share of the Net Pension Liability (Asset) $ 3,642,576 $ 3,861,735 $ 5,049,024 $ 6,353,412 $ 6,388,323 $ 7,441,007 $ 8,958,459 $ 1,308,301 Covered Payroll $ 7,069,736 $ 7,654,536 $ 8,472,705 $ 8,940,160 $ 9,293,702 $ 10,002,895 $ 9,896,996 $ 9,923,524 Proportionate Share of the Net Pension Liability/(Asset) as a Percentage of its Covered Payroll 51.52% 50.45% 59.59% 71.07% 68.74% 74.39% 90.52% 13.18% Plan's Fiduciary Net Position as a Percentage of the Total Pension Liability 78.82% 78.40% 74.06% 73.31% 75.26% 73.37% 73.10% 86.61% Discount Rate 7.65% 7.65% 7.15% 7.15% 7.15% 7.15% 7.15% 7.15% *Fiscal year 2015 was the 1st year of implementation.
5.1.a
Packet Pg. 118 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 See Notes to Required Supplementary Information 86
City of San Ramon
City’s Safety Plan – Schedule of Contribution Cost-Sharing Multiple-Employer Defined Pension Plan – Last 10 Years Year Ended June 30, 2022
Fiscal Year* 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 6/30/2022 Safety
Actuarially Determined Contribution $ 2,070,229 $ 1,750,732 $ 1,870,592 $ 2,035,346 $ 2,319,120 $ 2,450,995 $ 2,690,755 $ 7,291,698 Contributions in Relation to the Actuarially Determined Contributions (2,070,229) (1,750,732) (1,870,592) (2,035,346) (2,319,120) (2,450,995) (2,690,755) (7,291,698) Contribution Deficiency (Excess) $ - $ - $ - $ - $ - $ - $ - $ - Covered Payroll $ 7,654,536 $ 8,472,705 $ 8,940,160 $ 9,293,702 $ 10,002,895 $ 9,896,996 $ 9,923,524 $ 10,791,517 Contributions as a Percentage of Covered Payroll 27.05% 20.66% 20.92% 21.90% 23.18% 24.77% 27.11% 67.57% *Fiscal year 2015 was the 1st year of implementation.
5.1.a
Packet Pg. 119 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 See Notes to Required Supplementary Information 87
City of San Ramon
Dougherty Regional Fire Authority - Miscellaneous Plan – Schedule of the Plan’s Proportionate Share of the Net Pension Liability and Related Ratios as of the Measurement date Cost-Sharing Multiple-Employer Defined Pension Plan – Last 10 Years Year Ended June 30, 2022
Fiscal Year* 6/30/2016 6/30/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 6/30/2022 Measurement Date 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 Miscellaneous - Total
Proportion of the Net Pension Liability (Asset) 0.00328% 0.00321% 0.00138% 0.00141% 0.00139% 0.00137% 0.00183% Proportion Share of the Net Pension Liability (Asset) $ 90,064 $ 111,562 $ 54,228 $ 53,225 $ 55,550 $ 57,567 $ 34,796 Covered Payroll $ - $ - $ - $ - $ - $ - $ -
Plan's Fiduciary Net Position as a Percentage of the Total Pension Liability 78.40% 74.06% 73.31% 75.26% 73.37% 75.10% 90.49% Discount Rate 7.65% 7.15% 7.15% 7.15% 7.15% 7.15% 7.15% *Fiscal year 2015 was the 1st year of implementation.
5.1.a
Packet Pg. 120 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 See Notes to Required Supplementary Information 88
City of San Ramon
Dougherty Regional Fire Authority - Miscellaneous Plan – Schedule of Contribution Cost-Sharing Multiple-Employer Defined Pension Plan – Last 10 Years Year Ended June 30, 2022
Fiscal Year* 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 6/30/2022 Miscellaneous
Actuarially Determined Contribution $ - $ 1,917 $ 4,021 $ 4,021 $ 5,093 $ 5,338 $ 7,091 $ 5,960 Contributions in Relation to the Actuarially Determined Contributions - (1,917) (4,021) (4,021) (5,093) (5,338) (7,091) (5,960) Contribution Deficiency (Excess) $ - $ - $ - $ - $ - $ - $ - $ - *Fiscal year 2015 was the 1st year of implementation.
5.1.a
Packet Pg. 121 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 See Notes to Required Supplementary Information 89
City of San Ramon
Dougherty Regional Fire Authority - Safety Plan – Schedule of the Plan’s Proportionate Share of the Net Pension Liability and Related Ratios as of the Measurement Date Cost-Sharing Multiple-Employer Defined Pension Plan – Last 10 Years Year Ended June 30, 2022
Fiscal Year* 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 6/30/2022 Measurement Date 6/30/2014 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 Safety - Total
Proportion of the Net Pension Liability (Asset) 0.04919% 0.06207% 0.06921% 0.07039% 0.07383% 0.07562% 0.07469% 0.08347% Proportion Share of the Net Pension Liability (Asset) $ 1,845,018 $ 2,557,717 $ 3,584,354 $ 4,205,831 $ 4,331,776 $ 4,720,832 $ 4,976,352 $ 2,929,477 Covered Payroll $ - $ - $ - $ - $ - $ - $ - $ -
Plan's Fiduciary Net Position as a Percentage of the Total Pension Liability 78.82% 78.40% 74.06% 73.31% 75.26% 73.37% 73.10% 86.61% Discount Rate 7.65% 7.65% 7.15% 7.15% 7.15% 7.15% 7.15% 7.15% *Fiscal year 2015 was the 1st year of implementation.
5.1.a
Packet Pg. 122 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 See Notes to Required Supplementary Information 90
City of San Ramon
Dougherty Regional Fire Authority - Safety Plan – Schedule of Contribution Cost-Sharing Multiple-Employer Defined Pension Plan – Last 10 Years Year Ended June 30, 2022
Fiscal Year Ended June 30* 2015 2016 2017 2018 2019 2020 2021 2022 Safety
Actuarially Determined Contribution $ 1,525 $ 47,093 $ 85,493 $ 139,401 $ 383,069 $ 462,099 $ 613,092 $ 504,726 Contributions in Relation to The Actuarially Determined Contributions (1,525) (47,093) (85,493) (139,401) (383,069) (462,099) (613,092) (504,726) Contribution Deficiency (Excess) $ - $ - $ - $ - $ - $ - $ - $ - *Fiscal year 2015 was the 1st year of implementation.
5.1.a
Packet Pg. 123 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 See Notes to Required Supplementary Information 91
City of San Ramon
Schedule of Changes in the Net OPEB Liability and Related Ratios – Retiree Medical Benefits (OPEB) Plan – Last 10 Fiscal Years Year Ended June 30, 2022
Fiscal Year * 6/30/2018 6/30/2019 6/30/2020 6/30/2021 6/30/2022 Measurement Date 6/30/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 Total OPEB Liability Service cost $ 1,184,356 $ 1,261,339 $ 1,430,642 $ 979,601 $ 1,006,540 Interest 1,731,659 1,855,327 1,983,605 2,133,805 2,217,350 Differences between expected and actual experience - - 185,869 - 2,049,882 Changes of assumptions - - 751,478 - (2,475,853) Benefit payments (1,051,859) (1,112,432) (1,512,507) (1,667,043) (2,043,050) Net Change in Total OPEB Liability 1,864,156 2,004,234 2,839,087 1,446,363 754,869 Total OPEB Liability - Beginning 25,974,214 27,838,370 29,842,604 32,681,691 34,128,054 Total OPEB Liability - Ending (a) $ 27,838,370 $ 29,842,604 $ 32,681,691 $ 34,128,054 $ 34,882,923 Plan Fiduciary Net Position Contributions - employer 2,533,034 232,648 1,512,507 1,667,043 2,343,050 Net investment income 1,851,190 1,734,983 2,047,647 1,685,464 6,444,525 Administrative expense (12,850) (14,425) (14,388) (15,625) (17,757) Benefit payments (1,051,859) (1,112,432) (1,512,507) (1,667,043) (2,043,050) Net Change in Plan Fiduciary Net Position 3,319,515 840,774 2,033,259 1,669,839 6,726,768 Plan Fiduciary Net Position - Beginning 24,926,077 28,245,592 29,086,366 31,119,625 32,789,464 Plan Fiduciary Net Position - Ending (b) 28,245,592 29,086,366 31,119,625 32,789,464 39,516,232 Net OPEB Liability (Asset) - Ending (a)-(b) (407,222) 756,238 1,562,066 1,338,590 (4,633,309) Plan Fiduciary Net Position as a Percentage of the Total OPEB Liability 101.46% 97.47% 95.22% 96.08% 113.28% Covered Employee Payroll at Measurement Date $ 29,187,767 $ 29,187,767 $ 30,618,811 $ 33,203,415 $ 31,416,882 Net OPEB Liability (Asset) as a Percentage of Covered-Employee Payroll -1.40% 2.59% 5.10% 4.03% -14.75% Discount Rate 6.5% 6.5% 6.5% 6.5% 7.1%
*Fiscal year 2018 was the 1st year of implementation.
5.1.a
Packet Pg. 124 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 See Notes to Required Supplementary Information 92
City of San Ramon
Schedule of Contributions – Retiree Medical Benefits (OPEB) Plan – Last 10 Fiscal Years Year Ended June 30, 2022
Fiscal Year* 2018 2019 2020 2021 2022
Actuarially Determined Contribution $ 1,184,356 $ 1,343,326 $ 1,612,619 $ 1,400,270 $ 1,377,887 Contributions in Relation to the
Actuarially Determined Contribution 2,533,034 538,318 1,206,837 1,667,043 2,339,603 Contribution Deficiency (Excess) $ (1,348,678) $ 805,008 $ 405,782 $ (266,773) $ (961,716) Covered-Employee Payroll $ 29,187,767 $ 30,618,811 $ 33,203,415 $ 32,969,072 $ 31,416,882 Contributions as a Percentage of
Covered-Employee Payroll 8.68% 1.76% 3.63% 5.06% 7.45%
*Fiscal year 2018 was the 1st year of implementation.
5.1.a
Packet Pg. 125 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Required Supplementary Information 93
City of San Ramon
General Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual Year Ended June 30, 2022
Variance with
Final Budget Positive Original Final Actual (Negative) Revenues Taxes $ 43,018,599 $ 43,018,599 $ 44,005,203 $ 986,604 Licenses and permits 2,542,577 2,542,577 2,705,182 162,605 Intergovernmental 4,520,354 4,520,354 8,668,465 4,148,111 Charges for services 5,600,996 5,600,996 5,860,232 259,236 Fines and forfeitures 289,000 289,000 133,028 (155,972) Investment income 100,000 100,000 (266,707) (366,707) Miscellaneous 2,942,146 2,942,146 3,067,630 125,484 Total revenues 59,013,672 59,013,672 64,173,033 5,159,361 Expenditures
Current General government 8,508,123 8,649,468 8,213,767 435,701 Community development 4,603,274 4,603,274 4,200,211 403,063 Police services 16,966,788 16,970,052 16,429,678 540,374 Public works 16,240,569 16,372,426 16,002,177 370,249 Parks and community services 8,640,785 8,640,785 7,774,508 866,277 Total expenditures 54,959,539 55,236,005 52,620,341 2,615,664 Excess (Deficiency) of Revenue
Over (Under) Expenditures 4,054,133 3,777,667 11,552,692 7,775,025 Other Financing Sources (Uses) Transfers in 5,280,762 5,280,762 4,338,677 (942,085) Transfers (out) (7,213,527) (7,810,374) (11,273,949) (3,463,575) Total other financing sources (uses) (1,932,765) (2,529,612) (6,935,272) (4,405,660) Net Change in Fund Balance $ 2,121,368 $ 1,248,055 4,617,420 $ 3,369,365 Fund Balance at Beginning of Year 19,221,260
Fund Balance at End of Year $ 23,838,680
Budgeted Amounts
5.1.a
Packet Pg. 126 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Required Supplementary Information 94
City of San Ramon
Dougherty Valley Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Year Ended June 30, 2022
Variance with
Final Budget Positive Original Final Actual (Negative) Revenues Intergovernmental $ 20,786,666 $ 20,786,666 $ 19,107,144 $ (1,679,522) Charges for services 550 550 658 108 Investment income - - 25,802 25,802 Miscellaneous - - 69,724 69,724 Total revenues 20,787,216 20,787,216 19,203,328 (1,583,888) Expenditures Current Police services 9,964,602 9,966,519 9,500,288 466,231 Public works 13,007,278 13,290,230 12,785,304 504,926 Total expenditures 22,971,880 23,256,749 22,285,592 971,157 Excess (Deficiency) of Revenue Over (Under) Expenditures (2,184,664) (2,469,533) (3,082,264) (612,731) Other Financing Sources (Uses) Transfers in 2,846,632 2,846,632 2,302,495 (544,137) Transfers (out) (661,968) (661,968) (661,968) - Total other financing sources (uses) 2,184,664 2,184,664 1,640,527 (544,137) Net Change in Fund Balance $ - $ (284,869) (1,441,737) $ (1,156,868) Fund Balance at Beginning of Year -
Fund Balance at End of Year $ (1,441,737)
Budgeted Amounts
5.1.a
Packet Pg. 127 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Required Supplementary Information 95
City of San Ramon
GHAD-Dougherty Valley Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Year Ended June 30, 2022
Variance with
Final Budget Positive Original Final Actual (Negative) Revenues Licenses and permits $ 6,000 $ 6,000 $ 9,320 $ 3,320 Investment income 118,414 118,414 (277,561) (395,975) Special assessments 2,389,116 2,389,116 2,169,850 (219,266) Miscellaneous 47,685 47,685 39,353 (8,332) Total revenues 2,561,215 2,561,215 1,940,962 (620,253) Expenditures Current Public works 841,081 841,081 620,190 220,891
Total expenditures 841,081 841,081 620,190 220,891
Excess (Deficiency) of Revenue
Over (Under) Expenditures 1,720,134 1,720,134 1,320,772 (399,362) Other Financing Sources (Uses) Transfers (out) (87,714) (87,714) (87,714) - Total other financing sources (uses) (87,714) (87,714) (87,714) - Net Change in Fund Balance $ 1,632,420 $ 1,632,420 1,233,058 $ (399,362) Fund Balance at Beginning of Year 10,632,188
Fund Balance at End of Year $ 11,865,246
Budgeted Amounts
5.1.a
Packet Pg. 128 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 96 City of San Ramon
Notes to Required Supplementary Information
June 30, 2022
Budgets and BudgetaryAccounting
The City Council adopts an Annual Budget, in accordance with generally accepted accounting principles, no later than the second meeting of June of each year for the fiscal year commencing the following July 1. The City follows these procedures in establishing the budgetary data reflected in the financial statements:
1. During May of each year, the City Manager submits to the City Council a proposed budget for the next following fiscal year. Copies are made available to the public, the press, and staff members.
2. A series of Council work sessions are held at which the recommended budget is reviewed in detail and the departments (as requested) provide additional information.
3. After review by the City Council, a public hearing is conducted for the purpose of receiving public input on the recommended operating and capital budgets, the Master Fee Schedule, and the Gann AppropriationLimit.
4. Upon completion of the hearings and modifications, if any, to the proposed budget, the budget is adopted no later than June 30th by the City Council through passage of appropriate resolutions.
5. Generally, the budget is amended at the mid-point of the fiscal year. All approved additional appropriations are added to the adopted budget and an amended budget is presented to the City Council, which adopts it after due review. Expenditures may not exceed budgeted appropriations at the fundlevel. The Budget is adopted on a basis consistent with generally accepted accounting principles.
5.1.a
Packet Pg. 129 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) This
page intentionally left blank.
5.1.a
Packet Pg. 130 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) eidebailly.com
Supplementary Information
June 30, 2022
City of San Ramon
5.1.a
Packet Pg. 131 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 97
City of San Ramon
COP #13 Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Year Ended June 30, 2022
Variance with
Final Budget Positive
Final Actual (Negative) Revenues
Investment income $ 2,938 $ 2,938 $ - Total revenues 2,938 2,938 - Expenditures Debt service Principal 725,000 725,000 -
Interest and fees 882,700 879,433 3,267
Total expenditures 1,607,700 1,604,433 3,267
Excess (Deficiency) of Revenue
Over (Under) Expenditures (1,604,762) (1,601,495) 3,267 Other Financing Sources (Uses) Transfers in 1,607,700 1,607,700 - Transfers (out) (2,650,000) (2,650,000) - Total other financing sources (uses) (1,042,300) (1,042,300) - Net Change in Fund Balance $ (2,647,062) (2,643,795) $ 3,267 Fund Balance at Beginning of Year 3,601,261
Fund Balance at End of Year $ 957,466
5.1.a
Packet Pg. 132 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 98
City of San Ramon
2021 Pension Obligation Bonds Fund Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Year Ended June 30, 2022
Variance with
Final Budget Positive
Final Actual (Negative) Expenditures
Current General government $ - $ 2,740,539 $ (2,740,539) Community development - 1,859,652 (1,859,652) Police services - 4,938,819 (4,938,819) Public works - 10,154,677 (10,154,677) Parks and community services - 3,327,798 (3,327,798) Debt service
Interest and fees - 315,804 (315,804)
Total expenditures - 23,337,289 (23,337,289)
Excess (Deficiency) of Revenue
Over (Under) Expenditures - (23,337,289) (23,337,289) Other Financing Sources (Uses) Proceeds from long term debt - 23,345,000 23,345,000 Total other financing sources (uses) - 23,345,000 - Net Change in Fund Balance $ - 7,711 $ (23,337,289) Fund Balance at Beginning of Year -
Fund Balance at End of Year $ 7,711
5.1.a
Packet Pg. 133 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 99
City of San Ramon
Capital Improvements Fund Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Year Ended June 30, 2022
Variance with
Final Budget Positive
Final Actual (Negative) Revenues
Intergovernmental $ 667,452 $ 421,725 $ (245,727)
Investment income 100,000 (997,387) (1,097,387) Miscellaneous - 8,799 8,799 Total revenues 767,452 (566,863) (1,334,315) Expenditures Current Public works 992,936 992,936 -
Capital outlay 16,380,584 10,712,122 5,668,462
Total expenditures 17,373,520 11,705,058 5,668,462
Excess (Deficiency) of Revenue
Over (Under) Expenditures (16,606,068) (12,271,921) 4,334,147 Other Financing Sources (Uses) Transfers in 18,812,809 19,607,844 795,035 Transfers (out) (797,660) (6,290,756) (5,493,096) Total other financing sources (uses) 18,015,149 13,317,088 (4,698,061) Net Change in Fund Balance $ 1,409,081 1,045,167 $ (363,914) Fund Balance at Beginning of Year 32,886,529
Fund Balance at End of Year $ 33,931,696
5.1.a
Packet Pg. 134 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 100
City of San Ramon
Description of Nonmajor Governmental Funds
June 30, 2022
Special Revenue Funds
The City has several special revenue funds that are used to account for revenue which, by law or administrative action, is designed to finance particular projects and activities in the City’s Capital Improvement Program. These funds are the Development Mitigation Fund, Gas Tax Fund, Park Development Fund, Crow Canyon Project Fund, SCCJEPA Fund, Street Maintenance/Improvements Fund, Traffic Improvements Fund, Open Space Development Fund and Tri-Valley Transportation Fund.
The City also has several special revenue funds which are funded by special assessments collected annually to pay for specific operating programs. These funds are Citywide Lighting and Landscaping Fund, Special Landscaping Zones Fund, Canyon Park Fund, Village Center Common Area Fund, The Preserve (Faria) Fund, Solid Waste Fund, Vehicle Refuse Impacts Fees Fund and Non-Point Drainage District Fund.
In addition, the City has set up separate special revenue funds for recording transactions for special projects and programs. These are the Street Smarts Fund, TDM Programs Fund, TRAFFIX Fund, Police Services Donation Fund, Geographic Information Systems Fund, Planning Cost Recovery Fund, DV Performing Arts Theatre Fund, and Public Education and Government Fund.
The CFD 2014-1 Fund is used to account for the acquisition, construction, and improvements of police and public safety facilities, park and recreational facilities, and open space facilities for future annexation areas.
The DV Performing Arts Theatre Fund did not have an adopted budget.
Debt Service Funds
The Debt Service Funds are used to account for the payment of principal and interest on long-term debt of the City and related entities.
The 2010 Pension Obligation Bonds Debt Service Fund is used to account for debt service activity related to the 2010 Taxable Pension ObligationBonds.
The LED Lights Fund is used to account for debt service activity relating to the LED Lights conversion (CIP 5499).
The COP # 12 Fund is used to account for debt service activity relating to the 2011 Certificates of Participation.
5.1.a
Packet Pg. 135 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 101
City of San Ramon
Nonmajor Governmental Funds – Combining Balance Sheet
June 30, 2022
Geographic CFD CFD Crow Street Planning Information 2014-1 2014-1 Park Canyon Maintenance/ Traffic Tri-Valley Cost Recovery System (Acres) (Faria) Gas Tax Development Project SCCJEPA Improvements Improvements Transportation Assets Cash and investments $ 59,227 $ 211,739 $ - $ - $ 1,523,207 $ 343,460 $ - $ 4,932,195 $ 510,092 $ 153,141 $ 657,204 Restricted cash and investments - - - - - - - - - - - Receivables Accounts - - - - 502,680 - - 952 997 - - Notes and loans - - - - - - - - 4,925 - - Interest 215 685 196 912 15,840 3,091 14 16,728 3,618 1,054 2,024 total assets $ 59,442 $ 212,424 $ 196 $ 912 $ 2,041,727 $ 346,551 $ 14 $ 4,949,875 $ 519,632 $ 154,195 $ 659,228 Liabilities Accounts payable $ 318 $ 126 $ - $ - $ - $ - $ - $ - $ - $ - $ - Accrued payroll 4,320 1,301 - - - - - - - - - Due to other funds - - - - - - - - - - - Deposits payable - - - - - 24,421 - - - - - total liabilities 4,638 1,427 - - - 24,421 - - - - - Fund Balances Restricted - - 196 912 2,041,727 322,130 14 4,949,875 519,632 154,195 659,228 Committed 54,804 210,997 - - - - - - - - - Total fund balances 54,804 210,997 196 912 2,041,727 322,130 14 4,949,875 519,632 154,195 659,228 Liabilities and Fund Balances $ 59,442 $ 212,424 $ 196 $ 912 $ 2,041,727 $ 346,551 $ 14 $ 4,949,875 $ 519,632 $ 154,195 $ 659,228 (Continued)
Special Revenue Funds
5.1.a
Packet Pg. 136 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 See Notes to Supplementary Information 102
City of San Ramon
Nonmajor Governmental Funds – Combining Balance Sheet, continued June 30, 2022
Public Citywide Special Village Non-Point Police Vehicle Education and Lighting and Landscaping Canyon Center Solid Drainage Street TDM Services Refuse Government Landscaping Zones Park Common Area Waste District Smarts Programs Donation Impact Fees Assets Cash and investments $ 1,272,457 $ 1,858,189 $ 1,910,391 $ 225,273 $ 68,831 $ 599,220 $ - $ 436,897 $ 25,833 $ 353,836 $ 636,381 Restricted cash and investments - - - - - - - - - - - Receivables Accounts 47,062 104,797 2,698 - 6,006 207,424 349,675 47,238 69,777 - 291,666 Notes and loans - - - - - - - - - - - Interest 4,129 7,793 7,510 732 205 2,098 - 1,341 - 1,158 6,824 Total assets $ 1,323,648 $ 1,970,779 $ 1,920,599 $ 226,005 $ 75,042 $ 808,742 $ 349,675 $ 485,476 $ 95,610 $ 354,994 $ 934,871 Liabilities Accounts payable $ 16 $ 222,366 $ 140,805 $ 3,500 $ 736 $ 116,644 $ 73,759 $ 97 $ 2,128 $ 34,297 $ - Accrued payroll - 15,758 10,509 80 - 7,815 12,028 3,999 2,775 - - Due to other funds - - - - - - 126,612 - 90,707 - - Deposits payable - - - - - - - - - 34,321 - Total liabilities 16 238,124 151,314 3,580 736 124,459 212,399 4,096 95,610 68,618 - Fund Balances Restricted 1,323,632 1,732,655 1,769,285 222,425 74,306 684,283 137,276 481,380 - 286,376 934,871 Committed - - - - - - - - - - - Total fund balances 1,323,632 1,732,655 1,769,285 222,425 74,306 684,283 137,276 481,380 - 286,376 934,871 Total Liabilities and Fund Balances $ 1,323,648 $ 1,970,779 $ 1,920,599 $ 226,005 $ 75,042 $ 808,742 $ 349,675 $ 485,476 $ 95,610 $ 354,994 $ 934,871 (Continued)
Special Revenue Funds
5.1.a
Packet Pg. 137 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 See Notes to Supplementary Information 103
City of San Ramon
Nonmajor Governmental Funds – Combining Balance Sheet, continued June 30, 2022
Total Open Space 2010 Pension Nonmajor Development Development Preserve TRAFFIX GHAD San Ramon DV Performing Obligation LED Governmental Fund Mitigation Faria Program NWSR Housing Arts Theatre Bonds Lights COPS #12 Funds Assets Cash and Investments $ 68,468 $ 1,490,509 $ 272,668 $ 115,618 $ 967,785 $ 4,084,693 $ - $ 1,665,480 $ 5,291 $ 1,522 $ 24,449,607 Restricted Cash and Investments - - - - - - - 28,253 - - 28,253 Receivables Accounts - - - 14,837 - 13,890 - - - - 1,659,699 Notes and loans - - - - - 5,505,000 - - - - 5,509,925 Interest 198 4,570 864 397 3,047 13,305 - - - - 98,548
total assets $ 68,666 $ 1,495,079 $ 273,532 $ 130,852 $ 970,832 $ 9,616,888 $ - $ 1,693,733 $ 5,291 $ 1,522 $ 31,746,032 Liabilities Accounts payable $ - $ 976 $ 582 $ - $ 234 $ - $ - $ - $ - $ - $ 596,584 Accrued payroll - - - 4,152 - 4,169 - - - - 66,906 Due to other funds - - - - - - 131,553 - - - 348,872 Deposits payable - - - - - 195,000 - - - - 253,742 total liabilities - 976 582 4,152 234 199,169 131,553 - - - 1,266,104 Fund Balances Restricted 68,666 1,494,103 272,950 126,700 970,598 9,417,719 (131,553) 1,693,733 5,291 1,522 30,214,127 Committed - - - - - - - - - - 265,801 Total fund balances 68,666 1,494,103 272,950 126,700 970,598 9,417,719 (131,553) 1,693,733 5,291 1,522 30,479,928 Liabilities and Fund Balances $ 68,666 $ 1,495,079 $ 273,532 $ 130,852 $ 970,832 $ 9,616,888 $ - $ 1,693,733 $ 5,291 $ 1,522 $ 31,746,032 Special Revenue Funds Debt Service Funds
5.1.a
Packet Pg. 138 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 This page intentionally left blank.
5.1.a
Packet Pg. 139 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 104
City of San Ramon
Non-Major Governmental Funds – Combining Statement of Revenues, Expenditure, and Changes in Fund Balances Year Ended June 30, 2022
Geographic CFD CFD Crow Street Planning Information 2014-1 2014-1 Park Canyon Maintenance/ Traffic Tri-Valley Cost Recovery System (Acres) (Faria) Gas Tax Development Project SCCJEPA Improvements Improvements Transportation Revenues Intergovernmental $ - $ - $ - $ - $ 3,647,727 $ - $ - $ - $ 200,258 $ - $ - Developer fees - 91,747 - - - 243,743 - 555,147 197,708 267,398 339,735 Charges for services 246,647 - - - - - - - - - - Fines and forfeitures - - - - - - - - - - - Investment income (10,705) (6,498) 261 1,335 21,210 (2,074) 31 (214,263) (32,883) 1,711 (4,976) Special assessments - - 65,170 303,233 - - - - - - - Miscellaneous - - - - - - - - - - - Total revenues 235,942 85,249 65,431 304,568 3,668,937 241,669 31 340,884 365,083 269,109 334,759 Expenditures Current Community development 224,060 92,043 - - - - - - - - - Housing - - - - - - - - - - - Police services - - - - - - - - - - - Public works - - - - - - - - - - - Capital outlay - - - - - - - - - - - Debt service Principal - - - - - - - - - - - Interest and fees - - - - - - - - - - - Total expenditures 224,060 92,043 - - - - - - - - - Excess (Deficiency) of Revenues Over Expenditures 11,882 (6,794) 65,431 304,568 3,668,937 241,669 31 340,884 365,083 269,109 334,759 Other Financing Sources (Uses) Transfers in (Note 4 (b)) - - - - 1,694,987 578,161 - 2,997,228 83,294 131,753 - Transfers (out) (Note 4 (b)) (256,321) - (65,235) (303,656) (4,102,153) (717,293) (4,497) (4,031,484) (1,330,362) (265,988) - Total other financing sources (uses) (256,321) - (65,235) (303,656) (2,407,166) (139,132) (4,497) (1,034,256) (1,247,068) (134,235) - Net Change in Fund Balances (244,439) (6,794) 196 912 1,261,771 102,537 (4,466) (693,372) (881,985) 134,874 334,759 Fund Balance at The Beginning
of Year, as Restated 299,243 217,791 - - 779,956 219,593 4,480 5,643,247 1,401,617 19,321 324,469 Fund Balances at End of Year $ 54,804 $ 210,997 $ 196 $ 912 $ 2,041,727 $ 322,130 $ 14 $ 4,949,875 $ 519,632 $ 154,195 $ 659,228 (Continued)
Special Revenue Funds
5.1.a
Packet Pg. 140 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 See Notes to Supplementary Information 105
City of San Ramon
Non-Major Governmental Funds – Combining Statement of Revenues, Expenditure, and Changes in Fund Balances, continued Year Ended June 30, 2022
Public Citywide Special Non-Point Police Vehicle
Education and Lighting and Landscaping Canyon Village Center Solid Drainage Street TDM Services Refuse Government Landscaping Zones Park Common Area Waste District Smarts Programs Donation Impact Fees Revenues Intergovernmental $ 184,154 $ 11,223 $ - $ - $ - $ 140,233 $ - $ 145,349 $ 439,051 $ - $ - Developer fees - - - - - - - - - - - Charges for services - 13 - - - - 1,200 - - - 924,298 Fines and forfeitures - - - - - - - - - 7,724 -
Investment income (34,201) (57,135) (63,202) (6,044) (1,850) (41,124) (5,267) (11,657) (450) (10,228) (37,150) Special assessments - 2,596,886 1,101,663 12,345 - - 1,032,318 - - - - Miscellaneous - 70,030 2,399 - 6,006 1,273,084 6,000 15,750 - 522 - Total revenues 149,953 2,621,017 1,040,860 6,301 4,156 1,372,193 1,034,251 149,442 438,601 (1,982) 887,148 . Expenditures Current Community development - - - - - - - - - - - Housing - - - - - - - - - - - Police services - - - - - - - - - 47,273 - Public works - 1,759,187 1,214,471 10,114 4,417 1,881,481 1,028,841 144,260 414,778 - - Capital outlay 12,229 - - - - - - - - - - Debt service Principal - - - - - - - - - - - Interest and fees - - - - - - - - - - - Total expenditures 12,229 1,759,187 1,214,471 10,114 4,417 1,881,481 1,028,841 144,260 414,778 47,273 - Excess (Deficiency) of Revenues Over Expenditures 137,724 861,830 (173,611) (3,813) (261) (509,288) 5,410 5,182 23,823 (49,255) 887,148 Other Financing Sources (Uses) Transfers in (Note 4 (b)) - 28,549 362,037 - - - - 35,000 - - - Transfers (out) (Note 4 (b)) (150,000) (1,200,711) (572,405) (2,517) - - - - (23,823) - (1,545,000) Total other financing sources (uses) (150,000) (1,172,162) (210,368) (2,517) - - - 35,000 (23,823) - (1,545,000) Net Change in Fund Balances (12,276) (310,332) (383,979) (6,330) (261) (509,288) 5,410 40,182 - (49,255) (657,852) Fund Balance at The Beginning oF Year, as Restated 1,335,908 2,042,987 2,153,264 228,755 74,567 1,193,571 131,866 441,198 - 335,631 1,592,723 Fund Balances at End of Year $ 1,323,632 $ 1,732,655 $ 1,769,285 $ 222,425 $ 74,306 $ 684,283 $ 137,276 $ 481,380 $ - $ 286,376 $ 934,871 (Continued)
Special Revenue Funds
5.1.a
Packet Pg. 141 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 See Notes to Supplementary Information 106
City of San Ramon
Non-Major Governmental Funds – Combining Statement of Revenues, Expenditure, and Changes in Fund Balances, continued Year Ended June 30, 2022
Total Open Space 2010 Pension Nonmajor Development Development Preserve TRAFFIX GHAD San Ramon DV Performing Obligation LED Governmental Fund Mitigation Faria Program NWSR Housing Arts Theatre Bonds Lights COPS #12 Funds Revenues Intergovernmental $ - $ - $ - $ 146,788 $ - $ - $ - $ - $ - $ - $ 4,914,783 Developer fees 65,633 587,746 - - - 89,381 - - - - 2,438,238 Charges for services - - - - - - - - - - 1,172,158 Fines and forfeitures - - - - - - - - - - 7,724
Investment income 149 (52,147) (4,019) (2,214) (13,488) (115,286) (610) (4,165) (217) - (707,156) Special assessments - - 103,727 - 387,630 - - - - - 5,602,972 Miscellaneous - - - - - - - 1,676,019 - - 3,049,810 Total revenues 65,782 535,599 99,708 144,574 374,142 (25,905) (610) 1,671,854 (217) - 16,478,529 Expenditures Current Community development - - - - - - 196,433 - - - 512,536 Housing - - - - - 158,313 - - - - 158,313 Police services - - - - - - - - - - 47,273 Public works - - 13,459 123,736 234 - - - - - 6,594,978 Capital outlay - - - - - - - - - - 12,229 Debt service Principal - - - - - - - 455,000 267,841 430,000 1,152,841 Interest and fees - - - - - - - 940,068 21,333 67,702 1,029,103 Total expenditures - - 13,459 123,736 234 158,313 196,433 1,395,068 289,174 497,702 9,507,273 Excess (Deficiency) of Revenues
over expenditures 65,782 535,599 86,249 20,838 373,908 (184,218) (197,043) 276,786 (289,391) (497,702) 6,971,256 Other Financing Sources (Uses) Transfers in (Note 4 (b)) - 200,000 11,838 - - - 46,540 1,398,110 287,958 498,150 8,353,605 Transfers (out) (Note 4 (b)) - (1,031,484) - - - - - - - - (15,602,929) Total other financing sources (uses) - (831,484) 11,838 - - - 46,540 1,398,110 287,958 498,150 (7,249,324) Net Change in Fund Balances 65,782 (295,885) 98,087 20,838 373,908 (184,218) (150,503) 1,674,896 (1,433) 448 (278,068) Fund Balance at The Beginning of Year, as Restated 2,884 1,789,988 174,863 105,862 596,690 9,601,937 18,950 18,837 6,724 1,074 30,757,996 Fund Balances at End of Year $ 68,666 $ 1,494,103 $ 272,950 $ 126,700 $ 970,598 $ 9,417,719 $ (131,553) $ 1,693,733 $ 5,291 $ 1,522 $ 30,479,928 Special Revenue Funds Debt Service Funds
5.1.a
Packet Pg. 142 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 See Notes to Supplementary Information 107
City of San Ramon
Planning Costs Recovery Fund Schedules of Revenues, Expenditures and Changes in Fund Balance Budget and Actual
Year Ended June 30, 2022
Variance with
Final Budget Positive
Final Actual (Negative) Revenues Charges for services $ 171,943 $ 246,647 $ 74,704 Investment income - (10,705) (10,705) Total revenues 171,943 235,942 63,999 Expenditures
Current Community development 157,511 224,060 (66,549) Total expenditures 157,511 224,060 (66,549) Excess (Deficiency) of Revenue Over (Under) Expenditures 14,432 11,882 (2,550) Other Financing Sources (Uses) Transfers (Out) - (256,321) (256,321) Total other financing sources (uses) - (256,321) (256,321) Net Change in Fund Balance $ 14,432 (244,439) $ (258,871) Fund Balance at Beginning of Year 299,243
Fund Balance at End of Year $ 54,804
5.1.a
Packet Pg. 143 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 108
City of San Ramon
Geographic Information Schedules of Revenues, Expenditures and Changes in Fund Balance Budget and Actual Year Ended June 30, 2022
Variance with
Final Budget Positive
Final Actual (Negative) Revenues Developer fees $ 95,000 $ 91,747 $ (3,253) Investment income - (6,498) (6,498) Total revenues 95,000 85,249 (9,751) Expenditures Current Community development 96,920 92,043 4,877
Total expenditures 96,920 92,043 4,877
Excess (Deficiency) of Revenue
Over (Under) Expenditures (1,920) (6,794) (4,874) Net Change in Fund Balance $ (1,920) (6,794) $ (4,874) Fund Balance at Beginning of Year 217,791
Fund Balance at End of Year $ 210,997
5.1.a
Packet Pg. 144 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 109
City of San Ramon
CFD 2014-1 (Acres) Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Year Ended June 30, 2022
Variance with
Final Budget Positive
Final Actual (Negative) Revenues
Investment income $ - $ 261 $ 261
Special assessments 38,319 65,170 26,851
Total revenues 38,319 65,431 27,112
Excess (Deficiency) of Revenue
Over (Under) Expenditures 38,319 65,431 27,112 Other Financing Sources (Uses) Transfers (Out) (38,319) (65,235) (26,916) Total other financing sources (uses) (38,319) (65,235) (26,916) Net Change in Fund Balance $ - 196 $ 196 Fund Balance at Beginning of Year -
Fund Balance at End of Year $ 196
5.1.a
Packet Pg. 145 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 110
City of San Ramon
CFD 2014-1 (Faria) Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Year Ended June 30, 2022
Variance with
Final Budget
Positive
Final Actual (Negative)
Revenues
Investment income $ - $ 1,335 $ 1,335
Special assessments 290,013 303,233 13,220
Total revenues 290,013 304,568 14,555
Excess (Deficiency) of Revenue
Over (Under) Expenditures 290,013 304,568 14,555
Other Financing Sources (Uses)
Transfers (out) (290,013) (303,656) (13,643)
Total other financing sources (uses) (290,013) (303,656) (13,643) Net Change in Fund Balance $ - 912 $ 912
Fund Balance at Beginning of Year -
Fund Balance at End of Year $ 912
5.1.a
Packet Pg. 146 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 111
City of San Ramon
Gas Tax Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Year Ended June 30, 2022
Variance with
Final Budget Positive
Final Actual (Negative) Revenues
Intergovernmental $ 3,785,996 $ 3,647,727 $ (138,269)
Investment income - 21,210 21,210
Total revenues 3,785,996 3,668,937 (117,059) Excess (Deficiency) of Revenue Over (Under) Expenditures 3,785,996 3,668,937 (117,059) Other Financing Sources (Uses) Transfers in - 1,694,987 1,694,987 Transfers (out) (4,102,153) (4,102,153) - Total other financing sources (uses) (4,102,153) (2,407,166) 1,694,987 Net Change in Fund Balance $ (316,157) 1,261,771 $ 1,577,928 Fund Balance at Beginning of Year 779,956
Fund Balance at End of Year $ 2,041,727
5.1.a
Packet Pg. 147 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 112
City of San Ramon
Park Development Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Year Ended June 30, 2022
Variance with
Final Budget Positive
Final Actual (Negative) Revenues Developer fees $ 1,040,915 $ 243,743 $ (797,172) Investment income - (2,074) (2,074) Total revenues 1,040,915 241,669 (799,246) Excess (Deficiency) of Revenue Over (Under) Expenditures 1,040,915 241,669 (799,246) Other Financing Sources (Uses) Transfers in 497,660 578,161 80,501 Transfers (out) (717,293) (717,293) - Total other financing sources (uses) (219,633) (139,132) 80,501 Net Change in Fund Balance $ 821,282 102,537 $ (718,745) Fund Balance at Beginning of Year 219,593
Fund Balance at End of Year $ 322,130
5.1.a
Packet Pg. 148 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 113
City of San Ramon
Crow Canyon Project Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Year Ended June 30, 2022
Variance with
Final Budget Positive
Final Actual (Negative) Revenues
Investment income $ - $ 31 $ 31
Total revenues - 31 31
Excess (Deficiency) of Revenue
Over (Under) Expenditures - 31 31 Other Financing Sources (Uses) Transfers (out) (4,497) (4,497) - Total other financing sources (uses) (4,497) (4,497) - Net Change in Fund Balance $ (4,497) (4,466) $ 31 Fund Balance at Beginning of Year 4,480
Fund Balance at End of Year $ 14
5.1.a
Packet Pg. 149 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 114
City of San Ramon
SCCJEPA Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Year Ended June 30, 2022
Variance with
Final Budget Positive
Final Actual (Negative) Revenues Developer fees $ 940,634 $ 555,147 $ (385,487) Investment income - (214,263) (214,263)
Total revenues 940,634 340,884 (599,750)
Excess (Deficiency) of Revenue
Over (Under) Expenditures 940,634 340,884 (599,750) Other Financing Sources (Uses) Transfers in - 2,997,228 2,997,228 Transfers (out) (4,031,484) (4,031,484) -
Total other financing sources (uses) (4,031,484) (1,034,256) 2,997,228 Net Change in Fund Balance $ (3,090,850) (693,372) $ 2,397,478 Fund Balance at Beginning of Year 5,643,247
Fund Balance at End of Year $ 4,949,875
5.1.a
Packet Pg. 150 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 115
City of San Ramon
Street Maintenance/Improvements Fund Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Year Ended June 30, 2022
Variance with
Final Budget Positive
Final Actual (Negative) Revenues
Intergovernmental $ 1,056,285 $ 200,258 $ (856,027) Developer fees - 197,708 197,708 Investment income - (32,883) (32,883)
Total revenues 1,056,285 365,083 (691,202)
Excess (Deficiency) of Revenue
Over (Under) Expenditures 1,056,285 365,083 (691,202) Other Financing Sources (Uses) Transfers in - 83,294 83,294 Transfers (out) (662,967) (1,330,362) (667,395)
Total other financing sources (uses) (662,967) (1,247,068) (584,101) Net Change in Fund Balance $ 393,318 (881,985) $ (1,275,303) Fund Balance at Beginning of Year 1,401,617
Fund Balance at End of Year $ 519,632
5.1.a
Packet Pg. 151 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 116
City of San Ramon
Traffic Improvements Fund Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Year Ended June 30, 2022
Variance with
Final Budget Positive
Final Actual (Negative) Revenues Developer fees $ 478,455 $ 267,398 $ (211,057) Investment income - 1,711 1,711
Total revenues 478,455 269,109 (209,346)
Excess (Deficiency) of Revenue
Over (Under) Expenditures 478,455 269,109 (209,346) Other Financing Sources (Uses) Transfers in - 131,753 131,753 Transfers (out) (265,988) (265,988) -
Total other financing sources (uses) (265,988) (134,235) 131,753 Net Change in Fund Balance $ 212,467 134,874 $ (77,593) Fund Balance at Beginning of Year 19,321
Fund Balance at End of Year $ 154,195
5.1.a
Packet Pg. 152 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 117
City of San Ramon
Tri-Valley Transportation Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Year Ended June 30, 2022
Variance with
Final Budget Positive
Final Actual (Negative) Revenues Developer fees $ 138,453 $ 339,735 $ 201,282 Investment income - (4,976) (4,976)
Total Revenues 138,453 334,759 196,306
Excess (Deficiency) of Revenue
Over (Under) Expenditures 138,453 334,759 196,306 Net Change in Fund Balance $ 138,453 334,759 $ 196,306 Fund Balance at Beginning of Year 324,469
Fund Balance at End of Year $ 659,228
5.1.a
Packet Pg. 153 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 118
City of San Ramon
Public Education and Government Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Year Ended June 30, 2022
Variance with
Final Budget Positive
Final Actual (Negative) Revenues
Intergovernmental $ 200,000 $ 184,154 $ (15,846)
Investment income - (34,201) (34,201)
Total revenues 200,000 149,953 (50,047)
Expenditures
Capital outlay 250,000 12,229 237,771
Total expenditures 250,000 12,229 237,771
Excess (Deficiency) of Revenue
Over (Under) Expenditures (50,000) 137,724 187,724 Other Financing Sources (Uses) Transfers (out) (150,000) (150,000) - Total other financing sources (uses) (150,000) (150,000) - Net Change in Fund Balance $ (200,000) (12,276) $ 187,724 Fund Balance at Beginning of Year 1,335,908
Fund Balance at End of Year $ 1,323,632
5.1.a
Packet Pg. 154 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 119
City of San Ramon
Citywide Lighting and Landscaping Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Year Ended June 30, 2022
Variance with
Final Budget Positive
Final Actual (Negative) Revenues
Intergovernmental $ 11,409 $ 11,223 $ (186) Charges for services - 13 13 Investment income - (57,135) (57,135) Special assessments 2,580,246 2,596,886 16,640 Miscellaneous - 70,030 70,030 Total revenues 2,591,655 2,621,017 29,362
Expenditures
Current Public works 1,842,244 1,759,187 83,057
Total expenditures 1,842,244 1,759,187 83,057
Excess (Deficiency) of Revenue
Over (Under) Expenditures 749,411 861,830 112,419 Other Financing Sources (Uses) Transfers in - 28,549 28,549 Transfers (out) (1,200,711) (1,200,711) -
Total other financing sources (uses) (1,200,711) (1,172,162) 28,549 Net Change in Fund Balance $ (451,300) (310,332) $ 140,968 Fund Balance at Beginning of Year 2,042,987
Fund Balance at End of Year $ 1,732,655
5.1.a
Packet Pg. 155 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 120
City of San Ramon
Special Landscaping Zones Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Year Ended June 30, 2022
Variance with
Final Budget Positive
Final Actual (Negative) Revenues
Investment income $ - $ (63,202) $ (63,202) Special assessments 1,132,986 1,101,663 (31,323) Miscellaneous - 2,399 2,399 Total revenues 1,132,986 1,040,860 (92,126)
Expenditures
Current Public works 1,362,156 1,214,471 147,685
Total expenditures 1,362,156 1,214,471 147,685
Excess (Deficiency) of Revenue
Over (Under) Expenditures (229,170) (173,611) 55,559 Other Financing Sources (Uses) Transfers in 362,037 362,037 - Transfers (out) (572,405) (572,405) - Total other financing sources (uses) (210,368) (210,368) - Net Change in Fund Balance $ (439,538) (383,979) $ 55,559 Fund Balance at Beginning of Year 2,153,264
Fund Balance at End of Year $ 1,769,285
5.1.a
Packet Pg. 156 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 121
City of San Ramon
Canyon Park Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Year Ended June 30, 2022
Variance with
Final Budget Positive
Final Actual (Negative) Revenues
Investment income $ - $ (6,044) $ (6,044) Special assessments 10,990 12,345 1,355 Total revenues 10,990 6,301 (4,689)
Expenditures
Current Public works 59,229 10,114 49,115
Total expenditures 59,229 10,114 49,115
Excess (Deficiency) of Revenue
Over (Under) Expenditures (48,239) (3,813) 44,426 Other Financing Sources (Uses) Transfers (out) (2,517) (2,517) - Total other financing sources (uses) (2,517) (2,517) - Net Change in Fund Balance $ (50,756) (6,330) $ 44,426 Fund Balance at Beginning of Year 228,755
Fund Balance at End of Year $ 222,425
5.1.a
Packet Pg. 157 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 122
City of San Ramon
Village Center Common Area Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Year Ended June 30, 2022
Variance with
Final Budget Positive
Final Actual (Negative) Revenues
Investment income $ - $ (1,850) $ (1,850) Miscellaneous 6,006 6,006 - Total revenues 6,006 4,156 (1,850)
Expenditures
Current Public works 5,117 4,417 700
Total expenditures 5,117 4,417 700
Excess (Deficiency) of Revenue
Over (Under) Expenditures 889 (261) (1,150) Net Change in Fund Balance $ 889 (261) $ (1,150) Fund Balance at Beginning of Year 74,567
Fund Balance at End of Year $ 74,306
5.1.a
Packet Pg. 158 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 123
City of San Ramon
Solid Waste Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Year Ended June 30, 2022
Variance with
Final Budget Positive
Final Actual (Negative) Revenues
Intergovernmental $ 20,000 $ 140,233 $ 120,233
Investment income - (41,124) (41,124) Miscellaneous 1,207,417 1,273,084 65,667 Total revenues 1,227,417 1,372,193 144,776
Expenditures
Current Public works 2,012,273 1,881,481 130,792
Total expenditures 2,012,273 1,881,481 130,792
Excess (Deficiency) of Revenue
Over (Under) Expenditures (784,856) (509,288) 275,568 Net Change in Fund Balance $ (784,856) (509,288) $ 275,568 Fund Balance at Beginning of Year 1,193,571
Fund Balance at End of Year $ 684,283
5.1.a
Packet Pg. 159 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 124
City of San Ramon
Non-Point Drainage District Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Year Ended June 30, 2022
Variance with
Final Budget Positive
Final Actual (Negative) Revenues Charges for services $ - $ 1,200 $ 1,200 Investment income - (5,267) (5,267) Special assessments 1,200,185 1,032,318 (167,867) Miscellaneous - 6,000 6,000 Total revenues 1,200,185 1,034,251 (165,934)
Expenditures
Current: Public works 1,265,813 1,028,841 236,972
Total expenditures 1,265,813 1,028,841 236,972
Excess (Deficiency) of Revenue
Over (Under) Expenditures (65,628) 5,410 71,038 Net Change in Fund Balance $ (65,628) 5,410 $ 71,038 Fund Balance at Beginning of Year 131,866
Fund Balance at End of Year $ 137,276
5.1.a
Packet Pg. 160 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 125
City of San Ramon
Street Smarts Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Year Ended June 30, 2022
Variance with
Final Budget Positive
Final Actual (Negative) Revenues
Intergovernmental $ 192,750 $ 145,349 $ (47,401)
Investment income - (11,657) (11,657) Miscellaneous 18,750 15,750 (3,000) Total revenues 211,500 149,442 (62,058)
Expenditures
Current Public works 211,400 144,260 67,140
Total expenditures 211,400 144,260 67,140
Excess (Deficiency) of Revenue
Over (Under) Expenditures 100 5,182 5,082 Other Financing Sources (Uses) Transfers in 35,000 35,000 - Total other financing sources (uses) 35,000 35,000 - Net Change in Fund Balance $ 35,100 40,182 $ 5,082 Fund Balance at Beginning of Year 441,198
Fund Balance at End of Year $ 481,380
5.1.a
Packet Pg. 161 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 126
City of San Ramon
TDM Programs Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Year Ended June 30, 2022
Variance with
Final Budget Positive
Final Actual (Negative) Revenues
Intergovernmental $ 655,034 $ 439,051 $ (215,983)
Investment income - (450) (450)
Total revenues 655,034 438,601 (216,433)
Expenditures
Current Public works 655,034 414,778 240,256
Total expenditures 655,034 414,778 240,256
Excess (Deficiency) of Revenue Over (Under) Expenditures - 23,823 23,823 Other Financing Sources (Uses) Transfers (out) (23,823) (23,823) - Total other financing sources (uses) (23,823) (23,823) - Net Change in Fund Balance $ (23,823) - $ 23,823 Fund Balance at Beginning of Year -
Fund Balance at End of Year $ -
5.1.a
Packet Pg. 162 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 127
City of San Ramon
Police Services Donation Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Year Ended June 30, 2022
Variance with
Final Budget Positive
Final Actual (Negative) Revenues Fines and forfeitures $ - $ 7,724 $ 7,724 Investment income - (10,228) (10,228) Miscellaneous - 522 522 Total revenues - (1,982) (1,982)
Expenditures
Current Police services - 47,273 (47,273)
Total expenditures - 47,273 (47,273)
Excess (Deficiency) of Revenue
Over (Under) Expenditures - (49,255) (49,255) Net Change in Fund Balance $ - (49,255) $ (49,255) Fund Balance at Beginning of Year 335,631
Fund Balance at End of Year $ 286,376
5.1.a
Packet Pg. 163 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 128
City of San Ramon
Vehicle Refuse Impact Fees Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Year Ended June 30, 2022
Variance with
Final Budget Positive
Final Actual (Negative) Revenues Charges for services $ 1,568,175 $ 924,298 $ (643,877) Investment income - (37,150) (37,150)
Total revenues 1,568,175 887,148 (681,027)
Excess (Deficiency) of Revenue
Over (Under) Expenditures 1,568,175 887,148 (681,027) Other Financing Sources (Uses) Transfers (out) (1,545,000) (1,545,000) - Total other financing sources (uses) (1,545,000) (1,545,000) - Net Change in Fund Balance $ 23,175 (657,852) $ (681,027) Fund Balance at Beginning of Year 1,592,723
Fund Balance at End of Year $ 934,871
5.1.a
Packet Pg. 164 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 129
City of San Ramon
Open Space Development Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Year Ended June 30, 2022
Variance with
Final Budget Positive
Final Actual (Negative) Revenues Developer fees $ 71,250 $ 65,633 $ (5,617) Investment income - 149 149
Total revenues 71,250 65,782 (5,468)
Excess (Deficiency) of Revenue
Over (Under) Expenditures 71,250 65,782 (5,468) Net Change in Fund Balance $ 71,250 65,782 $ (5,468) Fund Balance at Beginning of Year 2,884
Fund Balance at End of Year $ 68,666
5.1.a
Packet Pg. 165 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 130
City of San Ramon
Development Mitigation Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Year Ended June 30, 2022
Variance with
Final Budget Positive
Final Actual (Negative) Revenues Developer fees $ 827,193 $ 587,746 $ (239,447) Investment income - (52,147) (52,147)
Total revenues 827,193 535,599 (291,594)
Excess (Deficiency) of Revenue
Over (Under) Expenditures 827,193 535,599 (291,594) Other Financing Sources (Uses) Transfers in - 200,000 200,000 Transfers (out) (1,031,484) (1,031,484) -
Total other financing sources (uses) (1,031,484) (831,484) 200,000 Net Change in Fund Balance $ (204,291) (295,885) $ (91,594) Fund Balance at Beginning of Year 1,789,988
Fund Balance at End of Year $ 1,494,103
5.1.a
Packet Pg. 166 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 131
City of San Ramon
Preserve Faria Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Year Ended June 30, 2022
Variance with
Final Budget Positive
Final Actual (Negative) Revenues
Investment income $ - $ (4,019) $ (4,019) Special assessments 114,522 103,727 (10,795) Total revenues 114,522 99,708 (14,814)
Expenditures
Current Public works 49,275 13,459 35,816
Total expenditures 49,275 13,459 35,816
Excess (Deficiency) of Revenue
Over (Under) Expenditures 65,247 86,249 21,002 Other Financing Sources (Uses) Transfers in 11,838 11,838 - Total other financing sources (uses) 11,838 11,838 - Net Change in Fund Balance $ 77,085 98,087 $ 21,002 Fund Balance at Beginning of Year 174,863
Fund Balance at End of Year $ 272,950
5.1.a
Packet Pg. 167 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 132
City of San Ramon
Traffix Program Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Year Ended June 30, 2022
Variance with
Final Budget
Positive
Final Actual (Negative)
Revenues
Intergovernmental $ 179,140 $ 146,788 $ (32,352)
Investment income - (2,214) (2,214)
Total revenues 179,140 144,574 (34,566)
Expenditures
Current
Public works 179,140 123,736 55,404
Total expenditures 179,140 123,736 55,404
Excess (Deficiency) of Revenue
Over (Under) Expenditures - 20,838 20,838
Net Change in Fund Balance $ - 20,838 $ 20,838
Fund Balance at Beginning of Year 105,862
Fund Balance at End of Year $ 126,700
5.1.a
Packet Pg. 168 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 133
City of San Ramon
GHAD NWSR Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Year Ended June 30, 2022
Variance with
Final Budget
Positive
Final Actual (Negative)
Revenues
Investment income $ - $ (13,488) $ (13,488)
Special assessments 459,506 387,630 (71,876)
Total revenues 459,506 374,142 (85,364)
Expenditures
Current
Public works - 234 (234)
Total expenditures - 234 (234)
Excess (Deficiency) of Revenue
Over (Under) Expenditures 459,506 373,908 (85,598)
Net Change in Fund Balance $ 459,506 373,908 $ (85,598) Fund Balance at Beginning of Year 596,690
Fund Balance at End of Year $ 970,598
5.1.a
Packet Pg. 169 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 134
City of San Ramon
San Ramon Housing Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Year Ended June 30, 2022
Variance with
Final Budget Positive
Final Actual (Negative) Revenues Developer fees $ 252,800 $ 89,381 $ (163,419) Investment income - (115,286) (115,286)
Total revenues 252,800 (25,905) (278,705)
Expenditures
Current Housing 148,588 158,313 (9,725)
Total expenditures 148,588 158,313 (9,725)
Excess (Deficiency) of Revenue
over (under) expenditures 104,212 (184,218) (288,430) Net Change in Fund Balance $ 104,212 (184,218) $ (288,430) Fund Balance at Beginning of Year 9,601,937
Fund Balance at End of Year $ 9,417,719
5.1.a
Packet Pg. 170 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 135
City of San Ramon
DV Arts Theatre Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Year Ended June 30, 2022
Variance with
Final Budget Positive
Final Actual (Negative) Revenues
Investment income $ - $ (610) $ (610)
Total revenues - (610) (610)
Expenditures
Current Community development - 196,433 (196,433)
Total expenditures - 196,433 (196,433)
Excess (Deficiency) of Revenue
Over (Under) Expenditures - (197,043) (197,043) Other Financing Sources (Uses) Transfers in - 46,540 46,540 Total other financing sources (uses) - 46,540 46,540 Net Change in Fund Balance $ - (150,503) $ (150,503) Fund Balance at Beginning of Year, as Restated 18,950
Fund Balance at End of Year $ (131,553)
5.1.a
Packet Pg. 171 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 136
City of San Ramon
Pension Obligation Bonds Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
Year Ended June 30, 2022
Variance with
Final Budget Positive
Final Actual (Negative) Revenues
Investment income $ - $ (4,165) $ (4,165) Miscellaneous 1,398,110 1,676,019 277,909 Total revenues 1,398,110 1,671,854 273,744
Expenditures
Debt service Principal retirement 455,000 455,000 -
Interest and fees 943,110 940,068 3,042
Total expenditures 1,398,110 1,395,068 3,042
Excess (Deficiency) of Revenue
Over (Under) Expenditures - 276,786 276,786 Other Financing Sources (Uses) Transfers in 1,398,110 1,398,110 - Transfers (out) (1,398,110) - 1,398,110 Total other financing sources (uses) - 1,398,110 1,398,110 Net Change in Fund Balance $ - 1,674,896 $ 1,674,896 Fund Balance at Beginning of Year 18,837
Fund Balance at End of Year $ 1,693,733
5.1.a
Packet Pg. 172 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 137
City of San Ramon
LED Lights Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Year Ended June 30, 2022
Variance with
Final Budget Positive
Final Actual (Negative) Revenues
Investment income $ - $ (217) $ (217)
Total revenues - (217) (217)
Expenditures
Debt service Principal retirement 267,841 267,841 -
Interest and fees 20,117 21,333 (1,216)
Total expenditures 287,958 289,174 (1,216)
Excess (Deficiency) of Revenue
Over (Under) Expenditures (287,958) (289,391) (1,433) Other Financing Sources (Uses) Transfers in 287,958 287,958 - Total other financing sources (uses) 287,958 287,958 - Net Change in Fund Balance $ - (1,433) $ (1,433) Fund Balance at Beginning of Year 6,724
Fund Balance at End of Year $ 5,291
5.1.a
Packet Pg. 173 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 138
City of San Ramon
COP #12 Fund – Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual Year Ended June 30, 2022
Variance with
Final Budget Positive
Final Actual (Negative) Expenditures
Debt service Principal retirement $ 430,000 $ 430,000 $ - Interest and fees 68,150 67,702 448
Total expenditures 498,150 497,702 448
Excess (Deficiency) of Revenue
Over (Under) Expenditures (498,150) (497,702) 448 Other Financing Sources (Uses) Transfers in 498,150 498,150 - Transfers (out) - - - Total other financing sources (uses) 498,150 498,150 - Net Change in Fund Balance $ - 448 $ 448 Fund Balance at Beginning of Year 1,074
Fund Balance at End of Year $ 1,522
5.1.a
Packet Pg. 174 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 139
City of San Ramon
Description of Internal Service Funds
Year Ended June 30, 2022
Internal Service Funds are used to account for the financing of goods and services provided by one City department or agency to other departments or agencies of the City, or to other governmental units on a cost reimbursement basis (including depreciation).
The Investment Fund is used to account for the management of investments.
The Equipment Replacement Fund is used to account for replacement of major equipment and vehicles.
Revenues are derived from allocated charges to the department’s general fund.
The Information System Replacement Fund is used to account for replacement of computer related equipment.
The Insurance Liability Fund is used to administer the City employee’s leave payouts, retiree medical benefits, general insurance, and safety programs with the goals of reducing insurance-related costs, maintain appropriate levels of coverage and to build contingent loss reserves.
The Healthcare Fund is used to account for City employee’s healthcare premiums and claims.
The Infrastructure Maintenance Fund is used to account for the cost of maintaining City buildings.
5.1.a
Packet Pg. 175 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 140
City of San Ramon
Internal Service Funds – Combining Statements of Net Position June 30, 2022
Information
Equipment System Infrastructure
Investment Replacement Replacement Insurance Healthcare Maintenance Fund Fund Fund Liability Fund Fund Fund Total Assets Current assets Cash and investments (Note 3) $ 8,058 $ 3,332,470 $ 1,425,766 $ 681,244 $ 949,981 $ 173,683 $ 6,571,202 Restricted cash and investments (Note 3) - - - - 3,970,704 - 3,970,704 Receivables, net Accounts - 2,276 - 529,811 560,569 - 1,092,656 Interest - 10,518 4,545 - - 937 16,000 Prepaids - - 2,835 - - - 2,835 Total current assets 8,058 3,345,264 1,433,146 1,211,055 5,481,254 174,620 11,653,397 Non-current assets Depreciable capital assets, net of accumulated depreciation - 2,681,464 - - - - 2,681,464 Total assets 8,058 6,026,728 1,433,146 1,211,055 5,481,254 174,620 14,334,861 Liabilities Current liabilities Accounts payable 6,292 50,242 37,129 260,685 2,905 - 357,253 Accrued payroll 1,766 - - 94,829 - - 96,595 Due to other funds - - - 355,541 - - 355,541 Total liabilities 8,058 50,242 37,129 711,055 2,905 - 809,389 Net Position (Note 9) Net investment in capital assets - 2,681,464 - - - - 2,681,464 Unrestricted - 3,295,022 1,396,017 500,000 5,478,349 174,620 10,844,008 Total net position $ - $ 5,976,486 $ 1,396,017 $ 500,000 $ 5,478,349 $ 174,620 $ 13,525,472
5.1.a
Packet Pg. 176 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 See Notes to Supplementary Information 141
City of San Ramon
Internal Service Funds – Combining Statements of Revenues, Expenses and Changes in Fund Net Position Year Ended June 30, 2022
Information
Equipment System Infrastructure
Investment Replacement Replacement Insurance Healthcare Maintenance Fund Fund Fund Liability Fund Fund Fund Total
Operation Revenues
Charges for services $ - $ 914,630 $ 376,875 $ 4,930,905 $ 7,570,502 $ 7,365 $ 13,800,277 Miscellaneous - 221,889 - 500,000 28,710 - 750,599
Total operating revenues - 1,136,519 376,875 5,430,905 7,599,212 7,365 14,550,876 Operating Expenses
Personnel services 57,572 - - 2,265,447 - - 2,323,019
Services and supplies - - 227,451 53,548 - - 280,999
Claims and insurance - - - 4,114,210 6,825,482 - 10,939,692 Depreciation - 1,144,044 - - - - 1,144,044
Total operating expenses 57,572 1,144,044 227,451 6,433,205 6,825,482 - 14,687,754 Operating Loss (57,572) (7,525) 149,424 (1,002,300) 773,730 7,365 (136,878) Nonoperating Revenue
Investment income 57,572 (77,447) (35,493) - (649,616) (17,987) (722,971) Intergovernmental - - 730,125 - - 730,125
Total non-operating revenues 57,572 (77,447) (35,493) 730,125 (649,616) (17,987) 7,154 Loss before transfers - (84,972) 113,931 (272,175) 124,114 (10,622) (129,724) Transfers
Transfer in (Note 4 (b)) - - - 772,175 - 1,502,171 2,274,346 Transfer (out) (Note 4 (b)) - - - - - (1,917,351) (1,917,351) Total transfers - - - 772,175 - (415,180) 356,995
Change in Net Position - (84,972) 113,931 500,000 124,114 (425,802) 227,271 Net Position - Beginning of Year - 6,061,458 1,282,086 - 5,354,235 600,422 13,298,201 Net Position - End of Year $ - $ 5,976,486 $ 1,396,017 $ 500,000 $ 5,478,349 $ 174,620 $ 13,525,472
5.1.a
Packet Pg. 177 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 See Notes to Supplementary Information 142
City of San Ramon
Internal Service Funds – Combining Statements of Cash Flows Year Ended June 30, 2022
Information
Equipment System Infrastructure
Investment Replacement Replacement Insurance Healthcare Maintenance Fund Fund Fund Liability Fund Fund Fund Total Cash Flows from Operating Activities Cash received from department users $ - $ 1,131,039 $ 375,706 $ 5,159,290 $ 7,038,919 $ 7,961 $ 13,712,915 Cash payments to suppliers of goods and services (292) (68,754) (225,410) (3,790,773) (44,637) - (4,129,866) Cash payments to employees and services (60,504) - - (2,221,371) (6,825,482) - (9,107,357) Net cash provided by operating activities (60,796) 1,062,285 150,296 (852,854) 168,800 7,961 475,692 Cash Flows from Noncapital Financing Activities
Intergovernmental - - - 730,125 - - 730,125
Transfers in - - - 772,175 - 1,502,171 2,274,346
Transfers (out) - - - - - (1,917,351) (1,917,351) Cash flows from noncapital financing activities - - - 1,502,300 - (415,180) 1,087,120 Cash Flows from Capital and Related Financing Activities Acquisition and construction of capital assets - (474,916) - - - - (474,916) Cash flows from capital and related financing activities - (474,916) - - - - (474,916) Cash Flows from Investing Activities Investment Earnings (Losses) Received 57,572 (77,447) (35,493) - (649,616) (17,987) (722,971) Cash flows from investing activities 57,572 (77,447) (35,493) - (649,616) (17,987) (722,971) Net change in cash and cash equivalents (3,224) 509,922 114,803 649,446 (480,816) (425,206) 364,925 Cash and Investments at Beginning of Year 11,282 2,822,548 1,310,963 31,798 5,401,501 598,889 10,176,981 Cash and Investments at End of Year $ 8,058 $ 3,332,470 $ 1,425,766 $ 681,244 $ 4,920,685 $ 173,683 $ 10,541,906
5.1.a
Packet Pg. 178 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 See Notes to Supplementary Information 143
City of San Ramon
Internal Service Funds – Combining Statements of Cash Flows, continued Year Ended June 30, 2022
Information
Equipment System Infrastructure
Investment Replacement Replacement Insurance Healthcare Maintenance Fund Fund Fund Liability Fund Fund Fund Total Reconciliation of Operating Income (Loss) to Net Cash Provided by Operating Activities Operating income (loss) (57,572) (7,525) 149,424 (1,002,300) 773,730 7,365 (136,878) Adjustments to reconcile operating income to net cash provided by operating activities Depreciation and amortization - 1,144,044 - - - - 1,144,044 Change in assets and liabilities Accounts receivable - (2,276) - (271,615) (560,293) - (834,184) Interest receivable - (3,204) (1,169) - - 596 (3,777) Prepaids and deposits - - (2,835) 10,243 - - 7,408 Accounts payable (292) (68,754) 4,876 250,796 (44,637) - 141,989 Accrued payroll (2,932) - - 44,076 - - 41,144 Due to other funds - - - 115,946 - - 115,946 Net Cash Provided by (Used For) Operating Activities $ (60,796) $ 1,062,285 $ 150,296 $ (852,854) $ 168,800 $ 7,961 $ 475,692
5.1.a
Packet Pg. 179 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 See Notes to Supplementary Information 144
City of San Ramon
Descriptions of Custodial Funds
June 30, 2022
GASB Statement 34 requires that Custodial Funds be presented separately from the Government-wide and Fund financial statements.
Custodial Funds
Custodial Funds reports fiduciary activities by the City on behalf of individuals, governmental entities, and nonpublic organizations.
The Custodial Funds are as follows:
The Cree Court Assessment District Fund is used to account for the debt issued to finance infrastructure improvements and facilities within its boundaries.
The SCCJEPA Trust Fund is used to account for the collection of development related impact fees for distribution to the Town of Danville and Contra Costa County per the SCCJEPA agreement.
The San Ramon Valley Tourism Improvement District Fund is used to account for the collection of Tri- Valley Tourism Business Improvement District assessment on lodging business for which the City is acting only as an agent.
5.1.a
Packet Pg. 180 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 145
City of San Ramon
Combining Statements of Fiduciary Net Position
June 30, 2022
San Ramon Cree Court Valley Tourism
Assessment SCCJEPA Improvement Total District Fund Trust Fund District Custodial Funds Assets Cash and cash equivalents $ 69,780 $ 74,935 $ 120,227 $ 264,942 Accounts receivable - 1,932 74,966 76,898 Interest receivable 5 - - 5
Total assets 69,785 76,867 195,193 341,845
Liabilities Deposits - - 216,651 216,651
Total liabilities - - 216,651 216,651 Net Position Restricted for Individuals, organizations,
and other governments 69,785 76,867 (21,458) 125,194
Total net position $ 69,785 $ 76,867 $ (21,458) $ 125,194 Statement of Fiduciary Net Position
5.1.a
Packet Pg. 181 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) See Notes to Supplementary Information 146
City of San Ramon
Combining Statements of Changes in Fiduciary Net Position Year Ended June 30, 2022
San Ramon Cree Court Valley Tourism
Assessment SCCJEPA Improvement Total District Fund Trust Fund District Custodial Funds Additions Investment income $ (1,963) $ 49,711 $ - $ 47,748
Impact fees - 10,950 - 10,950
Total additions (1,963) 60,661 - 58,698 Deductions Community development - (204,402) - (204,402) Total deductions - (204,402) - (204,402) Net Increase (Decrease) in fiduciary net position (1,963) 265,063 - 263,100 Net Position - Beginning, as Restated 71,748 (188,196) (21,458) (137,906) Net Position - Ending $ 69,785 $ 76,867 $ (21,458) $ 125,194 Statement of Changes in Fiduciary Net Position
5.1.a
Packet Pg. 182 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) eidebailly.com
Statistical Section
June 30, 2022
City of San Ramon
5.1.a
Packet Pg. 183 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 147
City of San Ramon
Miscellaneous Statistical Data
June 30, 2022
This part of the City of San Ramon'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 of San Ramon's overall financial health.
CONTENTS
Page(s)
Financial Trends
These schedules contain trend information to help the reader understand how the City of San Ramon’s financial performance and well-being have changedover time ...........................148-156 Revenue Capacity
These schedules contain information to help the reader assess the City of San Ramon’s most significant local revenue source, the property tax........................................................................157-162 Debt Capacity
These schedules present information to help the reader assess the affordability of the City of San Ramon’s current levels of outstanding debt and our ability to issue additional debt in the future ...................................................................................................................................163-167 Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader understand the environment within which the City of San Ramon’s financial activitiestake place.........................168-171 Operating Information
These schedules contain service and infrastructure data to help the reader understand how the information in the City of San Ramon’s financial report relates to the services the City of San Ramon provides and the activities it performs. ...................................................................172-175 Sources: Unless otherwise noted, the information in these schedules is derived from the annual comprehensive financial reports for the relevant year.
5.1.a
Packet Pg. 184 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 148
City of San Ramon
Government-Wide Revenues by Source
Last Ten Fiscal Years
Fiscal
Year
Charges for
Services
Operating
Grants and
Contribution
Capital Grants
and
Contributions Taxes
Unrestricted
Grants and
Contributions
Unrestricted
Investment
Earnings
Special
Items Miscellaneous Total
2013 $ 8,885,884 $ 26,430,414 $ 21,224,331 $ 28,752,577 $ 38,128 $ 364,864 $ - $ 658,478 $ 86,354,676 2014 9,348,125 20,344,930 7,792,579 31,873,118 44,552 934,329 - 6,103,351 76,440,984 2015 10,379,205 8,375,452 20,661,559 32,701,787 249,649 738,368 - 919,352 74,025,372 2016 12,975,507 33,628,638 18,300,560 35,870,195 100,286 605,093 - 436,250 101,916,529 2017 11,214,119 35,947,470 30,233,200 36,197,046 47,706 175,776 - 471,260 114,286,577 2018 13,114,680 33,704,789 3,770,000 37,372,326 66,084 327,941 2,041,845 470,512 90,868,177 2019 10,157,468 36,641,421 2,166,499 40,613,110 39,669 2,502,620 - 2,891,917 95,012,704 2020 7,599,460 37,278,533 2,795,950 39,345,698 750,784 3,294,287 - 2,194,065 93,258,777 2021 6,628,610 37,147,892 3,170,000 39,882,724 946,649 1,041,246 - 494,718 89,311,839 2022 13,386,335 41,551,345 - 44,005,203 827,008 (2,943,042) - 5,162,831 101,989,680 Special Item: Assets transferred from Successor Agency (Note 7) Source: City of San Ramon Finance Department.
Program Revenues General Revenues
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2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Millions Charges for Services Capital Grants and Contributions Operating Grants and Contribution Taxes Unrestricted Grants and Contributions Unrestricted Investment Earnings Special Items Miscellaneous
-
5.1.a
Packet Pg. 185 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 149
City of San Ramon
Government-Wide Expenses by Function
Last Ten Fiscal Years
Fiscal Year
General
Government
Community
Development
Redevelopment
Activities* Housing
Police
Services Public Works
Parks and
Comm.
Services Debt Service Total
2013 $ 6,706,998 $ 3,778,893 $ - $ 808,780 $ 16,501,843 $ 43,125,287 $ 8,534,078 $ 1,602,570 $ 81,058,449 2014 5,448,270 4,231,229 - 839,689 18,280,088 40,595,096 9,534,445 1,828,930 80,757,747 2015 4,958,010 4,087,620 - 884,366 17,098,714 33,230,480 8,690,941 1,549,984 70,500,115 2016 5,447,838 4,312,666 - 857,894 16,951,992 53,235,400 9,376,348 1,480,226 91,662,364 2017 5,511,125 3,811,113 - 532,789 18,497,953 57,528,031 9,235,946 1,421,758 96,538,715 2018 7,586,147 3,744,306 - 1,255,134 21,366,871 60,581,885 10,596,399 1,349,824 106,480,566 2019 7,305,353 4,413,183 - 404,052 23,569,516 60,000,806 12,121,428 1,261,209 109,075,547 2020 7,973,941 3,985,756 - 147,888 28,698,232 63,480,746 8,728,792 2,074,622 115,089,977 2021 8,945,328 4,722,306 - 692,707 26,984,956 66,663,070 9,296,675 1,971,936 119,276,978 2022 7,602,313 4,147,543 - 166,619 20,382,863 52,098,897 7,940,542 2,168,857 94,507,634 Source: City of San Ramon Finance Department.
* The Redevelopment Agency was dissolved as of January 31, 2012. $0
$10
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2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Millions Series1 Series2 Series3
Series4 General Government Community Development
Redevelop-ment Activities* Housing Police Services
5.1.a
Packet Pg. 186 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 150
City of San Ramon
General Governmental Revenues by Source
Last Ten Fiscal Years
Fiscal Year Taxes
License and
Permits
Intergovernmental Charges for
Services
Fines and
Forfeitures
Investment
Income
Developer
Fees
Special
Assessments Misc. Total
2013 $ 28,752,577 $ 1,224,339 $ 16,097,509 $ 5,375,093 $ 377,084 $ 364,864 $ 2,916,545 $ 5,861,999 $ 4,160,335 $ 65,130,345 2014 31,639,628 1,568,690 17,262,900 5,848,351 332,225 934,395 3,024,213 5,970,067 3,823,506 70,403,975 2015 32,968,914 1,371,771 18,892,429 6,390,025 342,759 738,365 2,552,619 6,099,794 4,924,543 74,281,219 2016 35,880,275 1,712,228 22,302,225 7,872,024 424,930 605,112 3,472,736 6,120,389 20,567,310 98,957,229 2017 36,202,806 2,005,548 19,101,812 6,694,011 429,625 187,521 2,611,460 6,295,969 4,917,946 78,446,698 2018 37,372,331 2,687,739 20,527,587 7,836,829 458,940 328,008 3,475,588 6,775,530 5,593,780 85,056,332 2019 40,613,107 2,761,198 22,913,610 8,361,139 489,238 2,506,879 2,136,662 6,829,113 6,235,259 92,846,205 2020 39,345,698 2,060,875 26,842,765 6,911,332 303,509 2,929,628 1,676,360 7,357,518 4,645,014 92,072,699 2021 39,882,724 1,930,271 25,232,056 4,931,783 193,641 192,595 2,615,718 7,633,766 4,701,826 87,314,380 2022 44,005,203 2,714,502 33,112,117 7,033,048 140,752 (2,220,071) 2,438,238 7,772,822 6,235,316 101,231,927 Source: City of San Ramon Finance Department
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2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Millions Taxes License and Permits Intergovern-mental Charges for Services Fines and Forfeitures Investment Income Developer Fees Special Assessments Misc.
5.1.a
Packet Pg. 187 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 151
City of San Ramon
Tax Revenue by Source
Last Ten Fiscal Years
Fiscal Year Property Sales & Use
Transient
Occupancy Franchise
Property
Transfer Total Revenues
2013 $ 13,720,279 $ 8,336,061 $ 2,095,975 $ 4,081,825 $ 518,437 $ 28,752,577 2014 14,631,753 9,696,496 2,246,186 4,244,126 810,014 31,628,575 2015 16,091,598 9,398,739 2,470,971 4,371,778 624,548 32,957,634 2016 17,240,799 10,484,639 2,807,649 4,491,196 845,912 35,870,195 2017 18,478,700 9,328,801 2,894,303 4,579,568 915,674 36,197,046 2018 19,559,287 9,371,941 3,002,708 4,645,223 793,167 37,372,326 2019 20,828,367 10,926,081 3,264,311 4,776,400 817,951 40,613,110 2020 20,770,096 10,606,225 2,316,300 4,994,029 659,048 39,345,698 2021 21,862,847 10,773,143 768,417 5,434,321 1,043,996 39,882,724 2022 23,479,914 12,124,019 1,744,152 5,444,056 1,213,062 44,005,203 Change
2013-2022 71.1% 45.4% -16.8% 33.4% 134.0% 53.0%
Source: City of San Ramon Finance Department
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2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Millions Property Sales & Use Transient Occupancy Franchise Property Transfer
5.1.a
Packet Pg. 188 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 152
City of San Ramon
General Governmental Expenditures by Function
Last Ten Fiscal Years
Fiscal Year
General
Government
Community
Development Police Services Public Works
Parks &
Community
Services Housing Capital Projects Debt Service Total
2013 $ 4,502,961 $ 3,708,223 $ 16,616,900 $ 21,973,011 $ 7,546,558 $ 808,780 $ 6,808,268 $ 2,028,144 $ 63,992,845 2014 4,615,709 3,842,827 16,971,479 23,047,793 7,687,618 837,817 7,739,149 3,310,229 68,052,621 2015 4,807,260 4,117,393 17,890,922 24,119,320 7,894,989 884,366 6,923,944 3,398,030 70,036,224 2016 5,608,238 4,274,496 18,883,227 26,008,729 8,464,188 837,827 29,635,480 3,441,753 97,153,938 2017 5,943,627 3,655,500 19,959,904 29,365,159 8,052,418 523,133 9,695,432 3,483,441 80,678,614 2018 6,409,864 3,364,528 20,999,778 31,736,113 8,765,042 636,572 10,554,185 3,524,027 85,990,109 2019 6,665,651 4,045,570 21,601,936 29,850,996 8,683,167 394,685 13,932,569 3,304,618 88,479,192 2020 7,050,378 3,605,037 22,679,118 43,549,261 6,850,767 129,937 4,925,108 4,515,905 93,305,511 2021 7,593,531 4,093,865 23,814,077 45,005,415 6,892,067 672,889 6,842,004 4,859,202 99,773,050 2022 10,954,306 6,572,399 30,916,058 47,150,262 11,102,306 158,313 10,724,351 4,102,181 121,680,176 Source: City of San Ramon Finance Department.
.
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2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Millions General Government Community Development Police Services Public Works Parks & Community Services Housing Capital Projects Debt Service
5.1.a
Packet Pg. 189 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 153
City of San Ramon
Net Position by Component – Last Ten Fiscal Years
(accrual basis of accounting)
Governmental Activities 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Invested in capital assets $ 428,051,285 $ 416,958,256 $ 421,282,671 $ 426,734,431 $ 439,179,307 $ 428,455,890 $ 414,409,089 $ 393,808,218 $ 368,555,622 $ 355,599,943 Restricted 19,267,459 60,785,008 71,705,018 71,688,071 76,664,534 76,793,600 73,914,667 76,891,439 73,759,679 63,481,492 Unrestricted 63,218,964 28,477,681 (16,685,507) (11,892,459) (11,565,936) (15,099,077) (16,195,966) (20,403,067) (21,951,417) 8,764,495 Total $ 510,537,708 $ 506,220,945 $ 476,302,182 $ 486,530,043 $ 504,277,905 $ 490,150,413 $ 472,127,790 $ 450,296,590 $ 420,363,884 $ 427,845,930 The City adjusted certain beginning balances during fiscal years 2014-2015 and 2017-2018 to reflect the implementation of GASB Statements 68 and 75.
Financial data shown for the preceding years were not adjusted for the presentation.
June 30,
$(100)
$-
$100
$200
$300
$400
$500
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Millions Invested in capital assets
Restricted
Unrestricted
5.1.a
Packet Pg. 190 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 154
City of San Ramon
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Expenses Governmental activities General government $ 6,706,998 $ 5,448,270 $ 4,958,010 $ 5,447,838 $ 5,511,125 $ 7,586,147 $ 7,305,353 $ 7,973,941 $ 8,945,328 $ 7,602,313 Community development 3,778,893 4,231,229 4,087,620 4,312,666 3,811,113 3,744,306 4,413,183 3,985,756 4,722,306 4,147,543 Housing 808,780 839,689 884,366 857,894 532,789 1,255,134 404,052 147,888 692,707 166,619 Police services 16,501,843 18,280,088 17,098,714 16,951,992 18,497,953 21,366,871 23,569,516 28,698,232 26,984,956 20,382,863 Public works 21,900,956 40,595,096 33,230,480 53,235,400 57,528,031 60,581,885 60,000,806 63,480,746 66,663,070 52,098,897 Parks and community service 8,534,078 9,534,445 8,690,941 9,376,348 9,235,946 10,596,399 12,121,428 8,728,792 9,296,675 7,940,542 Interest on long-term debt 1,602,570 1,828,930 1,549,984 1,480,226 1,421,758 1,349,824 1,261,209 2,074,622 1,971,936 2,168,857 Total governmental activities expenses 59,834,118 80,757,747 70,500,115 91,662,364 96,538,715 106,480,566 109,075,547 115,089,977 119,276,978 94,507,634 Program Revenues Governmental activities Charges for services General government 261,005 326,112 314,733 312,675 316,360 337,446 355,429 300,852 263,657 272,463 Community development 2,158,622 2,626,304 2,125,370 2,595,640 3,069,601 4,446,488 4,212,283 3,558,078 3,279,128 4,755,260 Housing 50,841 73,290 408,999 714,307 6,156 - - - - - Police services 550,736 437,106 477,577 634,611 476,105 486,757 386,697 50,021 213,727 226,934 Public services 1,270,628 1,197,819 2,470,824 3,574,777 2,335,628 2,421,581 867,543 2,180,478 1,237,528 4,033,401 Park and community service 4,594,052 4,687,494 4,581,702 5,143,497 5,010,269 5,422,408 4,335,516 1,510,031 1,634,570 4,098,277 Operating grants and contributions 26,430,414 20,344,930 8,375,452 33,628,638 35,947,470 33,704,789 36,641,421 37,278,533 37,147,892 41,551,345 Capital grants and contributions - 7,792,579 20,661,559 18,300,560 30,233,200 3,770,000 2,166,499 2,795,950 3,170,000 - Total governmental activities program revenues 35,316,298 37,485,634 39,416,216 64,904,705 77,394,789 50,589,469 48,965,388 47,673,943 46,946,502 54,937,680 Net Revenues (Expenses) (24,517,820) (43,272,113) (31,083,899) (26,757,659) (19,143,926) (55,891,097) (60,110,159) (67,416,034) (72,330,476) (39,569,954) Changes in Net Position Governmental activities TaxesProperty tax, levied for general purpose 13,720,279 14,631,753 16,091,598 17,240,799 18,478,700 19,559,287 20,828,367 20,770,096 21,862,847 23,479,914 Sales tax 8,336,061 9,941,039 9,142,892 10,484,639 9,328,801 9,371,941 10,926,081 10,606,225 10,773,143 12,124,019 Transient occupancy tax 2,095,975 2,246,186 2,470,971 2,807,649 2,894,303 3,002,708 3,264,311 2,316,300 768,417 1,744,152 Franchise tax 4,081,825 4,244,126 4,371,778 4,491,196 4,579,568 4,645,223 4,776,400 4,994,029 5,434,321 5,444,056 Property transfer tax 518,437 810,014 624,548 845,912 915,674 793,167 817,951 659,048 1,043,996 1,213,062 Intergovernmental, unrestricted 38,128 44,552 249,649 100,286 47,706 66,084 39,669 750,784 946,649 827,008 Investment income 364,864 6,731,074 738,368 605,093 175,776 327,941 2,502,620 3,294,287 1,041,246 (2,943,042) Special Items - - - - - 2,041,845 - - - - Other general revenues 658,478 306,606 919,352 436,250 471,260 470,512 2,891,917 2,194,065 494,718 5,162,831 Total governmental activities 29,814,047 38,955,350 34,609,156 37,011,824 36,891,788 40,278,708 46,047,316 45,584,834 42,365,337 47,052,000 Changes in net position $ 5,296,227 $ (4,316,763) $ 3,525,257 $ 10,254,165 $ 17,747,862 $ (15,612,389) $ (14,062,843) $ (21,831,200) $ (29,965,139) $ 7,482,046 Special item: Assets transferred from Successor Agency (Note 7) * The Redevelopment Agency was dissolved as of January 31, 2012.
June 30,
5.1.a
Packet Pg. 191 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 155
City of San Ramon
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
General Fund
Nonspendable $ 264,258 $ 319,520 $ 4,959,508 $ 6,255,670 $ 510,137 $ 207,923 $ 161,958 $ 133,409 $ 139,854 $ 137,540 Restricted - - - - - - - - - -
Committed - - - - - - - - - -
Assigned - - - - - - - - - -
Unassigned 11,487,816 11,421,981 5,975,668 6,890,959 9,399,666 7,241,994 13,726,600 15,210,641 19,081,406 23,701,140 Total general fund $ 11,752,074 $ 11,741,501 $ 10,935,176 $ 13,146,629 $ 9,909,803 $ 7,449,917 $ 13,888,558 $ 15,344,050 $ 19,221,260 $ 23,838,680 All Other Governmental Funds
Nonspendable 3,503,907 10,400 26,481 102,722 9,444,363 39,785 12,944 240 - - Restricted 54,852,806 59,984,958 70,645,724 70,466,220 66,210,405 75,726,288 72,785,759 93,671,572 77,360,940 76,976,246 Committed 543,059 784,725 1,032,813 1,119,129 1,010,791 1,027,527 1,115,964 577,704 517,034 265,801 Unassigned - - - - (1,025) - - - - (1,441,737)
$ 58,899,772 $ 60,780,083 $ 71,705,018 $ 71,688,071 $ 76,664,534 $ 76,793,600 $ 73,914,667 $ 94,249,516 $ 77,877,974 $ 75,800,310 Total all other
governmental funds
June 30,
5.1.a
Packet Pg. 192 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 156
City of San Ramon
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Revenues
Taxes $ 28,752,577 $ 31,639,628 $ 32,968,914 $ 35,880,275 $ 36,202,806 $ 37,372,331 $ 40,613,107 $ 39,345,698 $ 39,882,724 $ 44,005,203 Licenses and permits 1,224,339 1,568,690 1,371,771 1,712,228 2,005,548 2,687,739 2,761,198 2,060,875 1,930,271 2,714,502 Intergovernmental 16,097,509 17,262,900 18,892,429 22,302,225 19,101,812 20,527,587 22,913,610 26,842,765 25,232,056 33,112,117 Developer fees 2,916,545 3,024,213 2,552,619 3,472,736 2,611,460 3,475,588 2,136,662 1,676,360 2,615,718 2,438,238 Charges for services 5,375,093 5,848,351 6,390,025 7,872,024 6,694,011 7,836,829 8,361,139 6,911,332 4,931,783 7,033,048 Fines and forfeitures 377,084 332,225 342,759 424,930 429,625 458,940 489,238 303,509 193,641 140,752 Investment income 364,864 934,395 738,365 605,112 187,521 328,008 2,506,879 2,929,628 192,595 (2,220,071) Special assessments 5,861,999 5,970,067 6,099,794 6,120,389 6,295,969 6,775,530 6,829,113 7,357,518 7,633,766 7,772,822 Miscellaneous 4,160,335 3,823,506 4,924,543 20,567,310 4,917,946 5,593,780 6,235,259 4,645,014 4,701,826 6,235,316 Total revenues 65,130,345 70,403,975 74,281,219 98,957,229 78,446,698 85,056,332 92,846,205 92,072,699 87,314,380 101,231,927 Expenditures
Current
General government 4,502,961 4,615,709 4,807,260 5,608,238 5,943,627 6,409,864 6,665,651 7,050,378 7,593,531 10,954,306 Community development 3,708,223 3,842,827 4,117,393 4,274,496 3,655,500 3,364,528 4,045,570 3,605,037 4,093,865 6,572,399 Housing 808,780 837,817 884,366 837,827 523,133 636,572 394,685 129,937 672,889 158,313 Police Services 16,616,900 16,973,606 17,890,922 18,883,227 19,959,904 20,999,778 21,601,936 22,679,118 23,814,077 30,916,058 Public works 21,973,011 23,047,793 24,119,320 26,008,729 29,365,159 31,736,113 29,850,996 43,549,261 45,005,415 47,150,262 Parks & community services 7,546,558 7,687,618 7,894,989 8,464,188 8,052,418 8,765,042 8,683,167 6,850,767 6,892,067 11,102,306 Redevelopment - - - - - - - - - -
Capital Outlay 6,808,268 7,739,149 6,923,944 29,635,480 9,695,432 10,554,185 13,932,569 4,925,108 6,842,004 10,724,351 Debt service
Principal 415,221 1,673,678 1,820,102 1,934,176 2,033,848 2,144,142 2,015,080 2,447,941 2,832,583 1,877,841 Interest and fees 1,612,923 1,634,424 1,577,928 1,507,577 1,449,593 1,379,885 1,289,538 1,730,353 2,026,619 2,224,340 Cost of Issuance - - - - - - - 337,611 - -
Total expenditures 63,992,845 68,052,621 70,036,224 97,153,938 80,678,614 85,990,109 88,479,192 93,305,511 99,773,050 121,680,176 Excess (deficiency) of
revenues over (under) expenditures 1,137,500 2,351,354 4,244,995 1,803,291 (2,231,916) (933,777) 4,367,013 (1,232,812) (12,458,670) (20,448,249) Other Financing Sources (Uses)
Proceeds (Loss) from sale of property - - - - 5,606,679 (636,459) - - - - Transfers in 14,515,778 12,858,271 16,518,219 23,429,979 19,035,672 19,230,868 20,706,291 33,601,529 43,308,523 36,210,321 Transfers (out) (14,569,446) (13,339,887) (16,425,766) (23,038,763) (20,670,798) (19,991,452) (21,513,596) (34,926,761) (43,376,618) (36,567,316) Issuance of bonds - - - - - - - 20,990,000 - 23,345,000 Premiums on bonds issued - - - - - - - 3,358,385 - -
Total other financing sources (uses) (53,668) (481,616) 92,453 391,216 3,971,553 (1,397,043) (807,305) 23,023,153 (68,095) 22,988,005 Net change in fund balances $ 1,083,832 $ 1,869,738 $ 4,337,448 $ 2,194,507 $ 1,739,637 $ (2,330,820) $ 3,559,708 $ 21,790,341 $ (12,526,765) $ 2,539,756 Debt Service as a Percentage of
Noncapital Expenditures 4% 5% 5% 5% 5% 5% 4% 5% 5% 4%
5.1.a
Packet Pg. 193 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 157
City of San Ramon
Assessed Value and Estimated Actual Value of Taxable Property – Taxable Property Last Ten Fiscal Years
Fiscal Year Ended
June 30 Secured Unsecured
Taxable Assessed
Value
Total Direct
Tax Rate
2013 14,303,318,095 363,496,493 14,666,814,588 0.07600
2014 15,118,312,790 404,102,025 15,522,414,815 0.07590
2015 16,562,364,762 421,617,203 16,983,981,965 0.07470
2016 17,932,287,779 386,528,547 18,318,816,326 0.06940
2017 18,989,294,954 422,241,773 19,411,536,727 0.05810
2018 20,287,909,650 375,570,677 20,663,480,327 0.07610
2019 21,326,489,207 383,728,161 21,710,217,368 0.09620
2020 22,239,569,802 409,923,340 22,649,493,142 0.08740
2021 23,142,334,289 391,139,999 23,533,474,288 0.09040
2022 24,670,201,640 389,017,895 25,059,219,535 0.09150
Source: Contra Costa County Auditor-Controller's Office - Certificate of Assessed Valuation The Taxable Assessed Value is the Total Gross Assessed Valuation less Homeowner's Exemptions Note:
In 1978 the voters of the State of California passed Proposition 13 which limited property taxes to a maximum rate of 1% based upon the assessed value of the property being taxed. Each year, the assessed value of property may be increased by an "inflation factor" (limited to a maximum increase of 2%). With few exceptions, property is only reassessed at the time that it is sold to a new owner. At that point, the new assessed value is reassessed at the purchase price of the property sold. The assessed valuation data shown above represents the only data currently available with respect to the actual market value of taxable property and is subject to the limitations described above. $0
$10
$20
2013 2014 2015 2016 2017 2018 2019
2020 2021 2022
Billions
Unsecured Property Secured Property
5.1.a
Packet Pg. 194 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 158
City of San Ramon
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
Overlapping Rates
Fiscal Year
City of San
Ramon Direct
Rate
Bay Area Rapid
Transit
East Bay
Regional Park
San Ramon
Unified School
District
Contra Costa
County
Community
Colleges
Subtotal
Overlapping
Rate
Total Direct
Rate
2013/14 0.0760 0.0075 0.0078 0.0696 0.0133 0.0982 0.1742 2014/15 0.0759 0.0045 0.0085 0.0651 0.0252 0.1033 0.1792 2015/16 0.0747 0.0026 0.0067 0.0624 0.0220 0.0937 0.1684 2016/17 0.0694 0.0080 0.0032 0.0652 0.0120 0.0884 0.1578 2017/18 0.0581 0.0084 0.0021 0.0552 0.0114 0.0771 0.1352 2018/19 0.0761 0.0070 0.0021 0.0750 0.0110 0.0951 0.1712 2019/20 0.0962 0.0120 0.0094 0.0750 0.0188 0.1152 0.2114 2020/21 0.0874 0.0139 0.0014 0.0750 0.0161 0.1064 0.1938 2021/22 0.0904 0.0060 0.0020 0.0750 0.0176 0.1006 0.1910 2022/23 0.0915 0.0140 0.0058 0.0657 0.0162 0.1017 0.1932 Source: Contra Costa County Auditors Controller's Office -
0.0200
0.0400
0.0600
0.0800
0.1000
0.1200
0.1400
2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 City of San Ramon Direct Rate
Bay Area Rapid Transit
East Bay Regional Park
San Ramon Unified School District
Contra Costa County Community Colleges
Subtotal Overlapping Rate
5.1.a
Packet Pg. 195 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 159
City of San Ramon
Principal Sales Tax Producers
Year ended June 30, 2022
Firm Business Description
Canary Marketing Promotional Products Supplier
Chevron Fuel & Service Stations
Costco Gas Station Fuel & Service Stations
Devil Mountain Wholesale Nursery Nursery
Fuel & Marine Marketing Marine Lubricants & Residual Fuels Heller Jewelers Jewelry Store
Home Depot Building Materials Store
Home Goods Discount Retail Store
Lehigh Cement West Building Materials Wholesale
Longi Solar Technology US, Inc. Renewable Energy
Martin Marietta Building Materials Wholesale
Okonite Company Insulated Wire/Cable Manufacturer
Safeway Fuel Fuel & Service Stations
Safeway Stores Supermarkets
San Ramon Valley Fire Protection District Government/social Organization Siemens Energy Renewable Energy
Target Department Stores
Total Wine & More Liquor Store
Valero Gas Station
Walmart Neighborhood Market Supermarkets
Source: Hdl Companies
5.1.a
Packet Pg. 196 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 160
City of San Ramon
Principal Property Taxpayers
Current Fiscal Year and Nine Years Ago
2022
Taxpayer Assessed Valuation Rank
Percentage of
Total Taxable
Assessed Value
Sunset Building Co. LLC/Sunset Land Co. LLC $ 445,508,856 1 1.78% Chevron USA Inc. 376,329,195 2 1.50%
2600 CR LLC 339,502,046 3 1.35%
Shapell Industries Inc. 319,726,868 4 1.28%
Essex Portfolio LP/Essex San Ramon Partners LP 292,389,682 5 1.17% SDC 7 183,613,541 6 0.73%
Faria Preserve LLC 138,009,699 7 0.55%
BRE Properties Inc. 135,932,533 8 0.54%
Alexander Properties Co. 110,817,695 9 0.44%
Clancy Investment Company LLC 108,419,551 10 0.43%
Total $ 2,450,249,666
2021-2022 Assessed Valuation: $ $ 25,059,219,535 **
2012-2013 Assessed Valuation: $ $ 14,303,318,095 **
** Local Secured Assessed Valuation
Assessed Valuation includes Net Secured Property Tax Roll plus Homeowners Exemption Source: California Municipal Statistics, Inc.
Sunset Building Co. LLC/Sunset Land Co.
LLC
Chevron USA Inc.
2600 CR LLC
Shapell Industries Inc.
Essex Portfolio LP/Essex San Ramon
Partners LP
SDC 7
Faria Preserve LLC
BRE Properties Inc.
Alexander Properties Co.
Clancy Investment Company LLC
5.1.a
Packet Pg. 197 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 161
City of San Ramon
Principal Property Taxpayers, continued
Current Fiscal Year and Nine Years Ago
2013
Taxpayer Assessed Valuation Rank
Percentage of
Total Taxable
Assessed Value
Sunset Building Co. LLC/Sunset Land Co. LLC $ 376,042,543 1 2.63% Chevron USA Inc. 334,071,478 2 2.34%
Shapell Industries Inc. 263,547,162 3 1.84%
Essex Portfolio LP / Esses San Ramon Partners LP 205,038,824 4 1.43% Annabel Investment Co. 156,160,947 5 1.09%
SDC 7 146,864,196 6 1.03%
Alexander Properties Co. 95,475,013 7 0.67%
San Ramon Regional Medical Center 64,874,589 8 0.45%
Wittschen Capital Resources LP 59,576,300 9 0.42%
BRE Properties Inc. 55,504,200 10 0.39%
$ 1,757,155,252
Sunset Building Co. LLC/Sunset Land Co.
LLC
Chevron USA Inc.
Shapell Industries Inc.
Essex Portfolio LP / Esses San Ramon
Partners LP
Annabel Investment Co.
SDC 7
Alexander Properties Co.
San Ramon Regional Medical Center
Wittschen Capital Resources LP
BRE Properties Inc.
5.1.a
Packet Pg. 198 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 162
City of San Ramon
Property Tax Levies and Collections
Last Ten Fiscal Years
Fiscal Year Ended
June 30
Total Tax*
Levy for
Fiscal Year Amount
Percentage of
Levy Amount
Percentage of
Levy
2013 $ 11,152,848 $ 11,152,848 100% $ 11,152,848 100%
2014 11,786,675 11,786,675 100% 11,786,675 100%
2015 12,693,581 12,693,581 100% 12,693,581 100%
2016 13,638,715 13,638,715 100% 13,638,715 100%
2017 14,350,584 14,350,584 100% 14,350,584 100%
2018 15,077,288 15,077,288 100% 15,077,288 100%
2019 15,813,441 15,813,441 100% 15,813,441 100%
2020 16,428,794 16,428,794 100% 16,428,794 100%
2021 17,094,563 17,094,563 100% 17,094,563 100%
2022 17,781,628 17,781,628 100% 17,781,628 100%
Source: Contra Costa County Auditor-Controller's Office * Does not include Supplemental / Unitary & Operating Non-Unitary Collected within the
Fiscal Year of the Levy Total Collections to Date
$0
$5
$10
$15
$20
$25
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Millions Tax Collections
5.1.a
Packet Pg. 199 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 163
City of San Ramon
Ratios of Debt Outstanding
Last Ten Fiscal Years
Fiscal Year Certificates Tax Pension Percent of Percent of Ended of Allocation Revenue Obligation Capital Premium on Notes Assessed Personal Per June 30 Participation Bonds * Bonds Bonds Leases Debt Payable Total Value Income Capita 2013 12,605,000 - - 17,170,000 2,976,068 535,333 - 33,286,401 0.2270% 1.4620% 269 2014 11,345,000 - - 16,990,000 2,742,390 490,722 - 31,568,112 0.2034% 1.3674% 258 2015 9,970,000 - - 16,775,000 2,512,288 446,111 - 29,703,399 0.1749% 1.2664% 249 2016 8,535,000 - - 16,520,000 2,294,415 401,500 - 27,750,915 0.1515% 1.1861% 243 2017 7,065,000 - - 16,215,000 2,035,567 356,889 - 25,672,456 0.1323% 1.0674% 229 2018 5,550,000 - - 15,860,000 1,761,425 312,278 - 23,483,703 0.1136% 0.9516% 216 2019 4,210,000 - - 15,475,000 1,471,345 267,667 - 21,424,012 0.0987% 0.8545% 204 2020 23,395,000 - - 15,070,000 1,233,404 3,532,194 - 43,230,598 0.1909% 1.7417% 238 2021 21,245,000 - - 14,640,000 980,821 3,455,147 - 40,320,968 0.1713% 1.6100% 227 2022 20,090,000 - - 37,530,000 712,980 3,337,159 - 61,670,139 0.2461% 2.4649% 496 Source: City of San Ramon Finance Department
* The balance of Tax Allocation Bonds was transferred to the Successor Agency as of February 1, 2012 Outstanding Debt
-
5 10
15 20
25 30
35 40
45 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 millions Total Outstanding Debt
5.1.a
Packet Pg. 200 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 164
City of San Ramon
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
Fiscal Year Certificates Tax Pension Total Total Percentage Percentage Debt Ended of Allocation Revenue Obligation Premium on Notes Governmental Primary of Assessed of Personal Per June 30 Participation (1) Bonds (1) Bonds* (1) Bonds (1) Capital lease (1) Debt (1) Payable (1) Activities Government Value of Property (2) Income (3) Capita (4) 2013 12,605,000 - - 17,170,000 2,976,068 535,333 - 33,286,401 33,286,401 0.23% 1.46% 269 2014 11,345,000 - - 16,990,000 2,742,390 490,722 - 31,568,112 31,568,112 0.20% 1.37% 258 2015 9,970,000 - - 16,775,000 2,512,288 446,111 - 29,703,399 29,703,399 0.17% 1.27% 249 2016 8,535,000 - - 16,520,000 2,294,415 401,500 - 27,750,915 27,750,915 0.15% 1.19% 243 2017 7,065,000 - - 16,215,000 2,035,567 356,889 - 25,672,456 25,672,456 0.13% 1.07% 229 2018 5,550,000 - - 15,860,000 1,761,425 312,278 - 23,483,703 23,483,703 0.11% 0.95% 216 2019 4,210,000 - - 15,475,000 1,471,345 267,667 - 21,424,012 21,424,012 0.10% 0.85% 204 2020 23,395,000 - - 15,070,000 1,233,404 3,532,194 - 43,230,598 43,230,598 0.19% 1.74% 238 2021 21,245,000 - - 14,640,000 980,821 3,455,147 - 40,320,968 40,320,968 0.17% 1.61% 227 2022 20,090,000 - - 37,530,000 712,980 3,337,159 - 61,670,139 61,670,139 0.25% 2.46% 496 Notes: Details regarding the City's outstanding debt can be found in the notes to the financial statements.
The City is expressing total outstanding debt as a percentage of taxable assessed property values as provided by the Contra Costa County Auditor-Controller's Office.
The balance of Tax Allocation Bonds, Tax Revenue Bonds and HELP Loan was transferred to the Successor Agency as of February 1, 2012 Source: (1) City of San Ramon Finance Department
Source: (2) Contra Costa County Auditor-Controller's Office Source: (3) Bureau of Economic Analysis/State of California Franchise Tax Board Source: (4) Debt per Capita is calculated from total debt outstanding less reserves available * The City issued revenue bonds in fiscal years 2005 and 2006 ** The City entered into lease agreements on July 10, 2006 and August 1, 2012 *** In April 2007 the Redevelopment Agency received a Housing Enabled by Local Partnership ("HELP") loan from the California Housing Finance Agency ("CalHFA").
Governmental Activities
$0
$50
$100
$150
$200
$250
$300
$350
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Debt Outstanding Per Capita
5.1.a
Packet Pg. 201 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 165
City of San Ramon
Direct and Overlapping Debt
June 30, 2022
2021-22 Assessed Valuation: $25,059,219,535 *
Total Debt City’s Share of
OVERLAPPING TAX AND ASSESSMENT DEBT: 6/30/2022 % Applicable (1) Debt 6/30/22 DO NOT PRINT Bay Area Rapid Transit District $ 2,521,570,000 2.804% $ 70,704,823 70,704,822.80 Chabot-Las Positas Community College District 805,595,000 0.445% 3,584,898 35,848.98 Contra Costa Community College District 598,780,000 10.418% 62,380,900 623,809.00 San Ramon Valley Unified School District 416,400,000 44.397% 184,869,108 1,848,691.08 East Bay Regional Park District 184,590,000 4.478% 8,265,940 82,659.40 ABAG Windemere Ranch Community Facilities District No. 2004-2 27,612,966 100.000% 27,612,966 276,129.66 ABAG Windemere Ranch 1915 Act Bonds 55,463,287 100.000% 55,463,287 554,632.87 TOTAL OVERLAPPING TAX AND ASSESSMENT DEBT 412,881,922
DIRECT AND OVERLAPPING GENERAL FUND DEBT:
Contra Costa County General Fund Obligations $ 224,500,000 10.660% 23,931,700 23,931,700 San Ramon Valley Unified School District General Fund Obligations 18,113,534 44.40% 8,041,866 8,041,866 City of San Ramon Certificates of Participation (including premiums) 20,090,000 100.00% 20,090,000 20,090,000 City of San Ramon Pension Obligation 37,530,000 100.00% 37,530,000 37,530,000 City of San Ramon Capital Leases 712,980 100.00% 712,980 712,980 San Ramon Valley Fire Protection District Certificates of Participation 47,994,960 44.64% 21,424,950 21,424,950 GROSS DIRECT OVERLAPPING GENERAL FUND DEBT 111,731,496
Less: Contra Costa County Obligations supported from revenue funds (6,684,626) NET DIRECT AND OVERLAPPING GENERAL FUND DEBT $ 105,046,870 118,416,122.00 OVERLAPPING TAX INCREMENT DEBT (Successor Agency): $ 50,217,828 100% $ 50,217,828 50,217,828.00 TOTAL DIRECT DEBT $ 61,670,139 58,332,980.00
TOTAL GROSS OVERLAPPING DEBT $ 516,498,266 516,498,266.00 TOTAL NET OVERLAPPING DEBT $ 509,813,640 509,813,640.00 GROSS COMBINED TOTAL DEBT $ 578,168,405 (2) 574,831,246.00 NET COMBINED TOTAL DEBT $ 584,853,031 584,853,031.00
1) The percentage of overlapping debt applicable to the city is estimated using taxable assessed property value.
Applicable percentages were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the city divided by the district's total taxable assessed value. 2) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and non-bonded capital lease obligations.
Ratios to 2020-21 Assessed Valuation:
Total Overlapping Tax and Assessment Debt………………………….. 1.65% 1.65% Total Direct Debt ($21,424,012)……………………………………… 0.25% 0.25% Gross Combined Total Debt……………………………………………. 2.31% 2.31% Net Combined Total Debt………………………………………………. 2.33% 2.33%
Ratios to Redevelopment Successor Agency Incremental Valuation ($1,341,758,792):
Total Overlapping Tax Incremental Debt……………………………….. 3.68% 3.68% * Assessed Valuation includes Net Secured and Unsecured Property Tax Roll plus Homeowners Exemption Source: California Municipal Statistics, Inc.
Note: Need to add Capital Lease total as part of the City of San Ramon total direct debt.
5.1.a
Packet Pg. 202 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 166
City of San Ramon
Legal Debt Margin Information
Last Ten Fiscal Years
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Debt limit $ 939,720,733 $ 882,505,286 $ 849,355,993 $ 814,133,151 $ 774,880,512 $ 727,932,627 $ 686,955,612 $ 636,899,324 $ 570,541,001 $ 537,177,396 Total net debt applicable to limit 23,427,159 24,700,147 26,927,194 4,477,667 5,862,278 7,421,889 8,936,500 10,416,111 11,549,555 12,828,151 Legal debt margin $ 916,293,574 $ 857,805,139 $ 822,428,799 $ 809,655,484 $ 769,018,234 $ 720,510,738 $ 678,019,112 $ 626,483,213 $ 558,991,446 $ 524,349,245 Total net debt applicable to the limit
as a percentage of debt limit 2.5% 2.8% 3.2% 0.5% 0.8% 1.0% 1.3% 1.6% 2.0% 2.4% Legal Debt Margin Calculation Converted assessed value (at 25% of Taxable Value) $ 6,264,804,884 Debt limit (15% of assessed value) $ 939,720,733 Debt applicable to limit:
Certificates of Participation 23,427,159
Legal debt margin $ 916,293,574
The Government Code of the State of California provides for a legal debt limit of 15% of gross assessed valuation. However, this provision was enacted when assessed valuation was based upon 25% of market value. Effective with the 1981-82 fiscal year, each parcel is now assessed at 100% of market value (as of the most recent change in ownership for that parcel). Although the statutory debt limit has not been amended by the State since this change, the percentages presented in the above computations have been proportionately modified to 3.75% (25% of 15%) for the purpose of this calculation in order to be consistent with the computational effect of the debt limit at the time of the state's establishment of the limit. Source: City Finance Department
June 30,
5.1.a
Packet Pg. 203 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 167
City of San Ramon
Pledge-Revenue Coverage
Last Ten Fiscal Years
Fiscal Year
Ended Tax
June 30 Increment Principal * Interest * Coverage
2013 $ - $ - $ - -
2014 - - - -
2015 - - - -
2016 - - - -
2017 - - - -
2018 - - - -
2019 - - - -
2020 - - - -
2021 - - - -
2021 - - - -
Principal and interest payments are recorded through January 31, 2012.
Source: City Finance Department
Note: Details regarding the city's outstanding debt can be found in the notes to the financial statements. * The balance of the Tax Allocation Bonds was transferred to the Successor Agency as of February 1, 2012.
Debt Service
Tax Allocation Bonds
5.1.a
Packet Pg. 204 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) This page intentionally left blank.
5.1.a
Packet Pg. 205 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 168
City of San Ramon
Demographics Statistics
Last Ten Fiscal Years
Fiscal Year
City of San Ramon
Population (1)
Percent Change In
Population
City of San Ramon
Personal Income (2)
**
City of San Ramon
Per Capita Income (3)
2013 76,154 2.3% 2,276,734 71,316
2014 77,270 1.4% 2,308,609 72,315
2015 78,561 1.6% 2,345,546 73,472
2016 78,363 -0.3% 2,339,682 73,291
2017 80,550 2.8% 2,405,193 75,343
2018 82,643 2.6% 2,467,728 77,302
2019 83,957 1.6% 2,507,212 78,539
2020 83,118 -1.0% 2,482,140 77,753
2021 83,863 0.9% 2,504,479 78,453
2022 83,820 -0.1% 2,501,975 78,375
Note: City of San Ramon personal income for years 2012-2021 and City of San Ramon per capita income for 2011-2020 are estimates based upon the percent of change in population as provided by the Department of Commerce, Bureau of Economic Analysis.
Source: (1) State of California Department of Finance
(2) State of California Franchise Tax Board
(3) State of California Employment Development Department (4) Bureau of Economic Analysis
* Information was not available for FY2012 through FY2021 ** In Thousands
4%
5%
6%
7%
8%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
City Population as a Percentage of County Population % of County 0 1,000,000
2,000,000
3,000,000
Contra Costa County Population (1)
5.1.a
Packet Pg. 206 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 169
City of San Ramon
Demographics Statistics, continued
Last Ten Fiscal Years
City of San Ramon
Unemployment Rates
(3)
Contra Costa County
Population (1) Contra Costa County Per Capita Income (2)
3.60% 1,074,702 *
2.80% 1,087,008 *
3.30% 1,102,871 *
3.30% 1,123,429 *
2.80% 1,139,513 *
2.90% 1,149,363 *
2.30% 1,155,879 *
5.70% 1,153,561 *
4.00% 1,153,854 *
2.80% 1,156,555 *
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
$90,000
$100,000
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
City of San Ramon Per Capita Income (3)
0.00%
2.50%
5.00%
7.50%
10.00%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
City of San Ramon Unemployment Rates (3)
5.1.a
Packet Pg. 207 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 170
City of San Ramon
Annual Average Employment and Unemployment Rates
Last Ten Fiscal Years
Fiscal Year
City of San Ramon
Labor Force City of San Ramon County of Contra Costa State of California 2013 29,200 3.6% 8.7% 10.4%
2014 29,500 2.8% 7.0% 8.5%
2015 39,700 3.3% 4.9% 6.2%
2016 39,800 3.3% 4.9% 5.7%
2017 39,900 2.8% 4.1% 4.9%
2018 40,100 2.9% 3.5% 4.5%
2019 39,900 2.3% 3.2% 3.7%
2020 38,400 5.7% 7.9% 9.0%
2021 37,400 5.3% 7.0% 7.6%
2022 42,600 2.4% 3.4% 4.0%
Source: State of California Employment Development Department Annual Average Unemployment Rates
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
City of San Ramon
County of Contra Costa
State of California
5.1.a
Packet Pg. 208 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 171
City of San Ramon
Principal Employers
Current Fiscal Years and Nine Years Ago
Number of Percent of Total Number of Percent of Total
Employer Employees Employment Employer Employees Employment PG&E 2,398 5.63% Chevron USA Inc 4,200 14.38%
Chevron USA Inc 2,000 4.69% Bank of the West 1,600 5.48% Bank of the West 1,600 3.76% AT&T 1,491 5.11%
Robert Half International Inc. 1,285 3.02% Robert Half International Inc. 1,230 4.21% Accenture LLP 750 1.76% Accenture 750 2.57%
San Ramon Regional Medical Center 650 1.53% PG&E 740 2.53% Primed Management Consulting 453 1.06% San Ramon Regional Medical Center 500 1.71% Five9, Inc. 392 0.92% General Electric Company 500 1.71% United Parcel Service 315 0.74% Primed Management Consulting 413 1.41% Old Republic Home Protectin 308 0.72% Marriott 368 1.26% Source: City of San Ramon Finance Department
2022 2013
5.1.a
Packet Pg. 209 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 172
City of San Ramon
Full-Time Equivalent City Government Employees by Function Last Ten Fiscal Years
Full-Time Equivalent Employees as of June 30,
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Function/Program
General Government
Management Services 10.00 9.00 10.00 10.00 9.00 9.00 9.00 9.00 7.00 9.00 Administrative Services 19.00 19.00 20.00 20.00 20.00 19.00 18.00 17.00 17.00 18.00 Total General Government 29.00 28.00 30.00 30.00 29.00 28.00 27.00 26.00 24.00 27.00 Community Development
Planning Services 9.00 9.00 8.00 8.00 8.00 8.00 8.00 8.00 7.00 8.00 Transportation Services* - - - - - - - 4.00 2.00 4.00
Building Services 12.00 10.00 9.00 9.00 9.00 9.00 9.00 9.00 11.00 12.50 Total Community Development 21.00 19.00 17.00 17.00 17.00 17.00 17.00 21.00 20.00 24.50 Public Works
Engineering Services 21.00 20.00 20.00 20.50 20.50 20.50 20.50 21.00 21.00 24.00 Transportation Services* 4.00 4.00 4.00 4.00 4.00 4.00 4.00 - - - Public Services 81.75 79.75 79.75 77.25 76.25 75.25 72.25 71.50 71.30 77.90 Total Public Works 106.75 103.75 103.75 101.75 100.75 99.75 96.75 92.50 92.30 101.90 Public Safety
Sworn 69.00 69.00 69.00 69.00 69.00 66.00 65.00 62.00 58.00 58.00 Non-Sworn 20.00 19.00 19.00 19.00 18.00 17.00 18.00 19.50 19.50 19.50 Total Public Safety 89.00 88.00 88.00 88.00 87.00 83.00 83.00 81.50 77.50 77.50 Parks and Community Services 34.00 34.00 34.00 33.00 33.00 33.00 35.00 31.80 31.80 33.60 Economic Development/Redevelopment - - - - - - - - - 1.00 Total 279.75 272.75 272.75 269.75 266.75 260.75 258.75 252.80 245.60 265.50 Source: Various City Departments
* In 2016 the Transportation Services Division was transferred from Community Development to Public Works Department. 0 50
100
150
200
250
300
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 FTE's General Government Community Development Public Works Public Safety Parks and Community Services Economic Development/Redevelopment
5.1.a
Packet Pg. 210 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) 173
City of San Ramon
Operating Indicators by Function/Program
Last Ten Fiscal Years
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Function/Program
PoliceArrests 624 533 567 512 538 548 532 602 508 476 Non-Moving Courtesy Warning/parking violations 857 472 458 689 726 1,022 1,841 1,694 1,644 2,755 Moving traffic violations 2,484 1,062 3,509 5,790 5,328 4,880 6,178 6,246 8,602 6,471 Patrol Activity 66,025 69,421 76,534 74,417 64,284 65,829 78,741 72,556 59,272 70,695 Public Services Street resurfacing (miles) * * * * * * * * * * Potholes repaired 59 28 93 163 110 114 107 125 134 82 Light/Signal repairs 249 590 234 271 138 162 121 149 169 157 USA inspections 3,900 3,100 2,852 2,657 14,141 3,240 3,178 4,284 1,764 1736 Street light Repairs 359 199 134 166 128 134 158 201 295 392 Sign repair 166 108 118 173 183 173 114 242 279 116
Sidewalk repairs 583 654 1485 257 145 187 135 244 141 127 Graffiti abatement 104 123 54 49 58 54 64 67 59 47 Trim notices 44 41 40 20 80 140 95 12 128 336 Vehicle lube, oil, filter 128 63 79 126 187 147 141 15 132 141 Irrigation repairs 5,179 7,961 6,618 10,137 24,988 10,111 17,390 15,387 18,843 13,988 Encroachment Permits 507 527 459 429 338 358 413 418 400 402 Parks and Community Services Swimming pool admissions 60,000 60,606 49,298 53,794 60,757 70,028 77,967 82,236 79,404 74,651 Leisure class participants 17,912 264 13,930 24,470 25,135 18,945 23,090 23,450 24,737 27,363 Library books circulated **** 416,408 290,489 445,140 635,104 586,189 470,861 464,054 688,104 717,239 752,968 Youth sport league participants ** 2,693 15 5,467 6,165 6,982 6,555 6,140 5,836 5,008 6,085 Adult sport league teams *** 89 61 54 81 188 151 159 173 196 468 Senior center drop in participants 10,919 - 15,009 27,947 28,524 28,348 42,892 42,387 31,831 43,928 Community center facility rentals 1025 44 356 788 789 774 659 513 465 412 Planning Building permits 10,746 9,289 8,637 9,089 8,410 2,781 2,812 9,368 10,033 6,969 Home Occupation permits 139 183 134 172 159 193 191 180 201 234 Building applications processed 3,582 3,245 2,825 2,858 2,847 3,328 3,529 2,721 2,854 2,534 Planning applications processed 365 277 290 382 330 354 337 360 197 416 Code enforcement cases 430 510 213 398 520 685 495 598 580 606 Inspections 14,700 18,271 17,097 19,716 19,306 18,137 16,531 15,828 17,424 13,604 Source: Various City Departments * Information was not available. ** Does not include sports camps as in previous years; sports camps are included in leisure class participants. *** Only includes PCS Adult sport league teams as of 2011-12 **** 2016 and 2017 Library books circulated decrease is due to the closure of the Main Library for renovation.
5.1.a
Packet Pg. 211 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 174
City of San Ramon
Capital Assets Statistics by Function
Last Ten Fiscal Years
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Function
Police
Stations 2 2 2 2 2 2 2 2 2 2
Patrol units 80 80 80 81 81 66 64 62 60 61
Public Services
Streets (miles) 241 241 241 241 241 241 235 234 222 253 Catch basins 4,559 4,559 4,535 4,535 4,535 4,433 4,319 4,288 4,276 4,200 Streetlights 7,000 7,000 6,995 6,995 6,995 6,971 6,857 6,833 6,818 6,900 Traffic signals 101 100 100 100 100 99 99 97 98 97
Landscape acreage 463 459 454 454 452 448 446 444 434 432 Parks 64 64 63 63 63 63 63 62 62 57
Parks acreage 375 375 374 374 374 372 372 365 365 427
Open space/trails acreage 220 220 220 220 220 220 220 220 210 210 Fountains 6 6 6 8 8 8 8 8 7 7
Pools 5 5 5 5 5 5 5 5 5 5
Vehicles 90 90 81 81 74 75 69 71 71 71
Parks and Community Services
Swimming pools 2 2 2 2 2 2 2 2 2 2
Tennis courts 26 26 26 26 26 26 26 26 24 24
Community centers 4 4 4 4 4 4 4 4 3 3
Community gymnasiums 2 2 2 2 2 2 2 2 2 2
Libraries 2 2 2 2 2 2 2 2 2 2
Historic properties 1 1 1 1 1 1 1 1 1 1
Skate parks 1 1 1 1 1 1 1 1 1 1
Theaters 2 2 2 2 2 2 2 2 2 2
Source: Various City Departments
5.1.a
Packet Pg. 212 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 175
City of San Ramon
Miscellaneous Statistical Data
Last Ten Fiscal Years
Date of Incorporation July 1, 1983
Form of Government Council/City Manager (Charter City)
Population (1/1/2021 State Finance Department) 83,820
Number of Authorized City Employees 279.75
Median Age 41.7
Median Household Income 167,345
Registered Voters 49,219
Area in Square Miles 18.56
Miles of Streets:
Lane miles 502
Center miles 241
Fire Protection:
San Ramon Valley Fire Protection District
Number of Stations 4
Police Protection:
Number of Stations 1
Number of Sworn Personnel 69
Education:
Elementary Schools 12
Middle Schools 4
High Schools 2
Community College 1
Libraries: (Contracted with Contra Costa County)
Number of Libraries 2
Number of Volumes 123,873
Recreation and Culture:
Park Sites 64
Park Acreage 375
Community Facilities:
San Ramon Community Center 2
Senior Center 1
Dougherty Valley Station Community Center 1
Performing Arts Theater 2
Hospital 1
Building Permits Issued: 10,746
Source: Various City of San Ramon Department Records
5.1.a
Packet Pg. 213 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22) This
page intentionally left blank.
5.1.a
Packet Pg. 214 Attachment: City of San Ramon Annual Comprehensive Financial Report for the year ended June 30, 2022 (3993 : Acfr 6-30-22)
FINANCE COMMITTEE STAFF REPORT
DATE: May 8, 2023
TO: Finance Committee/City Manager
FROM: Kelly Sessions, Administrative Services Director
By: Candace Daniels, Finance Division Manager
SUBJECT: California Employer’s Benefit Trust (CERBT) for the Period Ending March 31, 2023
RECOMMENDED ACTION
Staff recommends that the Finance Committee review and accept the CERBT Statement for the period ending March 31, 2023.
BACKGROUND/DISCUSSION
On November 14, 2014, the City Council approved participation in CERBT for purposes of prefunding the City’s long-term obligation for health benefits accrued to retired City employees.
Assets in this Trust can only be used for payment of these benefits and may not be used for other governmental purposes.
At the start of January 2023, the CERBT had a balance of $33,734,329. During this quarter, the trust had investment earnings of $1,499,531, and expenses of $7,318 leaving an ending balance of $35,226,542 at March 31, 2023. As of the most recent actuarial valuation, which has a measurement date of June 30, 2021, the OPEB liability measured $34,882,923 and was more than 100% funded. With the current ending balance, the funding status of the OPEB liability is slightly over 100%.
FISCAL ANALYSIS
This item is for informational purposes only-there is no fiscal impact.
STEPS FOLLOWING APPROVAL
None
ATTACHMENT
California Employer's Retirement Benefit Trust for the Period Ending March 31, 2023
5.2 Packet Pg. 215
City of San Ramon
Please note the Grand Total is your actual fund account balance at the end of the period, including all contributions per GASB 74 paragraph 22 and accrued disbursements. Please review your statement promptly. All information contained in your statement will be considered true and accurate unless you contact us within 30 days of receipt of this statement. If you have questions about the validity of this information, please contact [email protected]. 1,823,882.031 1,823,882.031
$35,226,542.36 $35,226,542.36
Period Ending Unit Value 19.314046 19.314046
Period Beginning Unit Value 18.495894 18.931851
0.000
0.000
1,823,882.031
0.000
0.000
1,823,882.031
Current Period Year to Date
Ending Units
Unit Sales for Withdrawals
Unit Purchases from Contributions
Beginning Units
Market Value Summary: Unit Value Summary:
Grand Total $35,226,542.36 $35,226,542.36
0.00 (12,686.27)
0.00 719,041.06
0.00 $34,529,463.24
0.00 (4,227.00)
0.00 1,499,531.46
0.00 $33,734,328.51
Current Period Year to Date
Ending Balance
Disbursement
Administrative Expenses
Other
Investment Earnings
Contribution
Beginning Balance
QTD Fiscal QTD Fiscal
FY End Contrib per GASB 74 Para 22 0.00 0.00
Transfer In
Transfer Out
0.00 0.00
0.00 0.00
Unit Transfer In
Unit Transfer Out
0.000
0.000
0.000
0.000
Investment Expense (3,090.61) (9,275.67)
CERBT Strategy 2
Entity #: SKB7-4889155551-001
Quarter Ended March 31, 2023
FY End Disbursement Accrual 0.00 0.00