Vallejo City Council
March 10, 2026

$ 600,000 In December 2002, the former Redevelopment Agency of the City of Vallejo entered into a loan agreement with the Builders Alliance for Affordable Housing II, L.P. in the original amount of $500,000 with a term of 30 years and 5 % simple interest to assist covering the costs for the development of a 96-unit senior housing project on the property commonly known as Solano Vista Senior Apartments. In December 2018, an assumption and assignment agreement was entered into between Builder Alliance for Affordable Housing II, L.P. and Solano Vallejo AR L.P., where the original note shall be cancelled and superseded by the amended and restated note.

The City capitalized $100,000 of accrued interest from the remaining loan balance. As a result of entering this agreement, the new principal loan balance is $600,000 with a term of 40 years and a simple interest rate of 5% starting December 2018.
$ 296,933 These various residential purchase and rehabilitation loan programs were offered to qualifying low- to moderate- income individuals by the former Redevelopment Agency through the Affordable Housing Special Revenue Fund. These loans are secured by first or second mortgages on the residential property and are insured by private guaranty mortgage insurance.

The terms vary greatly depending on the ability of the property owner to repay the loan. Interest rates on these loans range from 3.0% to 8.0% and the principal maturity dates range from 5 years to 30 years. Deferred interest loans are offered as well as below-market-rate 30-year loans.

Interest income is recorded as payments are received.
$ 750,000 In October 2010, the former Redevelopment Agency of the City of Vallejo entered into a loan agreement in the original amount of $750,000 with Temple Art Loft Associates, L.P. This loan will partially fund the acquisition and rehabilitation of two existing buildings at 707-715 Marin Street.

The term of the loan is payable either at the sale of the housing project or at 57 years, and a simple interest of 3% per annum.
$3,298,260 In March 2024, the Housing Successor Agency of the City of Vallejo and Firm Foundation Community Housing entered into a loan agreement with a principal sum of no more than $3,300,000. The purpose of this agreement is to effectuate the Permanent Support Housing project for 2441 Broadway Street by providing financial assistance to the Borrower to pay for certain costs associated with the development and construction of the Project, consisting of approximately 47affordable and/or PSH units plus 1 unrestricted manager’s unit. As of June 2025, only $3,298,260 has been drawn down. The term of the loan is payable either at the sale of the Housing project or at 55 years, and a simple interest of 3% per annum.

In addition, the Housing Authority had entered into loan agreements with the following developers under its residential purchase and rehabilitation programs:
$ 246,592 The residential rehabilitation loan is a single loan entered into December 2011 with Temple Art Lofts Associates, L.P. The principal shall be due and payable in full upon the 55th anniversary of the date of the note. As long as no Event of Default occurs prior to the maturity date, borrower shall not be obliged to pay periodic payments of principal and or interest on the principal amount.

The outstanding balance at June 30, 2025 remains at $246,592 and recorded in the Section 8 Operating Reserve Fund.

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 4 - NOTES & LOANS RECEIVABLE (CONTINUED)
93

$ 672,532 In July 2014, the Housing Authority entered into a loan agreement with Vallejo Housing Collaborative, LLC, in the amount of $900,000. The proceeds of the loan will be used to partially fund the acquisition, rehab and operations of ten to twelve properties that are improved with housing to provide permanent housing for extremely low-income individuals and households transitioning from homelessness. The loan bears simple interest of 3% and is repayable from residual receipts as defined in the agreement. The loan is secured by up to two deeds of trust on the properties and unpaid principal and interest is due on or before the thirtieth anniversary of the promissory note. As of June 30, 2025, the developer has drawn down $672,532 of the loan proceeds. This amount is recorded in the Section 8 Operating Reserve Fund and Section 8 Administration Program Fund.

C. HOME Program, CDBG Program, and NSP Program
Various residential purchase and rehabilitation loan programs are offered to qualifying low- to moderate- income individuals by the City through the, HOME, CDBG and NSP Programs. The loan portfolio also includes loans made to affordable housing developers for rental housing projects. $ 900,000 In June 2006, the City entered into a loan agreement with Avian Glen to provide additional funding for the construction of a multi-family residential housing complex containing 87 units. The term of the promissory note is 30 years at 3% interest per annum. $ 495,734 In March 2011, the City entered into a loan agreement with Temple Art Loft Associates, L.P. to provide additional funding from HOME program for the construction and rehabilitation of 2 existing buildings located at 707-715 Marin Street. The term of the promissory note is 57 years at 3% interest per annum.
$ 100,000 In July 2014, the City entered into a loan agreement with Vallejo Housing Collaborative using HOME funds to partially fund the same project funded with loan from Vallejo Housing Authority.

The term of the promissory note is 30 years at 3% interest per annum and repayable from residual receipts as defined in the agreement.
$ 93,735 In July 2016, the City entered into a loan agreement with Solano-Napa Habitat for Humanity for the acquisition and development of owner-occupied affordable housing of a single-family home located at 760 Tregaskis Avenue in Vallejo. The loan term is 5 years at 0% simple interest and principal payments are deferred. Management is working on establishing new loan terms with the borrower.
$ 495,229 In December 2023, the City entered into a loan agreement with Vallejo PSH, L.P. to partially fund the construction costs of the Blue Oak Landing project at 2118 Sacramento Street. The term of the promissory note is 55 years at 3% interest per annum. $ 1,700,162 Various loans granted for residential purchase and rehabilitation for qualifying low to moderate income individuals through the HOME program.
$ 920,362 The City entered into a loan agreement with Reynaissance Family Center for purchase and rehabilitation of a real property located at 2160 Sacramento Street in Vallejo. This loan was due and payable at 3% on December 31, 2017. At the option of the City Council, the loan could be deferred/extended for an additional ten years if the center is still in operation. Management is working on establishing new loan terms with the borrower.

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 4 - NOTES & LOANS RECEIVABLE (CONTINUED)
94

$ 240,000 In February 2002, the City entered into a loan agreement with Youth and Family services for “Rosewood House” a six-bed transitional housing facility. In 2014, Youth and Family Services ceased operations and defaulted on loan. In 2015 Bay Area Community Services expressed interest in assuming loan and was assigned loan. This loan was due and payable June 30, 2022 at interest rate of 3% per annum. Loan will be considered paid in full by the city if property is utilized continuously by borrower for transitional housing with supportive service and Annual Performance reports required by HUD are submitted.
$ 400,000 In March 2011, the City entered into a loan agreement with Temple Art Loft Associates, L.P. to provide additional funding from CDBG program for the rehabilitation of 2 existing buildings located at 707-715 Marin Street. The term of the promissory note is 57 years at 3% interest per annum.
$ 241,374 Various loans granted for residential purchase and rehabilitation for qualifying low to moderate income individuals through the CDBG program. These loans are secured by first or second mortgages on the residential property and are insured by private guaranty mortgage insurance.

The terms vary greatly depending on the ability of the property owner to repay the loan. Interest rates on these loans range from 3.0% to 5.0% and the principal maturity dates range from 5 years to 30 years.
$ 1,437,844 In March 2011, the City entered into a loan agreement with Temple Art Loft Associates, L.P. from NSP program funds for the rehabilitation of 2 existing buildings located at 707-715 Marin Street.

The term of the promissory note is 57 years at 3% interest per annum. $ 493,315 In May 2019, the City entered into a loan agreement with Community Housing Development Corporation (CHDC) in the amount of $969,612.The CHDC has drawn $493,315 of the loan for the acquisition of real property located at 759, 747, 720 and 726 Sonoma Boulevard in Vallejo for low-income owner occupied housing project. The loan term is 0% simple interest and principal payments are deferred. The loan is due and payable no later than May 14, 2024. However, the City may, at its option, extend the note for an additional five-year term(s) subject to continuing compliance with the NSP program requirements. City is working on establishing new loan terms with the borrower.
$ 268,383 Various loans granted for residential purchase and rehabilitation for qualifying low to moderate income individuals through the NSP program. These loans are secured by first or second mortgages on the residential property and are insured by private guaranty mortgage insurance.

The terms vary greatly depending on the ability of the property owner to repay the loan. Interest rates on these loans range from 3.0% to 5.0% and the principal maturity dates range from 5 years to 30 years.

D. General Fund
$ 1,691,481 In December 2023, the City entered into a loan agreement with Vallejo PSH, LP to recoup HOME funds disallowed by HUD for project noncompliance for the Blue Oak Landing project at 2118 Sacramento Street. The term of the promissory note is 55 years at 3% interest per annum.

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 4 - NOTES & LOANS RECEIVABLE (CONTINUED)
95

$2,879,665 In September 2024, the City entered into a loan agreement with Firm Foundation Community Housing to support the development of a Permanent Supportive Housing project at 2441 Broadway Street. The City provided a Measure P–funded loan of $2,879,665, bearing simple interest at 3%, to finance construction of 47 extremely low-income housing units and one manager’s unit, all subject to 55-year affordability restrictions. The loan becomes due upon the earlier of the project’s sale or transfer, or 55 years after issuance of a final certificate of occupancy, and includes requirements for the borrower to collaborate with the City on a tenant preference program prioritizing individuals experiencing homelessness within Vallejo. $ 777,221 In May 2003, the City entered into a $1,400,000 loan agreement with Sereno Village Associates for the development of a 125-unit very low-income rental housing project. The loan bears interest at 3 percent simple interest and is due in full 15 years from issuance. The loan is secured by a deed of trust. To the extent that excess cash flow is generated by the project, the borrower is required to repay accrued interest and principal on an annual basis. As of June 30, 2025, the outstanding balance attributable to the General Fund, including accrued interest, totaled $1,117,197. City management is currently working with the borrower to establish revised loan terms.
$23,281 In December 2011, the City entered into a $112,909 loan agreement with Temple Art Lofts Associates to pay certain impact fees, permit fees, and administrative fees related to the 707–715 Marin Street Project. The loan bears zero interest and is due and payable in full upon the 55th anniversary of the loan date, December 15, 2066. The loan is recorded in both the General Fund and the Transportation Impact Mitigation Fund. As of June 30, 2025, the portion of the loan attributable to the General Fund totaled $23,281.

E. Neighborhood Parks Fund
$138,760 In May 2003, the City provided loan financing to Sereno Village Associates as part of a $1,400,000 loan agreement supporting the development of a 125-unit very low-income rental housing project. The loan bears interest at 3 percent simple interest, is secured by a deed of trust, and is payable in full 15 years from issuance. Repayment of accrued interest and principal is required annually to the extent that excess project cash flow is available. As of June 30, 2025, the outstanding balance attributable to the Neighborhood Parks Fund, including accrued interest, was $200,151. City management is currently in the process of negotiating new loan terms with the borrower.

F. Transportation Impact Mitigation Fund
$ 89,088 In December 2011, the City entered into the same $112,909 loan agreement with Temple Art Lofts Associates to pay certain impact fees, permit fees, and administrative fees related to the 707–715 Marin Street Project. The loan bears zero interest and is due and payable in full upon the 55th anniversary of the loan date, December 15, 2066. The loan is recorded in both the General Fund and the Transportation Impact Mitigation Fund. As of June 30, 2025, the portion of the loan attributable to the Transportation Impact Mitigation Fund totaled $89,088.

G. Golf Cart Storage
During fiscal year 2007, the City loaned $350,000 to Vallejo Golf Club, Inc. for the construction of a golf cart storage building. During fiscal year 2011, the City established an allowance for collectability equal to the total amount owed of $180,843. At June 30, 2025, the outstanding balance of this loan and the offsetting allowance were $180,843.

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 4 - NOTES & LOANS RECEIVABLE (CONTINUED)
96

H. Long-Term Loans - Former Redevelopment Agency
$ 1,560,116 From 2003 to 2006, the City had advanced $4,296,000 to the Vallejo Central Debt Service Fund which the Agency, in turn, loaned to Empress Investment Fund, LLC, for the purpose of theater improvements, and in fiscal year 2003, the City advanced $500,000 to the Marina Vista Debt Service Fund for the Georgia Street extension project. Repayment of these loans were contingent upon the Successor Agency receiving a Finding of Completion, as defined in Health and Safety Code Section 34179.6. After the Successor Agency receives a Finding of Completion, under the provisions of Health and Safety Code Section 34191.4(b)(2)(A), the loans can be repaid by the Successor Agency. However, the Successor Agency must apply for approval of the loans by the Oversight Board including a finding that the loans were for legitimate redevelopment purposes.

On February 12, 2015 the Oversight Board to the Successor Agency of the former Vallejo Redevelopment Agency approved these pre-dissolution loans between the City and the former Vallejo Redevelopment Agency as enforceable obligations. The DOF approved these loans as enforceable obligations in March 2015.

During the early years of the Agency (pre-1990), the City advanced start-up funds to the Agency.

As of January 31, 2012, the date of dissolution of the former Redevelopment Agency, the balance of these advances, including accrued interest at that date totaled $9,042,032. On February 12, 2015, the Oversight Board also approved these pre-1990 loans between the City and the former Vallejo Redevelopment Agency as enforceable obligations, but the DOF overturned the approval.

However, a change in Health and Safety Code Section 34191.4 during fiscal year 2016 provided for the reestablishment of these prior loans as enforceable obligations so long as they were approved by the Oversight Board. On January 28, 2016, the Oversight Board passed resolution OB 16-002 to reaffirm its approval of the Pre-1990 loans.

However, the DOF continued to deny approval of the pre-1990 loans as enforceable obligations during the Recognized Obligation Payment Schedule (ROPS) process. Due to the uncertainty of State approval, the City reports these loans their full value of $3,450,964, with an offsetting allowance as of June 30, 2025.

The loan balances as of June 30, 2025 are as follows:

Principal Accrued Interest Total
Hiddenbrooke Overpass Capital Projects Fund $ - $ 155,488 $ 155,488 Bridge Construction Capital Projects Fund - 160,730 160,730 Arts and Convention Center Capital Projects Fund - 1,243,898 1,243,898 General Fund:

Waterfront 162,805 894,799 1,057,604
Marina Vista - 647,510 647,510
Central 708,372 1,037,478 1,745,850
Less Allowance for Doubtful Accounts (871,177) (2,579,787) (3,450,964) $ - $ 1,560,116 $ 1,560,116
The loans bear simple interest of 3%. Repayment of these loans is governed by Health and Safety Code Section 34176(e)(6) and the maximum annual repayment is limited based on calculations in that Code Section.

Repayment installments were approved by the State Department of Finance starting fiscal year 2016-17 through the annual ROPS process.

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 4 - NOTES & LOANS RECEIVABLE (CONTINUED)
97

I. VFWD Notes and Loans
Notes receivable at June 30, 2025, consisted of the following:

Note receivable with Sereno Village Associates for connection fees dated November 19, 2002, in the principal amount of $351,635, secured by deed of trust, bearing simple interest at 3% payable from net surplus cash with the entire unpaid interest and principal due in 15 years. As of June 30, 2025, the Note is still outstanding and management is still working on establishing new loan terms with Sereno Village. Management deems the note as collectible. $ 248,860
Note receivable between the District and District employees for the Computer Literacy program that allows employees to borrow, an amount approved by the District Manager, to purchase personal computers. The principal balance amount of $31,309, with the rate of interest equal to the rate of interest being earned by District that shall not exceed 9% is to be paid off within 36 months from the date of the loan. 5,559 Total $ 254,419
NOTE 5 - LEASES AND SUBSCRIPTION-BASED INFORMATION TECHNOLOGY ARRANGEMENTS City and Housing Authority
A. Governmental Activities
As of June 30, 2025, the City as a lessor, has 46 qualified leases under GASB Statement No., 87. These agreements involve the leasing of land, office space, facilities and telecommunications infrastructure to various lessees. Leases were initially measured on July 1, 2021, with the City’s adoption of the new lease standards. The City also had inflows of resources during the fiscal year totaling $1,115,578. This includes $987,222 of lease revenue, $129,872 of interest revenue and $61,465 of variable and deletions of $62,981 excluded in the initial measurement of the lease receivables. The balance of deferred inflows or resources associated with the City’s leases agreements is $10,061,328.

The following is a summary of the 46 qualified leases and description of the lease arrangements and the balance of the deferred inflow of resources associated with the leases:

Lease Receivable Inflows of Resources
Lease
Balance at
6/30/2024
Principal
Payments Deletions
Balance at
6/30/25
Lease
Revenue
Interest
Revenue Deletions
Variable
Payments
Land $ 4,818,587 $ (93,352) $ (75,676) $ 4,649,559 $ 193,661 $ 48,561 $ (62,981) $ 43,330 Office and Related
Space 884,952 (383,309) - 501,643 266,875 9,802 - - Telecommunications 6,293,145 (338,008) - 5,955,137 526,686 71,509 - 18,135 Total $ 11,996,684 $ (814,669) $ (75,676) $ 11,106,339 $ 987,222 $ 129,872 $ (62,981) $ 61,465 Land Leases - The City is the lessor for 7 ground lease agreements related to land including railroad track, certain tide and submerged lands with varied terms and the latest expiring on September 30, 2066. Interest rates vary between .90% to 2.1%. Total payments for the current year ranged from $1,200 to $57,131.

Office and Related Space Lease - On July 31, 2019, the City assumed the existing agreement between Alsation Land Company Vallejo, LLC and Veteran’s Administration for the lease of office and related space in 400 Mare Island Way. The lease is for twenty years which includes a termination option that the City is reasonably certain will be exercised by lessee after the ten-year firm term end date in 2027. Interest rate is 1.5%. Total monthly payments received for the current year was $393,111.

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 4 - NOTES & LOANS RECEIVABLE (CONTINUED)
98

Telecommunication Leases - The City entered into 38 lease agreements with wireless providers (AT&T, Verizon, T-Mobile, Mobilitie) related to telecommunications. These agreements are for the installation, operation, and maintenance of telecommunication sites, mounting structures and equipment associated with the transmission and reception of radio communication signals. These agreements are all qualified leases under GASB Statement No. 87 with periods covering various ranges and the latest expiring on February 28, 2047. Interest rates range from .90% to 1.5%. Total payments for the current year varied from $1,342 to $54,036.

Future annual lease receivables as of June 30, 2025, are as follows:

Fiscal Year Ended Principal Interest Total
2026 $ 1,056,349 $ 216,539 $ 1,272,888
2027 794,793 148,109 942,902
2028 609,628 139,121 748,749
2029 644,921 130,754 775,675
2030 681,938 121,830 803,768
2031 - 2035 2,117,773 500,072 2,617,845
2036 - 2040 1,643,923 365,393 2,009,316
2041 - 2045 1,634,800 236,891 1,871,691
2046 - 2050 1,276,616 116,334 1,392,950
2051 - 2055 199,689 58,036 257,725
2056 - 2060 194,806 38,856 233,662
2061 - 2065 218,607 17,412 236,019
2066 - 2067 32,496 682 33,178
Total $ 11,106,339 $ 2,090,029 $ 13,196,368
The remaining agreements that are not qualified under GASB Statement No. 87 are either short-term in nature, do not meet the City’s threshold or outside the scope of the standard. These non-qualified lease agreements have not been recognized and measured as part of the City’s lease receivable, and the receipts related to these agreements are recognized as revenue as appropriate under standard GAAP revenue recognition rules.

VFWD
The District has entered into a lease agreement with New Inspiration Broadcasting Company, Inc. for certain land on Tubbs Island, California for use as a tower site. The terms of this agreement include monthly rental payments increasing annually based on the Consumer Price Index (CPI) for all Urban Consumers for the San Francisco/ Oakland/San Jose Metropolitan Area published by the United States Department of Labor. This lease commenced on April 1, 2021. The lease receivable was discounted to a net present value at April 1, 2021 using a 0.5% interest rate and CPI increase of 2.2% per year. For the year ended June 30, 2025, the District reviewed and updated its capitalization threshold for leases in accordance with Governmental Accounting Standards Board (GASB) Statement No. 87, Leases. Based on the updated threshold, certain lease receivables that would otherwise meet the recognition criteria under GASB 87 fall below the District’s capitalization threshold. Accordingly, no lease receivable or corresponding deferred inflow of resources has been recognized for this lease arrangements in the financial statements. Lease payments received under these arrangements are recognized as revenue when earned. Management has assessed that the omission of recognition does not have a material effect on the financial statements. See Note 12 for additional restatement amounts at June 30, 2025.

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 5 - LEASES AND SUBSCRIPTION-BASED INFORMATION TECHNOLOGY ARRANGEMENTS (CONTINUED) 99

B. Lease Payable
Lease agreements are summarized as follows:

Description
Balance June
30, 2024 Adjustments Additions Retirement
Balance June
30, 2025
Current
Portion
Governmental Activities
Equipment - Copiers - Xerox $ 56,941 $ 5,778 $ 17,782 $ (18,610) $ 61,891 $ 21,917 Property - 301 Farragut
Street 3,529,230 (5,778) - (88,460) 3,434,992 87,742 Total Governmental Activities 3,586,171 - 17,782 (107,070) 3,496,883 109,659 Business-type Activities
Equipment - Copiers - Xerox 19,978 - 15,238 (8,296) 26,920 8,680 Equipment - Golf Cart - - 958,878 (95,873) 863,005 190,974 Equipment - Messer 16,766 - - (16,766) - -
Total Business-Type Activities 36,744 - 974,116 (120,935) 889,925 199,654 Total $ 3,622,915 $ - $ 991,898 $ (228,005) $ 4,386,808 $ 309,313 The City of Vallejo has fully adopted and implemented GASB87 standard in which the City recognizes leased equipment lease liability and a lease asset. Leased equipment includes lease agreements with Xerox Company for eleven copiers with term in months ranging from 36-60 with fixed interest ranging from 0.25% to 2.35%. In addition, the City has a lease with Messer equipment for Water Department with a 36 month term with a fixed

2.35% interest rate. Leased equipment also includes one PNC agreement for Golf Cart for term of 60 months with a fixed 3% interest rate.

Annual requirements to amortize long-term lease obligations and related interest are as follows:

Ending Governmental Activities Business-type Activities Total June 30, Principal Interest Principal Interest Principal Interest 2026 $ 109,659 $ 51,780 $ 199,654 $ 2,306 $ 309,313 $ 54,086 2027 108,886 50,064 200,216 1,743 309,102 51,807
2028 105,808 48,581 199,991 1,136 305,799 49,717
2029 96,403 46,906 193,698 603 290,101 47,509
2030 93,162 45,505 96,366 119 189,528 45,624
2031-2035 487,224 206,110 - - 487,224 206,110
2036-2039 2,495,741 138,926 - - 2,495,741 138,926 Totals $ 3,496,883 $ 587,872 $ 889,925 $ 5,907 $ 4,386,808 $ 593,779

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 5 - LEASES AND SUBSCRIPTION-BASED INFORMATION TECHNOLOGY ARRANGEMENTS (CONTINUED) 100

C. Subscription-Based Information Technology Arrangements The City has entered into various SBITAs as the subscriber for the use of software solution. The subscription liability range was from $53,256 to $1,415,541. As of June 30, 2025, the total value of the subscription liability was $3,013,225. The subscriptions have interest rates ranging from 2.32% to 3.18%. Information on the subscription assets as of June 30, 2025 are as follows:

Subscription Type
Amount of SBITA
Capital Assets
Accumulated
Amortization
Governmental Activities
Software as a service $ 4,026,071 $ 945,268
Business-type Activities
Software as a service 328,906 211,440
Total $ 4,354,977 $ 1,156,708
Information on the subscription liabilities as of June 30, 2025 are as follows:

Description
Balance June 30,
2024 Additions Retirement
Balance June 30,
2025
Current
Portion
Governmental Activities
Software liability $ 504,039 $ 3,643,372 $ (1,270,423) $ 2,876,988 $ 635,177 Business-type Activities
Software liability 282,832 - (146,595) 136,237 136,237 Total $ 786,871 $ 3,643,372 $ (1,417,018) $ 3,013,225 $ 771,414 The future principal and interest subscription payments as of June 30, 2025, were as follows:

Ending Governmental Activities Business-type Activities Total June 30, Principal Interest Principal Interest Principal Interest 2026 $ 635,177 $ 72,573 $ 136,237 $ 4,154 $ 771,414 $ 76,727 2027 728,667 55,140 - - 728,667 55,140
2028 803,073 36,896 - - 803,073 36,896
2029 710,071 17,381 - - 710,071 17,381
Totals $ 2,876,988 $ 181,990 $ 136,237 $ 4,154 $ 3,013,225 $ 186,144

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 5 - LEASES AND SUBSCRIPTION-BASED INFORMATION TECHNOLOGY ARRANGEMENTS (CONTINUED) 101

NOTE 6 - CAPITAL ASSETS
All capital assets are valued at historical cost or estimated historical cost if actual historical cost is not available.

Contributed capital assets are valued at their estimated acquisition value on the date contributed.

Capital assets with limited useful lives are depreciated over their estimated useful lives. The amount charged to depreciation expense each year represents that year’s pro rata share of the cost of capital assets.

Depreciation is determined using the half year convention method, which means the cost of the asset is divided by its expected useful life in years and the result is charged to expense each year, but only half of the full year depreciation is charged in the first year, while the other half is charged in the last year of depreciation or in the year the asset is sold or retired.

The City has assigned the useful lives and capitalization thresholds listed below to capital assets.

Useful Lives Capitalization Threshold
Land N/A Capitalize All
Easements N/A $ 500,000
Land Improvements 25 to 60 Years 50,000
Buildings and Improvements 5 to 50 Years 50,000
Machinery and Equipment 5 to 25 Years 5,000
Internally Developed Software 2 to 5 Years 500,000
Purchased Software 2 to 5 Years 50,000
Right-to-use assets 5,000
Machinery and Equipment Shorter of the lease term or 2-5 years 5,000 Subscription assets Shorter of subscription term or 2-5 years 50,000 Infrastructure:

Traffic Signals 5 to 25 Years 50,000
Street Lights 15 to 50 Years 50,000
Bridges and Culverts 15 to 60 Years 50,000
Sidewalks, Curbs and Gutters 15 to 40 Years 50,000
Streets and Roads 15 to 40 Years 50,000
Improvements to existing infrastructure assets in excess of $50,000 are capitalized if: the estimated useful life of the existing asset has been extended by at least 25%; or the capacity of the existing asset has been substantially improved; or the quality of the output of the existing asset has been substantially improved.

The VFWD capitalizes applicable assets greater than $10,000 and the VFWD has assigned the useful lives listed below to capital assets:

Wastewater Treatment Plant and Facilities 5 to 40 Years Wastewater and Storm Warm Pump Stations 5 to 25 Years
Wastewater Collection and Storm Water Transmissions Systems 5 to 50 Years Buildings and Improvements 5 to 40 Years
Machinery and Equipment 5 to 25 Years
Right-of-use lease assets 3 to 10 Years
Major outlays for capital assets and improvements are capitalized as projects are constructed. Interest incurred during the construction phase is reflected in the capitalized value of the asset constructed, net of interest earned on the invested proceeds over the same period.

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 6 - CAPITAL ASSETS
102

A. Governmental Capital Asset Activity
June 30, 2024 Additions Deletions Transfers June 30, 2025 Governmental activities:

Capital assets, not being depreciated/amortized
Land $ 116,109,761 $ - $ - $ - $ 116,109,761
Construction-in-progress 44,783,817 15,137,984 (18,078,141) (1,571,705) 40,271,955 Total capital assets, not being depreciated/amortized 160,893,578 15,137,984 (18,078,141) (1,571,705) 156,381,716 Capital assets, being depreciated
Buildings and Improvements 126,319,561 97,402 - - 126,416,963 Machinery and equipment 55,251,541 3,307,451 (711,854) - 57,847,138 Infrastructure 304,372,520 - - 1,571,705 305,944,225 Total capital assets, being depreciated 485,943,622 3,404,853 (711,854) 1,571,705 490,208,326 Less accumulated depreciation
Buildings and Improvements (70,783,830) (5,536,406) - - (76,320,236) Machinery and equipment (40,209,952) (3,549,017) 694,021 - (43,064,948) Infrastructure (178,979,071) (1,624,857) - - (180,603,928) Total accumulated depreciation (289,972,853) (10,710,280) 694,021 - (299,989,112) Right-to-use assets being amortized
Right-to-use lease property 3,604,302 - - - 3,604,302 Right-to-use lease machinery and equipment 32,318 17,783 (13,480) - 36,621 Right-to-use subscription software 970,438 3,524,704 (469,071) - 4,026,071 Total right-to-use assets 4,607,058 3,542,487 (482,551) - 7,666,994 Less accumulated amortization
Right-to-use lease machinery and equipment (28,668) (21,448) 13,480 - (36,636) Right-to-use subscription software (522,420) (738,189) 315,341 - (945,268) Total accumulated amortization (551,088) (759,637) 328,821 - (981,904) Total capital assets, being depreciated/amortized, net 200,026,739 (4,522,577) (171,563) 1,571,705 196,904,304 Total governmental activities capital assets $ 360,920,317 $ 10,615,407 $ (18,249,704) $ - $ 353,286,020 Balance Balance

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 6 - CAPITAL ASSETS (CONTINUED)
103

B. Business-Type Capital Asset Activity
Balance Balance
June 30, 2024 Adjustments Additions Deletions Transfers June 30, 2025 Business-type activities:

Capital assets, not being depreciated/
amortized
Land $ 17,405,624 $ - $ - $ - $ - $ 17,405,624
Construction-in-progress 20,192,273 - 12,840,871 - (1,084,110) 31,949,034 Total capital assets, not being depreciated/
amortized 37,597,897 - 12,840,871 - (1,084,110) 49,354,658 Capital assets, being depreciated
Buildings and Improvements 93,671,865 - - - 128,948 93,800,813 Machinery and Equipment 27,462,870 - 394,817 - 500,240 28,357,927 Infrastructure 166,388,764 - 299,724 - 454,922 167,143,410 Total capital assets, being depreciated 287,523,499 - 694,541 - 1,084,110 289,302,150 Less accumulated depreciation
Buildings and Improvements (69,923,304) (63,912) (1,519,950) - - (71,507,166) Machinery and Equipment (17,168,144) 63,912 (1,238,221) - - (18,342,453) Infrastructure (122,778,048) - (2,243,006) - - (125,021,054) Total accumulated depreciation (209,869,496) - (5,001,177) - - (214,870,673) Total assets being depreciated, net 77,654,003 - (4,306,636) - 1,084,110 74,431,477 Right-to-use assets being amortized
Right-to-use machinery and equipment 86,823 - 974,116 (63,295) - 997,644 Right-to-use subscription software 390,673 - - (61,767) - 328,906 Total right-to-use assets being amortized 477,496 - 974,116 (125,062) - 1,326,550 Less accumulated amortization for
Right-to-use machinery and equipment (50,602) - (162,201) 63,295 - (149,508) Right-to-use subscription software (111,658) - (161,549) 61,767 - (211,440) Total accumulated amortization (162,260) - (323,750) 125,062 - (360,948) Total right-to-use assets, net 315,236 - 650,366 - - 965,602 Total capital assets, being depreciated/
amortized, net 77,969,239 - (3,656,270) - 1,084,110 75,397,079 Total business-type activities capital assets $ 115,567,136 - $ 9,184,601 $ - $ - $ 124,751,737 C. City Depreciation and Amortization Allocation
Governmental Activities
Executive $ 584,317
Finance 117,221
Community Development 286,332
Fire Services 252,028
Police Services 1,142,537
Public Works 7,041,198
Internal Service 2,046,284
Total depreciation/amortization expense $ 11,469,917
Business-Type Activities
Water $ 4,943,570
Marina 48,386
Golf 248,486
Parking 29,962
Fiber 54,523
Total depreciation/amortization expense $ 5,324,927

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 6 - CAPITAL ASSETS (CONTINUED)
104

VFWD Capital Asset Activity
Balance at
June 30, 2024 Additions Retirements Transfers
Balance at
June 30, 2025
Capital Assets, Not Being Depreciated/Amortized:

Land and improvements $ 2,810,716 $ - $ - $ - $ 2,810,716 Construction in Progress 36,724,366 24,454,212 (33,691) (7,959,922) 53,184,965 Total Capital Assets, Not Being Depreciated/
Amortized 39,535,082 24,454,212 (33,691) (7,959,922) 55,995,681 Capital Assets Being Depreciated/Amortized:

Buildings and Improvements 4,607,533 - - 484,098 5,091,631 Pump stations 45,204,413 295,263 - 5,003,498 50,503,174 Plant and facilities 140,609,934 26,400 (1,316,162) 631,725 139,951,897 Collection systems 151,773,654 496,084 - 1,840,601 154,110,339 Collection systems - con cap 46,144,269 - - - 46,144,269 Plant and facilities - con cap 2,165,355 - - - 2,165,355 Machinery, equipment, vehicles 14,492,216 779,150 (283,263) - 14,988,103 Right-to-use lease land 1,356,358 100 - - 1,356,458 Right-to-use lease machinery, equipment and
vehicles 898,872 - (898,872) - -
Right-to-use subscription assets 808,556 - (808,556) - - Total Capital Assets Being Depreciated/Amortized 408,061,160 1,596,997 (3,306,853) 7,959,922 414,311,226 Less Accumulated Depreciation/Amortization for:

Buildings and Improvements (3,010,108) (127,825) - - (3,137,933) Pump stations (33,640,598) (1,084,039) - - (34,724,637) Plant and facilities (97,320,327) (2,976,175) 1,314,446 - (98,982,056) Collection systems (53,276,268) (3,144,858) - - (56,421,126) Collection systems - con cap (34,184,704) (824,412) - - (35,009,116) Plant and facilities - con cap (1,466,129) (54,132) - - (1,520,261) Machinery, equipment, vehicles (10,971,824) (635,072) 592,672 - (11,014,224) Right-to-use lease assets/land assets (106,220) (26,605) - - (132,825) Right-to-use lease machinery, equipment and
vehicles (469,172) - 469,172 - -
Right-to-use subscription assets (368,178) - 368,178 - - Total Accumulated Depreciation/Amortization (234,813,528) (8,873,118) 2,744,468 - (240,942,178) Net Capital Assets Being Depreciated/Amortized 173,247,632 (7,276,121) (562,385) 7,959,922 173,369,048 Capital Assets, Net $ 212,782,714 $ 17,178,091 $ (596,076) $ - $ 229,364,729

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 6 - CAPITAL ASSETS (CONTINUED)
105

NOTE 7 - LONG-TERM DEBT
The City generally incurs long-term debt to finance projects or purchase assets, which will have useful lives equal to or greater than the related debt.

For governmental fund types, bond premiums and discounts, as well as issuance costs, are recognized during the current period. Bond proceeds are reported as another financing source gross of the applicable premium or discount. Issuance costs, even if withheld from the actual net proceeds received, are reported as debt service expenditures.

For proprietary fund types, bond premiums and discounts are deferred and amortized over the life of the bonds using the effective interest method. Bonds payable are reported net of the applicable bond premium or discount.

Bond issuance costs are expensed in the year incurred. Any differences between proprietary refunded debt and the debt issued to refund it is recorded as Deferred Outflows/Inflows of Resources and amortized over the remaining life of either the refunded debt or the refunding debt, whichever is shorter.

A. Current Year Transactions and Balances
The City’s long-term debt issues and transactions were as follows:

Original
Issue
Amount
Balance at
June 30,
2024 Adjustments Additions Retirements
Balance at
June 30,
2025
Current
Portion
Governmental Activity Debt:

Certificates of Participation:
1999 COPs
(Restructured, see Note 7C) $ 4,815,000 $ 1,701,517 $ - $ - $ (235,000) $ 1,466,517 $ 245,000 Total Certificates of Participation 4,815,000 1,701,517 - - (235,000) 1,466,517 245,000 UBOC Reimbursement Obligations:

UBOC Tranche A - General Fund 7,813,780 725,819 - - (463,016) 262,803 262,803 Loan Principal 7,906,677 7,906,677 (522,720) - (125,671) 7,258,286 236,390 Accreted Interest - 624,410 522,720 101,463 - 1,248,593 - 15,720,457 9,256,906 - 101,463 (588,687) 8,769,682 499,193 Bank of America Fleet Loan 5,000,000 4,400,000 - (665,000) 3,735,000 690,000 Total Loans & Note Payable 20,720,457 13,656,906 - 101,463 (1,253,687) 12,504,682 1,189,193 Financed Purchases:

Motorola Equipment Lease (Police) 3,997,967 1,334,575 - - (436,208) 898,367 444,802 Total Financed Purchases 3,997,967 1,334,575 - - (436,208) 898,367 444,802 Total Direct Borrowings 24,718,424 14,991,481 - 101,463 (1,689,895) 13,403,049 1,633,995 Total Governmental Activity Debt $ 29,533,424 $ 16,692,998 $ - $ 101,463 $ (1,924,895) $ 14,869,566 $ 1,878,995

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 7 - LONG-TERM DEBT
106

Original Issue
Amount
Balance at
June 30, 2024 Adjustments Retirements
Balance at
June 30, 2025
Current
Portion
Business-Type Activity Debt-Revenue Bonds:
2020A Water Revenue Refunding Bonds, 4%,
due 5/1/30 $ 16,750,000 $ 6,685,000 $ - $ - $ 6,685,000 $ - Plus: Unamortized Bond Premium - 1,180,561 - (196,760) 983,801 - 2020B Water Revenue Refunding Bonds, var.
rate, due 5/1/28 20,075,000 13,135,000 - (3,550,000) 9,585,000 3,515,000 2021A Water Revenue Bonds, var. rate, due
5/1/51 42,600,000 40,210,000 - (855,000) 39,355,000 890,000 Plus: Unamortized Bond Premium - 8,173,911 - (302,738) 7,871,173 - Total Revenue Bonds 79,425,000 69,384,472 - (4,904,498) 64,479,974 4,405,000 Business Activity Debt - Direct Borrowing:

UBOC Reimbursement Obligations:

UBOC Tranche A - Golf Course 4,269,641 136,004 - (136,004) - - UBOC Tranche A - Marina 7,916,579 161,500 - (161,500) - - UBOC Tranche B - Golf Course
Loan Principal 4,561,670 4,561,670 (128,172) 4,433,498 269,656 Accreted Interest - 797,895 - 797,895 -
UBOC Tranche B - Marina
Loan Principal 8,899,586 8,899,586 (170,199) (368,733) 8,360,654 540,264 Accreted Interest - 1,299,057 170,199 - 1,469,256 - Other Loans & Notes Payable:

State Safe Drinking Water 0%, due 1/1/25 68,080 1,701 - (1,701) - - State Safe Drinking Water 2.32%, due 7/1/20 - - - - - - Total Direct Borrowings 25,715,556 15,857,413 - (796,110) 15,061,303 809,920 Total Business Activity Debt $ 105,140,556 $ 85,241,885 $ - $ (5,700,608) $ 79,541,277 $ 5,214,920 Original Issue
Amount
Balance at
June 30, 2024 Additions Retirements
Balance at
June 30, 2025
Current
Portion
VFWD:

Revenue Bonds:
2024 Refunding Bond $ 18,825,000 $ 17,070,000 $ - $ (1,505,000) $ 15,565,000 $ 1,585,000 Premium on bond, net 1,935,011 1,870,511 - (193,501) 1,677,010 - Total Revenue Bonds 20,760,011 18,940,511 - (1,698,501) 17,242,010 1,585,000 Other Loans & Notes Payable - Direct
Borrowings:

State Clean Water (2008) 2.4%, due 2025 4,406,072 310,010 - (310,010) - - 2021 State Revolving Fund Loan 2,025,735 26,029,247 17,300,604 - 43,329,851 - Lease liability - 384,126 - (384,126) - -
Subscription liability - 287,414 - (287,414) - -
Total Loans & Notes Payable 6,431,807 27,010,797 17,300,604 (981,550) 43,329,851 - Total VFWD Debt $ 27,191,818 $ 45,951,308 $ 17,300,604 $ (2,680,051) $ 60,571,861 $ 1,585,000

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 7 - LONG-TERM DEBT (CONTINUED)
107

B. Debt Service Requirements
Annual debt service requirements to maturity are shown below for all long-term debt:

Governmental Activities
1999 COPs Direct Borrowings
For the Year Ending June 30 Principal Interest Principal (a) Interest 2026 $ 245,000 $ 65,757 $ 1,633,995 $ 303,679
2027 260,000 52,501 1,715,935 256,785
2028 275,000 38,457 1,305,962 210,326
2029 290,000 23,625 1,344,909 171,411
2030 313,006 8,006 1,376,782 131,163
2031-2035 83,511 - 4,659,421 340,579
2036-2040 - - 1,366,045 28,507
Total $ 1,466,517 $ 188,346 $ 13,403,049 $ 1,442,450
(a) Includes accreted interest on the UBOC Retirement Obligations - Tranche B for $1,248,593.

Business-Type Activities
Revenue Bonds Direct Borrowings
For the Year Ending June 30 Principal Interest Principal (a) Interest 2026 $ 4,405,000 $ 2,021,210 $ 809,920 $ 244,746
2027 4,005,000 1,923,113 823,082 231,585
2028 4,105,000 1,827,963 836,457 218,210
2029 4,200,000 1,724,400 850,049 204,617
2030 4,370,000 1,556,400 863,862 190,804
2031-2035 5,855,000 6,458,000 4,534,496 738,836
2036-2040 7,115,000 5,190,000 4,076,287 358,238
2041-2045 8,665,000 3,647,800 2,267,151 29,680
2046-2050 10,540,000 1,770,800 - -
2051-2053 2,365,000 94,600 - -
Total 55,625,000 $ 26,214,286 15,061,304 $ 2,216,716
Plus: Unamortized Bond Premium (discount) 8,854,974 - Net Long-Term Debt $ 64,479,974 $ 15,061,304
(a) Includes accreted interest on the UBOC Retirement Obligations - Tranche B for $2,267,151

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 7 - LONG-TERM DEBT (CONTINUED)
108

VFWD
Revenue Bonds and Certificates of
Participation
For the Year Ending
June 30 Principal Interest Total
2026 $ 1,585,000 $ 730,050 $ 2,315,050
2027 1,660,000 650,800 2,310,800
2028 1,740,000 567,800 2,307,800
2029 1,825,000 480,800 2,305,800
2030 1,915,000 389,550 2,304,550
2031-2034 6,840,000 615,000 7,455,000
Total 15,565,000 $ 3,434,000 $ 18,999,000
Plus: Unamortized Bond
Premium (discount) 1,677,010
Net Long-Term Debt $ 17,242,010
C. Certificates of Participation (COPs)
1999 COPs – In July 1999, the City issued $4,815,000 of Certificates of Participation (1999 Capital Improvements Project) to finance City capital improvements. Principal payments are payable annually on July 15. Interest payments are due semiannually on January 15 and July 15.

Due to the failure of the City to pay the scheduled amounts due under the original agreement, on January 25, 2011, the City, National Public Finance Guarantee Corporation (National) and the Controller for the State of California (the “Controller”) entered into a Settlement Agreement (the Settlement Agreement).

Commencing July 1, 2013, the City was to pay the Trustee the full scheduled amount when due and commencing on January 15, 2014, to pay National, on January 15 and July 15 of each year, an amount equal to 100% of all MVLF to which the City would be entitled under the California Revenue and Taxation Code during the previous six months, minus the amount paid to the Trustee for the same period, provided that the MVLF exceed the total amounts due for that period. The City’s obligation to pay amounts is not dependent on its receipt of MVLF in any amount.

The MVLF catch-up payment is to be applied to the shortfall indebtedness until paid in full. To the extent that the shortfall indebtedness is not paid in full by the last scheduled payment under the Lease Agreement, the City is to pay the remaining balance of the shortfall indebtedness to National no later than January 15, 2030. As of June 30, 2024, shortfall indebtedness was fully paid.

Bond Rating – On June 11, 2024, Standard and Poor’s raised its long-term rating and underlying rating (SPUR) to “A” from “A-” on 1999 COPS. The credit report highlighted the City’s strong financial position during the past five fiscal years.

D. UBOC Reimbursement Obligations
On August 2, 2011, Union Bank and the City reached a restructuring agreement regarding series 2000, 2001, 2002, and 2003 Certificates of Participation (COPs) which amended and replaced the COPs as follows:

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 7 - LONG-TERM DEBT (CONTINUED)
109

There are two tranches: the “A” obligation and the “B” obligation. The starting principal balance of the “A” obligation is $18,049,887 and the “B” obligation has a starting principal of $21,367,933. No interest accrued on either the “A” or the “B” obligation from the effective date of November 1, 2011, through December 31, 2014, and interest commenced accrual on both obligations on January 1, 2015. The “A” obligation has a fixed annual interest rate of 2.5% and the “B” obligation has a fixed annual interest rate of 1.625%. Interest is payable annually on the first business day of each calendar year, in a single annual payment, in advance. Interest payments on the obligations commence in the calendar years 2015 and 2018 for obligations “A” and “B”, respectively, and continuing, in each case, until the principal balance of that obligation has been paid in full.

Principal is payable annually on the first business day of each calendar year, in a single annual payment, commencing with the 2012 calendar year for the “A” obligation and 2025 for the “B” obligation. The outstanding principal balance, all accrued but unpaid interest, and all other amounts due under the New Union Bank Reimbursement Agreement Payment Agreement with respect to the “A” obligation is due and payable on January 1, 2026; and the “B” obligation is due and payable on January 1, 2042.

E. Revenue Bonds
2020 Water Revenue Refunding Bonds – On March 31, 2020, the City issued $36,825,000 in Water Revenue Refunding Bonds to refund the outstanding 2006 and 2013 Water Revenue Bonds. The refunding resulted in an economic gain (difference between the present values of the debt service payments on the old and new debt) of $5,583,330.

The Series 2020 A & B Bonds and the interest thereon are payable solely from a first lien on and pledge of the Net Revenues (the amount of the gross revenues less operating expenses) derived by the City from the operation of the City’s water system. Interest is payable on May 1 and November 1. Annual principal payments are due on May 1. The debt is secured and serviced by water system operations. The 2020 Series A&B Bonds were given an AA rating by Standard & Poor’s.
2021 Water Revenue Bonds Series A – On February 2, 2021, the City issued $42,600,000 in Water Revenue Bonds to provide funds to finance capital facilities needed to operate and improve the City’s water system. The Series 2021A Bonds are secured by a pledge of Net Revenues on a parity with the Series 2020A Bonds, the Series 2020B Bonds, and the 2004 SDWSRF Loan. The Series 2021A Bonds will not be secured by amounts on deposit in the Parity Reserve Fund established under the Indenture, or by any other reserve fund, and amounts on deposit in the Parity Reserve Fund are not pledged to the payment of the Series 2021A Bonds. Interest is payable on May 1 and November 1 of each year. Annual principal payments are due on May 1. The debt is secured and serviced by water system operations. The 2021 Series A Bonds were given an A+ rating by Standard & Poor’s.

The pledge of future net revenues ends upon repayment of the $64,017,000 in remaining debt service on the bonds and loans which is scheduled to occur in 2041. Under the terms of the indenture, net revenues are required to provide a 1.25 debt service coverage ratio.

For fiscal year 202 5, operating revenues, investment income, and capital grants and contributions amount to $63,424,825 and operating costs including operating expenses, but not interest, amounted to $38,790,380. Net Revenues available for debt service amounts to $24,634,445 , which represents coverage of 3.79 over the $6,506,807 in combined debt service for the 2020 Series A & B Water Revenue Refunding Bonds, 2021 Series A Water Revenue Bonds and State Safe Drinking Water loans debt service.

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 7 - LONG-TERM DEBT (CONTINUED)
110

2024 Refunding Bonds - The District issued 2024 Wastewater Revenue Refunding Bonds, Series 2024A, in the principal amount of $18,825,000 at a premium of $1,935,011 (1) to refund the outstanding principal of 2011 Revenue Bonds, (2) to refund the outstanding principal of the 2014 Revenue Bonds, and (3) to pay certain costs of issuing the bonds. The bonds are fully registered with principal due annually on May 1, and interest payable semi-annually on May 1 and November 1.

The transaction resulted in a deferred amount on refunding of $1,864,339. The deferred amount on refunding is carried as a deferred inflow of resources, and the premium is carried as a net reduction of the 2024 Revenue Bonds. The deferred amount on refunding and the premium are amortized on a straight-line basis over the life of the bonds as components of interest expense.

F. Other Notes and Loans Payable
State Safe Drinking Water, Water Fund – The loan, with original amount of $68,080, from the State of California, Department of Water Resources was used to finance construction of a project which enables the City to meet safe drinking water standards. The interest rate is 0%. Semiannual principal payments are due on July 1 and January 2, through 2025. As of June 30, 2025, the loan is fully paid.

Bank of America Loan for Fleet Purchases – On June 13, 2023, City entered into a loan agreement with Bank of America Public Capital Corp for the amount of $5,000,000 to finance the purchase of new fire, police, and public works fleet vehicles. The rate is 3.96% and semiannual principal payments are due on June 1 and December 1, through 2030.

Vallejo Flood and Wastewater State Clean Water (2008) – During the fiscal year ended June 30, 2008, the District completed a second loan agreement with the State Water Resources Control Board’s Division of Financial Assistance. The loan is dated January 24, 2008 and is in the principal amount of $4,406,072. Payments in the amount of $317,450 with interest at 2.4% commence January 24, 2009 and are due annually thereafter until maturity in 2025. This loan has been fully paid off as of June 30, 2025.

Vallejo Flood and Wastewater State Clean Water (2021) – During the fiscal year ended June 30, 2022, the District entered into loan agreement with the State Water Resources Control Board’s Division of Financial Assistance. The loan is dated April 26, 2022 and is in the principal amount of up to $40,000,000. The District is drawing down on the loan as the project progresses. There has been no repayment schedule set as of June 30, 2023. Interest is to accrue at a rate of 0.8% per annum and will begin with each disbursement. Final payment date is set at December 31, 2055.

G. Finance Purchase Agreement
Radio Equipment Finance Purchase Agreement
On May 2020, City entered into a finance purchase agreement in the amount of $3,997,967 with Motorola Solutions Inc., for the purchase of radio equipment. The City agreed to make a $1.0 million down payment and annual payments of $462,500 commencing June 26, 2021 until maturity in 2027.

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 7 - LONG-TERM DEBT (CONTINUED)
111

NOTE 8 - DEBT WITHOUT CITY COMMITMENT
Assessment and Improvement Districts
Special Assessment and Improvement Districts in various parts of the City have issued debt to finance infrastructure improvements and facilities within their boundaries. The City is the collecting and paying agent for the debt issued by these Districts but has no direct or contingent liability for the payment of this debt. Therefore, this debt is not reported as long-term debt of the City. The outstanding balance of each of these issues as of June 30, 2025 is as follows:

Improvement Bonds
2004 Hiddenbrooke Improvement District Series A $ 5,170,000 Northeast Improvement District 2003-1 3,620,000
Total $ 8,790,000
The following bonds do not constitute or create a debt or pledge of the general credit or taxing power of the city, and, accordingly, are not reported as long-term debt of the city.

CMFA Multifamily housing revenue Bonds:

West Harbor Park Apartments- Multifamily housing revenue Bonds 2025 Series A-1 (West Harbor Park Apartments) in the amount of $37,000,000. The bonds bear interest at the rate of SIFMA+5% interest payments are due annually through April 1,2055. The bonds are dated April 15th 2025 ($11,650,000)and August 26th 2025 ($25,350,000) and were issued to provide funding for a mortgage loan for the acquisition and construction of a multifamily housing project. On June 30,2025, $11,650,000 of these bonds remained outstanding.

NOTE 9 - EMPLOYEE BENEFITS PAYABLE
Employee Benefits Payable reported in the Statement of Net Position includes compensated absences as discussed below.

The City provides employees with vacation, sick, and compensatory time-off benefits. A liability for compensated absences is recognized when the leave is earned and it is more likely than not that the leave will be used or otherwise paid or settled. The liability is measured using the employee’s pay rate as of June 30, 2025, including certain salary-related payment directly associated with the leave.

Effective for the fiscal year ended June 30, 2025, the City implemented the provisions of Governmental Accounting Standards Board (GASB) Statement No. 101, Compensated Absences.

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 8 - DEBT WITHOUT CITY COMMITMENT
112

Compensated absences activity for the City and VFWD for the year ended June 30, 2025 is as follows:

Governmental
Activities
Business-Type
Activities Total VFWD
Compensated absences activity:

Beginning balance $ 11,965,160 $ 1,412,934 $ 13,378,094 $ 2,416,266 Restatement 1,929,783 196,125 2,125,908 -
Adjusted beginning balance 13,894,943 1,609,059 15,504,002 2,416,266 Net change (258,206) 217,171 (41,035) 756,426
Ending balance $ 13,636,737 $ 1,826,230 $ 15,462,967 $ 3,172,692 Compensated absences
Classification presentation:

Current portion:

Internal service funds - City $ 148,545 $ - $ 148,545 $ - Entity-wide 3,532,841 513,015 4,045,856 -
Vallejo Flood and Wastewater District - - - 639,342 Current portion 3,681,386 513,015 4,194,401 639,342 Noncurrent portion:

Internal Service Funds - City $ 145,200 $ - $ 145,200 $ - Entity-wide 9,810,151 1,313,215 11,123,366 -
Vallejo Flood and Wastewater District - - - 2,533,350 Noncurrent portion 9,955,351 1,313,215 11,268,566 2,533,350 Total $ 13,636,737 $ 1,826,230 $ 15,462,967 $ 3,172,692 NOTE 10 - PENSION PLAN
A. General Information about the City’s Pension Plans
Plan Descriptions – All qualified permanent and probationary employees are eligible to participate in the City’s separate Safety (police and fire) and Miscellaneous (all other) Plans, 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 Pension Reform Act of 2013 (PEPRA), Assembly Bill 340, is applicable to employees new to CalPERS and hired after December 31, 2012.

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 9 - EMPLOYEE BENEFITS PAYABLE (CONTINUED)
113

The Plans’ provisions and benefits in effect as of the measurement date, are summarized as follows:

Miscellaneous
Classic Tier I PEPRA
Hire date Prior to
January 1, 2013
On or After
January 1, 2013
Benefit Formula 2.7% @ 55 2.0% @ 62
Benefit Vesting Schedule 5 years of service 5 years of service Benefit Payments monthly for life monthly for life
Retirement Age 50 - 55 52 - 67
Monthly Benefits, as a % of eligible compensation 2.0% - 2.7% 1.0% - 2.5% Required Employee Contribution Rates 8.00% 7.75%
Required Employer Contribution Rates (Normal
Cost)

11.360% 11.360%
Required Unfunded Accrued Liability Contribution
(Monthly Basis)
$9,427,216
Safety - Fire
Classic Tier I Classic Tier II PEPRA
Hire date Prior to
December 28, 2012
On or After
December 28, 2012
On or After
January 1, 2013
Benefit Formula 3% @ 50 2% @ 50 2.7% @ 57
Benefit Vesting Schedule 5 years of service 5 years of service 5 years of service Benefit Payments monthly for life monthly for life monthly for life Retirement Age 50 50 - 55 50 - 57
Monthly Benefits, as a % of eligible compensation 3.00% 2.0% - 2.7% 2.0% - 2.7% Required Employee Contribution Rates 9.00% 9.00% 13.75% Required Employer Contribution Rates (Normal Cost) 22.750% 22.750% 22.750% Required Unfunded Accrued Liability Contribution
(Monthly Basis)
$16,190,827
Safety - Police
Classic Tier I PEPRA
Hire date Prior to
January 1, 2013
On or After
January 1, 2013
Benefit Formula 3% @ 50 2.7% @ 57
Benefit Vesting Schedule 5 years of service 5 years of service Benefit Payments monthly for life monthly for life
Retirement Age 50 50 - 57
Monthly Benefits, as a % of eligible compensation 3.00% 2.0% - 2.7% Required Employee Contribution Rates 9.00% 13.75%
Required Employer Contribution Rates (Normal
Cost)

22.750% 22.750%
Required Unfunded Accrued Liability Contribution
(Monthly Basis)
Included in Fire table above
Employees Covered – At the June 30, 2023 actuarial valuation date, the following employees were covered by the benefit terms for each Plan:

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 10 - PENSION PLAN (CONTINUED)
114

Miscellaneous
Classic Tier I Classic Tier II PEPRA Plan
Inactive employees or beneficiaries currently receiving benefits 613 - 9 Inactive employees eligible to, but not yet receiving benefits 120 - 130 Inactive employees ineligible to, but not yet receiving benefits 81 - 151 Active employees 84 - 240
Total 898 - 530
Safety
Classic Tier I Classic Tier II PEPRA Plan
Inactive employees or beneficiaries currently receiving benefits 418 - - Inactive employees eligible to, but not yet receiving benefits 39 1 26 Inactive employees ineligible to, but not yet receiving benefits 3 - 38 Active employees 75 1 84
Total 535 2 148
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 both Plans are determined annually on an actuarial basis as of June 30 by CalPERS. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The City is required to contribute the difference between the actuarially determined rate and the contribution rate of employees.

Beginning in fiscal year 2016, CalPERS collects employer contributions for each Plan as a percentage of payroll for the normal cost portion and as a dollar amount for contributions toward the unfunded liability (UAL). The dollar amounts are either billed on a monthly basis, or may be paid in a lump sum at discount. During the measurement period, the City’s required UAL contributions were made under the lump sum option.

B. Net Pension Liability
For purposes of measuring the net pension liability and deferred outflows/inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the 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. The net pension liability and related deferred outflows/inflows of resources are liquidated by the fund that has recorded the liability. The long-term portion of governmental activities net pension liability is liquidated primarily by the General Fund.

The City’s net pension liability for each Plan is measured as the total pension liability, less the pension plan’s fiduciary net position. The net pension liability of each of the Plans is measured as of June 30, 2024, using an annual actuarial valuation as of June 30, 2023 rolled forward to June 30, 2024 using standard update procedures.

A summary of principal assumptions and methods used to determine the net pension liability is shown below.

Actuarial Assumptions – For the measurement period ended June 30, 2024, the total pension liabilities were determined by rolling forward the June 30, 2023 total pension liability. The June 30, 2025 total pension liabilities were based on the following actuarial methods and assumptions:

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 10 - PENSION PLAN (CONTINUED)
115

Miscellaneous1 Safety1
Valuation Date June 30, 2023 June 30, 2023
Measurement Date June 30, 2024 June 30, 2024
Actuarial Cost Method Entry-Age Normal Cost Method Entry-Age Normal Cost Method Actuarial Assumptions:

Discount Rate 6.90% 6.90%
Inflation 2.30% 2.30%
Payroll Growth Varies by entry age and service Varies by entry age and service Projected Salary Increase Varies by entry age and service Varies by entry age and service Investment Rate of Return 6.80% 6.80%
Mortality Derived using CalPERS Membership Data for all Fund 3 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 Actuarial assumptions are the same for all benefit tiers (Classic Tier I, Classic Tier II, and PEPRA) 2 Net of pension plan investment and administration expenses, including inflation 3 The mortality table used was developed based on CalPERS-specific data. The probabilities of mortality are based on the 2021 CalPERS Experience Study for the period from 2001-2019. Pre-retirement and Post-retirement mortality rates include generational mortality improvement using 80% of Scale MP-2020 published by the Society of Actuaries All other actuarial assumptions used in the June 30, 2023 valuation were based on the results of a December 2021 actuarial experience study, including updates to salary increase, mortality and retirement rates. Further details of the Experience Study can be found on the CalPERS website under Forms and Publications.

Discount Rate – The discount rate used to measure the total pension liability was 6.90%. The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers will be made at statutorily required rates, actuarially determined. Based on those assumptions, the Plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members.

Therefore, the long-term expected rate of return on plan investments was applied to all periods of projected benefit payments to determine the total pension liability.

The long-term expected rate of return on pension plan investments was determined using a building-block method in which expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class.

In determining the long-term expected rate of return, CalPERS took into account both short-term and long-term market return expectations as well as the expected pension fund cash flows. Using historical returns of all of the funds’ asset classes, expected compound (geometric) returns were calculated over the short-term (first 10 years) and the long-term (11+ years) using a building-block approach. Using the expected nominal returns for both short-term and long-term, the present value of benefits was calculated for each fund. The expected rate of return was set by calculating the rounded single equivalent expected return that arrived at the same present value of benefits for cash flows as the one calculated using both short-term and long-term returns. The expected rate of return was then set equal to the single equivalent rate calculated above and adjusted to account for assumed administrative expenses. The expected real rates of return by asset class are as followed:

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 10 - PENSION PLAN (CONTINUED)
116

Asset Class
Assumed asset
allocation
Real Return
Years 1 - 10 1,2
Global Equity - Cap-weighted 30.00% 4.54%
Global Equity - Non Cap-weighted 12.00% 3.84%
Private Equity 13.00% 7.28%
Treasury 5.00% 0.27%
Mortgage-backed securities 5.00% 0.50%
Investment Grade Corporates 10.00% 1.56%
High Yield 5.00% 2.27%
Emerging Market Debt 5.00% 2.48%
Private Debt 5.00% 3.57%
Real Assets 15.00% 3.21%
Leverage -5.00% -0.59%
Total 100.00%
1 An Expected Inflation of 2.3% used for this period.
2 Figures are based on the 2022 Asset Liability Management study.

Subsequent Events - During the time period between the valuation date and the publication of this report, price inflation has been higher than the assumed rate of 2.3% per annum. Since inflation influences cost of living adjustments for retirees and beneficiaries and active member pay increases, higher inflation is likely to put at least some upward pressure on the pension expense and the net pension liability in future valuations. The actual impact of higher inflation on future valuation results will depend on, among other factors, how long higher inflation persists. At this time, we continue to believe the long-term price inflation assumption of 2.3% per annum is appropriate.

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 10 - PENSION PLAN (CONTINUED)
117

C. Changes in Net Pension Liability
The changes in the Net Pension Liability for each Plan follow:

Miscellaneous Plan:

Total Pension Plan Fiduciary Net Pension
Liability Net Position Liability/(Asset)
(a) (b) (c) = (a) - (b)
Balance at June 30, 2023 $ 330,390,689 $ 206,256,188 $ 124,134,501 Changes recognized for the
measurement period:

Service cost 5,518,311 - 5,518,311
Interest on total pension liability 22,400,397 - 22,400,397 Differences between expected and
actual experience 1,795,213 1,795,213
Contributions-employer - 12,611,596 (12,611,596)
Contributions-employee - 2,678,832 (2,678,832)
Net investment income - 19,539,682 (19,539,682)
Benefit payments, including refunds of
employee contributions (20,603,287) (20,603,287) -
Administrative expense - (167,831) 167,831
Net changes during 2023-24 9,110,634 14,058,992 (4,948,358) Balance at June 30, 2024 $ 339,501,323 $ 220,315,180 $ 119,186,143 Safety Plan:

Total Pension Plan Fiduciary Net Pension
Liability Net Position Liability/(Asset)
(a) (b) (c) = (a) - (b)
Balance at June 30, 2023 $ 578,022,707 $ 354,497,873 $ 223,524,834 Changes recognized for the
measurement period:

Service cost 7,014,981 - 7,014,981
Interest on total pension liability 39,380,537 - 39,380,537 Differences between expected and
actual experience 6,351,165 - 6,351,165
Contributions-employer - 20,737,383 (20,737,383)
Contributions-employee - 2,816,104 (2,816,104)
Net investment income - 33,525,442 (33,525,442)
Benefit payments, including refunds of
employee contributions (34,297,875) (34,297,875) -
Administrative expense - (288,456) 288,456
Net changes during 2023-24 18,448,808 22,492,598 (4,043,790) Balance at June 30, 2024 $ 596,471,515 $ 376,990,471 $ 219,481,044 Grand Total Balance at June 30, 2024 (Measurement Date) (Miscellaneous and Safety Plan) $ 935,972,838 $ 597,305,651 $ 338,667,187

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 10 - PENSION PLAN (CONTINUED)
118

Sensitivity of the Net Pension Liability to Changes in the Discount Rate – The following presents the net pension liability of the City for each 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 Safety Total
1% Decrease 5.90% 5.90% 5.90%
Net Pension Liability $ 160,042,165 $ 296,041,397 $ 456,083,562 Current Discount Rate 6.90% 6.90% 6.90%
Net Pension Liability $ 119,186,143 $ 219,481,044 $ 338,667,187 1% Increase 7.90% 7.90% 7.90%
Net Pension Liability $ 85,274,135 $ 156,554,890 $ 241,829,025 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. Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions For the year ended June 30, 2025, the City recognized pension expense of $15,830,516 and $29,794,563 for the Miscellaneous and Safety Plans, respectively, for total pension expense of $45,625,079. At June 30, 2025, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:

Miscellaneous Plan: Deferred Outflows
of Resources
Contributions subsequent to the measurement date $ 14,180,928 Differences between expected and actual experience 2,067,416 Net difference between projected and actual earnings
on pension plan investments 3,367,081
Total $ 19,615,425
Safety Plan: Deferred Outflows
of Resources
Contributions subsequent to the measurement date $ 22,692,711 Changes of assumptions 2,366,104
Differences between expected and actual experience 7,109,179 Net difference between projected and actual
earnings on pension plan investments 5,904,004
Total $ 38,071,998
Total Miscellaneous and Safety Plans $ 57,687,423
The $36,873,639 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, 2026.

Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized as pension expense as follows:

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 10 - PENSION PLAN (CONTINUED)
119

Measurement Periods Ended June 30
Annual Amortizations
Miscellaneous Safety Total
2025 $ 1,524,623 $ 6,616,435 $ 8,141,058
2026 5,848,893 12,096,355 17,945,248
2027 (836,010) (1,440,901) (2,276,911)
2028 (1,103,009) (1,892,602) (2,995,611)
Total $ 5,434,497 $ 15,379,287 $ 20,813,784
E. Vallejo Flood and Wastewater District Pension Plan

1. General Information about the District’s Pension Plan Plan Descriptions – All qualified permanent and probationary employees are eligible to participate in the District's Cost- Sharing Multiple - Employer Defined Benefit Pension Plan (Plan), administered by the California Public Employees' Retirement System (CalPERS). The Plan consists of individual rate plans (benefit tiers) within a miscellaneous risk pool. Plan assets may be used to pay benefits for any employer rate plan of the miscellaneous pool. Accordingly, rate plans within the miscellaneous pool are not separate plans under GASB Statement No. 68. Individual employers may sponsor more than one rate plan in the miscellaneous pool. Benefit provisions under the Plan are established by State statute and District resolution. CalPERS issues publicly available reports that include a full description of the pension plan 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 the Plan are applied as specified by the Public Employees' Retirement Law.

The Plan’s provisions and benefits in effect at June 30, 2025, are summarized as follows:

Miscellaneous
Classic Tier I PEPRA
Hire Date Prior to January 1, 2013 On or After January 1, 2013 Benefit Formula 2.7% @ 55 2% @ 62
Benefit Vesting Schedule 5 years of service 5 years of service Benefit Payments monthly for life monthly for life
Retirement Age 50 - 55 52 - 62
Monthly Benefits, as a % of eligible compensation 2.0% - 2.7% 1.0% - 2.5% Required Employee Contribution Rates 8.00% 7.75%
Required Employer Contribution Rates* 16.02% 7.87%
Required UAL Contribution $2,629,017 $9,518

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 10 - PENSION PLAN (CONTINUED)
120

Required 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 is 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 District is required to contribute the difference between the actuarially determined rate and the contribution rate of employees.

For the year ended June 30, 2025, the District’s contributions to the Plan were $4,678,668.

2. 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 pension expense, information about the fiduciary net position of the Plan 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 (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, 2025, the District reported its proportionate share of the net pension liability of the Plan of $32,419,592.

The District’s net pension liability is measured as the proportionate share of the net pension liability. The net pension liability of the Plan is measured as of June 30, 2024, 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, 2023 rolled forward to June 30, 2024 using standard update procedures. The District’s proportion of the net pension liability was based on a projection of the District’s long-term share of contributions to the pension plans relative to the projected contributions of all participating employers, actuarially determined. The District’s proportionate share of the net pension liability for the Plan as of June 30, 2025 and 2024 was as follows:

Proportion - June 30, 2023 0.65191 %
Proportion - June 30, 2024 0.67030 %
Change - Increase (Decrease) 0.01839 %
For the year ended June 30, 2025, the District recognized pension expense of $5,972,905. At June 30, 2025, the District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:

Miscellaneous Plan - VFWD
Deferred Outflows Deferred Inflows
of Resources of Resources
Pension contributions subsequent to the measurement date $ 4,678,668 $ - Change in employer's proportion 73,367 677,565
Differences between expected and actual experience 2,802,971 109,370 Changes in assumptions 833,251 -
Difference between employer contributions and the employer's proportionate share of the risk pool's contributions 538,701 104,506 Net difference between projected and actual earnings on plan investments 1,866,355 -
Total $ 10,793,313 $ 891,441

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 10 - PENSION PLAN (CONTINUED)
121

The $4,678,668 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, 2026.

Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized as pension expense as follows:

Year Ended
June 30 Annual Amortization
2026 $ 1,534,547
2027 4,256,698
2028 71,541
2029 (639,582)
$ 5,223,204
Changes in assumptions – Effective with the June 30, 2023 valuation date (2024 measurement date), there were no changes to the actuarial assumptions or methods in relation to financial reporting.

Discount Rate – The discount rate used to measure the total pension liability for the Plan was 6.90%. The projection of cash flows used to determine the discount rate for the 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, the 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 benefits payments to determine the total pension liability for the 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 short-term and long- term market return expectations as well as the expected pension fund cash flows. Such cash flows were developed assuming that both members and employers will make their required contributions on time and as scheduled in all future years. Using historical returns of all the funds’ asset classes, expected compound (geometric) returns were calculated over the short-term (first 10 years) and the long-term (11+ years) using a building-block approach.

Using the expected nominal returns for both short-term and long-term, the present value of benefits was calculated for each fund. The expected rate of return was set by calculating the single equivalent expected return that arrived at the same present value of benefits for cash flows as the one calculated using both short-term and long-term returns. The expected rate of return was then set equal to the single equivalent rate calculated above and adjusted to account for the assumed administrative expenses.

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 10 - PENSION PLAN (CONTINUED)
122

The expected real rates of return by asset class are as follows:

Asset Class
Assumed asset
allocation
Real Return
Years 1 - 10 1,2
Global Equity - Cap-weighted 30.00% 4.54%
Global Equity - Non Cap-weighted 12.00% 3.84%
Private Equity 13.00% 7.28%
Treasury 5.00% 0.27%
Mortgage-backed securities 5.00% 0.50%
Investment Grade Corporates 10.00% 1.56%
High Yield 5.00% 2.27%
Emerging Market Debt 5.00% 2.48%
Private Debt 5.00% 3.57%
Real Assets 15.00% 3.21%
Leverage -5.00% -0.59%
Total 100.00%
1 An Expected Inflation of 2.3% used for this period.
2 Figures are based on the 2022 Asset Liability Management study.

Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount Rate – The following presents the District’s proportionate share of the net pension liability for the Plan, calculated using the discount rate for the Plan, as well as what the District’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
1% Decrease 5.90 %
Net Pension Liability $ 48,051,886
Current Discount Rate 6.90 %
Net Pension Liability $ 32,419,592
1% Increase 7.90 %
Net Pension Liability $ 19,551,913
Pension Plan Fiduciary Net Position – Detailed information about each pension plan’s fiduciary net position is available in the separately issued CalPERS financial reports.

1. Temporary and Seasonal Employees
Federal law requires that employees not covered by an employer retirement system be covered by Social Security or an alternative plan. The District hires temporary employees whose positions are exempt from PERS membership and utilizes Social Security for these positions.

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 10 - PENSION PLAN (CONTINUED)
123

NOTE 11 - POSTEMPLOYMENT BENEFITS
A. Post Retirement Health Benefits - City

1. Plan Description
The City’s Post-Employment Benefit Plan is an Agent Multiple-Employer Plan. Employees and their dependents are eligible for the CalPERS post-retirement health benefits if they retire directly from the City retaining the Public Employees Medical and Hospital Care Act (PEMHCA) health benefits. The City pays the retiree and eligible dependent premiums up to benefit level established in the collective bargaining agreement for each employee organization.

The following is a summary of benefits by employee group as of June 30, 2025:

Employee Group Contractual Benefit at June 30, 2025
Vallejo Police Officers Association (VPOA) (imposed) Retired prior to 7/1/2000 - up to 75% of Kaiser Bay Area non-Medicare Premium
Retired on or after 7/1/2000 - up to $500 per month, but not less than PEMHCA minimum
International Association of Fire Fighters (IAFF) Retired prior to 7/1/2000 - up to 75% of Kaiser Bay Area non-Medicare Premium
Retired on or after 7/1/2000 - up to $300 per month, but not less than PEMHCA minimum
Council and Unrepresented Up to $300 per month, not less than PEMHCA minimum Confidential, Administrative, Management, and
Professional Employees Association (CAMP)
Hired before 7/1/2013 - up to $300 per month, but not less than PEMHCA minimum (with the option of electing, no later than 7/1/2016, the RHSA benefit available to CAMP
employees hired on or after 7/1/2013)
Hired on or after 7/1/2013 - PEMHCA minimum plus 1.5% of employee's base monthly salary RHSA contribution
International Brotherhood of Electrical Workers (IBEW) Hired before 7/1/2014 - up to $300 per month, but not less than PEMHCA minimum (with the option of electing, no later than 10/31/2016, the RHSA benefit available to CAMP
employees hired on or after 7/1/2014)
Hired on or after 7/1/2014 - PEMHCA minimum plus 1.5% of employee's base monthly salary RHSA contribution
The PEMHCA minimum in 2025 is $158 per month.

2. Funding Policy
In 2013, the City has established an irrevocable trust with California Employer's Retiree Benefit Trust (CERBT), an agent multiple-employer plan administered by CALPERS. CERBT is funded by employer contributions for the purpose of prefunding the City's OPEB obligations. CERBT provides an annual financial report that may be obtained from the California Public Employees’ Retirement System, CERBT, P.O. Box 942703, Sacramento, California 94229-2703.

For the year ended June 30, 2025, the City’s contributions to the Plan were $1,096,000.

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 11 - POSTEMPLOYMENT BENEFITS
124

3. General Information About City’s OPEB Plan
Employees Covered by Benefit Terms – Membership in the plan consisted of the following at the measurement date of June 30, 2024:

Active Employees 442
Inactive Employees or beneficiaries currently receiving benefit payments 218 Inactive employees entitled to but not yet receiving benefit payments 498 Total 1,158
Net OPEB Liability – The City’s net OPEB liability was measured as of June 30, 2024 and the total OPEB liability used to calculate the net OPEB liability was determined by an actuarial valuation dated June 30, 2024, based on the following actuarial methods and assumptions:

The net OPEB liability was determined as part of a June 30, 2024 actuarial valuation using the entry age normal actuarial cost method. This is a projected benefit cost method, which takes into account those benefits that are expected to be earned in the future as well as those already accrued. The actuarial assumptions included (a)

6.25% investment rate of return, (b) 2.50% general inflation rate, and (c) 7.90% (non-Medicare) and 6.90% (Medicare) in 2026, decreasing to an ultimate rate of 3.45% in 2076 medical trend. The actuarial methods and assumptions used include techniques that smooth the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets. Actuarial calculations reflect a long-term perspective and actuarial valuations involve estimates of the value of reported amounts and assumptions about the probability of events far into the future. Actuarially determined amounts are subject to revision at least biannually as results are compared to past expectations and new estimates are made about the future. The actuarial accrued liability (AAL) representing the present value of future benefits, is being amortized as a level percentage of projected payroll using a 30-year amortization period.

The underlying mortality assumptions were based on the CalPERS 2000-2019 experience study and all other actuarial assumptions used in the June 30, 2024 valuation were based on the results of the actuarial experience study for the period.

The long-term expected rate of return on OPEB plan investments was determined using a building-block method in which expected future real rates of return (expected returns, net of OPEB plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation.

The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table:

Asset Class
Target Allocation CERBT
- Strategy 1
Expected Real Rate of
Return
Global Equity 49.00% 4.56%
Fixed Income 23.00% 1.56%
TIPS 5.00% (0.08)%
Commodities 3.00% 1.22%
REITs 20.00% 4.06%
Assumed Long-Term Rate of Inflation 0.00% 2.50%
Expected Long-Term Net Rate of Return 0.00% 6.25%

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 11 - POSTEMPLOYMENT BENEFITS (CONTINUED)
125

Discount Rate – The discount rate used to measure the total OPEB liability is 6.25%. 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.

4. Changes in Net OPEB liability follows:

Increase (Decrease)
Total OPEB
Liability (a)
Plan Fiduciary
Net Position (b)
Net OPEB
Liability (a)-(b)
Balance at 6/30/24 (Measurement date 6/30/2023) $ 33,667,000 $ 26,683,000 $ 6,984,000 Changes Recognized for the Measurement Period:

Service Cost 631,000 - 631,000
Interest 2,063,000 - 2,063,000
Actual vs. Expected Experience (1,962,000) - (1,962,000) Assumption Changes (249,000) - (249,000)
Change in Benefit Terms 2,366,000 2,366,000
Contributions from the Employer - 2,582,000 (2,582,000) Net Investment Income - 2,938,000 (2,938,000)
Administrative Expenses - (36,000) 36,000
Benefit Payments (2,555,000) (2,555,000) -
Net Changes 294,000 2,929,000 (2,635,000)
Balance at 6/30/25 (Measurement date 6/30/2024 $ 33,961,000 $ 29,612,000 $ 4,349,000 Detailed information about the OPEB plan’s fiduciary net position is available in the separately issued plan financial report that may be obtained from CERBT. The benefit payments and refunds noted above include implied subsidy benefit payments in the amount of $786,000. The net OPEB liability and related deferred outflows/inflows of resources are liquidated by the fund that has recorded the liability. The long-term portion of governmental activities net OPEB liability is liquidated primarily by the General Fund.

5. Sensitivity of the Net OPEB Liability to Changes in the Discount Rate and Healthcare Cost Trend Rates
The following presents the net OPEB liability of the City, as well as what the City's net OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower or 1-percentage-point higher than the current discount rate:

Net OPEB Liability
Discount Rate 1%
(5.25%)
Discount Rate
(6.25%)
Discount Rate 1%
(7.25%)
$ 7,553,000 $ 4,349,000 $ 1,614,000
The following presents the net OPEB liability of the City, as well as what the City's net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower or 1-percentage-point higher than the current healthcare cost trend rates:

Net OPEB Liability
Healthcare Trend Rate
1% Decrease Current Trend 1% Increase
$ 2,831,000 $ 4,349,000 $ 6,449,000

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 11 - POSTEMPLOYMENT BENEFITS (CONTINUED)
126

6. OPEB Expense and Deferred Outflows of Resources Related to OPEB For the year ended June 30, 2025, the City recognized OPEB expense of $1,886,000. At June 30, 2025, the City reported deferred outflows and inflows of resources related to OPEB from the following sources:

Deferred Outflows Deferred Inflows
of Resources of Resources
Contributions subsequent to the measurement date $ 1,096,000 $ - Changes of assumptions 166,000 864,000
Differences between expected and actual experience 347,000 4,865,000 Total $ 1,609,000 $ 5,729,000
The $1,096,000 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, 2026. 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:

Deferred
Outflows/(Inflows)
Fiscal year ended June 30, of Resources
2026 $ (1,684,000)
2027 (441,000)
2028 (1,573,000)
2029 (982,000)
2030 (335,000)
Thereafter (201,000)
Total $ (5,216,000)
B. Post-Retirement Health Benefits - VFWD

1. Plan Description
The District’s defined benefit post-employment healthcare plan, Public Agency Post Retirement Health Care Plan (the Plan), provides medical benefits to eligible retired employees and their beneficiaries. The California Employers’ Retiree Benefit Trust (CERBT) Fund administers the Plan, an agent multiple-employer trust arrangement established to provide economies of scale and efficiency of administration to public agencies that hold assets used to fund OPEB obligations. Plan benefits were established in accordance with Board policy and Memorandums of Understanding for respective employee groups, and may be amended by the Board of Trustees. CERBT provides an annual financial report that can be found on the CalPERS website.

2. Funding Policy
The Plan is funded by employer contributions plus a retirement for employee matching in the amount of 2% of gross salary for all employees. As the plan’s sponsor, the District establishes and may amend employee and employer contribution requirements.

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 11 - POSTEMPLOYMENT BENEFITS (CONTINUED)
127

3. Benefits Provided
The following is a summary of Plan benefits by employee group as of June 30, 2025:

Eligibility Attained age 50
Completed 5 years of District service
Retire concurrently from both District and CalPERS after leaving District employment
Benefit
The District will pay the retired employee's entire monthly medical premium which may include his/her spouse and/or dependents, up to the highest costs local HMO.

Hired prior to 11/1/2013
Hired on or after 11/1/2013 Follows State of California Vesting Schedule, employer pays:
10 years (PERS covered service): 50%
Each additional year, add: 5%
20+ years: 100%
Membership in the plan consisted of the following at the measurement date of June 30, 2024:

Active employees 89
Inactive employees or beneficiaries currently receiving benefit payments 87 176

4. Net OPEB Liability
Actuarial Assumptions – The District’s net OPEB liability was measured as of June 30, 2024 and the total OPEB liability used to calculate the net OPEB liability was determined by an actuarial valuation dated January 1, 2022 that was rolled forward using standard update procedures to determine the total OPEB liability as of June 30, 2025 based on the following actuarial methods and assumptions:

Actuarial Assumptions
Valuation Date June 30, 2024
Measurement Date June 30, 2025
Actuarial Cost Method Entry Age Method, level of percentage of salary Actuarial Assumptions:

Discount Rate 6.40%
Inflation 2.30%
Investment Rate of Return 6.40%
Mortality Rate Based on the CalPERS mortality tables for Public Agencies (Miscellaneous Employees)
Healthcare Trend Rate
Pre-Medicare 6.80%*
Medicare 4.90%*
*Trending down to 3.73% over 52 years
The long-term expected rate of return on OPEB plan investments was determined using the long-term rates of return developed by the CalPERS Investment Office for financial reporting after June 30, 2024.

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 11 - POSTEMPLOYMENT BENEFITS (CONTINUED)
128

Expected future real rates of return by asset class are shown below:

Allocation
Asset Class
1 - 20 Year Projected
Compound Return Strategy I Strategy II Strategy III
Global Equity 6.9 % 49 % 34 % 23 %
Fixed Income 4.1 % 23 % 41 % 51 %
Global Equity (REITs) 6.3 % 20 % 17 % 14 %
Treasury Inflation-Protected Securities
(TIPS) 3.9 % 5 % 5 % 9 %
Commodities 4.6 % 3 % 3 % 3 %
Total 100 % 100 % 100 %
CERBT Inflation Expected Compound Return
Expected Compound Return (1-20 Years) 6.4 % 6.1 % 5.8 % Expected Volatility 11.5 % 9.5 % 8.1 %
Discount Rate – The final equivalent single discount rate used for accounting is 6.40 percent with the expectation that the Plan Sponsor will contribute in accordance with the Funding Policy. Under this Funding Policy, the OPEB Trust is not expected to be depleted in the future.

Investment Rate of Return – For the year ended June 30, 2025, the annual money-weighted rate of return on investments, net of investment expense, was 6.40%. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested.

Changes in Net OPEB Liability – The changes in the net OPEB liability were as follows:

Increase (Decrease)
Total OPEB
Liability (a)
Plan Fiduciary
Net Position (b)
Net OPEB
Liability (a)-(b)
Balance at 6/30/24 (Measurement Date) $ 24,235,016 $ 17,172,068 $ 7,062,948 Changes Recognized for the Measurement Period:

Service Cost 844,757 - 844,757
Interest on the total OPEB liability 1,454,238 - 1,454,238 Differences between expected and actual experience 2,028,905 - 2,028,905 Assumption Changes (1,231,680) - (1,231,680)
Contributions from the Employer - 1,353,582 (1,353,582) Contributions from the Employer - Implicit subsidy - 331,383 (331,383) Contributions from the Employee - 253,535 (253,535)
Net Investment Income - 2,127,162 (2,127,162)
Administrative Expenses - (5,917) 5,917
Benefit Payments (1,353,582) (1,353,582) -
Implicit Subsidy (331,383) (331,383) -
Net Changes 1,411,255 2,374,780 (963,525)
Balance at 6/30/25 (Measurement Date) $ 25,646,271 $ 19,546,848 $ 6,099,423

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 11 - POSTEMPLOYMENT BENEFITS (CONTINUED)
129

Sensitivity of the Net OPEB Liability to Changes in the Discount Rate – The following presents the net OPEB liability of the District, as well as what the District’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:

Plan's Net OPEB Liability
Discount Rate 1%
(5.40%)
Discount Rate
(6.40%)
Discount Rate 1%
(7.40%)
$ 9,009,097 $ 6,099,423 $ 3,658,458
Sensitivity of the Net OPEB Liability to Changes in the Healthcare Cost Trend Rate - The following presents the net OPEB liability of the District, as well as what the District’s net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower or 1-percentage- point higher than the current healthcare cost trend rates:

Plan's Net OPEB Liability
Healthcare Trend Rate
1% Decrease
Current Trend
(6.80%) 1% Increase
$ 3,137,494 $ 6,099,423 $ 9,708,262
OPEB Expense and Deferred Outflows/Inflows of Resources related to OPEB - For the year ended June 30, 2025, the District recognized OPEB expense of $1,481,627. At June 30, 2025, the District reported deferred outflows and inflows of resources related to OPEB from the following sources:

Deferred Outflows
of Resources
Deferred Inflows
of Resources
Differences Between Expected and Actual Experience $ 1,795,158 $ 1,198,287 Changes in assumptions 352,832 1,109,626
Net Differences Between Projected and Actual
Earnings on OPEB Plan Investments - 919,931
Total $ 2,147,990 $ 3,227,844

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 11 - POSTEMPLOYMENT BENEFITS (CONTINUED)
130

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:

Deferred
Fiscal year ended Outflows/(Inflows)
June 30, of Resources
2026 $ 211,077
2027 (675,431)
2028 (663,284)
2029 (106,522)
2030 128,584
Thereafter 25,722
Total $ (1,079,854)
NOTE 12 - NET POSITION AND FUND BALANCES
A. Net Position - Statement of Net Position
Net Position is the excess of all assets and deferred outflows of resources over all liabilities and deferred inflows of resources. Net Position is divided into three captions. These captions apply only to Net Position, which is determined only at the Government-wide level, proprietary fund level, and fiduciary fund level and are described below:

Net investment in capital assets, describes the portion of Net Position which is represented by the current net book value of capital assets, less the outstanding balance of any debt issued to finance these assets.

At June 30, 2025, the City’s net investment in capital assets is calculated as follows:

Business-Type Activities Total
Governmental Water Marina Golf Vallejo Station Fiber Optic Business-Type Internal Activities(B) Fund Fund Fund Parking Fund Fund Activities Service Funds Capital assets, net of
accumulated depreciation $ 353,286,020 $ 102,244,912 $ 12,063,251 $ 9,081,679 $ 554,407 $ 807,488 $ 124,751,737 $ 8,877,935 Less:

Bonds, notes and finance
purchase agreements (A) (11,134,566) (64,479,974) (9,829,910) (5,231,393) - - (79,541,277) - (C) Accounts/retainage payable (2,532,920) (2,000,271) - - - (30,180) (2,030,451) (730,602) Lease/subscription payable (6,373,871) (163,157) - (863,005) - - (1,026,162) - Add:

Deferred charges - 680,744 - - - - 680,744 -
Negative accreted interest (A) 1,248,593 - 1,469,256 797,895 - - 2,267,151 - Unspent Bond Proceeds - 41,914,986 - - - - 41,914,986 - (C) Net investment in capital
assets $ 334,493,256 $ 78,197,240 $ 3,702,597 $ 3,785,176 $ 554,407 $ 777,308 $ 87,016,728 $ 8,147,333 (A) Bonds, notes and finance purchase agreements include accreted interest. Since interest on long-term debt is excluded in the calculation of the net investment in capital assets, the accreted interest portion of the debt is added back.
(B) Includes Internal Service Funds Amount
(C) The City's loan repayments exceeded the capital asset additions funded by the related debt. To more accurately present the City's net investment in capital assets (NICA), the outstanding loan balance and any unspent proceeds were excluded from the NICA calculation. In FY 2023-24, the inclusion of these amounts resulted in NICA exceeding the reported capital assets, net of accumulated depreciation.

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 11 - POSTEMPLOYMENT BENEFITS (CONTINUED)
131

Restricted describes the portion of Net Position which is restricted as to use by the terms and conditions of agreements with outside parties, governmental regulations, laws, or other restrictions which the City cannot unilaterally alter.

Unrestricted describes the portion of Net Position which is not restricted to use.

B. Fund Balance - Governmental Funds Balance Sheet
Governmental fund balances represent the net current assets of each fund. Net current assets generally represent a fund’s cash and receivables, less its liabilities.

The City’s fund balances are classified based on spending constraints imposed on the use of resources. For programs with multiple funding sources, the City prioritizes and expends funds in the following order: Restricted, Committed, Assigned, and Unassigned. Each category in the following hierarchy is ranked according to the degree of spending constraint:

Nonspendable represents balances set aside to indicate items do not represent available, spendable resources even though they are a component of assets. Fund balances required to be maintained intact, such as Permanent Funds, and assets not expected to be converted to cash, such as prepaids, notes receivable, and land held for redevelopment are included. However, if proceeds realized from the sale or collection of non-spendable assets are restricted, committed or assigned, then non-spendable amounts are required to be presented as a component of the applicable category.

Restricted fund balances have external restrictions imposed by creditors, grantors, contributors, laws, regulations, or enabling legislation which requires the resources to be used only for a specific purpose. Encumbrances and non-spendable amounts subject to restrictions are included along with spendable resources.

Committed fund balances have constraints imposed by formal action of the City Council which may be altered only by resolution of the City Council. Encumbrances and non-spendable amounts subject to council commitments are included along with spendable resources.

Assigned fund balances are amounts constrained by the City’s intent to be used for a specific purpose but are neither restricted nor committed. Intent is expressed by the City Council or its designee and may be changed at the discretion of the City Council or its designee. This category includes encumbrances; non-spendables, when it is the City’s intent to use proceeds or collections for a specific purpose, and residual fund balances, if any, of Special Revenue, Capital Projects and Debt Service Funds which have not been restricted or committed.

Unassigned fund balance represents residual amounts that have not been restricted, committed, or assigned.

This includes the residual General Fund balance and residual fund deficits, if any, of other governmental funds.

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 12 - NET POSITION AND FUND BALANCES (CONTINUED)
132

Detailed classifications of the City’s Fund Balances, as of June 30, 2025, are below:

Fund Balance Classifications General Fund
Housing
Authority Fund
Capital Outlay
Fund and
Measure P
Capital Fund
Non Major
Governmental
Funds Total
Nonspendable:

Items not in spendable form:

Prepaids and deposits $ 88,015 $ - $ 613,392 $ 37,276 $ 738,683 Notes receivable 5,372,188 - - - 5,372,188
Advance to other funds 530,000 - - - 530,000
Land held for redevelopment 499,684 - - - 499,684
Materials, parts and supplies 1,434 - - - 1,434
Subtotal 6,491,321 - 613,392 37,276 7,141,989
Amounts required to be maintained intact:

Permanent funds - - - 64,625 64,625
Total nonspendable fund balances 6,491,321 - 613,392 101,901 7,206,614 Restricted for:

Bond indentures - - - 300,577 300,577
Pension trust (PARS) 24,300,464 - - - 24,300,464
Streets and highways - - - 47,769,402 47,769,402
Community development and housing - 13,555,711 - 20,263,868 33,819,579 Public safety programs 561,375 - - 918,259 1,479,634 Settlement 4,153,222 - 4,153,222
Public facilities projects - - 3,449,787 9,343,110 12,792,897 Hiddenbrooke overpass - - - 6,947,960 6,947,960
Total restricted fund balances 29,015,061 13,555,711 3,449,787 85,543,176 131,563,735 Committed to:

Measure P programs 2,082,623 - 15,472,774 - 17,555,397 Capital outlay development - - 17,848,870 - 17,848,870 Community development and
housing - 1,317,657 - 398,269 1,715,926
Public facilities projects (other funds) - - - 6,703,087 6,703,087 Total committed fund balances 2,082,623 1,317,657 33,321,644 7,101,356 43,823,280 Assigned to:

Measure P programs 13,521,320 - - - 13,521,320
Other contracts 802,524 - - - 802,524
Public Facilities Maintenance - - - 272,443 272,443 Staffing support and recruitment 2,000,000 - - - 2,000,000 Community development and housing - 1,661,574 - 120,424 1,781,998 Total assigned fund balances 16,323,844 1,661,574 - 392,867 18,378,285 Unassigned:

General fund 31,658,917 - - - 31,658,917
Other governmental fund deficit residuals - - - (2,385,566) (2,385,566) Total unassigned fund balances 31,658,917 - - (2,385,566) 29,273,351 Total fund balances $ 85,571,766 $ 16,534,942 $ 37,384,823 $ 90,753,734 $ 230,245,265 C. Minimum Fund Balances
The City’s Budget and Fiscal Policy requires the City to strive to maintain two months of annual appropriations in the General Fund’s Unassigned Fund Balance. As of June 30, 2025, the Unassigned Fund Balance reached $31,658,917, which is 2.8 months of 2025-26 annual appropriations of $136.9 million, excluding Measure P.

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 12 - NET POSITION AND FUND BALANCES (CONTINUED)
133

D. Deficits
The funds below had fund balance or net position deficits at June 30, 2025:

Special Revenue Fund:

Justice Assistant Grant Fund #149 (A) $ 21,688
Capital Projects Fund
Capital Grant & Contribution Fund #221 (A) 2,363,878
Internal Service Funds:

Retiree Health Benefits (B) 6,194,269
Fiduciary Funds
Hiddenbrooke Improvement District (C) 783,599
NE Quadrant Improvement District (C) 2,496,121
Successor Agency (C) 2,599,242
(A) The net position deficit is due to grant reimbursements not received within the City’s availability period. (B) The Retiree Health Benefits Internal Service Fund had a net position deficit of $6,194,269 due to recognition of the net OPEB liability. The City had established an irrevocable trust plan to prefund the liability and reduce the deficit.
(C) The net position deficits in fiduciary funds are mainly due to the recognition of the long-term of Assessment Districts and Successor Agency. The special assessments and Redevelopment Property Tax Trust Fund (RPTTF) received by the City on behalf of the bondholders continued to provide sufficient resources for these funds to cover the required annual debt service.

E. Restatement of Net Position - Prior Period Adjustments City
Changes to or within the Reporting Entity
Mare Island Conversion Fund was previously reported as a major governmental fund during the prior fiscal year.

Due to a significant decrease in activity of the fund during the year, it did not meet the requirements of being presented as a major fund, in accordance with GASB Statement No. 34, during the fiscal year ended June 30, 2025. The effects of that change to or within the financial reporting entity are shown on the next page.

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 12 - NET POSITION AND FUND BALANCES (CONTINUED)
134

Change in Accounting Principle
For fiscal year ended June 30, 2025, the City implemented GASB Statement No. 101, Compensated Absences, which updated the recognition and measurement guidance for compensated absences, to align recognition and measurement under a single unified model to better meet the needs of financial statement users; refer to note 1.

The effect of the implementation of the change in accounting principle is shown in the table below. 6/30/2024 Changes to or Changes in
As Previously within the Accounting 6/30/2024
Reported Reporting Entity Principle As Restated
Government-wide
Governmental activities $ 329,710,435 $ - $ (1,929,783) $ 327,780,652 Business-type activities 111,522,953 - (196,125) 111,326,828

Total government-wide $ 441,233,388 $ - $ (2,125,908) $ 439,107,480 Governmental funds
Major funds
General fund $ 78,917,704 $ - $ - $ 78,917,704
Housing Authority 16,535,789 - - 16,535,789
Capital Outlay Fund #201 28,509,731 28,509,731
Mare Island Conversion #106 4,333,793 (4,333,793) - - Nonmajor funds 84,091,433 4,333,793 - 88,425,226
Total governmental funds $ 212,388,450 $ - $ - $ 212,388,450 Proprietary funds
Major funds
Water fund $ 103,005,067 $ - $ (196,125) $ 102,808,942
Nonmajor enterprise funds 8,517,886 - - 8,517,886
Internal service funds 19,672,403 - (19,173) 19,653,230 Total proprietary funds $ 131,195,356 $ - $ (215,298) $ 130,980,058

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 12 - NET POSITION AND FUND BALANCES (CONTINUED)
135

NOTE 13 - SELF-INSURANCE PROGRAM
The City manages risk by participating in the public entity risk pools described below and by retaining certain risks.

Public entity risk pools are formally organized and separate entities established under the Joint Exercise of Powers Act of the State of California. As separate legal entities, those entities exercise full powers and authorities within the scope of the related Joint Powers Agreements including the preparation of annual budgets, accountability for all funds, the power to make and execute contracts and the right to sue and be sued. Each risk pool is governed by a board consisting of representatives from member municipalities. Each board controls the operations of the respective risk pool, including selection of management and approval of operating budgets, independent of any influence by members beyond their representation on that board. Obligations and liabilities of these risk pools are not the City’s responsibility.

A. Risk Coverage
City – The City of Vallejo h as operated a self-insured liability program for many years. Its self-insured retention (SIR) for 2024-25 was $1,000,000, with an additional $1,000,000 corridor deductible. Public Risk Innovation, Solutions and Management (PRISM) provides coverage in excess of the C ity’s SIR. During the fiscal year ended June 30, 2025, the City contributed $3,300,452 for general liability coverage during the current year.

PRISM also covers the City’s workers' compensation claims up to statutory limits. The City has an SIR of $500,000 per claim. During the fiscal year ended June 30, 2025, the City contributed $666,872 for current year coverage.

The City’s contributions to the risk pool is based on the ratio of its payroll to the payroll of all participating members. At the end of the policy period, any actual financial surpluses or losses are shared among the members according to a retrospective rating formula outlined in the JPA agreement.

The City maintains a comprehensive property insurance program with the following key components. The City has an all-risk Property Insurance Policy with a general deductible of $25,000 for most claims types. Flood claims are covered under the Property Insurance Policy and are subject to a minimum of $100,000 deductible. Earthquake coverage is provided through a separate Difference in Conditions (DIC) policy with a limit of $25,000,000. This coverage is subject to a deductible of 5% of the total insured value per building, with a minimum deductible of $25,000 per occurrence. The City also maintains ancillary insurance policies for other exposures, including Cyber Liability, Pollution Liability, Aircraft Liability, and Crime Insurance.

Vallejo Flood and Wastewater District—VFWD is a member of the California Sanitation Risk Management Authority which provides coverage up to $0 for general liability claims, subject to a deductible of $2,500. Excess public entity general liability insurance is obtained for coverage up to $15,750,000 associated with either sanitary sewer or storm drain operations. Auto liability is subject to a deductible of $1,000 with coverage up to $5,164,817.

California Sanitation Risk Management Authority also provides coverage up to $750,000 for workers’ compensation. Excess workers compensation insurance provides coverage up to $1,000,000. Pollution remediation insurance provides coverage up to $1,000,000 and $5,000,000 in the aggregate, with a deductible of $25,000. Property insurance provides coverage up to $241,341,679 with a deductible of $10,000.

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 13 - SELF-INSURANCE PROGRAM
136

B. Liability for Uninsured Claims
The following is a summary of changes in the City’s recorded claims liabilities during the years ended June 30, 2025:
2025 2024
Beginning Balance $ 28,532,000 $ 28,391,000
Current year claims and increase (decrease) in prior estimates 7,582,683 7,548,285 Claims paid (6,006,914) (7,407,285)
Ending Balance $ 30,107,769 $ 28,532,000
Current Portion $ 7,828,026 $ 6,938,010
The claims payable are reported at their present value using expected future investment yield assumption of 3%.

The undiscounted claims totaled $34,179,489 at June 30, 2025.

The City and VFWD have not significantly reduced insurance coverage from the prior year. Furthermore, settlements have not exceeded insurance coverage for the past three fiscal years.

NOTE 14 - COMMITMENTS AND CONTINGENCIES
A. Litigation
The City is involved in various claims and litigation resulting from its normal operations. The ultimate outcome of these matters is not presently determinable. In City management’s opinion these matters will not have significant adverse effect of the City’s financial position.

B. Federal and State Grant Programs
The City participates in several federal and State grant programs. These programs are subject to further 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 expects such amounts, if any, to be immaterial.

C. Encumbrances
The City uses an encumbrance system as an extension of normal budgetary accounting for governmental funds.

Under this system, purchase orders, contracts, and other commitments for the expenditure of monies are recorded in order to reserve that portion of applicable appropriations. Encumbrances outstanding at year end are recorded as restricted, committed or assigned fund balance, depending on the classification of the resources to be used to liquidate the encumbrance, since they do not constitute expenditures or liabilities. Outstanding encumbrances at year-end are automatically reappropriated for the following year. Unencumbered and unexpended appropriations lapse at year-end. Encumbrances outstanding by fund as of June 30, 2025 were as follows:

Major Governmental Funds:

General Fund $ 1,510,572
Capital Outlay fund 201/Measure P Capital fund 228 3,168,975 Housing Authority 70,724
Non-Major Governmental Funds 2,346,276
$ 7,096,547

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 13 - SELF-INSURANCE PROGRAM (CONTINUED)
137

D. Long Term Construction Contracts
In addition to the encumbrances discussed above, the City and Vallejo Flood and Wastewater District have various ongoing capital projects that involve long-term construction contracts with progress payments billed and paid on a percentage-of-completion basis. Construction commitments related to these contracts at June 30, 2025 of City and VFWD amounted to approximately $7 million and $10.2 million, respectively.

NOTE 15 - REDEVELOPMENT AGENCY DISSOLUTION AND SUCCESSOR AGENCY ACTIVITIES The City Council assumed the duties of the Successor Agency to the Former Vallejo Redevelopment Agency (Successor Agency) upon State redevelopment dissolution on February 1, 2012. Amendments to the State Health and Safety Code, enacted through ABx1 26 on June 28, 2011, AB1484 on June 27, 2012, and SB107 on September 11, 2015 suspended most redevelopment activities and charged successor agencies to retire redevelopment obligations and dispose of assets.

The activities of the Successor Agency are subject to review and approval of an Oversight Board, which is comprised of seven members, including one member representing the City Council, one representing the former Redevelopment Agency (RDA) employees, and five members representing other taxing agencies within the County. Oversight Board actions are further subject to review and approval by the State Department of Finance (DOF).

The activities of the Successor Agency are reported in the Successor Agency to the Former Redevelopment Agency Private-Purpose Trust Fund, because activities are under the control of the Oversight Board. The City provides administrative services to the Successor Agency.

Cash and investments of the Successor Agency as of June 30, 2025 are discussed in Note 2. Information about other assets and liabilities of the Successor Agency as of June 30, 2025 is presented on the following pages.

A. Notes and Loans Receivable
Meyer Cookware Industries, Inc.

Pursuant to a Disposition and Development Agreement between the RDA and Meyer Cookware Industries, Inc., the former RDA paid certain development fees on behalf of Meyer totaling $1,500,000. Meyer agreed to repay $500,000 of these fees to the RDA over a 24-year period commencing in 1998. This loan to Meyer is secured by a corporate guarantee and is non-interest bearing. The final payment was made in the fiscal year ending June 30, 2018.

The obligation of Meyer to repay the remaining $1,000,000 is contingent upon either on the sale of the property or the refinancing of the existing debt. As a result, the $1,000,000 is not included as a receivable in the accompanying basic financial statements. Meyer has agreed to pay the RDA either 9% of the net sale proceeds upon any sale of the property as satisfaction in full of the development contribution, or net refinancing proceeds if such a refinancing should occur. Ten years following the issuance of the Certificate of Occupancy (1995), the participation in proceeds from the sale of property or refinancing has been reduced from 9% to 5%.

B. Capital Assets
The Successor Agency assumed the capital assets of the RDA as of February 2012. All capital assets are valued at historical cost or estimated historical cost if actual historical cost is not available. Contributed capital assets are valued at their estimated fair market value on the date contributed. The Successor Agency’s policy is to capitalize all assets with costs exceeding certain minimum thresholds and with useful lives exceeding two years. Capital assets at June 30, 2025 were comprised of land of $189,226 and Building and Improvements, net of accumulated depreciation, of $31,450.

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 14 - COMMITMENTS AND CONTINGENCIES (CONTINUED)
138

C. Long-Term Obligations
The Successor Agency assumed the long-term obligations of the former RDA as of February 2012.

1. Current Year Transactions and Balances
Original Issue
Amount
Balance
June 30, 2024
Retirements/
Adjustments
Balance
June 30, 2025 Current Portion
Tax Allocation Bonds:

Housing Set Aside 7.0%, due 10/1/2031 $ 5,410,000 $ 1,955,000 $ 190,000 $ 1,765,000 $ 205,000 Total Tax Allocation Bonds 5,410,000 1,955,000 190,000 1,765,000 205,000 Other Obligations:

Advances from the City of Vallejo 4,436,351 2,503,928 943,812 1,560,116 - Total Other Obligations 4,436,351 2,503,928 943,812 1,560,116 - Total Successor Agency Debt $ 9,846,351 $ 4,458,928 $ 1,133,812 $ 3,325,116 $ 205,000

2. Tax Allocation Bonds
Vallejo Housing Set Aside – In August 2001, the RDA issued Tax Allocation Bonds in the amount of $5,410,000 to finance housing activities of the RDA and to repay a loan from the PFA. Semi-annual interest payments are due on April 1 and October 1 and annual principal payments are due October 1. The bonds are subject to mandatory sinking fund redemption and payment is made solely from, and secured by, housing set-aside tax increment revenues generated within the redevelopment project areas.

Pledge of Tax Revenues – As discussed above, the RDA has pledged all future tax increment revenues, less amounts required to be set aside in the RDA’s Low and Moderate Income Housing Fund, for the repayment of the Tax Allocation Bonds. The pledge of all future tax increment revenues ends upon repayment of $2,872,975 debt service on the Bonds above, which is scheduled to occur in 2032. With the dissolution of the RDA discussed above, Tax Increment is no longer distributed and instead the Successor Agency receives payments from the County’s Redevelopment Property Tax Trust fund (RPTTF) that are to be used to fund debt service on the Bonds, with no distinction between housing and non-housing revenues. In fiscal year 2025, the Successor Agency received sufficient RPTTF distributions to meet all bond obligations for the year.

3. Advances from the City
The loan balances as of June 30, 2025 are as follows:

Principal Accrued Interest Total
Hiddenbrooke Overpass Capital Project Fund $ - $ 155,488 $ 155,488 Bridge Construction Capital Projects Fund - 160,730 160,730 Arts and Convention Center Capital Projects - 1,243,898 1,243,898 General Fund:

Waterfront 162,805 894,799 1,057,604
Marina Vista - 647,510 647,510
Central 708,372 1,037,478 1,745,850
Less: Allowance for Doubtful Accounts (871,177) (2,579,787) (3,450,964) $ - $ 1,560,116 $ 1,560,116
The loans bear simple interest of 3.00%. Repayment of these loans is governed by Health and Safety Code Section 34176(e)(6) and the maximum annual repayment is limited based on calculations in that Code Section.

Repayment installments were approved by the State Department of Finance starting fiscal year 2016-17 through the annual ROPS process. Additional information about these advances can be found in Note 4h.

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 15 - REDEVELOPMENT AGENCY DISSOLUTION AND SUCCESSOR AGENCY ACTIVITIES (CONTINUED) 139

4. Debt Service Requirements
Debt service requirements to maturity are shown below for all long-term debt, except the advances from the City, because the ultimate repayment terms cannot be determined at this time, as discussed above:

Ending June 30, Principal Accrued Interest
2026 $ 205,000 $ 116,375
2027 220,000 101,500
2028 235,000 85,575
2029 250,000 68,600
2030 265,000 50,575
2031-2033 590,000 42,000
Total $ 1,765,000 $ 464,625
D. Commitments and Contingencies

1. Oversight Board and State Approval of Enforceable Obligations The Successor Agency prepares an annual Recognized Obligation Payment Schedule (ROPS) that contains proposed expenditures for the upcoming fiscal year. All payment obligations are subject to annual review and re- approval by the Oversight Board and the State DOF. The City expects future adjustments by the Oversight Board and State DOF, if any, to be immaterial.

NOTE 16 - RESTATEMENT OF BEGINNING NET POSITION - VFWD
During the year ended June 30, 2025, the District updated its capitalization threshold related to Subscriptions Based Information Technology Arrangements (SBITAs) and Leases in accordance with Governmental Accounting Standards Board (GASB) Statement No 87 & 96. Based on the updated threshold, certain SBITA and Leases contracts that would otherwise meet the recognition criteria under GASB 96 fall below the District’s capitalization threshold. This resulted in the decreased in beginning net position in the amount of ($897,271).

As Previously
Reported Restated
Change in
Net Position
Subscription Liability $ 196,140,431 $ (897,271) $ 195,243,160 NOTE 17 - SUBSEQUENT EVENTS
The City evaluated subsequent events for recognition and disclosure through February 18, 2026, the date on which these financial statements were available to be issued. Management concluded that no material subsequent events have occurred since June 30, 2025, that required recognition or disclosure in these financial statements.

CITY OF VALLEJO
Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025
NOTE 15 - REDEVELOPMENT AGENCY DISSOLUTION AND SUCCESSOR AGENCY ACTIVITIES (CONTINUED) 140

Required Supplementary Information
141

Budgetary Information
142

Schedules of Revenues, Expenditures, and Changes in Fund Balances:

Budget and Actual - General Fund and Major Special Revenue Funds 143

General Fund

REVENUES
Taxes $ 127,896,490 $ 128,080,790 $ 127,710,220 $ (370,570) Licenses and permits 5,542,896 4,434,115 5,350,262 916,147 Intergovernmental revenues 3,603,075 13,269,316 12,684,624 (584,692) Charges for services 10,487,120 10,073,533 9,294,078 (779,455) Use of money and property 2,300,533 2,300,533 6,101,131 3,800,598 Fines and forfeitures 1,072,998 837,596 964,723 127,127 Other 103,734 754,692 1,969,331 1,214,639
Total revenues 151,006,846 159,750,575 164,074,369 4,323,794

EXPENDITURES
Current:

Legislative and advisory 457,157 468,553 256,666 211,887 Executive 3,642,959 2,980,373 2,381,127 599,246
Finance 2,849,206 2,671,188 2,600,071 71,117
Human resources 1,812,649 2,128,960 2,278,898 (149,938) Law 2,439,437 2,407,349 2,220,186 187,163
Planning and development services 5,907,019 5,491,665 5,655,081 (163,416) Fire services 32,316,308 33,060,652 35,314,757 (2,254,105) Police services 62,540,839 60,625,235 55,560,870 5,064,365 Public works 10,359,854 11,122,531 9,587,190 1,535,341 Economic development 2,111,747 2,218,808 1,740,750 478,058 Information technology 2,253,438 2,385,141 1,620,917 764,224 Non departmental 584,460 7,496,811 7,515,401 (18,590) Debt service:

Principal - lease payments - - 18,166 (18,166)
Interest and fiscal charges - - 1,244 (1,244)
Total expenditures 127,275,073 133,057,266 126,751,324 6,305,942 Excess (deficiency) of revenues
over (under) expenditures 23,731,773 26,693,309 37,323,045 10,629,736

OTHER FINANCING SOURCES (USES)
Transfers in (Note 3a) 1,419,455 1,419,455 1,178,060 (241,395) Transfers out (Note 3a) (11,037,461) (37,485,142) (31,864,825) 5,620,317 Lease proceeds - - 17,782 17,782
Total other financing sources (uses) (9,618,006) (36,065,687) (30,668,983) 5,396,704 Net change in fund balances $ 14,113,767 $ (9,372,378) 6,654,062 $ 16,026,440 Fund balances-beginning 78,917,704
Fund balances-ending $ 85,571,766
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)

CITY OF VALLEJO
Required Supplementary Information
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual General Fund
For the Fiscal Year Ended June 30, 2025
144

Required Supplementary Information
Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual Housing Authority
For the Fiscal Year Ended June 30, 2025
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Intergovernmental revenues $ 24,163,241 $ 24,163,241 $ 28,600,490 $ 4,437,249 Use of money and property - - 103,376 103,376
Other 8,600 8,600 107,795 99,195
Total revenues 24,171,841 24,171,841 28,811,661 4,639,820

EXPENDITURES
Current:

Community services 23,024,944 24,182,645 29,002,065 (4,819,420) Debt service:

Principal - lease payments - - 443 (443)
Total expenditures 23,024,944 24,182,645 29,002,508 (4,819,863) Excess (deficiency) of revenues
over (under) expenditures 1,146,897 (10,804) (190,847) (180,043)

OTHER FINANCING SOURCES (USES)
Transfers in (Note 3a) 189,999 189,999 190,000 1
Total other financing sources (uses) 189,999 189,999 190,000 1 Net change in fund balances $ 1,336,896 $ 179,195 (847) $ (180,042) Fund balances-beginning 16,535,789
Fund balances-ending $ 16,534,942

CITY OF VALLEJO
145

City's Retiree Medical Benefits (OPEB) Schedule of Changes in the Net OPEB Liability and Related Ratios 2025 2024 2023 2022
Measurement Period June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 Total OPEB Liability
Service cost $ 631,000 $ 614,000 $ 946,000 $ 919,000
Interest on the total OPEB liability 2,063,000 2,062,000 2,621,000 2,576,000 Differences between expected and actual experiences (1,962,000) - (5,020,000) - Changes in assumptions (249,000) - (1,229,000) -
Changes in benefit terms 2,366,000 - - -
Benefit payments (2,555,000) (2,792,000) (2,835,000) (2,893,000) Net change in total OPEB liability 294,000 (116,000) (5,517,000) 602,000 Total OPEB liability - beginning 33,667,000 33,783,000 39,300,000 38,698,000 Total OPEB liability - ending (a) 33,961,000 33,667,000 33,783,000 39,300,000 Plan Fiduciary Net Position
Contribution - employer 2,582,000 2,821,000 2,860,000 2,919,000 Net investment income 2,938,000 1,611,000 (3,878,000) 6,249,000 Benefit payments (2,555,000) (2,792,000) (2,835,000) (2,893,000) Administrative expense (36,000) (36,000) (32,000) (35,000) Net change in plan fiduciary net position 2,929,000 1,604,000 (3,885,000) 6,240,000 Plan fiduciary net position - beginning 26,683,000 25,079,000 28,964,000 22,724,000 Plan fiduciary net position - ending (b) 29,612,000 26,683,000 25,079,000 28,964,000 Net OPEB Liability/(Assets) - ending (a) - (b) $ 4,349,000 $ 6,984,000 $ 8,704,000 $ 10,336,000 Plan fiduciary net position as a percentage of the
total OPEB liability 87.19% 79.26% 74.24% 73.70%
Covered-employee payroll $ 71,494,000 $ 67,500,000 $ 64,940,000 $ 64,879,000 Net OPEB liability as a percentage of covered-
employee payroll 6.08% 10.35% 13.40% 15.93%
(1) Historical information is required only for the measurement periods for which GASB 75 is applicable. Fiscal Year 2018 was the first year of implementation. Future years' information will be displayed up to 10 years as information becomes available.

CITY OF VALLEJO
Required Supplementary Information
Schedule of Changes in the Net OPEB Liability and Related Ratios City's Retiree Medical Benefits (OPEB)
Agent Multiple-Employer Plan
As of June 30, for the Last Ten Fiscal Years (1)
146

2021 2020 2019 2018
Measurement Period June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017 Total OPEB Liability
Service cost $ 912,000 $ 889,000 $ 988,000 $ 965,000
Interest on the total OPEB liability 2,668,000 2,624,000 2,886,000 2,831,000 Differences between expected and actual experiences (2,947,000) - (5,289,000) - Changes in assumptions 911,000 - (1,054,000) -
Changes in benefit terms - - - -
Benefit payments (2,886,000) (2,909,000) (2,997,000) (2,957,000) Net change in total OPEB liability (1,342,000) 604,000 (5,466,000) 839,000 Total OPEB liability - beginning 40,040,000 39,436,000 44,902,000 44,063,000 Total OPEB liability - ending (a) 38,698,000 40,040,000 39,436,000 44,902,000 Plan Fiduciary Net Position
Contribution - employer 2,914,000 2,941,000 4,340,000 6,468,000 Net investment income 776,000 1,277,000 1,437,000 1,479,000 Benefit payments (2,886,000) (2,909,000) (2,997,000) (2,957,000) Administrative expense (39,000) (36,000) (76,000) (42,000) Net change in plan fiduciary net position 765,000 1,273,000 2,704,000 4,948,000 Plan fiduciary net position - beginning 21,959,000 20,686,000 17,982,000 13,034,000 Plan fiduciary net position - ending (b) 22,724,000 21,959,000 20,686,000 17,982,000 Net OPEB Liability/(Assets) - ending (a) - (b) $ 15,974,000 $ 18,081,000 $ 18,750,000 $ 26,920,000 Plan fiduciary net position as a percentage of the
total OPEB liability 58.72% 54.84% 52.45% 40.05%
Covered-employee payroll $ 61,630,000 $ 58,767,558 $ 55,348,748 $ 54,537,858 Net OPEB liability as a percentage of covered-
employee payroll 25.92% 30.77% 33.88% 49.36%
(1) Historical information is required only for the measurement periods for which GASB 75 is applicable. Fiscal Year 2018 was the first year of implementation. Future years' information will be displayed up to 10 years as information becomes available.

CITY OF VALLEJO
Schedule of Changes in the Net OPEB Liability and Related Ratios (Continued) Agent Multiple-Employer Plan
As of June 30, for the Last Ten Fiscal Years (1)
147

City's Retiree Medical Benefits (OPEB) Schedule of Contributions 2025 2024 2023 2022
Actuarially Determined Contribution $ 1,110,000 $ 1,178,000 $ 2,038,000 $ 2,114,000 Contribution in Relation to the Actuarially
Determined Contributions (1,096,000) (2,582,000) (2,821,000) (2,860,000) Contribution Deficiency (Excess) $ 1,485,999 $ (1,404,000) $ (783,000) $ (746,000) Covered-employee payroll $ 74,511,000 $ 71,494,000 $ 67,500,000 $ 64,940,000 Contributions as a percentage of covered-
employee payroll 1.47% 3.61% 4.18% 4.40%
(1) Historical information is required only for the measurement periods for which GASB 75 is applicable. Fiscal Year 2018 was the first year of implementation. Future years' information will be displayed up to 10 years as information becomes available.

Notes to Schedule:
*Actuarial methods and assumptions used to set the actuarially determined contribution for Fiscal Year 2025 were from the June 30, 2022 actuarial valuation.

Methods and assumptions used to determine contributions:

Actuarial cost method Entry age normal, level percent of payroll Amortization method Level percent of pay
Amortization period 15-year fixed period on average for FY2024/25 Asset valuation method Investment gains and losses spread over 5 year rolling period Discount rate 6.25%
Inflation 2.50%
Medical trend Non-Medicare -8.50% for 2024, decreasing to an ultimate rate of 3.45% in 2076 Medicare (Non-Kaiser) - 7.50% for 2024, decreasing to an ultimate rate of 3.45% in 2076
Medicare (Kaiser) - 6.25% for 2024, decreasing to an ultimate rate of 3.45% in 2076 Mortality CalPERS 2000-2019 Experience study
Mortality Improvement Post-retirement mortality projected fully generational with Scale MP-2021 All other assumptions Same as those used to determine the total OPEB liability

CITY OF VALLEJO
Required Supplementary Information
Schedule of Contributions
City's Retiree Medical Benefits (OPEB)
Agent Multiple-Employer Plan
As of June 30, for the Last Ten Fiscal Years (1)
148

2021 2020 2019 2018
Actuarially Determined Contribution $ 2,442,000 $ 2,382,000 $ 2,321,000 $ 2,994,000 Contribution in Relation to the Actuarially
Determined Contributions (2,919,000) (2,914,000) (2,941,000) (4,340,000) Contribution Deficiency (Excess) $ (477,000) $ (532,000) $ (620,000) $ (1,346,000) Covered-employee payroll $ 64,879,000 $ 61,630,000 $ 58,767,558 $ 55,348,748 Contributions as a percentage of covered-
employee payroll 4.50% 4.73% 5.00% 7.84%
(1) Historical information is required only for the measurement periods for which GASB 75 is applicable. Fiscal Year 2018 was the first year of implementation. Future years' information will be displayed up to 10 years as information becomes available.

CITY OF VALLEJO
Schedule of Contributions (Continued)
City's Retiree Medical Benefits (OPEB)
Agent Multiple-Employer Plan
As of June 30, for the Last Ten Fiscal Years (1)
149

VFWD’s Schedule of Changes in the Net OPEB Liability and Related Ratios 2025 2024 2023 2022 2021
Measurement Period June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020 Total OPEB Liability
Service cost $ 844,757 $ 821,747 $ 950,869 $ 916,059 $ 352,376 Interest on the total OPEB liability 1,454,238 1,407,369 1,443,515 1,388,866 1,456,214 Differences between expected and actual experiences 2,028,905 111,792 (2,280,906) 73,206 (603,460) Changes in assumptions (1,231,680) - (153,210) - 3,681,452 Benefit payments (1,684,965) (1,480,570) (1,458,265) (1,487,182) (1,276,392) Net change in total OPEB liability 1,411,255 860,338 (1,497,997) 890,949 3,610,190 Total OPEB liability - beginning 24,235,016 23,374,678 24,872,675 23,981,726 20,371,536 Total OPEB liability - ending (a) 25,646,271 24,235,016 23,374,678 24,872,675 23,981,726 Plan Fiduciary Net Position
Contribution - employer 1,684,965 1,500,570 1,958,265 1,987,182 1,776,392 Contribution - member 253,535 239,050 222,071 210,111 214,047 Net investment income 2,127,162 1,690,349 899,005 (2,056,062) 3,091,825 Benefit payments (1,684,965) (1,480,570) (1,458,265) (1,487,182) (1,276,392) Administrative expense (5,917) (7,799) (6,872) (2,780) (2,635) Other changes in net position - - - - (589)
Net change in plan fiduciary net position 2,374,780 1,941,600 1,614,204 (1,348,731) 3,802,648 Plan fiduciary net position - beginning 17,172,068 15,230,468 13,616,264 14,964,995 11,162,347 Plan fiduciary net position - ending (b) 19,546,848 17,172,068 15,230,468 13,616,264 14,964,995 Net OPEB Liability/(Assets) - ending (a) - (b) $ 6,099,423 $ 7,062,948 $ 8,144,210 $ 11,256,411 $ 9,016,731 Plan fiduciary net position as a percentage of the
total OPEB liability 76.22% 70.86% 65.16% 54.74% 62.40% Covered-employee payroll $ 12,239,742 $ 12,160,640 $ 11,699,877 $ 10,603,644 $ 10,393,617 Net OPEB liability as a percentage of covered-
employee payroll 49.83% 58.08% 69.61% 106.16% 86.75%
Notes to Schedule:

Changes of Assumptions: For the measurement period June 30, 2025, the discount rate was increased from 6.00 percent to 6.40 percent.

For the measurement period June 30, 2024, there were no changes in assumptions. For the measurement period June 30, 2023, the discount rate was increased from 5.75 percent to 6.00 percent. For the measurement period ended June 30, 2022, there were no changes in assumptions. For the measurement ended June 30, 2021, the discount rate was changed from 7.25 percent (net of administrative expense) to 5.75 percent and the inflation rate was changed from 2.75 percent to 2.25 percent. For the measurement period June 30, 2020, to maintain consistency with CalPERS demographic rates, rates of retirement, termination, disability, and mortality were updated. For the measurement period ended June 30, 2018, the discount rate was changed from 5.09 percent (net of administrative expense) to 5.52 percent.
(1) Historical information is required only for the measurement periods for which GASB 75 is applicable. Fiscal Year 2017 was the first year of implementation. Future years' information will be displayed up to 10 years as information becomes available.

CITY OF VALLEJO
Required Supplementary Information
Schedule of Changes in the Net OPEB Liability and Related Ratios Vallejo Flood and Wastewater District
Agent Multiple-Employer Plan
As of June 30, for the Last Ten Fiscal Years (1)
150

2020 2019 2018 2017
Measurement Period June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 Total OPEB Liability
Service cost $ 362,299 $ 351,747 $ 341,502 $ 323,479
Interest on the total OPEB liability 1,296,524 1,252,722 1,209,603 1,166,959 Differences between expected and actual experiences 1,721,805 - (6,230) - Changes in assumptions - - - -
Benefit payments (1,041,544) (981,223) (940,234) (836,221) Net change in total OPEB liability 2,339,084 623,246 604,641 654,217 Total OPEB liability - beginning 18,032,452 17,409,206 16,804,565 16,150,348 Total OPEB liability - ending (a) 20,371,536 18,032,452 17,409,206 16,804,565 Plan Fiduciary Net Position
Contribution - employer 1,541,544 1,481,223 1,440,234 1,336,221 Contribution - member 191,439 173,100 156,902 171,665 Net investment income 352,141 1,070,440 83,311 794,510 Benefit payments (1,041,544) (981,223) (940,234) (836,221) Administrative expense (2,780) (2,348) (3,094) (36,633) Other changes in net position (84,912) - - -
Net change in plan fiduciary net position 955,888 1,741,192 737,119 1,429,542 Plan fiduciary net position - beginning 10,206,459 8,465,267 7,728,148 6,298,606 Plan fiduciary net position - ending (b) 11,162,347 10,206,459 8,465,267 7,728,148 Net OPEB Liability/(Assets) - ending (a) - (b) $ 9,209,189 $ 7,825,993 $ 8,943,939 $ 9,076,417 Plan fiduciary net position as a percentage of the
total OPEB liability 54.79% 56.60% 48.63% 45.99%
Covered-employee payroll $ 9,670,727 $ 10,102,073 $ 8,334,837 $ 8,022,329 Net OPEB liability as a percentage of covered-
employee payroll 95.23% 77.47% 107.31% 113.14%
(1) Historical information is required only for the measurement periods for which GASB 75 is applicable. Fiscal Year 2017 was the first year of implementation. Future years' information will be displayed up to 10 years as information becomes available.

CITY OF VALLEJO
Required Supplementary Information
Schedule of Changes in the Net OPEB Liability and Related Ratios (Continued) Vallejo Flood and Wastewater District
Agent Multiple-Employer Plan
As of June 30, for the Last Ten Fiscal Years (1)
151

VFWD’s Schedule of Contributions
2025 2024 2023 2022 2021
Actuarially determined contribution $ 1,477,791 $ 1,437,491 $ 1,788,161 $ 1,740,303 $ 1,143,845 Contribution in relation to the actuarially
determined contributions (1,353,582) (1,500,570) (1,958,265) (1,987,182) (1,776,392) Contribution deficiency (excess) $ 124,209 $ (63,079) $ (170,104) $ (246,879) $ (632,547) Covered-employee payroll $ 12,239,742 $ 12,160,640 $ 11,699,877 $ 10,603,644 $ 10,393,617 Contributions as a percentage of covered-
employee payroll 13.77% 12.34% 16.74% 18.74% 17.09%
(1) Schedule is intended to show information for ten years. Fiscal year 2017 was the first year of implementation, therefore only seven years are shown. Additional years' information will be displayed as it becomes available.

CITY OF VALLEJO
Required Supplementary Information
Schedule of Contributions
Vallejo Flood and Wastewater District
Agent Multiple-Employer Plan
As of June 30, for the Last Ten Fiscal Years (1)
152

2020 2019 2018 2017
Actuarially determined contribution $ 1,110,529 $ 1,082,230 $ 1,050,709 $ 1,092,974 Contribution in relation to the actuarially
determined contributions (1,541,544) (1,481,223) (1,440,234) (1,336,221) Contribution deficiency (excess) $ (431,015) $ (398,993) $ (389,525) $ (243,247) Covered-employee payroll $ 9,670,727 $ 10,102,073 $ 8,334,837 $ 8,022,329 Contributions as a percentage of covered-
employee payroll 15.94% 14.66% 17.28% 16.66%
(1) Schedule is intended to show information for ten years. Fiscal year 2017 was the first year of implementation, therefore only seven years are shown. Additional years' information will be displayed as it becomes available.

CITY OF VALLEJO
Schedule of Contributions (Continued)
Vallejo Flood and Wastewater District
Agent Multiple-Employer Plan
As of June 30, for the Last Ten Fiscal Years (1)
153

Schedule of Changes in the Net Pension Liability and Related Ratios (Miscellaneous Plan) 2025 2024 2023 2022 2021
Measurement Period June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020 Total Pension Liability
Service cost $ 5,518,311 $ 5,113,704 $ 5,054,977 $ 4,651,311 $ 4,388,206 Interest on total pension liability 22,400,397 21,812,820 21,094,227 20,921,652 20,357,309 Differences between expected and actual experience 1,795,213 3,819,680 (2,109,415) 1,213,833 (7,463) Changes in assumptions - - 8,211,629 - -
Benefit payments, including refunds of employee
contributions (20,603,287) (20,213,600) (18,954,164) (18,594,010) (17,801,978) Net change in total pension liability 9,110,634 10,532,604 13,297,254 8,192,786 6,936,074 Total pension liability-beginning 330,390,689 319,858,085 306,560,831 298,368,045 291,431,971 Total pension liability-ending (a) 339,501,323 330,390,689 319,858,085 306,560,831 298,368,045 Plan Fiduciary Net Position
Contributions-employer 12,611,596 12,706,200 11,645,027 11,062,044 10,258,622 Contributions-employee 2,678,832 2,342,099 2,104,544 2,145,220 2,184,791 Net investment income 19,539,682 12,213,090 (16,576,076) 41,389,429 8,999,002 Benefit payments, including refunds of employee
contributions (20,603,287) (20,213,600) (18,954,164) (18,594,010) (17,801,978) Plan to plan resource movement - (1,853) - - -
Other miscellaneous expense - - - - -
Administrative expense (167,831) (146,598) (137,841) (185,261) (256,680) Net change in plan fiduciary net position 14,058,992 6,899,338 (21,918,510) 35,817,422 3,383,757 Plan fiduciary net position-beginning 206,256,188 199,356,850 221,275,360 185,457,938 182,074,181 Plan fiduciary net position-ending (b) 220,315,180 206,256,188 199,356,850 221,275,360 185,457,938 Net pension liability-ending (a) - (b) $ 119,186,143 $ 124,134,501 $ 120,501,235 $ 85,285,471 $ 112,910,107 Plan fiduciary net position as a percentage of the
total pension liability 64.89% 62.43% 62.33% 72.18% 62.16% Covered payroll $ 30,209,748 $ 28,054,444 $ 26,874,700 $ 27,081,533 $ 26,137,221 Net pension liability as a percentage of covered
payroll 394.53% 442.48% 448.38% 314.92% 431.99%
Notes to Schedule:

Benefit Changes: The figures above generally include any liability impact that may have resulted from voluntary benefit changes that occurred on or before the Measurement Date. However, offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes) that occurred after the Valuation Date are not included in the figures above, unless the liability impact is deemed to be material by the plan actuary.

Changes of Assumptions:There were no assumption changes in 2023 or 2024. Effective with the June 30, 2021, valuation date (June 30, 2022, measurement date), the accounting discount rate was reduced from 7.15% to 6.90%. In determining the long-term expected rate of return, CalPERS took into account long-term market return expectations as well as the expected pension fund cash flows. In addition, demographic assumptions and the price inflation assumption were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. The accounting discount rate was 7.15% for measurement dates June 30, 2017, through June 30, 2021, and 7.65% for measurement dates June 30, 2015, through June 30, 2016.

CITY OF VALLEJO
Required Supplementary Information
Schedule of Changes in the Net Pension Liability and Related Ratios Miscellaneous Plan - Agent Multiple-Employer Defined Benefit Pension Plan Last 10 Years
154

2020 2019 2018 2017 2016
Measurement Period June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015 Total Pension Liability
Service cost $ 4,029,310 $ 4,397,962 $ 4,404,558 $ 3,796,340 $ 3,687,869 Interest on total pension liability 19,881,349 19,468,568 19,104,676 18,913,669 18,270,528 Differences between expected and actual experience (1,474,483) (1,082,338) (2,220,738) 1,132,193 (1,151,730) Changes in assumptions - (1,680,478) 14,463,351 - (4,077,633) Benefit payments, including refunds of employee
contributions (17,049,717) (15,819,384) (15,488,076) (15,103,869) (14,371,625) Net change in total pension liability 5,386,459 5,284,330 20,263,771 8,738,333 2,357,409 Total pension liability-beginning 286,045,512 280,761,182 260,497,411 251,759,078 249,401,669 Total pension liability-ending (a) 291,431,971 286,045,512 280,761,182 260,497,411 251,759,078 Plan Fiduciary Net Position
Contributions-employer 9,173,697 7,923,395 7,619,965 6,951,327 5,947,979 Contributions-employee 1,863,321 1,839,196 1,922,977 1,920,952 1,825,329 Net investment income 11,419,992 14,227,594 17,221,783 810,323 3,661,248 Benefit payments, including refunds of employee
contributions (17,049,717) (15,819,384) (15,488,076) (15,103,869) (14,371,625) Plan to plan resource movement (150,117) (413) - (576) - Other miscellaneous expense 413 (501,696) - - -
Administrative expense (126,270) (264,187) (230,440) (99,958) (184,697) Net change in plan fiduciary net position 5,131,319 7,404,505 11,046,209 (5,521,801) (3,121,766) Plan fiduciary net position-beginning 176,942,862 169,538,357 158,492,148 164,013,949 167,135,715 Plan fiduciary net position-ending (b) 182,074,181 176,942,862 169,538,357 158,492,148 164,013,949 Net pension liability-ending (a) - (b) $ 109,357,790 $ 109,102,650 $ 111,222,825 $ 102,005,263 $ 87,745,129 Plan fiduciary net position as a percentage of the
total pension liability 62.48% 61.86% 60.39% 60.84% 65.15% Covered payroll $ 22,605,141 $ 22,403,043 $ 20,887,797 $ 21,778,435 $ 20,358,941 Net pension liability as a percentage of covered
payroll 483.77% 487.00% 532.48% 468.38% 430.99%

CITY OF VALLEJO
Required Supplementary Information
Schedule of Changes in the Net Pension Liability and Related Ratios (Continued) Miscellaneous Plan - Agent Multiple-Employer Defined Benefit Pension Plan Last 10 Years
155

Schedule of Plan Contributions (Miscellaneous Plan)
2025 2024 2023 2022 2021
Actuarial determined contribution $ 14,180,928 $ 12,580,393 $ 12,579,782 $ 11,568,843 $ 10,944,409 Contribution in relation to the actuarially
determined contribution (14,180,928) (12,580,393) (12,579,782) (11,568,843) (10,944,409) Contribution deficiency (excess) $ - $ - $ - $ - $ -
Covered payroll $ 35,056,794 $ 30,209,748 $ 28,054,444 $ 26,874,700 $ 27,081,533 Contributions as a percentage of covered
payroll 40.45% 41.64% 44.84% 43.05% 40.41%
Notes to Schedule:

Valuation date June 30, 2024
Methods and assumptions used
to determine contribution rates:

Actuarial cost method Entry age normal cost method
Amortization method Level percentage of pay, a summary of the current policy is provided in the table below:

Driver
Source
(Gain)/Loss) Assumption/
Method
Change Benefit Change
Golden
HandshakeInvestment Non-investment
Amortization period 30 years 30 years 20 years 20 years 5 years Escalation rate
Active plans 2.80 % 2.80 % 2.80 % 2.80 % 2.80 %
Inactive plans - % - % - % - % - %
Ramp up 5 % 5 % 5 % - % - %
Ramp down 5 % 5 % 5 % - % - %
Asset valuation method Market value
Inflation 2.30%
Salary increases Varies by entry age and service
Payroll growth 2.80%
Investment rate of return 6.8%, net of pension plan investment expenses, including inflation.

Retirement age The probabilities of retirement are based on the 2021 CalPERS Experience Study and Review of Actuarial Assumptions.

Mortality 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.

CITY OF VALLEJO
Required Supplementary Information
Schedule of Plan Contributions
Miscellaneous Plan
Agent Multiple-Employer Defined Benefit Pension Plan
Last 10 Years
156

2020 2019 2018 2017 2016
Actuarial determined contribution $ 10,259,296 $ 9,183,028 $ 7,920,957 $ 7,641,298 $ 6,951,327 Contribution in relation to the actuarially
determined contribution (10,259,296) (9,183,028) (7,920,957) (7,641,298) (6,951,327) Contribution deficiency (excess) $ - $ - $ - $ - $ -
Covered payroll $ 26,137,221 $ 22,605,141 $ 22,403,043 $ 20,887,797 $ 21,778,435 Contributions as a percentage of covered
payroll 39.25% 40.62% 35.36% 36.58% 31.92%

CITY OF VALLEJO
Schedule of Plan Contributions (Continued)
Miscellaneous Plan
Agent Multiple-Employer Defined Benefit Pension Plan
Last 10 Years
157

Schedule of Changes in the Net Pension Liability and Related Ratios (Safety Plan) 2025 2024 2023 2022 2021
Measurement Period June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020 Total Pension Liability
Service cost $ 7,014,981 $ 7,175,447 $ 7,679,475 $ 6,840,081 $ 6,916,858 Interest on total pension liability 39,380,537 38,158,430 36,816,284 36,031,428 35,436,006 Changes in benefit terms - 187,838 - - -
Differences between expected and actual experience 6,351,165 7,475,497 502,309 (4,341,410) 1,732,575 Changes in assumptions - - 16,562,725 - -
Benefit payments, including refunds of employee
contributions (34,297,875) (33,488,367) (31,423,005) (30,022,902) (29,268,078) Net change in total pension liability 18,448,808 19,508,845 30,137,788 8,507,197 14,817,361 Total pension liability-beginning 578,022,707 558,513,862 528,376,074 519,868,877 505,051,516 Total pension liability-ending (a) 596,471,515 578,022,707 558,513,862 528,376,074 519,868,877 Plan Fiduciary Net Position
Contributions-employer 20,737,383 20,381,011 19,583,204 18,763,982 16,867,013 Contributions-employee 2,816,104 2,725,868 2,680,187 2,880,179 2,495,800 Net investment income 33,525,442 21,086,111 (28,754,756) 71,416,960 15,405,724 Benefit payments (34,297,875) (33,488,367) (31,423,005) (30,022,902) (29,268,078) Plan to plan resource movement - 1,853 - - -
Other miscellaneous expense - - - - -
Administrative expense (288,456) (252,994) (238,086) (319,139) (443,256) Net change in plan fiduciary net position 22,492,598 10,453,482 (38,152,456) 62,719,080 5,057,203 Plan fiduciary net position-beginning 354,497,873 344,044,391 382,196,847 319,477,767 314,420,564 Plan fiduciary net position-ending (b) 376,990,471 354,497,873 344,044,391 382,196,847 319,477,767 Net pension liability-ending (a) - (b) $ 219,481,044 $ 223,524,834 $ 214,469,471 $ 146,179,227 $ 200,391,110 Plan fiduciary net position as a percentage of the
total pension liability 63.20% 61.33% 61.60% 72.33% 61.45% Covered payroll $ 21,077,780 $ 21,042,205 $ 22,045,380 $ 23,926,199 $ 21,941,307 Net pension liability as a percentage of covered
payroll 1041.29% 1062.27% 972.85% 610.96% 913.31%
Notes to Schedule:

Benefit Changes: The figures above generally include any liability impact that may have resulted from voluntary benefit changes that occurred on or before the Measurement Date. However, offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes) that occurred after the Valuation Date are not included in the figures above, unless the liability impact is deemed to be material by the plan actuary.

Changes of Assumptions: There were no assumption changes in 2023 or 2024. Effective with the June 30, 2021, valuation date (June 30, 2022, measurement date), the accounting discount rate was reduced from 7.15% to 6.90%. In determining the long-term expected rate of return, CalPERS took into account long-term market return expectations as well as the expected pension fund cash flows. In addition, demographic assumptions and the price inflation assumption were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. The accounting discount rate was 7.15% for measurement dates June 30, 2017, through June 30, 2021, and 7.65% for measurement dates June 30, 2015, through June 30, 2016.

CITY OF VALLEJO
Required Supplementary Information
Schedule of Changes in the Net Pension Liability and Related Ratios Safety Plan
Agent Multiple-Employer Defined Benefit Pension Plan
Last 10 Years
158

2020 2019 2018 2017 2016
Measurement Period June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015 Total Pension Liability
Service cost $ 6,733,397 $ 6,785,852 $ 7,141,768 $ 6,037,920 $ 5,665,531 Interest on total pension liability 34,420,847 33,457,665 32,842,161 32,721,025 31,830,406 Differences between expected and actual experience 1,076,363 (2,324,275) (8,355,331) (675,259) 463,336 Changes in assumptions - (2,031,814) 26,697,946 - (7,623,305) Benefit payments, including refunds of employee
contributions (28,292,968) (27,352,200) (26,330,644) (25,766,118) (24,963,470) Net change in total pension liability 13,937,639 8,535,228 31,995,900 12,317,568 5,372,498 Total pension liability-beginning 491,113,877 482,578,649 450,582,749 438,265,181 432,892,683 Total pension liability-ending (a) 505,051,516 491,113,877 482,578,649 450,582,749 438,265,181 Plan Fiduciary Net Position
Contributions-employer 15,651,082 13,510,984 12,539,589 12,077,355 10,188,345 Contributions-employee 2,495,658 2,402,540 2,468,689 2,498,407 2,574,737 Net investment income 19,716,865 24,365,266 29,790,194 1,329,651 6,292,622 Benefit payments (28,292,968) (27,352,200) (26,330,644) (25,766,118) (24,963,470) Plan to plan resource movement 150,117 (712) - - (115) Other miscellaneous expense 712 (867,978) - - -
Administrative expense (217,595) (457,067) (400,264) (173,865) (320,958) Net change in plan fiduciary net position 9,503,871 11,600,833 18,067,564 (10,034,570) (6,228,839) Plan fiduciary net position-beginning 304,916,693 293,315,860 275,248,296 285,282,866 291,511,705 Plan fiduciary net position-ending (b) 314,420,564 304,916,693 293,315,860 275,248,296 285,282,866 Net pension liability-ending (a) - (b) $ 190,630,952 $ 186,197,184 $ 189,262,789 $ 175,334,453 $ 152,982,315 Plan fiduciary net position as a percentage of the
total pension liability 62.26% 62.09% 60.78% 61.09% 65.09% Covered payroll $ 21,152,620 $ 20,349,393 $ 19,733,377 $ 21,563,045 $ 20,922,604 Net pension liability as a percentage of covered
payroll 901.22% 915.00% 959.10% 813.12% 731.18%

CITY OF VALLEJO
Schedule of Changes in the Net Pension Liability and Related Ratios (Continued) Safety Plan
Agent Multiple-Employer Defined Benefit Pension Plan
Last 10 Years
159

Schedule of Plan Contributions (Safety Plan)
2025 2024 2023 2022 2021
Actuarial determined contribution $ 22,692,711 $ 20,640,831 $ 20,200,335 $ 19,484,048 $ 18,444,829 Contribution in relation to the actuarially
determined contribution (22,692,711) (20,640,831) (20,200,335) (19,484,048) (18,444,829) Contribution deficiency (excess) $ - $ - $ - $ - $ -
Covered payroll $ 23,326,424 $ 21,077,780 $ 21,042,205 $ 22,045,380 $ 23,926,199 Contributions as a percentage of covered
payroll 97.28% 97.93% 96.00% 88.38% 77.09%
Notes to Schedule:

Valuation date June 30, 2023
Methods and assumptions used to determine contribution rates:

Actuarial cost
method
Entry age normal cost method
Amortization method Fair value of assets, for details, see June 30, 2021, funding valuation report.

Driver
Source
(Gain)/Loss)
Assumption/
Method Change
Benefit
Change
Golden Handshake
Investment
Non-
investment
Amortization period 30 years 30 years 20 years 20 years 5 years Escalation rate
Active plans 2.800% 2.800% 2.800% 2.800% 2.800%
Inactive plans 0% 0% 0% 0% 0%
Ramp up 5 5 5 0 0
Ramp down 5 5 5 0 0
Asset valuation
method
Market value
Inflation 2.30%
Salary increases Varies by entry age and service
Payroll growth 2.80%
Investment rate of
return

6.8%, net of pension plan investment expenses, including inflation.

Retirement age The probabilities of retirement are based on the 2021 CalPERS Experience Study and Review of Actuarial Assumptions.

Mortality The probabilities of mortality are based on the 2021 CalPERS Experience study and review of actuarial assumptions. Mortality rates incorporate full generational mortality improvements using 80% of Scale MP-2020 published by the Society of Actuaries.

CITY OF VALLEJO
Required Supplementary Information
Schedule of Plan Contributions
Safety Plan
Agent Multiple-Employer Defined Benefit Pension Plan
Last 10 Years
160

2020 2019 2018 2017 2016
Actuarial determined contribution $ 16,924,131 $ 15,641,590 $ 13,511,840 $ 12,582,017 $ 12,077,355 Contribution in relation to the actuarially
determined contribution (16,924,131) (15,641,590) (13,511,840) (12,582,017) (12,077,355) Contribution deficiency (excess) $ - $ - $ - $ - $ -
Covered payroll $ 21,941,307 $ 21,152,620 $ 20,349,393 $ 19,733,377 $ 21,563,045 Contributions as a percentage of covered
payroll 77.13% 73.95% 66.40% 63.76% 56.01%

CITY OF VALLEJO
Required Supplementary Information
Schedule of Plan Contributions (Continued)
Safety Plan
Agent Multiple-Employer Defined Benefit Pension Plan
Last 10 Years
161

Schedule of the Plan's Proportionate Share of the Net Pension Liability and Related Ratios (VFWD) 2025 2024 2023 2022 2021
Measurement Period June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020 Plan proportion of the net pension liability 0.67030% 0.65191% 0.65022% 0.86588% 0.61886% Plan proportionate share of the net pension liability $ 32,419,592 $ 32,598,425 $ 30,425,186 $ 16,441,417 $ 26,104,014 Plan covered payroll $ 12,160,640 $ 11,699,877 $ 10,603,644 $ 10,393,617 $ 8,773,461 Plan proportionate share of the net pension liability as percentage of covered payroll 266.59% 278.62% 286.93% 158.19% 297.53% The pension plan's (PERF-C) fiduciary net position as a percentage of the total pension liability 78.08% 76.21% 76.68% 88.30% 75.10% Notes to Schedule:

Valuation date: June 30, 2023

CITY OF VALLEJO
Required Supplementary Information
Schedule of the Plan's Proportionate Share
of the Net Pension Liability and Related Ratios
Vallejo Flood and Wastewater District
Cost-Sharing Multiple-Employer Defined Benefit Pension Plan Last 10 Years
162

2020 2019 2018 2017 2016
Measurement Period June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015 Plan proportion of the net pension liability 0.60568% 0.59373% 0.57650% 0.56725% 0.14712% Plan proportionate share of the net pension liability $ 24,254,485 $ 22,376,039 $ 22,725,984 $ 19,705,443 $ 15,432,136 Plan covered payroll $ 10,102,073 $ 8,773,484 $ 8,334,837 $ 8,022,329 $ 7,940,275 Plan proportionate share of the net pension liability as percentage of covered payroll 240.09% 255.04% 272.66% 245.63% 194.35% The pension plan's (PERF-C) fiduciary net position as a percentage of the total pension liability 75.30% 73.69% 73.31% 74.06% 78.40%

CITY OF VALLEJO
Required Supplementary Information
Schedule of the Plan's Proportionate Share
of the Net Pension Liability and Related Ratios (Continued) Vallejo Flood and Wastewater District
Cost-Sharing Multiple-Employer Defined Benefit Pension Plan Last 10 Years
163

Schedule of Plan Contributions (VFWD)
2025 2024 2023 2022 2021
Actuarially determined contribution $ 4,178,668 $ 3,696,267 $ 3,597,832 $ 3,307,047 $ 3,026,216 CEPPT payment (500,000) - - - -
Contribution in relation to the
actuarially determined contribution (4,178,668) (3,696,267) (3,597,832) (3,307,047) (3,026,216) Contribution deficiency (excess) $ (500,000) $ - $ - $ - $ - Covered payroll $ 12,239,742 $ 12,160,640 $ 11,699,877 $ 10,603,644 $ 10,393,617 Contributions as a percentage of
covered payroll 34.14% 30.40% 30.75% 31.19% 29.12%
Note: Contractually required contributions and contributions in relation to the actuarially determined contributions for fiscal year 2017 and prior do not include payments toward the District's unfunded accrued liability.

CITY OF VALLEJO
Required Supplementary Information
Schedule of Plan Contributions
Vallejo Flood and Wastewater District
Cost-Sharing Multiple-Employer Defined Benefit Pension Plan Last 10 Years
164

2020 2019 2018 2017 2016
Actuarially determined contribution $ 2,668,281 $ 2,253,819 $ 1,944,314 $ 899,758 $ 1,064,678 CEPPT payment - - - - -
Contribution in relation to the
actuarially determined contribution (2,668,281) (2,253,819) (1,944,314) (899,758) (1,064,678) Contribution deficiency (excess) $ - $ - $ - $ - $ -
Covered payroll $ 9,670,727 $ 8,773,461 $ 8,334,589 $ 8,022,314 $ 7,682,568 Contributions as a percentage of
covered payroll 27.59% 25.69% 23.33% 11.22% 13.86%
Note: Contractually required contributions and contributions in relation to the actuarially determined contributions for fiscal year 2017 and prior do not include payments toward the District's unfunded accrued liability.

CITY OF VALLEJO
Required Supplementary Information
Schedule of Plan Contributions (Continued)
Vallejo Flood and Wastewater District
Cost-Sharing Multiple-Employer Defined Benefit Pension Plan Last 10 Years
165

Supplementary Information
166

Nonmajor Governmental Funds
Special Revenue Funds
Community Development Block Grant Fund #101 accounts for monies received and expended by the City as a participant in the Federal Community Development Block Grant program.

HOME Program Fund #102 accounts for monies received and expended by the City as a participant in the Federal HOME Grant program.

Neighborhood Stabilization Program Fund #103 accounts for monies received and expended by the City as a participant in the Federal NSP Grant.

Mare Island Base Reuse Fund #107 accounts for monies received from tenants placed on the former Mare Island Naval Shipyard during the conversion process. It also accounts for operating costs to support ongoing development programs on the island. Funds are restricted for use on the island.

Emergency Disaster Fund #109 accounts for monies received and expended for activities related to damages from the 2014 South Napa earthquake and other emergency disaster funds, including federal and State grant revenues.

Mare Island CFD 2002 Fund #112 accounts for monies received from general taxes and from property owner assessments for maintenance and repair of infrastructure and facilities on the former Mare Island Naval Shipyard.

Mare Island CFD 2005 1A (State) Fund #113 accounts for transactions of this district formed under state statute to provide municipal services within the district.

Mare Island CFD 2005 1B (Local) Fund #114 accounts for transactions of this district formed under local statute to provide municipal services within the district.

Outside Services Fund #129 accounts for one-time billings to third parties and the related expenditures of these funds. The primary activity is development review.

State Gas Tax Fund #133 accounts for monies received from the state gas tax allocation and expended on construction, improvement and maintenance of public streets and related infrastructure.

State Lands Fund #134 accounts for lease rentals generated from City-owned waterfront property subject to State Lands Commission restrictions.

Solid Waste Disposal Fund #135 accounts for monies received from garbage collection fines and expended on enforcing major portions of the mandatory garbage subscription ordinance. This fund is also used for the mandatory city-wide recycling program and related recycling program grants.

Hiddenbrooke Community Services District Fund #138 accounts for monies collected as the result of special taxes which are used to fund a variety of municipal services provided to the residents of the Hiddenbrooke development.

Traffic Offender Vehicle Impound Program Fund #140 accounts for monies received and expended from vehicle impound fees.

Hazmat Revolving Fund #143 accounts for monies received and expended for hazardous material removal.

Office of Traffic Safety Fund #146 accounts for the award and expenditure of grants from the California Office of Traffic Safety.

NLP Nuisance Abatement Fund #147 accounts for monies received and used to demolish dangerous buildings or prevent escalating nuisance conditions.

Justice Assistance Grant Fund #149 accounts for revenues received from the Justice Assistance Grant.

Supplemental Law Enforcement Grant Fund #151 accounts for revenues received from the Supplemental Law Enforcement Services Grant.

Landscape Maintenance Districts Fund #161-188 accounts for special assessments on property within district boundaries for the restricted purpose of providing landscape services within the specified districts.

Navigation Center Fund #191 accounts for monies received and administration of the Vallejo Homeless Navigation Center.

Administrative Trust Fund #601 accounts for funds held for special programs, including performance bonds for construction projects.
167

Capital Projects Fund
Mare Island Conversion Capital Projects Fund #106 – accounts for monies received from federal grants which are used for activities relating to the conversion of the Mare Island Naval Shipyard to civilian use.

Neighborhood Parks (GVRD) Fund #137 accounts for park development impact fee revenue and for contributions to the Greater Vallejo Recreation District for park improvements.

Transportation Impact Mitigation Fund #203 accounts for monies received from the Transportation Impact fee imposed on commercial and residential development and expended on transportation improvements necessitated by such development.

Bridge Construction Fund #204 accounts for monies received from the Bridge Construction Development Tax Ordinance.

Arts and Convention Center Fund #206 accounts for the Empress Theatre advances to the former Redevelopment Agency.

Northgate Fee & Benefit District #94-1 Fund #208 accounts for monies received from the development of the Northgate District #94-1 and expended for public improvements within that development area.

Hiddenbrooke Overpass Fund #211 accounts for monies received from the Hiddenbrooke Overpass fee imposed on commercial and residential development within the Hiddenbrooke development area. These funds will be used to renovate the existing Hiddenbrooke overpass.

Mare Island CFD 2005 1A Facilities Fund #213 accounts for transactions of this district formed under state statute to provide municipal facilities within the district.

Gas Tax Capital Projects Fund #219 accounts for street maintenance and capital expenditures to be paid from State gas tax allocations.

Capital Grants & Contributions Fund #221 accounts for capital project expenditures to be reimbursed from by granting agencies, developers, or other third parties.

Long-Term Maintenance Fund #223 accounts for revenues received from cell tower leases for use on long term repairs and maintenance expenditures.

Columbus Parkway Improvements Fund #224 accounts for monies received from a developer for the Columbus Parkway widening project.

Empress Theater Fund #225 accounts for the maintenance of Empress Theater.

Road Maintenance and Rehabilitation Act Fund #226 accounts for street maintenance and capital projects to be paid from Senate Bill (SB) 1 allocation.

Waterfront History Park Capital Project Fund #227 accounts for the administration of funds allocated by City Council and donations made to the Waterfront History Park Project.

Debt Service Fund
Certificates of Participation Fund #-Various accounts for the accumulation of lease revenue and the payments of annual General Fund debt service requirements. Debt issues include the 1999, 2000, 2002, and 2003 certificates of participation, which were restructured in 2011 into UBOC Reimbursement Loan Obligations A and B.

Permanent Fund
McCune Collection Fund #603 accounts for monies held for the Library which consists of donations and sales of rare books to maintain the McCune book collection. The principal is invested and interest earnings are available to support the McCune Fund Activities.
168

Combining Balance Sheet
Special Revenue
Funds
Community
Development
Block Grant
Fund #101
HOME
Program Fund
#102
Neighborhood
Stabilization
Program Fund
#103
Mare Island
Base Reuse
Fund #107
Emergency
Disaster Fund
#109
ASSETS
Cash and investments $ - $ 1,273,199 $ 25,184 $ 414,195 $ 939,672 Receivables (net of allowance for uncollectible):

Accounts receivable 543 28,456 951 - -
Notes and loans receivable 2,679,132 4,676,753 2,905,267 - - Interest and dividends receivable - - - - -
Leases - - - - -
Due from other governments, current 443,464 1,388 - - 753,710 Restricted assets:

Cash and investments, restricted - - - - -
Cash with fiscal agent - - - - -
Total assets $ 3,123,139 $ 5,979,796 $ 2,931,402 $ 414,195 $ 1,693,382

LIABILITIES
Accounts payable and accrued liabilities $ 227,885 $ 10,354 $ - $ 8,141 $ - Deposits payable - - - 7,785 -
Due to other governments - 519,586 - - -
Unearned revenues - - - - 373,053
Due to other funds 216,121 - - - -
Total liabilities 444,006 529,940 - 15,926 373,053

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues 877,396 915,643 705,725 - -
Deferred inflows for leases - - - - -
Total deferred inflows of resources 877,396 915,643 705,725 - -

FUND BALANCES (DEFICITS)
Nonspendable - - - - -
Restricted 1,801,737 4,534,213 2,225,677 - -
Committed - - - 398,269 1,320,329
Assigned - - - - -
Unassigned - - - - -
Total fund balances (deficits) 1,801,737 4,534,213 2,225,677 398,269 1,320,329 Total liabilities, deferred inflows of resources,
and fund balances (deficits) $ 3,123,139 $ 5,979,796 $ 2,931,402 $ 414,195 $ 1,693,382

CITY OF VALLEJO
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2025
169

Special Revenue
Funds
Mare Island
CFD 2002
Fund #112
Mare Island
CFD 2005 1A
(State) Fund
#113
Mare Island
CFD 2005 1B
(Local) Fund
#114
Outside
Services Fund
#129
State Gas Tax
Fund #133
ASSETS
Cash and investments $ 4,823,063 $ 633,625 $ 927,087 $ 1,237,954 $ 193,838 Receivables (net of allowance for uncollectible):

Accounts receivable 128,851 - - 6,920 1,035,264
Notes and loans receivable - - - - -
Interest and dividends receivable - - - - -
Leases - - - - -
Due from other governments, current - - - - -
Restricted assets:

Cash and investments, restricted - - - - -
Cash with fiscal agent - - - - -
Total assets $ 4,951,914 $ 633,625 $ 927,087 $ 1,244,874 $ 1,229,102

LIABILITIES
Accounts payable and accrued liabilities $ 52,449 $ 7,035 $ 2,750 $ 78,109 $ 167,262 Deposits payable - - - 1,046,341 -
Due to other governments - - - - -
Unearned revenues - - - - -
Due to other funds - - - - -
Total liabilities 52,449 7,035 2,750 1,124,450 167,262

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues - - - - -
Deferred inflows for leases - - - - -
Total deferred inflows of resources - - - - -

FUND BALANCES (DEFICITS)
Nonspendable - - - - -
Restricted 4,899,465 626,590 924,337 - 1,061,840
Committed - - - - -
Assigned - - - 120,424 -
Unassigned - - - - -
Total fund balances (deficits) 4,899,465 626,590 924,337 120,424 1,061,840 Total liabilities, deferred inflows of resources,
and fund balances (deficits) $ 4,951,914 $ 633,625 $ 927,087 $ 1,244,874 $ 1,229,102

CITY OF VALLEJO
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2025
170

Special Revenue
Funds
State Lands
Fund #134
Solid Waste
Disposal Fund
#135
Hiddenbrooke
Community
Services
District Fund
#138
Traffic
Offender /
Vehicle
Impound
Program Fund
#140
Hazmat
Revolving
Fund #143
ASSETS
Cash and investments $ 1,208,964 $ 2,052,808 $ 4,048,000 $ 150,039 $ 167,202 Receivables (net of allowance for uncollectible):

Accounts receivable 19,558 69,458 - - 22,138
Notes and loans receivable - - - - -
Interest and dividends receivable 74,739 - - - -
Leases 4,649,558 - - - -
Prepaids and deposits - - - - -
Due from other governments, current - - - - -
Restricted assets:

Cash and investments, restricted - - - - -
Cash with fiscal agent - - - - -
Total assets $ 5,952,819 $ 2,122,266 $ 4,048,000 $ 150,039 $ 189,340

LIABILITIES
Accounts payable and accrued liabilities $ - $ 1,178,957 $ 155,722 $ - $ 1,810 Deposits payable 1,387 - - - -
Due to other governments - - - - -
Unearned revenues - 601,106 332,129 - -
Due to other funds - - - - -
Total liabilities 1,387 1,780,063 487,851 - 1,810

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues - - - - -
Deferred inflows for leases 4,341,500 - - - -
Total deferred inflows of resources 4,341,500 - - - -

FUND BALANCES (DEFICITS)
Nonspendable - - - - -
Restricted 1,609,932 342,203 3,560,149 150,039 187,530 Committed - - - - -
Assigned - - - - -
Unassigned - - - - -
Total fund balances (deficits) 1,609,932 342,203 3,560,149 150,039 187,530 Total liabilities, deferred inflows of resources,
and fund balances (deficits) $ 5,952,819 $ 2,122,266 $ 4,048,000 $ 150,039 $ 189,340

CITY OF VALLEJO
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2025
171

Special Revenue
Funds
Office of
Traffic Safety
Fund #146
NLP Nuisance
Abatement
Fund #147
Justice
Assistance
Grant Fund
#149
Supplemental
Law
Enforcement
Grant Fund
#151
Landscape
Maintenance
Districts Fund
#161-188
ASSETS
Cash and investments $ - $ 264,382 $ - $ 619,319 $ 23,203,149 Receivables (net of allowance for uncollectible):

Accounts receivable - - - - 9,339
Notes and loans receivable - - - - -
Interest and dividends receivable - - - - -
Leases - - - - -
Prepaids and deposits - - - 37,276 -
Due from other governments, current - - 758,404 - - Restricted assets:

Cash and investments, restricted - - - - -
Cash with fiscal agent - - - - -
Total assets $ - $ 264,382 $ 758,404 $ 656,595 $ 23,212,488

LIABILITIES
Accounts payable and accrued liabilities $ - $ - $ 220,502 $ 38,629 $ 303,489 Deposits payable - - - - -
Due to other governments - - - - -
Unearned revenues - - - - -
Due to other funds - - 537,902 - -
Total liabilities - - 758,404 38,629 303,489

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues - - 21,688 - -
Deferred inflows for leases - - - - -
Total deferred inflows of resources - - 21,688 - -

FUND BALANCES (DEFICITS)
Nonspendable - - - 37,276 -
Restricted - - - 580,690 22,908,999
Committed - 264,382 - - -
Assigned - - - - -
Unassigned - - (21,688) - -
Total fund balances (deficits) - 264,382 (21,688) 617,966 22,908,999 Total liabilities, deferred inflows of resources,
and fund balances (deficits) $ - $ 264,382 $ 758,404 $ 656,595 $ 23,212,488

CITY OF VALLEJO
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2025
172

Special Revenue
Funds
Capital Projects
Funds
Navigation
Center #191
Administrative
Trust Fund
#601
Formerly a
Neighborhood
Park-Dev Fee
Fund #137
Transportation
Impact
Mitigation
Fund #203
Major Fund
Mare Island
Conversion
#106
ASSETS
Cash and investments $ 6,734,288 $ 233,239 $ 1,051,624 $ 3,129,070 $ 5,985,920 Receivables (net of allowance for uncollectible):

Accounts receivable - 13,434 - - -
Notes and loans receivable - - - 200,151 89,088
Interest and dividends receivable - - 10,179 - -
Leases - - - - -
Due from other governments, current - - - - -
Restricted assets:

Cash and investments, restricted - - 12,266,904 - - Cash with fiscal agent - - - - -
Total assets $ 6,734,288 $ 246,673 $ 13,328,707 $ 3,329,221 $ 6,075,008

LIABILITIES
Accounts payable and accrued liabilities $ 7,429 $ - $ 1,019,781 $ 737,118 $ 65,574 Deposits payable - 246,673 - - -
Due to other governments - - - - -
Unearned revenues - - 7,333,544 - -
Due to other funds - - - - -
Total liabilities 7,429 246,673 8,353,325 737,118 65,574

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues - - - 61,391 -
Deferred inflows for leases - - - - -
Total deferred inflows of resources - - - 61,391 -

FUND BALANCES (DEFICITS)
Nonspendable - - - - -
Restricted 6,726,859 - 4,975,382 2,530,712 6,009,434 Committed - - - - -
Assigned - - - - -
Unassigned - - - - -
Total fund balances (deficits) 6,726,859 - 4,975,382 2,530,712 6,009,434 Total liabilities, deferred inflows of resources,
and fund balances (deficits) $ 6,734,288 $ 246,673 $ 13,328,707 $ 3,329,221 $ 6,075,008

CITY OF VALLEJO
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2025
173

Capital Projects
Funds
Bridge
Construction
Fund #204
Arts and
Convention
Center Fund
#206
Northgate Fee
& Benefit
District #94-1
Fund #208
Hiddenbrooke
Overpass
Fund #211
Mare Island
CFD 2005 1A
Facilities Fund
#213
ASSETS
Cash and investments $ 390,119 $ 104,042 $ 252,021 $ 7,081,542 $ 2,214,706 Receivables (net of allowance for uncollectible):

Accounts receivable - - - - -
Notes and loans receivable 160,730 1,243,898 - 155,488 - Interest and dividends receivable - - - - -
Leases - - - - -
Due from other governments, current - - - - -
Restricted assets:

Cash and investments, restricted - - - - -
Cash with fiscal agent - - - - -
Total assets $ 550,849 $ 1,347,940 $ 252,021 $ 7,237,030 $ 2,214,706

LIABILITIES
Accounts payable and accrued liabilities $ - $ - $ - $ 133,582 $ - Deposits payable - - - - -
Due to other governments - - - - -
Unearned revenues - - - - -
Due to other funds - - - - -
Total liabilities - - - 133,582 -

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues 160,730 1,243,898 - 155,488 - Deferred inflows for leases - - - - -
Total deferred inflows of resources 160,730 1,243,898 - 155,488 -

FUND BALANCES (DEFICITS)
Nonspendable - - - - -
Restricted 390,119 - 252,021 6,947,960 2,214,706
Committed - - - - -
Assigned - 104,042 - - -
Unassigned - - - - -
Total fund balances (deficits) 390,119 104,042 252,021 6,947,960 2,214,706 Total liabilities, deferred inflows of resources,
and fund balances (deficits) $ 550,849 $ 1,347,940 $ 252,021 $ 7,237,030 $ 2,214,706

CITY OF VALLEJO
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2025
174

Capital Projects
Funds
Gas Tax
Capital
Projects Fund
#219
Capital Grant
& Contribution
Fund #221
Longterm
Maintenance
Fund #223
Columbus
Parkway
Improvement
Fund #224
Empress
Theater Fund
#225
ASSETS
Cash and investments $ 1,822,810 $ - $ 208,072 $ 4,920,282 $ 84,305 Receivables (net of allowance for uncollectible):

Accounts receivable - - - - -
Notes and loans receivable - - - - -
Interest and dividends receivable - - - - -
Leases - - - - -
Due from other governments, current - 6,969,906 - - - Restricted assets:

Cash and investments, restricted - - - - -
Cash with fiscal agent - - - - -
Total assets $ 1,822,810 $ 6,969,906 $ 208,072 $ 4,920,282 $ 84,305

LIABILITIES
Accounts payable and accrued liabilities $ 148,086 $ 2,533,970 $ 2,855 $ - $ 3,752 Deposits payable - - - - -
Due to other governments - - - - -
Unearned revenues - - - - -
Due to other funds - 4,435,936 - - -
Total liabilities 148,086 6,969,906 2,855 - 3,752

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues - 2,363,878 - - -
Deferred inflows for leases - - - - -
Total deferred inflows of resources - 2,363,878 - - -

FUND BALANCES (DEFICITS)
Nonspendable - - - - -
Restricted 1,674,724 - - - -
Committed - - 36,816 4,920,282 80,553
Assigned - - 168,401 - -
Unassigned - (2,363,878) - - -
Total fund balances (deficits) 1,674,724 (2,363,878) 205,217 4,920,282 80,553 Total liabilities, deferred inflows of resources,
and fund balances (deficits) $ 1,822,810 $ 6,969,906 $ 208,072 $ 4,920,282 $ 84,305

CITY OF VALLEJO
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2025
175

Capital Projects
Funds
Debt Service
Funds
Permanent
Funds
Road Maint/
Rehab Act
Fund #226
Certificates of
Participation
Fund #-
Various
McCune
Collection
Fund #603
Total
Waterfront
History Park
Fund #227
Nonmajor
Funds
ASSETS
Cash and investments $ 7,816,213 $ 80,725 $ - $ 115,931 $ 84,406,589 Receivables (net of allowance for uncollectible):

Accounts receivable - - - - 1,334,912
Notes and loans receivable - - - - 12,110,507
Interest and dividends receivable - - - - 84,918
Leases - - - - 4,649,558
Due from other governments, current 605,614 - - - 9,532,486 Restricted assets:

Cash and investments, restricted - - - - 12,266,904 Cash with fiscal agent - - 300,577 - 300,577
Total assets $ 8,421,827 $ 80,725 $ 300,577 $ 115,931 $ 124,723,727

LIABILITIES
Accounts payable and accrued liabilities $ 365,526 $ - $ - $ 326 $ 7,471,093 Deposits payable - - - - 1,302,186
Due to other governments - - - - 519,586
Unearned revenues - - - - 8,639,832
Due to other funds - - - - 5,189,959
Total liabilities 365,526 - - 326 23,122,656

DEFERRED INFLOWS OF RESOURCES
Unavailable revenues - - - - 6,505,837
Deferred inflows for leases - - - - 4,341,500
Total deferred inflows of resources - - - - 10,847,337

FUND BALANCES (DEFICITS)
Nonspendable - - - 64,625 101,901
Restricted 8,056,301 - 300,577 50,980 85,543,176
Committed - 80,725 - - 7,101,356
Assigned - - - - 392,867
Unassigned - - - - (2,385,566)
Total fund balances (deficits) 8,056,301 80,725 300,577 115,605 90,753,734 Total liabilities, deferred inflows of resources,
and fund balances (deficits) $ 8,421,827 $ 80,725 $ 300,577 $ 115,931 $ 124,723,727

CITY OF VALLEJO
Combining Balance Sheet (Continued)
Nonmajor Governmental Funds
June 30, 2025
176

Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Special Revenue
Funds
Community
Development
Block Grant
Fund #101
HOME Program
Fund #102
Neighborhood
Stabilization
Program Fund
#103
Mare Island
Base Reuse
Fund #107
Emergency
Disaster Fund
#109

REVENUES
Taxes $ - $ - $ - $ - $ -
Licenses and permits - - - - -
Intergovernmental revenues 1,077,375 465,076 - - 604,849 Charges for services - - - - -
Use of money and property 2,304 73,092 7,068 39,173 - Fines and forfeitures - - - - -
Contribution revenue - - - - -
Other - 45,696 - - -
Total revenues 1,079,679 583,864 7,068 39,173 604,849

EXPENDITURES
Current:

Community services 1,083,793 45,108 1,233 - -
Planning and development services - - - - -
Fire services - - - - -
Police services - - - - -
Public works - - - - -
Economic development - - - 154,267 -
Capital outlay - - - - -
Debt service:

Principal long term debt payments - - - - -
Principal - lease payments - - - - -
Interest and fiscal charges - - - - -
Total expenditures 1,083,793 45,108 1,233 154,267 - Excess (deficiency) of revenues
over (under) expenditures (4,114) 538,756 5,835 (115,094) 604,849

OTHER FINANCING SOURCES
(USES)
Transfers in (Note 3a) - - - 90,000 -
Transfers out (Note 3a) - - - - -
Issuance of debt - subscriptions - - - - -
Total other financing sources (uses) - - - 90,000 - Net change in fund balances (4,114) 538,756 5,835 (25,094) 604,849 Fund balances (deficit)-beginning 1,805,851 3,995,457 2,219,842 423,363 715,480 Restatement-change within financial
reporting entity - - - - -
Fund balances (deficit)-beginning, as
restated 1,805,851 3,995,457 2,219,842 423,363 715,480 Fund balances (deficit)-ending $ 1,801,737 $ 4,534,213 $ 2,225,677 $ 398,269 $ 1,320,329

CITY OF VALLEJO
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Nonmajor Governmental Funds
For the Fiscal Year Ended June 30, 2025
177

Special Revenue
Funds
Mare Island CFD
2002 Fund #112
Mare Island CFD
2005 1A (State)
Fund #113
Mare Island CFD
2005 1B (Local)
Fund #114
Outside
Services Fund
#129
State Gas Tax
Fund #133

REVENUES
Taxes $ 1,829,776 $ - $ - $ - $ -
Licenses and permits - - - - -
Intergovernmental revenues - - - - 3,536,981
Charges for services 2,363,615 281,573 - 444,267 1,794,016 Use of money and property 200,923 28,109 49,836 62,035 43,029 Fines and forfeitures - - - - -
Contribution revenue - - - - -
Other 3,424 - - - 7,321
Total revenues 4,397,738 309,682 49,836 506,302 5,381,347

EXPENDITURES
Current:

Community services - - - - -
Planning and development services - - - 369,241 -
Fire services 2,632,124 - - - -
Police services 822,000 - - - -
Public works 1,451,514 200,720 135,210 11,831 4,018,390 Economic development - - - 96,540 -
Capital outlay - - - - -
Debt service:

Principal long term debt payments - - - - -
Principal - lease payments - - - - -
Interest and fiscal charges - - - - -
Total expenditures 4,905,638 200,720 135,210 477,612 4,018,390 Excess (deficiency) of revenues
over (under) expenditures (507,900) 108,962 (85,374) 28,690 1,362,957

OTHER FINANCING SOURCES
(USES)
Transfers in (Note 3a) - - - - -
Transfers out (Note 3a) - - - (57,537) (800,000)
Issuance of debt - subscriptions - - - - -
Total other financing sources (uses) - - - (57,537) (800,000) Net change in fund balances (507,900) 108,962 (85,374) (28,847) 562,957 Fund balances (deficit)-beginning 5,407,365 517,628 1,009,711 149,271 498,883 Restatement-change within financial
reporting entity - - - - -
Fund balances (deficit)-beginning, as
restated 5,407,365 517,628 1,009,711 149,271 498,883 Fund balances (deficit)-ending $ 4,899,465 $ 626,590 $ 924,337 $ 120,424 $ 1,061,840

CITY OF VALLEJO
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Fiscal Year Ended June 30, 2025
178

Special Revenue
Funds
State Lands
Fund #134
Solid Waste
Disposal
Fund #135
Hiddenbrooke
Community
Services District
Fund #138
Traffic Offender /
Vehicle Impound
Program Fund #140
Hazmat
Revolving Fund
#143

REVENUES
Taxes $ - $ - $ - $ - $ -
Licenses and permits - 15,194 - 37,262 -
Intergovernmental revenues - 216,639 - - -
Charges for services - 2,695,421 691,633 - 60,148
Use of money and property 589,733 87,618 198,736 6,864 7,104 Fines and forfeitures - 8,656 - - -
Contribution revenue - - - - -
Other - - - - -
Total revenues 589,733 3,023,528 890,369 44,126 67,252

EXPENDITURES
Current:

Community services - - - - -
Planning and development services - - - - -
Fire services - - - - -
Police services - - - 13,791 -
Public works - 2,836,146 856,756 - 6,366
Economic development 91,205 - - - -
Capital outlay - - - - -
Debt service:

Principal long term debt payments - - - - -
Principal - lease payments - 25,044 - - -
Principal - subscription payments - - - - -
Interest and fiscal charges - 604 - - -
Total expenditures 91,205 2,861,794 856,756 13,791 6,366 Excess (deficiency) of revenues
over (under) expenditures 498,528 161,734 33,613 30,335 60,886

OTHER FINANCING SOURCES
(USES)
Transfers in (Note 3a) - - - - -
Transfers out (Note 3a) (260,000) - - - -
Issuance of debt - subscriptions - - - - -
Total other financing sources (uses) (260,000) - - - - Net change in fund balances 238,528 161,734 33,613 30,335 60,886 Fund balances (deficit)-beginning 1,371,404 180,469 3,526,536 119,704 126,644 Restatement-change within financial
reporting entity - - - - -
Fund balances (deficit)-beginning, as
restated 1,371,404 180,469 3,526,536 119,704 126,644 Fund balances (deficit)-ending $ 1,609,932 $ 342,203 $ 3,560,149 $ 150,039 $ 187,530

CITY OF VALLEJO
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Fiscal Year Ended June 30, 2025
179

Special Revenue
Funds
Office of Traffic
Safety Fund
#146
NLP Nuisance
Abatement
Fund #147
Justice
Assistance
Grant Fund
#149
Supplemental
Law Enforcement
Grant Fund #151
Landscape
Maintenance
Districts Fund
#161-188

REVENUES
Taxes $ - $ - $ - $ - $ -
Licenses and permits - - - - -
Intergovernmental revenues 14,774 - 1,013,288 203,066 - Charges for services - - - - 4,379,911
Use of money and property - 12,595 - 41,510 1,101,156 Fines and forfeitures - - - - -
Contribution revenue - - - - -
Other - 15,778 - - 9,340
Total revenues 14,774 28,373 1,013,288 244,576 5,490,407

EXPENDITURES
Current:

Community services - - - - -
Planning and development services - - - - -
Fire services - - - - -
Police services 14,774 - 956,316 121,786 -
Public works - - - - 2,941,741
Economic development - - - - -
Capital outlay - - - 1,183,041 26,688
Debt service:

Principal long term debt payments - - - - -
Principal - lease payments - - - - -
Principal - subscription payments - - - 373,508 -
Interest and fiscal charges - - - 4,992 -
Total expenditures 14,774 - 956,316 1,683,327 2,968,429 Excess (deficiency) of revenues
over (under) expenditures - 28,373 56,972 (1,438,751) 2,521,978

OTHER FINANCING SOURCES
(USES)
Transfers in (Note 3a) - - - - -
Transfers out (Note 3a) - - - - -
Issuance of debt - subscriptions - - - 1,163,041 - Total other financing sources (uses) - - - 1,163,041 - Net change in fund balances - 28,373 56,972 (275,710) 2,521,978 Fund balances (deficit)-beginning - 236,009 (78,660) 893,676 20,387,021 Restatement-change within financial
reporting entity - - - - -
Fund balances (deficit)-beginning, as
restated - 236,009 (78,660) 893,676 20,387,021
Fund balances (deficit)-ending $ - $ 264,382 $ (21,688) $ 617,966 $ 22,908,999

CITY OF VALLEJO
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Fiscal Year Ended June 30, 2025
180

Special Revenue
Funds
Capital Projects
Funds
Formerly Major
Fund
Navigation
Center #191
Administrative
Trust Fund #601
Neighborhood
Park-Dev Fee
Fund #137
Transportation
Impact
Mitigation Fund
#203
Mare Island
Conversion
#106

REVENUES
Taxes $ - $ - $ - $ - $ -
Licenses and permits - - - 68,581 331,431
Intergovernmental revenues - - 5,636,292 - -
Charges for services - - - - -
Use of money and property 336,789 6,852 768,802 160,609 295,457 Fines and forfeitures - - - - -
Contribution revenue - 6,800 - - -
Other - - - - -
Total revenues 336,789 13,652 6,405,094 229,190 626,888

EXPENDITURES
Current:

Community services - - - - -
Planning and development services - - - - -
Fire services - - - - -
Police services - 6,800 - - -
Public works 7,429 - - - 4,500
Economic development - - 5,763,505 - -
Capital outlay - - - 976,808 304,405
Debt service:

Principal long term debt payments - - - - -
Principal - lease payments - - - - -
Principal - subscription payments - - - - -
Interest and fiscal charges - - - - -
Total expenditures 7,429 6,800 5,763,505 976,808 308,905 Excess (deficiency) of revenues
over (under) expenditures 329,360 6,852 641,589 (747,618) 317,983

OTHER FINANCING SOURCES
(USES)
Transfers in (Note 3a) 7,429 - - - -
Transfers out (Note 3a) - (6,852) - - -
Issuance of debt - subscriptions - - - - -
Total other financing sources (uses) 7,429 (6,852) - - - Net change in fund balances 336,789 - 641,589 (747,618) 317,983 Fund balances (deficit)-beginning 6,390,070 - - 3,278,330 5,691,451 Restatement-change within financial
reporting entity - - 4,333,793 - -
Fund balances (deficit)-beginning, as
restated 6,390,070 - 4,333,793 3,278,330 5,691,451 Fund balances (deficit)-ending $ 6,726,859 $ - $ 4,975,382 $ 2,530,712 $ 6,009,434

CITY OF VALLEJO
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Fiscal Year Ended June 30, 2025
181

Capital Projects
Funds
Bridge
Construction
Fund #204
Arts and
Convention
Center Fund
#206
Northgate Fee &
Benefit District
#94-1 Fund #208
Hiddenbrooke
Overpass Fund
#211
Mare Island CFD
2005 1A
Facilities Fund
#213

REVENUES
Taxes $ - $ - $ - $ - $ -
Licenses and permits - - - - -
Intergovernmental revenues - - - - -
Charges for services - - - - 100,003
Use of money and property 88,114 577,652 12,740 411,060 107,748 Fines and forfeitures - - - - -
Contribution revenue - - - - -
Other - - - - -
Total revenues 88,114 577,652 12,740 411,060 207,751

EXPENDITURES
Current:

Community services - - - - -
Planning and development services - - - - -
Fire services - - - - -
Police services - - - - -
Public works 4,500 - 4,500 4,500 8,007
Economic development - - - - -
Capital outlay - - - 351,905 -
Debt service:

Principal long term debt payments - - - - -
Principal - lease payments - - - - -
Principal - subscription payments - - - - -
Interest and fiscal charges - - - - -
Total expenditures 4,500 - 4,500 356,405 8,007
Excess (deficiency) of revenues
over (under) expenditures 83,614 577,652 8,240 54,655 199,744

OTHER FINANCING SOURCES
(USES)
Transfers in (Note 3a) - - - - -
Transfers out (Note 3a) (19,570) (757,720) - (18,886) - Issuance of debt - subscriptions - - - - -
Total other financing sources (uses) (19,570) (757,720) - (18,886) - Net change in fund balances 64,044 (180,068) 8,240 35,769 199,744 Fund balances (deficit)-beginning 326,075 284,110 243,781 6,912,191 2,014,962 Restatement-change within financial
reporting entity - - - - -
Fund balances (deficit)-beginning, as
restated 326,075 284,110 243,781 6,912,191 2,014,962 Fund balances (deficit)-ending $ 390,119 $ 104,042 $ 252,021 $ 6,947,960 $ 2,214,706

CITY OF VALLEJO
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Fiscal Year Ended June 30, 2025
182

Capital Projects
Funds
Gas Tax Capital
Projects Fund
#219
Capital Grant &
Contribution
Fund #221
Longterm
Maintenance
Fund #223
Columbus
Parkway
Improvement
Fund #224
Empress
Theater Fund
#225

REVENUES
Taxes $ - $ - $ - $ - $ -
Licenses and permits - - - - -
Intergovernmental revenues - 7,492,175 - - -
Charges for services - - - 770,620 -
Use of money and property 100,617 - 10,604 216,780 3,642 Fines and forfeitures - - - - -
Contribution revenue - - - - -
Other - - - - -
Total revenues 100,617 7,492,175 10,604 987,400 3,642

EXPENDITURES
Current:

Community services - - - - -
Planning and development services - - - - -
Fire services - - - - -
Police services - 473,745 - - -
Public works - - - 4,500 23,663
Economic development - 406,439 - - -
Capital outlay 1,547,577 8,770,818 846 - -
Debt service:

Principal long term debt payments - - - - -
Principal - lease payments - - - - -
Principal - subscription payments - - - - -
Interest and fiscal charges - - - - -
Total expenditures 1,547,577 9,651,002 846 4,500 23,663 Excess (deficiency) of revenues
over (under) expenditures (1,446,960) (2,158,827) 9,758 982,900 (20,021)

OTHER FINANCING SOURCES
(USES)
Transfers in (Note 3a) 800,000 - - - 27,900
Transfers out (Note 3a) - (7,495) - - -
Issuance of debt - subscriptions - - - - -
Total other financing sources (uses) 800,000 (7,495) - - 27,900 Net change in fund balances (646,960) (2,166,322) 9,758 982,900 7,879 Fund balances (deficit)-beginning 2,321,684 (197,556) 195,459 3,937,382 72,674 Restatement-change within financial
reporting entity - - - - -
Fund balances (deficit)-beginning, as
restated 2,321,684 (197,556) 195,459 3,937,382 72,674 Fund balances (deficit)-ending $ 1,674,724 $ (2,363,878) $ 205,217 $ 4,920,282 $ 80,553

CITY OF VALLEJO
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Fiscal Year Ended June 30, 2025
183

Capital Projects
Funds
Debt Service
Funds
Permanent
Funds
Road Maint/
Rehab Act Fund
#226
Waterfront
History Park
Fund #227
Certificates of
Participation
Fund #-Various
McCune
Collection Fund
#603
Total
Nonmajor
Funds

REVENUES
Taxes $ 3,436,680 $ - $ - $ - $ 5,266,456
Licenses and permits - - - - 452,468
Intergovernmental revenues - - - - 20,260,515
Charges for services - - - - 13,581,207
Use of money and property 383,991 4,164 7,072 5,820 6,049,398 Fines and forfeitures - - - - 8,656
Contribution revenue - - - - 6,800
Other - - - - 81,559
Total revenues 3,820,671 4,164 7,072 5,820 45,707,059

EXPENDITURES
Current:

Community services - - - - 1,130,134
Planning and development services - - - 594 369,835 Fire services - - - - 2,632,124
Police services - - - - 2,409,212
Public works 4,500 4,500 9,000 - 12,538,273
Economic development - - - - 6,511,956
Capital outlay 4,393,919 - - - 17,556,007
Debt service:

Principal long term debt payments - - 823,687 - 823,687 Principal - lease payments - - - - 25,044
Principal - subscription payments - - - - 373,508
Interest and fiscal charges - - 137,769 - 143,365
Total expenditures 4,398,419 4,500 970,456 594 44,513,145 Excess (deficiency) of revenues
over (under) expenditures (577,748) (336) (963,384) 5,226 1,193,914

OTHER FINANCING SOURCES
(USES)
Transfers in (Note 3a) - - 974,284 - 1,899,613
Transfers out (Note 3a) - - - - (1,928,060)
Issuance of debt - subscriptions - - - - 1,163,041 Total other financing sources (uses) - - 974,284 - 1,134,594 Net change in fund balances (577,748) (336) 10,900 5,226 2,328,508 Fund balances (deficit)-beginning 8,634,049 81,061 289,677 110,379 84,091,433 Restatement-change within financial
reporting entity - - - - 4,333,793
Fund balances (deficit)-beginning, as
restated 8,634,049 81,061 289,677 110,379 88,425,226 Fund balances (deficit)-ending $ 8,056,301 $ 80,725 $ 300,577 $ 115,605 $ 90,753,734

CITY OF VALLEJO
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Fiscal Year Ended June 30, 2025
184

Combining Schedules of Revenues, Expenditures, and Changes in Fund Balances:

Budget and Actual - Nonmajor Special Revenue Funds
185

Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual Community Development Block Grant Fund #101
For the Fiscal Year Ended June 30, 2025
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Intergovernmental revenues $ 1,007,083 $ 1,007,083 $ 1,077,375 $ 70,292 Use of money and property 5,000 5,000 2,304 (2,696) Other - - - -
Total revenues 1,012,083 1,012,083 1,079,679 67,596

EXPENDITURES
Current:

Community services 1,012,083 1,262,334 1,083,793 178,541 Total expenditures 1,012,083 1,262,334 1,083,793 178,541 Net change in fund balances $ - $ (250,251) (4,114) $ 246,137 Fund balances-beginning 1,805,851
Fund balances-ending $ 1,801,737
186

Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual HOME Program Fund #102
For the Fiscal Year Ended June 30, 2025
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Intergovernmental revenues $ 463,688 $ 463,688 $ 465,076 $ 1,388 Use of money and property 100,000 100,000 73,092 (26,908) Other - - 45,696 45,696
Total revenues 563,688 563,688 583,864 20,176

EXPENDITURES
Current:

Community services 563,688 566,326 45,108 521,218
Total expenditures 563,688 566,326 45,108 521,218
Net change in fund balances $ - $ (2,638) 538,756 $ 541,394 Fund balances-beginning 3,995,457
Fund balances-ending $ 4,534,213
187

Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual Neighborhood Stabilization Program Fund #103
For the Fiscal Year Ended June 30, 2025
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Use of money and property $ 6,000 $ 117,488 $ 7,068 $ (110,420) Other 1,800 1,800 - (1,800)
Total revenues 7,800 119,288 7,068 (112,220)

EXPENDITURES
Current:

Community services 7,800 526,814 1,233 525,581
Total expenditures 7,800 526,814 1,233 525,581
Net change in fund balances $ - $ (407,526) 5,835 $ 413,361 Fund balances-beginning 2,219,842
Fund balances-ending $ 2,225,677
188

Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual Mare Island Base Reuse Fund #107
For the Fiscal Year Ended June 30, 2025
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Use of money and property $ 44,636 $ 44,636 $ 39,173 $ (5,463) Total revenues 44,636 44,636 39,173 (5,463)

EXPENDITURES
Current:

Economic development 295,830 306,073 154,267 151,806 Total expenditures 295,830 306,073 154,267 151,806
Excess (deficiency) of revenues
over (under) expenditures (251,194) (261,437) (115,094) 146,343

OTHER FINANCING SOURCES (USES)
Transfers in (Note 3a) 90,000 90,000 90,000 -
Total other financing sources (uses) 90,000 90,000 90,000 - Net change in fund balances $ (161,194) $ (171,437) (25,094) $ 146,343 Fund balances-beginning 423,363
Fund balances-ending $ 398,269
189

Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual Mare Island CFD 2002 Fund #112
For the Fiscal Year Ended June 30, 2025
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Taxes $ 2,036,897 $ 2,036,897 $ 1,829,776 $ (207,121)
Charges for services 2,363,615 2,363,615 2,363,615 — Use of money and property 50,500 50,500 200,923 150,423 Other - - 3,424 3,424
Total revenues 4,451,012 4,451,012 4,397,738 (53,274)

EXPENDITURES
Current:

Fire services 2,640,000 2,640,000 2,632,124 7,876
Police services 1,038,000 1,038,000 822,000 216,000 Public works 1,245,034 1,431,147 1,451,514 (20,367) Total expenditures 4,923,034 5,109,147 4,905,638 203,509 Net change in fund balances $ (472,022) $ (658,135) (507,900) $ 150,235 Fund balances-beginning 5,407,365
Fund balances-ending $ 4,899,465
190

Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual Mare Island CFD 2005 1A (State) Fund #113
For the Fiscal Year Ended June 30, 2025
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Charges for services $ 281,569 $ 281,569 $ 281,573 $ 4
Use of money and property - - 28,109 28,109
Total revenues 281,569 281,569 309,682 28,113

EXPENDITURES
Current:

Public works 212,987 222,787 200,720 22,067
Total expenditures 212,987 222,787 200,720 22,067
Net change in fund balances $ 68,582 $ 58,782 108,962 $ 50,180 Fund balances-beginning 517,628
Fund balances-ending $ 626,590
191

Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual Mare Island CFD 2005 1B (Local) Fund #114
For the Fiscal Year Ended June 30, 2025
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Use of money and property $ - $ - $ 49,836 $ 49,836
Total revenues - - 49,836 49,836

EXPENDITURES
Current:

Public works 209,473 226,356 135,210 91,146
Total expenditures 209,473 226,356 135,210 91,146
Net change in fund balances $ (209,473) $ (226,356) (85,374) $ 140,982 Fund balances-beginning 1,009,711
Fund balances-ending $ 924,337
192

Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual Outside Services Fund #129
For the Fiscal Year Ended June 30, 2025
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Charges for services $ 1,020,000 $ 1,020,000 $ 444,267 $ (575,733) Use of money and property 40,383 40,383 62,035 21,652 Total revenues 1,060,383 1,060,383 506,302 (554,081)

EXPENDITURES
Current:

Economic development 320,000 469,270 96,540 372,730 Planning and development services 500,000 500,000 369,241 130,759 Public works 200,000 200,000 11,831 188,169
Total expenditures 1,020,000 1,169,270 477,612 691,658 Excess (deficiency) of revenues
over (under) expenditures 40,383 (108,887) 28,690 137,577

OTHER FINANCING SOURCES (USES)
Transfers out (Note 3a) (40,383) (40,383) (57,537) (17,154) Total other financing sources (uses) (40,383) (40,383) (57,537) (17,154) Net change in fund balances $ - $ (149,270) (28,847) $ 120,423 Fund balances-beginning 149,271
Fund balances-ending $ 120,424
193

Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual State Gas Tax Fund #133
For the Fiscal Year Ended June 30, 2025
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Intergovernmental revenues $ 3,045,000 $ 3,045,000 $ 3,536,981 $ 491,981 Charges for services 1,641,448 1,641,448 1,794,016 152,568 Use of money and property - - 43,029 43,029
Other 19,500 19,500 7,321 (12,179)
Total revenues 4,705,948 4,705,948 5,381,347 675,399

EXPENDITURES
Current:

Public works 3,779,276 4,065,546 4,018,390 47,156
Total expenditures 3,779,276 4,065,546 4,018,390 47,156 Excess (deficiency) of revenues
over (under) expenditures 926,672 640,402 1,362,957 722,555

OTHER FINANCING SOURCES (USES)
Transfers out (Note 3a) (800,000) (800,000) (800,000) - Total other financing sources (uses) (800,000) (800,000) (800,000) - Net change in fund balances $ 126,672 $ (159,598) 562,957 $ 722,555 Fund balances-beginning 498,883
Fund balances-ending $ 1,061,840
194

Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual State Lands Fund #134
For the Fiscal Year Ended June 30, 2025
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Use of money and property $ 301,671 $ 301,671 $ 589,733 $ 288,062 Total revenues 301,671 301,671 589,733 288,062

EXPENDITURES
Current:

Economic development 30,453 30,453 91,205 (60,752)
Total expenditures 30,453 30,453 91,205 (60,752)
Excess (deficiency) of revenues
over (under) expenditures 271,218 271,218 498,528 227,310

OTHER FINANCING SOURCES (USES)
Transfers out (Note 3a) - (260,000) (260,000) -
Total other financing sources (uses) - (260,000) (260,000) - Net change in fund balances $ 271,218 $ 11,218 238,528 $ 227,310 Fund balances-beginning 1,371,404
Fund balances-ending $ 1,609,932
195

Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual Solid Waste Disposal Fund #135
For the Fiscal Year Ended June 30, 2025
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Licenses and permits $ 19,500 $ 19,500 $ 15,194 $ (4,306) Intergovernmental revenues - 216,639 216,639 -
Charges for services 1,681,317 2,727,388 2,695,421 (31,967) Use of money and property - - 87,618 87,618
Fines and forfeitures - - 8,656 8,656
Total revenues 1,700,817 2,963,527 3,023,528 60,001

EXPENDITURES
Current:

Public works 1,791,825 2,855,048 2,836,146 18,902
Debt service:

Principal - lease payments - - 25,044 (25,044)
Interest and fiscal charges - - 604 (604)
Total expenditures 1,791,825 2,855,048 2,861,794 (6,746) Net change in fund balances $ (91,008) $ 108,479 161,734 $ 53,255 Fund balances-beginning 180,469
Fund balances-ending $ 342,203

CITY OF VALLEJO
196

Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual Hiddenbrooke Community Services District Fund #138
For the Fiscal Year Ended June 30, 2025
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Charges for services $ 723,887 $ 723,887 $ 691,633 $ (32,254) Use of money and property 33,859 33,859 198,736 164,877 Total revenues 757,746 757,746 890,369 132,623

EXPENDITURES
Current:

Public works 931,824 931,843 856,756 75,087
Total expenditures 931,824 931,843 856,756 75,087
Net change in fund balances $ (174,078) $ (174,097) 33,613 $ 207,710 Fund balances-beginning 3,526,536
Fund balances-ending $ 3,560,149

CITY OF VALLEJO
197

Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual Traffic Offender / Vehicle Impound Program Fund #140
For the Fiscal Year Ended June 30, 2025
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Licenses and permits $ 30,000 $ 30,000 $ 37,262 $ 7,262 Use of money and property - - 6,864 6,864
Total revenues 30,000 30,000 44,126 14,126

EXPENDITURES
Current:

Police services 136,342 136,342 13,791 122,551
Total expenditures 136,342 136,342 13,791 122,551
Net change in fund balances $ (106,342) $ (106,342) 30,335 $ 136,677 Fund balances-beginning 119,704
Fund balances-ending $ 150,039

CITY OF VALLEJO
198

Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual Hazmat Revolving Fund #143
For the Fiscal Year Ended June 30, 2025
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Charges for services $ 48,535 $ 48,535 $ 60,148 $ 11,613 Use of money and property - - 7,104 7,104
Total revenues 48,535 48,535 67,252 18,717

EXPENDITURES
Current:

Public works 25,784 31,766 6,366 25,400
Total expenditures 25,784 31,766 6,366 25,400
Net change in fund balances $ 22,751 $ 16,769 60,886 $ 44,117 Fund balances-beginning 126,644
Fund balances-ending $ 187,530

CITY OF VALLEJO
199

Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual NLP Nuisance Abatement Fund #147
For the Fiscal Year Ended June 30, 2025
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Use of money and property $ 7,000 $ 7,000 $ 12,595 $ 5,595 Other 100,000 100,000 15,778 (84,222)
Total revenues 107,000 107,000 28,373 (78,627)

EXPENDITURES
Current:

Law 206,432 206,432 - 206,432
Total expenditures 206,432 206,432 - 206,432
Net change in fund balances $ (99,432) $ (99,432) 28,373 $ 127,805 Fund balances-beginning 236,009
Fund balances-ending $ 264,382

CITY OF VALLEJO
200

Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual Supplemental Law Enforcement Grant Fund #151
For the Fiscal Year Ended June 30, 2025
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Intergovernmental revenues $ 200,000 $ 200,000 $ 203,066 $ 3,066 Use of money and property - - 41,510 41,510
Total revenues 200,000 200,000 244,576 44,576

EXPENDITURES
Current:

Police services 309,157 685,525 121,786 563,739
Capital outlay - - 1,183,041 (1,183,041)
Debt service:

Interest and fiscal charges - - 4,992 (4,992)
Principal - subscription payments - - 373,508 (373,508) Total expenditures 309,157 685,525 1,683,327 (997,802) Excess (deficiency) of revenues
over (under) expenditures (109,157) (485,525) (1,438,751) (953,226)

OTHER FINANCING SOURCES (USES)
Issuance of debt - subscriptions - - 1,163,041 1,163,041 Total other financing sources (uses) - - 1,163,041 1,163,041 Net change in fund balances $ (109,157) $ (485,525) (275,710) $ 209,815 Fund balances-beginning 893,676
Fund balances-ending $ 617,966

CITY OF VALLEJO
201

Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual Landscape Maintenance Districts Fund #161-188
For the Fiscal Year Ended June 30, 2025
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Charges for services $ 4,197,919 $ 4,197,919 $ 4,379,911 $ 181,992 Use of money and property 190,850 190,850 1,101,156 910,306 Other - - 9,340 9,340
Total revenues 4,388,769 4,388,769 5,490,407 1,101,638

EXPENDITURES
Current:

Public works 3,441,453 3,441,383 2,941,741 499,642
Capital outlay 3,769 3,769 26,688 (22,919)
Total expenditures 3,445,222 3,445,152 2,968,429 476,723 Net change in fund balances $ 943,547 $ 943,617 2,521,978 $ 1,578,361 Fund balances-beginning 20,387,021
Fund balances-ending $ 22,908,999

CITY OF VALLEJO
202

Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual Navigation Center #191
For the Fiscal Year Ended June 30, 2025
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Use of money and property $ 50,000 $ 50,000 $ 336,789 $ 286,789 Total revenues 50,000 50,000 336,789 286,789

EXPENDITURES
Current:

Public works - 6,731,665 7,429 6,724,236
Total expenditures - 6,731,665 7,429 6,724,236
Excess (deficiency) of revenues
over (under) expenditures 50,000 (6,681,665) 329,360 (6,437,447)

OTHER FINANCING SOURCES (USES)
Transfers in (Note 3a) - 340,958 7,429 (333,529)
Total other financing sources (uses) - 340,958 7,429 (333,529) Net change in fund balances $ 50,000 $ (6,340,707) 336,789 $ 6,677,496 Fund balances-beginning 6,390,070
Fund balances-ending $ 6,726,859

CITY OF VALLEJO
203

Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual Administrative Trust Fund #601
For the Fiscal Year Ended June 30, 2025
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Use of money and property $ 25,000 $ 25,000 $ 6,852 $ (18,148) Contribution revenue 20,000 20,000 6,800 (13,200)
Total revenues 45,000 45,000 13,652 (31,348)

EXPENDITURES
Current:

Police services 20,000 20,000 6,800 13,200
Total expenditures 20,000 20,000 6,800 13,200
Excess (deficiency) of revenues
over (under) expenditures 25,000 25,000 6,852 (18,148)

OTHER FINANCING SOURCES (USES)
Transfers out (Note 3a) (25,000) (25,000) (6,852) 18,148 Total other financing sources (uses) (25,000) (25,000) (6,852) 18,148 Net change in fund balances $ - $ - - $ -
Fund balances-beginning -
Fund balances-ending $ -

CITY OF VALLEJO
204

Schedules of Revenues, Expenditures, and Changes in Fund Balances:

Budget and Actual - Nonmajor Debt Service Fund
205

Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual Certificates of Participation Fund #-Various
For the Fiscal Year Ended June 30, 2025
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Use of money and property $ 7,752 $ - $ 7,072 $ 7,072
Total revenues 7,752 - 7,072 7,072

EXPENDITURES
Current:

Public works 9,000 9,000 9,000 -
Debt service:

Principal long term debt payments 962,276 823,687 823,687 - Interest and fiscal charges 167,194 137,769 137,769 - Total expenditures 1,138,470 970,456 970,456 -
Excess (deficiency) of revenues
over (under) expenditures (1,130,718) (970,456) (963,384) 7,072

OTHER FINANCING SOURCES (USES)
Transfers in (Note 3a) 1,142,563 974,288 974,284 (4) Total other financing sources (uses) 1,142,563 974,288 974,284 (4) Net change in fund balances $ 11,845 $ 3,832 10,900 $ 7,068 Fund balances-beginning 289,677
Fund balances-ending $ 300,577

CITY OF VALLEJO
206

Schedules of Revenues, Expenditures, and Changes in Fund Balances:

Budget and Actual - Permanent Fund
207

Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual McCune Collection Fund #603
For the Fiscal Year Ended June 30, 2025
Variance with
Final Budget
Budget Amounts Actual Positive
Original Final Amounts (Negative)

REVENUES
Use of money and property $ 2,500 $ 2,500 $ 5,820 $ 3,320 Total revenues 2,500 2,500 5,820 3,320

EXPENDITURES
Current:

Planning and development services 2,500 2,500 594 1,906 Total expenditures 2,500 2,500 594 1,906
Net change in fund balances $ - $ - 5,226 $ 5,226
Fund balances-beginning 110,379
Fund balances-ending $ 115,605

CITY OF VALLEJO
208

Nonmajor Enterprise Funds
Marina Fund - is used to account for the operations, improvement and management of the City marina operations.

Golf Fund - is used to account for the capital assets of the City's municipal golf course and the course operator's pass-through revenues that service the City debt used to acquire and improve the assets of the fund.

Vallejo Station Parking Fund - is used to account for the operations, maintenance and management of the Vallejo Station Parking Structure.

Fiber Optic Fund - is used to account for the operations, maintenance, and distribution of bandwidth and retail internet services throughout the City's fiber optic network. 209

Combining Statement of Net Position - Other Enterprise Funds Business-Type Activities
Marina Fund
#415 Golf Fund #425
Vallejo Station
Parking Fund
#431
Fiber Optic
Fund #432
Total Other
Enterprise
Funds
ASSETS
Current assets:

Cash and investments $ 606,544 $ 2,051,645 $ 954,374 $ 56,908 $ 3,669,471 Receivables (net of
uncollectibles):

Accounts receivable 19,832 82,181 33,102 - 135,115 Due from other
governments, current 74,538 - - - 74,538
Prepaids and deposits 15,498 103,202 - - 118,700
Materials, parts, and
supplies 27,100 102,611 - - 129,711
Restricted:

Cash with fiscal agent - 381,490 - - 381,490
Total current assets 743,512 2,721,129 987,476 56,908 4,509,025 Noncurrent:

Capital assets, net 12,063,251 9,081,679 554,407 807,488 22,506,825 Total noncurrent assets 12,063,251 9,081,679 554,407 807,488 22,506,825 Total assets 12,806,763 11,802,808 1,541,883 864,396 27,015,850

LIABILITIES
Current liabilities:

Accounts payable and
accrued liabilities 59,596 516,664 99,715 33,420 709,395 Accrued interest 79,868 43,486 - - 123,354
Unearned revenues 10,649 153,857 - - 164,506
Deposits payable 110,764 - - - 110,764
Lease payable - 190,974 - - 190,974
Bonds and notes payable 540,264 269,656 - - 809,920 Total current liabilities 801,141 1,174,637 99,715 33,420 2,108,913 Noncurrent liabilities:

Advances from other
funds - - - 530,000 530,000
Lease payable - 672,031 - - 672,031
Bonds, notes and loans
payable 9,289,646 4,961,737 - - 14,251,383
Total noncurrent liabilities 9,289,646 5,633,768 - 530,000 15,453,414 Total liabilities 10,090,787 6,808,405 99,715 563,420 17,562,327

NET POSITION
Net investment in capital
assets (Note 12A) 3,702,597 3,785,176 554,407 777,308 8,819,488 Restricted for community
development - 381,490 - - 381,490
Net position, unrestricted
(deficit) (986,621) 827,737 887,761 (476,332) 252,545 Total net position $ 2,715,976 $ 4,994,403 $ 1,442,168 $ 300,976 $ 9,453,523

CITY OF VALLEJO
Combining Statement of Net Position
Other Enterprise Funds
June 30, 2025
210

Combining Statement of Revenues, Expenses and Changes in Net Position - Other Enterprise Funds Business-Type Activities
Marina Fund
#415 Golf Fund #425
Vallejo Station
Parking Fund
#431
Fiber Optic
Fund #432
Total Other
Enterprise
Funds

OPERATING REVENUES
Charges for services $ 1,140,339 $ 4,691,886 $ 1,044,526 $ 22,835 $ 6,899,586 Other 55,710 - - - 55,710
Total operating revenues 1,196,049 4,691,886 1,044,526 22,835 6,955,296

OPERATING EXPENSES
General and administrative 27,013 2,050,304 525,371 - 2,602,688 Operations expenses 1,553,020 2,076,376 284,126 283,426 4,196,948 Depreciation and
amortization expense 48,386 248,486 29,962 54,523 381,357 Total operating expenses 1,628,419 4,375,166 839,459 337,949 7,180,993 Operating income (loss) (432,370) 316,720 205,067 (315,114) (225,697)

NONOPERATING

REVENUES (EXPENSES)
Intergovernmental
revenues 77,081 - - - 77,081
Investment income (loss) 27,945 44,092 39,198 - 111,235 Interest and fiscal charges (164,751) (89,344) - - (254,095) Total nonoperating
revenues (expenses) (59,725) (45,252) 39,198 - (65,779) Income (loss) before
transfers (492,095) 271,468 244,265 (315,114) (291,476) Transfers in (Note 3a) 960,000 - 52,735 714,378 1,727,113 Transfers out (Note 3a) - (500,000) - - (500,000)
Change in net position 467,905 (228,532) 297,000 399,264 935,637 Net position-beginning 2,248,071 5,222,935 1,145,168 (98,288) 8,517,886 Net position-ending $ 2,715,976 $ 4,994,403 $ 1,442,168 $ 300,976 $ 9,453,523

CITY OF VALLEJO
Combining Statement of Revenues, Expenses and Changes in Net Position Other Enterprise Funds
For the Fiscal Year Ended June 30, 2025
211

Combining Statement of Cash Flows - Other Enterprise Funds

CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers $ 1,187,185 $ 4,627,465 $ 1,081,025 $ 22,835 $ 6,918,510 Payments to suppliers and service providers (1,769,473) (4,022,846) (827,494) (301,235) (6,921,048) Net cash provided by (used for)
operating activities (582,288) 604,619 253,531 (278,400) (2,538)

CASH FLOWS FROM NONCAPITAL

FINANCING ACTIVITIES
Interfund receipts 960,000 - 52,735 714,378 1,727,113 Transfers to other funds - (500,000) - - (500,000) Payments to other funds on interfund borrowings - - - (150,000) (150,000) Operating grants and contributions 168,888 - - - 168,888 Net cash provided by (used for)
noncapital financing activities 1,128,888 (500,000) 52,735 564,378 1,246,001

CASH FLOWS FROM CAPITAL AND RELATED

FINANCING ACTIVITIES
Acquisition and construction of capital assets - (35,827) (39,165) (433,712) (508,704) Principal paid on capital debt (530,233) (264,176) - - (794,409) Interest paid on capital debt (169,766) (90,493) - - (260,259) Principal paid on lease liability - (95,874) - - (95,874) Interest paid on lease liability — (612) — - (612) Net cash provided by (used for)
capital and related financing activities (699,999) (486,982) (39,165) (433,712) (1,659,858)

CASH FLOWS FROM INVESTING ACTIVITIES
Interest on investments 27,945 44,092 39,198 - 111,235 Net cash provided by (used for)
investing activities 27,945 44,092 39,198 - 111,235 Net increase (decrease) in
cash and cash equivalents (125,454) (338,271) 306,299 (147,734) (305,160) Cash and cash equivalents-beginning 731,998 2,771,406 648,075 204,642 4,356,121 Cash and cash equivalents-ending $ 606,544 $ 2,433,135 $ 954,374 $ 56,908 $ 4,050,961 Business-Type Activities
Marina Fund
#415
Golf Fund
#425
Vallejo
Station
Parking Fund
#431
Fiber Optic
Fund #432 Totals

CITY OF VALLEJO
Combining Statement of Cash Flows
Other Enterprise Funds
For the Fiscal Year Ended June 30, 2025
212

RECONCILIATION OF OPERATING INCOME (LOSS)

TO NET CASH PROVIDED BY (USED FOR)

OPERATING ACTIVITIES
Operating income (loss) $ (432,370) $ 316,720 $ 205,067 $ (315,114) $ (225,697) Adjustments to reconcile operating income (loss) to
net cash provided by (used for) operating activities:

Depreciation/amortization expense 48,386 248,486 29,962 54,523 381,357 (Increase) decrease in accounts receivable (14,014) (73,868) 36,499 - (51,383) (Increase) decrease in inventories (3,273) (8,340) - - (11,613) (Increase) decrease in prepaid items (5,463) (11,246) - - (16,709) Increase (decrease) in accounts payable (180,704) 123,420 (17,997) (17,809) (93,090) Increase (decrease) in deposits payable 7,947 - - - 7,947 Increase (decrease) in unearned revenue (2,797) 9,447 - - 6,650 Total adjustments (149,918) 287,899 48,464 36,714 223,159 Net cash provided by (used for)
operating activities $ (582,288) $ 604,619 $ 253,531 $ (278,400) $ (2,538)

SCHEDULE OF NON-CASH NONCAPITAL, CAPITAL,

AND INVESTING ACTIVITIES
Increase in lease liability and the acquisition of right to use assets $ - $ 958,878 $ - $ - $ 958,878
Business-Type Activities
Marina Fund
#415
Golf Fund
#425
Vallejo
Station
Parking Fund
#431
Fiber Optic
Fund #432 Totals

CITY OF VALLEJO
Combining Statement of Cash Flows (Continued)
Other Enterprise Funds
For the Fiscal Year Ended June 30, 2025
213

This page left intentionally blank.
214

Internal Service Funds
Internal Service Funds are used to finance and account for special activities and services performed by a designated department for other departments in the City on a cost reimbursement basis.

Fleet Maintenance/Replacement Fund #501-502 accounts for the maintenance and replacements of vehicles and equipment used by all City departments.

Retiree Health Benefits Fund #506 accounts for the City’s Retiree Healthcare Plan’s annual OPEB costs and unfunded actuarial accrued liabilities in compliance with GASB 45.

Self-Insurance Fund #508-509 accounts for risk management operations involving management of City’s Workers Compensation and General Liability Insurance accounts and transactions.

Payroll Benefits Fund #602 accounts for cash transferred from various funds from which actual cash is remitted to governmental agencies, employees and other agencies for employee benefits 215

Combining Statement of Net Position - Internal Service Funds ASSETS
Current assets:

Cash and investments $ 9,003,036 $ - $ 487,446 $ 18,324,542 $ 21,090,427 $ 48,905,451 Receivables (net of uncollectibles):

Accounts receivable 107,905 245,322 46 4,456 4,456 362,185 Prepaids and deposits 1,117,079 22,842 - 423,369 - 1,563,290 Due from other funds - - - - 5,266,078 5,266,078
Materials, parts, and supplies 225,309 - - - - 225,309 Restricted:

Cash with fiscal agent 4,969,330 - - - - 4,969,330 Total current assets 15,422,659 268,164 487,492 18,752,367 26,360,961 61,291,643 Noncurrent:

Capital assets, net 8,877,935 - - - - 8,877,935
Total noncurrent assets 8,877,935 - - - - 8,877,935 Total assets 24,300,594 268,164 487,492 18,752,367 26,360,961 70,169,578

DEFERRED OUTFLOWS OF RESOURCES
Related to pensions 317,651 - - 135,076 135,075 587,802 Related to OPEB 26,339 - 1,205,281 7,307 7,307 1,246,234 Total deferred outflows of resources 343,990 - 1,205,281 142,383 142,382 1,834,036 Fleet
Maintenance/
Replacement
Fund
#501-502
Payroll
Benefits
#602
Retiree
Health
Benefits
(OPEB) #506
General
Liability #508
Workers'
Comp #509
Total
Internal
Service
Funds

CITY OF VALLEJO
Combining Statement of Net Position
Internal Service Funds
June 30, 2025
216

LIABILITIES
Current liabilities:

Accounts payable and accrued liabilities 938,807 99,625 - 242,160 23,338 1,303,930 Accrued interest 11,765 - - - - 11,765
Due to other funds (Note 3b) - 76,119 - - - 76,119 Employee benefits payable 30,077 92,420 - 13,024 13,024 148,545 Accrued claims and judgements - - - 4,139,026 3,689,000 7,828,026 Bonds and notes payable 690,000 - - - - 690,000
Total current liabilities 1,670,649 268,164 - 4,394,210 3,725,362 10,058,385 Noncurrent liabilities:

Employee benefits payable, current 83,090 - - 31,055 31,055 145,200 Accrued claims and judgements - - - 9,406,743 12,873,000 22,279,743 Net pension liability 1,990,409 - - 816,425 816,425 3,623,259 Net OPEB liability 77,412 - 3,403,528 21,528 21,528 3,523,996 Bonds, notes and loans payable 3,045,000 - - - - 3,045,000 Total noncurrent liabilities 5,195,911 - 3,403,528 10,275,751 13,742,008 32,617,198 Total liabilities 6,866,560 268,164 3,403,528 14,669,961 17,467,370 42,675,583

DEFERRED INFLOWS OF RESOURCES
Related to OPEB 101,976 - 4,483,514 28,359 28,359 4,642,208 Total deferred inflows of resources 101,976 - 4,483,514 28,359 28,359 4,642,208

NET POSITION
Net investment in capital assets 8,147,333 - - - - 8,147,333 Net position, unrestricted 9,528,715 - (6,194,269) 4,196,430 9,007,614 16,538,490 Total net position $ 17,676,048 $ - $ (6,194,269) $ 4,196,430 $ 9,007,614 $ 24,685,823 Fleet
Maintenance/
Replacement
Fund
#501-502
Payroll
Benefits
#602
Retiree
Health
Benefits
(OPEB) #506
General
Liability #508
Workers'
Comp #509
Total
Internal
Service
Funds

CITY OF VALLEJO
Combining Statement of Net Position (Continued)
Internal Service Funds
June 30, 2025
217

Combining Statement of Revenues, Expenses and Changes in Net Position - Internal Service Funds Fleet
Maintenance/
Replacement
Fund
#501-502
Payroll
Benefits
#602
Retiree
Health
Benefits
(OPEB) #506
General
Liability #508
Workers'
Comp #509
Total Internal
Service
Funds

OPERATING REVENUES
Charges for services $ 5,702,820 $ - $ 3,253,479 $ 9,407,978 $ 5,944,964 $ 24,309,241 Other 61,384 - - 4,456 4,456 70,296
Total operating revenues 5,764,204 - 3,253,479 9,412,434 5,949,420 24,379,537

OPERATING EXPENSES
Operations expenses 3,873,608 - 3,792,644 2,057,790 1,029,399 10,753,441 Insurance and claims - - - 9,264,187 3,756,588 13,020,775 Depreciation and amortization expense 2,046,284 - - - - 2,046,284 Total operating expenses 5,919,892 - 3,792,644 11,321,977 4,785,987 25,820,500 Operating income (loss) (155,688) - (539,165) (1,909,543) 1,163,433 (1,440,963)

NONOPERATING REVENUES
(EXPENSES)
Investment income (loss) 697,441 - (7,600) 667,452 1,230,546 2,587,839 Interest and fiscal charges (168,205) - - - - (168,205) Gain (loss) on disposal of capital assets 26,883 - - - - 26,883 Total nonoperating revenues (expenses) 556,119 - (7,600) 667,452 1,230,546 2,446,517 Income (loss) before transfers 400,431 - (546,765) (1,242,091) 2,393,979 1,005,554 Transfers in (Note 3a) 1,677,039 - - 3,250,000 - 4,927,039 Transfers out (Note 3a) - - - - (900,000) (900,000) Change in net position 2,077,470 - (546,765) 2,007,909 1,493,979 5,032,593 Net position-beginning 15,605,151 - (5,647,504) 2,194,821 7,519,935 19,672,403 Restatements-change in accounting
principle (6,573) - - (6,300) (6,300) (19,173)
Net position-beginning 15,598,578 - (5,647,504) 2,188,521 7,513,635 19,653,230 Net position-ending $ 17,676,048 $ - $ (6,194,269) $ 4,196,430 $ 9,007,614 $ 24,685,823

CITY OF VALLEJO
Combining Statement of Revenues, Expenses and Changes in Net Position Internal Service Funds
For the Fiscal Year Ended June 30, 2025
218

Combining Statement of Cash Flows - Internal Service Funds

CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers $ 5,729,368 $ 85,694,257 $ 3,253,433 $ 9,403,522 $ 5,944,964 $ 110,025,544 Payments to suppliers and service providers (3,588,508) - - (6,190,368) (1,378,487) (11,157,363) Payment to or on behalf of employees (1,253,497) (86,041,026) (3,604,491) (455,856) (451,640) (91,806,510) Claims paid - - - (3,435,405) (2,571,509) (6,006,914) Net cash provided by (used for)
operating activities 887,363 (346,769) (351,058) (678,107) 1,543,328 1,054,757

CASH FLOWS FROM NONCAPITAL

FINANCING ACTIVITIES
Interfund receipts 1,677,039 - - 3,250,000 - 4,927,039 Transfers to other funds - - - - (900,000) (900,000) Payments from other funds on interfund borrowings - 76,119 - - - 76,119 Payments to other funds on interfund borrowings - - - - (2,110,396) (2,110,396) Net cash provided by (used for)
noncapital financing activities 1,677,039 76,119 - 3,250,000 (3,010,396) 1,992,762

CASH FLOWS FROM CAPITAL AND RELATED

FINANCING ACTIVITIES
Acquisition and construction of capital assets (2,954,926) - - - - (2,954,926) Principal paid on capital debt (665,000) - - - - (665,000) Interest paid on capital debt (170,407) - - - - (170,407) Proceeds from sales of assets 44,713 - - - - 44,713 Net cash provided by (used for)
capital and related financing activities (3,745,620) - - - - (3,745,620)

CASH FLOWS FROM INVESTING ACTIVITIES
Interest on investments 697,441 - (7,600) 667,452 1,230,546 2,587,839 Net cash provided by (used for)
investing activities 697,441 - (7,600) 667,452 1,230,546 2,587,839 Net increase (decrease) in
cash and cash equivalents (483,777) (270,650) (358,658) 3,239,345 (236,522) 1,889,738 Cash and cash equivalents-beginning 14,456,143 270,650 846,104 15,080,741 21,326,949 51,980,587 Cash and cash equivalents-ending $ 13,972,366 $ - $ 487,446 $ 18,320,086 $ 21,090,427 $ 53,870,325 Fleet
Maintenance/
Replacement
Fund
#501-502
Payroll
Benefits
#602
Retiree
Health
Benefits
(OPEB) #506
General
Liability
#508
Workers'
Comp #509 Totals

CITY OF VALLEJO
Combining Statement of Cash Flows
Internal Service Funds
For the Fiscal Year Ended June 30, 2025
219

RECONCILIATION OF OPERATING INCOME (LOSS)

TO NET CASH PROVIDED BY (USED FOR)

OPERATING ACTIVITIES
Operating income (loss) $ (155,688) $ - $ (539,165) $ (1,909,543) $ 1,163,433 $ (1,440,963) Adjustments to reconcile operating income (loss) to
net cash provided by (used for) operating activities:

Depreciation/amortization expense 2,046,284 - - - - 2,046,284 (Increase) decrease in accounts receivable (34,836) 53,102 (46) (4,456) (4,456) 9,308 (Increase) decrease in inventories (27,302) - - - - (27,302) (Increase) decrease in prepaid items (1,117,079) (16,541) - 3,027 - (1,130,593) Increase (decrease) in accounts payable 146,985 (72,348) - 3,704 6,503 84,844 Increase (decrease) in compensated absences 3,477 (310,982) (595,867) 15,756 15,756 (871,860) Increase (decrease) in claims and judgments - - - 1,209,469 353,700 1,563,169 Increase (decrease) in pension and related items (7,259) - - 4,849 4,849 2,439 Increase (decrease) in OPEB and related items 32,781 - 784,020 3,543 3,543 823,887 Total adjustments 1,043,051 (346,769) 188,107 1,235,892 379,895 2,500,176 Net cash provided by (used for)
operating activities $ 887,363 $ (346,769) $ (351,058) $ (673,651) $ 1,543,328 $ 1,059,213 Fleet
Maintenance/
Replacement
Fund
#501-502
Payroll
Benefits
#602
Retiree
Health
Benefits
(OPEB) #506
General
Liability
#508
Workers'
Comp #509 Totals

CITY OF VALLEJO
Combining Statement of Cash Flows (Continued)
Internal Service Funds
For the Fiscal Year Ended June 30, 2025
220

Combining Fiduciary Funds (Custodial Funds)
The City's Custodial Funds include the Improvement Districts and Assessment Districts Funds. These funds account for the collection of assessment and the disbursement to district bond holders for debt without City commitment.

The Asset Seizure Fund #139 accounts for monies received from police confiscated drug money and property.

Funds are held until final court disposition is received. The funds are then restricted for police related activities only.
221

Combining Statement of Fiduciary Net Position - Fiduciary Funds - Custodial Funds ASSETS
Cash and investments $ 2,885,376 $ 679,574 $ 307,037 $ 3,871,987 Restricted cash and investments with fiscal agents 3,467,770 517,978 - 3,985,748 Total assets 6,353,146 1,197,552 307,037 7,857,735

LIABILITIES
Accounts payable and accrued liabilities 4,733 - - 4,733 Accrued interest 99,953 73,673 - 173,626
Deposits payable - - 252,216 252,216
Due to other governments 1,862,059 - 7,353 1,869,412 Due in one year 620,000 280,000 - 900,000
Due in more than one year 4,550,000 3,340,000 - 7,890,000 Total liabilities 7,136,745 3,693,673 259,569 11,089,987 NET POSITION (Deficit)
Restricted for governments, individuals or other organizations (783,599) (2,496,121) 47,468 (3,232,252) Total net position (Deficit) $ (783,599) $ (2,496,121) $ 47,468 $ (3,232,252) Hiddenbrooke
Improvement
District
NE Quadrant
Improvement
District 2003-01
Asset Seizure
Fund #139
Total
Custodial
Funds

CITY OF VALLEJO
Combining Statement of Fiduciary Net Position
Fiduciary Funds - Custodial Funds
June 30, 2025
222

Combining Statement of Changes in Fiduciary Net Position - Fiduciary Funds - Custodial Funds Hiddenbrooke
Improvement
District
NE Quadrant
Improvement
District
2003-01
Asset Seizure
Fund #139
Total
Custodial
Funds

ADDITIONS
Investment earnings $ 251,945 $ 46,472 $ 15,718 $ 314,135 Collections for assessment districts 1,493,109 527,502 - 2,020,611 Total additions 1,745,054 573,974 15,718 2,334,746

DEDUCTIONS
Administrative expenses 31,965 21,382 18,030 71,377 Interest and fiscal charges 310,853 225,769 - 536,622 Total deductions 342,818 247,151 18,030 607,999
Net increase (decrease) in fiduciary net position 1,402,236 326,823 (2,312) 1,726,747 Net position (Deficit)-beginning (2,185,835) (2,822,944) 49,780 (4,958,999) Net position (Deficit)-ending $ (783,599) $ (2,496,121) $ 47,468 $ (3,232,252)

CITY OF VALLEJO
Combining Statement of Changes in Fiduciary Net Position Fiduciary Funds - Custodial Funds
For the Fiscal Year Ended June 30, 2025
223

STATISTICAL SECTION
Financial Trends
Revenue Capacity
Debt Capacity
Demographic and Economic Information
Operating Information
224

CITY OF VALLEJO

DESCRIPTION OF STATISTICAL SECTION CONTENTS
June 30, 2025
This part of the City's Annual Comprehensive Financial Report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the City's overall financial health. In contrast to the financial section, the statistical section information is not subject to independent audit.

Financial Trends
These schedules contain trend information to help the reader understand how the City's financial performance and well-being have changed over time:

Net Position by Component . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 227 Changes in Net Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228 Fund Balances of Governmental Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 231 Changes in Fund Balances of Governmental Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232 Revenue Capacity
These schedules contain information to help the reader assess the City's most significant local revenue sources, the property tax and sales tax:

Assessed Value and Estimated Actual Value of Taxable Property . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235 Direct and Overlapping Property Tax Rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 236 Top 10 Principal Property Tax Payers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 237 Property Tax Levies and Collections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 238 Taxable Sales by Category . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239 Top 25 Principal Sales Tax Payers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240 Debt Capacity
These schedules present information to help the reader assess the affordability of the City's current levels of outstanding debt and the City's ability to issue additional debt in the future:

Ratios of Outstanding Debt by Type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 242 Direct and Overlapping Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 243 Legal Debt Margin Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 244 Pledged Revenue Coverage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245 Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader understand the environment within which the City's financial activities take place:

Demographic and Economic Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 249 Top 10 Principal Employers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 Authorized Full-time and Part-time City Employees by Function . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251 Operating Information
These schedules contain service and infrastructure data to help the reader understand how the information in the City's financial report relates to the services the City provides and the activities it performs:

Operating Indicators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 253 Capital Asset Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 254 Sources
Unless otherwise noted, the information in these schedules is derived from the Annual Comprehensive Financial Reports for the relevant year.
225

Financial Trends
226

Net Position by Component
Last Ten Fiscal Years Ended June 30
(accrual basis of accounting)
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Governmental activities:

Net Investment in Capital Assets $ 314,654,942 $ 318,636,371 $ 316,622,007 $ 315,888,276 $ 331,744,314 $ 336,111,810 $ 339,879,627 $ 326,351,901 $ 345,870,587 $ 334,493,256 Restricted 68,373,151 70,545,240 69,927,367 75,368,245 91,815,092 98,105,543 103,743,509 120,704,287 131,173,129 138,985,831 Unrestricted (177,003,436) (174,091,484) (187,401,484) (182,328,859) (217,444,163) (213,528,457) (183,889,225) (166,885,523) (147,333,281) (139,190,295) Total governmental activities
net position $ 206,024,657 $ 215,090,127 $ 199,147,890 $ 208,927,662 $ 206,115,243 $ 220,688,896 $ 259,733,911 $ 280,170,665 $ 329,710,435 $ 334,288,792 Business-type activities:

Net Investment in Capital Assets $ 40,191,379 $ 40,778,629 $ 44,251,622 $ 53,757,390 $ 59,614,105 $ 59,196,628 $ 61,267,522 $ 69,861,200 $ 78,558,161 $ 87,016,728 Restricted 5,253,836 5,258,610 5,274,585 5,533,393 510,833 27,358 27,454 35,101 394,501 393,150 Unrestricted (75,800) 1,842,145 (4,749,417) (7,477,516) (1,240,554) 8,016,703 17,840,762 24,330,234 32,570,291 44,555,791 Total business-type activities
net position $ 45,369,415 $ 47,879,384 $ 44,776,790 $ 51,813,267 $ 58,884,384 $ 67,240,689 $ 79,135,738 $ 94,226,535 $ 111,522,953 $ 131,965,669 Primary government:

Net Investment in Capital Assets $ 354,846,321 $ 359,415,000 $ 360,873,629 $ 369,645,666 $ 391,358,419 $ 395,308,438 $ 401,147,149 $ 396,213,101 $ 424,428,748 $ 421,509,984 Restricted 73,626,987 75,803,850 75,201,952 80,901,638 92,325,925 98,132,901 103,770,963 120,739,388 131,567,630 139,378,981 Unrestricted (177,079,236) (172,249,339) (192,150,901) (189,806,375) (218,684,717) (205,511,754) (166,048,463) (142,555,289) (114,762,990) (94,634,504) Total primary government net
position $ 251,394,072 $ 262,969,511 $ 243,924,680 $ 260,740,929 $ 264,999,627 $ 287,929,585 $ 338,869,649 $ 374,397,200 $ 441,233,388 $ 466,254,461 Notes:
– The City implemented the provisions of GASB Statement 75 in fiscal year 2018. Prior amounts have not been restated.

CITY OF VALLEJO
227

Changes in Net Position

EXPENSES
Governmental activities:

Legislative and Advisory $ 257,208 $ 244,300 $ 342,413 $ 321,914 $ 275,873 $ 260,517 $ 183,493 $ 268,285 $ 262,429 $ 299,418 Executive 2,386,112 2,795,092 3,217,242 5,346,942 5,213,762 5,155,236 5,936,409 3,922,277 3,641,393 3,932,954 Finance 2,009,568 2,046,341 2,296,973 2,019,164 1,778,234 1,718,818 1,777,407 2,309,944 2,680,976 3,435,217 Human Resources 1,390,288 988,831 1,382,503 1,936,821 1,918,967 2,106,513 1,445,826 1,189,506 1,748,816 2,486,820 Law 976,895 1,289,690 1,678,985 1,737,644 1,451,392 1,268,519 1,372,165 1,790,270 1,600,994 2,554,370 Development Services 2,954,366 2,925,237 3,572,495 - - - - - - - Community Services 27,801,563 27,348,207 29,503,111 34,843,093 31,626,149 35,519,702 31,285,761 31,281,595 29,750,151 33,615,620 Planning and Development
Services - - - 5,641,584 4,636,674 3,966,578 3,155,793 4,699,503 5,617,806 8,045,416 Fire services 24,573,111 27,384,860 31,978,352 30,169,197 34,879,494 34,564,660 27,487,724 36,122,908 39,356,934 42,217,667 Police services 38,994,284 42,345,792 50,291,924 47,724,576 54,926,532 56,088,783 40,952,101 52,545,100 61,750,656 66,096,035 Public Works 29,491,475 29,016,544 30,289,374 28,195,131 31,891,067 29,512,952 26,058,635 29,171,861 34,230,703 45,900,716 Economic Development - - - - - - - 3,252,772 9,837,557 8,521,186 Information Technology - - - - - - - 1,875,881 2,401,779 3,316,329 Interest on long-term debt 462,398 438,450 414,286 388,381 429,730 413,217 399,242 461,660 473,612 495,407 Total governmental activities
expenses $ 131,297,268 $ 136,823,344 $ 154,967,658 $ 158,324,447 $ 169,027,874 $ 170,575,495 $ 140,054,556 $ 168,891,562 $ 193,353,806 $ 220,917,155 Business-type activities:

Water $ 34,856,203 $ 35,523,887 $ 37,447,808 $ 37,733,752 $ 38,645,529 $ 40,603,545 $ 40,229,658 $ 47,140,784 $ 48,075,546 $ 45,608,675 Other proprietary funds 5,622,800 6,135,549 6,734,578 6,738,082 8,046,603 7,179,748 5,998,294 6,951,267 7,964,788 7,435,088 Total business-type activities
expenses 40,479,003 41,659,436 44,182,386 44,471,834 46,692,132 47,783,293 46,227,952 54,092,051 56,040,334 53,043,763 Total primary government
expenses $ 171,776,271 $ 178,482,780 $ 199,150,044 $ 202,796,281 $ 215,720,006 $ 218,358,788 $ 186,282,508 $ 222,983,613 $ 249,394,140 $ 273,960,918 Notes:

Planning and Development Services were previously reported under Development Services.

Economic Development and Information Technology were previously reported under Executive. 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

CITY OF VALLEJO
Changes in Net Position
Last Ten Fiscal Years Ended June 30
(accrual basis of accounting)
228

PROGRAM REVENUES
Governmental activities:

Charges for services $ 24,632,362 $ 24,510,980 $ 25,711,785 $ 27,555,650 $ 24,139,578 $ 26,076,321 $ 31,125,166 $ 37,537,152 $ 28,867,848 $ 36,254,424 Operating grants and
contributions 26,731,559 27,598,297 30,006,058 38,057,450 38,858,209 45,830,666 36,629,965 40,313,226 54,224,937 53,946,710 Capital grants and
contributions 8,851,629 5,362,544 2,138,551 3,052,819 2,830,049 7,133,919 6,674,419 14,950,923 14,961,198 7,536,328 Total governmental activities
program revenues $ 60,215,550 $ 57,471,821 $ 57,856,394 $ 68,665,919 $ 65,827,836 $ 79,040,906 $ 74,429,550 $ 92,801,301 $ 98,053,983 $ 97,737,462 Business-type activities:

Charges for services $ 37,578,399 $ 37,952,387 $ 45,037,505 $ 47,293,239 $ 50,257,187 $ 55,330,836 $ 57,076,781 $ 57,985,712 $ 62,195,241 $ 63,768,962 Operating grants and
contributions 25,847 123,279 - 36,642 38,585 59,791 2,045,021 101,602 1,699,600 1,964,135 Capital grants and
contributions 1,383,466 3,374,785 1,018,049 998,762 198,979 389,891 342,192 2,664,229 2,312,606 1,125,715 Total business-type activities
program revenues 38,987,712 41,450,451 46,055,554 48,328,643 50,494,751 55,780,518 59,463,994 60,751,543 66,207,447 66,858,812 Total primary government
program revenues $ 99,203,262 $ 98,922,272 $ 103,911,948 $ 116,994,562 $ 116,322,587 $ 134,821,424 $ 133,893,544 $ 153,552,844 $ 164,261,430 $ 164,596,274

NET REVENUE/(EXPENSE)
Governmental activities $ (71,081,718) $ (79,351,523) $ (97,111,264) $ (89,658,528) $ (103,200,038) $ (91,534,589) $ (65,625,006) $ (76,090,261) $ (95,299,823) $ (123,179,693) Business-type activities (1,491,291) (208,985) 1,873,168 3,856,809 3,802,619 7,997,225 13,236,042 6,659,492 10,167,113 13,815,049 Total primary government net
expense $ (72,573,009) $ (79,560,508) $ (95,238,096) $ (85,801,719) $ (99,397,419) $ (83,537,364) $ (52,388,964) $ (69,430,769) $ (85,132,710) $ (109,364,644)

GENERAL REVENUES AND OTHER CHANGES IN NET POSITION
Governmental activities:

Taxes
Property taxes $ 16,956,367 $ 18,234,843 $ 19,379,799 $ 20,822,536 $ 21,837,203 $ 22,475,271 $ 24,355,060 $ 26,739,404 $ 25,588,395 $ 27,019,306 Sales taxes 27,767,194 29,276,208 29,626,711 32,641,720 32,457,314 38,189,547 40,866,872 45,023,671 59,307,883 57,550,258 Utility user taxes 12,994,432 13,339,264 13,107,158 12,338,425 12,329,103 13,005,333 13,322,651 15,583,618 15,413,998 15,821,439 Motor vehicles / In lieu property
tax 8,526,690 9,085,386 9,685,054 10,334,622 10,941,183 11,480,266 11,959,681 13,404,343 13,318,249 13,801,400 Other taxes 12,979,029 14,888,721 15,255,443 15,082,269 15,302,220 15,864,149 16,902,706 15,776,968 14,880,909 15,546,157 Investment earnings 1,765,281 849,111 902,408 4,622,647 5,042,701 1,878,276 (4,859,238) 4,072,749 15,197,409 16,235,595 Gain on sale of capital assets 173,859 89,852 134,785 69,983 42,934 11,600 (1,232,481) 58,897 46,266 26,883 Insurance recoveries - - - - - - - - - -
Miscellaneous 4,868,998 5,604,775 5,241,492 5,562,802 4,113,263 3,546,379 4,468,301 4,081,444 2,956,538 2,992,049 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

CITY OF VALLEJO
Changes in Net Position (Continued)
Last Ten Fiscal Years Ended June 30
(accrual basis of accounting)
229

Assets transferred to/liabilities
assumed by Successor Agency 5,293,678 (425,935) - - - - - - - - Transfers (1,728,023) (2,654,217) (2,152,823) (2,036,704) (1,678,302) (342,579) (1,113,531) (1,859,169) (1,870,054) (1,227,113) Transfers -Capital assets - - - - - - - (7,989,578) - - Special Item - Sale and Disposal
of Mare Island Property - - - - - - - (18,300,000) - - Total governmental activities $ 89,597,505 $ 88,288,008 $ 91,180,027 $ 99,438,300 $ 100,387,619 $ 106,108,242 $ 104,670,021 $ 96,592,347 $ 144,839,593 $ 147,765,974 Business-type activities:

Investment earnings $ 413,341 $ 64,737 $ 203,147 $ 1,142,964 $ 1,341,509 $ (18,397) $ (2,504,761) $ 1,733,785 $ 5,255,870 $ 5,596,679 Miscellaneous - - - - 248,687 42,841 103,812 49,996 - - Gain or (Loss) on sales or
transfer of assets - - - - - (7,943) - 3,381 - Insurance recoveries - - - - - - - - - -
Transfers 1,728,023 2,654,217 2,152,823 2,036,704 1,678,302 342,579 1,113,531 1,859,169 1,870,054 1,227,113 Transfers -Capital assets - -
Special Item(s) - see notes - - (2,832,157) - - - - - - - Total business-type activities $ 2,141,364 $ 2,718,954 $ (476,187) $ 3,179,668 $ 3,268,498 $ 359,080 $ (1,287,418) $ 8,431,305 $ 7,129,305 $ 6,823,792 Total primary government $ 91,738,869 $ 91,006,962 $ 90,703,840 $ 102,617,968 $ 103,656,117 $ 106,467,322 $ 103,382,603 $ 105,023,652 $ 151,968,898 $ 154,589,766

CHANGE IN NET POSITION
Governmental activities $ 18,515,787 $ 8,936,485 $ (5,931,237) $ 9,779,772 $ (2,812,419) $ 14,573,653 $ 39,045,015 $ 20,502,086 $ 49,539,770 $ 24,586,281 Business-type activities 650,073 2,509,969 1,396,981 7,036,477 7,071,117 8,356,305 11,948,624 15,090,797 17,296,418 20,638,841 Total primary government $ 19,165,860 $ 11,446,454 $ (4,534,256) $ 16,816,249 $ 4,258,698 $ 22,929,958 $ 50,993,639 $ 35,592,883 $ 66,836,188 $ 45,225,122 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Notes: In fiscal year 2018, the City of American Canyon rescinded its decision to exercise an option to purchase additional water capacity rights from the City of Vallejo. A loan in the amount of $2,832,157 (representing prior year revenue) was written off and presented as a special item.

CITY OF VALLEJO
Changes in Net Position (Continued)
Last Ten Fiscal Years Ended June 30
(accrual basis of accounting)
230

Fund Balances of Governmental Funds
Last Ten Fiscal Years Ended June 30
(modified accrual basis of accounting)
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
General Fund
Nonspendable $ 2,192,050 $ 2,152,578 $ 2,141,630 $ 2,217,139 $ 2,212,889 $ 2,063,422 $ 2,063,533 $ 4,159,093 $ 4,073,587 $ 6,491,321 Restricted 272,885 320,738 2,269,039 4,550,387 7,137,110 11,272,510 12,874,568 22,558,076 26,873,625 29,015,061 Committed 2,251,472 1,235,078 6,810 6,332 45,321 - - - - 2,082,623 Assigned 11,102,326 10,993,484 4,208,034 876,025 943,125 5,365,698 5,021,176 12,823,526 17,988,552 16,323,844 Unassigned 9,929,786 15,679,786 21,235,769 24,508,900 17,982,247 21,682,816 23,172,169 25,038,905 29,981,940 31,658,917 Total General Fund $ 25,748,519 $ 30,381,664 $ 29,861,282 $ 32,158,783 $ 28,320,692 $ 40,384,446 $ 43,131,446 $ 64,579,600 $ 78,917,704 $ 85,571,766 All Other Governmental Funds
Nonspendable $ 71,236 $ 78,324 $ 67,625 $ 567,625 $ 81,473 $ 64,625 $ 64,625 $ 412,082 $ 599,492 $ 715,293 Restricted 58,248,081 60,205,695 61,118,236 66,768,664 72,615,022 83,291,818 86,535,867 93,706,275 99,638,989 102,548,674 Committed 6,806,813 8,924,377 16,777,334 25,300,037 17,885,776 15,588,495 20,637,997 19,920,134 30,047,411 41,740,657 Assigned 5,961,263 4,414,547 4,987,289 4,274,260 2,510,269 4,553,115 3,851,721 4,098,861 3,461,070 2,054,441 Unassigned - - (9,438) (24,825) (595,122) - - (116,129) (276,216) (2,385,566) Total all other governmental
funds $ 71,087,393 $ 73,622,943 $ 82,941,046 $ 96,885,761 $ 92,497,418 $ 103,498,053 $ 111,090,210 $ 118,021,223 $ 133,470,746 $ 144,673,499 Notes:
– The change in total fund balance for the General Fund and other governmental funds is explained in Management's Discussion and Analysis. –

CITY OF VALLEJO
231

Changes in Fund Balances of Governmental Funds

REVENUES
Taxes $ 70,410,583 $ 75,422,419 $ 77,629,274 $ 83,042,168 $ 94,720,423 $ 103,134,495 $ 109,686,094 $ 119,206,407 $ 131,600,224 $ 132,976,676 Licenses and permits 4,026,167 4,034,816 3,985,042 4,662,555 3,181,487 3,817,064 5,500,565 9,176,160 5,563,319 5,995,534 Fines and forfeitures 1,878,579 1,605,515 1,706,754 1,580,309 1,132,232 965,979 1,025,271 680,833 899,640 973,379 Intergovernmental 45,197,746 43,606,471 42,460,083 50,635,285 39,336,033 50,451,756 44,443,275 56,441,711 64,560,483 61,545,629 Use of money and property 3,696,181 3,378,893 3,090,518 6,401,600 6,591,402 3,764,151 (2,006,546) 5,326,882 12,773,256 13,647,756 Charges for services 19,429,149 20,257,999 21,270,315 21,595,852 18,785,099 19,036,318 20,069,339 20,887,261 21,864,794 22,875,285 *Other 1,426,715 1,004,441 861,713 1,192,467 2,875,861 4,061,972 3,355,783 4,969,131 4,125,202 2,314,061 Total revenues 146,065,120 149,310,554 151,003,699 169,110,236 166,622,537 185,231,735 182,073,781 216,688,385 241,386,918 240,328,320

EXPENDITURES
Current:

Legislative and Advisory 294,088 298,748 296,548 327,843 282,191 223,806 245,690 321,676 320,378 256,666 Executive 2,641,913 2,758,675 2,689,380 4,944,170 4,949,359 4,958,483 4,345,600 3,257,745 3,010,113 2,754,092 Finance 2,102,912 2,047,751 1,806,258 1,706,608 1,559,129 1,593,385 1,821,777 2,196,469 2,388,748 2,600,071 Human resources 1,431,434 1,023,566 1,200,631 1,800,940 1,767,689 1,991,104 1,796,910 1,366,182 1,809,149 2,278,898 Law 1,133,882 1,272,898 1,272,770 1,464,430 1,240,867 1,203,752 1,699,110 1,910,977 1,579,391 2,220,186 Planning and Development
services 3,047,840 2,955,960 3,191,261 3,919,849 4,201,831 3,887,618 3,632,335 4,896,462 5,727,207 7,495,325 Community Services 26,457,500 26,505,452 28,619,020 34,259,733 30,404,751 33,370,821 29,397,172 28,155,884 27,525,446 30,132,199 Fire services 25,569,791 26,514,402 27,557,155 27,962,324 30,053,612 31,157,788 33,093,529 35,132,720 36,797,895 37,983,914 Police services 39,698,362 41,240,618 42,639,055 43,602,177 47,183,454 50,667,071 48,574,836 50,825,704 55,647,238 57,970,082 Public works 15,123,636 14,870,274 16,658,784 17,050,014 20,944,860 16,057,504 17,593,041 19,515,004 20,836,466 22,156,737 Economic Development - - - - - - - 3,265,412 9,827,517 8,396,718 Information Technology - - - - - - - 1,895,377 2,771,867 3,055,737 Nondepartmental 4,552,327 5,879,195 6,170,178 5,329,057 5,169,323 5,873,876 6,776,925 7,152,221 6,542,651 7,515,401 Capital Outlay 14,073,942 11,326,920 5,930,613 10,692,669 24,823,151 20,473,183 15,486,383 25,531,128 35,431,450 33,220,094 Debt service:

Principal long term debt
payments 927,301 963,929 988,971 1,014,954 1,232,812 2,303,276 2,001,267 3,651,707 1,390,057 1,259,895 Principal - lease payments - - - - - - 15,181 17,118 58,051 132,114 Principal - subscription
payments - - - - - - - 714,597 495,687 1,103,305 Interest and fiscal charges 343,902 307,273 282,531 256,548 318,356 261,924 341,337 270,088 221,999 228,402 Total expenditures 137,398,830 137,965,661 139,303,155 154,331,316 174,131,385 174,023,591 166,821,093 190,076,471 212,381,310 220,759,836 Excess (deficiency) of
revenues over (under)
expenditures 8,666,290 11,344,893 11,700,544 14,778,920 (7,508,848) 11,208,144 15,252,688 26,611,914 29,005,608 19,568,484 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

CITY OF VALLEJO
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years Ended June 30
(modified accrual basis of accounting)
232

OTHER FINANCING SOURCES (USES)
Issuance of Debt - - - 1,700,000 1,305,000 - - - - - Gain (loss) on sale of assets 71,185 - - - - - - - - - Transfers in 6,021,537 7,296,515 12,306,875 14,715,342 12,153,050 5,557,591 15,131,374 13,224,531 25,869,231 28,538,733 Transfers out (8,249,560) (10,730,521) (15,209,698) (14,952,046) (14,181,352) (6,150,170) (20,044,905) (15,052,581) (28,721,626) (33,792,885) Proceeds from sale of capital
asset - - - - - - - 3,000,000 -
Issuance of debt - Leases - - - - - - - 18,838 3,592,621 17,782 Issuance of debt -
Subscriptions - - - - - - - 641,797 41,793 3,524,701 Capital Leases** - - - - 5,716 4,197,652 - - - - Total other financing
sources (uses) (2,156,838) (3,434,006) (2,902,823) 1,463,296 (717,586) 3,605,073 (4,913,531) 1,832,585 782,019 (1,711,669) Extraordinary/Special Item:

Assets transferred to/liabilities
assumed by Successor
Agency/Housing Successor 863,212 (871,177) - - - - - - - - Net change in fund balances 7,372,664 7,039,710 8,797,721 16,242,216 (8,226,434) 14,813,217 10,339,157 28,444,499 29,787,627 17,856,815 Beginning fund balance 89,463,248 96,835,912 104,004,607 112,802,328 129,044,544 120,818,110 143,882,499 154,221,656 182,600,823 212,388,450 Prior period adjustments - 128,985 - - - 8,251,172 - (65,332) - - Ending fund balance $ 96,835,912 $ 104,004,607 $ 112,802,328 $ 129,044,544 $ 120,818,110 $ 143,882,499 $ 154,221,656 $ 182,600,823 $ 212,388,450 $ 230,245,265 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Notes:
– Planning and Development Services were previously reported under Development Services. * Contributions included into "other" Revenue
** Starting FY19/20 Capital Leases were added

CITY OF VALLEJO
Changes in Fund Balances of Governmental Funds (Continued) Last Ten Fiscal Years Ended June 30
(modified accrual basis of accounting)
233

Revenue Capacity Information
234

Assessed Value and Estimated Actual Value of Taxable Property Last Ten Fiscal Years Ending June 30
(accrual basis of accounting)
City Former Agency / Successor Agency to Redevelopment Agency 1 Fiscal
Year
Ended
June 30 Secured Unsecured
Nonunitary
Utilities
Less:

Exemptions
Taxable
Assessed Value Secured Unsecured
Nonunitary
Utilities
Less:

Exemptions
Taxable
Assessed Value
Total
Direct Tax
Rate
2016 9,367,567,455 208,385,912 113,370 (1,014,346,016) 8,561,720,721 361,136,586 54,225,181 132,592 (51,564,900) 363,929,459 0.24622% 2017 9,898,936,162 254,304,736 139,100 (1,026,877,027) 9,126,502,971 381,547,374 60,418,999 132,692 (58,114,553) 383,984,512 0.24622% 2018 10,530,383,770 232,725,017 139,100 (1,044,877,040) 9,718,370,847 412,347,893 63,744,878 132,692 (56,382,967) 419,842,496 0.24622% 2019 11,258,416,141 193,941,296 139,100 (1,101,049,849) 10,351,446,688 439,241,925 80,832,402 132,692 (57,556,407) 462,650,612 0.24622% 2020 11,888,434,861 200,094,718 139,100 (1,121,127,644) 10,967,541,035 461,080,073 76,572,581 132,692 (52,714,453) 485,070,893 0.24622% 2021 12,423,851,007 214,557,968 187,130 (1,110,557,076) 11,528,039,029 467,285,691 74,820,597 298,432 (53,022,065) 489,382,655 0.24622% 2022 12,908,222,920 225,016,791 187,130 (1,103,212,414) 12,030,214,427 513,653,354 76,668,518 298,432 (101,566,165) 489,054,139 0.24622% 2023 13,630,391,870 237,924,316 187,130 (1,121,607,752) 12,746,895,564 532,675,863 95,132,344 298,432 (103,718,118) 524,388,521 0.24622% 2024 14,260,989,528 255,566,893 187,130 (1,171,899,044) 13,344,844,507 546,703,458 100,625,346 298,432 (93,396,554) 554,230,682 0.24622% 2025 14,870,152,649 247,805,843 196,325 (1,195,329,303) 13,922,825,514 568,836,050 67,802,521 298,432 (94,691,192) 542,245,811 0.24622% Notes:

1. The Redevelopment Agency, once a blended component unit of the City, was dissolved as of February 1, 2012.

The Redevelopment Successor Agency financial transactions are reported as a fiduciary fund.

Sources:
– HDL Property Report

CITY OF VALLEJO
235

Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years Ended June 30
(Rate per $100 of assessed value)
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
City Direct Rates:

City basic rate 0.24622 0.24622 0.24622 0.24622 0.24622 0.24622 0.24622 0.24622 0.24622 0.24622 Total City Direct Rate 0.24622 0.24622 0.24622 0.24622 0.24622 0.24622 0.24622 0.24622 0.24622 0.24622 Overlapping Rates:

Acc Capital Outlay 0.00807 0.00807 0.00807 0.00807 0.00807 0.00807 0.00807 0.00807 0.00807 0.00807 Aviation 0.00119 0.00119 0.00119 0.00119 0.00119 0.00119 0.00119 0.00119 0.00119 0.00119 BAAQMD 0.00219 0.00219 0.00219 0.00219 0.00219 0.00219 0.00219 0.00219 0.00219 0.00219 County Free Library 0.02743 0.02743 0.02743 0.02743 0.02743 0.02743 0.02743 0.02743 0.02743 0.02743 County General 0.31331 0.31331 0.31331 0.31331 0.31331 0.31331 0.31331 0.31331 0.31331 0.31331 County School Service Fund Support 0.01134 0.01134 0.01134 0.01134 0.01134 0.01134 0.01134 0.01134 0.01134 0.01134 County Support-Board of Education 0.00334 0.00334 0.00334 0.00334 0.00334 0.00334 0.00334 0.00334 0.00334 0.00334 Development Center 0.00217 0.00217 0.00217 0.00217 0.00217 0.00217 0.00217 0.00217 0.00217 0.00217 GVRD 0.06490 0.06490 0.06490 0.06490 0.06490 0.06490 0.06490 0.06490 0.06490 0.06490 Library Special Tax Zone 7 0.01365 0.01365 0.01365 0.01365 0.01365 0.01365 0.01365 0.01365 0.01365 0.01365 Mosquito Abatement 0.00587 0.00587 0.00587 0.00587 0.00587 0.00587 0.00587 0.00587 0.00587 0.00587 Recreation 0.00203 0.00203 0.00203 0.00203 0.00203 0.00203 0.00203 0.00203 0.00203 0.00203 Solano Community College M&O 0.02758 0.02758 0.02758 0.02758 0.02758 0.02758 0.02758 0.02758 0.02758 0.02758 Solano County Water Agency 0.01527 0.01527 0.01527 0.01527 0.01527 0.01527 0.01527 0.01527 0.01527 0.01527 Vallejo Unified School District M&O 0.24069 0.24069 0.24069 0.24069 0.24069 0.24069 0.24069 0.24069 0.24069 0.24069 Vallejo Flood & Wastewater Dis 0.01474 0.01474 0.01474 0.01474 0.01474 0.01474 0.01474 0.01474 0.01474 0.01474 Total Prop. 13 Direct Rate 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 SC Fld State Wtr Pj Zone Ben #1 0.02000 0.02000 0.02000 0.02000 0.02000 0.02000 0.02000 0.02000 0.02000 0.02000 Vallejo U.S.D GOB 2018 Ser 2023 - - - - - - - - 0.03727 0.03602 Vallejo U.S.D GOB 2018 Ser 2019 - - - - 0.05337 0.05461 0.00763 0.00514 0.00513 0.00510 SCC GOB 2012 Series D - - - - - 0.00498 0.00452 0.00428 0.00063 0.00088 Vallejo U.S.D GOB 2018 Ser 2021 - - - - - - 0.04437 0.04223 0.00538 0.00712 SCC GOB 2012 Series E - - - - - - - 0.00028 0.00360 0.00158 SCC 2021 GO Refunding Bonds 0.00683 0.00454
SCC 2019 GO Refunding Bonds - - - - - 0.00636 0.00589 0.00529 0.00523 0.00575 SCC 2012 GOB Series F - - - - - - - - 0.00123 0.00237 Vallejo U.S.D. 2002-A GOB Refunding 0.06144 0.06092 0.05450 0.05345 0.05179 0.05142 0.02366 0.03924 0.00309 - Vallejo U.S.D. Measure A 2002 0.00730 0.00660 - - - - - - - - SCC GOB Series 2005-A - - - - - - - - - -
Vallejo U.S.D. Measure A 2004 0.01007 0.00943 - - - - - - - - Vallejo U.S.D. Measure A - 2006 0.00544 0.00519 - - - - - - - - SCC GOB Series 2003-A - - - - - 0.00700 0.00951 - - - SCC 2015 GO Refunding Bonds 0.00178 0.00086 0.00082 0.00070 0.00073 0.00069 0.00067 0.00040 0.01390 0.01268 SCC GOB 2012 Series A 0.01232 0.01297 0.00487 0.00499 0.00512 - 0.00061 0.00082 0.00117 0.00114 SCC GOB 2012 Series B 0.00326 0.00337 0.00293 0.00322 0.00314 0.00155 - 0.00070 - SCC GOB 2014 Ref Series A 0.00148 0.00218 0.00176 0.00163 0.00147 0.00062 0.00063 0.01445 - SCC GOB 2014 Ref Series B 0.01607 0.01566 0.01405 0.01383 0.01347 0.00463 0.00540 - - - SCC GOB 2012 Series C - - - 0.01451 0.00812 0.00583 0.00590 - 0.00012 0.00249 Vallejo USD 2017 GOB Refunding - - 0.01453 0.01687 0.01624 0.01589 0.01472 0.01236 0.01016 0.03377 Total Voter Approved Rate 0.13917 0.13718 0.11345 0.12921 0.17344 0.17357 0.14350 0.14518 0.11373 0.13344 Total Direct Rate 1.13917 % 1.13718 % 1.11345 % 1.12921 % 1.17344 % 1.17357 % 1.14350 % 1.14518 % 1.11373 % 1.13344 % Source:
– Solano County Auditor-Controller's Office

CITY OF VALLEJO
236

Top 10 Principal Property Tax Payers
Current Year and Nine Years Ago
2025 2016
Taxpayer
Taxable Assessed
Value
Percent of Total
City Taxable
Assessed Value
Taxable Assessed
Value
Percent of Total
City Taxable
Assessed Value
THE NIMITZ GROUP $ 101,322,894 0.70 %
PARK MANAGEMENT CORPORATION 97,873,221 0.68 % 77,311,955 0.87 % CENTRO WATT PROPERTY OWNER II 91,243,546 0.63 % 105,282,089 1.18 % WRPV XIII BV VALLEJO LLC 70,578,749 0.49 %
PRIME ASCOT LP 68,873,620 0.48 % 58,473,115 0.66 %
INVITATION HOMES INC 56,034,559 0.39 %
BRIDGE WF II CALIFORNIA MERITAGE LLC 47,414,278 0.33 % COLONY STARWOOD HOMES 44,891,517 0.31 %
GTL PROPERTIES LLLP 42,298,495 0.29 %
SUNDANCE-VALLEJO 40,889,182 0.28 % 34,521,479 0.39 % MG STERLING VILL APARTMENTS GWP LP 30,907,896 0.35 %
OGINO LLC 28,383,144 0.32 %
KW WDC VALLEJO LLC 26,770,021 0.30 %
LENNAR MARE ISLAND LLC 24,334,384 0.27 %
LOWES HIW INC 21,747,758 0.24 %
COMCAST 20,458,846 0.23 %
Top Ten Totals $ 661,420,061 4.58% $ 428,190,687 4.81%
Note:
– The amounts shown above include assessed value data for both the City and the Successor Agency to the Redevelopment Agency.

Source:
– County Assessor's Office - HDL Report

CITY OF VALLEJO
237

Property Tax Levies and Collections
Last Ten Fiscal Years
Collected within the
Fiscal Taxes Levied Fiscal Year of Levy Collections in Total Collections to Date Year Ended for the Percent Subsequent Percent
June 30 Fiscal Year Amount of Levy Years Amount of Levy 2016 16,777,951 16,639,813 99.18% not available not available n.a. 2017 17,871,269 17,701,555 99.05% not available not available n.a. 2018 18,973,138 18,802,785 99.10% not available not available n.a. 2019 20,452,300 20,208,077 98.81% not available not available n.a. 2020 21,358,167 21,153,216 98.81% not available not available n.a. 2021 21,982,450 21,758,623 98.98% not available not available n.a. 2022 23,463,126 23,264,974 99.16% not available not available n.a. 2023 25,011,207 24,727,979 98.87% not available not available n.a. 2024 24,668,088 24,463,559 99.17% not available not available n.a. 2025 26,465,794 26,077,332 98.53% not available not available n.a.

Note:
– The amounts presented include only City property taxes (excluding Successor Redevelopment Agency tax increment).

Source:
– Solano County Auditor-Controller's Office

CITY OF VALLEJO
238

Taxable Sales by Category
Apparel Stores $ 774,468 $ 824,990 $ 885,616 $ 923,646 $ 981,231 $ 969,422 $ 1,341,277 $ 1,191,788 $ 1,827,173 $ 2,085,057 14 % Auto Dealers and Supplies 5,689,553 6,015,344 5,854,553 5,592,440 5,570,340 5,334,893 8,035,777 7,039,442 10,067,018 11,489,582 14 % Building Materials 1,872,305 2,029,294 2,201,144 2,384,933 2,468,316 2,825,670 3,033,066 3,047,694 3,987,643 4,121,785 3 % Drug Stores 496,641 707,335 778,821 835,848 976,190 1,145,603 1,190,678 964,339 1,221,537 1,010,594 -17 % Eating and Drinking Places 2,906,373 3,186,830 3,365,913 3,499,200 3,937,422 3,518,029 4,428,151 4,643,114 6,282,664 7,305,935 16 % Food Stores 1,291,787 1,119,244 1,078,298 1,050,666 1,089,395 1,151,043 1,173,190 1,236,517 1,702,127 1,820,486 7 % Furniture and Appliances 1,495,456 1,522,174 1,563,646 1,564,041 1,581,365 1,586,826 1,744,216 1,544,528 1,919,778 1,977,380 3 % General Merchandise 3,157,454 3,124,309 3,444,165 3,780,355 4,082,252 4,776,231 5,568,587 6,094,325 8,485,973 9,007,434 6 % Other Retail Stores 1,314,263 1,455,179 1,352,784 1,304,694 1,290,973 1,297,806 1,597,023 1,518,617 2,025,269 2,193,426 8 % Packaged Liquor 239,682 456,275 499,274 502,401 544,262 636,266 738,145 785,256 1,016,759 1,121,686 10 % Service Stations 2,761,900 2,555,727 2,925,225 3,305,884 3,537,746 2,824,550 3,556,313 4,171,878 4,923,632 4,761,549 -3 % Total Retail Group 21,999,882 22,996,701 23,949,439 24,744,108 26,059,492 26,066,339 32,406,423 32,237,498 43,459,573 46,894,914 8 % Non-Store & Part Time Retailers 51,216 51,364 57,387 65,079 72,385 43,380 41,685 39,729 40,025 41,846 5 % Business, Service & Repair Group 1,877,718 2,014,404 1,965,010 2,048,538 2,143,654 1,487,431 2,117,294 2,147,525 3,417,433 4,002,221 17 % Manufacturer & Wholesaler Group
Contractions & Material 357,650 401,239 504,756 606,858 492,097 638,533 647,562 835,721 870,114 1,149,551 32 % Drugs & Chemical 139,697 69,264 73,008 93,809 80,769 86,075 69,651 99,077 117,187 159,793 36 % Food/Farm Products & Equip 35,418 46,837 48,721 68,149 77,273 87,113 96,382 116,871 188,542 168,345 -11 % Furniture & Textiles 18,527 20,396 27,061 35,012 32,599 37,187 45,471 46,386 105,843 84,914 -20 % Heavy Industrial Equipment 213,383 265,169 349,111 253,455 330,851 270,402 318,227 411,466 391,174 508,887 30 % Industrial Equipment 370,663 288,567 271,420 282,459 344,467 312,638 358,013 427,423 657,723 630,595 -4 % All Other Equipment 487,063 494,907 422,262 450,338 695,113 810,601 409,065 462,694 759,605 846,357 11 % Total Mfg & Wholesale Group 1,622,401 1,586,379 1,696,339 1,790,080 2,053,169 2,242,549 1,944,371 2,399,638 3,090,188 3,548,442 15 % State Adjustments & Transfers (10,290) 10,508 (2,910) 16,390 463,520 144,416 183,921 215,008 436,133 894,419 105 % Total Sales All Outlets 25,540,927 26,659,356 27,665,265 28,664,196 30,792,220 29,984,115 36,693,694 37,039,398 50,443,352 55,381,842 10 % Retail Group 21,999,882 22,996,701 23,949,439 24,744,108 26,059,492 26,066,339 32,406,423 32,237,498 43,459,573 46,894,914 8 % Non-Store & Part Time Retailers 51,216 51,364 57,387 65,079 72,385 43,380 41,685 39,729 40,025 41,846 5 % Business, Service & Repair Group 1,877,718 2,014,404 1,965,010 2,048,538 2,143,654 1,487,431 2,117,294 2,147,525 3,417,433 4,002,221 17 % Manufacturer & Wholesaler Group 1,622,401 1,586,379 1,696,339 1,790,080 2,053,169 2,242,549 1,944,371 2,399,638 3,090,188 3,548,442 15 % State Adjustments & Transfers (10,290) 10,508 (2,910) 16,390 463,520 144,416 183,921 215,008 436,133 894,419 105 % Total Point of Sale 25,540,927 26,659,356 27,665,265 28,664,195 30,792,220 29,984,115 36,693,694 37,039,398 50,443,352 55,381,842 10 % County Pool 1,634,979 1,738,288 1,833,341 1,959,479 2,353,241 3,107,692 3,324,106 3,253,404 3,205,681 3,367,481 5 % State Pool 10,358 3,648 5,805 7,274 6,567 11,053 (177) 6,994 8,864 9,817 11 % Sales Tax Receipts 13,546,345 14,056,183 14,593,221 15,065,837 16,185,123 15,599,326 18,924,199 19,050,851 19,592,689 20,489,072 5 % Transaction & Use Tax (MEASURE B) 13,639,919 14,345,109 14,911,190 15,565,111 16,966,905 17,503,534 21,093,424 21,248,945 20,661,080 20,495,622 -1 % Transaction & Use Tax (MEASURE P) 13,404,128 17,774,446 33 % Total Receipts $ 27,186,264 $ 28,401,292 $ 29,504,411 $ 30,630,948 $ 33,152,028 $ 33,102,860 $ 40,017,623 $ 40,299,796 $ 53,657,897 $ 58,759,140 10 % State Board of Equalization Major Business
Categories
Calendar Yr
2015 Totals
Calendar Yr
2016 Totals
Calendar Yr
2017 Totals
Calendar Yr
2018 Totals
Calendar Yr
2019 Totals
Calendar Yr
2020 Totals
Calendar Yr
2021 Totals
Calendar Yr
2022 Totals
Calendar Yr
2023 Totals
Calendar Yr
2024 Totals
YTD %
change
Prior YR
Retail Group
Source:
– Solano County Auditor-Controller's Office

CITY OF VALLEJO
Taxable Sales by Category
Last Ten Calendar Years
239