CITY COUNCIL AGENDA
February 11, 2025
WE PROVIDE EFFICIENT DELIVERY OF QUALITY PUBLIC SERVICES THAT ARE
ESSENTIAL TO THOSE WHO LIVE AND WORK IN SAN RAMON
Mark Armstrong, Mayor • Sridhar Verose, Vice Mayor
Richard Adler, Councilmember • Robert Jweinat, Councilmember • Marisol Rubio, Councilmember Council Chamber
7000 Bollinger Canyon Road
REGULAR MEETING AND
CLOSED SESSION – 7:00 PM
Agenda Questions: Please contact the City Clerk (925) 973-2539 or [email protected] Please refer to the end of the agenda to review options for participation in the meeting.
Unless stated otherwise on the agenda, every item on the agenda is exempt from CEQA Guidelines Sections 15060(c), 15061(b)(3), 15273, 15378, 15301, 15323 and/or Public Resources Code Section 21065.
1. CALL TO ORDER/ROLL CALL
2. PLEDGE OF ALLEGIANCE
3. ANNOUNCEMENTS
3.1 Changes and Additions to the Agenda
3.2 If you wish to speak under Public Comment or regarding an agenda item please fill out a speaker card located in the back of the room and submit it to the City Clerk.
4. PUBLIC COMMENT
Members of the audience are encouraged to address the City Council on any non-agenda item relating to the business of the City Council. Comments are limited to three (3) minutes, or less time if a large number of speakers are anticipated. A speaker may not allocate their time to another speaker. All remarks shall be addressed to the City Council.
Comments from the public on non-agenda items may also be submitted by email to [email protected]. Comments received by email will not be read aloud; however, they will be forwarded to the Council for their consideration. If you wish to present your comments to the public, you may do so in-person during this Public Comment period. No Council action can be taken at this meeting on issues raised during public comment. During public comment, members of the public are permitted to address the City Council only on the following:
Any non-agenda item relating to the business of the City Council. 2 City Council Meeting – February 11, 2025
Items that are on the Consent Calendar, including requests to pull an item from the consent calendar and the reason why you wish to pull the item or items. Please note that the decision to remove the item from the Consent Calendar is strictly at the discretion of the City Council.
Requests for Future Agenda Items.
Special Presentation Items under Section 6 of tonight’s Agenda. Items that are not on the agenda and are within the City Council’s jurisdiction.
5. CONSENT CALENDAR
Consent Calendar items are considered routine and are acted upon by the City Council with a single action. Members of the audience wishing to provide public input may request (by email to the City Clerk or under Item 4 Public Comment) that the City Council remove the item from the Consent Calendar. Members of the public may request that items be removed from the Consent Calendar, however, the decision to remove the item is solely at the discretion of the City Council.
With respect to the approval of resolutions and ordinances, the reading of the title thereto shall be deemed a motion to waive a reading of the complete resolution or ordinance and unless there is a request by a Council member that the resolution or ordinance be read in full, further reading of the resolution or ordinance shall be deemed waived by unanimous consent of the Council.
5.1 Minutes for the City Council Regular Meeting - January 28, 2025 Recommendation: Approve Minutes
5.2 Quarterly Investment Report for the Period Ending December 31, 2024 Recommendation: Accept Report
5.3 Minute Order No. 2025-001 - Ratifying the Architectural Review Board Appointment Recommendation: Approve Minute Order No. 2025-001
5.4 Resolution No. 2025-012 - Authorizing Execution of Update to the FY 2024/25 Salary Schedule
Recommendation: Approve Resolution No. 2025-012
5.5 Resolution No. 2025-013 - Authorizing the City Manager to Amend the Agreement with Municipal Resource Group (MRG) to Include a Police Department Assessment and Increase the Contract Value by $99,600 Recommendation: Approve Resolution No. 2025-013
5.6 Resolution No. 2025-014 - Authorizing the Mayor to Execute an Agreement with Design Workshop, Inc for Trails Master Plan Services for an Amount Not to Exceed $124,850 through October 31, 2025, with the Option to Renew the Agreement for Up to One Additional Successive One-Year Term Recommendation: Approve Resolution No. 2025-014
3 City Council Meeting – February 11, 2025
5.7 Resolution No. 2025-015 - Authorizing the City Manager to Execute Cooperative Agreement No. 25CC08 Between the Contra Costa Transportation Authority (CCTA) and the City of San Ramon to Receive Transportation Fund for Clean Air Program (TFCA) Funds to Implement the City of San Ramon and Southwest Area Transportation (SWAT) Subregional TRAFFIX School Bus Program Recommendation: Approve Resolution No. 2025-015
5.8 Resolution No. 2025-016 - Approving the Parcel Map for the Orchards (Chevron Park) Minor Subdivision MS 24-0002 Located at 6001 Bollinger Canyon Road (APN 213-120-008)
Recommendation: Approve Resolution No. 2025-016
6. SPECIAL PRESENTATIONS
7. DEFERRED CONSENT ITEMS
8. UNFINISHED BUSINESS
9. NEW BUSINESS
9.1 Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024
Recommendation: Accept Report
Introduction by Candace Daniels, Finance Division Manager. Presentation by Vikki Rodriguez, Partner at Maze and Associates.
9.2 Non-Retail Policy Discussion
Recommendation: Receive the Report and Provide Feedback to Staff.
Introduction by Cindy Yee, Senior Planner. Presentation by Roger Dale, Managing Principal with The Natelson Dale Group.
9.3 Resolution No. 2025-017 - Authorizing Mid-Year Financial Review 2024/25 Budget Adjustments
Recommendation: Approve Resolution 2025-017
Presentation by Scott Koll, Assistant City Manager
9.4 Consideration Of, and Direction to Staff of the Candidate Selection to Invite to a Formal Interview to Fill the Vacancy on the Planning Commission Recommendation: Receive Report and Provide Direction to Staff Staff Report by Christina Franco, City Clerk
4 City Council Meeting – February 11, 2025
10. CITY MANAGER'S AND CITY COUNCIL MEMBERS' COMMENTS /
MATTERS INITIATED
11. CLOSED SESSION
11.1 Convene to Closed Session pursuant to Govt. Code section 54956.8 for the City Council to instruct its negotiator, Steven Spedowfski, on issues of price and terms of payment relating to sale or exchange of real property, San Ramon Transit Center located at 7051 Executive Parkway (APN 213-133-071) and proposed Bishop Ranch Transit Center located at 2641 Camino Ramon (APN 213-133-085) in San Ramon.
11.2 Report on Closed Session
12. ADJOURNMENT
I hereby certify the agenda was posted 72 hours before the noted meeting. This agenda is posted in accordance with Government Code Section 54954.2(a).
Dated: February 7, 2025
5 City Council Meeting – February 11, 2025
HOW TO VIEW OR PARTICIPATE IN THE MEETING:
The public is invited to participate in the meeting using any of the following methods:
IN-PERSON
Members of the public can provide in-person comments at the 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.
WRITTEN COMMUNICATION BY EMAIL
Public comments may be submitted via e-mail to [email protected]. Any public comments received up until two (2) hours prior to the scheduled start time of the meeting will be distributed to the City Council via e-mail, provided at the meeting in the red binder, and posted online at https://www.sanramon.ca.gov/public_comment.
Written comments received after the cut-off time will be provided to the City Council the day following the meeting.
Please include “Public Comment” in the subject line. In the body of the email please include your name and the item you wish to comment on. Written public comment will not be read aloud during the meeting.
TO VIEW OR LISTEN ONLY
As a courtesy and technology permitting, the public will have the opportunity to view the meeting via one-way feed by the options below. However, the City cannot guarantee that the public’s remote access to any meeting will be uninterrupted, and technical difficulties may occur from time to time. In those instances, so long as the public may still attend the meeting in person, the meeting will continue. Members of the public desiring to provide comments as a part of the meeting are encouraged to either submit written comments prior to the meeting or to attend the meeting in person.
a. Zoom: https://cityofsanramon.zoom.us/j/99523557638
Webinar ID: 995 2355 7638
b. Zoom Phone Numbers: +1 (669) 900-6833
c. The City’s YouTube Channel: www.sanramon.ca.gov/YouTube Regular City Council meetings are broadcast on Contra Costa Television (CCTV) (Channel 27) on Wednesdays at 7:00 p.m. and Thursdays at 1:00 p.m. immediately following the meeting. Regular City Council meetings are also broadcast on AT&T U-Verse (Channel 99).
ATTENDEE CONDUCT
There will be zero tolerance for any person addressing the Council 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 or watching.
At the discretion of the Mayor, 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 Council unable to continue the meeting; c. Excessive profanity or slander;
d. Specific threats or “fighting words” that incite violence; or e. Speech that is outside the subject matter jurisdiction of the Council or the specific agenda item in which you are speaking.
While the City of San Ramon ensures the First Amendment rights of its citizens, we do not accept nor endorse any offensive or hateful comments made during our meetings. The City of San Ramon celebrates the diversity of our community, and we strive to be a welcoming and open community for all.
MINUTES OF THE
CITY OF SAN RAMON
CITY COUNCIL MEETING
January 28, 2025
1. CALL TO ORDER/ROLL CALL
The Mayor called the meeting to order at 7:00 p.m.
Attendee Name Title Status
Mark Armstrong Mayor Present
Richard Adler Councilmember Present
Robert Jweinat Councilmember Present
Marisol Rubio Councilmember Present
Sridhar Verose Councilmember Present
Also in attendance: City Manager Steven Spedowfski, City Attorney Martin Lysons, City Clerk Christina Franco, and Community Development Director Debbie Chamberlain.
2. PLEDGE OF ALLEGIANCE
3. ANNOUNCEMENTS
3.1 Changes and Additions to the Agenda
The City Clerk made the announcement that Item 6.1 has been deferred to a future City Council meeting due to the Congressman being ill and not able to attend the meeting.
4. PUBLIC COMMENT
Public comment was received from Chirag Kathrani spoke about the petition he submitted to the City Council on January 14, 2025 and for the City Council to reconsider the appointment to the City Council, District 2.
5. CONSENT CALENDAR
Cm. Verose's motion to accept consent calendar items 5.1-5.6 was seconded by Cm.
Rubio. The motion passed 5-0-0-0.
RESULT: ADOPTED [UNANIMOUS]
MOVER: Sridhar Verose, Councilmember
SECONDER: Marisol Rubio, Councilmember
AYES: Armstrong, Adler, Jweinat, Rubio, Verose
5.1 Minutes of the City Council Special Meeting – January 6, 2025 Recommendation: Accept Minutes
5.2 Minute of the City Council Special Meeting - January 10, 2025 Recommendation: Accept Minutes
5.1 Packet Pg. 7
Minutes Acceptance: Minutes of Jan 28, 2025 7:00 PM (CONSENT CALENDAR) 2 City Council Meeting – January 28, 2025
5.3 Minutes of the City Council Regular Meeting – January 14, 2025 Recommendation: Accept Minutes
5.4 Register of Demands as Presented by the City Treasurer (Period Ending December 31, 2024)
Recommendation: Approve Register of Demands
5.5 Resolution No. 2025-006 - Repealing Resolution No. 2024-001 and Designating and Appointing Standby Officers for the Members of the City Council and the City Manager in the Event of an Emergency
Recommendation: Approve Resolution No. 2025-006
5.6 Resolution No. 2025-007 - Authorizing the Filing of an Application with the Metropolitan Transportation Commission for Transportation Development Act Article 3 Grant Funds in the Amount of $358,500 for the Purchase and Installation of Accessible Pedestrian Signal Infrastructure at 28 Intersections Adjacent to School Sites and/or Central Business District, as Part of the Pedestrian Enhancement Devices Project (CIP 975413)
Recommendation: Approve Resolution No. 2025-007
6. SPECIAL PRESENTATIONS
6.1 Legislative Updates from Congressman DeSaulnier
This item was deferred to a future City Council meeting. The Congressman was ill and not able to attend the meeting this evening.
7. DEFERRED CONSENT ITEMS
8. UNFINISHED BUSINESS
9. NEW BUSINESS
9.1 Consideration Of, and Direction to Staff Regarding the Recruitment for the Vacancy on the Planning Commission
Recommendation: Receive Report and Provide Direction to Staff Staff report by Christina Franco, City Clerk.
Cm. Verose's motion to not open the recruitment again and continue with the current applicants was seconded by Cm. Rubio. The motion passed 5-0-0-0.
RESULT: APPROVED [UNANIMOUS]
MOVER: Sridhar Verose, Councilmember
SECONDER: Marisol Rubio, Councilmember
AYES: Armstrong, Adler, Jweinat, Rubio, Verose
5.1 Packet Pg. 8
Minutes Acceptance: Minutes of Jan 28, 2025 7:00 PM (CONSENT CALENDAR) 3 City Council Meeting – January 28, 2025
9.2 Resolution No. 2025-008 - Approving the 2025 City Council Liaison Appointments to the City Committees, City Foundations, City Liaisons, Council Committees, Regional Committees, Other Agencies, and Ex-Officio Assignments Resolution No. 2025-009 - Approving the 2025 City Council Appointments to the Central Contra Costa Transit Authority
Resolution No. 2025-010 - Approving the 2025 City Council Appointments to the Southwest Area Transportation Committee
Resolution No. 2025-011 - Approving the 2025 City Council Appointments to the Tri-Valley Transportation Council
Recommendation: Approve Resolution Nos. 2025-008, 2025-009, 2025-010, and 2025-011
Cm. Verose's motion to approve the liaison list with the following amendments: Cm.
Rubio as the liaison to Central Contra Costa Transit Authority (CCCTA); Cm. Rubio as the primary liaison and Cm. Verose as the alternate to the East Bay Regional Parks District; and Cm. Verose as the primary liaison and Cm. Jweinat as the alternate to MCE; was seconded by Cm. Jweinat. The motion passed 5-0-0-0.
RESULT: APPROVED [UNANIMOUS]
MOVER: Sridhar Verose, Councilmember
SECONDER: Robert Jweinat, Councilmember
AYES: Armstrong, Adler, Jweinat, Rubio, Verose
9.3 Election of the Mayor Pro Tempore for the City of San Ramon Recommendation: Select Mayor Pro Tempore for 2025
Cm. Jweinat's motion to appoint Cm. Sridhar Verose as the Vice Mayor was seconded by Cm. Rubio. The motion passed 5-0-0-0.
RESULT: APPROVED [UNANIMOUS]
MOVER: Robert Jweinat, Councilmember
SECONDER: Marisol Rubio, Councilmember
AYES: Armstrong, Adler, Jweinat, Rubio, Verose
10. CITY MANAGER'S AND CITY COUNCIL MEMBERS' COMMENTS /
MATTERS INITIATED
Under Matters Initiated Cm. Rubio requested the Ad Hoc Climate Action Committee to prioritize the creation of the charge to align with the Boards, Commission, and Committee (BCC) review. Mr. Spedowfski responded that staff can provide a brief staff report at a future Council meeting of the BCC review process and timeline to see how the Ad Hoc Climate Action Committee's current work timeline aligns.
11. ADJOURNMENT
The meeting was adjourned at 8:13 p.m.
5.1 Packet Pg. 9
Minutes Acceptance: Minutes of Jan 28, 2025 7:00 PM (CONSENT CALENDAR)
CITY COUNCIL STAFF REPORT
DATE: February 11, 2025
TO: City Council/City Manager
FROM: Scott Koll, Deputy City Manager
By: Miaoxia Joe, Administraive Analyst
SUBJECT: Quarterly Investment Report for the Period Ending December 31, 2024
RECOMMENDED ACTION
Staff recommends that the City Council review and accept the Quarterly Investment Report for the period ending December 31, 2024 and forward it to the City Council for review.
BACKGROUND/DISCUSSION
On February 10, 2025, the Finance Committee reviewed and accepted the December 31, 2024 Investment Report. State law requires that City Council review the City Investment Report at least quarterly. Copies of the Investment Report prepared by Meeder Public Funds, for the period ending December 31, 2024, the Investments Held by Trustees, and the Summary of Cash and Investments are attached for your review.
The December 31, 2024 Investment Report was prepared by Meeder Public Funds. The Investment Report is maintained on a daily basis to track investment yield, maturities, call dates, and market values. The Investments Held by Trustees and the Summary of Cash and Investments were prepared by staff.
The City’s investments are carried at fair value, as required by generally accepted accounting principles (GAAP). In accordance with GASB Statement No. 31, Accounting and Financial Reporting for Certain Investments and for External Pools, the City adjusts the carrying value of its investments to reflect their fair value at each fiscal year end and includes the effects of these adjustments in income for that fiscal year.
FISCAL ANALYSIS
The balance of the City’s demand deposit accounts held with JP Morgan Chase Bank totaled $17.1 million as of December 31, 2024. This account is used for the City’s daily operations.
Total funds managed by Meeder Public Funds equaled $70.1 million at book value as of December 31, 2024. The portfolio consists of $21.2 million in federal agency securities, $34.3 million in treasury securities, $5.5 million in supranationals, $5.6 million in corporate notes, and $3.5 million in FDIC insured CD’s. The weighted average yield to maturity on investments is
5.2 Packet Pg. 10
3.13% and the weighted average days to maturity is 840 days, which is 166 days longer than last quarter. Interest rates are 12 basis points higher than the previous quarter.
The overall objectives in managing the City’s investment portfolio are listed as follows in the order of importance: first, safeguarding principal; second, maintaining appropriate liquidity; and third, generating favorable long-term results relative to the City’s benchmark, the ICE BofAML 30-month average (MMA). To accomplish these objectives, Meeder Public Funds is directed to maintain a strategy designed to keep the portfolio’s results in line with the established benchmark, while actively managing the portfolio’s duration relative to the benchmark, sector allocation and yield curve placement to enhance performance.
The balance of the City’s Fidelity U.S. Government Money Market account held with US Bank totals $2.5 million and makes up 3.43% of the portfolio as of December 31, 2024. The current rate is 4.36%. This account is available on a daily basis for immediate cash flow requirements.
The City of San Ramon has $0.7 million invested with the State Treasurer’s Office (Local Agency Investment Fund). The current interest rate is 4.52% and makes up 0.91% of the portfolio. This account is available on a daily basis for immediate cash flow requirements.
The “Investments Held by Trustees” report was prepared by staff and is required supplementary information in the quarterly report to the City Council. Funds held by the trustee total $3.5 million. The 2019 Certificates of Participation (COP) investments managed by Meeder Public Funds total $0.1 million and are available for designated capital projects. The remaining $3.4 million of investments managed by the trustee pertain to City pension obligation bonds and are not available for general City purposes.
This investment portfolio is in conformity with the City of San Ramon’s adopted “Investment Policy.” The Treasurer’s cash management program provides sufficient liquidity to meet estimated future expenditures for a period of six months. Meeder Public Funds provides market values for securities under their management, while market prices of securities held in trust are obtained from the trustees’ monthly account statements.
FISCAL IMPLICATIONS
This report is for informational purposes only; there is no fiscal impact.
STEPS FOLLOWING APPROVAL
None.
ATTACHMENT
A: Summary of Cash and Investments at December 31, 2024 B: Investment Report for City of San Ramon for the Month Ending December 31, 2024 C: Investments Held by Trustees at December 31, 2024
D: Investment Terminology
5.2 Packet Pg. 11
Demand deposits held with JP Morgan Chase Bank $ 17,137,580 Investment Portfolio:
Investments held with US Bank (Meeder Public Funds) 70,056,453 Fidelity US Government Money Market Funds held with US Bank 2,480,189 Investments held with Local Agency Investment Fund (LAIF) 656,780 Total Investment Portfolio 73,193,422
Investments held with Trustee 3,508,331
Total Cash and Investments $ 93,839,333
This investment portfolio is in conformity with the City of San Ramon's adopted investment policy. The Treasurer's cash management program provides sufficient liquidity to meet estimated future expenditures for a period of six months.
Prepared and approved by:
Miaoxia Joe, Finance Analyst
Approved by:
Candace Daniels, Finance Division Manager
Summary of Cash and Investments
For the Period December 31, 2024
5.2.a
Packet Pg. 12
Attachment: A: Summary of Cash and Investments at December 31, 2024 (2025-7 : Quarterly Investment Report) Investment
Report
City of San Ramon
As of December 31, 2024
5.2.b
Packet Pg. 13
Attachment: B: Investment Report for City of San Ramon for the Month Ending December 31, 2024 (2025- 2 OBSERVATIONS AND EXPECTATIONS
• Market participants are expecting only ~1.5 Federal Reserve rate cuts for 2025
• Weekly unemployment claims remain near historically low levels • Inflation has been trending higher the past few months • U.S. Treasury rates were mixed for December--shorter rates lower, longer higher
What the Futures Market is Expecting from the Federal Reserve For 2025 • The Fed Funds futures market
continually prices where it
expects the Funds rate to be
heading.
• At the end of December 2024,
the futures market was
showing only about 1.5 0.25%
Fed cuts in 2025.
2 2.50%
2.75%
3.00%
3.25%
3.50%
3.75%
4.00%
4.25%
4.50%
4.75%
Dec 2025 Expected Fed Funds Rate
SOURCE: BLOOMBERG, CME
5.2.b
Packet Pg. 14
Attachment: B: Investment Report for City of San Ramon for the Month Ending December 3 Labor Market Remains Resilient With Low Unemployment Claims • Weekly unemployment claims remain near
historically low levels.
• The Federal Reserve and many
economists were expecting rate hikes to
have taken more of a toll on the labor
market.
• That has not been the case.
Core Personal Consumption Expenditures Trending Higher
• Core Personal Consumption Expenditure
YoY is the Fed’s preferred inflation
gauge. Core excludes food and energy
components.
• Core PCE YoY is currently at 2.8%, not
quite at the Fed’s 2% target, but far
below the 5.6% peak in 2022.
• The Fed expects Core PCE YoY will
most likely get much closer to the Fed’s
2% in the first half of 2025.
3 2.60%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
Dec-21
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Mar-24
Jun-24
Sep-24
Dec-24
Consumer Price Index (CPI) YoY
SOURCE: BLOOMBERG, DEPARTMENT OF LABOR – GRAPH AXIS IS CUT OFF DUE TO COVID DATA EXTREME LEVELS – SHADED AREAS ARE RECESSIONS 0 0.1
0.2 0.3
0.4 0.5
0.6 0.7
0.8 0.9
1 100
200
300
400
500
600
700
800
1977
1980
1983
19861989
1992
1995
1998
2001
2004
2007
2010
2013
20162019
2022
2025
Thousands
Weekly Unemployment Claims - 4 Week Avg
SOURCES: BLOOMBERG, BUREAU OF ECONOMIC ANALYSIS
5.2.b
Packet Pg. 15
Attachment: B: Investment Report for City of San Ramon for the Month Ending December 4 Treasury Rates Were Mixed for the Month of December
4 SOURCE: BLOOMBERG
4.00 4.10
4.20 4.30
4.40 4.50
4.60 4.70
4.80 4.90
5.00 3M 6M 1Y 2Y 3Yr 5Y 7Y 10Y 20Y 30Y
Percent
U.S. Treasury Month-End Yield Curves
12/31/24 11/29/24
(17) (17) (14)
9 18
33 38 40 41 42
-30
-20
-10
0 10
20 30
40 50
3M 6M 1Y 2Y 3Yr 5Y 7Y 10Y 20Y 30Y
Basis Points
Basis Point Change
5.2.b
Packet Pg. 16
Attachment: B: Investment Report for City of San Ramon for the Month Ending December CITY OF SAN RAMON | DECEMBER 31, 2024
5 Portfolio Summary6
Portfolio Overview7
Credit Quality8
Position Statement9
Amortization Schedule 13
Accrued Interest Schedule 16
Earnings by Fund 19
Transaction Statement 22
Income/Dividend Received 23
Contribution/Withdrawals and Expenses 24
Projected Cash Flows 25
Contents
5.2.b
Packet Pg. 17
Attachment: B: Investment Report for City of San Ramon for the Month Ending December 31, 2024 (2025- 6 Portfolio Summary
Par Value $73,616,969
Principal Cost $72,900,993
Book Value $73,193,422
Market Value $72,263,793
Unrealized Gain/Loss ($929,629)
Accrued Interest $486,770
Portfolio Position
Maturity Distribution Sector Allocation
•
1 U.S. Treasuries 46.64%
•
1 U.S. Agencies 28.97%
•
1 Corporate Bonds 7.73%
•
1 Supranational 7.54%
•
1 Negotiable CD's 4.78%
•
1 Money Market Funds 3.43%
•
1 LGIP 0.91%
3.13 Weighted Average Yield to Maturity
2.30 Weighted Average Maturity (Years)
2.13 Portfolio Effective Duration (Years)
2.30 Weighted Average Life (Years)
AA+
Average Credit Rating
CITY OF SAN RAMON
DECEMBER 31, 2024
5.2.b
Packet Pg. 18
Attachment: B: Investment Report for City of San Ramon for the Month Ending December 31, 2024 (2025- CITY OF SAN RAMON | DECEMBER 31, 2024
7 Portfolio
Overview
SECURITY TYPE PAR VALUE MARKET VALUE BOOK VALUE
% OF
PORTFOLIO
DAYS TO
MATURITY YIELD
LGIP 656,780.05 656,780.05 656,780.05 0.91% 1 4.52
Money Market Funds 2,480,188.89 2,480,188.89 2,480,188.89 3.43% 1 4.36 U.S. Treasuries 34,550,000.00 33,704,179.75 34,247,101.60 46.64% 1,004 3.13 U.S. Agencies 21,265,000.00 20,931,297.40 21,226,075.49 28.97% 704 2.62 Negotiable CD's 3,472,000.00 3,451,901.88 3,469,000.36 4.78% 990 4.56 Corporate Bonds 5,658,000.00 5,589,561.10 5,601,849.08 7.73% 656 3.55 Supranational 5,535,000.00 5,449,884.15 5,512,426.28 7.54% 923 3.09 TOTAL 73,616,968.94 72,263,793.22 73,193,421.75 100.00% 840 3.13
CASH AND ACCRUED INTEREST
Purchased Accrued Interest 43,022.26 43,022.26
TOTAL CASH AND INVESTMENTS 73,616,968.94 72,306,815.48 73,236,444.01 840 3.13
TOTAL EARNINGS
CURRENT MONTH
195,520.15
5.2.b
Packet Pg. 19
Attachment: B: Investment Report for City of San Ramon for the Month Ending December 31, 2024 (2025- 8 Credit Quality
Allocation by Rating
Rating Distribution
MARKET VALUE ALLOCATION
AAA 2,480,188.89 3.43%
NA 656,780.05 0.91%
TOTAL 3,136,968.94 4.34%
SHORT TERM, MONEY MARKET FUNDS, & LGIPS RATINGS
MARKET VALUE ALLOCATION
AAA 5,449,884.15 7.54%
AA+ 56,599,957.15 78.32%
AA- 1,164,311.10 1.61%
A+ 999,490.00 1.38% A 497,320.00 0.69%
A- 963,960.00 1.33%
NA 3,451,901.88 4.78%
TOTAL 69,126,824.28 95.66%
GRAND TOTAL 72,263,793.22 100.00%
LONG TERM RATINGS
Report reflects ratings issued by Standard & Poors
•
1 AAA 10.97%
•
1 AA+ 78.32%
•
1 AA- 1.61%
•
1 A+ 1.38%
•
1 A 0.69%
•
1 A- 1.33%
•
1 NA 5.69%
CITY OF SAN RAMON | DECEMBER 31, 2024 5.2.b
Packet Pg. 20
Attachment: B: Investment Report for City of San Ramon for the Month Ending December 31, 2024 (2025- CITY OF SAN RAMON | DECEMBER 31, 2024
9 CUSIP DESCRIPTION
TRADE DATE
SETTLE
DATE PAR VALUE
PRINCIPAL COST
PURCHASED
INTEREST TOTAL COST
YIELD TO
MATURITY
MATURITY
DATE DAYS TO
MARKET PRICE
MARKET VALUE
UNREALIZED
GAIN/LOSS
BOOK VALUE
% OF
MV
MOODY'S
S&P
RATING
CITY OF SAN
RAMON, CA
LGIP
CALAIF California LAIF 12/31/2024
12/31/2024 656,780.05 656,780.050.00 656,780.05 4.52 1 1.00656,780.05
0.00 656,780.05 0.91
LGIP TOTAL 656,780.05 656,780.05
0.00 656,780.05 4.52 1 1.00656,780.05
0.00 656,780.05 0.91 NA
MONEY MARKET
FUNDS
316175108 FIDELITY IMM:GOVT;I 12/31/2024
12/31/2024 2,480,188.89 2,480,188.890.00 2,480,188.89 4.36 1 1.002,480,188.89
0.00 2,480,188.89 3.43 AaaAAA
MONEY MARKET
FUNDS TOTAL 2,480,188.89 2,480,188.890.00 2,480,188.89 4.36 1 1.002,480,188.89
0.00 2,480,188.89 3.43 AAA
U.S. TREASURIES
912828ZF0 US TREASURY 0.500
03/31/25
07/23/2021
07/23/2021 2,000,000.00 1,998,359.380.00 1,998,359.38 0.52 03/31/2025 90 99.091,981,875.00 (18,015.87)
1,999,890.87 2.74 AaaAA+
91282CAT8 US TREASURY 0.250
10/31/25
04/06/2021
04/06/2021 2,000,000.00 1,946,875.000.00 1,946,875.00 0.84 10/31/2025 304 96.771,935,468.76 (54,860.12)
1,990,328.88 2.68 AaaAA+
912828M56 US TREASURY 2.250
11/15/25
02/07/2022
02/07/2022 2,000,000.00 2,041,015.620.00 2,041,015.62 1.69 11/15/2025 319 98.291,965,703.12 (43,793.89)
2,009,497.01 2.72 AaaAA+
912828R36 US TREASURY 1.625
05/15/26
06/07/2022
06/07/2022 2,000,000.00 1,897,500.000.00 1,897,500.00 3.02 05/15/2026 500 96.511,930,156.26 (34,211.73)
1,964,367.99 2.67 AaaAA+
91282CCW9 US TREASURY 0.750
08/31/26
08/31/2021
08/31/2021 1,000,000.00 997,798.420.00 997,798.42 0.80 08/31/2026 608 94.43944,335.94 (54,931.12)
999,267.06 1.31 AaaAA+
91282CCZ2 US TREASURY 0.875
09/30/26
10/13/2021
10/13/2021 1,000,000.00 990,351.560.00 990,351.56 1.08 09/30/2026 638 94.37943,671.88 (52,933.28)
996,605.16 1.31 AaaAA+
91282CDG3 US TREASURY 1.125
10/31/26
02/07/2022
02/07/2022 2,000,000.00 1,941,093.760.00 1,941,093.76 1.78 10/31/2026 669 94.551,890,937.50 (86,246.43)
1,977,183.93 2.62 AaaAA+
912828U24 US TREASURY 2.000
11/15/26
03/14/2022
03/14/2022 2,000,000.00 2,003,593.760.00 2,003,593.76 1.96 11/15/2026 684 95.971,919,453.12 (81,986.73)
2,001,439.85 2.66 AaaAA+
912828X88 US TREASURY 2.375
05/15/27
02/07/2023
02/07/2023 2,000,000.00 1,882,421.880.00 1,882,421.88 3.88 05/15/2027 865 95.771,915,468.76 (19,256.96)
1,934,725.72 2.65 AaaAA+
91282CFU0 US TREASURY 4.125
10/31/27
02/23/2023
02/23/2023 2,000,000.00 1,992,109.380.00 1,992,109.38 4.22 10/31/2027 1,034 99.621,992,343.76 (2,888.00)
1,995,231.76 2.76 AaaAA+
9128283F5 US TREASURY 2.250
11/15/27
07/07/2023
07/07/2023 2,000,000.00 1,823,750.000.00 1,823,750.00 4.50 11/15/2027 1,049 94.551,891,093.76 7,222.25
1,883,871.51 2.62 AaaAA+
91282CHX2 US TREASURY 4.375
08/31/28
05/23/2024
05/23/2024 2,000,000.00 1,989,687.500.00 1,989,687.50 4.51 08/31/2028 1,339 100.092,001,875.00 10,720.61
1,991,154.40 2.77 AaaAA+
91282CJA0 US TREASURY 4.625
09/30/28
04/10/2024
04/10/2024 2,000,000.00 2,015,937.500.00 2,015,937.50 4.43 09/30/2028 1,369 100.952,019,062.50 5,710.14
2,013,352.36 2.79 AaaAA+
91282CJA0 US TREASURY 4.625
09/30/28
02/08/2024
02/08/2024 2,000,000.00 2,046,093.760.00 2,046,093.76 4.07 09/30/2028 1,369 100.952,019,062.50 (18,142.91)
2,037,205.41 2.79 AaaAA+
91282CJR3 US TREASURY 3.750
12/31/28
10/29/2024
10/30/2024 1,150,000.00 1,132,525.390.00 1,132,525.39 4.15 12/31/2028 1,461 97.781,124,484.38 (8,752.85)
1,133,237.22 1.56 AaaAA+
Position Statement
5.2.b
Packet Pg. 21
Attachment: B: Investment Report for City of San Ramon for the Month Ending December 31, 2024 (2025- CITY OF SAN RAMON | DECEMBER 31, 2024
10 CUSIP DESCRIPTION
TRADE DATE
SETTLE
DATE PAR VALUE
PRINCIPAL COST
PURCHASED
INTEREST TOTAL COST
YIELD TO
MATURITY
MATURITY
DATE DAYS TO
MARKET PRICE
MARKET VALUE
UNREALIZED
GAIN/LOSS
BOOK VALUE
% OF
MV
MOODY'S
S&P
RATING
91282CJW2 US TREASURY 4.000
01/31/29
10/29/2024
10/30/2024 1,200,000.00 1,192,921.8811,869.57 1,204,791.45 4.15 01/31/2029 1,492 98.661,183,875.00 (9,329.45)
1,193,204.45 1.64 AaaAA+
91282CLC3 US TREASURY 4.000
07/31/29
10/29/2024
10/30/2024 1,500,000.00 1,490,449.2214,836.96 1,505,286.18 4.15 07/31/2029 1,673 98.451,476,679.70 (14,111.01)
1,490,790.71 2.04 AaaAA+
91282CFJ5 US TREASURY 3.125
08/31/29
09/27/2024
09/30/2024 1,500,000.00 1,471,230.473,884.67 1,475,115.14 3.55 08/31/2029 1,704 94.741,421,132.82 (51,571.92)
1,472,704.74 1.97 AaaAA+
91282CFL0 US TREASURY 3.875
09/30/29
11/06/2024
11/07/2024 1,600,000.00 1,571,750.006,472.53 1,578,222.53 4.28 09/30/2029 1,734 97.841,565,500.00 (7,118.99)
1,572,618.99 2.17 AaaAA+
91282CLR0 US TREASURY 4.125
10/31/29
11/06/2024
11/07/2024 1,600,000.00 1,590,125.001,276.24 1,591,401.24 4.26 10/31/2029 1,765 98.881,582,000.00 (8,423.58)
1,590,423.58 2.19 AaaAA+
U.S. TREASURIES
TOTAL 34,550,000.00 34,015,589.4838,339.97 34,053,929.45 3.13 1,004 97.6033,704,179.75 (542,921.85)
34,247,101.60 46.64 AA+
U.S. AGENCIES
3130AQXY4 FHLBANKS 2.000
02/28/25 '24
02/28/2022
02/28/2022 2,000,000.00 2,000,000.000.00 2,000,000.00 1.99 02/28/2025 59 99.571,991,360.00 (8,640.00)
2,000,000.00 2.76 AaaAA+
880591EW8 TVA 0.750 05/15/25 05/11/2020
05/11/2020 2,000,000.00 2,002,840.000.00 2,002,840.00 0.72 05/15/2025 135 98.671,973,440.00 (26,769.87)
2,000,209.87 2.73 AaaAA+
3137EAEX3 FREDDIE MAC 0.375
09/23/25 MTN
10/06/2020
10/06/2020 2,000,000.00 1,991,000.000.00 1,991,000.00 0.47 09/23/2025 266 97.221,944,440.00 (54,241.74)
1,998,681.74 2.69 AaaAA+
3135G06G3 FANNIE MAE 0.500
11/07/25
01/20/2021
01/20/2021 2,000,000.00 2,000,620.000.00 2,000,620.00 0.49 11/07/2025 311 96.881,937,540.00 (62,569.80)
2,000,109.80 2.68 AaaAA+
3130AL7M0 FHLBANKS 0.625
02/24/26 '24
02/24/2021
02/24/2021 2,000,000.00 2,000,000.000.00 2,000,000.00 0.63 02/24/2026 420 95.871,917,300.00 (82,700.00)
2,000,000.00 2.65 AaaAA+
3133EN7A2 FED FARM CR BNKS
3.625 10/26/26
02/07/2023
02/07/2023 2,000,000.00 1,972,388.000.00 1,972,388.00 4.03 10/26/2026 664 98.821,976,380.00 (10,118.00)
1,986,498.00 2.73 AaaAA+
3130AXU63 FHLBANKS 4.625 11/17/26 11/17/2023
11/17/2023 1,000,000.00 998,230.000.00 998,230.00 4.69 11/17/2026 686 100.591,005,870.00 6,977.59
998,892.41 1.39 AaaAA+
3130AQW66 FHLBANKS 2.080
02/25/27 '24
02/25/2022
02/25/2022 1,000,000.00 1,000,000.000.00 1,000,000.00 2.08 02/25/2027 786 94.86948,560.00 (51,440.00)
1,000,000.00 1.31 AaaAA+
3130AUSN5 FHLBANKS 3.500
10/01/27
02/07/2023
02/07/2023 2,000,000.00 1,967,600.000.00 1,967,600.00 3.89 10/01/2027 1,004 97.631,952,640.00 (28,202.53)
1,980,842.53 2.70 AaaAA+
3130A07B0 FHLBANKS 4.000
09/01/28
10/31/2023
10/31/2023 1,265,000.00 1,214,564.450.00 1,214,564.45 4.94 09/01/2028 1,340 98.521,246,227.40 19,490.86
1,226,736.54 1.72 AaaAA+
3133EPC45 FED FARM CR BNKS
4.625 11/13/28
11/28/2023
11/28/2023 2,000,000.00 2,009,460.000.00 2,009,460.00 4.52 11/13/2028 1,413 100.772,015,480.00 8,103.48
2,007,376.52 2.79 AaaAA+
3133ERDH1 FED FARM CR BNKS
4.750 04/30/29
05/17/2024
05/17/2024 2,000,000.00 2,030,572.000.00 2,030,572.00 4.40 04/30/2029 1,581 101.102,022,060.00 (4,668.08)
2,026,728.08 2.80 AaaAA+
U.S. AGENCIES
TOTAL 21,265,000.00 21,187,274.450.00 21,187,274.45 2.62 704 98.4620,931,297.40 (294,778.09)
21,226,075.49 28.97 AA+
NEGOTIABLE
CD'S
02007GM42 ALLY BANK 5.050
03/23/26
03/23/2023
03/23/2023 248,000.00 247,752.000.00 247,752.00 5.09 03/23/2026 447 99.90247,743.98 (154.90)
247,898.88 0.34 NANA
02589AEN8 AM EX BK 5.000
03/23/26
03/22/2023
03/22/2023 248,000.00 247,752.000.00 247,752.00 5.04 03/23/2026 447 100.54249,331.76 1,432.78
247,898.98 0.35 NANA
Position Statement
5.2.b
Packet Pg. 22
Attachment: B: Investment Report for City of San Ramon for the Month Ending December 31, 2024 (2025- CITY OF SAN RAMON | DECEMBER 31, 2024
11 CUSIP DESCRIPTION
TRADE DATE
SETTLE
DATE PAR VALUE
PRINCIPAL COST
PURCHASED
INTEREST TOTAL COST
YIELD TO
MATURITY
MATURITY
DATE DAYS TO
MARKET PRICE
MARKET VALUE
UNREALIZED
GAIN/LOSS
BOOK VALUE
% OF
MV
MOODY'S
S&P
RATING
910286GB3 UNITED FIDELITY 5.000
03/30/26
03/30/2023
03/30/2023 248,000.00 248,000.000.00 248,000.00 5.00 03/30/2026 454 99.88247,690.55 (309.45)
248,000.00 0.34 NANA
795451AK9 SALLIE MAE BNK 1.100
08/11/26
08/11/2021
08/11/2021 248,000.00 248,000.000.00 248,000.00 1.10 08/11/2026 588 91.95228,033.52 (19,966.48)
248,000.00 0.32 NANA
108622PJ4 BRIDGEWATER BANK
5.100 11/03/26
11/06/2023
11/06/2023 248,000.00 247,628.000.00 247,628.00 5.15 11/03/2026 672 100.20248,492.09 720.77
247,771.32 0.34 NANA
23204HQA9 CUSTOMERS BANK
4.050 08/13/27
08/05/2024
08/14/2024 248,000.00 247,628.000.00 247,628.00 4.10 08/13/2027 955 99.87247,675.61
0.32 247,675.28 0.34 NANA
32114VCH8 FIRST BK MCH 4.600
03/15/28
03/15/2023
03/15/2023 248,000.00 248,000.000.00 248,000.00 4.60 03/15/2028 1,170 99.42246,552.53 (1,447.47)
248,000.00 0.34 NANA
062119BK7 BANK FIVE 4.650
03/20/28
03/20/2023
03/20/2023 248,000.00 248,000.000.00 248,000.00 4.65 03/20/2028 1,175 97.62242,107.52 (5,892.48)
248,000.00 0.34 NANA
2546732U9 DISCOVER BANK 5.000
03/21/28
03/22/2023
03/22/2023 248,000.00 247,456.880.00 247,456.88 5.05 03/21/2028 1,176 100.57249,406.69 1,756.46
247,650.23 0.35 NANA
12547CAX6 CIBC BANK 4.450
04/13/28
04/14/2023
04/14/2023 248,000.00 247,380.000.00 247,380.00 4.51 04/13/2028 1,199 98.99245,491.54 (2,101.37)
247,592.91 0.34 NANA
857894Q77 STEARNS BANK 4.050
08/14/28
08/02/2024
08/13/2024 248,000.00 247,752.000.00 247,752.00 4.08 08/14/2028 1,322 99.91247,775.92
0.16 247,775.76 0.34 NANA
949764HK3 WELLS FARGO BANK
5.050 11/07/28
11/07/2023
11/07/2023 248,000.00 247,451.920.00 247,451.92 5.10 11/07/2028 1,407 101.09250,712.50 3,134.56
247,577.93 0.35 NANA
61768EE82 MORGAN PVT BNK
5.050 11/08/28
11/08/2023
11/08/2023 248,000.00 247,456.880.00 247,456.88 5.05 11/08/2028 1,408 101.05250,600.89 3,019.44
247,581.45 0.35 NANA
90355GHQ2 UBS USA 5.000 11/08/28 11/08/2023
11/08/2023 248,000.00 247,451.920.00 247,451.92 5.05 11/08/2028 1,408 100.92250,286.80 2,709.17
247,577.63 0.35 NANA
NEGOTIABLE
CD'S TOTAL 3,472,000.00 3,467,709.600.00 3,467,709.60 4.56 990 99.473,451,901.88 (17,098.48)
3,469,000.36 4.78 NA
CORPORATE
BONDS
64952WDL4 NYL GLOBAL FUND
2.000 01/22/25
01/22/2020
01/22/2020 1,000,000.00 996,410.000.00 996,410.00 2.08 01/22/2025 22 99.86998,560.00 (1,398.63)
999,958.63 1.38 AaaAA+
437076CM2 HOME DEPOT 2.700
04/15/25 '25
03/28/2022
03/28/2022 500,000.00 499,125.000.00 499,125.00 2.76 04/15/2025 105 99.46497,320.00 (2,597.55)
499,917.55 0.69 A2A
637639AE5 NATL SECUR CLEAR
0.750 12/07/25 '25
01/07/2021
01/07/2021 1,000,000.00 1,004,130.000.00 1,004,130.00 0.66 12/07/2025 341 96.59965,920.00 (34,852.08)
1,000,772.08 1.34 AaaAA+
89236TKJ3 TOYOTA MOTOR CRD
4.550 09/20/27 MTN
06/10/2024
06/11/2024 1,000,000.00 986,000.000.00 986,000.00 5.02 09/20/2027 993 99.95999,490.00 11,112.86
988,377.14 1.38 A1A+
06051GGA1 BOFAML 3.248 10/21/27
'26 MTN
12/08/2023
12/08/2023 1,000,000.00 939,580.000.00 939,580.00 4.98 10/21/2027 1,024 96.40963,960.00 7,758.55
956,201.45 1.33 A1A592179KF1 METLIFE GBL FDG 5.050
01/06/28
12/08/2023
12/08/2023 1,158,000.00 1,156,135.620.00 1,156,135.62 5.09 01/06/2028 1,101 100.551,164,311.10 7,688.87
1,156,622.23 1.61 Aa3AACORPORATE
BONDS TOTAL 5,658,000.00 5,581,380.620.00 5,581,380.62 3.55 656 98.825,589,561.10 (12,287.98)
5,601,849.08 7.73 A+
SUPRANATIONAL
459058JL8 IBRD 0.500 10/28/25
MTN
02/04/2021
02/04/2021 2,035,000.00 2,033,473.750.00 2,033,473.75 0.52 10/28/2025 301 96.871,971,284.15 (63,450.12)
2,034,734.27 2.73 AaaAAA
Position Statement
5.2.b
Packet Pg. 23
Attachment: B: Investment Report for City of San Ramon for the Month Ending December 31, 2024 (2025- CITY OF SAN RAMON | DECEMBER 31, 2024
12 CUSIP DESCRIPTION
TRADE DATE
SETTLE
DATE PAR VALUE
PRINCIPAL COST
PURCHASED
INTEREST TOTAL COST
YIELD TO
MATURITY
MATURITY
DATE DAYS TO
MARKET PRICE
MARKET VALUE
UNREALIZED
GAIN/LOSS
BOOK VALUE
% OF
MV
MOODY'S
S&P
RATING
45818WFN1 IDB 4.850 07/19/27 MTN 05/24/2024
05/24/2024 2,000,000.00 2,008,860.000.00 2,008,860.00 4.70 07/19/2027 930 100.802,015,980.00 8,815.97
2,007,164.03 2.79 AaaAAA
459058LN1 IBRD 3.875 10/16/29 MTN 11/14/2024
11/15/2024 1,500,000.00 1,469,736.004,682.29 1,474,418.29 4.33 10/16/2029 1,750 97.511,462,620.00 (7,907.99)
1,470,527.99 2.02 AaaAAA
SUPRANATIONAL
TOTAL 5,535,000.00 5,512,069.754,682.29 5,516,752.04 3.09 923 98.495,449,884.15 (62,542.13)
5,512,426.28 7.54 AAA
CITY OF SAN
RAMON, CA TOTAL 73,616,968.94 72,900,992.8443,022.26 72,944,015.10 3.13 840 72,263,793.22 (929,628.53)
73,193,421.75 100.00 AA+
GRAND TOTAL 73,616,968.94 72,900,992.84
43,022.26 72,944,015.10 3.13 840 72,263,793.22
(929,628.53)
73,193,421.75 100.00 AA+
Position Statement
5.2.b
Packet Pg. 24
Attachment: B: Investment Report for City of San Ramon for the Month Ending December 31, 2024 (2025- CITY OF SAN RAMON | DECEMBER 31, 2024
13 Amortization Schedule
CUSIP DESCRIPTION PAR VALUE
PRINCIPAL
COST
ORIGINAL
PREMIUM OR
DISCOUNT
BEGINNING
BOOK VALUE
CURRENT
PERIOD AMORT
ENDING BOOK
VALUE
TOTAL
AMORTIZATION
UNAMORTIZED
BALANCE
CITY OF SAN
RAMON, CA
02007GM42 ALLY BANK 5.050 03/23/26 248,000.00 247,752.00 (248.00) 247,891.85 7.03 247,898.88 146.88 (101.12) 02589AEN8 AM EX BK 5.000 03/23/26 248,000.00 247,752.00 (248.00) 247,891.96 7.02 247,898.98 146.98 (101.02) 062119BK7 BANK FIVE 4.650 03/20/28 248,000.00 248,000.00 0.00 248,000.00 0.00 248,000.00 0.00 0.00 06051GGA1 BOFAML 3.248 10/21/27 '26 MTN 1,000,000.00 939,580.00 (60,420.00) 954,874.22 1,327.23 956,201.45 16,621.45 (43,798.55) 108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 248,000.00 247,628.00 (372.00) 247,760.75 10.57 247,771.32 143.32 (228.68) 12547CAX6 CIBC BANK 4.450 04/13/28 248,000.00 247,380.00 (620.00) 247,582.37 10.53 247,592.91 212.91 (407.09) 23204HQA9 CUSTOMERS BANK 4.050 08/13/27 248,000.00 247,628.00 (372.00) 247,664.73 10.55 247,675.28 47.28 (324.72) 2546732U9 DISCOVER BANK 5.000 03/21/28 248,000.00 247,456.88 (543.12) 247,641.00 9.23 247,650.23 193.35 (349.77) 3135G06G3 FANNIE MAE 0.500 11/07/25 2,000,000.00 2,000,620.00 620.00 2,000,120.77 (10.98) 2,000,109.80 (510.20) 109.80 3133EN7A2 FED FARM CR BNKS 3.625 10/26/26 2,000,000.00 1,972,388.00 (27,612.00) 1,985,866.68 631.32 1,986,498.00 14,110.00 (13,502.00) 3133EPC45 FED FARM CR BNKS 4.625 11/13/28 2,000,000.00 2,009,460.00 9,460.00 2,007,538.47 (161.95) 2,007,376.52 (2,083.48) 7,376.52 3133ERDH1 FED FARM CR BNKS 4.750 04/30/29 2,000,000.00 2,030,572.00 30,572.00 2,027,252.49 (524.41) 2,026,728.08 (3,843.92) 26,728.08 3130AL7M0 FHLBANKS 0.625 02/24/26 '24 2,000,000.00 2,000,000.00 0.00 2,000,000.00 0.00 2,000,000.00 0.00 0.00 3130AQXY4 FHLBANKS 2.000 02/28/25 '24 2,000,000.00 2,000,000.00 0.00 2,000,000.00 0.00 2,000,000.00 0.00 0.00 3130AQW66 FHLBANKS 2.080 02/25/27 '24 1,000,000.00 1,000,000.00 0.00 1,000,000.00 0.00 1,000,000.00 0.00 0.00 3130AUSN5 FHLBANKS 3.500 10/01/27 2,000,000.00 1,967,600.00 (32,400.00) 1,980,250.43 592.11 1,980,842.53 13,242.53 (19,157.47) 3130A07B0 FHLBANKS 4.000 09/01/28 1,265,000.00 1,214,564.45 (50,435.55) 1,225,850.68 885.86 1,226,736.54 12,172.09 (38,263.46) 3130AXU63 FHLBANKS 4.625 11/17/26 1,000,000.00 998,230.00 (1,770.00) 998,842.29 50.12 998,892.41 662.41 (1,107.59) 32114VCH8 FIRST BK MCH 4.600 03/15/28 248,000.00 248,000.00 0.00 248,000.00 0.00 248,000.00 0.00 0.00 3137EAEX3 FREDDIE MAC 0.375 09/23/25 MTN 2,000,000.00 1,991,000.00 (9,000.00) 1,998,527.53 154.21 1,998,681.74 7,681.74 (1,318.26) 437076CM2 HOME DEPOT 2.700 04/15/25 '25 500,000.00 499,125.00 (875.00) 499,892.97 24.58 499,917.55 792.55 (82.45) 459058JL8 IBRD 0.500 10/28/25 MTN 2,035,000.00 2,033,473.75 (1,526.25) 2,034,706.81 27.46 2,034,734.27 1,260.52 (265.73) 459058LN1 IBRD 3.875 10/16/29 MTN 1,500,000.00 1,469,736.00 (30,264.00) 1,470,005.61 522.37 1,470,527.99 791.99 (29,472.01) 45818WFN1 IDB 4.850 07/19/27 MTN 2,000,000.00 2,008,860.00 8,860.00 2,007,403.08 (239.06) 2,007,164.03 (1,695.97) 7,164.03 592179KF1 METLIFE GBL FDG 5.050 01/06/28 1,158,000.00 1,156,135.62 (1,864.38) 1,156,583.41 38.83 1,156,622.23 486.61 (1,377.77) 61768EE82 MORGAN PVT BNK 5.050 11/08/28 248,000.00 247,456.88 (543.12) 247,572.22 9.22 247,581.45 124.57 (418.55) 637639AE5 NATL SECUR CLEAR 0.750 12/07/25 '25 1,000,000.00 1,004,130.00 4,130.00 1,000,849.28 (77.21) 1,000,772.08 (3,357.92) 772.08 64952WDL4 NYL GLOBAL FUND 2.000 01/22/25 1,000,000.00 996,410.00 (3,590.00) 999,897.55 61.07 999,958.63 3,548.63 (41.37)
5.2.b
Packet Pg. 25
Attachment: B: Investment Report for City of San Ramon for the Month Ending December 31, 2024 (2025- CITY OF SAN RAMON | DECEMBER 31, 2024
14 Amortization Schedule
CUSIP DESCRIPTION PAR VALUE
PRINCIPAL
COST
ORIGINAL
PREMIUM OR
DISCOUNT
BEGINNING
BOOK VALUE
CURRENT
PERIOD AMORT
ENDING BOOK
VALUE
TOTAL
AMORTIZATION
UNAMORTIZED
BALANCE
795451AK9 SALLIE MAE BNK 1.100 08/11/26 248,000.00 248,000.00 0.00 248,000.00 0.00 248,000.00 0.00 0.00 857894Q77 STEARNS BANK 4.050 08/14/28 248,000.00 247,752.00 (248.00) 247,770.49 5.26 247,775.76 23.76 (224.25) 89236TKJ3 TOYOTA MOTOR CRD 4.550 09/20/27 MTN 1,000,000.00 986,000.00 (14,000.00) 988,013.93 363.21 988,377.14 2,377.14 (11,622.86) 880591EW8 TVA 0.750 05/15/25 2,000,000.00 2,002,840.00 2,840.00 2,000,258.42 (48.55) 2,000,209.87 (2,630.13) 209.87 90355GHQ2 UBS USA 5.000 11/08/28 248,000.00 247,451.92 (548.08) 247,568.33 9.31 247,577.63 125.71 (422.37) 910286GB3 UNITED FIDELITY 5.000 03/30/26 248,000.00 248,000.00 0.00 248,000.00 0.00 248,000.00 0.00 0.00 912797LP0 UNITED STATES TREASURY 0.0 12/12/2024 2,052,000.00 2,000,663.66 (51,336.34) 2,048,716.86 3,283.14 0.00 51,336.34 0.00 91282CAT8 US TREASURY 0.250 10/31/25 2,000,000.00 1,946,875.00 (53,125.00) 1,989,339.43 989.45 1,990,328.88 43,453.88 (9,671.12) 912828ZF0 US TREASURY 0.500 03/31/25 2,000,000.00 1,998,359.38 (1,640.62) 1,999,852.86 38.01 1,999,890.87 1,531.49 (109.13) 91282CCW9 US TREASURY 0.750 08/31/26 1,000,000.00 997,798.42 (2,201.58) 999,229.62 37.43 999,267.06 1,468.64 (732.94) 91282CCZ2 US TREASURY 0.875 09/30/26 1,000,000.00 990,351.56 (9,648.44) 996,439.94 165.21 996,605.16 6,253.60 (3,394.85) 91282CDG3 US TREASURY 1.125 10/31/26 2,000,000.00 1,941,093.76 (58,906.24) 1,976,125.10 1,058.83 1,977,183.93 36,090.17 (22,816.07) 912828R36 US TREASURY 1.625 05/15/26 2,000,000.00 1,897,500.00 (102,500.00) 1,962,154.38 2,213.61 1,964,367.99 66,867.99 (35,632.01) 912828U24 US TREASURY 2.000 11/15/26 2,000,000.00 2,003,593.76 3,593.76 2,001,505.21 (65.35) 2,001,439.85 (2,153.91) 1,439.85 912828M56 US TREASURY 2.250 11/15/25 2,000,000.00 2,041,015.62 41,015.62 2,010,422.82 (925.81) 2,009,497.01 (31,518.61) 9,497.01 9128283F5 US TREASURY 2.250 11/15/27 2,000,000.00 1,823,750.00 (176,250.00) 1,880,436.41 3,435.10 1,883,871.51 60,121.51 (116,128.49) 912828X88 US TREASURY 2.375 05/15/27 2,000,000.00 1,882,421.88 (117,578.12) 1,932,383.71 2,342.02 1,934,725.72 52,303.84 (65,274.28) 91282CFJ5 US TREASURY 3.125 08/31/29 1,500,000.00 1,471,230.47 (28,769.53) 1,472,207.88 496.86 1,472,704.74 1,474.27 (27,295.26) 91282CJR3 US TREASURY 3.750 12/31/28 1,150,000.00 1,132,525.39 (17,474.61) 1,132,881.30 355.92 1,133,237.22 711.83 (16,762.78) 91282CFL0 US TREASURY 3.875 09/30/29 1,600,000.00 1,571,750.00 (28,250.00) 1,572,129.19 489.79 1,572,618.99 868.99 (27,381.01) 91282CJW2 US TREASURY 4.000 01/31/29 1,200,000.00 1,192,921.88 (7,078.12) 1,193,063.16 141.29 1,193,204.45 282.57 (6,795.55) 91282CLC3 US TREASURY 4.000 07/31/29 1,500,000.00 1,490,449.22 (9,550.78) 1,490,619.96 170.75 1,490,790.71 341.49 (9,209.30) 91282CFU0 US TREASURY 4.125 10/31/27 2,000,000.00 1,992,109.38 (7,890.62) 1,995,088.67 143.09 1,995,231.76 3,122.38 (4,768.24) 91282CLR0 US TREASURY 4.125 10/31/29 1,600,000.00 1,590,125.00 (9,875.00) 1,590,255.29 168.29 1,590,423.58 298.58 (9,576.42) 91282CHX2 US TREASURY 4.375 08/31/28 2,000,000.00 1,989,687.50 (10,312.50) 1,990,949.45 204.94 1,991,154.40 1,466.90 (8,845.61) 91282CJA0 US TREASURY 4.625 09/30/28 2,000,000.00 2,046,093.76 46,093.76 2,038,048.51 (843.11) 2,037,205.41 (8,888.35) 37,205.41 91282CJA0 US TREASURY 4.625 09/30/28 2,000,000.00 2,015,937.50 15,937.50 2,013,654.94 (302.58) 2,013,352.36 (2,585.14) 13,352.36 949764HK3 WELLS FARGO BANK 5.050 11/07/28 248,000.00 247,451.92 (548.08) 247,568.63 9.31 247,577.93 126.01 (422.07) TOTAL 72,532,000.00 71,764,687.56 (767,312.44) 72,091,151.67 17,301.14 70,056,452.81 343,765.25 (423,547.19)
5.2.b
Packet Pg. 26
Attachment: B: Investment Report for City of San Ramon for the Month Ending December 31, 2024 (2025- CITY OF SAN RAMON | DECEMBER 31, 2024
15 Amortization Schedule
CUSIP DESCRIPTION PAR VALUE
PRINCIPAL
COST
ORIGINAL
PREMIUM OR
DISCOUNT
BEGINNING
BOOK VALUE
CURRENT
PERIOD AMORT
ENDING BOOK
VALUE
TOTAL
AMORTIZATION
UNAMORTIZED
BALANCE
GRAND TOTAL 72,532,000.00 71,764,687.56 (767,312.44) 72,091,151.67 17,301.14 70,056,452.81 343,765.25 (423,547.19)
5.2.b
Packet Pg. 27
Attachment: B: Investment Report for City of San Ramon for the Month Ending December 31, 2024 (2025- CITY OF SAN RAMON | DECEMBER 31, 2024
16 Accrued Interest Schedule
IDENTIFIER DESCRIPTION SETTLE DATE PAR VALUE
PRINCIPAL
COST
BEGINNING
ACCRUED
INTEREST
PURCHASED
INTEREST
CURRENT
PERIOD
ACCRUAL
INTEREST
RECEIVED
ENDING
ACCRUED
INTEREST
CITY OF SAN RAMON, CA
02007GM42 ALLY BANK 5.050 03/23/26 2023-03-23 248,000.00 247,752.00 2,367.55 0.00 1,063.68 0.00 3,431.23 02589AEN8 AM EX BK 5.000 03/23/26 2023-03-22 248,000.00 247,752.00 2,344.11 0.00 1,053.15 0.00 3,397.26 062119BK7 BANK FIVE 4.650 03/20/28 2023-03-20 248,000.00 248,000.00 347.54 0.00 979.43 947.84 379.13 06051GGA1 BOFAML 3.248 10/21/27 '26 MTN 2023-12-08 1,000,000.00 939,580.00 3,608.89 0.00 2,706.67 0.00 6,315.56 108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 2023-11-06 248,000.00 247,628.00 970.26 0.00 1,074.21 1,039.56 1,004.91 12547CAX6 CIBC BANK 4.450 04/13/28 2023-04-14 248,000.00 247,380.00 1,451.31 0.00 937.30 0.00 2,388.61 23204HQA9 CUSTOMERS BANK 4.050 08/13/27 2024-08-14 248,000.00 247,628.00 2,999.44 0.00 853.05 0.00 3,852.49 CALAIF California LAIF 2024-12-31 656,780.05 656,780.05 0.00 0.00 0.00 0.00 0.00 2546732U9 DISCOVER BANK 5.000 03/21/28 2023-03-22 248,000.00 247,456.88 2,378.08 0.00 1,053.15 0.00 3,431.23 3135G06G3 FANNIE MAE 0.500 11/07/25 2021-01-20 2,000,000.00 2,000,620.00 666.67 0.00 833.33 0.00 1,500.00 3133EN7A2 FED FARM CR BNKS 3.625 10/26/26 2023-02-07 2,000,000.00 1,972,388.00 7,048.61 0.00 6,041.67 0.00 13,090.28 3133EPC45 FED FARM CR BNKS 4.625 11/13/28 2023-11-28 2,000,000.00 2,009,460.00 4,625.00 0.00 7,708.33 0.00 12,333.33 3133ERDH1 FED FARM CR BNKS 4.750 04/30/29 2024-05-17 2,000,000.00 2,030,572.00 8,180.56 0.00 7,916.67 0.00 16,097.22 3130AL7M0 FHLBANKS 0.625 02/24/26 '24 2021-02-24 2,000,000.00 2,000,000.00 3,368.06 0.00 1,041.67 0.00 4,409.72 3130AQXY4 FHLBANKS 2.000 02/28/25 '24 2022-02-28 2,000,000.00 2,000,000.00 10,333.33 0.00 3,333.33 0.00 13,666.67 3130AQW66 FHLBANKS 2.080 02/25/27 '24 2022-02-25 1,000,000.00 1,000,000.00 5,546.67 0.00 1,733.33 0.00 7,280.00 3130AUSN5 FHLBANKS 3.500 10/01/27 2023-02-07 2,000,000.00 1,967,600.00 11,666.67 0.00 5,833.33 0.00 17,500.00 3130A07B0 FHLBANKS 4.000 09/01/28 2023-10-31 1,265,000.00 1,214,564.45 12,650.00 0.00 4,216.67 0.00 16,866.67 3130AXU63 FHLBANKS 4.625 11/17/26 2023-11-17 1,000,000.00 998,230.00 1,798.61 0.00 3,854.17 0.00 5,652.78 316175108 FIDELITY IMM:GOVT;I 2024-12-31 2,480,188.89 2,480,188.89 17,181.71 0.00 11,397.06 17,181.71 11,397.06 32114VCH8 FIRST BK MCH 4.600 03/15/28 2023-03-15 248,000.00 248,000.00 500.08 0.00 968.89 937.64 531.33 3137EAEX3 FREDDIE MAC 0.375 09/23/25 MTN 2020-10-06 2,000,000.00 1,991,000.00 1,416.67 0.00 625.00 0.00 2,041.67 437076CM2 HOME DEPOT 2.700 04/15/25 '25 2022-03-28 500,000.00 499,125.00 1,725.00 0.00 1,125.00 0.00 2,850.00 459058JL8 IBRD 0.500 10/28/25 MTN 2021-02-04 2,035,000.00 2,033,473.75 932.71 0.00 847.92 0.00 1,780.63 459058LN1 IBRD 3.875 10/16/29 MTN 2024-11-15 1,500,000.00 1,469,736.00 7,265.63 0.00 4,843.75 0.00 12,109.38 45818WFN1 IDB 4.850 07/19/27 MTN 2024-05-24 2,000,000.00 2,008,860.00 35,566.67 0.00 8,083.33 0.00 43,650.00 592179KF1 METLIFE GBL FDG 5.050 01/06/28 2023-12-08 1,158,000.00 1,156,135.62 23,554.04 0.00 4,873.25 0.00 28,427.29 61768EE82 MORGAN PVT BNK 5.050 11/08/28 2023-11-08 248,000.00 247,456.88 789.18 0.00 1,063.68 0.00 1,852.87
5.2.b
Packet Pg. 28
Attachment: B: Investment Report for City of San Ramon for the Month Ending December 31, 2024 (2025- CITY OF SAN RAMON | DECEMBER 31, 2024
17 Accrued Interest Schedule
IDENTIFIER DESCRIPTION SETTLE DATE PAR VALUE
PRINCIPAL
COST
BEGINNING
ACCRUED
INTEREST
PURCHASED
INTEREST
CURRENT
PERIOD
ACCRUAL
INTEREST
RECEIVED
ENDING
ACCRUED
INTEREST
637639AE5 NATL SECUR CLEAR 0.750 12/07/25 '25 2021-01-07 1,000,000.00 1,004,130.00 3,625.00 0.00 625.00 3,750.00 500.00 64952WDL4 NYL GLOBAL FUND 2.000 01/22/25 2020-01-22 1,000,000.00 996,410.00 7,166.67 0.00 1,666.67 0.00 8,833.33 795451AK9 SALLIE MAE BNK 1.100 08/11/26 2021-08-11 248,000.00 248,000.00 837.08 0.00 231.69 0.00 1,068.78 857894Q77 STEARNS BANK 4.050 08/14/28 2024-08-13 248,000.00 247,752.00 3,026.96 0.00 853.05 0.00 3,880.01 89236TKJ3 TOYOTA MOTOR CRD 4.550 09/20/27
MTN 2024-06-11 1,000,000.00 986,000.00 8,973.61 0.00 3,791.67 0.00 12,765.28 880591EW8 TVA 0.750 05/15/25 2020-05-11 2,000,000.00 2,002,840.00 666.67 0.00 1,250.00 0.00 1,916.67 90355GHQ2 UBS USA 5.000 11/08/28 2023-11-08 248,000.00 247,451.92 781.37 0.00 1,053.15 1,019.18 815.34 910286GB3 UNITED FIDELITY 5.000 03/30/26 2023-03-30 248,000.00 248,000.00 1,087.12 0.00 1,053.15 2,072.33 67.95 91282CAT8 US TREASURY 0.250 10/31/25 2021-04-06 2,000,000.00 1,946,875.00 428.18 0.00 428.18 0.00 856.35 912828ZF0 US TREASURY 0.500 03/31/25 2021-07-23 2,000,000.00 1,998,359.38 1,703.30 0.00 851.65 0.00 2,554.95 91282CCW9 US TREASURY 0.750 08/31/26 2021-08-31 1,000,000.00 997,798.42 1,906.08 0.00 642.27 0.00 2,548.34 91282CCZ2 US TREASURY 0.875 09/30/26 2021-10-13 1,000,000.00 990,351.56 1,490.38 0.00 745.19 0.00 2,235.58 91282CDG3 US TREASURY 1.125 10/31/26 2022-02-07 2,000,000.00 1,941,093.76 1,926.80 0.00 1,926.80 0.00 3,853.59 912828R36 US TREASURY 1.625 05/15/26 2022-06-07 2,000,000.00 1,897,500.00 1,436.46 0.00 2,783.15 0.00 4,219.61 912828U24 US TREASURY 2.000 11/15/26 2022-03-14 2,000,000.00 2,003,593.76 1,767.96 0.00 3,425.41 0.00 5,193.37 912828M56 US TREASURY 2.250 11/15/25 2022-02-07 2,000,000.00 2,041,015.62 1,988.95 0.00 3,853.59 0.00 5,842.54 9128283F5 US TREASURY 2.250 11/15/27 2023-07-07 2,000,000.00 1,823,750.00 1,988.95 0.00 3,853.59 0.00 5,842.54 912828X88 US TREASURY 2.375 05/15/27 2023-02-07 2,000,000.00 1,882,421.88 2,099.45 0.00 4,067.68 0.00 6,167.13 91282CFJ5 US TREASURY 3.125 08/31/29 2024-09-30 1,500,000.00 1,471,230.47 11,912.98 0.00 4,014.16 0.00 15,927.14 91282CJR3 US TREASURY 3.750 12/31/28 2024-10-30 1,150,000.00 1,132,525.39 18,046.88 0.00 3,634.75 21,562.50 119.13 91282CFL0 US TREASURY 3.875 09/30/29 2024-11-07 1,600,000.00 1,571,750.00 10,560.44 0.00 5,280.22 0.00 15,840.66 91282CJW2 US TREASURY 4.000 01/31/29 2024-10-30 1,200,000.00 1,192,921.88 16,043.48 0.00 4,043.48 0.00 20,086.96 91282CLC3 US TREASURY 4.000 07/31/29 2024-10-30 1,500,000.00 1,490,449.22 20,054.35 0.00 5,054.35 0.00 25,108.70 91282CFU0 US TREASURY 4.125 10/31/27 2023-02-23 2,000,000.00 1,992,109.38 7,064.92 0.00 7,064.92 0.00 14,129.83 91282CLR0 US TREASURY 4.125 10/31/29 2024-11-07 1,600,000.00 1,590,125.00 5,651.93 0.00 5,651.93 0.00 11,303.87 91282CHX2 US TREASURY 4.375 08/31/28 2024-05-23 2,000,000.00 1,989,687.50 22,237.57 0.00 7,493.09 0.00 29,730.66 91282CJA0 US TREASURY 4.625 09/30/28 2024-02-08 2,000,000.00 2,046,093.76 15,755.49 0.00 7,877.75 0.00 23,633.24 91282CJA0 US TREASURY 4.625 09/30/28 2024-04-10 2,000,000.00 2,015,937.50 15,755.49 0.00 7,877.75 0.00 23,633.24 949764HK3 WELLS FARGO BANK 5.050 11/07/28 2023-11-07 248,000.00 247,451.92 823.50 0.00 1,063.68 1,029.37 857.81
5.2.b
Packet Pg. 29
Attachment: B: Investment Report for City of San Ramon for the Month Ending December 31, 2024 (2025- CITY OF SAN RAMON | DECEMBER 31, 2024
18 Accrued Interest Schedule
IDENTIFIER DESCRIPTION SETTLE DATE PAR VALUE
PRINCIPAL
COST
BEGINNING
ACCRUED
INTEREST
PURCHASED
INTEREST
CURRENT
PERIOD
ACCRUAL
INTEREST
RECEIVED
ENDING
ACCRUED
INTEREST
TOTAL 73,616,968.94 72,900,992.84 358,091.03 0.00 178,219.01 49,540.13 486,769.91 GRAND TOTAL 73,616,968.94 72,900,992.84 358,091.03 0.00 178,219.01 49,540.13 486,769.91
5.2.b
Packet Pg. 30
Attachment: B: Investment Report for City of San Ramon for the Month Ending December 31, 2024 (2025- CITY OF SAN RAMON | DECEMBER 31, 2024
19 Earnings by Fund
CUSIP DESCRIPTION
ENDING PAR
VALUE
BEGINNING
BOOK VALUE
ENDING BOOK
VALUE
FINAL
MATURITY
COUPON
RATE YIELD
INTEREST
EARNED
NET
AMORTIZATION/
ACCRETION
INCOME
NET REALIZED
GAIN/LOSS
ADJUSTED
INTEREST
EARNINGS
CITY OF SAN RAMON,
CA
02007GM42 ALLY BANK 5.050 03/23/26 248,000.00 247,891.85 247,898.88 03/23/2026 5.05 5.09 1,063.68 7.03 0.00 1,070.71 02589AEN8 AM EX BK 5.000 03/23/26 248,000.00 247,891.96 247,898.98 03/23/2026 5.00 5.04 1,053.15 7.02 0.00 1,060.17 06051GGA1 BOFAML 3.248 10/21/27 '26 MTN 1,000,000.00 954,874.22 956,201.45 10/21/2027 3.25 4.98 2,706.67 1,327.23 0.00 4,033.90 062119BK7 BANK FIVE 4.650 03/20/28 248,000.00 248,000.00 248,000.00 03/20/2028 4.65 4.65 979.43 0.00 0.00 979.43 108622PJ4 BRIDGEWATER BANK 5.100
11/03/26 248,000.00 247,760.75 247,771.32 11/03/2026 5.10 5.15 1,074.21 10.57 0.00 1,084.78 12547CAX6 CIBC BANK 4.450 04/13/28 248,000.00 247,582.37 247,592.91 04/13/2028 4.45 4.51 937.30 10.53 0.00 947.84 23204HQA9 CUSTOMERS BANK 4.050
08/13/27 248,000.00 247,664.73 247,675.28 08/13/2027 4.05 4.10 853.05 10.55 0.00 863.60 2546732U9 DISCOVER BANK 5.000
03/21/28 248,000.00 247,641.00 247,650.23 03/21/2028 5.00 5.05 1,053.15 9.23 0.00 1,062.38 3130A07B0 FHLBANKS 4.000 09/01/28 1,265,000.00 1,225,850.68 1,226,736.54 09/01/2028 4.00 4.94 4,216.67 885.86 0.00 5,102.53 3130AL7M0 FHLBANKS 0.625 02/24/26 '24 2,000,000.00 2,000,000.00 2,000,000.00 02/24/2026 0.63 0.63 1,041.67 0.00 0.00 1,041.67 3130AQW66 FHLBANKS 2.080 02/25/27 '24 1,000,000.00 1,000,000.00 1,000,000.00 02/25/2027 2.08 2.08 1,733.33 0.00 0.00 1,733.33 3130AQXY4 FHLBANKS 2.000 02/28/25 '24 2,000,000.00 2,000,000.00 2,000,000.00 02/28/2025 2.00 1.99 3,333.33 0.00 0.00 3,333.33 3130AUSN5 FHLBANKS 3.500 10/01/27 2,000,000.00 1,980,250.43 1,980,842.53 10/01/2027 3.50 3.89 5,833.33 592.11 0.00 6,425.44 3130AXU63 FHLBANKS 4.625 11/17/26 1,000,000.00 998,842.29 998,892.41 11/17/2026 4.63 4.69 3,854.17 50.12 0.00 3,904.29 3133EN7A2 FED FARM CR BNKS 3.625
10/26/26 2,000,000.00 1,985,866.68 1,986,498.00 10/26/2026 3.63 4.03 6,041.67 631.32 0.00 6,672.98 3133EPC45 FED FARM CR BNKS 4.625
11/13/28 2,000,000.00 2,007,538.47 2,007,376.52 11/13/2028 4.63 4.52 7,708.33 (161.95) 0.00 7,546.38 3133ERDH1 FED FARM CR BNKS 4.750
04/30/29 2,000,000.00 2,027,252.49 2,026,728.08 04/30/2029 4.75 4.40 7,916.67 (524.41) 0.00 7,392.25 3135G06G3 FANNIE MAE 0.500 11/07/25 2,000,000.00 2,000,120.77 2,000,109.80 11/07/2025 0.50 0.49 833.33 (10.98) 0.00 822.35 3137EAEX3 FREDDIE MAC 0.375 09/23/25
MTN 2,000,000.00 1,998,527.53 1,998,681.74 09/23/2025 0.38 0.47 625.00 154.21 0.00 779.21 316175108 FIDELITY IMM:GOVT;I 2,480,188.89 3,878,648.76 2,480,188.89 12/31/2024 4.36 4.36 11,397.06 0.00 0.00 11,397.06 32114VCH8 FIRST BK MCH 4.600 03/15/28 248,000.00 248,000.00 248,000.00 03/15/2028 4.60 4.60 968.89 0.00 0.00 968.89 437076CM2 HOME DEPOT 2.700 04/15/25
'25 500,000.00 499,892.97 499,917.55 04/15/2025 2.70 2.76 1,125.00 24.58 0.00 1,149.58 45818WFN1 IDB 4.850 07/19/27 MTN 2,000,000.00 2,007,403.08 2,007,164.03 07/19/2027 4.85 4.70 8,083.33 (239.06) 0.00 7,844.28 459058JL8 IBRD 0.500 10/28/25 MTN 2,035,000.00 2,034,706.81 2,034,734.27 10/28/2025 0.50 0.52 847.92 27.46 0.00 875.38 459058LN1 IBRD 3.875 10/16/29 MTN 1,500,000.00 1,470,005.61 1,470,527.99 10/16/2029 3.88 4.33 4,843.75 522.37 0.00 5,366.12
5.2.b
Packet Pg. 31
Attachment: B: Investment Report for City of San Ramon for the Month Ending December 31, 2024 (2025- CITY OF SAN RAMON | DECEMBER 31, 2024
20 Earnings by Fund
CUSIP DESCRIPTION
ENDING PAR
VALUE
BEGINNING
BOOK VALUE
ENDING BOOK
VALUE
FINAL
MATURITY
COUPON
RATE YIELD
INTEREST
EARNED
NET
AMORTIZATION/
ACCRETION
INCOME
NET REALIZED
GAIN/LOSS
ADJUSTED
INTEREST
EARNINGS
592179KF1 METLIFE GBL FDG 5.050
01/06/28 1,158,000.00 1,156,583.41 1,156,622.23 01/06/2028 5.05 5.09 4,873.25 38.83 0.00 4,912.08 61768EE82 MORGAN PVT BNK 5.050
11/08/28 248,000.00 247,572.22 247,581.45 11/08/2028 5.05 5.05 1,063.68 9.22 0.00 1,072.90 637639AE5 NATL SECUR CLEAR 0.750
12/07/25 '25 1,000,000.00 1,000,849.28 1,000,772.08 12/07/2025 0.75 0.66 625.00 (77.21) 0.00 547.79 64952WDL4 NYL GLOBAL FUND 2.000
01/22/25 1,000,000.00 999,897.55 999,958.63 01/22/2025 2.00 2.08 1,666.67 61.07 0.00 1,727.74 795451AK9 SALLIE MAE BNK 1.100 08/11/26 248,000.00 248,000.00 248,000.00 08/11/2026 1.10 1.10 231.69 0.00 0.00 231.69 857894Q77 STEARNS BANK 4.050 08/14/28 248,000.00 247,770.49 247,775.76 08/14/2028 4.05 4.08 853.05 5.26 0.00 858.31 880591EW8 TVA 0.750 05/15/25 2,000,000.00 2,000,258.42 2,000,209.87 05/15/2025 0.75 0.72 1,250.00 (48.55) 0.00 1,201.45 89236TKJ3 TOYOTA MOTOR CRD 4.550
09/20/27 MTN 1,000,000.00 988,013.93 988,377.14 09/20/2027 4.55 5.02 3,791.67 363.21 0.00 4,154.88 90355GHQ2 UBS USA 5.000 11/08/28 248,000.00 247,568.33 247,577.63 11/08/2028 5.00 5.05 1,053.15 9.31 0.00 1,062.46 910286GB3 UNITED FIDELITY 5.000
03/30/26 248,000.00 248,000.00 248,000.00 03/30/2026 5.00 5.00 1,053.15 0.00 0.00 1,053.15 912797LP0 UNITED STATES TREASURY 0.0
12/12/2024 0.00 2,048,716.86 0.00 12/12/2024 0.00 5.35 0.00 3,283.14 0.00 3,283.14 9128283F5 US TREASURY 2.250 11/15/27 2,000,000.00 1,880,436.41 1,883,871.51 11/15/2027 2.25 4.50 3,853.59 3,435.10 0.00 7,288.69 912828M56 US TREASURY 2.250 11/15/25 2,000,000.00 2,010,422.82 2,009,497.01 11/15/2025 2.25 1.69 3,853.59 (925.81) 0.00 2,927.78 912828R36 US TREASURY 1.625 05/15/26 2,000,000.00 1,962,154.38 1,964,367.99 05/15/2026 1.63 3.02 2,783.15 2,213.61 0.00 4,996.76 912828U24 US TREASURY 2.000 11/15/26 2,000,000.00 2,001,505.21 2,001,439.85 11/15/2026 2.00 1.96 3,425.41 (65.35) 0.00 3,360.06 912828X88 US TREASURY 2.375 05/15/27 2,000,000.00 1,932,383.71 1,934,725.72 05/15/2027 2.38 3.88 4,067.68 2,342.02 0.00 6,409.70 912828ZF0 US TREASURY 0.500 03/31/25 2,000,000.00 1,999,852.86 1,999,890.87 03/31/2025 0.50 0.52 851.65 38.01 0.00 889.66 91282CAT8 US TREASURY 0.250 10/31/25 2,000,000.00 1,989,339.43 1,990,328.88 10/31/2025 0.25 0.84 428.18 989.45 0.00 1,417.63 91282CCW9 US TREASURY 0.750 08/31/26 1,000,000.00 999,229.62 999,267.06 08/31/2026 0.75 0.80 642.27 37.43 0.00 679.70 91282CCZ2 US TREASURY 0.875 09/30/26 1,000,000.00 996,439.94 996,605.16 09/30/2026 0.88 1.08 745.19 165.21 0.00 910.40 91282CDG3 US TREASURY 1.125 10/31/26 2,000,000.00 1,976,125.10 1,977,183.93 10/31/2026 1.13 1.78 1,926.80 1,058.83 0.00 2,985.63 91282CFJ5 US TREASURY 3.125 08/31/29 1,500,000.00 1,472,207.88 1,472,704.74 08/31/2029 3.13 3.55 4,014.16 496.86 0.00 4,511.02 91282CFL0 US TREASURY 3.875 09/30/29 1,600,000.00 1,572,129.19 1,572,618.99 09/30/2029 3.88 4.28 5,280.22 489.79 0.00 5,770.01 91282CFU0 US TREASURY 4.125 10/31/27 2,000,000.00 1,995,088.67 1,995,231.76 10/31/2027 4.13 4.22 7,064.92 143.09 0.00 7,208.01 91282CHX2 US TREASURY 4.375 08/31/28 2,000,000.00 1,990,949.45 1,991,154.40 08/31/2028 4.38 4.51 7,493.09 204.94 0.00 7,698.04 91282CJA0 US TREASURY 4.625 09/30/28 2,000,000.00 2,038,048.51 2,037,205.41 09/30/2028 4.63 4.07 7,877.75 (843.11) 0.00 7,034.64 91282CJA0 US TREASURY 4.625 09/30/28 2,000,000.00 2,013,654.94 2,013,352.36 09/30/2028 4.63 4.43 7,877.75 (302.58) 0.00 7,575.17
5.2.b
Packet Pg. 32
Attachment: B: Investment Report for City of San Ramon for the Month Ending December 31, 2024 (2025- CITY OF SAN RAMON | DECEMBER 31, 2024
21 Earnings by Fund
CUSIP DESCRIPTION
ENDING PAR
VALUE
BEGINNING
BOOK VALUE
ENDING BOOK
VALUE
FINAL
MATURITY
COUPON
RATE YIELD
INTEREST
EARNED
NET
AMORTIZATION/
ACCRETION
INCOME
NET REALIZED
GAIN/LOSS
ADJUSTED
INTEREST
EARNINGS
91282CJR3 US TREASURY 3.750 12/31/28 1,150,000.00 1,132,881.30 1,133,237.22 12/31/2028 3.75 4.15 3,634.75 355.92 0.00 3,990.68 91282CJW2 US TREASURY 4.000 01/31/29 1,200,000.00 1,193,063.16 1,193,204.45 01/31/2029 4.00 4.15 4,043.48 141.29 0.00 4,184.77 91282CLC3 US TREASURY 4.000 07/31/29 1,500,000.00 1,490,619.96 1,490,790.71 07/31/2029 4.00 4.15 5,054.35 170.75 0.00 5,225.09 91282CLR0 US TREASURY 4.125 10/31/29 1,600,000.00 1,590,255.29 1,590,423.58 10/31/2029 4.13 4.26 5,651.93 168.29 0.00 5,820.23 949764HK3 WELLS FARGO BANK 5.050
11/07/28 248,000.00 247,568.63 247,577.93 11/07/2028 5.05 5.10 1,063.68 9.31 0.00 1,072.99 CALAIF California LAIF 656,780.05 656,780.05 656,780.05 12/31/2024 0.00 4.52 0.00 0.00 0.00 0.00 TOTAL 73,616,968.94 76,626,580.48 73,193,421.75 2.86 3.14 178,219.01 17,301.14 0.00 195,520.15 GRAND TOTAL 73,616,968.94 76,626,580.48 73,193,421.75 2.86 3.14 178,219.01 17,301.14 0.00 195,520.15
5.2.b
Packet Pg. 33
Attachment: B: Investment Report for City of San Ramon for the Month Ending December 31, 2024 (2025- CITY OF SAN RAMON | DECEMBER 31, 2024
22 Transaction Statement
CITY OF SAN
RAMON, CA
TRADE DATE SETTLE DATE CUSIP DESCRIPTION PAR VALUE BOOK VALUE TOTAL NET
REALIZED
GAIN/LOSS
MATURITY
12/12/2024 12/12/2024 912797LP0 UNITED STATES TREASURY 0.0 12/12/2024 (2,052,000.00) 2,052,000.00 2,052,000.00 0.00 MATURITY TOTAL (2,052,000.00) 2,052,000.00 2,052,000.00 0.00
5.2.b
Packet Pg. 34
Attachment: B: Investment Report for City of San Ramon for the Month Ending December 31, 2024 (2025- CITY OF SAN RAMON | DECEMBER 31, 2024
23 Income/Dividend Received
IDENTIFIER DESCRIPTION PAYMENT DATE POST DATE
INTEREST/DIVIDENDS
RECEIVED
US BANK
316175108 FIDELITY IMM:GOVT;I 11/29/2024 12/02/2024 17,181.71 910286GB3 UNITED FIDELITY 5.000 03/30/26 11/30/2024 12/02/2024 1,053.15 108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 12/03/2024 12/03/2024 1,039.56 90355GHQ2 UBS USA 5.000 11/08/28 12/08/2024 12/09/2024 1,019.18 637639AE5 NATL SECUR CLEAR 0.750 12/07/25 '25 12/07/2024 12/09/2024 3,750.00 949764HK3 WELLS FARGO BANK 5.050 11/07/28 12/07/2024 12/09/2024 1,029.37 32114VCH8 FIRST BK MCH 4.600 03/15/28 12/15/2024 12/16/2024 937.64 062119BK7 BANK FIVE 4.650 03/20/28 12/20/2024 12/20/2024 947.84 910286GB3 UNITED FIDELITY 5.000 03/30/26 12/30/2024 12/30/2024 1,019.18 91282CJR3 US TREASURY 3.750 12/31/28 12/31/2024 12/31/2024 21,562.50 US BANK - TOTAL 49,540.13
TOTAL 49,540.13
5.2.b
Packet Pg. 35
Attachment: B: Investment Report for City of San Ramon for the Month Ending December 31, 2024 (2025- CITY OF SAN RAMON | DECEMBER 31, 2024
24 Contribution/Withdrawals and Expenses
POST DATE PAR VALUE TOTAL
CITY OF SAN RAMON, CA
WITHDRAWAL
12/12/2024 (2,000,000.00) (2,000,000.00)
12/13/2024 (1,500,000.00) (1,500,000.00)
WITHDRAWAL TOTAL (3,500,000.00) (3,500,000.00)
5.2.b
Packet Pg. 36
Attachment: B: Investment Report for City of San Ramon for the Month Ending December 31, 2024 (2025- CITY OF SAN RAMON | DECEMBER 31, 2024
25 CUSIP DESCRIPTION POST DATE AMOUNT
108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 01/03/2025 1,074.21 592179KF1 METLIFE GBL FDG 5.050 01/06/28 01/06/2025 29,239.50 949764HK3 WELLS FARGO BANK 5.050 11/07/28 01/07/2025 1,063.68 90355GHQ2 UBS USA 5.000 11/08/28 01/08/2025 1,053.15
32114VCH8 FIRST BK MCH 4.600 03/15/28 01/15/2025 968.90 062119BK7 BANK FIVE 4.650 03/20/28 01/21/2025 979.43
45818WFN1 IDB 4.850 07/19/27 MTN 01/21/2025 48,500.00
64952WDL4 NYL GLOBAL FUND 2.000 01/22/25 01/22/2025 10,000.00 64952WDL4 NYL GLOBAL FUND 2.000 01/22/25 01/22/2025 41.37 910286GB3 UNITED FIDELITY 5.000 03/30/26 01/30/2025 1,053.15 91282CJW2 US TREASURY 4.000 01/31/29 01/31/2025 24,000.00 91282CLC3 US TREASURY 4.000 07/31/29 01/31/2025 30,000.00 JAN 2025 TOTAL 147,973.39
108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 02/03/2025 1,074.21 949764HK3 WELLS FARGO BANK 5.050 11/07/28 02/07/2025 1,063.68 90355GHQ2 UBS USA 5.000 11/08/28 02/10/2025 1,053.15
795451AK9 SALLIE MAE BNK 1.100 08/11/26 02/11/2025 1,375.21 857894Q77 STEARNS BANK 4.050 08/14/28 02/13/2025 5,063.28 23204HQA9 CUSTOMERS BANK 4.050 08/13/27 02/14/2025 5,063.28 32114VCH8 FIRST BK MCH 4.600 03/15/28 02/18/2025 968.90 062119BK7 BANK FIVE 4.650 03/20/28 02/20/2025 979.43
3130AL7M0 FHLBANKS 0.625 02/24/26 '24 02/24/2025 6,250.00 3130AQW66 FHLBANKS 2.080 02/25/27 '24 02/25/2025 10,400.00 91282CFJ5 US TREASURY 3.125 08/31/29 02/28/2025 23,437.50 91282CCW9 US TREASURY 0.750 08/31/26 02/28/2025 3,750.00 91282CHX2 US TREASURY 4.375 08/31/28 02/28/2025 43,750.00 3130AQXY4 FHLBANKS 2.000 02/28/25 '24 02/28/2025 20,000.00 910286GB3 UNITED FIDELITY 5.000 03/30/26 02/28/2025 985.21 Projected Cash Flows
For the Period January 01, 2025 to December 31, 2025
5.2.b
Packet Pg. 37
Attachment: B: Investment Report for City of San Ramon for the Month Ending December 31, 2024 (2025- CITY OF SAN RAMON | DECEMBER 31, 2024
26 CUSIP DESCRIPTION POST DATE AMOUNT
FEB 2025 TOTAL 125,213.85
3130A07B0 FHLBANKS 4.000 09/01/28 03/03/2025 25,300.00
108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 03/03/2025 970.26 949764HK3 WELLS FARGO BANK 5.050 11/07/28 03/07/2025 960.75 90355GHQ2 UBS USA 5.000 11/08/28 03/10/2025 951.23
32114VCH8 FIRST BK MCH 4.600 03/15/28 03/17/2025 875.13 89236TKJ3 TOYOTA MOTOR CRD 4.550 09/20/27 MTN 03/20/2025 22,750.00 062119BK7 BANK FIVE 4.650 03/20/28 03/20/2025 884.65
2546732U9 DISCOVER BANK 5.000 03/21/28 03/24/2025 6,149.04 02589AEN8 AM EX BK 5.000 03/23/26 03/24/2025 6,149.04
3137EAEX3 FREDDIE MAC 0.375 09/23/25 MTN 03/24/2025 3,750.00 02007GM42 ALLY BANK 5.050 03/23/26 03/24/2025 6,210.53
912828ZF0 US TREASURY 0.500 03/31/25 03/31/2025 5,000.00 91282CJA0 US TREASURY 4.625 09/30/28 03/31/2025 92,500.00 910286GB3 UNITED FIDELITY 5.000 03/30/26 03/31/2025 1,019.18 91282CFL0 US TREASURY 3.875 09/30/29 03/31/2025 31,000.00 91282CCZ2 US TREASURY 0.875 09/30/26 03/31/2025 4,375.00 912828ZF0 US TREASURY 0.500 03/31/25 03/31/2025 109.13
MAR 2025 TOTAL 208,953.93
3130AUSN5 FHLBANKS 3.500 10/01/27 04/01/2025 35,000.00
108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 04/03/2025 1,074.21 949764HK3 WELLS FARGO BANK 5.050 11/07/28 04/07/2025 1,063.68 90355GHQ2 UBS USA 5.000 11/08/28 04/08/2025 1,053.15
12547CAX6 CIBC BANK 4.450 04/13/28 04/14/2025 5,502.88
437076CM2 HOME DEPOT 2.700 04/15/25 '25 04/15/2025 6,750.00 437076CM2 HOME DEPOT 2.700 04/15/25 '25 04/15/2025 82.45 32114VCH8 FIRST BK MCH 4.600 03/15/28 04/15/2025 968.90 459058LN1 IBRD 3.875 10/16/29 MTN 04/16/2025 29,062.50
Projected Cash Flows
For the Period January 01, 2025 to December 31, 2025
5.2.b
Packet Pg. 38
Attachment: B: Investment Report for City of San Ramon for the Month Ending December 31, 2024 (2025- CITY OF SAN RAMON | DECEMBER 31, 2024
27 CUSIP DESCRIPTION POST DATE AMOUNT
06051GGA1 BOFAML 3.248 10/21/27 '26 MTN 04/21/2025 16,240.00 062119BK7 BANK FIVE 4.650 03/20/28 04/21/2025 979.43
459058JL8 IBRD 0.500 10/28/25 MTN 04/28/2025 5,087.50
3133EN7A2 FED FARM CR BNKS 3.625 10/26/26 04/28/2025 36,250.00 91282CLR0 US TREASURY 4.125 10/31/29 04/30/2025 33,000.00 3133ERDH1 FED FARM CR BNKS 4.750 04/30/29 04/30/2025 47,500.00 91282CFU0 US TREASURY 4.125 10/31/27 04/30/2025 41,250.00 91282CDG3 US TREASURY 1.125 10/31/26 04/30/2025 11,250.00 910286GB3 UNITED FIDELITY 5.000 03/30/26 04/30/2025 1,053.15 91282CAT8 US TREASURY 0.250 10/31/25 04/30/2025 2,500.00 APR 2025 TOTAL 275,667.86
108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 05/05/2025 1,039.56 949764HK3 WELLS FARGO BANK 5.050 11/07/28 05/07/2025 1,029.37 3135G06G3 FANNIE MAE 0.500 11/07/25 05/07/2025 5,000.00 90355GHQ2 UBS USA 5.000 11/08/28 05/08/2025 1,019.18
61768EE82 MORGAN PVT BNK 5.050 11/08/28 05/08/2025 6,210.53 3133EPC45 FED FARM CR BNKS 4.625 11/13/28 05/13/2025 46,250.00 880591EW8 TVA 0.750 05/15/25 05/15/2025 7,500.00
912828X88 US TREASURY 2.375 05/15/27 05/15/2025 23,750.00 9128283F5 US TREASURY 2.250 11/15/27 05/15/2025 22,500.00 912828U24 US TREASURY 2.000 11/15/26 05/15/2025 20,000.00 912828R36 US TREASURY 1.625 05/15/26 05/15/2025 16,250.00 912828M56 US TREASURY 2.250 11/15/25 05/15/2025 22,500.00 880591EW8 TVA 0.750 05/15/25 05/15/2025 (209.87)
32114VCH8 FIRST BK MCH 4.600 03/15/28 05/15/2025 937.64 3130AXU63 FHLBANKS 4.625 11/17/26 05/19/2025 23,125.00
062119BK7 BANK FIVE 4.650 03/20/28 05/20/2025 947.84
910286GB3 UNITED FIDELITY 5.000 03/30/26 05/30/2025 1,019.18 Projected Cash Flows
For the Period January 01, 2025 to December 31, 2025
5.2.b
Packet Pg. 39
Attachment: B: Investment Report for City of San Ramon for the Month Ending December 31, 2024 (2025- CITY OF SAN RAMON | DECEMBER 31, 2024
28 CUSIP DESCRIPTION POST DATE AMOUNT
MAY 2025 TOTAL 198,868.43
108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 06/03/2025 1,074.21 90355GHQ2 UBS USA 5.000 11/08/28 06/09/2025 1,053.15
637639AE5 NATL SECUR CLEAR 0.750 12/07/25 '25 06/09/2025 3,750.00 949764HK3 WELLS FARGO BANK 5.050 11/07/28 06/09/2025 1,063.68 32114VCH8 FIRST BK MCH 4.600 03/15/28 06/16/2025 968.90 062119BK7 BANK FIVE 4.650 03/20/28 06/20/2025 979.43
910286GB3 UNITED FIDELITY 5.000 03/30/26 06/30/2025 1,053.15 91282CJR3 US TREASURY 3.750 12/31/28 06/30/2025 21,562.50 JUN 2025 TOTAL 31,505.03
108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 07/03/2025 1,039.56 592179KF1 METLIFE GBL FDG 5.050 01/06/28 07/07/2025 29,239.50 949764HK3 WELLS FARGO BANK 5.050 11/07/28 07/07/2025 1,029.37 90355GHQ2 UBS USA 5.000 11/08/28 07/08/2025 1,019.18
32114VCH8 FIRST BK MCH 4.600 03/15/28 07/15/2025 937.64 062119BK7 BANK FIVE 4.650 03/20/28 07/21/2025 947.84
45818WFN1 IDB 4.850 07/19/27 MTN 07/21/2025 48,500.00
910286GB3 UNITED FIDELITY 5.000 03/30/26 07/30/2025 1,019.18 91282CLC3 US TREASURY 4.000 07/31/29 07/31/2025 30,000.00 91282CJW2 US TREASURY 4.000 01/31/29 07/31/2025 24,000.00 JUL 2025 TOTAL 137,732.27
108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 08/04/2025 1,074.21 949764HK3 WELLS FARGO BANK 5.050 11/07/28 08/07/2025 1,063.68 90355GHQ2 UBS USA 5.000 11/08/28 08/08/2025 1,053.15
795451AK9 SALLIE MAE BNK 1.100 08/11/26 08/11/2025 1,352.79 857894Q77 STEARNS BANK 4.050 08/14/28 08/13/2025 4,980.72 23204HQA9 CUSTOMERS BANK 4.050 08/13/27 08/14/2025 4,980.72 32114VCH8 FIRST BK MCH 4.600 03/15/28 08/15/2025 968.90 Projected Cash Flows
For the Period January 01, 2025 to December 31, 2025
5.2.b
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Attachment: B: Investment Report for City of San Ramon for the Month Ending December 31, 2024 (2025- CITY OF SAN RAMON | DECEMBER 31, 2024
29 CUSIP DESCRIPTION POST DATE AMOUNT
062119BK7 BANK FIVE 4.650 03/20/28 08/20/2025 979.43
3130AQW66 FHLBANKS 2.080 02/25/27 '24 08/25/2025 10,400.00 3130AL7M0 FHLBANKS 0.625 02/24/26 '24 08/25/2025 6,250.00 AUG 2025 TOTAL 33,103.61
3130A07B0 FHLBANKS 4.000 09/01/28 09/02/2025 25,300.00
91282CHX2 US TREASURY 4.375 08/31/28 09/02/2025 43,750.00 91282CFJ5 US TREASURY 3.125 08/31/29 09/02/2025 23,437.50 910286GB3 UNITED FIDELITY 5.000 03/30/26 09/02/2025 1,053.15 91282CCW9 US TREASURY 0.750 08/31/26 09/02/2025 3,750.00 108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 09/03/2025 1,074.21 949764HK3 WELLS FARGO BANK 5.050 11/07/28 09/08/2025 1,063.68 90355GHQ2 UBS USA 5.000 11/08/28 09/08/2025 1,053.15
32114VCH8 FIRST BK MCH 4.600 03/15/28 09/15/2025 968.90 062119BK7 BANK FIVE 4.650 03/20/28 09/22/2025 979.43
89236TKJ3 TOYOTA MOTOR CRD 4.550 09/20/27 MTN 09/22/2025 22,750.00 2546732U9 DISCOVER BANK 5.000 03/21/28 09/22/2025 6,250.96 02589AEN8 AM EX BK 5.000 03/23/26 09/23/2025 6,250.96
3137EAEX3 FREDDIE MAC 0.375 09/23/25 MTN 09/23/2025 3,750.00 3137EAEX3 FREDDIE MAC 0.375 09/23/25 MTN 09/23/2025 1,318.26 02007GM42 ALLY BANK 5.050 03/23/26 09/23/2025 6,313.47
910286GB3 UNITED FIDELITY 5.000 03/30/26 09/30/2025 1,053.15 91282CJA0 US TREASURY 4.625 09/30/28 09/30/2025 92,500.00 91282CFL0 US TREASURY 3.875 09/30/29 09/30/2025 31,000.00 91282CCZ2 US TREASURY 0.875 09/30/26 09/30/2025 4,375.00 SEP 2025 TOTAL 277,991.82
3130AUSN5 FHLBANKS 3.500 10/01/27 10/01/2025 35,000.00
108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 10/03/2025 1,039.56 949764HK3 WELLS FARGO BANK 5.050 11/07/28 10/07/2025 1,029.37 Projected Cash Flows
For the Period January 01, 2025 to December 31, 2025
5.2.b
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Attachment: B: Investment Report for City of San Ramon for the Month Ending December 31, 2024 (2025- CITY OF SAN RAMON | DECEMBER 31, 2024
30 CUSIP DESCRIPTION POST DATE AMOUNT
90355GHQ2 UBS USA 5.000 11/08/28 10/08/2025 1,019.18
12547CAX6 CIBC BANK 4.450 04/13/28 10/14/2025 5,533.12
32114VCH8 FIRST BK MCH 4.600 03/15/28 10/15/2025 937.64 459058LN1 IBRD 3.875 10/16/29 MTN 10/16/2025 29,062.50
062119BK7 BANK FIVE 4.650 03/20/28 10/20/2025 947.84
06051GGA1 BOFAML 3.248 10/21/27 '26 MTN 10/21/2025 16,240.00 3133EN7A2 FED FARM CR BNKS 3.625 10/26/26 10/27/2025 36,250.00 459058JL8 IBRD 0.500 10/28/25 MTN 10/28/2025 265.73
459058JL8 IBRD 0.500 10/28/25 MTN 10/28/2025 5,087.50
3133ERDH1 FED FARM CR BNKS 4.750 04/30/29 10/30/2025 47,500.00 910286GB3 UNITED FIDELITY 5.000 03/30/26 10/30/2025 1,019.18 91282CFU0 US TREASURY 4.125 10/31/27 10/31/2025 41,250.00 91282CDG3 US TREASURY 1.125 10/31/26 10/31/2025 11,250.00 91282CAT8 US TREASURY 0.250 10/31/25 10/31/2025 9,671.12 91282CAT8 US TREASURY 0.250 10/31/25 10/31/2025 2,500.00 91282CLR0 US TREASURY 4.125 10/31/29 10/31/2025 33,000.00 OCT 2025 TOTAL 278,602.73
108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 11/03/2025 1,074.21 3135G06G3 FANNIE MAE 0.500 11/07/25 11/07/2025 (109.80) 949764HK3 WELLS FARGO BANK 5.050 11/07/28 11/07/2025 1,063.68 3135G06G3 FANNIE MAE 0.500 11/07/25 11/07/2025 5,000.00 61768EE82 MORGAN PVT BNK 5.050 11/08/28 11/10/2025 6,313.47 90355GHQ2 UBS USA 5.000 11/08/28 11/10/2025 1,053.15
3133EPC45 FED FARM CR BNKS 4.625 11/13/28 11/13/2025 46,250.00 912828M56 US TREASURY 2.250 11/15/25 11/15/2025 (9,497.01) 912828X88 US TREASURY 2.375 05/15/27 11/17/2025 23,750.00 9128283F5 US TREASURY 2.250 11/15/27 11/17/2025 22,500.00 912828R36 US TREASURY 1.625 05/15/26 11/17/2025 16,250.00 Projected Cash Flows
For the Period January 01, 2025 to December 31, 2025
5.2.b
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Attachment: B: Investment Report for City of San Ramon for the Month Ending December 31, 2024 (2025- CITY OF SAN RAMON | DECEMBER 31, 2024
31 CUSIP DESCRIPTION POST DATE AMOUNT
912828U24 US TREASURY 2.000 11/15/26 11/17/2025 20,000.00 912828M56 US TREASURY 2.250 11/15/25 11/17/2025 22,500.00 32114VCH8 FIRST BK MCH 4.600 03/15/28 11/17/2025 968.90 3130AXU63 FHLBANKS 4.625 11/17/26 11/17/2025 23,125.00
062119BK7 BANK FIVE 4.650 03/20/28 11/20/2025 979.43
NOV 2025 TOTAL 181,221.04
910286GB3 UNITED FIDELITY 5.000 03/30/26 12/01/2025 1,053.15 108622PJ4 BRIDGEWATER BANK 5.100 11/03/26 12/03/2025 1,039.56 637639AE5 NATL SECUR CLEAR 0.750 12/07/25 '25 12/07/2025 (772.08) 90355GHQ2 UBS USA 5.000 11/08/28 12/08/2025 1,019.18
949764HK3 WELLS FARGO BANK 5.050 11/07/28 12/08/2025 1,029.37 637639AE5 NATL SECUR CLEAR 0.750 12/07/25 '25 12/08/2025 3,750.00 32114VCH8 FIRST BK MCH 4.600 03/15/28 12/15/2025 937.64 062119BK7 BANK FIVE 4.650 03/20/28 12/22/2025 947.84
910286GB3 UNITED FIDELITY 5.000 03/30/26 12/30/2025 1,019.18 91282CJR3 US TREASURY 3.750 12/31/28 12/31/2025 21,562.50 DEC 2025 TOTAL 31,586.34
GRAND TOTAL 1,928,420.30
Projected Cash Flows
For the Period January 01, 2025 to December 31, 2025
5.2.b
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Attachment: B: Investment Report for City of San Ramon for the Month Ending December 31, 2024 (2025- Meeder provides monthly statements for its investment management clients to provide information about the investment portfolio. The information should not be used for audit or confirmation purposes. Please review your custodial statements and report any inaccuracies or discrepancies.
Certain information and data has been supplied by unaffiliated third parties. Although Meeder believes the information is reliable, it cannot warrant the accuracy of information offered by third parties. Market value may reflect prices received from pricing vendors when current market quotations are not available. Prices may not reflect firm bids or offers and may differ from the value at which the security can be sold.
Statements may include positions from unmanaged accounts provided for reporting purposes. Unmanaged accounts are managed directly by the client and are not included in the accounts managed by Meeder. This information is provided as a client convenience and Meeder assumes no responsibility for performance of these accounts or the accuracy of the data reported.
Investing involves risk. Past performance is no guarantee of future results. Debt and fixed income securities are subject to credit and interest rate risk. The investment return and principal value of an investment will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.
Investment advisory services provided by Meeder Public Funds, Inc. Please contact us if you would like to receive a copy of our current ADV disclosure brochure or privacy policy. © 2024 Meeder Investment Management
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Disclosure
5.2.b
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Attachment: B: Investment Report for City of San Ramon for the Month Ending December 31, 2024 (2025- City of San Ramon
Investment Report - Supplementary Information
Investments Held by Trustees at December 31, 2024
Maturity
Description CUSIP Rate Date Cost Market Issue
AMBAC Assurance 1.00 1.00 06(A) TA
Computershare Money Market 0.74 0.74 2010 POB
Computershare Money Market 3,124,361.60 3,124,360.60 2010 POB Computershare Money Market 943.78 943.78 2010 POB
Computershare Money Market 241,343.84 241,343.84 2010 POB Computershare Money Market 434.22 434.22 2010 POB
Dreyfus Govt Cash Mgmt X9USDYRUT 4.25% n/a 141,245.69 141,245.69 2019 COP Dreyfus Govt Cash Mgmt X9USDYRUT 0.00% - - 2019 COP
$ 3,508,329.87 3,508,330.87 $
5.2.c
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Attachment: C: Investments Held by Trustees at December 31, 2024 (2025-7 : Quarterly Investment Report)
INVESTMENT TERMINOLOGY
Basis Points – A standard measure for interest rates that represents one-hundredth of one percent. As an example, the difference between a security yielding 2.00% and 2.25% is 25 basis points.
Book Value – The price paid for the financial instrument as recorded on the balance sheet. Book value never changes as long as the instrument is owned.
Call Date – The day on which the issuer has the right to redeem a callable bond at par, or at a small premium to par, prior to the stated maturity date.
Carrying Value – The original cost of an asset, less the accumulated amount of any depreciation or amortization, less the accumulated amount of any asset impairments.
Certificate of Deposit (CD’s) – A debt instrument issued by financial institutions that will pay interest, periodically or at maturity, and principal when it reaches maturity. Maturities range from a few weeks to several years.
Commercial Paper – An unsecured short term promissory note issued by corporations, with maturities typically ranging from 1 to 270 days, and usually transacts at a discount with no coupon payments.
Corporate Notes – A type of debt security issued by a corporation and sold to investors.
Federal Agency Securities – Securities issued by corporations and agencies created by the US government, such as the Federal Home Loan Bank Board and Ginnie Mae.
Liquidity – The amount of a portfolio or an asset that can be converted easily and quickly into cash. Cash is the most liquid asset, followed by cash equivalents, such as money market funds.
Market Value – Also known as fair value. Market value is the price that buyers and sellers of a financial instrument would agree upon if the instrument was sold in the market today.
Maturity – The date on which payment of a financial obligation is due. The final stated maturity is the date on which the issuer must retire a bond and pay the face value to the bondholder.
Par Value – Value of the instrument at the time of issuance, also known as face value (when financial instruments were printed on paper, it was the value printed on the face of the paper document).
Safety – Also known as Margin of Safety. Margin of safety is a principle of investing in which an investor only purchases securities when their market price is significantly below their intrinsic value.
Supranational – A supranational entity is formed by two or more central governments with the purpose of promoting economic development for the member countries. Supranational institutions finance their activities by issuing debt, such as supranational bonds. The three U.S.
5.2.d
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Attachment: D: Investment Terminology (2025-7 : Quarterly Investment Report) based supranationals are International Bank for Reconstruction and Development, the International Finance Corporation, and the Inter-American Development Bank.
Treasury Securities – Government bonds from the United States Treasury Department.
Examples include U.S. Treasury Bills, U.S. Treasury Notes, and U.S. Treasury Bonds.
Weighted Average Days to Maturity – The average length of time until all the investments in the portfolio will mature.
Weighted Average Yield to Maturity – The average return anticipated on the investment instruments as a whole if all are held to maturity.
Yield – The current rate of return on an investment security, generally expressed as a percentage of the security's current price. Examples of yield include interest rate earned and dividend rate received from holding a particular security.
5.2.d
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Attachment: D: Investment Terminology (2025-7 : Quarterly Investment Report)
CITY COUNCIL STAFF REPORT
DATE: February 11, 2025
TO: City Council/City Manager
FROM: Debbie Chamberlain, Community Development Director By: Cindy Yee, Senior Planner
SUBJECT: MINUTE ORDER NO. 2025-001 - Ratifying the Architectural Review Board Appointment
RECOMMENDED ACTION
Staff recommend that the City Council approve this Minute Order ratifying the appointment of one regular member of the Architectural Review Board.
BACKGROUND/DISCUSSION
In 2004, the City Council amended an ordinance modifying the selection process regarding the appointment of Architectural Review Board (ARB) members and granting the Community Development Director the ability to make appointments to the ARB, rather than the City Council, to streamline the recruitment process.
In January 2008, the City Council amended the Municipal Code through Ordinance No. 411 to reduce the Board membership from five regular members and two alternate members to three regular members and up to three alternate members.
At the end of February 2025, one regular board member term will expire. Two alternate board member positions remain vacant for a licensed landscape architect and a licensed architect. The City Clerk listed the ARB vacancies on the City’s website and social media soliciting applications for ARB. One application was received by the City Clerk for the regular licensed landscape architect member position. The Community Development Director reviewed the application and recommends ratification of the re-appointment of David Gates to the Architectural Review Board as a regular landscape architect member to serve the term ending February 2027. The City will conduct an additional recruitment this Spring for the two open alternate board member positions.
FISCAL ANALYSIS
There is no fiscal impact as a result of a candidate appointment.
STEPS FOLLOWING APPROVAL
5.3 Packet Pg. 48
Staff will notify David Gates of his appointment to the ARB to serve a two-year term through February 2027.
5.3 Packet Pg. 49
CITY COUNCIL STAFF REPORT
DATE: February 11, 2025
TO: City Council/City Manager
FROM: Scott Koll, Deputy City Manager
By: Megan O'Donoghue, Human Resources Manager
SUBJECT: RESOLUTION NO. 2025-012 - Authorizing Execution of Update to the FY 2024/25 Salary Schedule
RECOMMENDED ACTION
Staff recommend approval of the Resolution authorizing updates to the FY 2024/25 Salary Schedule.
BACKGROUND/DISCUSSION
On December 10, 2024, by Resolution No. 2024-115, the City Council approved and executed revisions to the temporary employee salary ranges within the Parks & Community Services Department (PCS), effective January 1, 2025.
The revisions to those temporary employee salary ranges were based, in part, on an increase to California’s minimum wage. Specifically, per California’s Labor Code section 1182.12(c), the California Department of Finance calculated the average U.S. Consumer Price Index for Urban Wage Earners and Clerical Workers for the 12-month period from July 1, 2023, to June 30, 2024, as an increase by 3.18% compared to the 12-month period from July 1, 2022, to June 30, 2023.
As a result, the Department of Finance has determined that California’s minimum wage shall increase by 3.18% to $16.50 per hour and shall be implemented for all employers on January 1, 2025.
In reviewing the City’s Salary Schedule for compliance with the state’s updated minimum wage, staff recognized a need to update the bottom of the salary ranges for the temporary job classifications of Intern and Seasonal Maintenance Worker. The new hourly rate for Intern will be $16.50 per hour, an increase of fifty cents per hour, while the new salary range for Seasonal Maintenance Worker will be $16.50 - $20.34 per hour, an increase of twenty-eight cents to the bottom of the range. Notably, the City is not currently employing any paid Interns, and employees currently working as Seasonal Maintenance Workers are paid above the state’s new minimum wage.
FISCAL ANALYSIS
No fiscal impact. The City is not currently employing paid Interns and all current Seasonal
5.4 Packet Pg. 50
Maintenance Workers are receiving an hourly wage that is higher than the state’s new minimum wage.
STEPS FOLLOWING APPROVAL
This action will ratify and execute the updated FY 2024/25 salary schedule, effective January 1, 2025. Staff will implement the new salary schedule, which will also be posted on the City’s Intranet and external web page for access by others.
ATTACHMENT
A: Salary Range Schedule Effective 1.1.25_updated 2.11.25
5.4 Packet Pg. 51
RESOLUTION NO. 2025-012
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAMON AUTHORIZING EXECUTION OF UPDATE TO THE FY 2024/25 SALARY SCHEDULE WHEREAS, the California Department of Finance has determined that California’s minimum wage shall increase by 3.18% to $16.50 per hour and shall be implemented for all employers on January 1, 2025; and
WHEREAS, the current salary ranges for the temporary job classifications of Intern and Seasonal Maintenance Worker currently fall below the state’s new minimum wage; and WHEREAS, to resolve this compliance issue, the City Council authorizes adjusting the new hourly wage for Intern to $16.50 per hour and the new salary range for Seasonal Maintenance Worker to $16.50-$20.34 per hour;
NOW, THEREFORE BE IT RESOLVED, that the City Council of the City of San Ramon does hereby authorize the update to the FY 2024/25 salary schedule, effective January 1, 2025, as outlined in Exhibit 1.
PASSED, APPROVED AND ADOPTED at the meeting of February 11, 2025, by the following votes:
AYES:
NOES:
ABSENT:
ABSTAIN:
________________________
Mark Armstrong, Mayor
ATTEST:
_____
Christina Franco, City Clerk
5.4 Packet Pg. 52
City of San Ramon
Salary Range Schedule by Classification
Last Update Approved by City Council on December 10, 2024 Effective January 1, 2025 Job Classification Job Class Code Group Code Work Week Effective Date Hourly Minimum Hourly Maximum Monthly Minimum Monthly Maximum Annual Minimum Annual Maximum ELECTED OFFICIALSCITY COUNCIL (Ordinance No. 365) E100 100 N/A 12/01/2024MAYOR (Ordinance No. 365) E105 100 N/A 12/01/2024APPOINTED EMPLOYEESCITY ATTORNEY (Reso 2024-107) A100 200 N/A 09/25/2024CITY MANAGER (Reso 2024-109) A105 200 N/A 07/15/2024UNREPRESENTED MISCELLANEOUS EMPLOYEESACCOUNTANT U210 600 37.5 07/01/2024 50.5695 $ 63.2119 $ 8,217.54 $ 10,271.93 $ 98,610.46 $ 123,263.14 $ ADMINISTRATIVE ANALYST U150 600 37.5 07/01/2024 52.9569 $ 70.5916 $ 8,605.50 $ 11,471.14 $ 103,266.02 $ 137,653.62 $ ADMINISTRATIVE COORDINATOR U130 600 37.5 07/01/2024 44.4957 $ 55.6213 $ 7,230.56 $ 9,038.47 $ 86,766.68 $ 108,461.60 $ ASSISTANT CITY ATTORNEY U316 600 37.5 07/01/2024 83.4670 $ 111.2891 $ 13,563.40 $ 18,084.47 $ 162,760.78 $ 217,013.68 $ ASSISTANT CITY MANAGER1 U190 600 37.5 11/26/2024 116.8286 $ 155.7323 $ 18,984.66 $ 25,306.49 $ 227,815.90 $ 303,677.92 $ ASSISTANT ENGINEER U515 600 37.5 07/01/2024 56.8050 $ 71.0000 $ 9,230.82 $ 11,537.50 $ 110,769.88 $ 138,450.00 $ ASSISTANT PLANNER U720 600 37.5 07/01/2023 53.6198 $ 67.0226 $ 8,713.23 $ 10,891.18 $ 104,558.74 $ 130,694.20 $ ASSOCIATE ENGINEER U516 600 37.5 07/01/2024 63.2352 $ 79.0439 $ 10,275.72 $ 12,844.63 $ 123,308.64 $ 154,135.54 $ ASSOCIATE PLANNER U721 600 37.5 07/01/2023 59.7143 $ 74.6365 $ 9,703.57 $ 12,128.44 $ 116,442.82 $ 145,541.24 $ CITY CLERK 1 U225 600 37.5 07/01/2024 71.2537 $ 94.7674 $ 11,578.73 $ 15,399.71 $ 138,944.78 $ 184,796.56 $ CITY/DISTRICT ENGINEER 1 U200 600 37.5 07/01/2024 83.6752 $ 111.5389 $ 13,597.22 $ 18,125.08 $ 163,166.64 $ 217,500.92 $ DEPARTMENT DIRECTOR 1 D100 300 37.5 07/15/2024 106.2078 $ 141.5748 $ 17,258.78 $ 23,005.91 $ 207,105.34 $ 276,070.86 $ DEPUTY CITY ATTORNEY U315 600 37.5 07/01/2024 75.8788 $ 101.1722 $ 12,330.31 $ 16,440.49 $ 147,963.66 $ 197,285.92 $ DEPUTY CITY CLERK U220 600 37.5 07/01/2024 48.5139 $ 64.6690 $ 7,883.50 $ 10,508.72 $ 94,602.04 $ 126,104.68 $ DEPUTY CITY MANAGER 1 U185 600 37.5 07/01/2024 88.0025 $ 117.3073 $ 14,300.41 $ 19,062.44 $ 171,604.94 $ 228,749.30 $ DIVISION MANAGER 1 U180 600 37.5 07/01/2023 75.1360 $ 100.1562 $ 12,209.60 $ 16,275.39 $ 146,515.20 $ 195,304.72 $ ENGINEERING SPECIALIST U510 600 37.5 07/01/2024 49.2049 $ 61.8595 $ 7,995.80 $ 10,052.16 $ 95,949.62 $ 120,625.96 $ EXECUTIVE ASSISTANT U140 600 37.5 07/01/2024 49.1894 $ 61.4843 $ 7,993.29 $ 9,991.19 $ 95,919.46 $ 119,894.32 $ INSPECTOR U610 600 37.5 07/01/2023 54.6662 $ 68.3201 $ 8,883.27 $ 11,102.02 $ 106,599.22 $ 133,224.26 $ IT NETWORK ANALYST U420 600 37.5 07/01/2023 57.9472 $ 77.2707 $ 9,416.42 $ 12,556.48 $ 112,997.04 $ 150,677.80 $ IT SPECIALIST U415 600 37.5 07/01/2023 49.2712 $ 61.5888 $ 8,006.57 $ 10,008.18 $ 96,078.84 $ 120,098.16 $ IT TECHNICIAN U410 600 37.5 07/01/2023 41.0627 $ 51.3219 $ 6,672.68 $ 8,339.80 $ 80,072.20 $ 100,077.64 $ MAINTENANCE SUPERVISOR U980 600 37.5 07/01/2023 58.9502 $ 73.6818 $ 9,579.42 $ 11,973.30 $ 114,953.02 $ 143,679.64 $ OFFICE SPECIALIST U120 600 37.5 07/01/2024 37.9163 $ 47.3972 $ 6,161.39 $ 7,702.05 $ 73,936.72 $ 92,424.54 $ OFFICE TECHNICIAN I U110 600 37.5 07/01/2024 28.4765 $ 35.5895 $ 4,627.44 $ 5,783.29 $ 55,529.24 $ 69,399.46 $ OFFICE TECHNICIAN II U111 600 37.5 07/01/2024 31.5708 $ 39.4677 $ 5,130.26 $ 6,413.51 $ 61,563.06 $ 76,962.08 $ $27,580.69
$311,952.16$330,968.30
$1,085.94$1,185.94
$13,031.28$14,231.28
$25,996.01
1 Eligible for Management Incentive Pay2 Program Managers in Parks and Community Services are eligible for Management Incentive Pay
5.4.a
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Attachment: A: Salary Range Schedule Effective 1.1.25_updated 2.11.25 (2025-012 : Authorizing Update City of San Ramon
Salary Range Schedule by Classification
Last Update Approved by City Council on December 10, 2024 Effective January 1, 2025 Job Classification Job Class Code Group Code Work Week Effective Date Hourly Minimum Hourly Maximum Monthly Minimum Monthly Maximum Annual Minimum Annual Maximum UNREPRESENTED MISCELLANEOUS EMPLOYEES (Continued)PARALEGAL U310 600 37.5 07/01/2024 46.6796 $ 58.3515 $ 7,585.44 $ 9,482.11 $ 91,025.22 $ 113,785.36 $ PLANNING SPECIALIST U710 600 37.5 07/01/2023 37.9083 $ 47.3872 $ 6,160.09 $ 7,700.42 $ 73,921.12 $ 92,405.04 $ PLANS EXAMINER U715 600 37.5 07/01/2024 58.1381 $ 72.6682 $ 9,447.45 $ 11,808.59 $ 113,369.36 $ 141,703.12 $ POLICE RECORDS SUPERVISOR U815 600 37.5 07/01/2024 54.9416 $ 68.6729 $ 8,928.01 $ 11,159.35 $ 107,136.12 $ 133,912.22 $ POLICE SERVICES TECHNICIAN I U810 600 37.5 07/01/2023 34.1731 $ 42.7018 $ 5,553.12 $ 6,939.05 $ 66,637.48 $ 83,268.64 $ POLICE SERVICES TECHNICIAN II U811 600 37.5 07/01/2023 38.1223 $ 47.6547 $ 6,194.87 $ 7,743.88 $ 74,338.42 $ 92,926.60 $ PROGRAM MANAGER 2 U170 600 37.5 07/01/2023 62.9174 $ 83.8901 $ 10,224.09 $ 13,632.15 $ 122,689.06 $ 163,585.76 $ RECREATION COORDINATOR U915 600 37.5 07/01/2024 44.4957 $ 55.6213 $ 7,230.56 $ 9,038.47 $ 86,766.68 $ 108,461.60 $ RECREATION SUPERVISOR U920 600 37.5 07/01/2024 56.8461 $ 71.0514 $ 9,237.50 $ 11,545.86 $ 110,849.96 $ 138,550.36 $ RECREATION TECHNICIAN U910 600 37.5 07/01/2024 33.7407 $ 42.1676 $ 5,482.86 $ 6,852.24 $ 65,794.30 $ 82,226.82 $ SENIOR ADMINISTRATIVE ANALYST U160 600 37.5 07/01/2024 62.1272 $ 77.6482 $ 10,095.67 $ 12,617.84 $ 121,148.04 $ 151,414.12 $ SENIOR CIVIL ENGINEER U520 600 37.5 07/01/2024 76.1497 $ 95.1872 $ 12,374.33 $ 15,467.92 $ 148,491.98 $ 185,615.04 $ SENIOR INSPECTOR U615 600 37.5 07/01/2023 60.8750 $ 76.0826 $ 9,892.20 $ 12,363.43 $ 118,706.38 $ 148,361.20 $ SENIOR PLANNER U725 600 37.5 07/01/2023 61.7931 $ 82.3909 $ 10,041.37 $ 13,388.53 $ 120,496.48 $ 160,662.32 $ SUPERVISING INSPECTOR U620 600 37.5 07/01/2023 63.5026 $ 84.6787 $ 10,319.18 $ 13,760.28 $ 123,830.20 $ 165,123.40 $ UNREPRESENTED SWORN MANAGEMENT EMPLOYEESPOLICE CAPTAIN 1 U825 610 40.0 07/15/2024 111.6791 $ 137.1127 $ 19,357.72 $ 23,766.21 $ 232,292.58 $ 285,194.52 $ POLICE CHIEF 1 D105 300 40.0 07/15/2024 122.8470 $ 150.8240 $ 21,293.48 $ 26,142.83 $ 255,521.76 $ 313,713.92 $ POLICE LIEUTENANT U820 610 40.0 07/15/2024 Step 1 103.8876 $ Step 1 18,007.19 $ Step 1 216,086.26 $ Step 2 109.3553 $ Step 2 18,954.91 $ Step 2 227,458.92 $ Step 3 $ 115.1109 Step 3 19,952.55 $ Step 3 $ 239,430.62 Step 4 $ 121.1693 Step 4 21,002.67 $ Step 4 $ 252,032.04 Step 5 $ 127.5467 Step 5 22,108.10 $ Step 5 $ 265,297.24 1 Eligible for Management Incentive Pay2 Program Managers in Parks and Community Services are eligible for Management Incentive Pay
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Attachment: A: Salary Range Schedule Effective 1.1.25_updated 2.11.25 (2025-012 : Authorizing Update City of San Ramon
Salary Range Schedule by Classification
Last Update Approved by City Council on December 10, 2024 Effective January 1, 2025 Job Classification Job Class Code Group Code Work Week Effective Date Hourly Minimum Hourly Maximum Monthly Minimum Monthly Maximum Annual Minimum Annual Maximum SEIU LOCAL 1021ELECTRICIAN I M200 500 37.5 07/01/2024 41.2404 $ 51.5503 $ 6,701.57 $ 8,376.92 $ 80,418.78 $ 100,523.02 $ ELECTRICIAN II M201 500 37.5 07/01/2024 45.3644 $ 56.7053 $ 7,371.72 $ 9,214.62 $ 88,460.58 $ 110,575.40 $ MAINTENANCE ASSISTANT M105 500 37.5 07/01/2024 30.3516 $ 37.9325 $ 4,932.14 $ 6,164.04 $ 59,185.62 $ 73,968.44 $ MAINTENANCE COORDINATOR M120 500 37.5 07/01/2024 47.2024 $ 59.0050 $ 7,670.39 $ 9,588.32 $ 92,044.68 $ 115,059.88 $ MAINTENANCE TECHNICIAN I M110 500 37.5 07/01/2024 33.9786 $ 42.4775 $ 5,521.53 $ 6,902.59 $ 66,258.40 $ 82,831.06 $ MAINTENANCE TECHNICIAN II M111 500 37.5 07/01/2024 37.9396 $ 47.4153 $ 6,165.19 $ 7,704.99 $ 73,982.22 $ 92,459.90 $ MAINTENANCE SPECIALIST M115 500 37.5 07/01/2024 42.3356 $ 52.9129 $ 6,879.54 $ 8,598.35 $ 82,554.42 $ 103,180.22 $ Job Classification Job Class Code Group Code Work Week Effective Date Hourly Minimum Hourly Maximum Monthly Minimum Monthly Maximum Annual Minimum Annual Maximum SAN RAMON POLICE OFFICERS ASSOCIATION Hourly Rate Monthly Rate Annual Rate POLICE OFFICER P105 400 40.0 07/15/2024 Step 1 62.7604 $ Step 1 10,878.47 $ Step 1 130,541.58 $ Step 2 65.8984 $ Step 2 11,422.39 $ Step 2 137,068.62 $ Step 3 $ 69.1933 Step 3 $ 11,993.50 Step 3 $ 143,921.96 Step 4 $ 72.6530 Step 4 $ 12,593.19 Step 4 $ 151,118.24 Step 5 $ 76.2856 Step 5 $ 13,222.84 Step 5 $ 158,674.10 POLICE CORPORAL P110 400 40.0 07/15/2024 Step 1 69.0364 $ Step 1 11,966.31 $ Step 1 143,595.66 $ Step 2 72.4882 $ Step 2 12,564.63 $ Step 2 150,775.56 $ Step 3 76.1126 $ Step 3 13,192.86 $ Step 3 158,314.26 $ Step 4 79.9183 $ Step 4 13,852.50 $ Step 4 166,229.96 $ Step 5 83.9142 $ Step 5 14,545.14 $ Step 5 174,541.64 $ POLICE SERGEANT P115 400 40.0 07/15/2024 Step 1 75.9400 $ Step 1 13,162.93 $ Step 1 157,955.20 $ Step 2 79.7370 $ Step 2 13,821.08 $ Step 2 165,852.96 $ Step 3 $ 83.7239 Step 3 $ 14,512.14 Step 3 $ 174,145.66 Step 4 $ 87.9100 Step 4 $ 15,237.73 Step 4 $ 182,852.80 Step 5 $ 92.3055 Step 5 $ 15,999.62 Step 5 $ 191,995.44 1 Eligible for Management Incentive Pay2 Program Managers in Parks and Community Services are eligible for Management Incentive Pay
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Attachment: A: Salary Range Schedule Effective 1.1.25_updated 2.11.25 (2025-012 : Authorizing Update City of San Ramon
Salary Range Schedule by Classification
Last Update Approved by City Council on December 10, 2024 Effective January 1, 2025 Job Classification Job Class Code Group Code Work Week Effective Date Hourly Minimum Hourly Maximum MISCELLANEOUS TEMPORARY CLASSIFICATIONSACTIVITY MANAGER X316 700 Varies 01/01/2025 21.5000 $ 25.8000 $ ASSIST ACTIVITY MANAGER X315 700 Varies 01/01/2025 19.3500 $ 23.2200 $ ASSISTANT POOL MANAGER X355 700 Varies 01/01/2025 20.2500 $ 24.3000 $ BUILDING ATTENDANT I X320 700 Varies 01/01/2025 18.4500 $ 22.1400 $ BUILDING ATTENDANT II X321 700 Varies 01/01/2025 20.5000 $ 24.6000 $ CASHIER X330 700 Varies 01/01/2025 16.5000 $ 19.8000 $ INTERN X150 700 Varies 01/01/2024 16.5000 $ 16.5000 $ LIFEGUARD I X335 700 Varies 01/01/2025 17.0000 $ 20.4000 $ LIFEGUARD II X336 700 Varies 01/01/2025 18.7000 $ 22.4400 $ NUTRITION PROGRAM ASSIST X325 700 Varies 01/01/2025 19.3500 $ 23.2200 $ OFFICE ASSISTANT X331 700 Varies 01/01/2025 20.5000 $ 24.6000 $ POLICE RECRUIT X100 700 Varies 03/12/2019 - $ 32.5800 $ POOL MANAGER X356 700 Varies 01/01/2025 22.5000 $ 27.0000 $ PROGRAM SPECIALIST X360 700 Varies 01/01/2025 24.0000 $ 28.8000 $ RECREATION LEADER I X310 700 Varies 01/01/2025 16.5000 $ 19.8000 $ RECREATION LEADER II X311 700 Varies 01/01/2025 18.1500 $ 21.7800 $ SEASONAL MAINTENANCE WORKER X200 700 Varies 03/12/2019 16.5000 $ 20.3400 $ SENIOR LIFEGUARD X340 700 Varies 01/01/2025 19.1300 $ 22.9500 $ SWIM INSTRUCTOR X345 700 Varies 01/01/2025 18.7000 $ 28.8000 $ 1 Eligible for Management Incentive Pay2 Program Managers in Parks and Community Services are eligible for Management Incentive Pay
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Attachment: A: Salary Range Schedule Effective 1.1.25_updated 2.11.25 (2025-012 : Authorizing Update
CITY COUNCIL STAFF REPORT
DATE: February 11, 2025
TO: City Council/City Manager
FROM: Scott Koll, Deputy City Manager
By: Scott Koll, Deputy City Manager
SUBJECT: RESOLUTION NO. 2025-013 - Authorizing the City Manager to Amend the Agreement with Municipal Resource Group (MRG) to Include a Police Department Assessment and Increase the Contract Value by $99,600
RECOMMENDED ACTION
Authorize the City Manager to amend the existing agreement with Municipal Resource Group (MRG) to include a comprehensive organizational assessment of the Police Department. This amendment would increase the contract value by $99,600 for a not-to-exceed value of $285,311.25. This request would require increased appropriations to the City Administration approved Fiscal Year 2024-25 budget to fund this project.
BACKGROUND/DISCUSSION
The City has reached a critical juncture in its evolution, where operational efficiency and alignment with industry best practices are essential to maintain public trust and deliver highquality services. Municipal Resource Group (MRG) is uniquely positioned to lead this charge due to their industry expertise, demonstrated track record with the City, and ability to deliver actionable solutions tailored to the City’s municipal operations.
1. Proven Expertise with the City
MRG has already conducted a successful assessment of City Administration (aka General Government) operations, producing insightful recommendations that align with the City’s goals for organizational improvement. Their understanding of the City’s workflows, challenges, and opportunities proved decisive in reorganizing for greater effectiveness. Continuing with MRG ensures consistency and eliminates the steep learning curve associated with onboarding a new consultant, saving time and resources.
2. Comprehensive, Tailored Approach
MRG specializes in working with municipal governments and brings a deep understanding of industry standards and regional nuances. They approach tailors recommendations to the unique needs of the City rather than applying generic
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solutions.
3. Consistency Across Initiatives
By consolidating these assessments under MRG, the City benefits from a cohesive approach to organizational improvement. MRG’s integrated perspective ensures that policy and procedure recommendations align across departments, reducing redundancy, streamlining workflows, and help to maximize efficiency.
4. Cost-Effectiveness
Leveraging MRG for multiple projects avoids the inefficiencies of fragmented consulting efforts, delivering greater return on investments. These projects are all onetime-not recurring-expenditures this city administration believes will prime key city operations for delivering on Council priorities over the next decade.
5. Timely and Strategic Outcomes
The timing of this expanded partnership is critical. With new leadership onboarding in the Finance Department and a newly seated Council establishing priorities, MRG’s assessments and recommendations will provide a timely roadmap for aligning the organization with current and future needs. Their ability to deliver both immediate insights and long-term strategies ensures the City is positioned to respond effectively to both internal challenges and community expectations.
On December 10, 2024, the City Council authorized a contract with MRG to assess both City Administration (formerly General Government) and Finance operations and provide recommendations to enhance efficiency, organizational structure, and service delivery. Given MRG’s expertise and their proven ability to evaluate complex municipal operations, staff recommends expanding their scope of work to include an assessment of the Police Department.
A thorough review of the Police Department’s organizational conditions, staffing structure, and service delivery models will enable the City to align public safety resources with industry standards and community expectations.
The proposed assessment will evaluate the Police Department’s current organizational structure, staffing levels, and service delivery models, benchmarking against comparable agencies and best practices. The project will provide actionable recommendations for both immediate needs and long-term improvements.
The assessment will include the following scope of work:
1. Evaluation of Current Organizational Conditions
Review department structure, resource allocation, and operational workflows.
2. Benchmarking Analysis
Compare the department’s structure to regional agencies and industry standards.
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3. Staffing Level Recommendations
Develop tailored staffing models appropriate for a community of our size.
4. Future Service Delivery Models
Recommend strategies to adapt service delivery to community needs and emerging trends in public safety.
5. Professional Coaching
Provide implementation coaching to support the successful adoption of the City’s selected service delivery model.
The project will be executed in five phases, beginning immediately upon Council approval and tentatively concluding by December 2025. Regular updates will be provided to the City Manager and Council as milestones are achieved.
Expanding MRG’s scope of work to include a Police Department assessment will provide the City with a comprehensive analysis of current conditions, actionable staffing recommendations, and a forward-looking service delivery strategy tailored to our community.
By entrusting this work to MRG, the City ensures the continuity, efficiency, and effectiveness required to deliver exceptional public services to the San Ramon community.
Staff recommends approval of the contract amendment to advance this critical initiative.
FISCAL ANALYSIS
This General Fund project will increase appropriations by $99,600, for a total not-to-exceed amount of $285,311.25. Council will consider funding for this project as part of the Fiscal Year 2024-25 Mid-Year Budget Amendment process. This project depends upon Council authorizing that increased appropriations request.
Contractual funding for each project-including the new project outlined above-breaks down as follows:
1. City Administration Assessment ($52,011.25): Account #10112100-61005
2. Human Resources On-Demand Services ($35,000): Account # 10115100-61005
3. Finance Assessment ($98,700): Account # 10121100-61005
4. Police Assessment ($99,600): Account #10112100-61005 [FY2024-25 Funding Requested]
5. Proposed Not-to-Exceed Total: $285,311.25
STEPS FOLLOWING APPROVAL
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NEXT STEPS
1. Execute the contract amendment with MRG.
2. Initiate the assessment immediately upon Council approval.
3. Provide updates to the Council at key project milestones.
4. Present findings and recommendations no later than December 2025.
5. Close out project by no later than June 30, 2026.
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RESOLUTION NO. 2025-013
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAMON
AUTHORIZING THE CITY MANAGER TO AMEND THE AGREEMENT WITH
MUNICIPAL RESOURCE GROUP (MRG) TO INCLUDE A POLICE DEPARTMENT ASSESSMENT AND INCREASE THE CONTRACT VALUE BY $99,600
WHEREAS, the City requires the services of Municipal Resource Group (MRG); and WHEREAS, the City previously entered into an agreement with Municipal Resource Group (MRG) to conduct an assessment of General Government operations to improve organizational effectiveness and service delivery; and
WHEREAS, MRG has demonstrated expertise in municipal operations and a solid understanding of the City’s organizational structure and operational needs; and WHEREAS, the City recognizes the importance of assessing and aligning Police Department operations with industry standards and best practices to ensure sustainable service delivery that meets the needs of the community; and
WHEREAS, the proposed assessment includes a review of the Police Department’s current organizational conditions, benchmarking against comparable agencies, staffing level recommendations, evaluation of future service delivery models, and professional coaching to support implementation; and
WHEREAS, the project is structured into five phases, with work to commence immediately upon approval and conclude by December 2025; and WHEREAS, the amendment to the agreement will increase the total contract value by $99,600, with funding allocated from the General Fund professional services budget, which has sufficient capacity to cover this one-time investment; and WHEREAS, the City Council recognizes that the recommendations resulting from this assessment will strengthen public safety operations, enhance resource alignment, and provide a roadmap for future improvements.
NOW, THEREFORE, BE IT RESOLVED,
1. The City Council authorizes the City Manager to amend the agreement with Municipal Resource Group (MRG) to include a comprehensive assessment of the Police Department.
2. The City Council approves an increase in the contract value by $99,600, bringing the total not-to-exceed contract amount to $285,311.25.
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3. The City Council directs the City Manager to oversee the execution of the assessment, provide regular updates at key milestones, and present findings and recommendations by December 2025.
4. This resolution shall take effect immediately upon its adoption.
PASSED, APPROVED, AND ADOPTED, at the meeting of February 11, 2025 by the following votes:
AYES:
NOES:
ABSENT:
ABSTAIN:
________________________
Mark Armstrong, Mayor
ATTEST:
________________________
Christina Franco, City Clerk
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CITY COUNCIL STAFF REPORT
DATE: February 11, 2025
TO: City Council/City Manager
FROM: Kathi Heimann, Parks & Community Services Director By: Mae Mlyniec, Administrative Analyst
SUBJECT: RESOLUTION NO. 2025-014 - Authorizing the Mayor to Execute an Agreement with Design Workshop, Inc for Trails Master Plan Services for an Amount Not to Exceed $124,850 through October 31, 2025, with the Option to Renew the Agreement for Up to One Additional Successive OneYear Term
RECOMMENDED ACTION
Staff recommends the City Council approve this Resolution authorizing the Mayor to execute an agreement with Design Workshop, Inc for preparation of the San Ramon Trails Master Plan services for an amount not to exceed $124,850 through October 31, 2025, with the option to renew the agreement for up to one additional successive one-year term.
BACKGROUND/DISCUSSION
San Ramon is committed to creating and maintaining a park, trails and open space system that meets the recreational needs of its residents and contributes to the City’s positive image. San Ramon’s trail system is intertwined within residential areas, alongside creeks, and located within 3,092 acres of accepted and future Geological Hazard Abatement Districts (GHAD). The City also owns an additional 169 acres of open space and East Bay Regional Park District owns 7,245 acres of nearby regional parkland. In total, the City has 46 miles of public trails, 18 miles of access roads used for recreation, and 14 miles of non-City trails which the public can use to walk, hike, bike and horseback ride in some areas.
The Iron Horse Trail forms the backbone for paved trails in San Ramon. Multi-use natural surface trails are primarily found in the open space areas along the western and eastern city edges. The city recently completed trail mapping efforts and has made public trails easily accessible via maps on the City’s website. The interconnected trails provide a contiguous network for residents to easily access options to bike and walk to destinations in San Ramon.
The Trails Master Plan will assist the City to identify new trails and maximize access to existing trails, that connect people with each other and nature. The Trails Master Plan will further the City’s vision to maintain open space around the city and to further integrate and connect the trail system to make San Ramon more walkable and bikeable.
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The City requires Trails Master Plan services to identify and prioritize connections to enhance and complete the existing trail system; identify and map new opportunities for trails, trailheads, connections; develop cost estimates for construction of system/connections; show connectivity opportunities between existing bikeways and trails; show connectivity opportunities between San Ramon’s trail system and surrounding agencies; identify steps to complete system (i.e. easements, agreements, trailheads, etc); and produce user map (web-based) with details on trails using the City’s GIS system.
This project is reflected in the Connection to Nature section in the San Ramon Parks, Trails, Open Space and Recreation Master Plan that was adopted by City Council on June 22, 2020. On May 23, 2023, City Council approved and adopted the Five-Year 2023-2028 Capital Improvement Program, which included $125,000 to select a firm to facilitate the Trails Master Plan (CIP 500007). Staff received feedback on the elements to be included in the trails master plan from the the Open Space Advisory Committee on March 18, 2024 and from the Parks and Community Services Commission on June 12, 2024.
On November 12, 2024, staff advertised a Request for Proposals (RFP) for Trails Master Plan services. The RFP was posted on the City website, per the City’s Purchasing Ordinance. On December 19, 2024, the City received and opened seven Proposals. A panel of six City staff, representing Parks & Community Services, Public Services, and Engineering, evaluated the proposals and ranked them based on qualifications, relevant experience, proposed staffing, pricing, and proposed approach. The proposers’ names and their rankings are as follows:
1. Design Workshop Inc.
2. Zander Westbrook Design
3. Avid Trails, LLC.
4. PlaceWorks
5. Toole Design
6. CMG Landscape Architecture
7. Danliv, Inc.
After a thorough review of all proposals, staff selected Design Workshop Inc. to provide Trails Master Plan services in an amount not to exceed $124,850, through October 31, 2025, with the option to renew the agreement for up to one additional successive one-year term. Design Workshop has comprehensive expertise in landscape architecture, urban design, transportation planning, and strategic services. They also have extensive experience working closely with the City on the Bicycle Master Plan Update, Walking District Master Plan in 2022, and the San Ramon Parks, Open Space, Trails, and Recreation Master Plan in 2020. Based on qualifications, experience, staffing, pricing, and proposed approach, staff determined Design Workshop Inc. is qualified to perform the work identified in the RFP and will provide quality service throughout the term of this agreement.
FISCAL ANALYSIS
The adopted Five-Year 2023-2028 Capital Improvement Program authorized $125,000 for the
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Trails Master Plan (CIP 500007) to select a firm to help manage and facilitate the Trails Master Plan project. The RFP’s Scope of Services identified four components including a Trail Analysis/Assessment Study, Community Needs Assessment, Capital Development Study, and recommendations for Maintenance and Open Space Impact reduction, which will be funded through the project’s CIP budget. The total agreement is for $124,850, which will allow for the anticipated work under this contract. Work will be assigned accordingly to Design Workshop Inc. with this identified funding.
STEPS FOLLOWING APPROVAL
Staff will work with the City Attorney’s Office to execute the contract agreement.
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RESOLUTION NO. 2025-014
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAMON
AUTHORIZING THE MAYOR TO EXECUTE AN AGREEMENT WITH DESIGN
WORKSHOP, INC FOR TRAILS MASTER PLAN SERVICES FOR AN AMOUNT NOT TO EXCEED $124,850 THROUGH OCTOBER 31, 2025, WITH THE OPTION TO RENEW THE AGREEMENT FOR UP TO ONE ADDITIONAL SUCCESSIVE ONEYEAR TERM WHEREAS, on June 23, 2020, the City Council approved Resolution No. 2020-064, adopting the San Ramon Parks, Trails, Open Space, and Recreation Master Plan 2020-2030. The Trails Master Plan was identified as a project related to the Conservation of and Connection to Nature; and
WHEREAS, on May 23, 2023, the City Council approved Resolution No. 2023-064, adopting the Fiscal Year 2023/24 Operating and Capital Budget, which appropriated $125,000 to obtain Trails Master Plan services; and
WHEREAS, on March 18, 2024 staff requested and received feedback from the Open Space Advisory Committee on the primary elements to include in the Trails Master Plan RFP; and
WHEREAS, on June 12, 2024 staff requested and received feedback from the Parks and Community Services Commission on the primary elements to include in the Trails Master Plan RFP; and
WHEREAS, on November 12, 2024, the City solicited Proposals by Request for Proposals (“RFP”) for Trails Master Plan services; and
WHEREAS, on December 19, 2024, the City received and opened seven (7) proposals; and
WHEREAS, after review of all responses submitted pursuant to said RFP, Design Workshop Inc’s Proposal was accepted by the City and identified as most advantageous to the City and most aligned with the requested deliverables outlined in the RFP’s scope of services; and
WHEREAS, Design Workshop Inc, by reason of qualifications, experience, and facilities for performing the type of services contemplated herein, has proposed to provide the requested services; and
WHEREAS, the adopted Five-Year 2024-2029 Capital Improvement Program includes funding for the Trails Master Plan (CIP 500007); and
WHEREAS, Design Workshop Inc is willing to provide the requested services.
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NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of San Ramon does hereby authorize the Mayor to execute an agreement with Design Workshop, Inc for Trails Master Plan services for an amount not to exceed $124,850 through October 31, 2025, with the option to renew the agreement for up to one additional successive one-year term.
PASSED, APPROVED, AND ADOPTED, at the meeting of February 11, 2025 by the following votes:
AYES:
NOES:
ABSENT:
ABSTAIN:
________________________
Mark Armstrong, Mayor
ATTEST:
________________________
Christina Franco, City Clerk
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CITY COUNCIL STAFF REPORT
DATE: February 11, 2025
TO: City Council/City Manager
FROM: Brian Bornstein, Public Works Director
By: Chris Weeks, Transportation Division Manager
SUBJECT: RESOLUTION NO. 2025-015 - Authorizing the City Manager to Execute Cooperative Agreement No. 25CC08 Between the Contra Costa Transportation Authority (CCTA) and the City of San Ramon to Receive Transportation Fund for Clean Air Program (TFCA) Funds to Implement the City of San Ramon and Southwest Area Transportation (SWAT) Subregional TRAFFIX School Bus Program
EXECUTIVE SUMMARY
SWAT applied for TFCA funds in 2024 to supplement the Measure J funds provided to the TRAFFIX JPA for School Year 24/25 and was awarded $80,763. This Agreement is the reimbursement protocol for San Ramon, as SWAT Administrator, to request reimbursement from CCTA, the administrator of TFCA funds in Contra Costa County, for eligible TRAFFIX expenses.
RECOMMENDED ACTION
Staff recommends that the City Council approve this Resolution authorizing the City Manager to execute Cooperative Agreement No. 25CC08 between the Contra Costa Transportation Authority (CCTA) and the City of San Ramon to receive Transportation Fund for Clean Air Program (TFCA) funds to implement the City of San Ramon and Southwest Area Transportation’s (SWAT) Subregional TRAFFIX School Bus component of the Transportation Demand Management (TDM) Programs.
BACKGROUND
The passage of Measure J in November 2004 authorized a 25-year extension of the existing Countywide half-cent Sales Tax Measure for Congestion Relief. The “Safe Transportation for Children” Program category in Measure J provides approximately $40M for the development and operation of a School Bus Program, or other projects that would reduce school-related congestion in the San Ramon Valley.
The City of San Ramon, on behalf of the other public agencies in the SWAT Region (Danville, Lafayette, Moraga, Orinda, and unincorporated Contra Costa County), administers the TDM Programs. At the regional level, through the Regional Transportation Planning Committees
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(RTPCs), the three regional TDM Program Managers are responsible for administering Countywide Programs, as well as local projects and programs.
The three regional program managers are West Contra Costa Transportation Commission (WCTAC), TRANSPLAN/TRANSPAC (both managed by Advanced Mobility Group (AMG)) & SWAT (Administered by the City of San Ramon). The Programs are a Countywide effort to reduce traffic congestion and air quality.
The SWAT TDM Program is structured so that the City of San Ramon’s Transportation staff provides all TDM Program management for SWAT with 100% reimbursement for Incentive Programs and partial reimbursement for administrative staff time. The funding is derived from both TFCA and Measure J Program 17 Funds. These Programs combined provide SWAT with funding for a comprehensive, cost-effective, and efficient TDM Program, known as 511 Contra Costa, which benefits employers, municipalities, school sites, colleges, commuters and local communities.
One of the programs identified in Measure J is for Safe Transportation for Children - School Bus Program in Southwest County, known as TRAFFIX, which is an independent Joint Powers Authority (JPA) known as the Measure J Traffic Congestion Relief Agency and is funded by the Contra Costa County Measure J half-cent transportation sales tax approved by voters in 2004.
In 2008, the governance structure for TRAFFIX was created with the intention that a Joint Powers Authority (JPA) would provide Program management and oversight of contract services.
To achieve this, the JPA intended to contract for all Program services, including the day-to-day program management and oversight of contract services to an independent contractor. Today, the TRAFFIX JPA administration is managed by City of San Ramon staff. All costs for this staff member are 100% reimbursed by the TRAFFIX JPA. The JPA creates a mechanism to enter into contracts. The funds for the Program became available July 1, 2009.
TRAFFIX first began bus operations in 2009 and currently operates a 26-bus student transportation service at three high schools, two middle schools, and six elementary schools within the San Ramon Valley Unified School District (SRVUSD). SRVUSD is comprised of the City of San Ramon, Town of Danville, and the unincorporated communities of Alamo, Blackhawk, and Diablo in Contra Costa County.
The TRAFFIX Board of Directors consists of seven representatives. Day-to-day Program administration is provided by City of San Ramon staff, with oversight by the Transportation Division Manager, a Technical Advisory Group (TAG), and a Citizen Advisory Committee.
TRAFFIX reduces traffic congestion by providing school bus service in the vicinity of 11 schools and monitors traffic delay at 65 identified intersections within school study areas to assist in prioritizing student bus transportation with the goal of reducing traffic congestion at these intersections.
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TRAFFIX serves the following eleven (11) schools:
. California High School
. Country Club Elementary School
. Coyote Creek Elementary School
. Green Valley Elementary School
. Los Cerros Middle School
. Monte Vista High School
. Neil Armstrong Elementary School
. Pine Valley Elementary School
. San Ramon Valley High School
. Vista Grande Elementary School
. Walt Disney Elementary School
The following seven (7) schools have been identified as candidates for possible future service based on intersection Level of Service (LOS) analysis:
. Dougherty Valley High School
. Gale Ranch Middle School
. Golden View Elementary School
. Iron Horse Middle School
. Rancho Romero Elementary School
. Sycamore Valley Elementary School
. Windemere Ranch Middle School
In the past, one unified Cooperative Agreement was required every fiscal year between the City of San Ramon and CCTA to implement the SWAT TDM Programs including TFCA funding for the Measure J Traffic Congestion Relief Agency (TRAFFIX). The Agreement explained how both TFCA and Measure J Commute Alternative funds allocated to SWAT would be spent, how the City is reimbursed, and what are eligible expenditures.
In 2024, CCTA executed a Master Cooperative Agreement covering the distribution of just Measure J funds (No. 43.00.120) outlining dispersal protocol not only for this year but for the duration of Measure J. This Agreement was approved by the City Council on September 24, 2024, with Resolution No. 2024-097. Measure J is anticipated to run out of funds in 2035; however, the Agreement is not for specific dates but will remain in effect until funds run out.
For the first time, the TFCA funding will be awarded annually in a competitive grant process. In 2024, two TFCA applications from SWAT were awarded funding:
• The Regional Vanpool Program and TRAFFIX. A second Cooperative Agreement (No. 25CC02) specifically for SWAT TDM funding provides six months of TFCA funding covering the Regional Vanpool component of SWAT’s TDM Program in the amount of $102,376 and was approved by the City Council on December 10, 2024, with Resolution No. 2024-116.
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• This Agreement will be the second TFCA agreement (No. 25CC08) specifically for SWAT TDM TFCA funding, for School Year 24/25 (August 14, 2024 through June 5, 2025), and will fund a small portion of the Subregional TRAFFIX School Bus operations component of the SWAT TDM Program in the amount of $80,763.
DISCUSSION
Approval of annual TFCA Agreements and Resolutions will continue to be an annual action required by the City Council. CCTA is the Program Manager for the Bay Area Air Quality Management District (BAAQMD) TFCA Program in Contra Costa County. As the Contra Costa County Congestion Management Agency, CCTA is also responsible for the allocation of Measure J Funds to eligible jurisdictions. All cities/towns within Contra Costa County are required to adopt a Transportation Demand Management Ordinance as a condition of receiving Measure J Return to Source funds from the half-cent sales tax imposed by Measure J. Each city/town is required to develop and implement measures to reduce traffic congestion by promoting commute alternatives such as carpooling, vanpooling, public transit, biking, walking, and telecommuting, etc.
The TFCA revenues are collected from a $4 surcharge fee on vehicles registered in the Bay Area, generating approximately $22 million each year, to fund cost-effective projects that reduce on-road motor vehicle emissions within the BAAQMD’s jurisdiction. Sixty percent (60%) of TFCA funds are awarded by BAAQMD to eligible projects and programs through a program referred to as the TFCA Regional Fund. The remaining forty percent (40%) of these revenues are distributed to the designated TFCA 40 Percent Fund in each of the nine counties within the Air District’s jurisdiction for similar emissions reduction projects.
The TFCA 40 Percent Fund Cooperative Agreement between the City of San Ramon and CCTA is to implement the TRAFFIX School Bus Program in the SWAT subregion of the County to reduce air pollution from motor vehicles and/or relieve traffic congestion by using TFCA funds combined with Measure J Commute Alternative funds. The City will invoice CCTA bi-monthly, along with providing supporting documentation to reimburse the City for qualified TRAFFIX Program expenditures. In addition, the City is responsible for submitting reports for each TDM Program agreement in the format and detail as required by CCTA. Measure J funding does not expire; however, TFCA funding does.
This TFCA 40 Percent Fund Cooperative Agreement is for one school year of TRAFFIX Program support providing a grant award of $80,763 for bus service. For the 24/25 School Year, approximately 1,250 bus passes have been sold.
FISCAL ANALYSIS
Adoption of this Resolution will have no direct fiscal impact on the City of San Ramon. TFCA 40 Percent Funds are designated for allocation to the TRAFFIX Program operations.
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STEPS FOLLOWING APPROVAL
Upon approval, staff will forward the signed Cooperative Agreement (No. 25CC08) to the Contra Costa Transportation Authority.
ATTACHMENT
A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon
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RESOLUTION NO. 2025-015
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAMON
AUTHORIZING THE CITY MANAGER TO EXECUTE COOPERATIVE
AGREEMENT NO. 25CC08 BETWEEN THE CONTRA COSTA TRANSPORTATION
AUTHORITY (CCTA) AND THE CITY OF SAN RAMON TO RECEIVE
TRANSPORTATION FUND FOR CLEAN AIR PROGRAM (TFCA) FUNDS TO
IMPLEMENT THE CITY OF SAN RAMON AND SOUTHWEST AREA
TRANSPORTATION (SWAT) SUBREGIONAL TRAFFIX SCHOOL BUS PROGRAM WHEREAS, the City of San Ramon was required to adopt a Transportation Demand Management (TDM) Ordinance as a condition of receiving Measure J Return to Source Funds from the half-cent sales tax imposed by Measure J and implement programs that reduce traffic congestion by promoting commute alternatives such as carpooling, vanpooling, transit, biking, walking, etc.; and
WHEREAS, the City of San Ramon adopted a TDM Ordinance in June 1998; and WHEREAS, the City of San Ramon's TDM Ordinance goals are to reduce traffic congestion and improve air quality; and
WHEREAS, the City of San Ramon, in concert with the Southwest Area Transportation (SWAT) jurisdictions, work with the 511 Contra Costa TDM Program and the Contra Costa Transportation Authority to implement cost-effective TDM Programs and Projects for local communities, businesses, and school districts; and
WHEREAS, Southwest Area Transportation (SWAT) working with the City of San Ramon to administer 511CC TDM Programs including regional and sub regional programs including funding for the TRAFFIX JPA; and
WHEREAS, the Contra Costa Transportation Authority requires an annual Cooperative Agreement to disperse TFCA grant funds for each TFCA grant awarded to sponsors; and WHEREAS, this Agreement will fund a portion of the Subregional TRAFFIX School Bus operation of the SWAT TDM Program; and
WHEREAS, this Resolution authorizes the City Manager to execute Cooperative Agreement No. 25CC08 between the Contra Costa Transportation Authority and the City of San Ramon; and
WHEREAS, the City of San Ramon is required to submit invoices for reimbursement, along with supporting documentation to the Contra Costa Transportation Authority; and WHEREAS, the City of San Ramon is required to submit reports for the TRAFFIX Program in the format and detail as required by CCTA; and
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WHEREAS, any qualified expenditures approved under the Agreement shall be eligible for reimbursement from TFCA Funds when incurred on or after the execution of the Cooperative Agreement.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of San Ramon does hereby approve this Resolution authorizing the City Manager to execute Cooperative Agreement No. 25CC08 between the Contra Costa Transportation Authority and the City of San Ramon to receive TFCA Funds to implement the City of San Ramon and SWAT Subregional TRAFFIX School Bus Program.
PASSED, APPROVED AND ADOPTED at the meeting of February 11, 2025 by the following votes:
AYES:
NOES:
ABSENT:
ABSTAIN:
________________________
Mark Armstrong, Mayor
ATTEST:
Christina Franco, City Clerk
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FISCAL YEAR 2024-25
COOPERATIVE AGREEMENT NO. 25CC08
BETWEEN
THE CONTRA COSTA TRANSPORTATION AUTHORITY
AND CITY OF SAN RAMON (SPONSOR)
THIS TRANSPORTATION FUND FOR CLEAN AIR PROGRAM (TFCA)
COOPERATIVE AGREEMENT NO. 25CC08 (AGREEMENT) is made and entered into as of this 19th day of September 2024, by and between the CITY OF SAN RAMON (SPONSOR), and the CONTRA COSTA TRANSPORTATION AUTHORITY (AUTHORITY). SPONSOR and AUTHORITY are sometimes individually referred to as “Party” and collectively as “Parties” in this AGREEMENT.
RECITALS
A. SPONSOR desires to implement one or more projects as described and attached to this AGREEMENT as EXHIBIT A, to reduce air pollution from motor vehicles and/or relieve traffic congestion, hereinafter referred to as “PROJECT,” which is eligible for funding pursuant to:
The Transportation Fund for Clean Air Program (TFCA), funded by the Bay Area Air Quality Management District (DISTRICT), pursuant to Health and Safety Code Section 44220 et seq.
B. AUTHORITY has been designated by resolution adopted by Contra Costa County and a majority of the incorporated cities within Contra Costa County having a majority of the population within the incorporated portion of Contra Costa County as Administrating Agency (formerly knowns as Program Manager) for TFCA projects within Contra Costa County. In accordance with Funding Agreement No. 25-CC (FUNDING AGREEMENT) between DISTRICT and AUTHORITY, AUTHORITY has agreed to act as Administering Agency for TFCA funds to be expended on projects within Contra Costa County. A copy of the FUNDING AGREEMENT between DISTRICT and AUTHORITY is attached to this AGREEMENT as EXHIBIT B and incorporated by this reference.
C. Pursuant to DISTRICT TFCA policy, previously unused funding by SPONSOR may be reassigned to this AGREEMENT pursuant to SECTION III, Paragraph 14 (TOTAL COST) of this AGREEMENT.
D. AUTHORITY approved the Transportation Fund for Clean Air 40% Fund Policy (POLICY). A copy of the POLICY is attached to this AGREEMENT as EXHIBIT C and incorporated by this reference.
ATTACHMENT A
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Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute
NOW, THEREFORE, in consideration of the foregoing, AUTHORITY and SPONSOR do hereby agree as follows:
SECTION I
SPONSOR AGREES:
1. Application of Funding.
For each PROJECT approved and funded by AUTHORITY, to apply a program grant received under this AGREEMENT to PROJECT in accordance with the terms and conditions specified in funding resolutions approved by AUTHORITY; and consistent with the information contained in the PROJECT Information Form, Cost-Effectiveness Worksheet and Budget in EXHIBIT A attached to this AGREEMENT and incorporated by this reference.
2. Invoices.
To provide invoices requesting reimbursement of eligible expenditures incurred in the form and detail as requested by AUTHORITY, along with supporting documentation as required by AUTHORITY. Invoices will be submitted monthly or bi-monthly at the discretion of SPONSOR.
3. Audit.
To maintain complete, accurate and clearly identifiable records with respect to all costs and expenses incurred under this AGREEMENT. To allow AUTHORITY, DISTRICT or any independent auditor selected by either of these parties to audit all expenditures relating to each PROJECT funded through this AGREEMENT. For the duration of each PROJECT, and for four (4) years following completion of PROJECT, or earlier discharge of this AGREEMENT, SPONSOR shall make available all records relating to expenses incurred in performance of this AGREEMENT.
4. Reporting.
To submit to AUTHORITY any quarterly, semi-annual and annual reports on each PROJECT in the format and detail as required by AUTHORITY and specified in the FUNDING AGREEMENT supporting PROJECT(s), as applicable.
5. Management.
To provide overall management of PROJECT(s) including responsibility for schedule, budget, and oversight of services performed by others and to be responsible for evaluation, selection, and management of consultants and contractors.
6. Copies.
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Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute
To maintain sufficient records demonstrating SPONSOR’s compliance with the terms of this AGREEMENT for a period of 5 years from the effective date of this AGREEMENT and to allow AUTHORITY and its duly authorized representatives, agents and consultants access such records and be audited. SPONSOR shall ensure that audit working papers are made available to AUTHORITY or its designee upon request for a period of three (3) years from the date the audit report is issued, unless extended in writing by AUTHORITY.
7. Signage.
If PROJECT involves construction or capital acquisition, to install a sign approved by AUTHORITY that identifies AUTHORITY and DISTRICT as a funding source, if applicable. If PROJECT involves the production of promotional materials, including but not limited to brochures, signage, displays, give-away items used in connection with promotional events, to include AUTHORITY’s logo and DISTRICT’s logo thereon in accordance with the FUNDING AGREEMENT.
8. Surplus Personal Property.
To the extent that surplus personal property has been purchased in whole or in part with TFCA funds, SPONSOR shall comply with the provisions of FUNDING AGREEMENT with respect to that pro rata portion of the surplus personal property.
9. TFCA Funding Requirements
SPONSOR shall comply with all relevant requirements of applicable law relating to the application and/or expenditure of those funds and to be bound by, and to include in any funding or other agreements, which it may enter into with recipients of TFCA funds, all relevant requirements of FUNDING AGREEMENT applicable to recipients of TFCA funds, including, without limitation, the requirements set forth in Section II, Paragraphs 7, 11, 12, 13, 15, 16, 17, 18, 19, 20 and 21 of FUNDING AGREEMENT.
10. Compliance with Local, State, and Federal Requirements If PROJECT requires SPONSOR to enter into a contract with a contractor and/or consultant, SPONSOR shall ensure that such contract complies with all applicable local, state and federal requirements, as applicable, and shall give all notices required by law. Additionally, any contractor and/or consultant is responsible for ensuring that subcontractors, at as many tiers of PROJECT as required, perform in accordance with the terms, conditions and specifications of such contract, including local, state and/or federal requirements. Upon request of AUTHORITY and/or SPONSOR, any contractor and/or consultant shall provide evidence of the steps it has taken to ensure its compliance with the local, state and/or federal requirements, as well as evidence of the subcontractor’s compliance, at all tiers.
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Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute
SECTION II
AUTHORITY AGREES:
1. Reimbursement
Consistent with the procedures specified in Section I, paragraph 2 above, to reimburse SPONSOR for eligible expenses incurred in conducting PROJECT up to the amounts stated in SECTION III, Paragraph 14 of this AGREEMENT.
2. Notice of Audit
To provide timely notice if an audit is to be conducted.
3. Compliance with Requirements Applicable to Administrating Agency To comply with the requirements of FUNDING AGREEMENT applicable to Administrating Agency.
SECTION III
IT IS MUTUALLY AGREED:
1. Term
The term of this Agreement is effective July 1, 2024, until either the PROJECT is completed or terminated in accordance with SECTION III (2) below, but no later than the TERMINATION DATE, without written approval as described below.
Qualified expenditures for PROJECT(S) approved under this AGREEMENT shall be eligible for reimbursement from TFCA funds when incurred on or after July 1, 2024.
TFCA funding expires March 1, 2028, hereinafter referred to as TERMINATION DATE. TERMINATION DATE may be extended only as provided for in FUNDING AGREEMENT and confirmed in writing by AUTHORITY. Any appropriated but unexpended funds related to this AGREEMENT as of TERMINATION DATE shall revert to AUTHORITY and shall be available for other TFCA-eligible projects or shall be refunded to DISTRICT by AUTHORITY in accordance with FUNDING AGREEMENT. To the extent there are insufficient funds available to reimburse SPONSOR for the full amount of TFCA funds appropriated herein, a pro rata portion of available TFCA funds shall be distributed to SPONSOR.
Funds are expected to be expended by the TERMINATION DATE applicable to the expenditure of TFCA funds, as provided above.
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Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute
This AGREEMENT will remain in effect until discharged or otherwise terminated as provided above or in SECTION III (2) below, except for the provisions relating to indemnity (SECTION III, 3), which shall survive termination of this AGREEMENT.
2. Discharge
This AGREEMENT shall be subject to discharge as follows:
a. This AGREEMENT may be canceled by a Party for breach of any obligation, covenant, or condition hereof by the other Party, upon written notice to the breaching Party. With respect to any breach that is reasonably capable of being cured, the breaching Party shall have thirty (30) days from the date of the notice to initiate steps to cure. If the breaching Party diligently pursues cure, such Party shall be allowed a reasonable time to cure, not-to-exceed sixty (60) days from the date of the initial notice, unless a further extension is granted by the non-breaching Party. b. By mutual consent of both parties, this AGREEMENT may be terminated in writing at any time.
3. Indemnity
It is understood and agreed that neither AUTHORITY, nor any officer, employee, agent or contractor thereof, shall be responsible for, and SPONSOR shall indemnify and hold AUTHORITY and its officers, employees, agents and contractors harmless from, any damage or liability occurring by reason of anything done or omitted to be done by SPONSOR, its officers, employees, consultants or contractors, under or in connection with the services, authority or jurisdiction of SPONSOR or delegated to SPONSOR under this AGREEMENT. Without limiting the generality of the foregoing, it is further specifically understood and agreed that, pursuant to California Government Code Section 895.4, SPONSOR shall fully indemnify and hold AUTHORITY and its officers, employees, agents and contractors harmless from any liability or damages imposed for injury as defined by California Government Code Section 810.8 occurring by reason of anything done or omitted to be done by SPONSOR, its officers, employees, agents or contractors under this AGREEMENT or in connection with any services, authority or jurisdiction of SPONSOR or delegated to SPONSOR under this AGREEMENT.
In addition, SPONSOR shall indemnify and hold harmless DISTRICT, its employees, agents, representatives, and successors-in-interest against any and all liability, loss, expense, including reasonable attorneys’ fees, or claims for injury or damages arising out of its performance of a project or operation or use of the equipment that is subject to FUNDING AGREEMENT.
5. Notices
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Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute
Any notice which may be required under this AGREEMENT shall be in writing, effective when received, and given by personal service, certified or registered mail (return receipt requested), or courier service to the addresses set forth below, or to such addresses which may be specified in writing by the Parties hereto.
Notices to SPONSOR: Notices to AUTHORITY:
Chris Weeks
Division Manager
City of San Ramon
7000 Bollinger Canyon Road
San Ramon, CA 94583
[email protected]
Brian Kelleher
Chief Financial Officer
Contra Costa Transportation Authority
2999 Oak Road, Suite 100
Walnut Creek, CA 94597
[email protected]
By executing this AGREEMENT, each of the Parties acknowledges and agrees that the persons identified above, or any other person designated by either Party to this AGREEMENT by notice to the other Party, is authorized to execute documents and to bind Party with respect to this AGREEMENT.
6. Additional Acts and Documents
Each Party agrees to do all such things, take all such actions and to make, execute, and deliver such other documents and instruments as shall be reasonably requested to carry out the provisions, intent, and purpose of this AGREEMENT.
7. Counterparts
This AGREEMENT may be signed in counterparts, each of which shall constitute an original.
8. Amendment
SPONSOR may, at any time, request an amendment to the work scope and budget of any PROJECT funded under this AGREEMENT with TFCA funds by submitting a revised Sponsor Worksheet/Budget (EXHIBIT A), indicating the proposed amendment in redline/strikeout format, together with a signed transmittal letter indicating the reason for the proposed change and a revised cost effectiveness worksheet, if necessary, as determined by AUTHORITY. Submittal of these documents shall be construed as SPONSOR’s consent to amend this AGREEMENT as specified. AUTHORITY will convey SPONSOR’s request, along with supporting documents to DISTRICT for approval, if required. Upon approval by DISTRICT, this AGREEMENT will be considered amended per SPONSOR’s request.
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Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute
This AGREEMENT may otherwise be amended by written amendment executed by Parties and shall not be changed, modified, or rescinded except as provided herein. Any attempt at oral modification of this AGREEMENT shall be void and of no effect.
9. Independent Agency
SPONSOR renders its services under this AGREEMENT as an independent agency.
None of SPONSOR's agents or employees shall be agents or employees of AUTHORITY.
10. Assignment
This AGREEMENT may not be assigned, transferred, hypothecated, or pledged by any Party without the express written consent of the other Party.
11. Binding on Successors
This AGREEMENT shall be binding upon the successor(s), assignee(s), or transferee(s) of AUTHORITY or SPONSOR(s) as the case may be. This provision shall not be construed as an authorization to assign, transfer, hypothecate, or pledge this AGREEMENT other than as provided above.
12. Severability
Should any part of this AGREEMENT be determined to be unenforceable, invalid, or beyond the authority of either Party to enter into or carry out, such determination shall not affect the validity of the remainder of this AGREEMENT, which shall continue in full force and effect, provided that the remainder of this AGREEMENT can, absent the excised portion, be reasonably interpreted to give effect to the intentions of the Parties.
13. Limitation
All obligations of AUTHORITY hereunder with respect to TFCA funds are expressly subject to and limited by the terms of FUNDING AGREEMENT and applicable provisions of State and Federal law, including, but not limited to, provisions related to AUTHORITY'S designation as Program Manager. In the event that AUTHORITY loses its designation as Program Manager or otherwise becomes ineligible to receive TFCA funds or if for any reason, such TFCA funds are no longer available to it, AUTHORITY's obligations hereunder shall be terminated without further obligation or liability to SPONSOR.
14. Total Cost
The total cost of this AGREEMENT shall not exceed $80,763 from Resolution 24-37- G approved September 18, 2024.
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Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute
15. Attorney’s Fees
If either Party commences an action against the other Party, either legal, administrative or otherwise, arising out of or in connection with this AGREEMENT, the prevailing Party in such litigation shall be entitled to have and recover from the losing Party reasonable attorney’s fees and all other costs of such action.
16. Waiver
No waiver of any default shall constitute a waiver of any other default or breach, whether of the same or other covenant or condition. No waiver, benefit, privilege, or service voluntarily given or performed by a Party shall give the other Party any contractual rights by custom, estoppel or otherwise.
17. Integration
This AGREEMENT represents the entire AGREEMENT of the Parties with respect to the subject matter hereof. No representations, warranties, inducements, or oral agreements have been made by any of the Parties except as expressly set forth herein or in other contemporaneous written agreements.
IN WITNESS WHEREOF, the Parties hereto have executed this AGREEMENT as of the date below written.
CONTRA COSTA TRANSPORTATION
AUTHORITY
CITY OF SAN RAMON
By: By:
Timothy Haile
Executive Director
Steven Spedowfski
City Manager
By:____________________________________________________ Brian Bornstein
Director of Public Works
ATTEST: ATTEST:
By: By:
Tarienne Grover Christina Franco
Clerk of the Board City Clerk
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Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute
APPROVED as to legal form: APPROVED as to legal form:
By: By:
Fennemore Wendel
Authority Counsel
Martin Lyons
City Attorney
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Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute
EXHIBIT A
Sponsor Work Program
(Project Information Form, Cost-Effectiveness Calculation and Project Budget)
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Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute Contra Costa: TFCA 40% Fund, FYE 2025_Project Information Form 1 TFCA 40% Fund, FYE 2025: Project Information Form
Revised 4/2/24
A. Project Number: 25CC08
Use consecutive numbers for projects funded, with year, county code, and number, e.g., 24CC01, 24CC02 for Contra Costa County. Zero (e.g., 24CC00) is reserved for 40% TFCA funds allocated for administration costs.
B. Project Sponsor: South West Area Transportation (SWAT) Sponsor submitting the request that will expend the funds and be responsible for all reporting and project submissions.
C. Project Title: TRAFFIX School Bus Program
Provide a concise, descriptive title for the project (e.g., “Elm Ave. Signal Interconnect” or “Purchase Ten Gasoline‐Electric Hybrid Light‐Duty Vehicles”).
D. Project Category (project will be evaluated under this category): Ridesharing Projects - 27 Refer to pages 18-19 of Guidance.
Project Type Code: 6a
Refer to pages 38-39 of Guidance.
E. Project Coverage Type
☐ Countywide OR
X Subregional (Choose all that apply)
☐ West County
☐ Central County
☐ East County
X Southwest County
Select ‘Countywide’ OR ‘Subregional’. Countywide programs/projects are available to or benefit all County residents or commuters in all geographic areas of the county. Subregional programs/projects benefit one or more subregions, but not the entire population of the County. For subregional, select all the regions the program/project benefits.
F. Project Budget
Attach a detailed budget with categories for labor, expenses, and incentives (if applicable). If applicable, expenses should be further assigned to project sub-categories, such as 5c, 5d, 5f, and by fund source, such as Measure J Program 17, etc. (See Attached Project Budget TRAFFIX)
TFCA 40% Funds Allocated: $80,763
TFCA Regional Funds Awarded (if applicable): $ 0
Total TFCA Funds Allocated (sum of 40% and Regional Funds): $80,763 Other / Matching Funds: $ 3,081,411
Source: Measure J $2,786,025.00 / Parent Contributions $677,525 / SWAT Measure J $90,000 / CCC CSA T1 $310,623 / Other Funds $400,623
Total Project Cost: $ $3,162,174.00
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Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute Contra Costa: TFCA 40% Fund, FYE 2025_Project Information Form 2 G. Performance Period: 08/14/2024-06/05/2025
H. Project Schedule (required for infrastructure projects):
Include major milestones of the project development, both completed and anticipated.
I. Project Description:
TRAFFIX provides transportation services to students at selected school sites throughout the San Ramon Valley Unified School District (SRVUSD). This area is comprised of the City of San Ramon, the Town of Danville, and a portion of the unincorporated area of County of Contra Costa that includes the communities of Alamo, Blackhawk, unincorporated Danville, and Diablo. At its current level, the TRAFFIX program serves approximately 1,300 students who ride 24 buses along 39 bus routes, some of which are tiered between middle and elementary schools. The selection of TRAFFIX bus service area and schools is based primarily on traffic analyses that have identified intersections near SRVUSD schools with the highest level of congestion during peak morning and afternoon school pick-up and dropoff periods. The other criterion used in the route selection process was a survey of parents’ willingnessto participate in the TRAFFIX program.
Current School Descriptions
• Country Club Elementary School (CC) (San Ramon)
• Coyote Creek Elementary School (CK) (San Ramon)
• Green Valley Elementary School (GV) (Danville)
• Neil Armstrong Elementary School (NA) (San Ramon)
• Vista Grande Elementary School (VG) (Danville)
• Walt Disney Elementary School (WD) (San Ramon)
• Los Cerros Middle School (LC) (Danville)
• Pine Valley Middle School (PV) (San Ramon)
• California High School (CA) (San Ramon)
• Monte Vista High School (MV) (Danville)
• San Ramon Valley High School (SR) (Danville)
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Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute Contra Costa: TFCA 40% Fund, FYE 2025_Project Information Form 3 Current Route Descriptions
Bus Route
Number
TRAFFIX ROUTE
NUMBERS One-Way Mileage Round Trip Mileage
101 VG-1 and LC-1 * 9 18
102 VG-2 and LC-2 * 17 34
103 VG-3 and LC-3 * 17 34
104 GV-4 and LC-4 * 16 32
105 GV-5 and LC-5 * 16 32
106 GV-6 and LC-6 * 15 30
107 GV-7 and LC-7 * 14 28
108 GV-8 and LC-8 * 17 34
109 GV-9 and LC-9 * 17 34
110 MV-10 11 22
111 WD-11 and PV-11 * 11 22
112 CK-13 and PV-12 * 14 28
113 WD-12 and PV-13 * 18 36
114 CC-14 and PV-14 * 12 24
115 CC-15 and PV-15 * 13 26
116 NA-16 and PV-16 * 11 22
117 CA-17 10 20
118 MV-18 20 40
119 MV-19 21.5 43
119A MV-19A 21.5 43
120 MV-20 11 22
121 SR-21 16 32
125 MV-25 20 40
* TRAFFIX Routes that are tiered between Elementary Schools and Middle Schools. ** Local Mileage from I-680
J. Final Report Content: Final Report form and final Cost Effectiveness Worksheet Reference the appropriate Final Report form that will be completed and submitted after project completion. See www.baaqmd.gov/tfca4pm for a listing of the following reporting forms:
X Trip Reduction
☐ Clean Air Vehicles
☐ Bicycle Projects
☐ Arterial Management Projects
☐ Repower and Retrofit
K. Attach a completed Cost‐Effectiveness Worksheet and any other information used to evaluate the proposed project. For example, for vehicle projects, include the California Air Resources Board Executive Orders for all engines and diesel emission control systems. Note, Cost‐ Effectiveness Worksheets are not needed for an administering agency’s own administrative
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Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute Contra Costa: TFCA 40% Fund, FYE 2025_Project Information Form 4 costs. (Attached TRAFFX CE Worksheet Trip Reduction FYE 2025_Final) L. Confirm that the project is not required by regulation, contract, or policy.
M. Comments(if any):
N. Benefits to Disadvantaged Communities
a) Please indicate if the project is located in a SB535 Disadvantaged Community and/or AB1550 Low‐income Community (Please use the map to find your project’s location:
https://ww3.arb.ca.gov/cc/capandtrade/auctionproceeds/communityinvestments.htm) No
b) Estimate the percentage of funds spent in the Disadvantaged Communities and/or on the disadvantaged population.
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Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute Contra Costa: TFCA 40% Fund, FYE 2025_Project Information Form 5 Section 2. Project Category Specific Questions
O. If a ridesharing, first‐ and last‐mile connections service, pilot trip reduction, transit information, telecommuting or infrastructure improvement project, explain how the number of vehicle trips that will be reduced by the project was estimated, and provide supporting information and data to justify the estimate. For example, if the Project Sponsor is not using default assumptions, they should provide data based on a pre‐project survey, focus groups, or other sources to document user demand, pre‐project mode of travel, average length of vehicle trip, etc.
We calculated total ridership and total milage on all the TRAFFIX vehicles at beginning of last school year August 2023, and at end of school year June ,2024 to confirm milage reduced multiplied by how many passengers. These vehicles are used exclusively for TRAFFIX. See chart below and attached.
Ridership Count is based on how many annual tickets are sold. We sold 1300 tickets last year.
We multiplied the number of tickets sold times the number of trips they reduced by using the service.
Three (3) miles is average of how far the school bus takes passengers from the bus stop to the proximal destination school. No bus stops are placed within the ½ mile walking and biking catchment around each school.
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Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute Contra Costa: TFCA 40% Fund, FYE 2025_Project Information Form 6 P. If an alternative fuel vehicle project, provide the following information:
a. Vehicle type (e.g., plug‐in hybrid‐electric, fuel cell vehicles) b. Gross Vehicle Weight Rating
c. New vehicle or replacement project? A project is a replacement project if the existing vehicle is operational and will be scrapped for the sole purpose of the project. d. If this is a new vehicle project, explain how the anticipated usage (miles per year) for the vehicles were estimated.
Q. If a first‐ and last‐mile connections service project, confirm that the service will comply with all the following requirements:
☐ Service connects directly to a transit station and a distinct commercial or employment location.
☐ Service schedule coordinates with the mass transit’s schedule. ☐ Service is available for use by all members of the public. ☐ Service is at least 70% unique and operates where no other service was provided within the past three years.
R. If a pilot trip reduction project, confirm that the project complies with all the following requirements:
☐ Project will reduce single‐occupancy vehicle trips and result in a reduction in emissions of criteria pollutants.
☐ Service is available for use by all members of the public.
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Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute Contra Costa: TFCA 40% Fund, FYE 2025_Project Information Form 7 ☐ Applicant provided a written plan showing how the service will be financed in the future and require minimal, if any, TFCA funds to maintain its operation by the end of the third year.
☐ If the local transit provider is not a partner, the applicant demonstrated that they have attempted to have the service provided by the local transit agency. The transit provider was given the first right of refusal and determined that the proposed project does not conflict with existing service.
☐ Applicant provided data and/or other evidence demonstrating the public’s need for the service, such as a demand assessment survey and letters of support from potential users. ☐ Service is at least 70% unique and operates where no other service was provided within the past three years.
S. If a bicycle parking project, answer the following questions:
a. What plan is the project referenced in?
b. Will the project be publicly accessible and available for use by all members of the public? T. If a bikeway project, answer the following questions:
a. What plan is the project referenced in?
b. Will the project be publicly accessible and available for use by all members of the public? c. If applicable, will the project be consistent with design standards published in the California Highway Design Manual or conform to the provisions of the Protected Bikeway Act of 2014?
d. Has the project completed all applicable environmental reviews and either have been deemed exempt by the lead agency or have been issued the applicable negative declaration or environmental impact report or statement? U. If a bike share project, confirm that the project complies with all the following requirements:
☐ Project either increases the fleet size of existing service areas or expands existing service areas to include new Bay Area communities.
☐ Project completed and approved an environmental plan and a suitability study demonstrating the viability of bicycle sharing.
• Project has shared membership and/or is interoperable with the Bay Area Bike Share (BABS) project when they are placed into service. Please select the choice that best describes the project:
☐ Interoperable with BABS
☐ Exempt from requirement for the following reason(s):
☐ i. Projects that do not require membership or any feesfor use; ☐ ii. Projects that were provided funding under MTC’s Bike Share Capital Program to start a new or expand an existing bike share program; or ☐ iii. Projects that attempted to coordinate with, but were refused by, the current BABS operator to have shared membership or be interoperable with BABS. Applicants must provide documentation showing proof of refusal.
V. If an infrastructure improvement for trip reduction project, answer the following questions:
a. What plan is the project referenced in?
b. Which transportation control measure from the most recently adopted Air District plan is the project implementing?
c. Has the project completed all applicable environmental reviews and either have been
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Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute Contra Costa: TFCA 40% Fund, FYE 2025_Project Information Form 8 deemed exempt by the lead agency or have been issued the applicable negative declaration or environmental impact report or statement? W. If an alternative fuel infrastructure project, confirm that the project complies with all the following requirements:
☐ Project must be designed, installed, and maintained as required by the existing recognized codes and standards and as approved by the local/state authority. ☐ Project funds awarded will not be used to pay for fuel, electricity operation, or maintenance costs.
• Please clarify the infrastructure project’s primary purpose (select all that apply):
☐ charge vehicles 14,000 lbs and less
☐ charge vehicles 14,001 lbs and more
☐ serve private fleet
☐ available for public use
☐ other (please specify):
X. Describe the methodology in measuring project performance, including eliminated automobile trips, VMT reduction, emission reduction, and other performance measures. Describe your reporting format.
Project Performance measured by eliminating automobile trips. Reporting format will be a calculation provided as attachment to annual TRAFFIX survey results.
We will calculate total ridership and total milage on all the TRAFFIX vehicles at beginning of school year August 11th, 2024, and at end of school year June 5th,2025 to confirm milage reduced by how many passengers. These vehicles are used exclusively for TRAFFIX.
Ridership Count will be based on how many annual tickets are sold. We expect to have 1300 tickets sold. We will multiply the number of tickets sold times the number of trips they reduced by using the service.
Three (3) miles is average of how far the school bus takes passengers from the bus stop to the proximal destination school. No bus stops are placed within the ½ mile walking and biking catchment around each school.
Y. Provide either an authorizing “letter of commitment”, or a resolution to indicate the applicant has received their agency’s authority to apply for funding.
Certification:
I Chris Weeks (print name), certify that the information provided is complete and correct. (Signature) Date 07/30/24
Project Sponsor
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Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute RIDESHARING, BICYCLE, SHUTTLE, AND SMART GROWTH PROJECTS Cost Effectiveness Inputs FYE 2025 TFCA 40% Fund Worksheet 25CC08 2024
Version 2025, Updated 1/9/24 TRAFFIX School Bus 1
2025
Calculations Tab: Complete areas shaded in yellow only. 80,763
SAMPLE ENTRIES ARE SHOWN IN LIGHT BLUE NA
$80,763.00
Emission Reduction Calculations
Step 1 - Emissions for Eliminated Trips
A B C D E F G H I
# Trips/Day (1-way) Days/Yr Trip Length (1-
way) VMT
ROG
Emissions
(gr/yr)
NOx Emissions
(gr/yr)
Exhaust &Trip End
PM10 Emissions (gr/yr) *
Other PM10
Emissions
(gr/yr) *
CO2 Emissions
(gr/yr)
100 240 16 304294 27,521 19,690 597 74,781 80,571,942
2,600 180 3 1,404,000 215,046 114,426 4,504 345,036 391,599,679 0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
Total 1,404,000 215,046 114,426 4,504 345,036 391,599,679 Step 2 - Emissions for New Trips to Access Transit/Ridesharing 50 250 3 304294 24,686 18,931 541 74,781 79,933,172
0 0 0 0 0 0
0 0 0 0 0 0
Total 0 0 0 0 0 0
A B C D E F G H I J K L M N
0.1 # Vehicles, Model Year Emission Std. Vehicle GVW ROG Factor (gr/mi)
NOx Factor
(g/mi)
Exhaust PM10
Factor (g/mi)
Total PM10 Factor
(g/mi)
CO2 Factor
(g/mi) (See
CO2 Table for
LD and LHD)
Total Annual VMT
(sum all vehicles)
ROG Emissions
(gr/yr)
NOx Emissions
(gr/yr)
Exhaust PM10
Emissions (gr/yr) Other PM10 Emissions (gr/yr) CO2 Emissions (gr/yr) 2, 2005 LEV 10,001-14,000 0.23 0.40 0.12 0.32 860 8000 1,840 3,200 960 1,600 6,880,000 0 0 0 0 0
0 0 0 0 0
Total 0 0 0 0 0 0
A B C D E F G H I J K L M N O P Q
Vehicle Ref # Engine Year,
Make, & Model
Odometer
reading
ROG Factor
(gr/mi)
ROG DR
(g/10k miles)
NOx Factor
(g/mi) Nox DR (g/10k miles Exhaust PM10 Factor (g/mi)
Exhaust PM DR
(g/10k miles)
Other PM10 Factor
(g/mi)
CO2 Factor
(g/mi)
Total Annual VMT
(sum all vehicles) ROG Emissions (gr/yr) NOx Emissions (gr/yr) Exhaust PM10
Emissions (gr/yr)
Other PM10
Emissions (gr/yr)
CO2
Emissions
(gr/yr)
2020,Thomas, Saf-T-Liner HDX 0.03 0.1 0.19 0.244 0.01 367614 11,028.42 69,847 4,044 0 0
0.00 0 0 0 0
0.00 0 0 0 0
Total 367,614 11,028 69,847 4,044 0 0
Cost Effectiveness Results Annual Lifetime
1,036,386.00 1,036,386.00 Miles
468,000.00 468,000.00 Trips
0.2249 0.225 Tons
0.0491 0.049 Tons
0.3808 0.381 Tons
0.3905 0.390 Tons
431.6575 431.657 Tons
0.6549 0.655 Tons
123,327.67 /Ton
$121,538 /Ton
6. PM Weighted Emissions Reduced
7. CO2 Emissions Reduced
8. Emission Reductions (ROG, NOx & PM)
9. TFCA Project Cost - Cost Effectiveness (ROG, Nox & PM)
10. TFCA Project Cost - Cost Effectiveness (ROG, NOx & Weighted PM). THIS VALUE MUST MEET POLICY REQUIREMENTS.
5. PM Emissions Reduced
Total Cost for route 40%:
Total Cost for route 60%:
Total TFCA Cost for route:
Step 3A - Emissions for Shuttle/Vanpool Vehicles up to GVW of 14,000 lbs.
See Emission Factors Tab
Step 3B - Emissions for Buses
See Emission Factors Tab
1. VMT Reduced
2. Trips Reduced
3. ROG Emissions Reduced
4. NOx Emissions Reduced
Total Cost for route:
40% Proj.#: Project Operational Start Year:
Route Name: # Years Effectiveness:
Project Operational End Year:
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Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 :
EXHIBIT B
Funding Agreement 25-CC
between
The Bay Area Air Quality Management District
and
Contra Costa Transportation Authority
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Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute
FUNDING AGREEMENT
BETWEEN
THE BAY AREA AIR QUALITY MANAGEMENT DISTRICT
AND
CONTRA COSTA TRANSPORTATION AUTHORITY
25-CC
This Funding Agreement (Agreement) is entered into between the Contra Costa Transportation Authority (Administering Agency), and the Bay Area Air Quality Management District (Air District). The Administering Agency and the Air District will each be referred to as a Party, and as the Parties collectively. This Agreement includes Attachment A, which specifies the funding allocated under this Agreement, and Attachment B, which pertains to insurance requirements.
SECTION I
RECITALS:
1) The Air District is authorized under California Health and Safety (Health & Safety) Code Sections 44223 and 44225 to levy a fee on motor vehicles registered within its jurisdiction (Motor Vehicle Fees), a portion of which the Air District receives and dedicates to its Transportation Fund for Clean Air (TFCA) program.
2) TFCA program monies may be allocated for projects to reduce air pollution from motor vehicles and to implement transportation control measures included in the plan adopted pursuant to Health and Safety Code Sections 40233, 40717, and 40919. 3) In accordance with Health and Safety Code Section 44241(d), the Air District allocates not less than forty (40) percent of the TFCA monies received to implement the Transportation Fund for Clean Air 40% Fund (also referred to as the County Program Manager program) (Program).
4) The Air District has been notified, in a communication dated September 16, 1992, that the Administering Agency is the duly authorized recipient of the proportionate share of Program monies for Contra Costa County, and has been so designated by resolution(s) adopted by the Contra Costa County Board of Supervisors and by the city councils of a majority of the cities representing a majority of the population in the incorporated area of the county. The terms Administering
Agency are set forth in the resolution(s).
5) On November 1, 2023, the Air District Board of Directors (Board of Directors) approved the TFCA 40% Fund Policies for Fiscal Year Ending 2025 (Policies). The Policies set forth requirements, including eligibility and cost-effectiveness requirements, for projects funded by TFCA funds in fiscal year ending (FYE) 2025. The Policies are incorporated as Appendix Transportation Fund for Clean Air 40% Fund Expenditure Plan Guidance for Fiscal Year Ending 2025 (Guidance) and are incorporated herein and made a part hereof by this reference as if fully set forth herein. 6) On or about March 1, 2024, the Administering Agency submitted an Expenditure Plan Application to the Air District for its Contra Costa County TFCA Program, which specified
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Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute FYE 2025 TFCA 40% Fund Agreement 25-CC Page 2 of 10
interest income earned by the Administering Agency and TFCA funds from previously funded TFCA projects available for reprogramming to other eligible TFCA projects. 7) On May 1, 2024 the Board of Directors approved an estimated new allocation of FYE 2025 TFCA Program monies of $1,555,700 for Contra Costa County (New FYE 2025 TFCA proportionate share of the California
Department of Motor Vehicle (DMV) vehicle registration fees paid. On this same date, the Board of Directors approved an estimated total funding level for FYE 2025 of $1,841,290 for Contra Costa County (TFCA Funds), which is to be administered by the Administering Agency and will be covered by this Agreement. The TFCA Funds include: the New FYE 2025 TFCA Allocation, any reprogramming of TFCA monies remaining from projects from prior fiscal years, and any interest earned in the prior year. 8) The Air District and the Administering Agency, pursuant to Health and Safety Code Section 44241, hereby enter into this Agreement to: (a) implement the Program within Contra Costa County; (b) select and fund projects that improve air quality in the San Francisco Bay Area Air Basin and comply with the Policies; and (c) oversee such funded projects to assure that they meet, and are implemented in accordance with, the Policies and the terms of this Agreement. This Agreement covers the funding allocation set forth in Paragraph 7 above.
SECTION II
ADMINISTERING AGENCY AGREES:
1) To implement the FYE 2025 Program within Contra Costa County in accordance with this Agreement and the Policies.
2) To select and fund projects that improve air quality in the San Francisco Bay Area Air Basin and that comply with the Policies and the terms of this Agreement (Program Projects).
Recipients of TFCA Funds may include the Administering Agency, which undertakes its own County projects, and other entities (Sub-awardees). The Administering Agency will designate the Program Projects as FYE 2025 Program Projects for administrative purposes. 3) Except in the case where the Administering Agency is the Sub-awardee, the Administering Agency must enter into a binding agreement with each Sub-awardee that sets forth the maximum amount of TFCA Funds awarded for each Program Project, and requires each Subawardee to comply with both the terms of this Agreement and the Policies and to implement the Program Projects as approved by the Administering Agency. The Administering Agency must maintain copies of the written agreements with Sub-awardees, including any amendments to carry out the Program Projects. 4) To encumber and expend all TFCA Funds within two (2) years of receipt of the first payment of the TFCA funds (Expenditure Deadline) unless one of the following applies:
a) Multi-Year Funded Project: Administering Agency requests multi-year funding in compliance with the Guidance; and Air District approves the request for multi-year funding. b) Extensions of Expenditure Deadline:
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Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute FYE 2025 TFCA 40% Fund Agreement 25-CC Page 3 of 10
i. Action by Administering Agency: If consistent with the Policies and Guidance, the Administering Agency may extend the Expenditure Deadline for up to an additional two (2) years, but no later than December 31, 2028, by one of the following methods:
1. A particular Program Project application for funds states that the project will take a longer period of time to implement and an extension is approved in writing by the Administering Agency; or
2. The Administering Agency finds, based on the Subthat despite significant progress on the particular Program Project, the Subawardee requires additional time to implement the Program Project and the Administering Agency approves the extension of time in writing. ii. Action by Air District: If consistent with the Policies and Guidance, the Air District may grant a further extension for a particular Program Project under the following circumstance:
1. The Administering Agency finds, based on the Subthat despite significant progress on the particular Program Project, the Subawardee requires additional time to implement the Program Project (beyond the two years that the Administering Agency has already granted); the Administering Agency submits an extension request to the Air District no later than sixty (60) days prior to the end of the Expenditure Deadline; and the Air District approves the request in writing.
5) To return to the Air District any TFCA Funds and associated interest unexpended as per Section II, Paragraph 4.
6) To maintain, at all times during the term of this Agreement, a separate account or sub-ledger for all TFCA Funds and to withdraw funds from this separate account only for the reimbursement of costs to implement Program Projects. Failure to comply with this paragraph will constitute grounds for termination pursuant to Section IV, Paragraph 2 below. 7) To maintain, or cause to be maintained, adequate records to document and demonstrate to Air District staff and auditors the receipt, interest accrual, and expenditures of Air District funds to implement the Program.
8) To track and report to the Air District all interest accrued from TFCA Funds. a) The Administering Agency may not use interest from TFCA Funds for administrative purposes.
b) The distribution of any interest funds will be at the discretion of the Administering Agency, after consultation with the Air District and must be in accordance with the Policies and applicable State law.
9) To track and report to the Air District any TFCA Funds and associated interest unencumbered at the time of completion or termination of a Program Project. The distribution of any such funds and associated interest will be at the discretion of the Administering Agency, after consultation with the Air District.
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Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute FYE 2025 TFCA 40% Fund Agreement 25-CC Page 4 of 10
10) To limit administrative costs to conduct the Program to no more than six and one quarter percent (6.25%) of the New FYE 2025 TFCA Allocation received by the Administering Agency.
11) To allow, and to require the Subrepresentatives, and its independent auditors, during the term of this Agreement and for five (5 Years of Effectiveness, to conduct performance and
Projects. During audits, the Administering Agency will make available to the Air District in a timely manner all records relating to the Admini implementation of the Program and of Subinspections, the Administering Agency will provide, at the request of the Air District, access to inspect a Sub12) To keep, and to require Sub-awardees to keep, all financial and Program Project implementation records necessary to demonstrate compliance with this Agreement and the Program. Such records include the reports required by Section II, Paragraphs 8 and 15 and those records required to demonstrate compliance with the terms of this Agreement, including those records specifically listed in Section II, Paragraphs 3, 6, 7, 8, 9, 10, 11, 13, 15, 16, and 20. Such records shall include documentation that demonstrates significant progress made for those Program Projects seeking extensions to the completion date. The Administering Agency must keep such documents in a central location, and require its Subawardee to keep such records at a central Sub-awardee location, for a period of five (5) years
13) To maintain, and to require that each Sub-awardee maintain, employee time sheets documenting those hourly labor costs incurred in the implementation of this Agreement, including both administrative and Program Project implementation costs, or to establish an alternative method to document staff costs charged to the funded project. 14) To distribute TFCA Funds allocated to a Sub-awardee only as reimbursement for documented Program Project costs that are eligible and approvable under the Policies. 15) To prepare and submit reports to the Air District as follows:
a) Semi-annual Funding Status Report: Beginning May 31, 2025, the Administering Agency must submit a report by May 31 and October 31 of each year until all Program Projects are completed that specifies a) the Program Projects that have been cancelled, completed, and completed at a cost less than the allocation during the previous six-month period and if completed at a lesser cost, the amount of associated unexpended funds; and b) the Program Projects for which the Administering Agency has extended any deadlines and, for those projects, the revised completion date and documentation of the Administe certification that, pursuant to Health and Safety Code Section 44242(d), the Sub-awardee had made significant progress. b) Final Reports: Beginning May 31, 2025, the Administering Agency must submit by each May 31 and October 31, until all Program Projects are completed, a Final Report for each completed Program Project, which itemizes (a) the expenditure of the TFCA Funds, and
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Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute FYE 2025 TFCA 40% Fund Agreement 25-CC Page 5 of 10
(b) the results of the monitoring of the performance of each Program Project on Air District-approved report forms.
c) Interim Project Reports: Beginning October 31, 2025, the Administering Agency must submit by each October 31 an Interim Project Report for each Program Project that has not been completed and which itemizes (a) the expenditure of the TFCA Funds, and (b) -approved report
forms.
d) If the due date for a report specified above falls on a weekend or on a State holiday, then that report is due on the following business day.
16) To acknowledge, and to require all Sub-awardees to acknowledge, the Air District as a , if
applicable, as specified below:
a) The logo must be used on signs posted at the site of any Program Project construction. b) The logo must be displayed on any vehicles or equipment operated or obtained as part of a Program Project.
c) The logo must be used on any public information material relating to a Program Project, such as websites and printed materials, including transit schedules, brochures, handbooks, maps and other promotional materials.
d) The Administering Agency must retain documentation, such as photographs of vehicles and copies of press releases, demonstrating that Air District logos are used and displayed as required.
17) To assure that all TFCA Funds received under this Agreement are expended only in accordance with all applicable provisions of law for projects that are implemented directly by the Administering Agency, and to require Sub-awardees to expend the funds only in accordance with all applicable provisions of law.
18) To return, and to require that Sub-awardees promptly return, to the Administering Agency all TFCA Funds that are not expended in accordance with applicable provisions of law. 19) To return funds to the Air District, and require that Sub-awardees return their funds to the Administering Agency if a project is not maintained and/or operated throughout and until the the default value stated in Appendix H of the Guidance for the applicable project type, unless a different value was approved and shown to yield a Project meeting the cost-effectiveness requirement in the Policies by the Administering Agency. The amount of funds returned to the Administering Agency will be calculated on a prorated basis. Any such funds returned to the Administering Agency must be reallocated to eligible TFCA Program Projects. 20) To obtain and maintain, and to require that each Sub-awardee obtain and maintain, therein, including the provision of documentation of said insurance coverage. Failure to obtain and maintain the insurance coverage and to comply with all insurance requirements is a breach of this Agreement.
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Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute FYE 2025 TFCA 40% Fund Agreement 25-CC Page 6 of 10
21) To the extent not otherwise prohibited by law, and to the extent required by the California Public Records Act (California Government Code section 6250 et seq.), to make available to the public and to require that Sub-awardees make available to the public any software, written documents, or other products developed with TFCA Funds. 22) To ensure that work products provided by the Administering Agency under this Agreement comply with Web Content Accessibility Guidelines 2.0, levels A and AA, and otherwise meet the accessibility requirements set forth in California Government Code Sections 7405 and 11135, Section 202 of the federal Americans with Disabilities Act (42 U.S.C. § 12132), and Section 508 of the federal Rehabilitation Act (29 U.S.C. § 794d) and the regulations promulgated thereunder (36 C.F.R. Parts 1193 and 1194). For any work products provided in PDF format, the Administering Agency shall also provide an electronic version in the original electric format (for example, Microsoft Word or Adobe InDesign).
SECTION III
AIR DISTRICT AGREES:
1) To pay the FYE 2025 TFCA monies, the amount of which is estimated on Attachment A, Summary Information, Line 3 and calculated as set forth in Section III, Paragraphs 1a and 1b below, for Program Projects and administration that are consistent with the Policies and this Agreement, in two payments. Payments will be made after this Agreement has been signed by both the Administering Agency and the Air District. Notwithstanding the above, the Air District is only obligated to pay that portion of the FYE 2025 TFCA monies that constitutes that portion of the fees subvened by the DMV for calendar year 2024 to the Air District for its allocation to the Administering Agency from the Program funds. To the extent the estimated FYE 2025 TFCA monies exceed the Motor Vehicle Fees that are received by the Air District and are available to the Administering Agency, the Administering Agency understands and agrees that the Air District will not pay the difference between the Motor Vehicle Fees available and the estimated FYE 2025 TFCA monies. a) To endeavor to forward the first payment within thirty (30) business days of the Air District receiving from the DMV all the revenues that comprise the payment. The first payment will
generated from registration fees paid for motor vehicles that registered in Contra Costa County between January 1, 2024, and June 30, 2024
and audit costs.
b) To endeavor to forward the second payment within thirty (30) business days of the Air District receiving from the DMV all the revenues that comprise the payment. The second payment will
generated from registration fees paid for motor vehicles that registered in Contra Costa County between July 1, 2024, and December 31, 2024
and audit costs.
2) To provide timely notice prior to conducting an audit. 3) To provide the Administering Agency, and any other requesting party, a copy of the fiscal and performance audits conducted pursuant to Section 44242 of the Health and Safety Code.
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Packet Pg. 100 Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute FYE 2025 TFCA 40% Fund Agreement 25-CC Page 7 of 10
4) To provide the Administering Agency with all Air District-approved reporting forms required for the Administering Agency to submit pursuant to this Agreement, including the reports required pursuant to Section II, Paragraph 15 above. 5) To provide a copy of the Air District logo to the Administering Agency solely for use to fulfill the obligation under Section II.16 of this Agreement.
SECTION IV
IT IS MUTUALLY AGREED:
1) Term: The term of this Agreement is from July 1, 2024 to December 31, 2028, unless it is terminated or amended as provided for in Paragraphs 2 and 8 of this Section or elsewhere in this Agreement, or unless this Agreement has been fully satisfied. The Administering records retention obligations under this Agreement continue beyond the The Sub-awardee has two years to implement the project, unless the Expenditure Deadline is extended pursuant to Section II, Paragraph 4 for a particular Program Project. If the Expenditure Deadline is extended for a particular Program Project, the terms and conditions of this Agreement will continue to apply with respect to that particular Program Project until it is completed.
2) Termination: Either Party may terminate this Agreement at any time by giving written notice of termination to the other Party specifying the effective date thereof. Notice of termination under this paragraph must be given at least ninety (90) days before the effective date of such termination, unless the parties mutually agree to an earlier termination date. This Agreement will also terminate at the end of the fiscal year during which the Contra Costa Transportation Authority loses its designation as Administering Agency for Contra Costa County.
3) Indemnity: The Administering Agency agrees to indemnify and hold harmless the Air District, its employees, agents, representatives, and successors-in-interest against any and damages arising out of the performance by the Administering Agency of its duties under this Agreement or the Administering Agency s operation or use of equipment that is funded by the Program and must require Sub-awardees to indemnify and hold harmless the Air District, its employees, agents, representatives, and successors-in-interest against any and damages arising out of their performance of the project or operation or use of the equipment that is funded by the Program.
4) Notices: All notices that are required under this Agreement shall be provided in the manner set forth herein, unless specified otherwise. Notice to a party shall be delivered to the attention of the person at the address listed below, or to such other person or persons as may hereafter be designated by that party in writing. Notice shall be in writing sent by email.
5.7.a
Packet Pg. 101 Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute FYE 2025 TFCA 40% Fund Agreement 25-CC Page 8 of 10
Notice shall be deemed to have been received on the date of such transmission, provided such date was a business day and delivered prior to 4:00 p.m. PST/PDT. Otherwise, receipt of notices shall be deemed to have occurred on the following business day.
DISTRICT: Bay Area Air Quality Management District
Attn: Director of Strategic Incentives
RE: TFCA 40% Fund Project # 25-CC
375 Beale Street, Suite 600
San Francisco, CA 94105
[email protected]
ADMINISTERING AGENCY: Contra Costa Transportation Authority Attn: Timothy Haile, Executive Director
RE: TFCA 40% Fund Project # 25-CC
2999 Oak Rd., Suite 100
Walnut Creek, CA 94597
[email protected]
5) Program Liaison: Within thirty (30) days from the Effective Date of this Agreement, the Administering Agency shall notify the Air District of the Administering Agency Liaison shall be the liaison to the Air District pertaining to implementation of this Agreement and shall be the contact for information about the Program and Program Projects. The Administering Agency shall notify the Air District of the change of Program the date of any change.
6) Additional Provisions and Additional Acts and Documents: Each Party agrees to do all such things and take all such actions, and to make, execute and deliver such other documents that are reasonably required to carry out the provisions, intent and purpose of this Agreement. All attachments to this Agreement are expressly incorporated herein by this reference and made a part hereof as though fully set forth. 7) Integration: This Agreement, including all attachments hereto, represents the final, complete, and exclusive statement of the agreement between the Air District and the Administering Agency
described in this Agreement, and supersedes all prior and other contemporaneous understandings and agreements of the parties pertaining to the terms and conditions herein.
No Party has been induced to enter into this Agreement by, nor is any Party relying upon, any representation or warranty outside those expressly set forth herein. 8) Amendment: This Agreement may not be modified except in writing, signed by both Parties hereto, and any attempt at oral modification of this Agreement shall be void and of no effect.
9) Independent Contractor: Neither the Administering Agency nor its officers, employees, agents, or representative shall be considered employees or agents of the Air District. 10) Assignment: Neither Party shall assign, sell, license, or otherwise transfer any rights or obligations under this Agreement without the prior written consent of the other Party.
5.7.a
Packet Pg. 102 Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute FYE 2025 TFCA 40% Fund Agreement 25-CC Page 9 of 10
11) Waiver: No waiver of a breach, of failure of any condition, or of any right or remedy contained in or granted by the provisions of this Agreement shall be effective unless it is in writing and signed by the Party waiving the breach, failure, right, or remedy. No waiver of any breach, failure, right, or remedy shall be deemed a waiver of any other breach, whether or not similar, nor shall any waiver constitute a continuing waiver unless the writing so specifies. Further, the failure of a Party to enforce performance by the other Party of any term, covenant, or condition of this Agreement, and the failure of a Party to exercise any rights or remedies hereunder, shall not be deemed a waiver or relinquishment by that Party to enforce future performance of any such terms, covenants, or conditions, or to exercise any future rights or remedies.
12) Severability: If a court of competent jurisdiction holds any provision of this Agreement to be illegal, unenforceable or invalid in whole or in part for any reason, the validity and enforceability of the remaining provisions, or portions of them, will not be affected. 13) Force Majeure: Neither the Air District nor the Administering Agency shall be liable for or deemed to be in default for any delay or failure in performance under this Agreement or interruption of services resulting, directly or indirectly, from acts of God, enemy or hostile governmental action, civil commotion, strikes, lockouts, labor disputes, fire or other casualty, judicial orders, governmental controls, regulations or restrictions, inability to obtain labor or materials or reasonable substitutes for labor or materials necessary for performance of this Agreement, or other causes, except financial that are beyond the reasonable control of the Air District or the Administering Agency. 14) Governing Law: Any dispute that arises under or relates to this Agreement shall be governed by California law, excluding any laws that direct the application of another to this
Agreement, including mediation, shall be San Francisco, California. 15) Effective Date: The effective date of this Agreement is the date the Air District Executive Officer/Air Pollution Control Officer executes the Agreement (Effective Date). 16) Survival of Terms: Any terms of this Agreement that by their nature extend beyond the term (or termination) of this Agreement shall remain in effect until fulfilled, and shall apply but may not be
limited to, Section II. Paragraph 7, 11, and 12 and Section IV. Paragraph 3 (Indemnity).
5.7.a
Packet Pg. 103 Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute FYE 2025 TFCA 40% Fund Agreement 25-CC Page 10 of 10
IN WITNESS WHEREOF, the Administering Agency and the Air District have entered into this Agreement as of the date listed below.
FOR AIR DISTRICT:
by: ________________________________
Philip M. Fine
Executive Officer/APCO
Bay Area Air Quality Management District
FOR ADMINISTERING AGENCY:
by: __________________________________
Timothy Haile
Executive Director
Contra Costa Transportation Authority
Date: ______________________________ Date: __________________________________ Approved as to form:
by: _________________________________
Alexander Crockett
General Counsel
Bay Area Air Quality Management District
Approved as to form (optional):
by: __________________________________
Legal Counsel
5.7.a
Packet Pg. 104 Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute Attachment A 25-CC FYE 2025 BAAQMD FYE 2025 TFCA 40% Fund Attachment A, Page 1 of 2 Summary Information Administering Agency Name: Contra Costa Transportation Authority Address: 2999 Oak Rd., Suite 100, Walnut Creek, CA 94597 Project Admin (max 6.25%) [1] Total (Project + Admin) 1 Estimated FYE 2025 DMV revenues (based on projected CY2023 revenues) Line 1 $1,458,469 $97,231 $1,555,700 2 Reconciliation and Reprogrammed Funds Line 2 $270,217 $15,373 $285,590 Reconciliation: Difference between prior year estimate and actual revenue $(58,188) $(3,879) $(62,067) a. Actual FYE 2023 DMV revenues (based on CY2022) 2a $1,445,094 $96,340 $1,541,433 b. Estimated FYE 2023 DMV revenues 2b $1,503,281 $100,219 $1,603,500 Reprogrammed: Total available for programming/reprogramming to other projects $328,405 $19,252 $347,657 c. Amount available from previously funded projects 2c $303,753 d. Admin expended in FYE 2023 2d $77,088 e. Interest income earned on TFCA funds in CY 2023 2e $24,652 3 Move funds available from Admin to Projects (Optional) Line 3 $19,252 $(19,252) 4 Estimated Total Available TFCA Funds (Sum of Lines 1, 2 and 3) Line 4 $1,747,938 $93,352 $1,841,290 Percentage of Estimated Revenue allocated to Administrative Costs (maximum of 6.25%) Previous % from FYE 2023 Expenditure Plan: 6.25% Current % for FYE 2025: 6.25% [1] The TFCA funds budgeted for amount is listed for informational purposes only. Per California Health and Safety Code Section 44233, Administering Agency must limit their administrative costs to no more than 6.25% of the actual total revenue received from the Air District. 5.7.a Packet Pg. 105
Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 :
Attachment A 25-CC FYE 2025 BAAQMD FYE 2025 TFCA 40% Fund Attachment A, Page 2 of 2 This page intentionally left blank. 5.7.a Packet Pg. 106
Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 :
Attachment B 25-CC FYE 2025
BAAQMD FYE 2025 TFCA 40% Fund Attachment B, Page 1 of 2
INSURANCE REQUIREMENTS
Verification of Coverage
The Administering Agency shall obtain and maintain certificates and/or other evidence of the insurance coverage required below. The Air District reserves the right to require the Administering Agency to provide complete, certified copies of any insurance offered in compliance with these specifications. Certificates, policies and other evidence provided shall specify that the Air District shall receive 30 days advanced notice of cancellation from the insurers.
Minimum Scope of Insurance
Throughout the Term as defined in Section IV of the Agreement, the Administering Agency shall obtain and maintain in full force and effect the Liability Insurance as set forth below, and shall require any third party and each Sub awardee to obtain and maintain in full force and effect the insurance as set forth below.
1. Liability Insurance with a limit of not less than $1,000,000 per occurrence. Such insurance shall be of the type usual and customary to the business of the Administering Agency and Sub-awardee, and to the operation of the vehicles, vessels, engines or equipment operated by the Sub-awardee.
2. Property Insurance in an amount of not less than the vehicles, vessels, engines or equipment funded under the Agreement, and covering all risks of loss, damage or destruction of such vehicles, vessels, engines or equipment.
Acceptability of Insurers
Insurance is to be placed with insurers with a
The Air District may, at its sole discretion, waive or alter this requirement or accept selfinsurance in lieu of any required policy of insurance.
5.7.a
Packet Pg. 107 Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute Attachment B 25-CC FYE 2025
BAAQMD FYE 2025 TFCA 40% Fund Attachment B, Page 2 of 2 This page intentionally left blank.
5.7.a
Packet Pg. 108 Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute Envelope Id: 9E465E8563E14B1E953C66B491092EB5 Status: Completed Subject: Grant Agreement - Please DocuSign: 25CC Contra Costa Transportation Authority Document Type: Contract with Grantee
Program:
Other
Primary Funding Source: TFCA
Secondary Funding Source:
Source Envelope:
Document Pages: 15 Signatures: 5 Envelope Originator:
Certificate Pages: 7 Initials: 0 Linda Hui
AutoNav: Enabled
EnvelopeId Stamping: Enabled
Time Zone: (UTC-08:00) Pacific Time (US & Canada)
[email protected]
IP Address: 192.137.109.2
Status: Original
7/18/2024 3:23:30 PM
Holder: Linda Hui
[email protected]
Location: DocuSign
Minda Berbeco
[email protected]
Air Programs Manager
Bay Area Air Quality Management District
Security Level: Email, Account Authentication
(None)
Signature Adoption: Pre-selected Style
Using IP Address: 192.184.207.183
Sent: 7/18/2024 3:45:52 PM
Viewed: 7/18/2024 3:46:49 PM
Signed: 7/18/2024 3:46:54 PM
Not Offered via DocuSign
Randi Wallach
[email protected]
Security Level: Email, Account Authentication
(None) Using IP Address: 161.38.23.248
Sent: 7/18/2024 3:46:55 PM
Viewed: 7/22/2024 6:10:55 AM
Signed: 7/22/2024 6:12:47 AM
Accepted: 7/22/2024 6:10:55 AM
ID: 52c9234c-2374-4d24-9050-79f1793a7948
Ying Smith
[email protected]
Security Level: Email, Account Authentication
(None) Using IP Address: 75.4.200.9
Sent: 7/22/2024 6:12:49 AM
Resent: 7/22/2024 8:43:54 AM
Viewed: 7/22/2024 8:57:58 AM
Signed: 7/22/2024 8:58:55 AM
Accepted: 7/22/2024 8:57:58 AM
ID: a3c991eb-c784-485c-93d3-da26922f61c3
Tarienne Grover
[email protected]
Security Level: Email, Account Authentication
(None) Using IP Address: 173.11.101.241
Sent: 7/22/2024 8:58:57 AM
Viewed: 7/22/2024 9:05:04 AM
Signed: 7/22/2024 9:05:24 AM
Accepted: 7/22/2024 9:05:04 AM
ID: d2ea69f9-f89c-4f42-8aad-031291391d06
5.7.a
Packet Pg. 109 Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute Amara L. Morrison
[email protected]
Security Level: Email, Account Authentication
(None)
Signature Adoption: Pre-selected Style
Using IP Address: 74.206.99.126
Sent: 7/22/2024 9:05:25 AM
Resent: 7/24/2024 4:48:37 PM
Viewed: 7/24/2024 4:52:07 PM
Signed: 7/24/2024 4:52:35 PM
Accepted: 7/24/2024 4:52:07 PM
ID: 42b83ab8-e7d8-4896-84d3-96591a8b0af0
Timothy Haile
[email protected]
Executive Director
Security Level: Email, Account Authentication
(None) Signature Adoption: Uploaded Signature Image
Using IP Address: 75.238.114.195
Sent: 7/24/2024 4:52:37 PM
Viewed: 7/24/2024 6:22:31 PM
Signed: 7/24/2024 6:22:38 PM
Accepted: 7/24/2024 6:22:31 PM
ID: eac4bccd-d555-47dc-a27b-5133e27850ec
Linda Hui
[email protected]
Supervising Staff Specialist
Bay Area Air Quality Management District - Grants
Department
Security Level: Email, Account Authentication
(None)
Using IP Address: 192.137.109.2
Sent: 7/24/2024 6:22:40 PM
Viewed: 7/25/2024 8:11:19 AM
Signed: 7/25/2024 8:12:08 AM
Not Offered via DocuSign
Minda Berbeco
[email protected]
Air Programs Manager
Bay Area Air Quality Management District
Security Level: Email, Account Authentication
(None)
Using IP Address: 192.137.109.2
Sent: 7/25/2024 8:12:10 AM
Viewed: 7/25/2024 1:57:57 PM
Signed: 7/25/2024 1:58:06 PM
Not Offered via DocuSign
Karen Schkolnick
[email protected]
Director of SI
Bay Area Air Quality Management District - Grants
Department
Security Level: Email, Account Authentication
(None)
Using IP Address: 192.137.109.2
Sent: 7/25/2024 1:58:08 PM
Viewed: 7/25/2024 5:44:38 PM
Signed: 7/25/2024 5:45:33 PM
Not Offered via DocuSign
Alexander Crockett
[email protected]
Counsel
Security Level: Email, Account Authentication
(None) Signature Adoption: Pre-selected Style
Using IP Address: 82.3.55.74
Sent: 7/25/2024 5:45:36 PM
Viewed: 7/26/2024 4:30:23 AM
Signed: 7/26/2024 4:30:40 AM
Accepted: 7/26/2024 4:30:23 AM
ID: 71404318-981f-4312-980b-614a729b74a2
5.7.a
Packet Pg. 110 Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute Philip M. Fine
[email protected]
EO/APCO
Security Level: Email, Account Authentication
(None) Signature Adoption: Pre-selected Style
Using IP Address: 192.137.109.2
Sent: 7/26/2024 4:30:42 AM
Viewed: 7/29/2024 1:42:51 PM
Signed: 7/29/2024 1:43:03 PM
Accepted: 7/29/2024 1:42:51 PM
ID: 54e2ab92-a147-48bc-8ea1-aa8ffcede579
Arsenio Mataka
[email protected]
Deputy Executive Officer
Bay Area Air Quality Management District
Security Level: Email, Account Authentication
(None)
Sent: 7/25/2024 5:45:35 PM
Not Offered via DocuSign
Liya Tekletsion
[email protected]
Accoutant
Bay Area Air Quality Management
Security Level: Email, Account Authentication
(None)
Sent: 7/29/2024 1:43:04 PM
Not Offered via DocuSign
Hannah Cha
[email protected]
Staff Specialist
Bay Area Air Quality Management District
Security Level: Email, Account Authentication
(None)
Sent: 7/29/2024 1:43:06 PM
Not Offered via DocuSign
TFCA4PM
[email protected]
Security Level: Email, Account Authentication
(None)
Sent: 7/29/2024 1:43:07 PM
Not Offered via DocuSign
5.7.a
Packet Pg. 111 Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute Envelope Sent Hashed/Encrypted 7/18/2024 3:45:52 PM
Envelope Updated Security Checked 7/18/2024 3:46:42 PM
Envelope Updated Security Checked 7/18/2024 3:46:42 PM
Envelope Updated Security Checked 7/18/2024 3:46:42 PM
Envelope Updated Security Checked 7/22/2024 8:43:53 AM
Certified Delivered Security Checked 7/29/2024 1:42:51 PM Signing Complete Security Checked 7/29/2024 1:43:03 PM
Completed Security Checked 7/29/2024 1:43:07 PM
5.7.a
Packet Pg. 112 Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute
ELECTRONIC RECORD AND SIGNATURE DISCLOSURE
From time to time, Bay Area Air Quality Management District - Grants Department (we, us or Company) may be required by law to provide to you certain written notices or disclosures.
Described below are the terms and conditions for providing to you such notices and disclosures electronically through the DocuSign system. Please read the information below carefully and thoroughly, and if you can access this information electronically to your satisfaction and agree to this Electronic Record and Signature Disclosure (ERSD), please confirm your agreement by selecting the checkGetting paper copies
At any time, you may request from us a paper copy of any record provided or made available electronically to you by us. You will have the ability to download and print documents we send to you through the DocuSign system during and immediately after the signing session and, if you elect to create a DocuSign account, you may access the documents for a limited period of time (usually 30 days) after such documents are first sent to you. After such time, if you wish for us to send you paper copies of any such documents from our office to you, you will be charged a $0.00 per-page fee. You may request delivery of such paper copies from us by following the procedure described below.
Withdrawing your consent
If you decide to receive notices and disclosures from us electronically, you may at any time change your mind and tell us that thereafter you want to receive required notices and disclosures only in paper format. How you must inform us of your decision to receive future notices and disclosure in paper format and withdraw your consent to receive notices and disclosures electronically is described below.
Consequences of changing your mind
If you elect to receive required notices and disclosures only in paper format, it will slow the speed at which we can complete certain steps in transactions with you and delivering services to you because we will need first to send the required notices or disclosures to you in paper format, and then wait until we receive back from you your acknowledgment of your receipt of such paper notices or disclosures. Further, you will no longer be able to use the DocuSign system to receive required notices and consents electronically from us or to sign electronically documents from us.
All notices and disclosures will be sent to you electronically
5.7.a
Packet Pg. 113 Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute Unless you tell us otherwise in accordance with the procedures described herein, we will provide electronically to you through the DocuSign system all required notices, disclosures, authorizations, acknowledgements, and other documents that are required to be provided or made available to you during the course of our relationship with you. To reduce the chance of you inadvertently not receiving any notice or disclosure, we prefer to provide all of the required notices and disclosures to you by the same method and to the same address that you have given us. Thus, you can receive all the disclosures and notices electronically or in paper format through the paper mail delivery system. If you do not agree with this process, please let us know as described below. Please also see the paragraph immediately above that describes the consequences of your electing not to receive delivery of the notices and disclosures electronically from us.
How to contact Bay Area Air Quality Management District - Grants Department:
You may contact us to let us know of your changes as to how we may contact you electronically, to request paper copies of certain information from us, and to withdraw your prior consent to receive notices and disclosures electronically as follows:
To contact us by email send messages to: [email protected] To advise Bay Area Air Quality Management District - Grants Department of your new email address
To let us know of a change in your email address where we should send notices and disclosures electronically to you, you must send an email message to us at [email protected] and in the body of such request you must state: your previous email address, your new email address. We do not require any other information from you to change your email address.
If you created a DocuSign account, you may update it with your new email address through your account preferences.
To request paper copies from Bay Area Air Quality Management District - Grants Department
To request delivery from us of paper copies of the notices and disclosures previously provided by us to you electronically, you must send us an email to [email protected] and in the body of such request you must state your email address, full name, mailing address, and telephone number. We will bill you for any fees at that time, if any.
To withdraw your consent with Bay Area Air Quality Management District - Grants Department
5.7.a
Packet Pg. 114 Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute To inform us that you no longer wish to receive future notices and disclosures in electronic format you may:
i. decline to sign a document from within your signing session, and on the subsequent page, select the check-box indicating you wish to withdraw your consent, or you may; ii. send us an email to [email protected] and in the body of such request you must state your email, full name, mailing address, and telephone number. We do not need any other information from you to withdraw consent.. The consequences of your withdrawing consent for online documents will be that transactions may take a longer time to process..
Required hardware and software
The minimum system requirements for using the DocuSign system may change over time. The current system requirements are found here: https://support.docusign.com/guides/signer-guidesigning-system-requirements.
Acknowledging your access and consent to receive and sign documents electronically To confirm to us that you can access this information electronically, which will be similar to other electronic notices and disclosures that we will provide to you, please confirm that you have read this ERSD, and (i) that you are able to print on paper or electronically save this ERSD for your future reference and access; or (ii) that you are able to email this ERSD to an email address where you will be able to print on paper or save it for your future reference and access. Further, if you consent to receiving notices and disclosures exclusively in electronic format as described herein, then select the check-box nex
By selecting the checkthat:
You can access and read this Electronic Record and Signature Disclosure; and You can print on paper this Electronic Record and Signature Disclosure, or save or send this Electronic Record and Disclosure to a location where you can print it, for future reference and access; and
Until or unless you notify Bay Area Air Quality Management District - Grants Department as described above, you consent to receive exclusively through electronic means all notices, disclosures, authorizations, acknowledgements, and other documents that are required to be provided or made available to you by Bay Area Air Quality Management District - Grants Department during the course of your relationship with Bay Area Air Quality Management District - Grants Department.
5.7.a
Packet Pg. 115 Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute
EXHIBIT C
Transportation Fund for Clean Air 40% Fund Policy
5.7.a
Packet Pg. 116 Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute Contra Costa Transportation Authority Transportation
Fund for Clean Air 40% Fund Policy
A. Purpose
To guide the annual allocation of Transportation Fund for Clean Air (TFCA) 40% Fund by establishing fund allocation principles and program/project selection procedure.
B. Goal and Objectives:
• Reduce Vehicle Miles Travelled (VMT)
• Reduce air pollution and Green House Gases (GHG) emissions C. Program Background
In 1991, the California State Legislature authorized the Bay Area Air Quality Management District (Air District) to impose a $4 surcharge on motor vehicles registered within the Bay Area to fund projects clean air projects. The Air District allocates this revenue through its TFCA program to fund eligible programs and projects. The statutory authority and requirements of the TFCA program are set forth in California Health and Safety Code (HSC) Sections 44241 and 44242.
Forty percent (40%) of these TFCA funds are pass-through funds to the designated county program manager in each of the nine counties within the Air District’s jurisdiction based on the county’s proportionate share of fee-paid vehicle registration. The remaining sixty percent (60%) of these funds are awarded by the Air District to eligible programs and projects implemented directly by the Air District and to a grant program known as the Regional Fund.
The Contra Costa Transportation Authority (Authority) has been designated as the Administering Agency (previously called Program Manager) for the TFCA 40% Fund in Contra Costa County and is responsible for administering the County program including annually adopting a program of projects that meet the legislative requirements of the program.
The Air District annually adopts policies for the TFCA 40% Fund. The Transportation Fund for Clean Air 40% Fund Expenditure Plan Guidance (Guidance) for Fiscal Year Ending 2025 was used to guide the development of the Authority TFCA Policy.
D. Eligible Fund Recipients
Cities, County, public transit agencies, Regional Transportation Planning Committees (RTPCs), and the Authority. Other public agencies and non-public entities are encouraged to work directly with eligible project sponsors to submit projects.
E. Eligible Project Types and Screening
5.7.a
Packet Pg. 117 Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute Based on the eligible project categories included in the Air District Guidance and in consideration of the local needs, all the following Project Types are eligible for funding:
• Bicycle and Pedestrian Projects: infrastructure projects, bike parking, bike share. (Policy #s 30, 31 & 33)
• Ridesharing Services: carpool, vanpool, or other rideshare services, financial subsidy/incentive for transit or rideshare, and Guaranteed Ride Home. (Policy #27) • First- and Last-Mile Connections: transit services providing short-distance connections between mass transit and commercial hubs or employment centers. (Policy #29) • Vehicle- and Fuel-based Projects: alternative fuel vehicles (including trucks and buses), alternative fuel infrastructure. (Policy #s 22 & 24)
• Telecommuting: Implementation of demonstration projects in telecommuting. (Policy #34)
Other Eligible Projects: Other projects eligible under the Guidance can be considered. These projects will be subjected to Case-by-Case Approval (Policy #3) by the Authority and the Air District.
Eligibility Screening: For projects to be considered for funding, they must meet the eligibility requirements established by the Air District’s current TFCA 40% Fund. Consistent with the policies, a key factor in determining eligibility is a project’s Cost Effectiveness (CE) ratio and reduction of VMT.
Project sponsors are encouraged to consult with Authority staff on eligibility, CE calculations, and project readiness/ delivery scheduling. Upon request, Authority staff will provide technical assistance to project sponsors in formulating the project definition and CE calculation.
F. Fund Allocation Principles
a. Each of the four Contra Costa County subregions should receive proportional TFCA benefit based on the jobs-housing formula (Formula). The Formula is based on the numbers of jobs and housing units, at equal weights, in each City and unincorporated areas.
b. Countywide programs/projects: Programs/projects that are available to or benefit all County residents or commuters in all geographic areas. These programs/projects will be funded from the County total. Countywide programs/projects will be identified and developed in collaboration with RTPCs. A countywide program/project may be sponsored by the Authority and/or RTPCs and could be jointly implemented with the Authority and RTPCs. If jointly implemented, funding will be determined by both the Authority and RTPCs to implement the countywide program. c. Subregional programs/projects: Programs/projects that benefit one or more subregions, but not the entire population in the County. After subtracting the cost of the countywide programs/projects, the remaining funds will be allocated to subregional programs/projects using the Formula. RTPCs will recommend
5.7.a
Packet Pg. 118 Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute subregional programs/projects to the Authority. Eligible recipients will coordinate proposed programs/projects with RTPCs. A subregional program/project may be sponsored by an RTPC and/or the Authority and could be implemented jointly with RTPC and the Authority. If jointly implemented, funding will be determined by both RTPC and the Authority to implement the subregional program. d. The benefit to each subregion is calculated as the sum of the TFCA funds to countywide programs/projects, distributed per the Formula, and the TFCA funds allocated to the subregional programs/projects. See the appendices for a sample calculation of the countywide programs/projects and allocation to the subregional programs/projects.
e. The RTPCs will prioritize subregional programs/projects and submit recommendations to the Authority. Programs/projects with the highest CE ratio and reduction of VMT should be given priority consideration. f. The role of the Authority Board is to approve programs, projects, CE findings, and funding.
G. Timely Use of Funds and Project Readiness
The Authority is required to fully allocate the TFCA 40% funds annually, or risks the funds being returned to the Air District. The intent of TFCA is to fund projects that achieve surplus emission reductions within two years. Timely use of funds is an important consideration. • Project Readiness – Priority will be given to programs/projects that are ready to proceed and have a realistic implementation schedule, budget, and funding package.
Infrastructure projects can be considered for TFCA funding when the 65% design and environmental clearance are completed. Programs/projects that cannot realistically commence within one calendar year and be completed within a two-year period will have lower priority. Project sponsors may be advised to resubmit these programs/projects for a future TFCA programming cycle.
• The following is a list of activities that should be completed prior to allocating TFCA funds to ensure the successful completion of programs/projects:
o Planning (e.g., design)
o Jurisdictional approval (e.g., permits)
o Legislative approvals (e.g., CPUC)
o Environmental review/approvals (e.g., EIR, negative declaration) • The Authority may approve no more than two one-year extensions to the TFCA expenditure period if significant progress has been made on the project. For FYE 2025, the Authority has the discretion to grant project extensions up to December 31, 2028.
Any additional project extensions must be requested to the Air District. • Recurring programs/services (e.g. TDM and transit services): a new program’s start date can’t occur before the previous program’s end date. If there is unspent fund from the
5.7.a
Packet Pg. 119 Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute previous program, the project sponsor must close the project. The Authority may reallocate the unspent funds to a future cycle fund to the County total.
H. Project and Program Reporting:
• Project sponsors are required to report performance to comply with the Air District’s requirement. Measurable and reportable VMT reduction (data-driven approach) is preferred over self-reporting data.
• Benefits to Priority Communities – Project sponsors are required to report investment on the Highly Impacted Communities or Episodic Areas as defined by the Air District’s Community Air Risk Evaluation (CARE) Program. Additionally, positive impact to Equity Priority Communities (EPC), whether the project is directly located in an Equity Priority Community (see Air District map) or can demonstrate benefits to Priority Populations defined by SB 535 disadvantaged communities and AB 1550 low-income communities should be documented.
• A detailed budget is required. At a minimum, the budget should show categories for labor, expenses, and incentives (if applicable). If a project includes multiple subcategories, expenses should be further assigned to each project sub-categories and by fund source.
• The reporting requirements are included in the funding agreement template. • The Authority is responsible for reporting the metrics at the countywide level. • All TFCA projects are required to be audited after completion. Generally, TFCA projects are audited every other year.
5.7.a
Packet Pg. 120 Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute Appendices (subject to periodic updates by administrative actions)
1. Annual Program Schedule and Actions
Dates
Air District
Mandate Action
January/February • Project Eligibility Screening Begins • Air District releases fund estimates
February Authority
Board Meeting
X • Authority Board adopts Expenditure Plan (County
fund total amount)
February to April • Authority Board considers Policy updates, if necessary
• Authority assists project sponsors in project
documents
May or June
Authority Board
Meeting
X • Authority Board approves Air District/Authority
agreement
Mid-May • Project sponsors submit draft countywide and subregional Project Information Forms with Cost Effectiveness calculations, budget, and TFCA funds
requested.
By end of May • Authority and RTPC recommends countywide and sub-regional projects
Early June • Project sponsors submit the final CE calculation and Project Information Form, per the Guidance.
June • RTPC selection and approval of subregional projects.
July Board
Authority Meeting
• Authority staff presents the final projects to the
Authority Board for approval.
August • Sponsors execute agreements with Authority and project implementation may begin
Sept. – Oct. X • Authority submits all project documents to Air District
2. Transportation Fund for Clean Air 40% Fund Expenditure Plan Guidance For Fiscal Year Ending 2025, Bay Area Air Quality Management District
3. Project Information Form
4. Cost Effectiveness Worksheet
5. Funding Agreement Template
5.7.a
Packet Pg. 121 Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute
6. Job-Housing Formula Allocation to Subregions
7. Sample Allocation Calculation
Job -Housing Formula Allocation to Subregions
Subregion/Implementer % of Program
Central County/CCTA 30.70%
East County/CCTA 26.60%
Southwest/SWAT 20.50%
West County/WCCTAC 22.20%
Note: The Formula is updated reguarly as demographic
data is updated.
TFCA Fund Allocation Calculation - Sample Only
Note: Project names and costs are for illustration purpose only.
TFCA County Total $ 1,747,938
Project Sponsor Cost
Pass2Class CCTA $320,000
Guaranteed Ride Home WCCTAC $60,000
Spare the Air Transit Incentives CCTA $135,000
Vanpool SWAT TBD
Countywide Project Total $515,000
Subregional Programs/Projects - Sponsors TBD $ 1,232,938 Subregion % of Program Benefit
Central County 30.70% $378,512
East County 26.60% $327,961
Southwest 20.50% $252,752
West County 22.20% $273,712
Benefit Distributed to Subregions
Subregion % of Program Total Countywide Subregional
Central County 30.70% $536,617 $158,105 $378,512
East County 26.60% $464,951 $136,990 $327,961
Southwest 20.50% $358,327 $105,575 $252,752
West County 22.20% $388,042 $114,330 $273,712
TFCA County Total $ 1,747,938
Countywide Programs/Projects - Serving All Residents
5.7.a
Packet Pg. 122 Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute Planning Committee STAFF REPORT
Meeting Date: September 05, 2024
Subject Approval of Fiscal Year (FY) 2024-25 Transportation Fund for Clean Air (TFCA) Projects that Comply with the Bay Area Air Quality Management District’s (Air District) Board-Approved Policies
Summary of Issues On July 17, 2024, the Authority Board approved Funding Agreement No. 25-CC with the Air District. The TFCA 40% Fund Policy (Policy) was approved in May 2024 by the Authority Board. Staff issued a Call for Projects on May 16, 2024, and received a total of ten (10) project proposals.
It is the responsibility of the Authority to make a
determination that the proposed projects funded through Agreement No. 25-CC comply with the Air District
Board-approved policies, including meeting the cost
effectiveness criteria. Staff has determined that each project is in compliance. Approval of Resolution 24-37-G will fulfill the Air District’s requirement that the Authority review and approve the cost effectiveness of each proposed project.
Recommendations Staff seeks approval of Resolution 24-37-G, which approves the FY 2024-25 Contra Costa County TFCA 40% fund projects that comply with the Air District Board-approved policies and authorizes the Executive Director or designee to execute cooperative agreements with the fund recipients.
Staff Contact Ying Smith
Financial Implications Funding to support these projects is provided by the Air District and is included in the Authority’s approved FY 2024-25
5.7.a
Packet Pg. 123 Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute Planning Committee STAFF REPORT
September 05, 2024
budget.
Options 1. The Authority Board may choose to allocate funds to different projects.
2. The Authority is required to allocate all new TFCA funds within six (6) months of the Air District’s Board of
Director’s approval of the Expenditure Plan on May 15,
2024, or Contra Costa County (County) TFCA 40% funds
could be at risk of being reallocated to another county.
Attachments (See PC Packet
dated 9/5/24 for
Attachments A, B and C;
Attachment D is New)
A. Resolution 24-37-G
B. FY 2024-25 TFCA Project Budget Worksheet
C. TFCA FY 2024-25 Project Summary
D. Presentation – New (PC Meeting Handout)
Changes from Committee None
Background
Assembly Bill (AB) 434 (Chapter 807, Statutes of 1991), as amended by AB 414 (Chapter 950, Statutes of 1995) provides for the imposition of an additional vehicle registration fee to be used to reduce air pollution from motor vehicles and for related planning, monitoring, enforcement, and technical studies. The Air District allocates the revenue to fund eligible projects and programs. The law requires that 40% of the fee revenues, referred to as the TFCA 40% funds, be allocated for projects and programs within each Bay Area County. The Authority is the designated Administering Agency for the County, assuming these responsibilities:
• Administer funding in accordance with applicable legislation, including Health and Safety Code (HSC), Sections 44233, 44241, and 44242, and with the Air District Board-adopted TFCA 40% Fund policies for FY ending 2025.
5.7.a
Packet Pg. 124 Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute Planning Committee STAFF REPORT
September 05, 2024
• Hold one or more public meetings each year to:
o Adopt criteria for the expenditure of the funds if those criteria have been modified in any way from the previous year (criteria must include the Air District Board-approved TFCA 40% Fund policies), and
o Review the expenditure of revenues received.
• Prepare and submit Expenditure Plan Applications, Project Information Forms, Cost-Effectiveness Worksheets, Funding Status Reports, Interim Project Reports, and Final Reports to the Air District.
• Provide funds to only projects that comply with the Air District Board-approved policies and/or that have received the Air District Board of Director’s approval for award.
• Limit administrative costs in handling of TFCA funds to no more than 6.25 percent of the actual funds received, or funds allocated in the funding agreement, whichever method the administering agency has historically administered.
The FY 2024-25 TFCA Expenditure Plan submitted to the Air District shows that the total TFCA 40% funds is $1,841,290 of which, $93,352 is for administrative costs and $1,747,938 is for allocation to projects.
To further advance the use of TFCA 40% funds to meet the Transportation Demand Management (TDM) 2.0 goals, the Authority Board approved the Policy on May 15, 2024.
Under the new Policy, staff released a Call for Projects on May 16, 2024, opening the allocation of the County’s TFCA 40% funds to Regional Transportation Planning Committees (RTPC), cities/towns, the County, public transit agencies, and the Authority as eligible project sponsors.
Project Evaluation
The Authority received a total of ten (10) proposals in response to the Call for Projects:
four(4) countywide proposals and six (6) sub-regional proposals. To determine eligibility, Authority staff evaluated the projects submitted for compliance with the following
5.7.a
Packet Pg. 125 Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute Planning Committee STAFF REPORT
September 05, 2024
requirements:
1. Consistency with State Law: The projects shall be consistent with one of the eligible project categories listed in HSC, Section 44241.
2. Reduction of Emissions from Motor Vehicles: Pursuant to HSC, Section 44220(b); the projects shall reduce emissions from motor vehicles.
3. Consistency with the Air District’s Adopted Policies: The projects shall be consistent with policies adopted by the Air District’s Board of Directors.
All submitted projects were determined to meet the above requirements. Pursuant to policies adopted by the Air District’s Board of Directors, all projects must achieve a TFCA cost effectiveness that is below the threshold in the respective project category established by the Air District, i.e., $150,000 per ton of emissions for trip reduction projects. Project sponsors calculated the cost effectiveness ratio for all proposed projects using the approved Air District templates. Authority staff reviewed the calculations and determined that all submitted projects have cost effectiveness ratios below the maximum thresholds.
Projects were also evaluated for their adherence to the Authority’s TFCA 40% Fund Policy goals of Vehicle Miles Traveled (VMT) and air pollution reduction, emphasis on measurable and verified VMT reduction, and benefits to Equity Priority Communities.
In accordance with the Policy, the selected countywide projects’ costs are to be deducted from the County total and the remainder be allocated to each of the County’s four subregions using the existing jobs and housing formula. In the original submittal, the total of requested project funds exceeded the available fund allocation by $487,591. Staff worked collaboratively with all project sponsors and RTPC staff to assess project scopes and budgets, holding three large group meetings and numerous individual meetings. Some of the project sponsors volunteered to reduce their fund requests to make it possible for all subregional projects to be either fully or partially funded. After the robust collaboration process, project sponsors reduced the funds requested for eight (8) of the ten (10) projects to allow for the adoption of all countywide and sub-regional projects submitted for consideration.
The RTPCs reviewed all proposed projects, making recommendations for countywide projects and approval of sub-regional projects. The RTPC Boards approved the final proposed TFCA
5.7.a
Packet Pg. 126 Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute Planning Committee STAFF REPORT
September 05, 2024
40% fund projects as follows:
• Central County Transportation Partnership and Cooperation (TRANSPAC): Scheduled for approval by the TRANSPAC Board on September 12, 2024 • East County Transportation Planning Committee: Scheduled for approval by the TRANSPLAN Board on September 12, 2024
• Southwest Area Transportation Committee (SWAT): Approved by the SWAT Board on July 8, 2024
• West Contra Costa Transportation Advisory Committee (WCCTAC): Approved by the WCCTAC Board on July 26, 2024
Proposed Project List
FY 2024-25 is the first cycle under the Authority’s new Policy. The project evaluation process was lengthy and comprehensive. The programs under final consideration represent a robust and diverse set of options that will benefit residents across the County. Many of the existing TDM projects will be continued in the same or similar format. Two new project types have been proposed, a bikeway project and bus services for both school bus trips and on-demand microtransit. The school bus programs received TFCA funds in the past. In this cycle, they will receive higher amounts due to the updated cost effectiveness calculations. The 511 Contra Costa program is planning to implement two new TDM projects, Big Win on Transit that will incentivize transit trips and collect verified trip data and actual VMT reduction, and Active4Me, a school trip reduction program in central county.
One of the Fund Allocation Principles in the Policy states that each of the four subregions should receive proportional TFCA benefit based on the jobs-housing formula. The project TFCA amounts and benefit calculations are included in Attachment B and show that each subregion is receiving a benefit equal to prior year’s TFCA cycles.
Summary information for all the proposed projects in the FY 2024-25 County TFCA 40% Fund Expenditure Plan is provided in Exhibit 1 to Resolution 24-37-G, which lists the project sponsor, project description, TFCA funds requested, and TFCA cost effectiveness. In aggregate, the FY 2024-25 projects are estimated to reduce trips by 3,440,857 and VMT by
5.7.a
Packet Pg. 127 Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute Planning Committee STAFF REPORT
September 05, 2024
46,706,472. More detailed project information is provided in Attachment C.
Staff seeks approval of Resolution 24-37-G, which approves the FY 2024-25 County TFCA 40% fund projects that comply with the Air District Board-approved policies and authorizes the Executive Director or designee to execute cooperative agreements with the fund recipients.
5.7.a
Packet Pg. 128 Attachment: A: Cooperative Agreement No. 25CC08 Between CCTA and City of San Ramon (2025-015 : Authorizing the City Manager to Execute
CITY COUNCIL STAFF REPORT
DATE: February 11, 2025
TO: City Council/City Manager
FROM: Brian Bornstein, Public Works Director
By: Rod Wui, City Engineer
SUBJECT: RESOLUTION NO. 2025-016 - Approving the Parcel Map for the Orchards (Chevron Park) Minor Subdivision MS 24-0002 Located at 6001 Bollinger Canyon Road (APN 213-120-008)
EXECUTIVE SUMMARY
The Applicant, BR6001, LLC, submitted a Tentative Parcel Map application to the City to divide the parcel located at 6001 Bollinger Canyon Road (The Orchards, formerly Chevron Park) into two lots for the purposes of financing and conveyance. The Tentative Parcel Map was approved by the Planning Commission on September 17, 2024. The Applicant seeks approval of the Parcel Map to subdivide the property for the future development of The Orchards site.
RECOMMENDED ACTION
Staff recommends adoption of this Resolution, approving the Parcel Map for The Orchards Minor Subdivision MS 24-0002 located at 6001 Bollinger Canyon Road (APN 213-120-008).
BACKGROUND
On July 25, 2024, the Applicant submitted a Minor Subdivision application requesting approval to divide an existing 91.61-acre parcel located at 6001 Bollinger Canyon Road “The Orchards”, formerly Chevron Office Park, into two lots for the purposes of financing and conveyance. The proposed subdivision will result in two parcels: Parcel 1 (34.26 acres for the proposed multifamily and mixed-use district) and Parcel 2 (57.35 acres for the proposed residential district).
On September 17, 2024, the Planning Commission approved the Minor Subdivision application (MS 24-0002) with Planning Commission Resolution No. 05-24 to subdivide the property under the requirements of State Government Code Section 66411.7. Subsequently, the Applicant filed an application for approval of the Parcel Map pursuant to Section C5-81 of the City’s Subdivision Ordinance and Section 66463 of the California Subdivision Map Act.
5.8 Packet Pg. 129
DISCUSSION
Parcel Map 24-0002, a subdivision of Parcel A of Lot Line Adjustment filed as Instrument Number 2000-0220096, is approximately 91.61 acres, and is located at the former Chevron Park site, on the southeast corner of Interstate 680 and Bollinger Canyon Road.
Parcel Map MS 24-0002 will include two parcels as follows:
• Parcel 1 (34.26 acres)
• Parcel 2 (57.35 acres)
Parcel 1 is intended to be developed as the future multi-family and mixed-use district of The Orchards project. Parcel 2 is intended to be developed as the single-family residential district.
While the proposed parcel map is intended to help facilitate the ultimate development of The Orchards property, until such time as project specific development applications are approved, the proposed parcel map does not vest any part of a future development application other than the creation of two legal lots.
In addition, City staff has determined that the application is consistent with the Sections C5-42 and C5-43 of the San Ramon Municipal Code and applicable requirements of the California Subdivision Map Act.
The Tentative Parcel Map was approved by the Planning Commission on September 17, 2024, with Conditions of Approval through Resolution No, 05-24. Pursuant to the City’s Subdivision Ordinance, the parcel map shall be ministerially approved by the City Council once the map has met all technical requirements and staff has verified that all Conditions of Approval have been met.
FISCAL ANALYSIS
Fees in the amount of $10,270 were collected from the Applicant to review and process this Parcel Map. There are no proposed project improvements or easements to be accepted, thus the City will not incur any maintenance costs associated with this subdivision.
STEPS FOLLOWING APPROVAL
The Parcel Map will be signed by the City and then recorded with the Contra Costa County Clerk Recorder’s Office by the Applicant.
ATTACHMENT
A: Parcel Map for The Orchards Minor Subdivision MS 24-0002
5.8 Packet Pg. 130
RESOLUTION NO. 2025-016
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAMON
APPROVING THE PARCEL MAP FOR THE ORCHARDS (CHEVRON PARK) MINOR SUBDIVISION MS 24-0002 LOCATED AT 6001 BOLLINGER CANYON ROAD (APN 213-120-008)
WHEREAS, on July 25, 2024, the Applicant, BR6001, LLC, submitted an application to the City to subdivide the parcel under the City’s Subdivision Ordinance; and WHEREAS, on September 17, 2024, the Planning Commission approved the application with Planning Commission Resolution No. 05-24; and
WHEREAS, the Parcel Map for The Orchards Minor Subdivision MS 24-0002 consists of two (2) parcels of 34.26 acres and 57.35 acres, respectively; and WHEREAS, the Parcel Map for The Orchards Minor Subdivision MS 24-0002 has been reviewed and approved by the City Engineer as being in compliance with the City of San Ramon’s subdivision requirements.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of San Ramon hereby:
. Approves the Parcel Map for Minor Subdivision MS 24-0002.
2. Authorizes the City Engineer, Acting City Surveyor, Community Development Director, and City Clerk to execute their statements upon said Parcel Map.
PASSED, APPROVED, AND ADOPTED at the meeting of February 11, 2025 by the following votes:
AYES:
NOES:
ABSENT:
ABSTAIN:
Mark Armstrong, Mayor
ATTEST:
Christina Franco, City Clerk
5.8 Packet Pg. 131
OWNER'S STATEMENT
OWNER'S ACKNOWLEDGMENT
1 SURVEYOR'S STATEMENT
RECORDER'S STATEMENT
PARCEL MAP
MS 2024-0002
CONSISTING OF 5 SHEETS
BEING ALL OF PARCEL A AS DESCRIBED IN CERTIFICATE OF
COMPLIANCE FOR LOT LINE ADJUSTMENT FILED OCTOBER 10, 2000, AS INSTRUMENT NUMBER 2000-0220096, CONTRA COSTA COUNTY RECORDS
CITY OF SAN RAMON, CONTRA COSTA COUNTY, CALIFORNIA
JANUARY 2025
CIVIL ENGINEERS SURVEYORS PLANNERS
SAN RAMON
WWW.CBANDG.COM
ROSEVILLE
(925) 866-0322
(916)788-4456
JOB NO. 3740-000 SHEET OF 5
GEOTECHNICAL SOILS REPORT
SIGNATURE OMISSIONS
TITLE NOTES
SITE
CLERK OF THE BOARD OF SUPERVISORS'
STATEMENT
ATTACHMENT A
5.8.a
Packet Pg. 132 Attachment: A: Parcel Map for The Orchards Minor Subdivision MS 24-0002 (2025-016 : Approving the Parcel Map for the Orchards) 2 CITY ENGINEER'S STATEMENT
CITY CLERK'S STATEMENT CITY SURVEYOR'S STATEMENT
PLANNING COMMISSION STATEMENT
PARCEL MAP
MS 2024-0002
CONSISTING OF 5 SHEETS
BEING ALL OF PARCEL A AS DESCRIBED IN CERTIFICATE OF
COMPLIANCE FOR LOT LINE ADJUSTMENT FILED OCTOBER 10, 2000, AS INSTRUMENT NUMBER 2000-0220096, CONTRA COSTA COUNTY RECORDS
CITY OF SAN RAMON, CONTRA COSTA COUNTY, CALIFORNIA
JANUARY 2025
CIVIL ENGINEERS SURVEYORS PLANNERS
SAN RAMON
WWW.CBANDG.COM
ROSEVILLE
(925) 866-0322
(916)788-4456
JOB NO. 3740-000 SHEET OF 5
5.8.a
Packet Pg. 133 Attachment: A: Parcel Map for The Orchards Minor Subdivision MS 24-0002 (2025-016 : Approving the Parcel Map for the Orchards)
CAMERON CIRCLE
BOLLINGER
CANYON ROAD CAMINO RAMON
DUNBARTON DRIVE
BROADMOOR DRIVE CHAUCER CIRCLE ASCOT DRIVE STATE OF CALIFORNIA HIGHWAY 680 SUNSET DRIVE CAMERON CIRCLE CHAUCER CIRCLEASCOT COURT 3 200'
GRAPHIC SCALE
200' 0' 100' 200' 400' 800'
PARCEL MAP
MS 2024-0002
SCALE: 1" =
CONSISTING OF 5 SHEETS
BEING ALL OF PARCEL A AS DESCRIBED IN CERTIFICATE OF
COMPLIANCE FOR LOT LINE ADJUSTMENT FILED OCTOBER 10, 2000, AS INSTRUMENT NUMBER 2000-0220096, CONTRA COSTA COUNTY RECORDS
CITY OF SAN RAMON, CONTRA COSTA COUNTY, CALIFORNIA
JANUARY 2025
CIVIL ENGINEERS SURVEYORS PLANNERS
SAN RAMON
WWW.CBANDG.COM
ROSEVILLE
(925) 866-0322
(916)788-4456
JOB NO. 3740-000 SHEET OF 5
NOTES:
REFERENCES:
BASIS OF BEARINGS:
5.8.a
Packet Pg. 134 Attachment: A: Parcel Map for The Orchards Minor Subdivision MS 24-0002 (2025-016 : Approving the Parcel Map for the Orchards)
BOLLINGER
CANYON ROAD STATE OF CALIFORNIA HIGHWAY 680
NOTE: SUNSET DRIVE
PARCEL 2
PARCEL 1 4
150'
GRAPHIC SCALE
150' 0' 75' 150' 300' 600'
PARCEL MAP
MS 2024-0002
SCALE: 1" =
CONSISTING OF 5 SHEETS
BEING ALL OF PARCEL A AS DESCRIBED IN CERTIFICATE OF
COMPLIANCE FOR LOT LINE ADJUSTMENT FILED OCTOBER 10, 2000, AS INSTRUMENT NUMBER 2000-0220096, CONTRA COSTA COUNTY RECORDS
CITY OF SAN RAMON, CONTRA COSTA COUNTY, CALIFORNIA
JANUARY 2025
CIVIL ENGINEERS SURVEYORS PLANNERS
SAN RAMON
WWW.CBANDG.COM
ROSEVILLE
(925) 866-0322
(916)788-4456
JOB NO. 3740-000 SHEET OF 5
REFERENCES:
BASIS OF BEARINGS:
LEGEND
DETAIL A
NOTES:
5.8.a
Packet Pg. 135 Attachment: A: Parcel Map for The Orchards Minor Subdivision MS 24-0002 (2025-016 : Approving the Parcel Map for the Orchards)
ASCOT COURT
PARCEL A
2000-0220096
ASCOT DRIVE
PARCEL A
2000-0220096
ASCOT DRIVE
PARCEL A
2000-0220096 5
MS 2024-0002
CONSISTING OF 5 SHEETS
BEING ALL OF PARCEL A AS DESCRIBED IN CERTIFICATE OF
COMPLIANCE FOR LOT LINE ADJUSTMENT FILED OCTOBER 10, 2000, AS INSTRUMENT NUMBER 2000-0220096, CONTRA COSTA COUNTY RECORDS
CITY OF SAN RAMON, CONTRA COSTA COUNTY, CALIFORNIA
CIVIL ENGINEERS SURVEYORS PLANNERS
SAN RAMON
WWW.CBANDG.COM
ROSEVILLE
(925) 866-0322
(916)788-4456
REFERENCES:
JOB NO. 3740-000 SHEET OF 5
NOVEMBER 2024 CAMERON CIRCLE CHAUCER CIRCLE BROADMOOR DRIVE
DETAIL A DETAIL B DETAIL C ASCOT DRIVE
5.8.a
Packet Pg. 136 Attachment: A: Parcel Map for The Orchards Minor Subdivision MS 24-0002 (2025-016 : Approving the Parcel Map for the Orchards)
CITY COUNCIL STAFF REPORT
DATE: February 11, 2025
TO: City Council/City Manager
FROM: Scott Koll, Deputy City Manager
By: Candace Daniels, Finance Division Manager
SUBJECT: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024
RECOMMENDED ACTION
Staff recommends that the City Council review and accept the Audit Report for the City of San Ramon for the fiscal year ended June 30, 2024, as presented and allow for public presentation by Maze and Associates.
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 May 9, 2023, the City Council approved an agreement for professional audit services with Maze & Associates, including preparation of the ACFR, and the Annual State Controller’s Office Report for Fiscal Years June 30, 2023 through June 30, 2026 (four years) with an option to extend for two additional one-year periods.
Maze & Associates audited the Annual Comprehensive Financial Report (ACFR) of the City of San Ramon. The audit was conducted in accordance with auditing standards generally accepted in the United States of America and the standards for financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. The audit included examining, on a test basis, evidence supporting the amounts and disclosures in the financial reports.
In the auditor’s opinion, such Financial Reports present fairly in all material respects the financial position of the City of San Ramon as of June 30, 2024, and in conformity with accounting principles generally accepted in the United States of America.
General Fund Highlights:
Revenue
Revenues available for expenditures were $1.9 million above the final budget for the following reasons:
9.1 Packet Pg. 137
• Taxes were $0.8 million above budget reflecting an increase in property taxes and sales tax.
• Licenses and permits were $0.2 million above budget reflecting an increase in business license fees and building permits.
• Intergovernmental revenue was $1.2 million above budget reflecting an increase in revenue for SB90 reimbursements and Police grants.
• Charges for services were $0.8 million below budget reflecting a decrease in anticipated inspection and plan check fees for development projects. • Fines and forfeitures were $0.1 million below budget reflecting a decrease in expected vehicle code fees.
• Investment income was $0.7 million above budget reflecting favorable investment fair value adjustments.
• Miscellaneous revenue was $0.1 million below budget reflecting a decrease in estimated facility rentals.
Expenditures
Actual expenditures were lower than budgeted amounts by $2.6 million. • Salaries and benefits were below budget by $1.2 million. • Professional services were below budget by $1.4 million. • Materials and supplies were below budget by $0.2 million. • Travel & training, and membership & dues were below budget by $0.1 million. • Capital outlay exceeded budget by $0.3 million.
Fund Balance
• Available General Fund and Dougherty Valley Fund ending balances were $27.3 million, a net increase of $1.0 million over the previous fiscal year. • The General Reserves balance was $27.3 million or 45%.
FISCAL ANALYSIS
This report is for informational purposes only.
STEPS FOLLOWING APPROVAL
1. Copies of the Annual Comprehensive Financial Report will be provided to rating agencies and other fiscal agents.
2. An electronic version will be placed on the City’s web site.
ATTACHMENT
Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024
9.1 Packet Pg. 138
CITY OF
SAN RAMON
Annual Comprehensive Financial Report
Fiscal Year 2023-2024
9.1.a
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CITY OF SAN RAMON, CALIFORNIA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
Fiscal year ended June 30, 2024
Prepared by the
Finance Department
Scott Koll, Assistant City Manager/Director of Finance (Interim)
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CITY OF SAN RAMON, CALIFORNIA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
Fiscal Year Ended June 30, 2024
Table of Contents
Page
INTRODUCTORY SECTION
Letter of Transmittal ...................................................................................................................................... i Certificate of Achievement for Excellence in Financial Reporting ........................................................... viii Staff Directory ............................................................................................................................................. ix Organization Chart ........................................................................................................................................ x
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 ........................................................................................... 22 Reconciliation of the Governmental Funds – Balance Sheet with the Statement of Net Position ........................................................................................................ 24 Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds ............................................................................................................... 26 Reconciliation of the Net Change in Fund Balances – Total Governmental Funds with the Statement of Activities .............................................................................................. 28 Statement of Net Position – Proprietary Funds .............................................................................. 30 Statement of Revenues, Expenses and Changes in Net Position – Proprietary Funds .................................................................................................................... 31 Statement of Cash Flows – Proprietary Funds ............................................................................... 32 Statement of Fiduciary Net Position .............................................................................................. 34 Statement of Changes in Fiduciary Net Position ........................................................................... 35 Notes to the Financial Statements ........................................................................................................ 37 Required Supplementary Information:
Schedule of Changes in the Net Pension Liability and Related Ratios – Miscellaneous Plan .................................................................................................... 88 Schedule of Contributions – Miscellaneous Plan ................................................................................ 90 Schedule of the Plan’s Proportionate Share of the Net Pension Liability and Related Ratios – Safety Plan ................................................................................................................ 92 Schedule of Contributions – Safety Plan ............................................................................................. 94 Schedule of the Plan’s Proportionate Share of the Net Pension Liability and Related Ratios – Dougherty Regional Fire Authority – Miscellaneous Plan ....................................... 96 Schedule of Contributions – Dougherty Regional Fire Authority – Miscellaneous Plan ..................... 98 Schedule of the Plan’s Proportionate Share of the Net Pension Liability and Related Ratios – Dougherty Regional Fire Authority – Safety Plan .................................................. 100
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Packet Pg. 143 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
Fiscal Year Ended June 30, 2024
Table of Contents
Page
Required Supplementary Information (Continued):
Schedule of Contributions – Dougherty Regional Fire Authority – Safety Plan ............................... 102 Schedule of Changes in the Net OPEB Liability and Related Ratios – OPEB Plan .......................... 104 Schedule of Contributions – OPEB Plan ............................................................................................ 106 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual
General Fund ......................................................................................................................... 108 Dougherty Valley Fund ......................................................................................................... 109 GHAD – Dougherty Valley Fund ......................................................................................... 110 Notes to Required Supplementary Information .................................................................................. 111 Supplementary Information:
Major Funds:
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual:
Capital Improvements Capital Projects Fund ................................................................. 114 Nonmajor Governmental Funds:
Descriptions of Nonmajor Governmental Funds .......................................................................... 115 Combining Balance Sheets ...........................................................................................................116 Combining Statements of Revenues, Expenditures and Changes in Fund Balances ........................................................................................................................ 122 Nonmajor Funds:
Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual:
Special Revenue Funds:
Planning Cost Recovery .................................................................................................. 128 Geographic Information System ..................................................................................... 129 CFD 2014-1 Fund (ACRES) ........................................................................................... 130 CFD 2014-1 Fund (FARIA) ........................................................................................... 131 Gas Tax ........................................................................................................................... 132 Park Development ........................................................................................................... 133 Crow Canyon Project ...................................................................................................... 134 SCCJEPA ........................................................................................................................ 135 Street Maintenance/Improvements ................................................................................. 136 Traffic Improvements ..................................................................................................... 137 Tri-Valley Transportation ............................................................................................... 138 Public Education and Government ................................................................................. 139 Citywide Lighting and Landscaping ............................................................................... 140 Special Landscaping Zones............................................................................................. 141 Canyon Park .................................................................................................................... 142 Village Center Common Area ........................................................................................ 143 Solid Waste ..................................................................................................................... 144
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Packet Pg. 144 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
Fiscal Year Ended June 30, 2024
Table of Contents
Page
Supplementary Information (Continued):
Non-Point Drainage District ........................................................................................... 145 Street Smarts ................................................................................................................... 146 TDM Programs ............................................................................................................... 147 Police Services Donation ................................................................................................ 148 Vehicle Refuse Impact Fees ............................................................................................ 149 Open Space Development Fund ...................................................................................... 150 Development Mitigation ................................................................................................. 151 Preserve Faria Fund ........................................................................................................ 152 TRAFFIX Program ......................................................................................................... 153 GHAD NWSR ................................................................................................................ 154 San Ramon Housing ....................................................................................................... 155 DV Performing Arts Theatre .......................................................................................... 156 Abandoned Vehicle Abatement ...................................................................................... 157 Debt Service Funds:
2010 Pension Obligation Bonds ...................................................................................... 158 LED Lights ..................................................................................................................... 159 COPS # 12 ...................................................................................................................... 160 COPS # 13 ...................................................................................................................... 161 2021 Pension Obligation Bonds ...................................................................................... 162 Internal Service Funds:
Descriptions of Internal Service Funds ........................................................................... 163 Combining Statements of Net Position ........................................................................... 164 Combining Statements of Revenues, Expenses and Changes in Fund Net Position .............................................................................................................. 166 Combining Statement of Cash Flows .............................................................................. 168 Fiduciary Funds:
Descriptions of Custodial Funds ..................................................................................... 171 Combining Statements of Fiduciary Net Position – Custodial Funds ............................. 172 Combining Statements of Changes in Fiduciary Net Position – Custodial Funds .......... 173 STATISTICAL SECTION (Unaudited):
Miscellaneous Statistical Section – Table of Contents ....................................................................... 176 Government-Wide Revenues by Source – Last Ten Fiscal Years ...................................................... 177 Government-Wide Expenses by Function – Last Ten Fiscal Years ................................................... 178 General Governmental Revenues by Source – Last Ten Fiscal Years ............................................... 179 Tax Revenue by Source – Last Ten Fiscal Years ............................................................................... 180 General Governmental Expenditures by Function – Last Ten Fiscal Years ...................................... 181 Net Position by Component – Last Ten Fiscal Years ......................................................................... 182 Changes in Net Position – Last Ten Fiscal Years .............................................................................. 183 Fund Balances of Governmental Funds – Last Ten Fiscal Years ....................................................... 184 Changes in Fund Balances of Governmental Funds – Last Ten Fiscal Years .................................... 185 Assessed Value and Estimated Actual Value of Taxable Property – Last Ten Fiscal Years .................................................................................................................................. 186
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Packet Pg. 145 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
Fiscal Year Ended June 30, 2024
Table of Contents
Page
STATISTICAL SECTION (Unaudited) (Continued):
Direct and Overlapping Property Tax Rates – Last Ten Fiscal Years ................................................ 187 Principal Sales Tax Producers ............................................................................................................ 188 Principal Property Taxpayers – Current Fiscal Year and Nine Years Ago ........................................ 190 Property Tax Levies and Collections – Last Ten Fiscal Years ........................................................... 192 Ratios of Debt Outstanding – Last Ten Fiscal Years ......................................................................... 193 Ratios of Outstanding Debt by Type – Last Ten Fiscal Years ........................................................... 194 Direct and Overlapping Debt .............................................................................................................. 195 Legal Debt Margin Information – Last Ten Fiscal Years .................................................................. 196 Pledged-Revenue Coverage – Last Ten Fiscal Years ......................................................................... 197 Demographics Statistics – Last Ten Fiscal Years .............................................................................. 198 Annual Average Employment and Unemployment Rates – Last Ten Fiscal Years ........................... 200 Principal Employers – Current Fiscal Year and Nine Years Ago ...................................................... 201 Full-Time Equivalent (FTE) City Government Employees by Function – Last Ten Fiscal Years .... 202 Operating Indicators by Function/Program – Last Ten Fiscal Years ................................................. 203 Capital Assets Statistics by Function – Last Ten Fiscal Years ........................................................... 204 Miscellaneous Statistical Data ............................................................................................................ 205
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Packet Pg. 146 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
INTRODUCTORY SECTION
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Packet Pg. 148 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual December 26, 2024
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, 2024, with the Independent Auditor’s Report. The ACFR was prepared by the City’s Finance 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, as well as 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. i
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Packet Pg. 149 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual 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 82,525 as of January 2024. 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.
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:
x Police protection
x Maintenance of streets and roads
x Maintenance of parks and landscaping
x Recreational activities
x Senior activities
x Planning and building services
x Engineering
x Storm water and drainage services
x Economic development
x Public relations and legislative advocacy
x Risk and emergency management
x 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. ii
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Packet Pg. 150 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual 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.
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 City 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 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. 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 ensuring safety—meaning protection of principal—as the first priority, providing 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, 2024, was 1.87 years. The average return realized on the pooled investments increased from 2.45% in fiscal year 2022-23 to 2.95% in fiscal year 2023-24. iii
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Packet Pg. 151 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual Factors Affecting Financial Condition
Local Economic Conditions:
Taxes, licenses and permits, intergovernmental revenue and investment income were realized above budget levels, but were offset by charges for services, fines and forfeitures and miscellaneous revenue which were below budget levels. Overall, General Fund revenue came in $1.9 million above budget estimates.
x California statewide unemployment registered 5.4%, but the San Ramon residential unemployment rate as measured by the State Employment Development Department was approximately 4.5% as of October 2024
x San Ramon has a very high median household income level of $197,358, which is nearly twice the State of California level of $96,334 per the US Census Bureau’s 2023 Quick Facts
x San Ramon median home values increased 5.0% from November 2023 to November 2024 Planning for the Future:
In spite of challenges the City continues to face (e.g. a structural deficit, increased pension costs, aging infrastructure, etc.), the City is confident of its ability to embrace these challenges and move the community forward with a focus on purpose and goals. As the City navigates fiscal year 2024- 25 and beyond, every effort will be made to remain conservative with resources to maintain desired levels of service. The City was successful in its efforts to get voter approval of Measure N (1% transactions and use local tax increase) on the November 2024 ballot. This will increase the City’s sales tax revenue by an estimated $15.2 million of which $9.7 million will be added to the budget after the General Reserve contribution requirement. This will help the City close its $19 million structural deficit.
The City continues to look for ways to provide high-quality service to residents at lower costs. 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 2024-25, service expansion included replacing AEDs at Dougherty Valley Station Community and Arts Center, continued replacement and renovation of declining plant material, assume operations and maintenance of traffic signs, catch basins, streetlights, and roadways in Faria Preserve and Frog Alley Bridge, and continued implementation of the Dougherty Valley Tree and Planting Strip Management Program.
The FY 2024-25 adopted budget included cutting 6.0 full-time equivalent positions. The City defunded 16 positions due to budget constraints. However, the City remains committed to delivering a high level of service to the community in spite of these budgetary challenges. iv
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Packet Pg. 152 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual The City Council has been proactive in planning for an uncertain financial future by:
¾ Establishing a 36% General Contingency Reserve Policy. The General Fund Reserve balance as of June 30, 2024, was $27.3 million (45%). Exceeding the required reserve balance was due to better than anticipated revenues in property taxes, sales tax, licenses and permits, intergovernmental revenue and investment income. Expenditures were under budget primarily due to position vacancies.
¾ Setting funds aside in a trust with the California Employer’s Retirement Benefit Trust (CERBT) to cover the future cost of retiree health benefits. The CERBT trust balance was $34.9 million as of June 30, 2024
¾ Setting funds aside in a trust with Public Agency Retirement Services (PARS) to help offset some of the increase in pension costs. The PARS trust balance was $1.8 million as of June 30, 2024
¾ Maintaining an internal service fund to accumulate funds for maintenance of publicly owned buildings
¾ Fully funding replacement of vehicles and information technology equipment through the use of internal service funds
¾ Working with labor groups to increase employee contributions to the employer portion of pension costs, thus reducing City expense
¾ Transitioning from a defined benefit program for retiree medical benefit to a defined contribution healthcare savings account
These types of actions help preserve the financial health of the City of San Ramon and 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” from Standard and Poor’s, their highest rating available.
Annual Audit
Maze and Associates, 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. This 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, 2024, are fairly presented in conformity with accounting principles generally accepted in the United States v
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Packet Pg. 153 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual 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 not required to undergo an annual single audit in conformity with the provisions of the Single Audit Act of 1984 and Uniform Guidance.
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 (ACFR) for the fiscal year ended June 30, 2023. The Certificate of Achievement is a prestigious national award, recognizing conformance with the highest standards for preparation of state and local government financial reports.
To be awarded a Certificate of Achievement, the City must publish an easily readable and efficiently organized 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 seventeen consecutive years. The City believes its current report continues to meet the program’s Certificate of Achievement requirements, and will be submitting it to GFOA for consideration of another award.
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, 2023. 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 year-round efficiency and dedication of the Finance Department 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 Maze and Associates, 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. vi
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Packet Pg. 154 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual Respectfully submitted,
Steven Spedowfski
City Manager
Scott Koll
Assistant City Manager
St S d f ki
vii
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Packet Pg. 155 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of San Ramon
California
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2023
Executive Director/CEO
viii
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Packet Pg. 156 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
STAFF DIRECTORY
EXECUTIVE MANAGEMENT
City Manager Steven Spedowfski
City Attorney Martin Lysons
City Clerk Christina Franco
Chief of Police Denton Carlson
Assistant City Manager Scott Koll
Director of Community Development Debbie Chamberlain
Director of Finance Scott Koll (Interim)
Director of Parks & Community Services Kathi Heimann
Director of Public Works Brian Bornstein
FINANCE
Finance Division Manager Candace Daniels
Finance Program Manager Vivian Gong
Administrative Analyst Glenda Broadfoot
Administrative Analyst Michelle Joe
Accountant Vacant
Accounting Specialist Adolfo Navarro
Accounting Specialist Sonia Alvarado
Accounting Specialist Nicki MacPherson
ix
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Packet Pg. 157 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual Citizens of San Ramon
City Council
City Attorney
Martin Lysons
City Manager
Steven Spedowfski
Community Development
Department
Debbie Chamberlain ‐
Director
Police Department
Denton Carlson – Police Chief
Public Works Department
Brian Bornstein ‐ Director
Parks & Community Services
Department
Kathi Heimann ‐ Director
Assistant City Manager
Scott Koll
Finance Department
Scott Koll – Director (Interim)
City Clerk
Christina Franco
Boards, Commissions,
Committees
Independent Auditors
Maze &
City
Associates
of San Ramon
Organization Chart
FY 2023‐2024
x
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Packet Pg. 158 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
FINANCIAL SECTION
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Packet Pg. 160 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual INDEPENDENT AUDITOR’S REPORT
To the Honorable Members of the City Council
City of 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, 2024, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the Table of Contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the City as of June 30, 2024, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirement relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. 1 9.1.a
Packet Pg. 161 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards, and Government Auditing Standards, will always detect a material misstatement when it exists.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with generally accepted auditing standards, and Government Auditing Standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis and other Required Supplementary Information as listed in the Table of Contents be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
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Packet Pg. 162 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City’s basic financial statements. The accompanying Supplementary Information, as listed in the Table of Contents, is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements.
The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the Supplementary Information is fairly stated, in all material respects, in relation to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual report. The other information comprises the Introductory Section and Statistical Section listed in the Table of Contents, but does not include the basic financial statements and our auditor’s report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 26, 2024, on our consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control over financial reporting and compliance.
Pleasant Hill, California
December 26, 2024
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Management’s Discussion and Analysis
June 30, 2024
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, 2024. 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 2024 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 2023-2024 by $392.8 million (net position). Of this amount, ($32.0) million represents unrestricted net position. $74.3 million is restricted for specific purposes, and $350.6 million is the net investment in capital assets.
The City’s total net position decreased by $16.0 million from the prior fiscal year. • Deferred outflows decreased $5.4 million, due to changes in pension and OPEB. • Long-term liabilities totaled $55.4 million at the end of the fiscal year, which was $3.2 million less than last fiscal year, mainly due to debt principal payments. • Deferred inflows increased $1.5 million reflecting an increase in pension and OPEB liabilities. • Net pension liability was $49.5 million, which was $3.7 million more than the previous fiscal year.
• The City’s governmental funds reported combined ending fund balances of $101.7 million, an increase of $0.3 million in comparison with the prior fiscal year. • Revenues available for expenditure exceeded the General Fund final budget by $1.9 million due to higher than anticipated revenue in property taxes, sales tax, licenses and permits, intergovernmental revenue and investment income. The City kept General Fund expenditures within spending limits by $2.5 million.
• The available General Fund ending balance of $27.3 million was 1.0 million more than the 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. 5 9.1.a
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Management’s Discussion and Analysis
June 30, 2024
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. They present governmental activities and business-type activities separately.
Additionally, certain eliminations have occurred as prescribed by GASB statements regarding interfund activity, payables and receivables.
The Statement of Net Position presents information on all 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 as is the City’s OPEB-liability on the statement of net position as per generally accepted accounting principles.
The Statement of Activities presents information showing how the City’s net position changed during the most recent fiscal year. All 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 City activities as follows:
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 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 funds of the City can be divided into three categories of activities:
governmental funds, proprietary funds, and fiduciary funds.
Governmental funds – These funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements, but with a focus on near-term inflows and outflows of spendable resources in addition to their year-end balances. 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 financing decisions. Both the governmental fund balance sheet and governmental fund statement of revenues, expenditures and changes in fund balance provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. 6 9.1.a
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Management’s Discussion and Analysis
June 30, 2024
The City maintains 39 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, and Capital Improvement Project Fund, all of which are considered to be major funds. Data from the other 33 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 appropriation budget is adopted each year for each governmental fund. A budgetary comparison statement has been provided for several key governmental funds to demonstrate compliance with the budget.
The basic governmental fund financial statements can be found on pages 22-28 of this report.
Proprietary funds – When the City charges its own internal 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 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 30-32. Individual fund data for the internal service funds is provided in the form of combining statements elsewhere in this report.
Proprietary and internal service funds are presented immediately following the notes to the financial statements as part of combining statements referred to earlier in connection with non-major governmental funds. Combining and individual fund statements and schedules can be found on pages 116-173 of this report.
Fiduciary funds – The City acts as 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 City.
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. As fiduciary, the City is responsible for ensuring that assets reported in these funds are used for their intended purposes. The Fiduciary fund financials can be found on pages 34-35.
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 37-85 of this report.
Required Supplementary Information includes schedules, statistical data, and other information in addition to the basic financial statements and accompanying notes. This section also presents certain “required supplementary information” concerning the City’s pension liability, other post-employment benefits, budget-to-actual financial comparisons for the General Fund and other major Special Revenue funds and can be found on pages 88-111.
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Management’s Discussion and Analysis
June 30, 2024
Supplementary Information includes information for certificates of participation; major capital projects; non-major governmental, internal service, and custodial funds; and is presented immediately following the required supplementary information on pages 114-162.
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 GovernmentWide statements includes a comparison between current and prior year results of operations and year-end balances.
Statement of Net Position
For the fiscal year ending June 30, 2024, the City’s combined net position for all governmental activities decreased $16.0 million from 2023, for a year-end balance of $392.8 million.
Total liabilities registered $134.4 million, the majority of which is non-current and due in more than one fiscal year. The non-current liability portion due in more than one year, totals $55.4 million for certificates of participation and debt and pension obligation bonds, $11.0 million for net OPEB liability, and $49.5 million for the net pension liability as required by GASB 68. 2024 2023 $ Change %
Change
Current and Restricted Assets $ 122,639,478 $ 120,682,784 $ 1,956,694 1.6% Capital Assets 371,161,640 375,873,441 (4,711,801) -1.3% Total Assets 493,801,118 496,778,361 (2,977,243) -0.6%
Deferred Outflows of Resources 42,968,812 48,417,323 (5,448,511) -11.3% Long-term Liabilities Outstanding 55,414,153 58,626,069 (3,211,916) -5.5% Net Pension Liability 49,538,504 45,819,967 3,718,537 8.1% Net OPEB Liability 11,013,321 6,668,722 4,344,599 100.0% Other Liabilities 18,447,012 17,087,079 1,359,933 8.0%
Total Liabilities 134,412,990 128,201,837 6,211,153 4.8% Deferred Inflows of Resources 9,529,580 8,046,186 1,483,394 18.4% Net Investment in Capital Assets 350,421,952 353,429,841 (3,007,889) -0.9% Restricted 74,436,207 75,089,247 (653,040) -0.9%
Unrestricted (32,030,799) (19,571,427) (12,459,372) 63.7% Total Net Position $ 392,827,360 $ 408,947,661 $ (16,120,301) -3.9% Table 1
STATEMENT OF NET POSITION
As of June 30, 2024 and 2023
Governmental Activities
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Management’s Discussion and Analysis
June 30, 2024
Statement of Activities
While 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), the Statement of Activities provides details of how net position changed from the prior year. Generally, the Statement of Activities indicates whether the financial health of the City as a whole is better at June 30, 2024, than it was on June 30, 2023 as shown in Table 2 below. 2024 2023 $ Change % Change
REVENUES:
Program Revenues:
Charges for Services $ 25,988,354 $ 23,370,322 $ 2,618,032 11.2% Operating Contributions and Grants 29,634,767 37,514,694 (7,879,927) -21.0% Capital Contributions and Grants 4,518,856 - 4,518,856
Total Program Revenue 60,141,977 60,885,016 (743,039) 0.0% General Revenues:
Property Tax 25,264,164 24,550,855 713,309 2.9%
Sales Tax 13,960,107 14,329,831 (369,724) -2.6%
Transient Occupancy Tax 2,425,594 2,133,699 291,895 13.7% Franchise Tax 6,028,810 5,726,366 302,444 5.3%
Property Transfer Taxes 721,356 709,268 12,088 1.7%
Intergovernmental, Unrestricted 104,493 163,789 (59,296) -36.2% Investment Income 3,421,108 1,226,819 2,194,289 178.9%
Miscellaneous & Special item 7,117,226 2,773,322 4,343,904 156.6% Total General Revenue 59,042,858 51,613,949 7,428,909 14.4% Total Revenues 119,184,835 112,498,965 6,685,870
$
5.9%
EXPENSES:
General Government 12,173,062 17,138,205 (4,965,143) -29.0% Community Development 6,795,183 6,050,547 744,636 12.3% Housing 98,803 151,471 (52,668) -34.8%
Police Services 33,142,997 31,884,506 1,258,491 3.9%
Public Works 68,763,491 63,907,384 4,856,107 7.6%
Parks and Community Services 12,324,110 10,131,767 2,192,343 21.6% Interest 2,007,490 2,133,354 (125,864) -5.9%
Total Expenses 135,305,136 131,397,234 3,907,902 3.0%
Change in Net Position (16,120,301) (18,898,269) 2,777,968 -14.7% Net Position, July 1 108,947,661 427,845,930 (318,898,269) -74.5% Net Position, June 30 $ 392,827,360 $ 408,947,661 (16,120,301) -3.9% Table 2
STATEMENT OF ACTIVITIES-GOVERNMENTAL ACTIVITIES
As of June 30, 2024 and 2023
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Management’s Discussion and Analysis
June 30, 2024
Revenue Highlights
• Total revenues for governmental activities were $114.7 million, an increase of $2.2 million from prior year. The changes included:
• Charges for Services increased $2.6 million due to an increase in impact fees received. • Operating Contributions and Grants decreased $7.8 million primarily due to a decrease in federal and state grant revenue.
• Sales Tax decreased $0.4 million reflecting a decrease in retail sales. • Transient Occupancy Tax increased $0.3 million due to increased hotel occupancy. • Franchise Tax increased $0.3 million due to an increase in users. • Property Transfer Tax remained approximately the same as the previous fiscal year. • Intergovernmental remained approximately the same as the previous fiscal year. • Investment income increased $2.2 million due to an increase in investment earnings compared to the prior year.
• Miscellaneous revenue increased $4.3 million primarily due to an increase in facility rentals, recreation programs and permits.
• The largest component of general revenue is property taxes at $25.3 million, making up 22.3% 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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Management’s Discussion and Analysis
June 30, 2024
The chart below presents revenue by source for Governmental Activities.
Expense Highlights
Functional expenses for the year totaled $135.3 million, an increase of $3.9 million from the prior year. The following are changes by function/program:
• General Government decreased $5.0 million.
• Community Development increased $0.7 million.
• San Ramon Housing decreased $0.01 million.
• Police Services increased $1.4 million.
• Public Works increased $4.7 million.
• Parks and Community Services increased $2.2 million.
• Interest expense decreased $0.01 million.
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Management’s Discussion and Analysis
June 30, 2024
Public Works represents $68.8 million (51%) of the total. 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 nearterm inflows, outflows, and balances of spendable 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.
• As of the end of the current fiscal year, the City’s governmental funds reported a combined ending fund balance of $101.7 million, an increase $0.3 million from the prior fiscal. This total includes a General Fund balance of $27.3 million. The General Fund balance increased $1.0 million due to an increase in revenue, and savings from position vacancies. • Significant balance changes to other major funds and non-major funds are noted as follows:
• The Capital Improvement fund balance decreased $6.1 million due to funds spent on capital improvement projects.
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Management’s Discussion and Analysis
June 30, 2024
• GHAD Dougherty Valley fund balance increased $1.4 million reflecting an increase in assessment revenue received.
• The Geographic Information System fund balance increased $0.2 million due to an increase in developer fees.
• The Gas Tax fund balance increased $1.2 million due to a decrease of funds spent on capital improvement projects.
• The SCCJEPA fund balance increased $0.2 million due to a decrease of funds spent on street improvement projects.
• The Traffic Improvement fund balance decreased $0.5 million reflecting funds spent on capital improvement projects.
• The Public Education and Government fund balance increased $0.2 million due to a decrease of funds spent on capital improvement projects.
• The Solid Waste fund increased $0.2 million due to an increase in investment income and a decrease in department expenditures.
• The Non-Point Drainage fund balance decreased $0.1 million due to a decrease in assessment revenue and an increase in department expenditures.
• The Northwest San Ramon GHAD fund balance increased $0.5 million due to assessment revenue received.
• The San Ramon Housing fund balance increased $0.3 million reflecting an increase in developer fees.
Proprietary funds – The City’s Proprietary Funds Statements provide the same type of information found in the Government-Wide Financial Statements, but in more detail.
At the end of the fiscal year, net position totaled $7.6 million. Of that, unrestricted net position was $4.8 million and net investment in capital assets was $2.8 million. Net position of the Proprietary Funds remained approximately the same as the previous fiscal 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 $27.3 million, compared to $26.3 million in the prior year. $0.2 million of the fund balance has been classified as non-spendable while $27.1 million was unassigned.
Revenues
General Fund revenues are primarily derived from taxes, charges for services, licenses and permits, and miscellaneous revenue.
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Management’s Discussion and Analysis
June 30, 2024
General Fund Revenues totaled $64.4 million at year-end, which exceeded the $62.5 million revenue budget by $1.9 million (see Table 3).
• Taxes were $0.8 million above budget reflecting an increase in property tax, and sales tax. • Licenses and permits were $0.2 million above budget reflecting an increase in business license fees building permits.
• Intergovernmental revenue was $1.2 million above budget reflecting an increase in revenue for SB90 reimbursements and Police grants.
• Charges for services were $0.8 million below budget reflecting a decrease in anticipated inspection and plan check fees for development projects. • Fines and forfeitures were $0.1 million below budget reflecting a decrease in expected vehicle code fees.
• Investment income was $0.7 million above budget reflecting favorable investment fair value adjustments.
• Miscellaneous revenue was $0.1 million below budget reflecting a decrease in estimated facility rentals.
Expenditures
General Fund expenditures totaled $58.4 million, which were $2.6 million less than the final budget of $61.0 million. The under-budget spending was realized by savings from vacant positions and a continued effort by the City to carefully control spending.
Actual Variance from
Revenues Original Final Amount Final Budget
Taxes 47,631,387 $ 47,631,387 $ 48,400,035 $ 768,648 $
Licenses and permits 3,283,250 3,283,250 3,518,127 234,877 $ Intergovernmental 526,220 526,220 1,714,241 1,188,021 $ Charges for services 6,766,228 6,766,228 5,944,352 (821,876) $ Fines and forfeitures 263,000 263,000 177,101 (85,899) $ Investment income 333,167 333,167 1,078,018 744,851 $
Miscellaneous 3,670,772 3,670,772 3,542,906 (127,866) $ Total Revenues 62,474,024 $ 62,474,024 $ 64,374,780 $ 1,900,756 $ Table 3
SUMMARY OF GENERAL FUND REVENUES
BUDGET AND ACTUAL
FISCAL YEAR ENDED JUNE 30, 2024
Budget Amounts
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Management’s Discussion and Analysis
June 30, 2024
Capital Asset and Debt Administration
Capital Assets
Table 5 below summarizes the 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 2024, the City had $371.2 million invested in a broad range of capital assets, including land, streets, bridges, drainage systems, traffic lights, parks, buildings, vehicles, and equipment.
The City’s fiscal year 2024-25 capital budget calls for spending $10.0 million for capital projects. The majority of spending is for pavement management, and facility improvements for Crow Canyon Gardens. 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 8 of the Notes to the Financial Statements.
Actual Variance from
Expenditures Original Final Amounts Final Budget
General Government 9,835,320 $ 10,254,557 $ 9,602,999 $ 651,558 $ Community Development 5,412,638 5,426,838 4,701,592 725,246 $ Police Services 18,162,230 18,201,246 18,020,876 180,370 $ Public Works 17,161,100 17,775,519 16,984,604 790,915 $ Parks and Community Services 9,311,640 9,311,640 9,130,214 181,426 $ Total Expenditures 59,882,928 $ 60,969,800 $ 58,440,285 $ 2,529,515 $ Table 4
SUMMARY OF GENERAL FUND EXPENDITURES
BUDGET AND ACTUAL
FISCAL YEAR ENDED JUNE 30, 2024
Budget Amount
Table 5
CAPITAL ASSETS
As of June 30, 2024 and 2023
Governmental Activities
2024 2023 $ Change % Change
Non Depreciable:
Land $ 42,275,381 $ 42,275,381 $ - 0.0%
Construction in Progress 28,170,679 31,653,358 (3,482,679) -11.0% Depreciable, Net of
Accumulated Depreciation:
Park Improvements 14,886,708 16,907,172 (2,020,464) -12.0% Buildings and Improvements 56,552,809 58,790,441 (2,237,632) -3.8% Machinery, Furniture and Equipmen 2,549,491 2,840,113 290,622 11.4% Infrastructure 226,435,950 223,697,598 2,738,352 1.2%
Total Capital Assets 371,161,640 $ $ 375,873,441 $ (4,711,801) -1.3% 15 9.1.a
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Management’s Discussion and Analysis
June 30, 2024
Debt Administration
At year-end, the City’s governmental activities had $54.2 million in bonds, notes and contracts as shown in Table 6. This was $3.9 million below the prior year reflecting reductions in payments of annual principal on debt. Additional information about the City’s long-term debt obligations can be Found in Note 9 of the Notes to the Financial Statements.
Economic Factors and Next Year’s Budget
In preparing the budget for fiscal year 2024-2025, management considered the following economic factors:
• The City faced a $19.0 million structural deficit while preparing the FY 24-25 budget. In an effort to close the deficit and ensure a stable financial future, the City added 1% transactions and use tax (Measure N) to the November 2024 ballot. Voters approved the revenue Measure that will provide an estimated additional $15.2 million in revenue, of which $9.7 million will be added to the budget after the General Reserve contribution requirement. This will help the City close its $19 million structural deficit.
• The City’s economy has largely recovered from the effects of the COVID-19 pandemic, which affected all major City revenue sources. Sales tax, licenses and permits, charges for services and miscellaneous revenue have returned to their pre-pandemic levels. Recreation programs, theater events and festivals have also largely recovered and are approaching pre-pandemic levels. The FY 2024-25 budget was balanced with the use of $1.1 million of reserves, funds from the California Employer’s Benefit Trust (CERBT) and $1.7 million of funds from the PARS Pension Stabilization Trust and department reductions.
• Reduction in pension expense: to reduce pension expense, all employees are required to make an additional contribution to their retirement plan.
• 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.
2024 2023 $ Change % Change
Certificates of Participation 20,610,747 $ $ 22,066,391 $ (1,455,644) -6.6% 2010 Pension Obligation Bonds 13,185,000 13,700,000 (515,000) -3.8% 2021 Pension Obligation Bonds 20,250,000 21,925,000 (1,675,000) -7.6% Financed Purchase 128,941 429,241 (300,300) -70.0%
Total Debt $ 54,174,688 $ 58,120,632 $ (3,945,944) -6.8% Table 6
OUTSTANDING DEBT
As of June 30, 2024 and 2023
Governmental Activities
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Management’s Discussion and Analysis
June 30, 2024
• The City currently plans to maintain General Fund reserves at 36% to meet the 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 2024-25 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 among other things.
A copy of the City’s FY 2024-25 budget can be obtained by contacting the City Finance 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 Finance Department, City of San Ramon, 7000 Bollinger Canyon Road, San Ramon, California 94583 or by calling (925) 973-2500.
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CITY OF SAN RAMON
STATEMENT OF NET POSITION
JUNE 30, 2024
Governmental
Activities
ASSETS
Cash and investments (Note 3) 89,280,000 $
Restricted cash and investments (Note 3) 3,927,814
Receivables:
Accounts 20,432,389
Interest 675,505
Notes and loans (Note 5) 5,525,248
Leases (Note 7) 2,466,508
Prepaid and deposits 332,014
Capital assets (Note 8):
Capital assets not being depreciated 70,446,060
Capital assets being depreciated, net 300,715,580
Total assets 493,801,118
Related to pension (Note 11) 31,186,239
Related to OPEB (Note 13) 11,782,573
Total deferred outflows of resources 42,968,812
LIABILITIES
Accounts payable and accrued expenses 10,782,738
Interest payable 168,479
Deposits payable 2,005,406
Unearned revenue 1,209,427
Compensated absences (Note 1L):
Due within one year 904,989
Due in more than one year 4,448,406
Long-term liabilities (Note 9):
Due within one year 3,208,941
Due in more than one year 50,965,747
Net pension liability, due in more than one year (Note 11) 49,538,504 Net OPEB liability, due in more than one year (Note 13) 11,013,321 Claims and judgments payable, due within one year (Note 14) 167,032 Total liabilities 134,412,990
Related to leases (Note 7) 2,223,814
Related to pension (Note 11) 5,247,950
Related to OPEB (Note 13) 2,057,816
Total deferred inflows of resources 9,529,580
NET POSITION (Note 10):
Net investment in capital assets 350,559,010
Restricted for:
Housing 7,595,113
Public, educational, and governmental programs 1,070,462 Capital projects 22,305,194
Public works 18,228,878
Debt service 2,397,812
Streets and roads 17,849,262
Public safety 100,134
Culture and recreation 1,291,045
Lighting, landscaping, and special zones 3,461,249
Total restricted net position 74,299,149
Unrestricted net position (32,030,799)
Total net position 392,827,360 $
See accompanying notes to financial statements
DEFERRED OUTFLOWS OF RESOURCES
DEFERRED INFLOWS OF RESOURCES
18 9.1.a
Packet Pg. 178 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual Net (Expense)
Revenue and Changes
Program Revenues Net Position
Operating Capital
Charges for Grants and Grants and Governmental
Functions/Programs Expenses Services Contributions Contributions Activities Governmental Activities:
General government $ 12,123,439 $ 63,469 $ 315,273 $ - $ (11,744,697) Community development 6,799,031 5,875,945 - (923,086)
San Ramon housing 98,803 1,014 5,252,372 - 5,154,583
Police services 33,328,757 256,938 1,393,111 - (31,678,708) Public works 68,649,408 16,958,621 22,674,011 4,518,856 (24,497,920) Parks and community services 12,298,208 2,832,367 - - (9,465,841) Interest expense and other charges 2,007,490 - - - (2,007,490) Total Governmental Activities 135,305,136 $ 25,988,354 $ 29,634,767 $ 4,518,856 $ (75,163,159) General revenues:
Taxes:
Property 25,264,164
Sales and use 13,960,107
Transient occupancy 2,425,594
Franchise 6,028,810
Property transfer 721,356
Intergovernmental, unrestricted 104,493
Interest income 3,421,108
Miscellaneous 7,117,226
Total general revenues 59,042,858
Change in Net Position (16,120,301)
Net Position-Beginning 408,947,661
Net Position-Ending $ 392,827,360
CITY OF SAN RAMON
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2024
See accompanying notes to financial statements
19 9.1.a
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Packet Pg. 180 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
FUND FINANCIAL STATEMENTS
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 2024. 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 (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.
Geological Hazard Abatement District (GHAD) – Dougherty Valley (DV) 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.
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. 21 9.1.a
Packet Pg. 181 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual Special Revenue
General Dougherty GHAD - Dougherty
Fund Valley Valley Fund
ASSETS
Cash and investments (Note 3) $ - 15,599,996 $ 15,014,126 $ Restricted cash and investments (Note 3) - - -
Receivables:
Accounts 5,959,031 10,651,773 4,964
Notes and loans (Note 5) 15,323 - -
Interest 156,772 - 75,729
Leases (Note 7) 2,466,508 - -
Due from other funds (Note 4A) - 11,888,853 -
Prepaids and deposits 229,969 48,391 -
Total Assets $ 36,316,452 $ 10,700,164 $ 15,094,819
LIABILITIES
Accounts payable $ 1,912,795 $ 1,049,685 $ 211,203
Accrued payroll 2,339,048 412,836 9,565
Due to other funds (Note 4A) - 9,237,643 -
Deposits payable 1,372,451 - -
Unearned revenue 1,209,427 - -
Total Liabilities 6,833,721 10,700,164 220,768
DEFERRED INFLOWS
Related to leases (Note 7) 2,223,814 - -
Total Deferred Inflows 2,223,814 - -
FUND BALANCE (Note 10)
Nonspendable 245,292 48,391 -
Restricted - - 14,874,051
Committed - - -
Unassigned 27,013,625 (48,391) -
TOTAL FUND BALANCES 27,258,917 - 14,874,051
Total liabilities, deferred inflows and fund balances $ 36,316,452 $ 10,700,164 $ 15,094,819 See accompanying notes to financial statements
CITY OF SAN RAMON
GOVERNMENTAL FUNDS
BALANCE SHEET
JUNE 30, 2024
22 9.1.a
Packet Pg. 182 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual Capital Projects
Nonmajor Total
Capital Governmental Governmental
Im
provements Funds Funds
$ 26,282,439 $ 28,691,037 $ 85,587,598
- 2,267,359 2,267,359
5,400 1,738,120 18,359,288
- 5,509,925 5,525,248
249,726 173,931 656,158
- - 2,466,508
- - 11,888,853
- - 278,360
$ 26,537,565 $ 38,380,372 $ 127,029,372
$ 3,848,126 $ 556,378 $ 7,578,187
25,032 96,852 2,883,333
- 196,438 9,434,081
359,213 273,742 2,005,406
- - 1,209,427
4,232,371 1,123,410 23,110,434
- - 2,223,814
- - 2,223,814
- - 293,683
22,305,194 36,046,299 73,225,544
- 1,210,663 1,210,663
- - 26,965,234
22,305,194 37,256,962 101,695,124
$ 26,537,565 $ 38,380,372 $ 127,029,372
23 9.1.a
Packet Pg. 183 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
RECONCILIATION OF
GOVERNMENTAL FUNDS - BALANCE SHEET
WITH THE
STATEMENT OF NET POSITION
JUNE 30, 2024
TOTAL FUND BALANCES - TOTAL GOVERNMENTAL FUNDS $ 101,695,124 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. 368,321,527
LONG-TERM ASSETS AND LIABILITIES
The assets and liabilities below are not due and payable in the current period and therefore are not reported in the funds:
Long-term debt (54,174,688)
Interest payable (168,479)
Deferred outflow related to pension 31,186,239
Net pension liability (49,538,504)
Deferred inflow related to pension (5,247,950)
Compensated absences (5,353,395)
Deferred outflow related to OPEB 11,782,573
Net OPEB liability (11,013,321)
Deferred inflow related to OPEB (2,057,816)
Claims payable (167,032)
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 7,563,082 NET POSITION OF GOVERNMENTAL ACTIVITIES $ 392,827,360
See accompanying notes to financial statements
24 9.1.a
Packet Pg. 184 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual (This Page intentionally left blank.)
9.1.a
Packet Pg. 185 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual Capital Projects
General Dougherty GHAD - Dougherty Capital
Fund Valley Valley Fund Improvements
REVENUES
Taxes 48,400,035 $ - $ $ - $ -
Licenses and permits 3,518,127 - 5,120 -
Intergovernmental 1,714,241 21,340,874 - 603,367
Developer fees - - - -
Charges for services 5,944,352 2,748 - -
Fines and forfeitures 177,101 - - -
Investment income 1,078,018 17,337 480,243 814,526
Special assessments - - 2,218,036 -
Miscellaneous 3,542,906 14,452 41,293 1,125,410
Total Revenues 64,374,780 21,375,411 2,744,692 2,543,303
EXPENDITURES
Current:
General government 9,602,999 - - -
Community development - 4,701,592 - 577,258
Housing - - - -
Police services 18,020,876 9,904,582 - -
Public works 16,984,604 13,286,098 1,261,927 -
Parks and community service 9,130,214 - - -
Capital outlay - 1,644 - 17,826,407
Debt service:
Principal - - - -
Interest and fees - - - -
Total Expenditures 58,440,285 23,192,324 1,261,927 18,403,665
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 5,934,495 (1,816,913) 1,482,765 (15,860,362)
OTHER FINANCING SOURCES (USES)
Transfers in (Note 4B) 2,755,394 6,380,782 - 10,899,065 Transfers (out) (Note 4B) (11,355,662) (955,560) (124,037) (1,194,159) Total Other Financing Sources (Uses) (4,974,880) 1,799,834 (124,037) 9,704,906 NET CHANGE IN FUND BALANCES 959,615 (17,079) 1,358,728 (6,155,456)
FUND BALANCE AT THE BEGINNING OF YEAR,
AS PREVIOUSLY REPORTED 26,299,302 17,079 13,515,323 28,460,650
ADJUSTMENT - CHANGE FROM MAJOR FUND TO
NONMAJOR FUND - - - -
FUND BALANCE AT BEGINNING OF PERIOD,
AS ADJUSTED 26,299,302 17,079 13,515,323 28,460,650
FUND BALANCES AT END OF YEAR $ - 27,258,917 $ 14,874,051 $ $ 22,305,194 See accompanying notes to financial statements
Special Revenue
CITY OF SAN RAMON
GOVERNMENTAL FUNDS
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2024
26 9.1.a
Packet Pg. 186 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual Nonmajor Total
2021 Pension Governmental Governmental
COPS # 13 Obli
gation Bonds Funds Funds
$-$-$ 48,400,035 - $
- - - 3,523,247
- - 5,473,822 29,132,304
- - 8,508,397 8,508,397
- - 2,243,445 8,190,545
- - 57,911 235,012
- - 1,260,845 3,650,969
- - 5,452,483 7,670,519
- - 5,149,746 9,873,807
- - 28,146,649 119,184,835
- - 219,283 9,822,282
- - 233,156 5,512,006
- - 98,803 98,803
- - - 27,925,458
- - 5,681,938 37,214,567
- - - 9,130,214
- - 5,138,325 22,966,376
- -
- - 3,760,300 3,760,300
- - 2,150,006 2,150,006
- - 17,281,811 118,580,012
- - 10,864,838 604,823
- - 8,378,893 28,414,134
- -
(15,082,964) (28,712,382)
- -
(6,704,071) (298,248)
- - 4,160,767 306,575
551,703 66,138 32,478,354 101,388,549
(551,703)(66,138) 617,841 -
- - 33,096,195 101,388,549
$-$ 37,256,962 - $ $ 101,695,124
Debt Service (Formerly Major Funds)
27 9.1.a
Packet Pg. 187 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
RECONCILIATION OF THE
NET CHANGE IN FUND BALANCES - TOTAL GOVERNMENTAL FUNDS
WITH THE
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2024
The schedule below reconciles the Net Changes in Fund Balances reported on the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balance, which measures only changes in current assets and current liabilities on the modified accrual basis, with the Change in Net Position of Governmental Activities reported in the Statement of Activities, which is prepared on the full accrual basis.
NET CHANGE IN FUND BALANCES - TOTAL GOVERNMENTAL FUNDS 306,575 $ 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 fund balance 22,966,376 Non-capitalized expenditures is deducted from fund balance (5,067,002) Retirement of capital assets is deducted from fund balance (1,212,929) Depreciation expense is deducted from the fund balance
Net of internal service fund depreciation of $948,002
which has already been allocated to internal service funds (21,688,868)
LONG-TERM DEBT PROCEEDS AND PAYMENTS
Bond proceeds provide current financial resources to governmental funds, but issuing debt increases long-term liabilities in the Statement of Net Position.
Repayment of bond principal is an expenditure in the governmental funds, but in the Statement of Net Position the repayment reduces long-term liabilities.
Repayment of debt principal is added back to fund balance 3,760,300 Amortization of premium is added back to fund balance 185,644 Amortization of loss on refunding is deducted from fund balance (52,032)
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 (191,485)
Interest payable and accrued liabilities, included in accrued liabilities 8,904 Claims payable 42,681
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. (10,386,961) 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 pension liability. (4,807,609) 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. 16,105
CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES $ (16,120,301) See accompanying notes to financial statements
28 9.1.a
Packet Pg. 188 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
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.
29 9.1.a
Packet Pg. 189 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
PROPRIETARY FUNDS
STATEMENT OF NET POSITION
JUNE 30, 2024
Governmental
Activities
Internal Service
Funds
ASSETS
Current assets:
Cash and investments (Note 3) $ 3,692,402
Restricted cash and investments (Note 3) 1,660,455
Receivables:
Accounts receivable 2,073,101
Interest receivable 19,347
Prepaids 53,654
Total Current Assets 7,498,959
Non-current assets:
Depreciable capital assets, net of
accumulated depreciation (Note 8) 2,840,113
Total Assets 10,339,072
LIABILITIES
Current liabilities:
Accounts payable 168,273
Accrued payroll 152,945
Due to other funds (Note 4A) 2,454,772
Total Liabilities 2,775,990
NET POSITION (Note 10)
Net investment in capital assets 2,840,113
Unrestricted 4,722,969
Total Net Position $ 7,563,082
See accompanying notes to financial statements
30 9.1.a
Packet Pg. 190 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual Governmental
Activities
Internal Service
Funds
Operation revenues:
Intergovernmental $ 194,100
Charges for services 207,847
Miscellaneous 12,824,698
Total operating revenues 13,226,645
Operating expenses:
Personnel services 1,031,095
Services and supplies 252,402
Claims and insurance 11,464,658
Depreciation 948,002
Total operating expenses 13,696,157
Operating loss (469,512)
Non-operating revenue:
Investment income 187,369
Total non-operating revenues 187,369
Loss before transfers (282,143)
Transfers:
Transfer in (Note 4B) 1,998,824
Transfer (out) (Note 4B) (1,700,576)
Total transfers 298,248
Change in net position 16,105
Net position - beginning of year 7,546,977
Net position - end of year $ 7,563,082
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
PROPRIETARY FUNDS
CITY OF SAN RAMON
FOR THE YEAR ENDED JUNE 30, 2024
See accompanying notes to financial statements
31 9.1.a
Packet Pg. 191 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
PROPRIETARY FUNDS
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED JUNE 30, 2024
Governmental
Activities
Internal
Service
CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from department users $ 12,534,556
Cash payments to suppliers of goods and services (330,089) Cash payments to employees and services (12,424,219)
Net cash (used) by operating activities (219,752)
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers in 1,998,824
Transfers (out) (1,700,576)
Cash Flows from Noncapital Financing Activities 298,248
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Proceeds from sale of capital assets 52,486
Acquisition and construction of capital assets (1,291,110) Cash Flows from Capital and Related Financing Activities (1,238,624)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment earnings received 187,369
Cash Flows from Investing Activities 187,369
Net change in cash and cash equivalents (972,759)
Cash and investments at beginning of year 6,325,616
Cash and investments at end of year $ 5,352,857
RECONCILIATION OF OPERATING INCOME (LOSS) TO
NET CASH PROVIDED BY OPERATING ACTIVITIES:
Operating loss $ (469,512)
Adjustments to reconcile operating income
to net cash provided by operating activities:
Depreciation and amortization 948,002
Change in assets and liabilities:
Accounts receivable 530,568
Interest receivable (1,768)
Accounts payable (77,687)
Accrued payroll 71,534
Due to other funds (1,220,889)
Net cash provided (used) by operating activities $ (219,752) NON-CASH TRANSACTIONS:
Retirement of capital assets (52,486) $
See accompanying notes to financial statements
32 9.1.a
Packet Pg. 192 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
FIDUCIARY FUNDS
The 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 government-wide financial statements, but are presented in separate Fiduciary Fund financial statements. 33 9.1.a
Packet Pg. 193 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
FIDUCIARY FUNDS
STATEMENT OF FIDUCIARY NET POSITION
JUNE 30, 2024
Private-Purpose Custodial
Trust Fund Funds
ASSETS
Cash and investments (Note 3) $ 280,511 5,213,264 $
Restricted cash and investments (Note 3) 1 -
Interest receivable 28,458 -
Accounts receivable - 75,784
Capital assets, not depreciated 4,746,608 -
Total Assets 9,988,331 356,295
LIABILITIES
Deposits payable 3,000 199,987
Interest payable 943,380 -
Loan payable to City (Note 6) 359,887 -
Long-term debt (Note 9):
Due in less than one year 2,806,914 -
Due in more than one year 52,982,414 -
Total Liabilities 57,095,595 199,987
NET POSITION (DEFICIT)
Restricted for individuals, organizations
and other governments (47,107,264) $ 156,308 $
See accompanying notes to financial statements
34 9.1.a
Packet Pg. 194 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
FIDUCIARY FUNDS
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED JUNE 30, 2024
Private-Purpose Custodial
Trust Funds Funds
ADDITIONS
Taxes $ 5,461,811 $ -
Investment income 152,981 5,648
Total additions 5,614,792 5,648
DEDUCTIONS
Debt service:
Interest and fiscal charges 2,468,765 -
Total deductions 2,468,765 -
Change in net position 3,146,027 5,648
Net position (deficit) - beginning of year (50,253,291) 150,660 Net position (deficit) - end of year $ (47,107,264) $ 156,308 See accompanying notes to financial statements
35 9.1.a
Packet Pg. 195 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual (This Page intentionally left blank.)
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Packet Pg. 196 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
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.
(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. 37 9.1.a
Packet Pg. 197 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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 60 days of the end of the current fiscal year. 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 (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.
The GHAD – Dougherty Valley Special Revenue Fund accounts for revenue received from Dougherty Valley (DV) Geological Hazard Abatement District (GHAD) assessments per residential unit and non-residential square footage. The DV GHAD also obtains minor income from access leases, inspection fees, and an agricultural grazing lease.
The Capital Improvement Capital Projects Fund is used to account for expenditures for major infrastructure improvements of roads, sidewalks, City facilities, including parks, as well as for the procurement of major pieces of equipment.
38 9.1.a
Packet Pg. 198 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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 accounts 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 Payment Obligation 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 governmentwide 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 government’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. 39 9.1.a
Packet Pg. 199 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) (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) Subscription-Based Information Technology Arrangements (SBITAs) A Subscription-Based Information Technology Arrangement (SBITA) is defined as a contract that conveys control of the right to use another entity’s nonfinancial Information Technology asset through a subscription as specified in a contract for a period of time in an exchange or exchange-like transaction. The City completed an inventory of all subscriptions and determined that no subscriptions met the requirements to be recorded under this Statement. The City will record significant subscriptions that meet the requirements, as applicable. (F) 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.
(G) Interfund 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.”
(H) Leases
The City is a lessor for noncancellable leases of cell towers. The City recognizes a lease receivable and a deferred inflow of resources in the government-wide and governmental fund financial statements.
40 9.1.a
Packet Pg. 200 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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 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 judgements 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 lease receivable. (I) 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.
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, street lights, 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. 41 9.1.a
Packet Pg. 201 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) (J) Deferred Outflows and Inflows of Resources
In addition to assets, the statement of net position or balance sheet 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. (K) Long-Term Debt
In the government-wide statements long-term debt is recorded as liability in the Statement of Net Position.
(L) 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 by the fund where the employee’s salary was charged, primarily from the General Fund.
The changes of the compensated absences in fiscal year 2023-2024 were as follows:
Governmental
Activities
Beginning Balance 5,161,910 $
Additions 1,050,811
Payments (859,326)
Ending Balance $ 5,353,395
Current Portion $ 904,989
42 9.1.a
Packet Pg. 202 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) (M) 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.
(N) 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, 2024, 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 in Note 14. 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 (GASB 10). Claims losses recorded in the MPA include both current claims and “Incurred But Not Reported” (IBNR) claims.
Deposits to the MPA are recorded by the City as insurance expenditures in the General Fund when paid. These deposits are subject to retrospective adjustment. Favorable claims experience result in a refund of deposits from the MPA and such refunds, if any, are recorded as a reduction of insurance expenditures in the year received. Adverse claims experience result in the payment of additional deposits and such deposits, if any, are recorded as insurance expenditures when paid.
(O) Allocation of Investment Earnings Among Funds
The City pools all unrestricted 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 respective fund.
(P) 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.
43 9.1.a
Packet Pg. 203 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) (Q) 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. (R) Net Pension Liabilities, Expenses and Deferred Outflows/Inflows of Resources Related to Pension
For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pension, 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 Plan’s fiduciary net position have been determined on the same basis as they are reported by the CalPERS Financial Office. For this purpose, benefit payments are recognized when currently due and payable in accordance with the benefit terms. Investments are reported at fair value. The General Fund has typically been used to reduce the net pension liabilities.
(S) OPEB Liabilities, Expenses and Deferred Outflows/Inflows of Resources Related to OPEB For purposes of measuring the net OPEB liability, deferred outflows of resources, 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. The General Fund has typically been used to reduce the net OPEB liability. 44 9.1.a
Packet Pg. 204 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) (T) New Governmental Accounting Standards Board (GASB) Statement In June 2022, GASB issued Statement No. 100, Accounting for Changes and Error Corrections. The primary objective of this Statement is to enhance accounting and financial reporting requirements for accounting changes and error corrections to provide more understandable, reliable, relevant, consistent, and comparable information for making decisions or assessing accountability. This Statement is effective for reporting periods beginning after June 15, 2023, or the fiscal year 2023-2024. The implementation of this Statement did not have a material impact on the financial statements, but required a disclosure in the financial statements for a change in major fund and non-major fund reporting during fiscal year 2023- 2024.
NOTE 2 – STEWARDSHIP COMPLIANCE AND ACCOUNTABILITY
(A) 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:
1. 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.
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 Appropriation Limit.
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 in the middle of the 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 fund level.
45 9.1.a
Packet Pg. 205 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 2 – STEWARDSHIP COMPLIANCE AND ACCOUNTABILITY (Continued) 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, 2024, based on calculations by City Management, proceeds of taxes did not exceed related appropriations.
(B) Expenditure in Excess of Appropriations
The City had the following funds with expenditures in excess of appropriations for the year ended June 30, 2024:
Fund Name Amount
Governmental Major Funds:
Capital Improvements Capital Projects Fund $ 6,457,707
Governmental Non-Major Funds:
Special Revenue Funds:
CFD 2014-1 (ACRES) Fund 5,766
CFD 2014-1 (FARIA) Fund 1,185
Police Services Donation Fund 278
Open Space Development Fund 5,100
San Ramon Housing Fund 98,803
Debt Service Funds:
LED Lights Fund 1,256
COPS#13 Fund 16,091
The funds had sufficient revenues to finance these expenditures. The City plans to cure the excess expenditures in these funds with current revenues or reserves. 46 9.1.a
Packet Pg. 206 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 3 – CASH AND INVESTMENTS
Cash and investments as of June 30, 2024 are classified in the accompanying financial statements as follows:
Statement of Net Position
Cash and investments $ 89,280,000
Restricted cash and investments 3,927,814
Statement of Fiduciary Net Position
Cash and investments:
Private-Purpose Trust Fund 5,213,264
Custodial Funds 280,511
Restricted cash and investments:
Private-Purpose Trust Fund 1
Total Cash and Investments $ 98,701,590
Cash and investments as of June 30, 2024 consisted of the following:
Cash on hand $ 15,795
Deposits with financial institutions 12,786,904
Investments 85,898,891
Total Cash and Investments $ 98,701,590
47 9.1.a
Packet Pg. 207 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 3 – CASH AND INVESTMENTS (Continued)
(A) Investments Authorized by the California Government Code and the City’s Investment Policy The table below 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 trustees 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.
Maximum Maximum
Maximum Minimum Percentage Investment
Authorized Investment Type Maturity Credit Quality* Allowed 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- None 10% San Ramon/2% other Municipal
Securities
Local Agency Investment Fund (LAIF) N/A None 15% $75 million Medium-Term Corporate Notes 5 years Aa3/AA- 30% 2%
Money Market Mutual Funds None Aaa/AAA 20% 20%
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 California Bonds 5 years Aa3/AA- None None
State of California Obligations 5 years Aa3/AA- 3% 3%
Supranational Debt Organizations 5 years Aa2/AA 30% 5%
U.S. Treasury Obligations 5 years None None None
* 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 trustees. The table also identifies certain provisions of these debt agreements that address interest rate risk, credit risk, and concentration of credit risk. 48 9.1.a
Packet Pg. 208 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 3 – CASH AND INVESTMENTS (Continued)
Maximum Maximum
Maximum Percentage Investment Minimum
Authorized Investment Type Maturity of Portfolio in One Issuer Credit 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 AAAm
Mortgage-backed Securities None None None None
Municipal bonds None None None AAA
U.S. Treasury Obligations None None None None
(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 flows 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
Investment Type or less 24 Months 60 Months Total
Federal Agency Securities $ 11,679,416 $ 3,774,740 $ 10,168,974 $ 25,623,130 U.S. Treasury Notes 11,870,124 5,696,420 17,321,000 34,887,544 Medium-Term Corporate Notes 2,538,120 939,400 3,091,631 6,569,151 Negotiable Time Certificates of Deposit 246,100 744,389 2,225,720 3,216,209 Commercial Paper 3,724,776 - - 3,724,776
Money Market Mutual Funds 2,184,200 - - 2,184,200
Supranational Obligations 1,047,556 1,918,130 2,014,160 4,979,846 Local Agency Investment Fund (LAIF) 641,841 - 641,841 - Held by trustees:
Money Market Mutual Funds 2,267,360 - 2,267,360 -
PARS Trust - Mutual Funds 1,804,834 - - 1,804,834
Total Investments $ 38,004,327 $ 13,073,079 $ 34,821,485 85,898,891 Cash in banks and on hand 12,802,699
Total Cash and Investments $ 98,701,590
49 9.1.a
Packet Pg. 209 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 3 – CASH AND INVESTMENTS (Continued)
(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 the California Government Code, the City’s investment policy, or debt agreements, (where applicable) and the actual rating as of year-end for each investment type, as provided by Moody’s investment rating system:
Ratings as of June 30, 2023
Investment Type Aaa Aa1 to Aa3 A-1 to A-3 Total
Medium-Term Corporate Notes 1,920,210 $ 1,158,081 $ 3,490,860 $ 6,569,151 $ Commercial Paper - - 3,724,776 3,724,776
Money Market Mutual Funds 2,184,200 - - 2,184,200
Supranational Obligations 4,979,846 - - 4,979,846
Held by trustee:
Money Market Mutual Funds 2,267,360 - - 2,267,360
Subtotals $ 11,351,616 $ 1,158,081 $ 7,215,636 19,725,333 Not Rated:
Local Agency Investment Fund 641,841
Negotiable Time Certificates of Deposit 3,216,209
PARS Trust - Mutual Funds 1,804,834
Exempt from credit rate disclosure:
Federal Agency Securities 25,623,130
U.S. Treasury Notes 34,887,544
Total Investments $ 85,898,891
(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 unobservable inputs.
50 9.1.a
Packet Pg. 210 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 3 – CASH AND INVESTMENTS (Continued)
The following is a summary of the fair value hierarchy of the fair value of investments of the City as of June 30, 2024:
Level 1 Level 2 Total
Investments by Fair Value Level:
Federal Agency Securities $ - $ 25,623,130 $ 25,623,130 U.S. Treasury Notes 34,887,544 - 34,887,544
Medium-Term Corporate Notes - 6,569,151 6,569,151
Negotiable Time Certificates of Deposit - 3,216,209 3,216,209 Commercial Paper - 3,724,776 3,724,776
Supranational Obligations - 4,979,846 4,979,846
Subtotal $ 34,887,544 $ 44,113,112 79,000,656
Investments Measured at Amortized Cost:
Money Market Mutual Funds 2,184,200
Held by trustees:
Money Market Mutual Funds 2,267,360
PARS Trust - Mutual Funds 1,804,834
Investments Exempt from Fair Value Hierarchy:
Local Agency Investment Fund (LAIF) 641,841
Total Investments $ 85,898,891
Investments classified in Level 1 of the fair value hierarchy are valued using prices quoted in active markets for those securities, or that 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 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 10,997,766 $ Federal Home Loan Bank Federal Agency Securities 8,926,524 51 9.1.a
Packet Pg. 211 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 3 – CASH AND INVESTMENTS (Continued)
(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., brokerdealer) 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 market 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 public deposits.
As of June 30, 2024, $13,467,760 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 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 cost basis.
The total amount invested by all public agencies in LAIF as of June 30, 2024 was $22 billion.
LAIF is a part of the California Pooled Money Investment Act (PMIA), which at June 30, 2024 had a portfolio balance of $178 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 Corporate Notes. The average maturity of PMIA investments was 217 days as of June 30, 2024. 52 9.1.a
Packet Pg. 212 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
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. The interfund loans are to provide for operating cash flow. At June 30, 2024, interfund balances were as follows:
Due From Other Funds Due to Other Funds Amount
General Fund Dougherty Valley Special Revenue Fund 9,237,643 $ Nonmajor Governmental Funds 196,438
Internal Service Funds 2,454,772
Total $ 11,888,853
(B) Interfund Transfers
Interfund transfers for the year ended June 30, 2024 consisted of the following:
Amount
Fund Receiving Transfers Fund Making Transfers Transferred General Fund GHAD - Dougherty Valley Special Revenue Fund 124,037 $ (A) Capital Improvements Capital Projects Fund 829,914 (B)
Nonmajor Governmental Funds 5,426,831 (A), (C)
Dougherty Valley Special Revenue Fund General Fund 2,755,394 (A) Capital Improvements Capital Projects Fund General Fund 259,121 (D) Dougherty Valley Special Revenue Fund 725,186 (D)
Nonmajor Governmental Funds 8,218,153 (A), (D)
Internal Service Funds 1,696,605 (D)
Nonmajor Governmental Funds General Fund 6,343,820 (A), (D) Dougherty Valley Special Revenue Fund 230,374 (C)
Capital Improvements Capital Projects Fund 362,748 (B)
Nonmajor Governmental Funds 1,437,980 (A), (D)
Internal Service Funds 3,971 (A)
Internal Service Funds General Fund 1,997,327 (A), (E)
Capital Improvements Capital Projects Fund 1,497 (D), (E) Total Interfund Transfers $ 30,412,958
(A)
(B)
(C)
(D)
(E)
Transfers to fund operation expenditures.
Transfers to fund capital improvements.
Transfers to fund debt service.
Transfers to return excess CIP funding.
Transfer to Internal Service Funds.
53 9.1.a
Packet Pg. 213 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 5 – NOTES AND LOANS RECEIVABLE
Notes and loans receivable activities for the year ended June 30, 2024 are as follows:
Balance at Balance at
June 30, 2023 Additions Deletions June 30, 2024
Governmental Activities
American Baptist Homes $ 5,500,000 $ - $ - $ 5,500,000
Computer Loans 13,881 15,197 (13,755) 15,323
Greystone Homes, Inc. 9,925 - - 9,925
Total notes and loans receivable 5,523,806 $ $ 15,197 $ (13,755) $ 5,525,248 (A) 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 to 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. (B) 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, 2024, thirty City employees had loans outstanding totaling $15,323.
(C) 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.
54 9.1.a
Packet Pg. 214 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 6 – LOAN RECEIVABLE FROM SUCCESSOR AGENCY
During May 2010, the former 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 former 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 for 2010-2011.
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, 2024.
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 fiscal year 2035. During the year ended June 30, 2024, the City recognized $325,414 and $85,989 in lease revenue and interest revenue, respectively, pursuant to these contracts. As of June 30, 2024, the City has a receivable for lease payments of $2,466,508, and a balance of deferred inflow of resources of $2,223,814. The future lease payments were discounted at a rate of 2.83% to 3.22%, depending on the length of the lease.
The City is a lessor of twelve cell phone communications site locations of which six meet the requirements to be reported in the financial statements. The City recognizes a lease receivable and a deferred inflow of resources in the government‐wide financial statements, as well as in the applicable funds.
A summary of lease activities for the year ended June 30, 2024 are as follows:
Lessor
Original
Lease Date
Expiration Date
Including Options
Monthly Revenue
as of June 30,
2024
Lease Receivable
Balance at
June 30, 2024
Deferred Inflow of
Resources at June
30, 2024
General Fund:
AT&T 10087745 Cell Tower 6/16/2010 6/15/2035 $ 4,923 $ 546,642 $ 522,164 AT&T D2 Bark & Ride Cell Tower 12/1/2018 11/30/2034 4,382 571,890 429,498 T-Mobile BA01357A Cell Tower 8/21/2019 8/20/2034 2,637 274,794 262,053 T-Mobile BA01240A Cell Tower 8/25/2019 8/24/2034 2,637 274,794 262,037 T-Mobile BA01275A Cell Tower 8/25/2019 8/24/2034 3,369 351,125 334,825 Verizon NG60337 Bark & Ride Cell Tower 9/23/2019 9/22/2034 3,682 447,263 413,237 $ 21,630 $ 2,466,508 $ 2,223,814
55 9.1.a
Packet Pg. 215 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 7 – LEASE RECEIVABLES (Continued)
The future principal and interest lease receivables as of June 30, were as follows:
Year ending June 30 Principal Interest Total
2025 $ 188,442 $ 72,350 $ 260,792
2026 197,791 66,471 264,262
2027 206,604 60,315 266,919
2028 216,253 53,894 270,147
2029 226,794 47,169 273,963
2030-2034 1,308,795 123,291 1,432,086
2035 121,829 1,382 123,211
Total $ 2,466,508 $ 424,872 $ 2,891,380
56 9.1.a
Packet Pg. 216 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 8 – CAPITAL ASSETS
The following table presents the capital assets activities for the year ended June 30, 2024:
Balance at Balance at
June 30, 2023 Additions Deletions Transfers June 30, 2024 Governmental activities
Capital assets not being depreciated:
Land $ 42,275,381 $ - $ - $ - $ 42,275,381
Construction in progress 31,653,358 6,912,578 (1,212,929) (9,182,328) 28,170,679 Total capital assets not being depreciated 73,928,739 6,912,578 (1,212,929) (9,182,328) 70,446,060 Capital assets being depreciated:
Park improvements 56,748,972 - - 56,748,972 -
Buildings and improvements 93,450,223 - - 93,450,223 -
Machinery, improvements and equipment 14,169,252 1,291,110 (2,436,272) - 13,024,090 Infrastructure:
Pavement/roads 216,060,738 5,204,874 - 5,634,416 226,900,028 Curbs and gutters 37,476,626 783,971 - 576,029 38,836,626 Sidewalks 55,895,767 2,338,000 - - 58,233,767
Catch basins 10,750,163 - - 10,750,163 -
Storm drains 84,692,451 1,985,000 - 86,677,451 -
V-ditches 1,176,594 144,000 - - 1,320,594
Street lights 34,796,619 475,267 - 1,322,733 36,594,619 Traffic signals 23,114,947 - - 469,357 23,584,304
Bridges 29,214,041 - - 29,214,041 -
Culverts 10,512,415 - - 10,512,415 -
Retaining/sound walls 4,658,842 - - - 4,658,842
Drainage structures 3,055,100 - - 199,477 3,254,577
Fencing 1,470,809 - - - 1,470,809
Landscaping 59,005,516 55,684 - 980,316 60,041,516
Total capital assets being depreciated 736,249,075 12,277,906 (2,436,272) 9,182,328 755,273,037 Less accumulated depreciation for:
Park improvements (39,841,800) (2,020,464) - - (41,862,264) Buildings and improvements (34,659,782) (2,237,632) - - (36,897,414) Machinery, improvements and equipment (11,619,761) (948,002) 2,383,786 - (10,183,977) Infrastructure:
Pavement/roads (165,066,567) (8,365,126) - (173,431,693) - Curbs and gutters (16,022,634) (626,363) - - (16,648,997) Sidewalks (39,496,644) (1,684,288) - - (41,180,932)
Catch basins (5,200,283) (215,003) - (5,415,286) -
Storm drains (35,921,578) (1,733,549) - - (37,655,127)
V-ditches (536,253) (24,379) - - (560,632)
Street lights (21,305,836) (862,208) - - (22,168,044)
Traffic signals (16,655,006) (438,209) - - (17,093,215) Bridges (7,888,164) (584,281) - (8,472,445) -
Culverts (2,984,842) (210,248) - (3,195,090) -
Retaining/sound walls (2,799,176) (186,354) - (2,985,530) - Drainage structures (728,782) (65,102) - - (793,884)
Fencing (888,779) (73,540) - - (962,319)
Landscaping (32,688,486) (2,362,122) - - (35,050,608)
Total accumulated depreciation (434,304,373) (22,636,870) 2,383,786 - (454,557,457) Net governmental-type activities
Capital assets being depreciated 301,944,702 (10,358,964) (52,486) 9,182,328 300,715,580 Governmental activity capital assets, net $ 375,873,441 $ (3,446,386) $ (1,265,415) $ - $ 371,161,640 57 9.1.a
Packet Pg. 217 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 8 – CAPITAL ASSETS (Continued)
Depreciation expense is charged to functions and programs based on their usage of the related assets. The amounts allocated to each function or program are as follows:
Governmental Activities Amount
General government $ 356,177
Community development 132,652
Police 128,866
Public works 19,624,224
Parks and community services 1,446,949
Internal service funds 948,002
Total 22,636,870 $
NOTE 9 – LONG-TERM DEBT
Long-term debt in Governmental Activities for the year ended June 30, 2024 is as follows:
Balance Balance
Amount due
within one
June 30, 2023 Retirements June 30, 2024 year
Certificates of Participation:
2011 COPS #12 Refunding Bonds $ (470,000) 470,000 $ - $ $ - 2019 COPS #13 18,410,000 (800,000) 17,610,000 840,000
Premium on Debt on 2011 COPS #12 44,612 (44,612) - -
Premium on Debt on 2019 COPS #13 3,141,779 (141,032) 3,000,747 - 13,700,000 (515,000) 13,185,000 550,000
21,925,000 (1,675,000) 20,250,000 1,690,000
Direct-Borrowing:
Bank of America Financed Purchase - LED Lighting 429,241 (300,300) 128,941 128,941 Total Debt $ 58,120,632 $ (3,945,944) $ 54,174,688 $ 3,208,941 2010 Pension Obligation Bonds
2021 Pension Obligation Bonds
Governmental Activities:
(A) 2011 Certificates of Participation (COPS #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 loss on refunding. At June 30, 2024, the 2011 Certificates of Participation were paid off.
58 9.1.a
Packet Pg. 218 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 9 – LONG-TERM DEBT (Continued)
(B) 2019 Certificates of Participation (COPS #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 2019 COPS #13
June 30 Principal Interest Total
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 970,000 629,200 1,599,200
2029 1,020,000 580,700 1,600,700
2030 - 2034 5,845,000 2,157,300 8,002,300
2035 - 2039 7,130,000 878,000 8,008,000
Totals 17,610,000 6,401,550 $ $ 24,011,550
Plus: Premium on debt 3,000,747
$ 20,610,747
59 9.1.a
Packet Pg. 219 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 9 – LONG-TERM DEBT (Continued)
(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 non-major debt service fund. Annual debt service requirements to maturity are as follows:
For the Year Ending 2010 Taxable Pension Obligation Bonds June 30 Principal Interest Total
2025 $ 550,000 $ 843,840 $ 1,393,840
2026 585,000 808,640 1,393,640
2027 620,000 771,200 1,391,200
2028 660,000 731,520 1,391,520
2029 705,000 689,280 1,394,280
2030 - 2034 4,265,000 2,708,480 6,973,480
2035 - 2039 5,800,000 1,160,000 6,960,000
Totals $ 13,185,000 $ 7,712,960 $ 20,897,960
(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 2021 Taxable Pension Obligation Bonds June 30 Principal Interest Total
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 1,755,000 327,578 2,082,578
2029 1,785,000 295,970 2,080,970
2030 - 2034 9,120,000 891,154 10,011,154
2035-2036 2,465,000 65,293 2,530,293
Totals $ 20,250,000 $ 2,708,150 $ 22,958,150
60 9.1.a
Packet Pg. 220 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 9 – LONG-TERM DEBT (Continued)
(E) Bank of America Financed Purchase
On June 28, 2012, the City entered into a twelve-year lease agreement in the amount of $2,687,302 for the lease/purchase of LED lights for the Citywide lighting project. The total monthly payments range from $18,105 to $25,940 include interest at 2.34%. Annual debt service requirements to maturity as follows:
For the Year Ending Bank of America Financed Purchase
June 30 Principal Interest Total
2025 $ 128,941 $ 754 $ 129,695
Totals $ 128,941 $ 754 $ 129,695
(F) Fiduciary Funds
The City records the activities of the Successor Agency to the former Redevelopment Agency in a Private-Purpose Trust Fund which has long-term debt for the year ended June 30, 2024 as follows:
Balance Principal Balance Amount due
June 30, 2023 Retirements June 30, 2024 within a year
2006 Tax Allocation Revenue Bonds, Series A 18,685,534 $ (582,595) $ 18,102,939 $ 766,914 $ 2015 Subordinate Tax Allocation Refunding Bonds, Series A 26,830,000 (2,040,000) 24,790,000 1,520,000 2015 Subordinate Tax Allocation Refunding Bonds, Series B 11,485,000 (375,000) 11,110,000 520,000 57,000,534 (2,997,595) 54,002,939 2,806,914
Premium on Debt 2,095,004 (139,667) 1,955,337 -
Discount on Debt (181,016) 12,068 (168,948) -
$ 58,914,522 $ (3,125,194) $ 55,789,328 $ 2,806,914
Subtotal
Total Debt
(G) 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 bond issuance. Interest on the bonds 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.
61 9.1.a
Packet Pg. 221 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 9 – LONG-TERM DEBT (Continued)
Debt service payments on the 2006 Tax Allocation Revenue Bonds, Series A, will be made from the Private-Purpose Trust Fund. Annual debt service requirements to maturity are as follows:
For the Year
Ending 2006 Tax Allocation Revenue Bonds, Series A
June 30 Principal Interest Total
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 659,142 1,140,858 1,800,000
2029 1,226,716 2,308,284 3,535,000
2030-2033 4,318,957 13,356,043 17,675,000
Totals 8,394,776 20,005,224 $ 28,400,000 $
Accretion to date 9,708,163
$ 18,102,939
(H) 2015 Subordinate Tax Allocation Refunding Bonds, Series A On June 4, 2015, the Successor Agency of the former Redevelopment Agency 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, the 2004 Tax Exempt Loan and the portion of the 2006 Tax Exempt 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 Private-Purpose Trust Fund. Annual debt service requirements to maturity are as follows:
For the Year
Ending 2015 Subordinate Tax Allocation Refunding Bond, Series A June 30 Principal Interest Total
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 1,760,000 1,000,250 2,760,250
2029 - 912,250 912,250
2030 - 2034 3,300,000 4,561,250 7,861,250
2035 - 2038 14,945,000 1,913,500 16,858,500
Totals $ 24,790,000 $ 11,874,000 $ 36,664,000
62 9.1.a
Packet Pg. 222 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 9 – LONG-TERM DEBT (Continued)
(I) 2015 Subordinate Tax Allocation Refunding Bonds, Series B On June 4, 2015, the Successor Agency of the former Redevelopment Agency 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. Principal is payable each February 1.
Debt service payments on the 2015 Subordinate Tax Allocation Refunding Bonds, Series A, will be made from the Private-Purpose Trust Fund. Annual debt service requirements to maturity are as follows:
For the Year
Ending 2015 Subordinate Tax Allocation Refunding Bond, Series B June 30 Principal Interest Total
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 585,000 443,650 1,028,650
2029 720,000 417,325 1,137,325
2030 - 2034 4,130,000 1,563,325 5,693,325
2035 - 2038 4,055,000 492,576 4,547,576
Totals $ 11,110,000 $ 4,387,426 $ 15,497,426
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.
63 9.1.a
Packet Pg. 223 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 10 – NET POSITION AND FUND BALANCES (Continued)
• 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.
(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, 2024, fund balances for government funds are made up of the following:
• 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, 2024, the City has committed fund balance in the amount of $1,210,663. Of the committed fund balance, $644,960 was held in the Planning Cost Recovery Special Revenue Fund, $503,454 in the Geographic Information System Special Revenue Fund, and $62,249 in the Development Mitigation Special Revenue Fund. The City established the Planning Cost Recovery Special Revenue 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 General Plan.
• Assigned – comprises amounts intended to be used by the City for specific purposes that are neither restricted nor committed. Intent is expressed by (1) 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. 64 9.1.a
Packet Pg. 224 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 10 – NET POSITION AND FUND BALANCES (Continued)
• 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.
Fund balances for all the major and nonmajor governmental funds as of June 30, 2024, were classified as follows:
GHAD - Nonmajor
General Dougherty Dougherty Capital Governmental
Classifications Fund Valley Valley Fund Improvements Funds Total Nonspendable:
Notes and loans $ 21,550 $ - $ - $ - $ - $ 21,550
Prepaids 223,742 48,391 - - - 272,133
Total Nonspendable 245,292 48,391 - - - 293,683
Restricted for:
Community development projects - - - - 6,172,251 6,172,251 Streets and roads projects - - 14,874,051 - 11,622,869 26,496,920 Developers related activities - - - - 2,035,583 2,035,583 Debt service - - - - 2,538,785 2,538,785
Park and facilities projects - - - 22,305,194 1,122,117 23,427,311 Lighting and landscape projects - - - - 3,827,449 3,827,449 Capital projects - - - -
Police services - - - - 197,883 197,883
Solid waste projects - - - - 934,249 934,249
Housing projects - - - - 7,595,113 7,595,113
Total Restricted - - 14,874,051 22,305,194 36,046,299 73,225,544 Committed to:
Community development projects - - - - 707,209 707,209
Capital projects - - - - 503,454 503,454
Total Committed - - - - 1,210,663 1,210,663
Unassigned for:
Expenditure volatility 4,000,000 - - - - 4,000,000
Future revenue stabilization 10,700,000 - - - - 10,700,000 Remaining unassigned 12,313,625 (48,391) - - 12,265,234 - Total Unassigned 27,013,625 (48,391) - - 26,965,234 -
Total Fund Balances $ 27,258,917 $ - $ 14,874,051 $ 22,305,194 $ 37,256,962 $ 101,695,124 Special Revenue
(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 Special Revenue Fund in the calculation. The reserve balance for the year ended June 30, 2024 was $42,132,968. The uses of these reserves are restricted unless approved by resolution of the City Council. 65 9.1.a
Packet Pg. 225 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
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 Resources Resources Expense
Miscellaneous Agent Plan - City $ 29,859,891 $ - $ 18,186,284 $ 5,306,891 Safety Cost Sharing - City 10,987,039 1,454,406 8,379,603 2,324,272 Miscellaneous Cost Sharing - DRFA 149,088 16,697 444,741 (340,512) Safety Cost Sharing - DRFA 8,542,486 3,776,847 4,175,611 3,096,310 Total $ 49,538,504 $ 5,247,950 $ 31,186,239 $ 10,386,961 (A) General Information about the Pension Plans
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.
The Plans’ provisions and benefits in effect at June 30, 2023 (measurement date), are summarized as follows:
Miscellaneous
Hire date
Prior to
July 1, 2012
Between July 1, 2012 and
January 1, 2013
On or after
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 Retirement age 50-55 50-63 52-67
2.0% to 2.7% 1.092% to 2.418% 1.0% to 2.50%
Required employee contribution rates 8.0% 7.00% 7.50%
Required employer contribution rates 12.53% 12.53% 12.53% Unfunded liability contribution (UAL) (1)
(1) The unfunded liability contribution is the aggregate for all three Miscellaneous plans.
Monthly benefits, as a % of eligible compensation
$1,733,619
66 9.1.a
Packet Pg. 226 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 11 – PENSION PLANS (Continued)
Safety
Hire date
Prior to
July 1, 2012
Between July 1, 2012 and
January 1, 2013
On or after
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 Retirement age 50 50-55 50-57
3% 2.4% to 3.0% 2.0% to 2.7%
Required employee contribution rates 9% 9% 14.50%
Required employer contribution rates 29.09% 24.79% 14.50% Unfunded liability contribution (UAL) $319,651 $38,999 $20,520 Dougherty Regional Fire Authority (2)
Hire date
Miscellaneous
Prior to
July 1, 2012
Safety
Prior to
July 1, 2012
Benefit formula 3% @ 60 3% @ 50
Benefit vesting schedule 5 years service 5 years service Benefit payments monthly for life monthly for life
Retirement age 60 50
Unfunded liability contribution (UAL) $384,077 $9,127
(2) The DFRA was terminated on June 30, 1997. The City of San Ramon shares the contribution requirements with the City of Dublin at 42.49%
Monthly benefits, as a % of eligible compensation
(B) Miscellaneous Agent Multiple-Employer Defined Benefit Pension Plan Employees Covered – As of the June 30, 2022 actuarial valuation date and the June 30, 2023 measurement date, the following employees were covered by the benefit terms for the Miscellaneous Agent Multiple-Employer Defined Benefit Pension Plan:
Miscellaneous
Inactive employees or beneficiaries currently receiving benefits 211 Inactive employees entitled to but not yet receiving benefits 222 Active employees 215
Total 648
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. Employer contribution rates may change if Plan contracts are amended. Payments made by the City to satisfy contribution requirements that are identified by the Plan terms as Plan member contribution requirements are classified as Plan member contributions.
For the measurement period ended June 30, 2023, the City’s contributions to the Plan were $4,801,377.
67 9.1.a
Packet Pg. 227 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 11 – PENSION PLANS (Continued)
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, 2023, using an annual actuarial valuation as of June 30, 2022 rolled forward to June 30, 2023, using standard update procedures. A summary of principal assumptions and methods used to determine the net pension liability is shown below.
Changes in the Net Pension Liability
The changes in the Net Pension Liability for the Miscellaneous Plan at the measurement date are as follows:
Increase (Decrease)
Total Pension
Liability
Plan Fiduciary
Net Position
Net Pension
Liability/(Asset)
Balance at June 30, 2022 $ 172,762,712 198,057,242 $ 25,294,530 $ Changes in the year:
Service cost 4,403,144 - 4,403,144
Interest on the total pension liability 13,673,067 - 13,673,067 Changes in Benefit Terms 137,424 - 137,424
Differences between expected and actual experience 2,101,978 - 2,101,978 Contribution - Employer - 3,702,982 (3,702,982)
Contribution - Employees - 1,660,766 (1,660,766)
Net investment income - 10,513,546 (10,513,546)
Benefit payments, including eefunds of employee
Contributions (8,675,615) (8,675,615) -
Administrative expenses - (127,042) 127,042
Net changes 11,639,998 7,074,637 4,565,361
Balance at June 30, 2023 $ 209,697,240 $ 179,837,349 $ 29,859,891 68 9.1.a
Packet Pg. 228 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 11 – PENSION PLANS (Continued)
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 5.90%
Net Pension Liability $ 58,623,125
Current Discount Rate 6.90%
Net Pension Liability 29,859,891 $
1% Increase 7.90%
Net Pension Liability $ 6,106,365
Pension Plan Fiduciary Net Position – Detailed information about each pension plan’s fiduciary net position is available in the separately issued CalPERS financial reports.
Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions For the year ended June 30, 2024, the City recognized pension expense of $5,306,891. At June 30, 2024, 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 $ 4,801,377 $ - Changes in assumptions 2,869,207 -
Differences between actual and expected experience 1,909,615 - Net differences between projected and actual earnings on pension plan investments - 8,606,085
Total 18,186,284 $ - $
69 9.1.a
Packet Pg. 229 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 11 – PENSION PLANS (Continued)
$4,801,377 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, 2025. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized as pension expense as follows:
Year Ended Annual
June 30 Amortization
2025 $ 4,554,008
2026 2,841,693
2027 5,732,118
2028 257,088
Total $ 13,384,907
(C) 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, 2024, the contributions recognized as part of pension expense for the Safety (cost-sharing plan) were as follows:
Tier 1 Tier 2 PEPRA Total
Contributions - employer 1,145,060 $ $ 1,056,060 $ 795,892 $ 2,997,012 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, 2024, the City reported a net pension liability of $10,987,039 for its proportionate share of the net pension liability of the Plan. 70 9.1.a
Packet Pg. 230 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 11 – PENSION PLANS (Continued)
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, 2023, 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, 2022 rolled forward to June 30, 2023 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, 2022 and 2023 was as follows:
Safety
Proportion - June 30, 2022 0.11867%
Proportion - June 30, 2023 0.14699%
Change - Increase (Decrease) 0.02832%
For the year ended June 30, 2024, the City recognized a pension expense of $2,324,272. At June 30, 2024, 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 $ 2,997,012 $ - Differences between actual and expected experience 806,651 (69,058) Changes in assumptions 641,218 -
Net differences between projected and actual earnings
on plan investments 1,503,573 -
Difference between proportional and actual contributions 1,279,195 (585,300) Change in employer's proportion and differences between the employer’s contributions and the employer’s
proportionate share of contributions 1,151,954 (800,048) Total $ 8,379,603 $ (1,454,406)
$2,997,012 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, 2025. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized as pension expense as follows:
Year Ended Annual
June 30 Amortization
2025 1,644,458 $
2026 949,543
2027 1,292,217
2028 41,967
Total $ 3,928,185
71 9.1.a
Packet Pg. 231 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 11 – PENSION PLANS (Continued)
Sensitivity of the Proportionate Share of the Net Pension Liability (Asset) to Changes in the Discount Rate – The following presents the City’s proportionate share of the net pension liability (asset) 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 5.90%
Net Pension Liability $ 23,093,699
Current Discount Rate 6.90%
Net Pension Liability 10,987,039 $
1% Increase 7.90%
Net Pension Liability (Asset) $ 1,088,982
Pension Plan Fiduciary Net Position – Detailed information about each pension plan’s fiduciary net position is available in the separately issued CalPERS financial reports. (D) Dougherty Regional Fire Authority Cost Sharing Multiple-Employer Defined Benefits 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 obligations.
Contributions – Section 208014(c) of the California Public Employees’ Retirement Law requires that the employer contribution rate for all public employers be determined on an annual basis by the actuary and shall be effective on July 1 following notice of a change in the rate. Funding contributions for the Plan are determined annually on an actuarial basis of June 30 by CalPERS. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The City is required to contribute the difference between the actuarially determined rate and the contribution rate of employees.
For the year ended June 30, 2024, the contributions recognized as part of pension expense for the DRFA Safety (cost-sharing plan) amounted to $9,127. 72 9.1.a
Packet Pg. 232 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 11 – PENSION PLANS (Continued)
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, 2024, the City reported net pension liabilities of $149,088 and $8,542,486 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, 2023, 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, 2022 rolled forward to June 20, 2023 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 Plans as of June 30, 2022 and 2023 measurement dates was as follows:
Miscellaneous Safety
Proportion - June 30, 2022 0.00309% 0.17793%
Proportion - June 30, 2023 0.00298% 0.11428%
Change - Increase (Decrease) -0.00011% -0.06365%
73 9.1.a
Packet Pg. 233 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 11 – PENSION PLANS (Continued)
For the year ended June 30, 2024, the City recognized a pension expense of $(340,512) and $3,096,310 for the Miscellaneous and Safety plans, respectively. At June 30, 2024, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:
Miscellaneous (DRFA)
Deferred Outflows Deferred Inflows
of Resources of Resources
Pension contributions subsequent to measurement date 384,077 $ $ - Differences between actual and expected experience 7,616 (1,181) Changes in assumptions 9,001 -
Net differences between projected and actual earnings
on plan investments 15,492 -
Change in employer's proportion and differences between the employer’s contributions and the employer’s
proportionate share of contributions 28,555 (15,516)
Total $ 444,741 $ (16,697)
Safety (DRFA)
Deferred Outflows Deferred Inflows
of Resources of Resources
Pension contributions subsequent to measurement date 9,127 $ $ - Differences between actual and expected experience 627,176 (53,693) Changes in assumptions 498,551 -
Net differences between projected and actual earnings
on plan investments 297,120 -
Difference between proportional and actual contributions 8,625 - Change in employer's proportion and differences between the employer’s contributions and the employer’s
proportionate share of contributions 2,735,012 (3,723,154) Total $ 4,175,611 $ (3,776,847)
$384,077 and $9,127 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, 2025. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized as pension expenses as follows:
Miscellaneous (DRFA) Safety (DRFA)
Year Ended Annual Year Ended Annual
June 30 Amortization June 30 Amortization
2025 $ 17,099 2025 $ 393,205
2026 12,163 2026 63,379
2027 14,011 2027 (99,577)
2028 694 2028 32,630
Total $ 43,967 Total $ 389,637
74 9.1.a
Packet Pg. 234 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 11 – PENSION PLANS (Continued)
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 of 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 5.90% 1% Decrease 5.90%
Net Pension Liability $ 222,134 Net Pension Liability $ 14,119,565 Current Discount Rate 6.90% Current Discount Rate 6.90% Net Pension Liability $ 149,088 Net Pension Liability $ 8,542,486 1% Increase 7.90% 1% Increase 7.90%
Net Pension Liability $ 88,964 Net Pension Liability $ 3,982,827 (E) Information Common to the Miscellaneous and Safety Plans Actuarial Assumptions – The total pension liabilities as of June 30, 2023 measurement date were based on the following actuarial assumptions:
Miscellaneous & Safety
Valuation Date June 30, 2022
Measurement Date June 30, 2023
Actuarial Cost Method Entry-Age Normal Cost Method
Actuarial Assumptions:
Discount Rate 6.90%
Inflation 2.30%
Projected Salary Increase Varies by Entry Age and Service Mortality Derived using CalPERS Membership Data for all Funds (1) Post Retirement Benefit Increase
The lesser of contract COLA or 2.30% until Purchasing Power Protection Allowance Floor on Purchasing Power applies 2.30% thereafter. (1) The mortality table used was developed based on CalPERS-specific data. The probabilities of mortality are based on the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. Mortality rates incorporate full generational mortality improvement using 80% of Scale MP-2020 published by the Society of Actuaries.
For more details on this table, please refer to the 2021 experience study report from November 2021 that can be found on the CalPERS website.
The underlying mortality assumptions and all other actuarial assumptions used in the June 30, 2022 valuation were based on the results of a November 2021 actuarial study for the period 2001 to 2019. Further details of the experience study can be found on the CalPERS website. 75 9.1.a
Packet Pg. 235 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 11 – PENSION PLANS (Continued)
Discount Rate – The discount rate used to measure the total pension liability for each Plan was
6.90%. The projection of cash flows used to determine the discount rate for each Plan assumed that contributions from all plan members in the Public Employees Retirement Fund (PERF) will be made at the current member contribution rates and that contributions from employers will be made at statutorily required rates, actuarially determined. Based on those assumptions, each Plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members for all plans in the PERF. Therefore, the long-term expected rate of return on plan investments was applied to all periods of projected benefit payments to determine the total pension liability for each Plan.
The long-term expected rate of return on pension plan investments was determined using a building-block method in which 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 shortterm and long-term market return expectations. Using historical returns of all the funds’ asset classes, expected compound (geometric) returns were calculated over the next 20 years using a building-block approach. The expected rate of return was then adjusted to account for assumed administrative expenses of 10 basis points.
The expected real rate of return by asset class are as follows:
Asset Class (1)
New Strategic
Allocation
Real Return
Years 1 - 10 (1,2)
Global Equity - Cap weighted 30.0% 4.54%
Global Equity - Non-Cap weighted 12.0% 3.84%
Private Equity 13.0% 7.28%
Treasury 5.0% 0.27%
Mortgage-Backed Securities 5.0% 0.50%
Investment Grade Corporates 10.0% 1.56%
High Yield 5.0% 2.27%
Emerging Market Debt 5.0% 2.48%
Private Debt 5.0% 3.57%
Real Assets 15.0% 3.21%
Leverage -5.0% -0.59%
Total 100%
(1) An expected inflation of 2.30% used for this period. (2) Figures are based on the 2021 Asset Liability Management study.
76 9.1.a
Packet Pg. 236 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 11 – PENSION PLANS (Continued)
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 HighMark 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.
Pension Plan Fiduciary Net Position – Detailed information about each pension plan’s fiduciary net position is available in the separately issued CalPERS financial reports.
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 CalPERS and the dissolution agreement of the DRFA. The cost of retiree health care benefits is recognized as expenditures as premiums are paid. For the year ended June 30, 2024, those costs totaled $70,147. 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-as-you-go financing requirements, with an additional amount to prefund benefits as determined annually by the City Council. For fiscal year 2023-2024, the City contributed $2,096,143 for current premiums (90% of total premiums). Plan members receiving benefits contributed $243,450 (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 $480.15 per month 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 CalPERS pension. Membership of the Plan consisted of the following as of the measurement date June 30, 2023:
Inactive employees, spouses, or beneficiaries currently receiving benefit payments 145 Inactive employees entitled to but not yet receiving benefit payments - Active employees 291
Total 436
77 9.1.a
Packet Pg. 237 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 13 – POST-EMPLOYMENT HEALTHCARE PLAN (Continued)
Net OPEB Liability:
Actuarial Methods and Assumptions: The City’s net OPEB liability was measured as of June 30, 2023 and the total OPEB liability used to calculate the net OPEB liability was determined by actuarial valuation dated June 30, 2023 that was rolled forward using standard update procedures to determine the total OPEB liability as of June 30, 2023, based on the actuarial methods and assumptions are as follows:
Actuarial Assumptions
Valuation Date June 30, 2023
Measurement Date June 30, 2023
Actuarial Cost Method Entry-Age Normal, Level Percentage of Salary Actuarial Assumptions:
Discount Rate 5.78%
Inflation 2.30%
Mortality Rate Rates include generational mortality improvement at 80% of the MP 2020 table published by the Society of Actuaries Healthcare Trend Rate 7.4%-4.20%
Changes of assumptions: For the measurement year ended June 30, 2023, changes of assumptions included a discount rate change from 5.84% to 5.78%.
The long-term expected rate of return on OPEB plan investments was determined using a buildingblock 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 Target Target Expected Real
Asset Class Allocation I Allocation II Allocation III Rate of Return Global Equities 49.0% 34.0% 23.0% 6.80%
U.S. Fixed Income 23.0% 41.0% 51.0% 3.70%
Treasury Inflation-Protected Securities 5.0% 5.0% 9.0% 2.80% Real Estate Investment Trusts 20.0% 17.0% 14.0% 6.00%
Commodities 3.0% 3.0% 3.0% 3.40%
Total 100.0% 100.0% 100.0%
78 9.1.a
Packet Pg. 238 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 13 – POST-EMPLOYMENT HEALTHCARE PLAN (Continued)
Discount Rate: The discount rate used to measure the total OPEB liability was 5.78%. 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 OPEB liability.
Changes in Net OPEB Liability (Asset): The changes in the net OPEB liability (asset) were as follows:
Total OPEB Plan Fiduciary Net OPEB
Liability Net Position Liability/(Asset)
(a) (b) (a) - (b)
Balance at June 30, 2023 41,183,558 $ 34,514,836 $ 6,668,722 $ Changes Recognized for the Measurement Period:
Service cost 1,029,240 - 1,029,240
Interest on the total OPEB liability 2,395,450 - 2,395,450 Changes in benefit terms - - -
Differences between expected and actual experience 3,500,381 - 3,500,381 Changes of assumptions (741,565) - (741,565)
Benefit payments (1,778,632) (1,778,632) -
Contributions from the employer - - -
Employer — implicit subsidy - 611,026 (611,026)
Net investment income - 1,230,260 (1,230,260)
Implicit subsidy credit (611,026) (611,026) -
Administrative expenses - (17,006) 17,006
Other miscellaneous income/(expense) - 14,627 (14,627)
Net changes 3,793,848 (550,751) 4,344,599
Balance at June 30, 2024 (Measurement Date) $ 44,977,406 $ 33,964,085 $ 11,013,321 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 of the City, as well as what the City's net OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower or 1- percentage-point higher than the current discount rate:
Net OPEB Liability
Discount Rate -1% Current Discount Rate Discount Rate +1%
4.78% 5.78% 6.78%
$ 16,286,136 $ 11,013,321 $ 6,599,948
79 9.1.a
Packet Pg. 239 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 13 – POST-EMPLOYMENT HEALTHCARE PLAN (Continued)
The following presents the net OPEB liability of the City, as well as what the City's net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower or 1-percentage-point higher than the current discount rate:
Net OPEB Liability
Current Healthcare Cost
1% Decrease Trend Rates 1% Increase
$ 6,239,106 $ 11,013,321 $ 16,773,150
OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB:
For the year ended June 30, 2024, the City recognized OPEB expense of $5,553,028. At June 30, 2024, the City reported deferred outflows and inflows of resources related to OPEB from the following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Employer contributions made subsequent to the measurement date $ 745,419 $ - Differences between actual and expected experience 4,322,271 - Changes of assumptions 4,030,918 (2,057,816)
Net differences between projected and actual earnings on plan investments 2,683,965 -
Total $ 11,782,573 $ (2,057,816)
$745,419 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, 2025. 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 Annual
Ended June 30 Amortization
2025 1,788,658 $
2026 1,732,037
2027 2,595,432
2028 1,075,858
2029 1,022,859
Thereafter 764,494
Total 8,979,338 $
80 9.1.a
Packet Pg. 240 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 14 – RISK MANAGEMENT
(A) 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 19 California member cities 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 serves as a representative on the Board of Directors. The accounting methods used by the MPA are further described at Note 1N.
The City pays an annual premium to the MPA for the following insurance:
1. General Liability ($1 million coverage; $5,000 deductible);
2. All-Risk Fire and Property, including Flood ($1 billion coverage for All-Risk and $25 million for Flood; $25,000 deductible for All-Risk claims, $150,000 deductible for Water claims, and $100,000 minimum deductible for Flood claims per occurrence, except Zones A & V, which have $500,000 minimum deductible per occurrence; maximum limits at $1 billion for all risk and $25 million for flood);
3. Auto ($250,000 coverage per occurrence; $3,000 deductible for police vehicles; $2,000 deductible for all other vehicles);
4. Workers’ Compensation ($500,000 insured retention, zero deductible);
5. Cyber Liability ($50,000 deductible); and
6. Active Shooter ($10,000 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-insurance pool.
The City purchases Crime insurance directly through Alliant Insurance Services, Inc. ($1 million coverage, $2,500 deductible), as well as Earthquake insurance ($50 million coverage, deductible of 10% of total insured values to a minimum of $50 million per occurrence). 81 9.1.a
Packet Pg. 241 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 14 – RISK MANAGEMENT (Continued)
(B) Liability for Uninsured Claims
The City provides for the uninsured portion of claims and judgments in the General Fund and Insurance Liability Internal Service Fund. Claims and judgments, including a provision for claims incurred but not reported, are recorded when a loss is deemed probable and the amount of the loss is reasonably determinable. The City’s liability for uninsured claims at June 30, 2024 and June 30, 2023, respectively, was estimated by management and based on MPA’s claims experience, and was computed as follows:
2024 2023
Claims Claims
Liability Liability
Beginning claims payable balance 209,713 $ 102,128 $
Claims incurred in current year 38,325 152,326
Claims paid (81,006) (44,741)
Ending claims payable balance 167,032 $ 209,713 $
Current portion 167,032 $ 209,713 $
NOTE 15 – DEVELOPER AGREEMENTS AND TAX SHARING AGREEMENTS (A) Bishop Ranch Agreement
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, or 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 pre-December 31, 2010 right to purchase clause.
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Packet Pg. 242 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 15 – DEVELOPER AGREEMENTS AND TAX SHARING AGREEMENTS (Continued) 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 new 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 the City Center Hotel site on BR 3A, which is still covered under the Ninth Amendment and prior City Center approval, and BR 1B, which remains with the current property owner under the prior City Center approval for Medical Office Use. The CityWalk 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. The BR 3A Agreement was amended (Amendment 1) to address the legal descriptions associated with the legacy hotel project covered under the prior City Center approvals and Agreement that is still in force.
On December 3, 2024, the Amendment 1 to CityWalk BR 1A and BR 2600 and Amendment 2 to the CityWalk BR 3A agreements were executed by the respective parties. The Amendments addressed the relocation of the Police Substation to the City Center Retail Center, and an update of the timing of public improvements consistent with the prior commitments, public benefits, and reflecting revisions to potential construction schedules for the timing of project components.
(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 (County), the City and County entered into the Master Property Tax Exchange Agreement for Allocation of Property Tax (Master Agreement) between the two agencies upon annexations of County Service Area to the City (LAFCO Nos 87-58 and 87-60).
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Packet Pg. 243 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 15 – DEVELOPER AGREEMENTS AND TAX SHARING AGREEMENTS (Continued) 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 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 Master 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 Master 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 2024, the amount of property taxes received by the Contra Costa County under the agreement was $2,004,054. (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 annexed land that includes 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, street and park maintenance. The City provides service in the area and under the Agreement is 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 reimbursement agreement. (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 the City Center Project. The agreement provides a formula for sharing of property tax revenue between the District and the City. During fiscal year 2023-24, the City did not receive payments due to a new interagency agreement authorized on May 26, 2020 for the Joint Public Safety Complex. 84 9.1.a
Packet Pg. 244 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
Fiscal Year Ended June 30, 2024
NOTE 15 – DEVELOPER AGREEMENTS AND TAX SHARING AGREEMENTS (Continued) (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 the most recent statement as of June 30, 2024 (dated July 22, 2024), the outstanding loan amount was $361,496.
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.
85 9.1.a
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REQUIRED SUPPLEMENTARY INFORMATION
9.1.a
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CITY OF SAN RAMON, CALIFORNIA
REQUIRED SUPPLEMENTARY INFORMATION
Fiscal Year Ended June 30, 2024
Fiscal Year 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019 Measurement Date 6/30/2014 6/30/2015 6/30/2016 6/30/2017 6/30/2018 Total Pension Liability
Service Cost $ 3,065,874 $ 2,878,989 $ 3,098,911 $ 3,476,565 $ 3,525,409 Interest on Total Pension Liability 7,616,515 8,236,308 8,844,191 9,359,296 9,984,181 Changes of Assumptions - (2,125,794) - 8,124,508 (1,264,366) Changes of Benefit Terms - - - - -
Differences between Expected and Actual Experience - 859,787 269,589 (926,508) 1,712,222 Benefit Payments, including Refunds of
Employee Contributions (3,016,709) (3,407,918) (3,689,418) (4,392,615) (4,744,359) Net change in total pension liability 7,665,680 6,441,372 8,523,273 15,641,246 9,213,087 Total pension liability - beginning 101,528,945 109,194,625 115,635,997 124,159,270 139,800,516 Total pension liability - ending (a) $ 109,194,625 $ 115,635,997 $ 124,159,270 $ 139,800,516 $ 149,013,603 Plan fiduciary net position
Contributions - Employer $ 2,161,339 $ 2,324,159 $ 2,609,080 $ 2,762,063 $ 2,994,787 Contributions - Employee 1,685,116 1,335,799 1,411,367 1,418,316 1,499,052 Net Investment Income 15,156,953 2,250,869 542,297 11,717,164 9,797,196 Benefit Payments, including Refunds of
Employee Contributions (3,016,709) (3,407,918) (3,689,418) (4,392,615) (4,744,359) Net Plan to Plan Resource Movement - 18 - 3,951 (291)
Administrative Expense - (118,214) (63,996) (156,230) (182,581) Other Miscellaneous Income/ (Expense) - - - - (346,724) Net change in Fiduciary Net Position 15,986,699 2,384,713 809,330 11,352,649 9,017,080 Plan fiduciary net position - beginning 86,635,090 102,621,789 105,006,502 105,815,832 117,168,481 Plan fiduciary net position - ending (b) $ 102,621,789 $ 105,006,502 $ 105,815,832 $ 117,168,481 $ 126,185,561 Net pension liability - ending (a)-(b) $ 6,572,836 $ 10,629,495 $ 18,343,438 $ 22,632,035 $ 22,828,042 Plan fiduciary net position as a percentage of the
total pension liability 93.98% 90.81% 85.23% 83.81% 84.68% Covered payroll $ 15,815,866 $ 16,576,119 $ 17,838,272 $ 18,178,704 $ 18,746,192 Net pension liability as percentage of covered payroll 41.56% 64.13% 102.83% 124.50% 121.77% Discount Rate 7.65% 7.65% 7.15% 7.15% 7.15%
Notes to Schedule:
Changes in assumptions: In 2017, the accounting discount rate reduced from 7.65% to
7.15%. In 2016, 2018, 2019, 2020, 2021, and 2023, there were no changes. In 2022, the accounting discount rate reduced from 7.15% to 6.90%. In 2015, amounts reported reflect an adjustment of the discount rate from 7.50% (net of administrative expense) to 7.65% (without a reduction for pension plan administrative expense.) In 2014, amounts reported were based on the 7.50% discount rate.
Benefit Changes: The figures above do not include any liability impact that may have resulted from plan changes which occurred after the 6/30/16 valuation date. This applies for voluntary benefit changes as well as any offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes).
MISCELLANEOUS PLAN
An Agent Multiple-Employer Defined Pension Plan
Last 10 Years
SCHEDULE OF CHANGES IN THE NET PENSION LIABILITY AND RELATED RATIOS 88 9.1.a
Packet Pg. 248 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
REQUIRED SUPPLEMENTARY INFORMATION
Fiscal Year Ended June 30, 2024
6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024
6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2023
$ 3,722,031 3,755,429 $ 3,749,626 $ 4,237,685 $ 4,403,144 $ 10,758,879 11,595,929 12,228,073 12,899,711 13,673,067
- - - 6,694,817 -
- - - - 137,424
2,415,967 3,309,316 628,393 779,968 2,101,978
(5,666,944) (6,532,902) (7,705,037) (7,827,302) (8,675,615) 11,263,331 12,094,374 8,901,055 16,784,879 11,639,998
149,013,603 160,276,934 172,371,308 181,272,363 198,057,242 $ 160,276,934 $ 172,371,308 $ 181,272,363 $ 198,057,242 $ 209,697,240 $ 3,438,169 $ 3,979,613 $ 4,642,099 $ 24,058,195 $ 3,702,982 1,528,829 1,545,644 1,568,718 1,603,059 1,660,766
8,271,435 6,651,048 31,174,067 (13,629,302) 10,513,546
(5,666,944) (6,532,902) (7,705,037) (7,827,302) (8,675,615) - - - - -
(90,049) (188,438) (138,975) (105,067) (127,042)
291 - - - -
7,481,731 5,454,965 29,540,872 4,099,583 7,074,637
126,185,561 133,667,292 139,122,257 168,663,129 172,762,712 $ 133,667,292 $ 139,122,257 $ 168,663,129 $ 172,762,712 $ 179,837,349 $ 26,609,642 $ 33,249,051 $ 12,609,234 $ 25,294,530 $ 29,859,891
83.40% 80.71% 93.04% 87.23% 85.76%
$ 20,066,378 $ 22,294,661 $ 20,298,340 $ 20,763,505 $ 22,568,651 132.61% 149.13% 62.12% 121.82% 132.31%
7.15% 7.15% 7.15% 6.90% 6.90%
89 9.1.a
Packet Pg. 249 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
REQUIRED SUPPLEMENTARY INFORMATION
Fiscal Year Ended June 30, 2024
Fiscal Year Ended June 30 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019 Actuarially determined contribution 2,230,199 $ 2,601,374 $ 2,755,597 $ 1,970,001 $ 3,436,541 $ Contributions in relation to the
actuarially determined contributions (2,230,199) (2,601,374) (2,755,597) (1,970,001) (3,436,541) Contribution deficiency (excess) $ - $ - $ - $ - $ -
Covered payroll $ 16,576,119 $ 17,838,272 $ 18,178,704 $ 18,746,192 $ 20,066,378 Contributions as a percentage of
covered payroll 13.45% 14.58% 15.16% 10.51% 17.13%
Notes to Schedule
Valuation date: 6/30/2012 6/30/2013 6/30/2014 6/30/2015 6/30/2016
MISCELLANEOUS PLAN
An Agent Multiple-Employer Defined Pension Plan
Last 10 Years
SCHEDULE OF CONTRIBUTIONS
90 9.1.a
Packet Pg. 250 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
REQUIRED SUPPLEMENTARY INFORMATION
Fiscal Year Ended June 30, 2024
6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024
$ 3,979,422 $ 4,640,627 $ 24,058,195 $ 3,572,218 $ 4,801,377 (3,979,422) (4,640,627) (24,058,195) (3,572,218) (4,801,377) $ - $ - $ - $ - $ -
$ 22,294,661 $ 20,298,340 $ 20,763,505 $ 23,065,992 $ 23,905,814
17.85% 22.86% 115.87% 15.49% 20.08%
6/30/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021
91 9.1.a
Packet Pg. 251 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
REQUIRED SUPPLEMENTARY INFORMATION
Fiscal Year Ended June 30, 2024
Fiscal Year 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019 Measurement Date 6/30/2014 6/30/2015 6/30/2016 6/30/2017 6/30/2018 Safety - Total
Plan's proportion of the Net Pension Liability 0.05854% 0.93720% 0.97490% 0.10633% 0.10888% Plan's proportion share of the Net Pension Liability $ 3,861,735 3,642,576 $ 5,049,024 $ 6,353,412 $ 6,388,323 $ Plan's Covered Payroll $ 7,654,536 7,069,736 $ 8,472,705 $ 8,940,160 $ 9,293,702 $ Plan's Proportionate Share of the Net Pension Liability as a Percentage of its Covered Payroll 51.52% 50.45% 59.59% 71.07% 68.74% Plan's Fiduciary Net Position as a Percentage of the Total Pension Liability 78.82% 78.40% 74.06% 73.31% 75.26%
Discount Rate 7.65% 7.65% 7.15% 7.15% 7.15%
SAFETY PLAN
Cost-Sharing Multiple-Employer Defined Pension Plan
Last 10 Years
SCHEDULE OF THE PLAN'S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
AND RELATED RATIOS
AS OF THE MEASUREMENT DATE
92 9.1.a
Packet Pg. 252 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
REQUIRED SUPPLEMENTARY INFORMATION
Fiscal Year Ended June 30, 2024
6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024
6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2023
0.11920% 0.13446% 0.03728% 0.11867% 0.14699%
$ 7,441,007 $ 8,958,459 $ 1,308,301 $ 8,154,476 $ 10,987,039 $ 10,002,895 $ 9,896,996 $ 9,923,524 $ 10,791,517 $ 10,874,596
74.39% 90.52% 13.18% 75.56% 101.03%
73.37% 73.10% 86.61% 75.53% 74.87%
7.15% 7.15% 7.15% 6.90% 6.90%
93 9.1.a
Packet Pg. 253 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
REQUIRED SUPPLEMENTARY INFORMATION
Fiscal Year Ended June 30, 2024
Fiscal Year Ended June 30 2015 2016 2017 2018 2019
Safety
Actuarially determined contribution $ 1,750,732 2,070,229 $ 1,870,592 $ 2,035,346 $ 2,319,120 $ Contributions in relation to the actuarially determined contributions (2,070,229) (1,750,732) (1,870,592) (2,035,346) (2,319,120) Contribution deficiency (excess) $ - $ - $ - $ - $ -
Covered payroll $ 7,654,536 $ 8,472,705 $ 8,940,160 $ 9,293,702 $ 10,002,895 Contributions as a percentage of covered payroll 27.05% 20.66% 20.92% 21.90% 23.18%
SAFETY PLAN
Cost-Sharing Multiple-Employer Defined Pension Plan
Last 10 Years
SCHEDULE OF CONTRIBUTIONS
94 9.1.a
Packet Pg. 254 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
REQUIRED SUPPLEMENTARY INFORMATION
Fiscal Year Ended June 30, 2024
2020 2021 2022 2023 2024
$ 2,450,995 $ 2,690,755 $ 7,291,698 $ 2,453,168 $ 2,997,012 (2,450,995) (2,690,755) (7,291,698) (2,453,168) (2,997,012) $ - $ - $ - $ - $ -
$ 9,896,996 $ 9,923,524 $ 10,791,517 $ 10,874,596 $ 12,083,904
24.77% 27.11% 67.57% 22.56% 24.80%
95 9.1.a
Packet Pg. 255 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
REQUIRED SUPPLEMENTARY INFORMATION
Fiscal Year Ended June 30, 2024
Fiscal Year 6/30/2016 6/30/2017 6/30/2018 6/30/2019
Measurement Date 6/30/2015 6/30/2016 6/30/2017 6/30/2018 Miscellaneous - Total
Plan's proportion of the Net Pension Liability (Asset) 0.00328% 0.00321% 0.00138% 0.00141% Plan's proportion share of the Net Pension Liability (Asset) $ 111,562 90,064 $ 54,228 $ 53,225 $ Plan's Covered Payroll $ - $ - $ - $ -
Plan's Fiduciary Net Position as a Percentage of the Total Pension Liability 78.40% 74.06% 73.31% 75.26%
Discount Rate 7.65% 7.15% 7.15% 7.15%
* Fiscal year 2015 was the 1st year of implementation.
Dougherty Regional Fire Authority - Miscellaneous Plan
Cost-Sharing Multiple-Employer Defined Pension Plan
Last 10 Years*
SCHEDULE OF THE PLAN'S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
AND RELATED RATIOS
AS OF THE MEASUREMENT DATE
96 9.1.a
Packet Pg. 256 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
REQUIRED SUPPLEMENTARY INFORMATION
Fiscal Year Ended June 30, 2024
6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024
6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2023
0.00139% 0.00137% 0.00183% 0.00309% 0.00298%
$ 55,550 $ 57,567 $ 34,796 $ 144,361 $ 149,088
$ - $ - $ - $ - $ -
73.37% 75.10% 94.49% 78.19% 77.97%
7.15% 7.15% 7.15% 6.90% 6.90%
97 9.1.a
Packet Pg. 257 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
REQUIRED SUPPLEMENTARY INFORMATION
Fiscal Year Ended June 30, 2024
Fiscal Year Ended June 30 2015 2016 2017 2018 2019
Miscellaneous
Actuarially determined contribution $ - $ 1,917 $ 4,021 $ 4,021 $ 5,093 Contributions in relation to the actuarially determined contributions - (1,917) (4,021) (4,021) (5,093)
Contribution deficiency (excess) $ - $ - $ - $ - $ -
Dougherty Regional Fire Authority - Miscellaneous Plan
Cost-Sharing Multiple-Employer Defined Pension Plan
Last 10 Years
SCHEDULE OF CONTRIBUTIONS
98 9.1.a
Packet Pg. 258 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
REQUIRED SUPPLEMENTARY INFORMATION
Fiscal Year Ended June 30, 2024
2020 2021 2022 2023 2024
$ 5,338 $ 7,091 $ 5,960 $ 15,272 $ 384,077
(5,338) (7,091) (5,960) (15,272) (384,077)
$-$-$-$-$-
99 9.1.a
Packet Pg. 259 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
REQUIRED SUPPLEMENTARY INFORMATION
Fiscal Year Ended June 30, 2024
Fiscal Year 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019 Measurement Date 6/30/2014 6/30/2015 6/30/2016 6/30/2017 6/30/2018 Safety - Total
Plan's proportion of the Net Pension Liability (Asset) 0.04919% 0.06207% 0.06921% 0.07039% 0.07383% Plan's proportion share of the Net Pension Liability (Asset) $ 1,845,018 $ 2,557,717 $ 3,584,354 $ 4,205,831 $ 4,331,776 Plan's 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%
Discount Rate 7.65% 7.65% 7.15% 7.15% 7.15%
Dougherty Regional Fire Authority - Safety Plan
Cost-Sharing Multiple-Employer Defined Pension Plan
Last 10 Years
SCHEDULE OF THE PLAN'S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
AND RELATED RATIOS
AS OF THE MEASUREMENT DATE
100
9.1.a
Packet Pg. 260 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
REQUIRED SUPPLEMENTARY INFORMATION
Fiscal Year Ended June 30, 2024
6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024
6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2023
0.07562% 0.07469% 0.08347% 0.17793% 0.11428%
$ 4,720,832 $ 4,976,352 $ 2,929,477 $ 12,226,600 $ 8,542,486 $ - $ - $ - $ - $ -
73.37% 73.10% 86.61% 75.53% 74.87%
7.15% 7.15% 7.15% 6.90% 6.90%
101
9.1.a
Packet Pg. 261 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
REQUIRED SUPPLEMENTARY INFORMATION
Fiscal Year Ended June 30, 2024
Fiscal Year Ended June 30 2015 2016 2017 2018 2019
Safety
Actuarially determined contribution $ 47,093 1,525 $ 85,493 $ 139,401 $ 383,069 $ Contributions in relation to the actuarially determined contributions (1,525) (47,093) (85,493) (139,401) (383,069) Contribution deficiency (excess) $ - $ - $ - $ - $ -
Dougherty Regional Fire Authority - Safety Plan
Cost-Sharing Multiple-Employer Defined Pension Plan
Last 10 Years
SCHEDULE OF CONTRIBUTIONS
102
9.1.a
Packet Pg. 262 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
REQUIRED SUPPLEMENTARY INFORMATION
Fiscal Year Ended June 30, 2024
2020 2021 2022 2023 2024
$ 462,099 $ 613,092 $ 504,726 $ 1,291,368 $ 9,127
(462,099) (613,092) (504,726) (1,291,368) (9,127)
$ - $ - $ - $ - $ -
103
9.1.a
Packet Pg. 263 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
REQUIRED SUPPLEMENTARY INFORMATION
Fiscal Year Ended June 30, 2024
Fiscal Year 6/30/2018 6/30/2019 6/30/2020
Measurement Date 6/30/2017 6/30/2018 6/30/2019
Total OPEB Liability
Service Cost $ 1,184,356 $ 1,261,339 $ 1,430,642
Interest 1,731,659 1,855,327 1,983,605
Changes in benefit terms - - -
Differences between expected and actual experience - - 185,869 Changes of assumptions - - 751,478
Benefit payments (1,051,859) (1,112,432) (1,512,507)
Implicit Subsidy Credit - - -
Net change in total OPEB liability 1,864,156 2,004,234 2,839,087 Total OPEB liability - beginning 25,974,214 27,838,370 29,842,604 Total OPEB liability - ending (a) $ 27,838,370 $ 29,842,604 $ 32,681,691 Plan fiduciary net position
Contributions - employer $ 2,533,034 $ 538,318 $ 1,206,837 Employer — Implicit Subsidy - - -
Net investment income 1,851,190 1,734,983 2,047,647
Administrative expense (12,850) (14,425) (14,388)
Implicit Subsidy Credit - - -
Income/(Expense) - - -
Benefit payments (1,051,859) (1,112,432) (1,512,507)
Net change in plan fiduciary net position 3,319,515 1,146,444 1,727,589 Plan fiduciary net position - beginning 24,926,077 28,245,592 29,086,366 Plan fiduciary net position - ending (b) $ 28,245,592 $ 29,392,036 $ 30,813,955 Net OPEB liability (asset) - ending (a)-(b) $ (407,222) $ 450,568 $ 1,867,736 Plan fiduciary net position as a percentage of the total OPEB liability 101.46% 98.49% 94.29% Covered-employee payroll $ 29,187,767 $ 30,618,811 $ 33,203,415 Net OPEB liability (asset) as a percentage of covered-employee payroll (1.33%) 1.47% 5.63% * Fiscal year 2018 was the first year of implementation.
SCHEDULE OF CHANGES IN THE NET OPEB LIABILITY AND RELATED RATIOS Retiree Medical Benefits (OPEB) Plan
Last 10 fiscal years*
104
9.1.a
Packet Pg. 264 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
REQUIRED SUPPLEMENTARY INFORMATION
Fiscal Year Ended June 30, 2024
6/30/2021 6/30/2022 6/30/2023 6/30/2024
6/30/2020 6/30/2021 6/30/2022 6/30/2023
$ 979,601 $ 1,006,540 $ 791,800 $ 1,029,240
2,133,805 2,217,350 2,456,783 2,395,450
- - - -
- 2,049,882 14,311 3,500,381
- (2,475,853) 5,279,367 (741,565)
(1,206,708) (1,508,627) (1,665,501) (1,778,632)
(460,335) (534,423) (576,125) (611,026)
1,446,363 754,869 6,300,635 3,793,848
32,681,691 34,128,054 34,882,923 41,183,558
$ 34,128,054 $ 34,882,923 $ 41,183,558 $ 44,977,406
$ 1,206,708 $ 1,808,627 $ 1,665,501 $ -
460,335 534,423 576,125 611,026
1,685,464 6,444,525 (4,969,140) 1,230,260
(15,625) (17,757) (9,989) (17,006)
(460,335) (534,423) (576,125) (611,026)
- - (22,267) 14,627
(1,206,708) (1,508,627) (1,665,501) (1,778,632)
1,669,839 6,726,768 (5,001,396) (550,751)
31,119,625 32,789,464 39,516,232 34,514,836
$ 32,789,464 $ 39,516,232 $ 34,514,836 $ 33,964,085
$ 1,338,590 $ (4,633,309) $ 6,668,722 $ 11,013,321
96.08% 113.28% 83.81% 75.51%
$ 32,969,072 $ 31,416,882 $ 26,500,255 $ 33,940,588
4.06% (14.75%) 25.16% 32.45%
105
9.1.a
Packet Pg. 265 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
REQUIRED SUPPLEMENTARY INFORMATION
Fiscal Year Ended June 30, 2024
Fiscal Year 2018 2019 2020
Actuarially determined contribution $ 1,184,356 $ 1,343,326 $ 1,612,619 Less: Contributions Made in
Relation to the ADC 2,533,034 538,318 1,206,837
Contribution deficiency (excess) $ (1,348,678) $ 805,008 $ 405,782 Covered-employee payroll $ 29,187,767 $ 30,618,811 $ 33,203,415 Contributions as a percentage of
covered-employee payroll 8.68% 1.76% 3.63%
* Fiscal year 2018 was the first year of implementation.
SCHEDULE OF CONTRIBUTIONS
Retiree Medical Benefits (OPEB) Plan
Last 10 fiscal years*
106
9.1.a
Packet Pg. 266 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
REQUIRED SUPPLEMENTARY INFORMATION
Fiscal Year Ended June 30, 2024
2021 2022 2023 2024
$ 1,400,270 $ 1,377,887 $ 2,241,626 $ 2,321,485
1,667,043 2,339,603 2,241,626 611,026
$ (266,773) $ (961,716)$- $ 1,710,459
$ 32,969,072 $ 31,416,882 $ 26,500,255 $ 33,940,588
5.06% 7.45% 8.46% 1.80%
107
9.1.a
Packet Pg. 267 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
GENERAL FUND
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Budgeted Amounts Final Budget
Positive
Original Final Actual (Negative)
REVENUES
Taxes $ 47,631,387 $ 47,631,387 $ 48,400,035 $ 768,648
Licenses and permits 3,283,250 3,283,250 234,877 3,518,127 Intergovernmental 526,220 526,220 1,714,241 1,188,021
Charges for services 6,766,228 6,766,228 5,944,352 (821,876) Fines and forfeitures 263,000 263,000 177,101 (85,899)
Investment income 333,167 333,167 1,078,018 744,851
Miscellaneous 3,670,772 3,670,772 3,542,906 (127,866)
TOTAL REVENUES 62,474,024 62,474,024 64,374,780 1,900,756
EXPENDITURES
Current:
General government 9,835,320 9,602,999 10,254,557 651,558 Community development 5,412,638 5,426,838 4,701,592 725,246 Police services 18,162,230 18,201,246 18,020,876 180,370 Public works 17,161,100 17,775,519 16,984,604 790,915
Parks and community services 9,311,640 9,311,640 9,130,214 181,426 TOTAL EXPENDITURES 59,882,928 60,969,800 58,440,285 2,529,515 Excess (deficiency) of revenue
over (under) expenditures 2,591,096 1,504,224 5,934,495 4,430,271
OTHER FINANCING SOURCES (USES)
Transfers in 5,099,457 5,099,457 6,380,782 1,281,325
Transfers (out) (11,515,021) (12,216,021) (11,355,662) 860,359 Total Other Financing Sources (Uses) (6,415,564) (7,116,564) (4,974,880) 2,141,684 NET CHANGE IN FUND BALANCE $ (5,612,340) (3,824,468) $ 959,615 $ 6,571,955 Fund balance at beginning of year 26,299,302
Fund balance at end of year $ 27,258,917
CITY OF SAN RAMON
108
9.1.a
Packet Pg. 268 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
DOUGHERTY VALLEY FUND
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Budgeted Amounts Final Budget
Positive
Original Final Actual (Negative)
REVENUES
Intergovernmental $ 21,405,905 $ 21,405,905 $ 21,340,874 $ (65,031) Charges for services 650 650 2,748 2,098
Investment income - - 17,337 17,337
Miscellaneous - - 14,452 14,452
TOTAL REVENUES 21,406,555 21,406,555 21,375,411 (31,144)
EXPENDITURES
Current:
Police services 10,544,573 10,553,392 9,805,017 748,375 Public works 13,653,927 14,079,397 13,262,286 817,111
Capital outlay 127,369 127,369 125,016 2,353
TOTAL EXPENDITURES 24,325,869 24,760,158 23,192,319 1,567,839 Excess (deficiency) of revenue
over (under) expenditures (2,919,314) (3,353,603) (1,816,908) 1,536,695
OTHER FINANCING SOURCES (USES)
Transfers in 3,874,874 3,874,874 2,755,394 (1,119,480)
Transfers (out) (955,560) (955,560) (955,560) -
Total Other Financing Sources (Uses) 2,919,314 2,919,314 1,799,834 (1,119,480) NET CHANGE IN FUND BALANCE $ - $ (434,289) (17,074) $ 417,215 Fund balance at beginning of year 17,079
Fund balance at end of year $ 5
109
9.1.a
Packet Pg. 269 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
GHAD - DOUGHERTY VALLEY FUND
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Original Final Actual (Negative)
REVENUES
Special assessments $ 2,190,213 $ 2,190,213 $ 2,218,036 $ 27,823 Investment income 56,525 56,525 480,243 423,718
Licenses and permits 1,500 1,500 5,120 3,620
Miscellaneous 36,988 36,988 41,293 4,305
TOTAL REVENUES 2,285,226 2,285,226 2,744,692 459,466
EXPENDITURES
Current:
Public works 1,063,900 1,363,900 1,261,927 101,973
TOTAL EXPENDITURES 1,063,900 1,363,900 1,261,927 101,973 Excess (deficiency) of revenue
over (under) expenditures 1,221,326 921,326 1,482,765 561,439
OTHER FINANCING SOURCES (USES)
Transfers (out) (124,037) (124,037) (124,037) -
Total Other Financing Sources (Uses) (124,037) (124,037) (124,037) - NET CHANGE IN FUND BALANCE $ 1,097,289 $ 797,289 1,358,728 $ 561,439 Fund balance at beginning of year 13,515,323
Fund balance at end of year $ 14,874,051
Budgeted Amounts
CITY OF SAN RAMON
110
9.1.a
Packet Pg. 270 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
June 30, 2024
Budgets and 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:
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 Appropriation Limit.
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 in the middle of the year and at the end of the 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 appropriates at the fund level. The Budget is adopted on a basis consistent with generally accepted accounting principles.
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Packet Pg. 271 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual (This Page intentionally left blank.)
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Packet Pg. 272 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
SUPPLEMENTARY INFORMATION
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Packet Pg. 273 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
CAPITAL IMPROVEMENTS FUND
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Intergovernmental 3,442,524 $ 603,367 $ (2,839,157) $
Investment income 300,000 814,526 514,526
Miscellaneous 1,000,000 1,125,410 125,410
TOTAL REVENUES 4,742,524 2,543,303 (2,199,221)
EXPENDITURES
Current:
General government 219,140 577,258 (358,118)
Capital outlay 17,826,407 11,726,818 (6,099,589)
TOTAL EXPENDITURES 11,945,958 18,403,665 (6,457,707)
Excess (deficiency) of revenue
over (under) expenditures (7,203,434) (15,860,362) (8,656,928)
OTHER FINANCING SOURCES (USES)
Transfers in 11,186,125 10,899,065 (287,060)
Transfers (out) (100,000) (1,194,159) (1,094,159)
Total Other Financing Sources (Uses) 9,704,906 11,086,125 (1,381,219) NET CHANGE IN FUND BALANCE $ 3,882,691 (6,155,456) $ (10,038,147) Fund balance at beginning of year 28,460,650
Fund balance at end of year $ 22,305,194
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Packet Pg. 274 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
DESCRIPTIONS OF NONMAJOR GOVERNMENTAL FUNDS
June 30, 2024
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, Tri-Valley Transportation Fund, and San Ramon Housing 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, Non-Point Drainage District Fund, and GHAD NWSR 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 Program Fund, Police Services Donation Fund, Geographic Information System 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 CROW CANYON PROJECT FUND did not have an adopted budget.
The Abandoned Vehicle Abatement (AVA) Fund is used to account for the collection of revenue and expenditures incurred to manage the City’s AVA program.
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 Obligation Bonds.
The LED Lights Fund is used to account for debt service activity relating to the LED Lights conversion (CIP 5499).
The COPS #12 Fund is used to account for debt service activity relating to the 2011 Certificates of Participation.
The COPS #13 Fund is used to account for debt service activity relating to the 2019 Certificates of Participation.
The 2021 Pension Obligation Bonds Debt Service Fund is used to account for debt service activity relating to the 2021 Pension Obligation Bonds.
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Packet Pg. 275 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
NON-MAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEETS
JUNE 30, 2024
Geographic CFD CFD
Planning Information 2014-1 2014-1
Cost Recovery System (Acres) (Faria) Gas Tax
ASSETS
Cash and investments 649,402 $ 503,675 $ 1,082 $ 6,437 $ 2,366,762 $ Restricted cash and investments - - - - -
Receivables
Accounts - - - - 594,789
Notes and loans - - - - -
Interest 3,298 1,646 5 25 7,892
Total Assets $ 652,700 $ 505,321 $ 1,087 $ 6,462 $ 2,969,443
LIABILITIES
Accounts payable $ 140 $ - $ 1,165 - $ $ -
Accrued payroll 7,600 1,867 - - -
Due to other funds - - - - -
Deposits payable - - - - -
Total Liabilities 7,740 1,867 - 1,165 -
FUND BALANCE
Restricted - - 1,087 5,297 2,969,443
Committed 503,454 644,960 - - -
Total Fund Balance 644,960 503,454 1,087 5,297 2,969,443 $ 652,700 $ 505,321 $ 1,087 $ 6,462 $ 2,969,443
SPECIAL REVENUE FUNDS
TOTAL LIABILITIES AND FUND BALANCE
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Packet Pg. 276 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual Crow Street Public Citywide
Park Canyon Maintenance/ Traffic Tri-Valley Education and Lighting and Development Project SCCJEPA Improvements Improvements Transportation Government Landscaping $ - 889,582 $ 6,633,612 $ $ 27,132 $ 4,056 $ 27,142 $ 1,028,166 $ 1,672,907 - - - - - - - -
- - 1,797 - - - 39,769 97,294
- - - 4,925 - - - -
6,229 - 35,594 30 2,880 990 4,602 8,113
$ 895,811 $ - 6,671,003 $ $ 32,087 $ 6,936 $ 28,132 $ 1,072,537 $ 1,778,314 $ - $ - $ - $ - $ - $ - $ 2,075 $ 137,583
- - - - - - - 21,803
- - - - - - - -
24,421 - - - - - - -
24,421 - - - - - 2,075 159,386
871,390 - 6,671,003 32,087 6,936 28,132 1,070,462 1,618,928 - - - - - - - -
871,390 - 6,671,003 32,087 6,936 28,132 1,070,462 1,618,928 $ 895,811 $ - $ 6,671,003 $ 32,087 $ 6,936 $ 28,132 $ 1,072,537 $ 1,778,314 (Continued)
SPECIAL REVENUE FUNDS
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Packet Pg. 277 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual Special Non-Point
Landscaping Canyon Village Center Solid Drainage
Zones Park Common Area Waste District
ASSETS
Cash and investments 1,953,923 $ 219,286$ $ 96,914 $ 889,631 $ - Restricted cash and investments - - - - -
Receivables
Accounts - - - 220,759 350,082
Notes and loans - - - - -
Interest 10,599 1,172 480 4,205 1,671
Total Assets $ 1,964,522 $ 220,458 $ 97,394 $ 1,114,595 $ 351,753
LIABILITIES
Accounts payable $ 106,725 3,616$ $ 770 $ 167,254 $ 102,754 Accrued payroll 15,476 204 - 13,092 18,474
Due to other funds - - - - 196,438
Deposits payable - - - - -
Total Liabilities 122,201 3,820 770 180,346 317,666
FUND BALANCE
Restricted 216,638 1,842,321 96,624 934,249 34,087
Committed - - - - -
Total Fund Balance 1,842,321 216,638 96,624 934,249 34,087 TOTAL LIABILITIES AND FUND BALANCE 1,964,522 $ 220,458$ $ 97,394 $ 1,114,595 $ 351,753
SPECIAL REVENUE FUNDS
CITY OF SAN RAMON
NON-MAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEETS
JUNE 30, 2024
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Packet Pg. 278 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual Police Vehicle Open Space
Street TDM Services Refuse Development Development Preserve TRAFFIX Smarts Programs Donation Impact Fees Fund Mitigation Faria Program $ - 500,833 $ 153,769 $ $ 1,733,587 $ 317,555 $ 3,907,346 371,450$ $ 109,509 - - - - - - - -
- 52,142 - 291,666 - - - 89,822
- - - - - - - -
2,729 - 686 10,330 1,083 13,870 1,770 825
$ 503,562 $ 52,142 $ 154,455 $ 2,035,583 $ 318,638 $ 3,921,216 $ 373,220 $ 200,156 $ 3,230 225 $ - $ $ - $ 5,100 $ 264 6,028$ $ 50
6,873 1,839 - - - - 994 7,483
- - - - - - - -
- - 54,321 - - - - -
7,098 5,069 54,321 - 5,100 264 7,022 7,533
496,464 47,073 100,134 2,035,583 313,538 3,858,703 366,198 192,623 - - - - - 62,249 - -
496,464 47,073 100,134 2,035,583 313,538 3,920,952 366,198 192,623 $ 503,562 $ 52,142 $ 154,455 $ 2,035,583 $ 318,638 $ 3,921,216 $ 373,220 $ 200,156 (Continued)
SPECIAL REVENUE FUNDS
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Packet Pg. 279 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual Abandoned
GHAD San Ramon DV Performing Vehicle
NWSR Housing Arts Theatre Abatement
ASSETS
Cash and investments $ 1,936,327 $ 2,273,485 $ 66,040 $ 74,314 Restricted cash and investments - - - -
Receivables
Accounts - - - -
Notes and loans - 5,505,000 - -
Interest 8,221 11,628 127 23,434
Total Assets $ 1,944,548 $ 7,790,113 $ 66,167 $ 97,748
LIABILITIES
Accounts payable $ - $ - $ - $ -
Accrued payroll 1,147 - - -
Due to other funds - - - -
Deposits payable - 195,000 - -
Total Liabilities 1,147 195,000 - -
FUND BALANCE
Restricted 7,595,113 1,943,401 66,167 97,748
Committed - - - -
Total Fund Balance 1,943,401 7,595,113 66,167 97,748
TOTAL LIABILITIES AND FUND BALANCE $ 1,944,548 $ 7,790,113 $ 66,167 $ 97,748
SPECIAL REVENUE FUNDS
CITY OF SAN RAMON
NON-MAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEETS
JUNE 30, 2024
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Packet Pg. 280 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual 2010 2021 Total
Pension Pension Nonmajor
Obligation LED Obligation Governmental
Bonds Lights COPS #12 COPS #13 Bonds Funds
$ 4,038$ 31,215 2,528$ $ 228,315 11,017$ 28,691,037 $
2,130,295 - - 137,063 2,267,359 1
- - - - - 1,738,120
- - - - - 5,509,925
9,795 2 - - - 173,931
$ 2,171,305 $ 4,040 $ 2,528 $ 365,378 $ 11,018 $ 38,380,372 $ - $ - $ - 19,399$ $ - 556,378$
- - - - - 96,852
- - - - - 196,438
- - - - - 273,742
- - - 19,399 - 1,123,410
2,171,305 4,040 2,528 345,979 11,018 36,046,299
- - - - - 1,210,663
2,171,305 4,040 2,528 345,979 11,018 37,256,962
$ 2,171,305 $ 4,040 $ 2,528 $ 365,378 $ 11,018 $ 38,380,372
DEBT SERVICE FUNDS
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Packet Pg. 281 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual Geographic CFD CFD
Planning Information 2014-1 2014-1
Cost Recovery System (Acres) (Faria) Gas Tax
REVENUES
Intergovernmental $ - $ - $ - $ - $ 4,459,557
Developer fees - 248,355 - - -
Charges for services 480,213 - - - -
Fines and forfeitures - - - - -
Investment income 20,324 13,921 1,258 6,088 116,764
Special assessments - - 92,128 419,691 -
Miscellaneous - - - - -
Total Revenues 500,537 262,276 93,386 425,779 4,576,321
EXPENDITURES
Current:
General government - - 5,766 1,185 -
Community development 171,537 61,619 - - -
Housing - - - - -
Public works - - - - -
Capital outlay - - - - -
Debt service:
Principal - - - - -
Interest and fees - - - - -
Total Expenditures 171,537 61,619 5,766 1,185 -
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 329,000 200,657 87,620 424,594 4,576,321
OTHER FINANCING SOURCES (USES)
Transfers in - - - - 226,673
Transfers (out) (258,594) - (86,533) (419,297) (3,578,303) Total Other Financing Sources (Uses) (258,594) - (86,533) (419,297) (3,351,630) Net change in fund balances 70,406 200,657 1,087 5,297 1,224,691 Fund balances at the beginning of the period 574,554 302,797 - - 1,744,752 Fund balances at the end of period $ 503,454 644,960 $ 1,087 $ 5,297 $ 2,969,443 $
SPECIAL REVENUE FUNDS
CITY OF SAN RAMON
NON-MAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2024
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Packet Pg. 282 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual Crow Street Public Citywide
Park Canyon Maintenance/ Traffic Tri-Valley Education and Lighting and Development Project SCCJEPA Improvements Improvements Transportation Government Landscaping $ - $ - $ - $ 59,300 $ - $ - $ 164,052 $ 26,142
1,534,977 - 16,870 36,180 2,771 (154,858) - -
- - - - - - - -
- - - - - - - -
60,253 - 219,759 979 12,249 1,492 31,814 58,205
- - - - - - - 2,678,992
- - - 492 - - - 277,959
1,595,230 - 236,629 96,951 15,020 (153,366) 195,866 3,041,298 - - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - 1,922,542
- - - - - - 3,646 -
- - - - - - - -
- - - - - - - -
- - - - - - 3,646 1,922,542
1,595,230 - 236,629 96,951 15,020 (153,366) 192,220 1,118,756 - - - - 2,029 - - -
(1,580,545) - (32,871) (76,699) (536,175) - - (884,588) (1,580,545) - (32,871) (76,699) (534,146) - - (884,588) 14,685 - 203,758 20,252 (519,126) (153,366) 192,220 234,168 856,705 - 6,467,245 11,835 526,062 181,498 878,242 1,384,760 $ 871,390 $ 6,671,003 - $ $ 32,087 $ 6,936 $ 28,132 $ 1,070,462 $ 1,618,928 (Continued)
SPECIAL REVENUE FUNDS
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Packet Pg. 283 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual Special Non-Point
Landscaping Canyon Village Center Solid Drainage
Zones Park Common Area Waste District
REVENUES
Intergovernmental $ - $ - $ - $ 21,056 $ -
Developer fees - - - - -
Charges for services - - - - 36
Fines and forfeitures - - - - -
Investment income 67,667 7,376 3,112 30,225 2,175
Special assessments 887,569 33,406 - - 831,298
Miscellaneous - - 6,006 1,333,690 -
955,236 40,782 9,118 1,384,971 833,509
EXPENDITURES
Current:
General government - - - - -
Community development - - - - -
Housing - - - - -
Public works 1,076,889 34,370 4,618 1,233,339 955,801
Capital outlay - - - - -
Debt service:
Principal - - - - -
Interest and fees - - - - -
Total Expenditures 1,076,889 34,370 4,618 1,233,339 955,801
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (121,653) 6,412 4,500 151,632 (122,292)
OTHER FINANCING SOURCES (USES)
Transfers in 531,915 - 3,971 - -
Transfers (out) (390,253) (2,517) (3,971) - -
Total Other Financing Sources (Uses) 141,662 (2,517) - - - Net change in fund balances 20,009 3,895 4,500 151,632 (122,292) Fund balances at the beginning of the period 1,822,312 212,743 92,124 782,617 156,379 Fund balances at the end of period $ 216,638 1,842,321 $ 96,624 $ 934,249 $ 34,087 $
SPECIAL REVENUE FUNDS
CITY OF SAN RAMON
NON-MAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2024
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Packet Pg. 284 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual Police Vehicle Open Space
Street TDM Services Refuse Development Development Preserve TRAFFIX Smarts Programs Donation Impact Fees Fund Mitigation Faria Program $ 84,369 $ 397,249 $ - $ - $ - $ - $ - $ 227,096
- - - - 124,806 1,446,924 - -
- - - 1,749,996 - 13,200 - -
- - 22,983 - - - - -
16,602 2,054 5,400 90,680 9,502 111,276 11,803 4,465
- - - - - - 97,000 -
18,837 - 2,040 - - - - -
119,808 399,303 30,423 1,840,676 134,308 1,571,400 108,803 231,561 206,075 - - - 5,100 - - -
- - - - - - - -
- - - - - - - - - 376,272 - - - - 63,945 -
- - 278 - - - - 186,014
- - - - - - - -
- - - - - - - -
206,075 376,272 278 - 5,100 - 63,945 186,014
(86,267) 23,031 30,145 1,840,676 129,208 1,571,400 44,858 45,547 35,000 - - - - - 13,299 -
- 1,000 - (1,749,996) - (107,871) (12,411) -
35,000 1,000 - (1,749,996) - (107,871) 888 -
(51,267) 24,031 30,145 90,680 129,208 1,463,529 45,746 45,547 547,731 23,042 69,989 1,944,903 184,330 2,457,423 320,452 147,076 $ 496,464 $ 47,073 $ 100,134 $ 2,035,583 $ 313,538 $ 3,920,952 $ 366,198 $ 192,623 (Continued)
SPECIAL REVENUE FUNDS
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Packet Pg. 285 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
NON-MAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2024
Abandoned
GHAD San Ramon DV Performing Vehicle
NWSR Housing Arts Theatre Abatement
REVENUES
Intergovernmental - $ $ - $ - $ 35,001
Developer fees - 5,252,372 - -
Charges for services - - - -
Fines and forfeitures - - 34,928 -
Investment income 57,353 87,302 1,632 -
Special assessments 412,399 - - -
Miscellaneous - 1,014 9,304 10,135
469,752 5,340,688 45,864 45,136
EXPENDITURES
Current:
General government - - 1,157 -
Community development - - - -
Housing - 98,803 - -
Public works 14,162 - - -
Capital outlay - 4,948,387 - -
Debt service:
Principal - - - -
Interest and fees - - - -
Total Expenditures 14,162 5,047,190 1,157 -
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 455,590 293,498 44,707 45,136
OTHER FINANCING SOURCES (USES)
Transfers in - 701,000 - -
Transfers (out) - (701,000) - -
Total Other Financing Sources (Uses) - - - -
Net change in fund balances 455,590 293,498 44,707 45,136 Fund balances at the beginning of the period 1,487,811 7,301,615 21,460 52,612 Fund balances at the end of period $ 7,595,113 1,943,401 $ 66,167 $ 97,748 $
SPECIAL REVENUE FUNDS
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Packet Pg. 286 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual Total
2010 Pension 2021 Pension Nonmajor
Obligation LED Obligation Governmental
Bonds Lights COPS #12 COPS #13 Bonds Funds
$ - $ - $ - $ - $ - $ 5,473,822
- - - - - 8,508,397
- - - - - 2,243,445
- - - - - 57,911
191,646 3 - 17,466 - 1,260,845
- - - - - 5,452,483
2,428,967 - - - 1,061,302 5,149,746
2,620,613 3 - 17,466 1,061,302 28,146,649
- - - - - 219,283
- - - - - 233,156
- - - - - 98,803
- - - - - 5,681,938
- - - - - 5,138,325
515,000 300,300 470,000 800,000 1,675,000 3,760,300
882,812 8,121 23,647 824,541 410,885 2,150,006
1,397,812 308,421 493,647 1,624,541 2,085,885 17,281,811 1,222,801 (308,418) (493,647) (1,607,075) (1,024,583) 10,864,838 1,397,950 307,165 494,150 1,608,450 3,057,291 8,378,893 (2,367,413) - - (207,099) (2,087,828) (15,082,964)
(969,463) 307,165 494,150 1,401,351 969,463 (6,704,071) 253,338 (1,253) 503 (205,724) (55,120) 4,160,767
1,917,967 5,293 2,025 551,703 66,138 33,096,195
$ 2,171,305 $ 4,040 $ 2,528 $ 345,979 $ 11,018 $ 37,256,962
DEBT SERVICE FUNDS
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Packet Pg. 287 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
PLANNING COST RECOVERY FUND
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Charges for services $ 594,093 $ 480,213 $ (113,880)
Investment income - 20,324 20,324
Total revenues 594,093 500,537 (93,556)
EXPENDITURES
Current:
Community development 203,504 171,537 31,967
Total expenditures 203,504 171,537 31,967
Excess (deficiency) of revenue
over (under) expenditures 390,589 329,000 (61,589)
OTHER FINANCING SOURCES (USES)
Transfers (out) (258,594) (258,594) -
Total Other Financing Sources (Uses) (258,594) (258,594) - NET CHANGE IN FUND BALANCE $ 131,995 70,406 $ (61,589)
Fund balance at beginning of year 574,554
Fund balance at end of year $ 644,960
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Packet Pg. 288 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Developer fees $ 125,000 $ 248,355 $ 123,355
Investment income - 13,921 13,921
Total revenues 125,000 262,276 137,276
EXPENDITURES
Current:
Community development 102,732 61,619 41,113
Total expenditures 102,732 61,619 41,113
Excess (deficiency) of revenue
over (under) expenditures 22,268 200,657 178,389
NET CHANGE IN FUND BALANCE $ 200,657 22,268 178,389 $
Fund balance at beginning of year 302,797
Fund balance at end of year $ 503,454
GEOGRAPHIC INFORMATION SYSTEM FUND
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Packet Pg. 289 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Special assessments $ 90,482 $ 92,128 $ 1,646
Investment income - 1,258 1,258
Total revenues 90,482 93,386 2,904
EXPENDITURES
Current:
General Government - 5,766 (5,766)
Total expenditures 5,766 - (5,766)
Excess (deficiency) of revenue
over (under) expenditures 90,482 87,620 (2,862)
OTHER FINANCING SOURCES (USES)
Transfers (out) (90,482) (86,533) 3,949
Total Other Financing Sources (Uses) (90,482) (86,533) 3,949 NET CHANGE IN FUND BALANCE $ 1,087 1,087 - $
Fund balance at beginning of year -
Fund balance at end of year $ 1,087
CFD 2014-1 (ACRES) FUND
130
9.1.a
Packet Pg. 290 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Special assessments $ 564,937 $ 419,691 $ (145,246)
Investment income - 6,088 6,088
Total revenues 564,937 425,779 (139,158)
EXPENDITURES
Current:
General Government - 1,185 (1,185)
Total expenditures 1,185 - (1,185)
Excess (deficiency) of revenue
over (under) expenditures 564,937 424,594 (140,343)
OTHER FINANCING SOURCES (USES)
Transfers (out) (564,937) (419,297) 145,640
Total Other Financing Sources (Uses) (564,937) (419,297) 145,640 NET CHANGE IN FUND BALANCE $ 5,297 5,297 - $
Fund balance at beginning of year -
Fund balance at end of year $ 5,297
CITY OF SAN RAMON
CFD 2014-1 (FARIA) FUND
131
9.1.a
Packet Pg. 291 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
GAS TAX FUND
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Intergovernmental $ 4,493,792 $ 4,459,557 $ (34,235)
Investment income - 116,764 116,764
Total revenues 4,493,792 4,576,321 82,529
Excess (deficiency) of revenue
over (under) expenditures 4,493,792 4,576,321 82,529
OTHER FINANCING SOURCES (USES)
Transfers in - 226,673 226,673
Transfers (out) (3,578,303) (3,578,303) -
Total Other Financing Sources (Uses) (3,578,303) (3,351,630) 226,673 NET CHANGE IN FUND BALANCE $ 1,224,691 915,489 309,202 $ Fund balance at beginning of year 1,744,752
Fund balance at end of year $ 2,969,443
CITY OF SAN RAMON
132
9.1.a
Packet Pg. 292 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
PARK DEVELOPMENT FUND
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Developer fees $ 1,534,977 5,610,611 $ $ (4,075,634)
Investment income - 60,253 60,253
Total revenues 5,610,611 1,595,230 (4,015,381)
Excess (deficiency) of revenue
over (under) expenditures 5,610,611 1,595,230 (4,015,381)
OTHER FINANCING SOURCES (USES)
Transfers (out) (1,519,145) (1,580,545) (61,400)
Total Other Financing Sources (Uses) (1,519,145) (1,580,545) (61,400) NET CHANGE IN FUND BALANCE $ 14,685 4,091,466 $ (4,076,781) Fund balance at beginning of year 856,705
Fund balance at end of year $ 871,390
133
9.1.a
Packet Pg. 293 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
CROW CANYON PROJECT FUND
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Investment income $ - $ - $ -
Total revenues - - -
Excess (deficiency) of revenue
over (under) expenditures - - -
NET CHANGE IN FUND BALANCE $ - - $ -
Fund balance at beginning of year -
Fund balance at end of year $ -
134
9.1.a
Packet Pg. 294 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
SCCJEPA FUND
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Developer fees 2,822,259 $ 16,870 $ (2,805,389) $
Investment income - 219,759 219,759
Total revenues 2,822,259 236,629 (2,585,630)
Excess (deficiency) of revenue
over (under) expenditures 2,822,259 236,629 (2,585,630)
OTHER FINANCING SOURCES (USES)
Transfers (out) (32,871) (32,871) -
Total Other Financing Sources (Uses) (32,871) (32,871) - NET CHANGE IN FUND BALANCE $ 203,758 2,789,388 (2,585,630) $ Fund balance at beginning of year 6,467,245
Fund balance at end of year $ 6,671,003
135
9.1.a
Packet Pg. 295 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
STREET MAINTENANCE/ IMPROVEMENTS FUND
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Intergovernmental $ - $ 59,300 $ 59,300
Developer fees - 36,180 36,180
Investment income - 979 979
Miscellaneous - 492 492
Total revenues - 96,951 96,951
Excess (deficiency) of revenue
over (under) expenditures - 96,951 96,951
OTHER FINANCING SOURCES (USES)
Transfers (out) (76,699) (76,699) -
Total Other Financing Sources (Uses) (76,699) (76,699) - NET CHANGE IN FUND BALANCE $ 20,252 (76,699) 96,951 $
Fund balance at beginning of year 11,835
Fund balance at end of year $ 32,087
136
9.1.a
Packet Pg. 296 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
TRAFFIC IMPROVEMENTS FUND
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Developer fees $ 881,852 $ 2,771 $ (879,081)
Investment income - 12,249 12,249
Total revenues 881,852 15,020 (866,832)
Excess (deficiency) of revenue
over (under) expenditures 881,852 15,020 (866,832)
OTHER FINANCING SOURCES (USES)
Transfers in - 2,029 2,029
Transfers (out) (536,175) (536,175) -
Total Other Financing Sources (Uses) (536,175) (534,146) 2,029 NET CHANGE IN FUND BALANCE $ (519,126) 345,677 (864,803) $ Fund balance at beginning of year 526,062
Fund balance at end of year $ 6,936
137
9.1.a
Packet Pg. 297 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
TRI-VALLEY TRANSPORTATION FUND
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Developer fees $ 487,724 $ (154,858) $ (642,582)
Investment income - 1,492 1,492
Total revenues 487,724 (153,366) (641,090)
Excess (deficiency) of revenue
over (under) expenditures 487,724 (153,366) (641,090)
NET CHANGE IN FUND BALANCE $ (153,366) 487,724 (641,090) $ Fund balance at beginning of year 181,498
Fund balance at end of year $ 28,132
138
9.1.a
Packet Pg. 298 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
PUBLIC EDUCATION AND GOVERNMENT FUND
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Intergovernmental $ 195,000 $ 164,052 $ (30,948)
Investment income - 31,814 31,814
Total revenues 195,000 195,866 866
EXPENDITURES
Capital outlay 3,646 251,200 247,554
Total expenditures 251,200 3,646 247,554
Excess (deficiency) of revenue
over (under) expenditures (56,200) 192,220 248,420
NET CHANGE IN FUND BALANCE $ 192,220 (56,200) 248,420 $ Fund balance at beginning of year 878,242
Fund balance at end of year $ 1,070,462
139
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Packet Pg. 299 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
CITYWIDE LIGHTING AND LANDSCAPING FUND
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Special assessments $ 2,580,246 $ 2,678,992 $ 98,746
Intergovernmental 11,409 26,142 14,733
Investment income - 58,205 58,205
Charges for services 800 - (800)
Miscellaneous - 277,959 277,959
Total revenues 2,592,455 3,041,298 448,843
EXPENDITURES
Current:
Public works 2,051,499 1,922,542 128,957
Total expenditures 2,051,499 1,922,542 128,957
Excess (deficiency) of revenue
over (under) expenditures 540,956 1,118,756 577,800
OTHER FINANCING SOURCES (USES)
Transfers (out) (884,588) (884,588) -
Total Other Financing Sources (Uses) (884,588) (884,588) - NET CHANGE IN FUND BALANCE $ (343,632) 234,168 $ 577,800 Fund balance at beginning of year 1,384,760
Fund balance at end of year $ 1,618,928
140
9.1.a
Packet Pg. 300 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
SPECIAL LANDSCAPING ZONES FUND
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Special assessments $ 1,130,320 $ 1,132,302 $ 1,982
Investment income - 67,667 67,667
Miscellaneous - (244,733) (244,733)
Total revenues 1,130,320 955,236 (175,084)
EXPENDITURES
Current:
General government - (335) 335
Public works 1,336,022 1,077,224 258,798
Total expenditures 1,336,022 1,076,889 259,133
Excess (deficiency) of revenue
over (under) expenditures (205,702) (121,653) 84,049
OTHER FINANCING SOURCES (USES)
Transfers in 397,869 531,915 134,046
Transfers (out) (390,253) (390,253) -
Total Other Financing Sources (Uses) 7,616 141,662 134,046 NET CHANGE IN FUND BALANCE $ (198,086) 20,009 $ 218,095 Fund balance at beginning of year 1,822,312
Fund balance at end of year $ 1,842,321
141
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Packet Pg. 301 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
CANYON PARK FUND
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Special assessments $ 10,990 $ 33,406 $ 22,416
Investment income - 7,376 7,376
Total revenues 10,990 40,782 29,792
EXPENDITURES
Current:
Public works 59,096 34,370 24,726
Total expenditures 59,096 34,370 24,726
Excess (deficiency) of revenue
over (under) expenditures (48,106) 6,412 54,518
OTHER FINANCING SOURCES (USES)
Transfers (out) (2,517) (2,517) -
Total Other Financing Sources (Uses) (2,517) (2,517) -
NET CHANGE IN FUND BALANCE $ (50,623) 3,895 $ 54,518
Fund balance at beginning of year 212,743
Fund balance at end of year $ 216,638
142
9.1.a
Packet Pg. 302 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
VILLAGE CENTER COMMON AREA FUND
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Investment income $ - $ 3,112 $ 3,112
Miscellaneous 6,006 6,006 -
Total revenues 6,006 9,118 3,112
EXPENDITURES
Current:
Public works 6,318 4,618 1,700
Total expenditures 6,318 4,618 1,700
Excess (deficiency) of revenue
over (under) expenditures (312) 4,500 4,812
OTHER FINANCING SOURCES (USES)
Transfers in 15,884 3,971 (11,913)
Transfers (out) (3,971) (3,971) -
Total Other Financing Sources (Uses) - 11,913 (11,913)
NET CHANGE IN FUND BALANCE $ 11,601 4,500 $ (7,101)
Fund balance at beginning of year 92,124
Fund balance at end of year $ 96,624
143
9.1.a
Packet Pg. 303 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Intergovernmental $ 20,000 $ 21,056 $ 1,056
Investment income - 30,225 30,225
Miscellaneous 1,302,938 1,333,690 30,752
Total revenues 1,322,938 1,384,971 62,033
EXPENDITURES
Current:
Public works 1,355,642 1,233,339 122,303
Total expenditures 1,355,642 1,233,339 122,303
Excess (deficiency) of revenue
over (under) expenditures (32,704) 151,632 184,336
NET CHANGE IN FUND BALANCE $ (32,704) 151,632 $ 184,336 Fund balance at beginning of year 782,617
Fund balance at end of year $ 934,249
SOLID WASTE FUND
144
9.1.a
Packet Pg. 304 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Charges for services $ 1,000 $ 36 $ (964)
Special assessments 1,217,500 831,298 (386,202)
Investment income - 2,175 2,175
Miscellaneous 7,500 - (7,500)
Total revenues 1,226,000 833,509 (392,491)
EXPENDITURES
Current:
Public works 1,264,551 955,801 308,750
Total expenditures 1,264,551 955,801 308,750
Excess (deficiency) of revenue
over (under) expenditures (38,551) (122,292) (83,741)
NET CHANGE IN FUND BALANCE $ (38,551) (122,292) $ (83,741) Fund balance at beginning of year 156,379
Fund balance at end of year $ 34,087
NON-POINT DRAINAGE DISTRICT FUND
CITY OF SAN RAMON
145
9.1.a
Packet Pg. 305 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Intergovernmental $ 192,750 $ 84,369 $ (108,381)
Investment income - 16,602 16,602
Miscellaneous 15,000 18,837 3,837
Total revenues 207,750 119,808 (87,942)
EXPENDITURES
Current:
General government 374,731 206,725 168,006
Public Works - (650) 650
Total expenditures 374,731 206,075 168,656
Excess (deficiency) of revenue
over (under) expenditures (166,981) (86,267) 80,714
OTHER FINANCING SOURCES (USES)
Transfers in 35,000 35,000 -
Total Other Financing Sources (Uses) 35,000 35,000 -
NET CHANGE IN FUND BALANCE $ (131,981) (51,267) $ 80,714 Fund balance at beginning of year 547,731
Fund balance at end of year $ 496,464
STREET SMARTS FUND
CITY OF SAN RAMON
146
9.1.a
Packet Pg. 306 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Intergovernmental $ 656,420 $ 397,249 $ (259,171)
Investment income - 2,054 2,054
Total revenues 656,420 399,303 (257,117)
EXPENDITURES
Current:
Public Works 676,239 376,272 299,967
Total expenditures 676,239 376,272 299,967
Excess (deficiency) of revenue
over (under) expenditures (19,819) 23,031 42,850
OTHER FINANCING SOURCES (USES)
Transfers (out) - 1,000 1,000
Total Other Financing Sources (Uses) - 1,000 1,000
NET CHANGE IN FUND BALANCE $ (19,819) 24,031 $ 43,850
Fund balance at beginning of year 23,042
Fund balance at end of year $ 47,073
TDM PROGRAMS FUND
CITY OF SAN RAMON
147
9.1.a
Packet Pg. 307 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Fines and forfeitures $ - $ 22,983 $ 22,983
Investment income - 5,400 5,400
Miscellaneous - 2,040 2,040
Total revenues - 30,423 30,423
EXPENDITURES
Current:
Capital Outlay - 278 (278)
Total expenditures - 278 (278)
Excess (deficiency) of revenue
over (under) expenditures - 30,145 30,145
NET CHANGE IN FUND BALANCE $ - 30,145 $ 30,145
Fund balance at beginning of year 69,989
Fund balance at end of year $ 100,134
POLICE SERVICES DONATION FUND
CITY OF SAN RAMON
148
9.1.a
Packet Pg. 308 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Charges for services $ 1,615,220 $ 1,749,996 $ 134,776
Investment income - 90,680 90,680
Total revenues 1,615,220 1,840,676 225,456
Excess (deficiency) of revenue
over (under) expenditures 1,615,220 1,840,676 225,456
OTHER FINANCING SOURCES (USES)
Transfers (out) (1,749,996) (1,749,996) -
Total Other Financing Sources (Uses) (1,749,996) (1,749,996) - NET CHANGE IN FUND BALANCE $ (134,776) 90,680 $ 225,456 Fund balance at beginning of year 1,944,903
Fund balance at end of year $ 2,035,583
CITY OF SAN RAMON
VEHICLE REFUSE IMPACT FEES FUND
149
9.1.a
Packet Pg. 309 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Developer fees $ 595,821 $ 124,806 $ (471,015)
Investment income - 9,502 9,502
Total revenues 595,821 134,308 (461,513)
EXPENDITURES
Current:
General Government - 5,100 (5,100)
Total expenditures - 5,100 (5,100)
Excess (deficiency) of revenue
over (under) expenditures 595,821 129,208 (466,613)
OTHER FINANCING SOURCES (USES)
Transfers (out) (1,000,000) - 1,000,000
Total Other Financing Sources (Uses) (1,000,000) - 1,000,000 NET CHANGE IN FUND BALANCE $ (404,179) 129,208 $ 533,387 Fund balance at beginning of year 184,330
Fund balance at end of year $ 313,538
CITY OF SAN RAMON
OPEN SPACE DEVELOPMENT FUND
150
9.1.a
Packet Pg. 310 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
DEVELOPMENT MITIGATION FUND
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Developer fees $ 2,397,481 $ 1,446,924 $ (950,557)
Charges for services - 13,200 13,200
Investment income - 111,276 111,276
Total revenues 2,397,481 1,571,400 (826,081)
Excess (deficiency) of revenue
over (under) expenditures 2,397,481 1,571,400 (826,081)
OTHER FINANCING SOURCES (USES)
Transfers (out) (107,871) (107,871) -
Total Other Financing Sources (Uses) (107,871) (107,871) - NET CHANGE IN FUND BALANCE $ 1,463,529 2,289,610 (826,081) $ Fund balance at beginning of year 2,457,423
Fund balance at end of year $ 3,920,952
151
9.1.a
Packet Pg. 311 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Special assessments $ 114,522 $ 97,000 $ (17,522)
Investment income - 11,803 11,803
Total revenues 114,522 108,803 (5,719)
EXPENDITURES
Current:
Public works 97,968 63,945 34,023
Total expenditures 97,968 63,945 34,023
Excess (deficiency) of revenue
over (under) expenditures 16,554 44,858 28,304
OTHER FINANCING SOURCES (USES)
Transfers in 13,299 13,299 -
Transfers (out) (12,411) (12,411) -
Total Other Financing Sources (Uses) 888 888 -
NET CHANGE IN FUND BALANCE $ 45,746 17,442 28,304 $
Fund balance at beginning of year 320,452
Fund balance at end of year $ 366,198
CITY OF SAN RAMON
PRESERVE FARIA FUND
152
9.1.a
Packet Pg. 312 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Intergovernmental $ 211,868 $ 227,096 $ 15,228
Investment income - 4,465 4,465
Total revenues 211,868 231,561 19,693
EXPENDITURES
Current:
Capital outlay 186,014 186,141 127
Total expenditures 186,141 186,014 127
Excess (deficiency) of revenue
over (under) expenditures 25,727 45,547 19,820
NET CHANGE IN FUND BALANCE $ 45,547 25,727 19,820 $
Fund balance at beginning of year 147,076
Fund balance at end of year $ 192,623
CITY OF SAN RAMON
TRAFFIX PROGRAM FUND
153
9.1.a
Packet Pg. 313 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Special assessments $ 561,724 $ 412,399 $ (149,325)
Licenses and permits 1,500 - (1,500)
Investment income 7,418 57,353 49,935
Total revenues 570,642 469,752 (100,890)
EXPENDITURES
Current:
Public works 145,596 14,162 131,434
Total expenditures 145,596 14,162 131,434
Excess (deficiency) of revenue
over (under) expenditures 425,046 455,590 30,544
NET CHANGE IN FUND BALANCE $ 455,590 425,046 30,544 $
Fund balance at beginning of year 1,487,811
Fund balance at end of year $ 1,943,401
CITY OF SAN RAMON
GHAD - NWSR FUND
154
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Packet Pg. 314 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
SAN RAMON HOUSING FUND
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Developer fees $ 4,015,500 $ 5,252,372 $ 1,236,872
Investment income - 87,302 87,302
Miscellaneous - 1,014 1,014
Total revenues 4,015,500 5,340,688 1,325,188
EXPENDITURES
Current:
Housing - 98,803 (98,803)
Capital Outlay 4,948,387 4,948,387 -
Total expenditures 4,948,387 5,047,190 (98,803)
Excess (deficiency) of revenue
over (under) expenditures (932,887) 293,498 1,226,385
OTHER FINANCING SOURCES (USES)
Transfers in 701,000 701,000 -
Transfers (out) - (701,000) (701,000)
Total Other Financing Sources (Uses) - 701,000 (701,000) NET CHANGE IN FUND BALANCE $ 293,498 (231,887) 525,385 $ Fund balance at beginning of year 7,301,615
Fund balance at end of year $ 7,595,113
CITY OF SAN RAMON
155
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Packet Pg. 315 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Fines and forfeitures $ 30,000 $ 34,928 $ 4,928
Investment income - 1,632 1,632
Miscellaneous 9,000 9,304 304
Total revenues 39,000 45,864 6,864
EXPENDITURES
Current:
General government 3,000 1,157 1,843
Total expenditures 3,000 1,157 1,843
Excess (deficiency) of revenue
over (under) expenditures 36,000 44,707 8,707
OTHER FINANCING SOURCES (USES)
Transfers (out) (12,500) - 12,500
Total Other Financing Sources (Uses) (12,500) - 12,500
NET CHANGE IN FUND BALANCE $ 44,707 23,500 21,207 $
Fund balance at beginning of year 21,460
Fund balance at end of year $ 66,167
DV PERFORMING ARTS THEATRE
SCHEDULE OF REVENUES, EXPENDITURES
156
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Packet Pg. 316 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Intergovernmental $ 35,001 - $ $ 35,001
Miscellaneous - 10,135 10,135
Total revenues - 45,136 45,136
Excess (deficiency) of revenue
over (under) expenditures - 45,136 45,136
NET CHANGE IN FUND BALANCE $ 45,136 - $ 45,136
Fund balance at beginning of year 52,612
Fund balance at end of year $ 97,748
ABANDONED VEHICLE ABATEMENT FUND
SCHEDULE OF REVENUES, EXPENDITURES
157
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Packet Pg. 317 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Investment income $ - $ 191,646 $ 191,646
Miscellaneous 1,397,950 2,428,967 1,031,017
Total revenues 1,397,950 2,620,613 1,222,663
EXPENDITURES
Debt service:
Principal 515,000 515,000 -
Interest and fees 882,950 882,812 138
Total expenditures 1,397,950 1,397,812 138
Excess (deficiency) of revenue
over (under) expenditures - 1,222,801 1,222,801
OTHER FINANCING SOURCES (USES)
Transfers in 1,397,950 1,397,950 -
Transfers (out) (1,397,950) (2,367,413) (969,463)
Total Other Financing Sources (Uses) - (969,463) (969,463) NET CHANGE IN FUND BALANCE $ - 253,338 $ 253,338
Fund balance at beginning of year 1,917,967
Fund balance at end of year $ 2,171,305
2010 PENSION OBLIGATION BONDS FUND
158
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Packet Pg. 318 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Investment income $ - $ 3 $ 3
Total revenues - 3 3
EXPENDITURES
Debt service:
Principal 300,300 300,300 -
Interest and fees 6,865 8,121 (1,256)
Total expenditures 307,165 308,421 (1,256)
Excess (deficiency) of revenue
over (under) expenditures (307,165) (308,418) (1,253)
OTHER FINANCING SOURCES (USES)
Transfers in 307,165 307,165 -
Total Other Financing Sources (Uses) 307,165 307,165 -
NET CHANGE IN FUND BALANCE $ (1,253) - $ (1,253)
Fund balance at beginning of year 5,293
Fund balance at end of year $ 4,040
LED LIGHTS FUND
SCHEDULE OF REVENUES, EXPENDITURES
159
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Packet Pg. 319 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
EXPENDITURES
Debt service:
Principal $ 470,000 $ 470,000 $ -
Interest and fees 24,150 23,647 503
Total expenditures 494,150 493,647 503
Excess (deficiency) of revenue
over (under) expenditures (494,150) (493,647) 503
OTHER FINANCING SOURCES (USES)
Transfers in 494,150 494,150 -
Total Other Financing Sources (Uses) 494,150 494,150 -
NET CHANGE IN FUND BALANCE $ - 503 $ 503
Fund balance at beginning of year 2,025
Fund balance at end of year $ 2,528
COPS #12 FUND
160
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Packet Pg. 320 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
COPS #13 FUND
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Investment income $ - $ 17,466 $ 17,466
TOTAL REVENUES - 17,466 17,466
EXPENDITURES
Debt service:
Principal 800,000 800,000 -
Interest and fees 808,450 824,541 (16,091)
TOTAL EXPENDITURES 1,608,450 1,624,541 (16,091)
Excess (deficiency) of revenue
over (under) expenditures (1,608,450) (1,607,075) 1,375
OTHER FINANCING SOURCES (USES)
Transfers in 1,608,450 1,608,450 -
Transfers (out) (207,099) (207,099) -
Total Other Financing Sources (Uses) 1,401,351 1,401,351 - NET CHANGE IN FUND BALANCE $ (207,099) (205,724) $ 1,375 Fund balance at beginning of year 551,703
Fund balance at end of year $ 345,979
161
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Packet Pg. 321 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2024
Variance with
Final Budget
Positive
Final Actual (Negative)
REVENUES
Miscellaneous $ 2,087,828 $ 1,061,302 $ (1,026,526)
Total revenues 2,087,828 1,061,302 (1,026,526)
EXPENDITURES
Debt service:
Principal 1,675,000 1,675,000 -
Interest and fees 412,828 410,885 1,943
Total expenditures 2,087,828 2,085,885 1,943
Excess (deficiency) of revenue
over (under) expenditures - (1,024,583) (1,024,583)
OTHER FINANCING SOURCES (USES)
Transfers in 2,087,828 3,057,291 969,463
Transfers (out) (2,087,828) (2,087,828) -
Total Other Financing Sources (Uses) - 969,463 969,463
NET CHANGE IN FUND BALANCE $ - (55,120) $ (55,120)
Fund balance at beginning of year 66,138
Fund balance at end of year $ 11,018
2021 PENSION OBLIGATION BONDS FUND
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Packet Pg. 322 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
DESCRIPTIONS OF INTERNAL SERVICE FUNDS
June 30, 2024
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 employees’ healthcare premiums and claims.
The Infrastructure Maintenance Fund is used to account for the cost of maintaining City buildings. 163
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Packet Pg. 323 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
INTERNAL SERVICE FUNDS
COMBINING STATEMENTS OF NET POSITION
JUNE 30, 2024
Investment
Fund
Equipment
Replacement
Fund
Information
System
Replacement
Fund
Insurance
Liability Fund
ASSETS
Current Assets:
Cash and investments 9,941 $ 2,113,218 $ 1,330,252 $ 238,991 $ Restricted cash and investments - - - -
Receivables:
Accounts - 10,990 - 226,789
Interest - 12,070 6,337 -
Prepaids - - 2,835 -
Total current assets 9,941 2,136,278 1,339,424 465,780
Noncurrent Assets:
Capital assets, net of
accumulated depreciation 2,840,113 - - -
Total assets 9,941 4,976,391 1,339,424 465,780
LIABILITIES
Current Liabilities:
Accounts payable 6,292 63,616 9,550 84,878
Accrued payroll 3,649 - - 149,296
Due to other funds - - - 231,607
Total liabilities 9,941 63,616 9,550 465,781
NET POSITION
Net investment in capital assets - 2,840,113 - -
Unrestricted - 2,072,662 1,329,874 (1)
Total net position $ 4,912,775 - $ $ 1,329,874 $ (1)
164
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Packet Pg. 324 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual Healthcare Fund
Infrastructure
Maintenance
Fund Total
$
-
$ 3,692,402 - $
1,660,455 - 1,660,455
1,835,322 - 2,073,101
- 940 19,347
50,819 - 53,654
3,546,596 940 7,498,959
- - 2,840,113
3,546,596 940 10,339,072
3,937 - 168,273
- - 152,945
2,223,165 - 2,454,772
2,227,102 - 2,775,990
- - 2,840,113
1,319,494 940 4,722,969
$ 1,319,494
$ 940 $ 7,563,082
165
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Packet Pg. 325 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
INTERNAL SERVICE FUNDS
COMBINING STATEMENTS OF REVENUES, EXPENSES
AND CHANGES IN FUND NET POSITION
FOR THE YEAR ENDED JUNE 30, 2024
Investment
Fund
Equipment
Replacement
Fund
Information
System
Replacement
Fund
Insurance
Liability Fund
OPERATING REVENUES
Intergovernmental - $ $ - $ 194,100 - $
Charges for services - - 194,302 -
Miscellaneous 1,049,387 - 303,333 5,367,823
Total operating revenues - 1,049,387 497,635 5,561,923
OPERATING EXPENSES
Personnel services 74,703 - - 956,392
Services and supplies - (222,662) 342,830 132,234
Claims and insurance - - - 5,164,128
Depreciation - 948,002 - -
Total operating expenses 74,703 725,340 342,830 6,252,754 Operating income (loss) (74,703) 324,047 154,805 (690,831)
NONOPERATING REVENUES
Investment income 74,703 66,815 41,440 65
Net nonoperating revenues (expenses) 74,703 66,815 41,440 65 Income (loss) before transfers - 390,862 196,245 (690,766)
TRANSFERS
Transfers in - 1,497 - 497,327
Transfers (out) - (12,500) - -
Net transfers - (11,003) - 497,327
Change in net position - 379,859 196,245 (193,439)
Net position - beginning of year - 4,532,916 1,133,629 193,438 Net position - end of year $ 4,912,775 - $ $ 1,329,874 $ (1) 166
9.1.a
Packet Pg. 326 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual Healthcare Fund
Infrastructure
Maintenance
Fund Totals
$ -$ 194,100 - $
- 13,545 207,847
6,104,155 - 12,824,698
6,104,155 13,545 13,226,645
- - 1,031,095
- - 252,402
6,300,530 - 11,464,658
- - 948,002
6,300,530 - 13,696,157
(196,375) 13,545 (469,512)
733 3,613 187,369
733 3,613 187,369
(195,642) 17,158 (282,143)
- 1,500,000 1,998,824
- (1,688,076) (1,700,576)
- (188,076) 298,248
(195,642) (170,918) 16,105
1,515,136 171,858 7,546,977
$ 1,319,494
$ 940 $ 7,563,082
167
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Packet Pg. 327 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED JUNE 30, 2024
Investment
Fund
Equipment
Replacement
Fund
Information
System
Replacement
Fund
Insurance
Liability Fund
CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from department users $ 1,035,539 - $ $ 495,930 $ 4,688,064 Cash payments to suppliers of goods and services 6,000 64,157 (342,156) (55,469) Cash payments to and on behalf of employees for services (73,329) - - (6,050,360) Net cash provided (used) by operating activities (67,329) 1,099,696 153,774 (1,417,765)
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers in - 1,497 - 497,327
Transfers (out) - (12,500) - -
Cash flows from noncapital financing activities - (11,003) 497,327 -
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Proceeds from sale of capital assets - 52,486 - -
Acquisition and construction of capital assets - (1,291,110) - - Cash flows from capital and related financing activities - (1,238,624) - -
CASH FLOWS FROM INVESTING ACTIVITIES
Investment earnings received 74,703 66,815 41,440 65
Cash flows from investing activities 74,703 66,815 41,440 65 Net increase (decrease) in cash and cash equivalents 7,374 (83,116) 195,214 (920,373) Cash and investments at beginning of period 2,567 2,196,334 1,135,038 1,159,364 Cash and investments at end of period 9,941$ $ 2,113,218 $ 1,330,252 $ 238,991
RECONCILIATION OF OPERATING INCOME (LOSS) TO
NET CASH PROVIDED BY OPERATING ACTIVITIES:
Operating income (loss) $ (74,703) $ 324,047 $ 154,805 $ (690,831) Adjustments to reconcile operating income
to net cash provided by operating activities:
Depreciation and amortization - 948,002 - -
Change in assets and liabilities:
Accounts receivable - (10,990) 597,093 -
Interest receivable - (2,858) (1,705) -
Accounts payable 6,000 (158,505) 674 76,765
Accrued payroll 1,374 - - 70,160
Due to other funds - - - (1,470,952)
Net cash provided (used) by operating activities $ 1,099,696 (67,329) $ 153,774 $ (1,417,765) $ NON-CASH TRANSACTIONS:
Retirement of capital assets (52,486) $
168
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Packet Pg. 328 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual Healthcare Fund
Infrastructure
Maintenance Fund Totals
$ 6,302,418
$ 12,605 $ 12,534,556
(2,621)-(330,089)
(6,300,530) - (12,424,219)
(733) 12,605(219,752)
- 1,500,000 1,998,824
-
(1,688,076) (1,700,576)
-
(188,076) 298,248
- - 52,486
- -
(1,291,110)
- -
(1,238,624)
733 3,613 187,369
733 3,613 187,369
-
(171,858)(972,759)
1,660,455 171,858 6,325,616
$ 1,660,455
$
- $ 5,352,857
$ (196,375)$ 13,545 $ (469,512)
- - 948,002
(55,535)- 530,568
3,735
(940)(1,768)
(2,621) - (77,687)
- - 71,534
250,063 -
(1,220,889)
$ (733)$ 12,605 $ (219,752) $ (52,486)
169
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Packet Pg. 329 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual (This Page intentionally left blank.)
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Packet Pg. 330 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
DESCRIPTIONS OF CUSTODIAL FUNDS
June 30, 2024
Custodial Funds
Custodial Funds report fiduciary activities by the City on behalf of individuals, governmental entities, and non-public 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 TriValley Tourism Business Improvement District assessments on lodging business for which the City is acting only as an agent.
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Packet Pg. 331 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CUSTODIAL FUNDS
COMBINING STATEMENTS OF FIDUCIARY NET POSITION
JUNE 30, 2024
San Ramon
Cree Court Valley Tourism
Assessment SCCJEPA Improvement Total
District Fund Trust Fund District Custodial Funds
ASSETS
Cash and investments $ 72,581 $ 104,729 $ 103,201 $ 280,511 Accounts receivable 5 451 75,328 75,784
Total assets 72,586 105,180 178,529 356,295
LIABILITIES
Deposits payable - - 199,987 199,987
Total liabilities - - 199,987 199,987
NET POSITION
Restricted for individuals, organizations,
and other governments 72,586 105,180 (21,458) 156,308
Total net position (deficit) 72,586 $ 105,180 $ $ (21,458) $ 156,308
CITY OF SAN RAMON
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Packet Pg. 332 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CUSTODIAL FUNDS
COMBINING STATEMENTS OF CHANGES IN FIDUCIARY NET POSITION FOR THE YEAR ENDED JUNE 30, 2024
San Ramon
Cree Court Valley Tourism
Assessment SCCJEPA Improvement Total
District Fund Trust Fund District Custodial Funds
Additions
Investment income $ 2,320 $ 3,328 $ - $ 5,648
Total additions 2,320 3,328 - 5,648
Net increase in fiduciary
net position 2,320 3,328 5,648
Net position (deficit) - Beginning 70,266 101,852 (21,458) 150,660 Net position (deficit) - Ending $ 72,586 $ 105,180 $ (21,458) $ 156,308
CITY OF SAN RAMON
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Packet Pg. 333 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual (This Page intentionally left blank.)
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Packet Pg. 334 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
STATISTICAL SECTION
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Packet Pg. 335 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON, CALIFORNIA
MISCELLANEOUS STATISTICAL DATA
June 30, 2024
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 changed over time ................ 177-185 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. ............................................................. 186-192 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 .......................................................................................................................... 193-197 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 activities take place. ............ 198-201 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. ........................................................ 202-205 Sources: Unless otherwise noted, the information in these schedules is derived from the Annual Comprehensive Financial Reports for the relevant year.
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Packet Pg. 336 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
GOVERNMENT-WIDE REVENUES BY SOURCE
LAST TEN FISCAL YEARS
Fiscal Year
Charges for
Services
Operating
Grants &
Contribution
Capital Grants
&
Contributions Taxes
Unrestricted
Grants &
Contributions
Unrestricted
Investment
Earnings Special Items Miscellaneous Total
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 2023 23,370,322 37,514,694 - 47,450,019 163,789 1,226,819 - 2,773,322 112,498,965 2024 25,988,354 29,634,767 4,518,856 48,400,031 104,493 3,421,108 - 7,117,226 119,184,835 Special Item: Assets transferred from Successor Agency (Note 7) Source: City of San Ramon Finance Department.
Program Revenues General Revenues
$-
$5
$10
$15
$20
$25
$30
$35
$40
$45
$50
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Millions
Charges for Services Operating Grants & Contribution Capital Grants & Contributions Taxes Unrestricted Grants & Contributions Unrestricted Investment Earnings Special Items Miscellaneous 177
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Packet Pg. 337 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
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 &
Comm.
Services Debt Service Total
2015 4,087,620 4,958,010 - 884,366 17,098,714 33,230,480 8,690,941 1,549,984 70,500,115 2016 4,312,666 5,447,838 - 857,894 16,951,992 53,235,400 9,376,348 1,480,226 91,662,364 2017 3,811,113 5,511,125 - 532,789 18,497,953 57,528,031 9,235,946 1,421,758 96,538,715 2018 3,744,306 7,586,147 - 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 7,967,068 4,356,283 - 147,888 28,698,232 63,117,092 8,728,792 2,074,622 115,089,977 2021 8,945,328 4,722,306 - 692,707 26,984,956 66,663,070 9,296,676 1,971,936 119,276,979 2022 7,602,313 4,147,543 - 166,619 20,382,863 52,098,897 7,940,542 2,168,857 94,507,634 2023 17,138,205 6,050,547 - 151,471 31,884,506 63,907,384 10,131,767 2,133,354 131,397,234 2024 12,123,439 6,799,031 - 98,803 33,328,757 68,649,408 12,298,208 2,007,490 135,305,136 Source: City of San Ramon Finance Department.
* The Redevelopment Agency was dissolved as of January 31, 2012. -
10 20
30 40
50 60
70 80
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Millions
General Government Community Development Redevelop-ment Activities* Housing Police Services Public Works Parks & Comm. Services Debt Service 178
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Packet Pg. 338 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
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
2015 $ 1,371,771 32,968,914 $ 18,892,429 $ 6,390,025 $ 342,759 $ 738,365 $ 2,552,619 $ 6,099,794 $ 4,924,543 $ 74,281,219 $ 2016 1,712,228 35,880,275 22,302,225 7,872,024 424,930 605,112 3,472,736 6,120,389 20,567,310 98,957,229 2017 2,005,548 36,202,806 19,101,812 6,694,011 429,625 187,521 2,611,460 6,295,969 4,917,946 78,446,698 2018 2,687,739 37,372,331 20,527,587 7,836,829 458,940 328,008 3,475,588 6,775,530 5,593,780 85,056,332 2019 2,761,198 40,613,107 22,913,610 8,361,139 489,238 2,506,879 2,136,662 6,829,113 6,235,259 92,846,205 2020 2,060,875 39,345,698 26,842,765 6,911,332 303,509 2,929,628 1,676,360 7,357,518 4,645,014 92,072,699 2021 1,930,271 39,882,724 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 2023 47,450,017 3,318,430 29,561,470 8,068,623 205,992 1,039,160 6,666,097 7,633,873 8,555,303 112,498,965 2024 48,400,035 3,523,247 29,132,304 8,190,545 235,012 3,650,969 8,508,397 7,670,519 9,873,807 119,184,835 Source: City of San Ramon Finance Department
$-
$5
$10
$15
$20
$25
$30
$35
$40
$45
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Millions
Taxes License and Permits Intergovern-mental Charges for Services Fines and Forfeitures Investment Income Developer Fees Special Assessments Misc. 179
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Packet Pg. 339 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
TAX REVENUE BY SOURCE
LAST TEN FISCAL YEARS
Fiscal Year Property Sales & Use
Transient
Occupancy Franchise
Property
Transfer Total Revenues
2015 $ 9,398,739 16,091,598 $ 2,470,971 $ 4,371,778 $ 624,548 $ 32,957,634 $ 2016 10,484,639 17,240,799 2,807,649 4,491,196 845,912 35,870,195 2017 9,328,801 18,478,700 2,894,303 4,579,568 915,674 36,197,046 2018 9,371,941 19,559,287 3,002,708 4,645,223 793,167 37,372,326 2019 10,926,081 20,828,367 3,264,311 4,776,400 817,951 40,613,110 2020 10,606,225 20,770,096 2,316,300 4,994,029 659,048 39,345,698 2021 10,773,143 21,862,846 768,417 5,434,322 1,043,996 39,882,724 2022 12,124,019 23,479,914 1,744,152 5,444,056 1,213,062 44,005,203 2023 14,329,831 24,550,855 2,133,699 5,726,366 709,268 47,450,019 2024 13,960,107 25,264,164 2,425,594 6,028,810 721,356 48,400,031 Change
2015-2024 57.0% 48.5% -1.8% 37.9% 15.5% 46.9%
Source: City of San Ramon Finance Department
$-
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Property Sales & Use Transient Occupancy Franchise Property Transfer 180
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Packet Pg. 340 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
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
Redevelopment* HousingCapital
Projects Debt Service Total
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 3,975,564 22,679,118 43,185,607 6,850,767 - 129,937 4,918,235 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 2023 8,721,226 5,482,817 22,783,029 34,207,394 8,108,295 - 151,471 25,137,860 5,682,843 110,274,935 2024 9,822,282 5,512,006 27,925,458 37,214,567 9,130,214 - 98,803 22,966,376 5,910,306 118,580,012 Source: City of San Ramon Finance Department.
* The Redevelopment Agency was dissolved as of January 31, 2012. $0
$5
$10
$15
$20
$25
$30
$35
$40
$45
$50
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Millions
General Government Community Development Police Services Public Works Parks & Community Services Redevelop-ment* Housing Capital Projects Debt Service
181
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Packet Pg. 341 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
NET POSITION BY COMPONENTLAST TEN FISCAL YEARS(accrual basis of accounting) June 30,
Governmental activities: 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Invested in capital assets 421,282,671 $ 426,734,431 $ 439,179,307 $ 428,455,890 $ 414,409,089 $ 393,808,218 $ 368,555,622 $ 355,599,943 $ 353,429,841 $ 350,599,010 $ Restricted 71,705,018 71,688,071 76,664,534 76,793,600 73,914,667 76,894,439 73,759,679 63,481,492 75,089,247 74,299,149 Unrestricted (16,685,507) (11,892,459) (11,565,936) (15,099,077) (16,195,966) (20,403,067) (21,951,418) 8,764,495 (19,571,427) (32,030,799)Total $476,302,182 $486,530,043 $504,277,905 $490,150,413 $472,127,790 $450,299,590 $420,363,883 $427,845,930 $408,947,661 $392,867,360 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 preceeding years were not adjusted for the presentation. $(100)
$-
$500 $400 $300 $200 $100
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Millions
Invested in capital assets Restricted Unrestricted
182
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Packet Pg. 342 Attachment: Annual Audit Report for the City of San Ramon for the Fiscal Year Ended June 30, 2024 (2025-8 : FY 2023-24 Annual
CITY OF SAN RAMON
CHANGES IN NET POSITIONLAST TEN FISCAL YEARS(accrual basis of accounting) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Expenses:
Governmental activities:
General government 4,958,010 $ 5,447,838 $ 5,511,125 $ 7,586,147 $ 7,305,353 $ 7,967,068 $ 8,945,328 $ 7,602,313 $ 17,138,205 $ 12,123,439 $ Community development 4,087,620 4,312,666 3,811,113 3,744,306 4,413,183 4,356,283 4,722,306 4,147,543 6,050,547 6,799,031 Redevelopment activities * - - - - - - - - - -
Housing 884,366 857,894 532,789 1,255,134 404,052 147,888 692,707 166,619 151,471 98,803 Police services 17,098,714 16,951,992 18,497,953 21,366,871 23,569,516 28,698,232 26,984,956 20,382,863 31,884,506 33,328,757 Public works 33,230,480 53,235,400 57,528,031 60,581,885 60,000,806 63,117,092 66,663,070 52,098,897 63,907,384 68,649,408Parks and community service 8,690,941 9,376,348 9,235,946 10,596,399 12,121,428 8,728,792 9,296,675 7,940,542 10,131,767 12,298,208Interest on long-term debt 1,549,984 1,480,226 1,421,758 1,349,824 1,261,209 2,074,622 1,971,936 2,168,857 2,133,354 2,007,490 Total governmental activities expenses 70,500,115 91,662,364 96,538,715 106,480,566 109,075,547 115,089,977 119,276,978 94,507,634 131,397,234 135,305,136 Program revenues: